Document:

Document

FIRST AMENDMENT TO
COOPERATION AND SUPPORT AGREEMENT
First Amendment to Cooperation and Support Agreement (this “Amendment”), dated as of August 28, 2020, by and between Valaris plc, a public limited company incorporated under the laws of England and Wales (the “Company”), and Luminus Management, LLC, a limited liability company organized under the laws of Delaware, for itself and as investment manager for and on behalf of managed funds (together with its Affiliates, “Investor”) (each of the Company and Investor, a “Party”, and collectively, the “Parties”).
RECITALS
WHEREAS, the Parties entered into that certain Cooperation and Support Agreement (the “Original Agreement”) effective as of January 24, 2020; 
WHEREAS, the Company and certain affiliates and subsidiaries entered into that certain Restructuring Support Agreement (the “RSA”) dated August 18, 2020, a form of joinder to which is attached to this Agreement as Exhibit A (the “RSA Joinder”);
WHEREAS, on August 19, 2020, the Company and certain affiliates and subsidiaries each filed a voluntary petition (collectively, the “Chapter 11 Cases”) under chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”); and
WHEREAS, the Parties desire to amend the Original Agreement as provided herein.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree to amend the Original Agreement as follows:
1.Defined Terms.
All defined terms used in this Amendment which are not otherwise defined shall have the meanings ascribed to them in the Original Agreement.
2.Amendments to the Original Agreement.
(a)Notwithstanding anything to the contrary contained in the Original Agreement:
i.Promptly upon execution of this Amendment, Adam Weitzman (“Weitzman”) shall deliver to the Company an executed irrevocable resignation letter, in the form attached hereto as Exhibit B, pursuant to which Weitzman shall resign (i) from his position on the Board, and (ii) as a member of all applicable committees thereof on which he currently serves; 

ii.Any and all provisions of the Original Agreement relating to the required size of the Company’s board of directors and/or board committees and the engagement of Torque Point, including, without limitation, Section 1(c) and Section 1(e)(iv) of the Original Agreement, are null and void and are of no further force and effect; 
iii.The Investor shall no longer have the right to designate an Investor Affiliated Director or have any right to appoint an Investor Replacement Director, and Sections 1(a) and 1(f) of the Original Agreement are null and void and are of no further force and effect. Sections 1(b), 1(d) and 1(e) of the Original Agreement shall also be deemed null and void and are of no further force and effect;
iv.The Company shall (i) refrain from amending the indemnity in favor of Weitzman to the same extent as all other former non-management directors of the Company and (ii) provide the UK tax services to Weitzman that it provides to other directors of the Company;
v.Section 2 of the Original Agreement is hereby amended and restated in its entirety as Exhibit C to this Amendment; and 
vi.Except as provided otherwise in this Amendment (including the exhibits to this Amendment), all restrictions relating to the timing of when the Investor may trade in the Ordinary Shares set forth in the Original Agreement and all restrictions relating to the timing of when the Investor may trade in the equity or debt securities of the Company or any of its subsidiaries set forth in that certain confidentiality agreement entered into by the Parties on January 24, 2020 (the “NDA”), are terminated and of no further force or effect.
(b)Except as otherwise provided in this Amendment (including the exhibits to this Amendment), all of the terms of the Original Agreement and the NDA will remain in full force and effect following the execution of this Amendment.
(c)The Investor agrees that it will not advocate for, publicly comment about and/or join any group or committee of equity holders of the Company in connection with the Chapter 11 Cases.
(d)The Investor covenants and agrees that, as to the Company bonds it currently owns and as to any additional bonds in acquires, it will support the RSA and, in furtherance thereof, prior to purchasing any Credits (as defined in Exhibit C to this Amendment), will enter into the RSA Joinder. Investor’s current ownership of Credits of the Company is set forth on Schedule 2(d) to this Amendment. 
3.SEC Filings; Public Announcement
Within two (2) business days following the execution of this Amendment, the Company and Investor will coordinate simultaneous filings on Form 8-K, in the case of the Company, and Schedule 13D/A in the case of the Investor, which shall disclose this Amendment.  The 
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Company acknowledges that Investor may disclose and file this Amendment (a) on a Schedule 13D/A and (b) as otherwise legally required, such as pursuant to the U.S. securities laws.  Investor acknowledges and agrees that the Company may disclose and file this Amendment on a Current Report on Form 8-K as well as in other public filings and reports as it deems necessary. 
4.Representations, Warranties and Covenants of the Company and Investor.
Each of the Company and the Investor represents and warrants to each other that (a) each party has the corporate power and authority to execute this Amendment and to bind it thereto, (b) this Amendment has been duly and validly authorized, executed and delivered, constitutes a valid and binding obligation and agreement, and is enforceable against it in accordance with its terms and (c) the execution, delivery and performance of this Amendment by each party does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the party, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such party is a party or by which it is bound.  
The Company further represents and warrants that the Bankruptcy Court does not need to approve this Amendment.
Notwithstanding the foregoing, if approval by a court is ultimately required in order to enforce any of the terms or provisions of this Amendment, the Company shall use commercially reasonable efforts to obtain such approval. The Company agrees that it shall not, after the execution of this Amendment, petition any court or otherwise seek to amend, void, or otherwise circumvent the terms of this Amendment.
5.Conflicts. 
In the case of any conflicts between the terms of this Amendment and the terms of the Original Agreement, the terms of this Amendment shall control.
6.Expenses.
Each of the Company and Investor shall be responsible for the payment of their own expenses incurred in connection with the negotiation and execution of this Amendment. 
7.Severability.
If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Parties agree to use their commercially reasonable best efforts to agree upon and substitute a valid and enforceable term, 
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provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction.
8.Notices.
Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Amendment must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending Party); (iii) upon confirmation of receipt, when sent by email (provided such confirmation is not automatically generated); or (iv) one (1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses and facsimile numbers for such communications shall be:
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	If to the Company	Valaris plc
110 Cannon Street
London, EC4N 6EU, United Kingdom
Attention: Michael T. McGuinty
Email: michael.mcguinty@valaris.com

	With a copy (which shall not constitute notice) to:	Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, NY 10036
Attention: Richard J. Grossman
Email: Richard.Grossman@skadden.com

and

Slaughter and May
One Bunhill Row
London, EC1Y 8YY
United Kingdom
Attention: Hywel Davies and Christian Boney
Email: hywel.davies@slaughterandmay.com
      christian.boney@slaughterandmay.com

	If to Investor:	Luminus Management, LLC
1700 Broadway, 26th Floor
New York, NY 10019
Attention: Shawn Singh
Email: ssingh@luminusmgmt.com

	With a copy (which shall not constitute notice) to:	Proskauer Rose LLP
Eleven Times Square
New York, New York 10036
Attention: Robert Leonard and Frank Zarb
Email: rleonard@proskauer.com
           fzarb@proskauer.com 

9.Governing Law; Jurisdiction.
This Amendment is to be governed by the laws of England and Wales. Any matter, claim or dispute arising out of or in connection with this Amendment, whether contractual or non-contractual, is to be governed by and determined in accordance with such law. The courts of England and Wales are to have exclusive jurisdiction to settle any dispute, whether contractual or non-contractual, arising out of or in connection with this Amendment. Any proceeding, suit or action arising out of or associated with this Amendment or the negotiation, existence, validity or enforceability of this Amendment, whether contractual or non-contractual (“Proceedings”) shall be brought only in the courts of England and Wales. Each Party waives (and agrees not to raise) 
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any objection, on the ground of forum non conveniens or on any other ground, to the taking of Proceedings in the courts of England and Wales. Each Party also agrees that a judgment against it in Proceedings brought in England and Wales shall be conclusive and binding upon it and may be enforced in any other jurisdiction. Each Party irrevocably submits and agrees to submit to the exclusive jurisdiction of the courts of England and Wales.
10.Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). For the avoidance of doubt, neither Party shall be bound by any contractual obligation to the other Party (including by means of any oral agreement) until all counterparts to this Amendment have been duly executed by each of the Parties and delivered to the other Party (including by means of electronic delivery).
11.Entire Agreement; Amendment and Waiver; Successors and Assigns.
This Amendment, together with the Original Agreement as amended pursuant hereto, contains the entire understanding of the Parties with respect to subject matter thereof. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein and therein. No modifications of this Amendment can be made except in writing signed by an authorized representative of each of the Parties. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Amendment shall be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this Amendment or any rights or obligations hereunder without, with respect to Investor, the prior written consent of the Company, and with respect to the Company, the prior written consent of Investor. This Amendment is solely for the benefit of the Parties and is not enforceable by any other persons or entities. 
12.No Third Party Beneficiary.
No one other than a party to this Amendment, their successors and permitted assignees, shall have any right to enforce any of its provisions.
[The remainder of this page is intentionally left blank.]
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IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.
VALARIS PLC

By: /s/ Michael T. McGuinty_________________
Name: Michael T. McGuinty
Title: Senior Vice President – General Counsel & Secretary
LUMINUS MANAGEMENT, LLC

By: /s/ Shawn R. Singh____________________
Name: Shawn R. Singh
Title: General Counsel/CCO

[Signature Page to First Amendment to Cooperation and Support Agreement]

EXHIBIT A
RSA Joinder
Provision for Joinder Agreement
        The undersigned (“Joinder Agreement”) hereby acknowledges that it has read and understands the Restructuring Support Agreement, dated as of __________, 2020 (the “Agreement”),1 by and among Valaris plc and its affiliates and subsidiaries bound thereto and the Consenting Noteholders, and agrees to be bound by the terms and conditions thereof to the extent the Transferor was thereby bound, and shall be deemed a “Consenting Noteholder” under the terms of the Agreement.

        The Joinder Party specifically agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein as of the date hereof.

Date Executed:

______________________________________
Name:
Title:
Address:
E-mail address(es):
principal amount of beneficially owned Valaris Bonds:  $_____________
principal amount of beneficially owned Legacy Rowan Bonds:  $_____________
principal amount of beneficially owned Jersey Bonds:  $_____________
principal amount of beneficially owned Pride Bonds:  $_____________
principal amount of beneficially owned Ensco International Bonds:  $_____________
Credit Facility Claims:  $_____________
Equity Interests in VAL:  $_____________

1  Capitalized terms used but not otherwise defined herein shall having the meaning ascribed to such terms in the Agreement.
1928815-NYCSR03A - MSW

EXHIBIT B
Form of Resignation Letter

VALARIS PLC
DIRECTOR RESIGNATION LETTER

August [ ], 2020

Board of Directors 
Valaris plc
110 Cannon Street
London, EC4N 6EU, United Kingdom
Attention: The Board of Directors of Valaris plc

Dear Ladies and Gentlemen:

In accordance with the amendment (the “Amendment”), dated as of August 28, 2020, to that certain Cooperation and Support Agreement, dated as of January 24, 2020, by and between Valaris plc, a public limited company incorporated under the laws of England and Wales (the “Company”), and Luminus Management, LLC, a limited liability company organized under the laws of Delaware, I hereby irrevocably tender my resignation as a director on the Board of Directors (the “Board”) of the Company, and any applicable committee or subcommittee of the Board, effective immediately upon the execution of the Amendment.

This resignation letter may not be withdrawn by me at any time.

[Remainder of page intentionally left blank.]

                                                                                 Sincerely,

___________________
Adam Weitzman

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EXHIBIT C
Standstill Provisions
2.Standstill Provisions.
(a) The standstill period (the “Standstill Period”) begins on the date of the Original Agreement and shall extend until the Termination Date. Investor agrees that during the Standstill Period, neither Investor nor any of its Affiliates under its control or direction will, and Investor will cause each of its Affiliates under its control not to, directly or indirectly, in any manner, alone or in concert with others, without prior consent, invitation, approval, or authorization of the Board or except as otherwise provided for in the Original Agreement, as modified by this Amendment (the “Amended Agreement”):
(i)  acquire, or offer, seek or agree to acquire, by purchase or otherwise, or direct any third party in the acquisition of, any securities of the Company or any of its subsidiaries (including, without limitation, Ordinary Shares and debt securities) or any securities convertible or exchangeable into or exercisable for Ordinary Shares, or rights or options to acquire any Ordinary Shares of the Company, provided, that notwithstanding anything to the contrary contained in this Amended Agreement (including the Exhibits hereto), Investor and its Affiliates may acquire beneficial ownership or economic exposure in the aggregate not exceeding twenty percent (20%) of the Company’s outstanding Ordinary Shares, subject to applicable law and any order issued by the Bankruptcy Court designed to preserve the Company’s net operating losses; provided, further, that notwithstanding anything to the contrary contained in the Amended Agreement (including the Exhibits hereto), Investor shall be entitled to acquire, hold and dispose of Credits of the Company (provided that the Investor shall notify the Company reasonably promptly after its first acquisition or purchase of Credits following the execution of the Amendment and, that the Company shall have the additional one-time right to be exercised during the 5-day period prior to a scheduled vote for any or all of the Credits to ask Investor to disclose its holding of Credits; for the avoidance of doubt, the Company will only be permitted to utilize the right on one additional occasion); provided, however, that at no time will Investor own more than ten percent (10%) of the face amount of the outstanding Credits of the Company (the term “Credits” shall mean all debt, debt securities, loans, term loans, debt facilities, financings and other agreements for borrowed money, including, without limitation, direct ownership, holder of, participation in or otherwise having exposure through derivative instruments);
(ii) engage in a “solicitation” of “proxies” (as such terms are defined under the Exchange Act), votes or written consents of shareholders pursuant to Section 14(a) of the Exchange Act with respect to, or from the holders of, the Ordinary Shares of the Company (including a “withhold” or similar campaign), for any purpose, including, without limitation, the election or appointment of individuals to the Board or to approve or vote in favor or against shareholder proposals, resolutions or motions, or become a “participant” (as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in any contested “solicitation” of proxies, votes or written consents with respect to, or from the holders of, Ordinary Shares for any purpose, including, without limitation, the election or appointment of directors with respect to the Company (as such terms are defined under the Exchange Act) (other than a “solicitation” or acting as a “participant” in support of the nominees of the Board at any shareholder meeting or voting its shares at any such meeting in its sole discretion, or providing such encouragement, advice or influence that is consistent with either the Board’s or Company management’s recommendation in connection with such director nominees or other proposals, resolutions or motions, pursuant to the Amended Agreement or otherwise); 
(iii)  present at any annual general meeting or any general meeting of the Company’s shareholders or through action by written consent any proposal, resolution or motion for consideration for action by shareholders, requisition any general meeting of the Company, require the Company to circulate to shareholders of the Company any statement, require the Company to give notice of any proposal, resolution or motion at any annual general meeting of the Company

(iv) publicly seek any additional representation on the Board, seek the removal of any member of the Board or encourage any person to submit nominees in furtherance of a contested election;
(v) grant any proxy, consent or other authority to vote Ordinary Shares with respect to any matters (other than to the named proxies included in the Company’s proxy card for any annual general meeting or general meeting of shareholders or to Investor’s Affiliates, who are subject to the restrictions set forth in this Section 2) inconsistent with the terms of the Amended Agreement or deposit any Ordinary Shares of the Company in a voting trust or subject them to a voting agreement or other arrangement of similar effect with respect to any annual or general meeting or action by written consent (excluding customary brokerage accounts, margin accounts, prime brokerage accounts, swap agreements and the like, and any arrangements solely among members of the Investor); 
(vi) except as specifically contemplated in the Amended Agreement (including, without limitation, the provisions set forth in Sections 2(a)(i), 2(a)(xi) and 2(d) of the Amended Agreement) and in connection with any efforts by Investor to work with other security holders and interested parties to reach a comprehensive restructuring in the Chapter 11 Cases consistent with the RSA, make any public disclosure, announcement, statement, proposal, plan or request with respect to: (A) the Company or controlling, changing or influencing the Board or management of the Company, (B) the capitalization, stock repurchase programs and practices, capital allocation or liability management programs and practices or dividend policy of the Company, (C) the Company’s management, business, corporate or governance structure or securities, assets, businesses or strategy, (D) any waiver, amendment or modification to the Company’s Memorandum of Association or Articles of Association, (E) causing a class of securities of the Company to be delisted from or cease to be authorized to be quoted on, any securities exchange, or (F) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;
(vii) make any public disclosure, announcement, plan or request inconsistent with the Amended Agreement;
(viii) exercise any right conferred by English law or any federal or state law of the United States (“US law”) to: inspect or request a copy of the Company’s register of shareholders; inspect or request a copy of the Company’s register of interests disclosed; propose an amendment to any ordinary resolution of the Company; bring or continue any derivative claim (either as defined in section 260 of the UK Companies Act 2006 or otherwise under US law) concerning any director or former director of the Company or petition any UK court pursuant to Part 30 of the UK Companies Act 2006 or any US court pursuant to US law in respect of the Company; require the Company to publish on a website any statement relating to audit concerns; require independent scrutiny of any vote conducted by way of a poll at any general meeting of the Company; apply for the appointment of an inspector to investigate the affairs or membership of the Company; or require the Company to exercise its powers under section 793 of the UK Companies Act 2006;
(ix) form, join or act in concert with any partnership, limited partnership, syndicate or other person or group, including a “group” as defined pursuant to Section 13(d) of the Exchange Act with respect to any Ordinary Shares of the Company, other than solely with Affiliates (that are not portfolio companies) of Investor with respect to the securities of the Company now or hereafter owned by them; 
(x) make any public request or submit any proposal to amend or waive the terms of the Amended Agreement, or take any action which would reasonably be expected to require a public announcement of such request or proposal; 
(xi) be a lender under, or holder of a participation interest in, or otherwise provide financing under any credit, term loan or debt facility or agreement of the Company or any of its subsidiaries; 
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provided, however, that notwithstanding anything to the contrary contained in this Amended Agreement (including the Exhibits hereto), Investor shall be entitled to acquire, hold and dispose of Credits of the Company; provided, further, that at no time will Investor own more than ten percent (10%) of the face amount of the outstanding Credits of the Company; or
(xii) except as specifically contemplated in the Amended Agreement (including, without limitation, the provisions set forth in Sections 2(a)(i), 2(a)(xi) and 2(d) of the Amended Agreement), enter into any agreements or understandings (whether written or oral) with any third party to take any action with respect to any of the foregoing, or advise, facilitate, knowingly assist, finance, knowingly encourage or seek to persuade any third party to take any action Investor is prohibited from taking pursuant to this Section 2.
(b)  The restrictions in this Section 2 shall not prevent Investor or any of its Affiliates from making any factual statement as required by, in response to, or compliance with a subpoena, legal requirement, or applicable legal process or a request by a governmental or regulatory authority with competent jurisdiction over the party from whom information is sought (so long as such process or request did not arise as a result of discretionary acts by Investor).  In addition, this Section 2 will not limit Investor’s private communications or discussions with the Investor’s advisors that would not reasonably be expected to require the Company or Investor to make public disclosure (of any kind) with respect thereto. 
(c)  Subject to complying with its obligations under Sections 2(a), 11 and 12 hereof, Investor may engage in any private discussions with the Company’s senior management or any member of the Board so long as such private communications would not be reasonably determined to trigger public disclosure obligations for any such party. 
(d) Notwithstanding the limitations set forth in clauses (ii), (v), (vi), (ix) and (xii) of this Section 2, the Parties acknowledge that in connection with the Chapter 11 Cases, related matters (including but not limited to insolvency proceedings in any other jurisdiction) and the Investor’s ownership of Credits, the Investor has the right to communicate with other holders/owners of Credits, and form, join together with and act in concert with one or more other holders/owners and/or join a group of holders/owners of Credits, privately advocate for any position, make any private disclosure, announcement, statement, proposal, plan and/or request, in accordance with the terms of the Amended Agreement (provided that in any such private advocacy, disclosure, announcement, statement, proposal, plan and/or request the Investor does not directly or indirectly make its views or positions public or otherwise encourage that its views or positions become a matter of public disclosure). Except for filing any amendments to its Form 13D and filings under Section 16, and in any other filings or public statements that may be legally required in the future, and participating in the bankruptcy proceeding (e.g., through filings and oral arguments), the Investor agrees that, unless otherwise required in accordance with the provisions of the Bankruptcy Code, it shall not make or cause to be made any public announcement or statement with respect to the subject of this Amendment or the Original Agreement. 
3Exhibit 99.1

 

GREENBACKER
RENEWABLE ENERGY COMPANY LLC

a Delaware
Limited Liability Company

 

 

 

 

 

FOURTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

 

 

 

 

 

 

 

 

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TABLE OF CONTENTS

 

		
	 	Page
	 	 
	ARTICLE
    I  ORGANIZATION	 
	 	 
	ARTICLE
    II  NAME AND CERTAIN DEFINITIONS	7
	 	 
	Section 2.1	Name	7
	Section
    2.2	Certain
    Definitions	7
	 	 	 
	ARTICLE
    III  POWERS AND PURPOSE	17
	 	 
	Section 3.1	Purpose	17
	Section
    3.2	No State
    Law Partnership	17
	Section
    3.3	Authority	18
	 	 	 
	ARTICLE
    IV  RESIDENT AGENT AND PRINCIPAL OFFICE	19
	 	 
	ARTICLE
    V  BOARD OF DIRECTORS	19
	 	 
	Section
    5.1	Powers	19
	Section
    5.2	Number and
    Classification	20
	Section
    5.3	Committees	20
	Section
    5.4	Fiduciary
    Obligations	20
	Section
    5.5	Resignation
    or Removal	20
	Section
    5.6	Approval
    by Independent Directors	20
	Section
    5.7	Certain
    Determinations by Board of Directors	20
	Section
    5.8	Place of
    Meetings and Meetings by Telephone	21
	Section
    5.9	Regular
    Meetings	21
	Section
    5.10	Special
    Meetings	21
	Section
    5.11	Quorum	21
	Section
    5.12	Waiver of
    Notice	21
	Section
    5.13	Adjournment	21
	Section
    5.14	Action Without
    a Meeting	21
	 	 	 
	ARTICLE
    VI  OFFICERS	22
	 	 
	Section
    6.1	Officers	22
	Section
    6.2	Election
    of Officers	22
	Section
    6.3	Subordinate
    Officers	22
	Section
    6.4	Removal
    and Resignation of Officers	22
	Section
    6.5	Vacancies
    in Offices	22
	 	 	 
	ARTICLE
    VII  CAPITAL CONTRIBUTIONS; COMMON SHARES; PREFERRED SHARES; SPECIAL UNITS	23
	 	 
	Section
    7.1	Shares	23
	Section
    7.2	Authorized
    Common Shares, Preferred Shares, and Special Units	23

 

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	Section 7.3	Classified or Reclassified Shares	23
	Section 7.4 	Special Unit	23
	Section 7.5	Characterization of Special Unit as Profits Interests	23
	Section 7.6 	Capital Contribution by Initial Member and GCM	24
	Section 7.7	Additional Capital Contributions	24
	Section 7.8	Capital Contributions by New Members	24
	Section 7.9 	Public Offering	24
	Section 7.10	 Minimum Capitalization	24
	Section 7.11 	Escrow Account	25
	Section 7.12	Admission of Members	25
	Section 7.13	Interest on Capital Contributions	26
	Section 7.14 	Suitability Standards	26
	Section 7.15 	Repurchase of Shares	27
	Section 7.16	Distribution Reinvestment Plans	27
	Section 7.17	Assessments	27
	 	 	 
	ARTICLE VIII  CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	27
	 	 
	Section 8.1 	Company Capital	27
	Section 8.2 	Establishment and Determination of Capital Accounts	27
	Section 8.3 	Computation of Amounts	27
	Section 8.4	Negative Capital Accounts	28
	Section 8.5 	Adjustments to Book Value	28
	Section 8.6 	Compliance With Section 1.704-1(b)	28
	Section 8.7 	Transfer of Capital Accounts	28
	 	 	 
	ARTICLE IX  DISTRIBUTIONS; ALLOCATIONS OF PROFITS
    AND LOSSES; FEES PAID TO SPECIAL UNITHOLDERS	29
	 	 
	Section 9.1 	Generally	29
	Section 9.2 	Fees Paid to Special Unitholders	29
	Section 9.3 	Allocation of Profit and Loss	31
	Section 9.4 	Special Allocations	31
	Section 9.5 	Amounts Withheld	32
	Section 9.6 	Tax Allocations: Code Section 704(c)	32
	Section 9.7	Preparation of Tax Returns	32
	Section 9.8	Tax Elections	32
	Section 9.9	Tax Matters	33
	Section 9.10 	Withholding	33
	 	 	 
	ARTICLE X  RESTRICTION ON TRANSFER AND OWNERSHIP OF UNITS	33
	 	 
	Section 10.1 	Withdrawal of a Non-Advisor Member	33

 

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	Section 10.2 	Assignment	33
	Section 10.3  	Substitution	34
	Section 10.4 	Status of an Assigning Member	34
	Section 10.5 	Further Restrictions on Transfers	34
	Section 10.6  	Elimination or Modification of Restrictions	34
	Section 10.7 	 Records	35
	 	 	 
	ARTICLE XI  ADDITIONAL RESTRICTIONS ON TRANSFER AND OWNERSHIP OF SHARES	35
	 	 
	Section 11.1  	Definitions	35
	Section 11.2  	Shares	36
	Section 11.3  	Transfer of Shares in Trust	39
	Section 11.4 	NYSE Transactions	40
	Section 11.5 	Enforcement	41
	Section 11.6 	 Non-Waiver	41
	 	 	 
	ARTICLE XII  MEMBERS, MEETINGS AND VOTING RIGHTS OF THE MEMBERS	41
	 	 
	Section 12.1 	Annual Meetings of Members	41
	Section 12.2  	Special Meetings of Members	41
	Section 12.3  	Place of Meeting	42
	Section 12.4 	Notice of Meeting	42
	Section 12.5  	Record Date	43
	Section 12.6  	Organization and Conduct	43
	Section 12.7 	Quorum	43
	Section 12.8 	Proxies	43
	Section 12.9 	Voting of Shares by Certain Holders	43
	Section 12.10 	Notice of Member Business and Nominations	44
	Section 12.11	 Procedure for Election of Directors; Voting	45
	Section 12.12 	Inspectors of Elections	46
	Section 12.13 	Waiver of Notice	46
	Section 12.14 	Remote Communication	46
	Section 12.15	Member Action Without a Meeting	46
	Section 12.16	 Return on Capital Contribution	46
	Section 12.17 	Member Compensation	46
	Section 12.18 	Limited Liability of Members	46
	Section 12.19	 Representation of Company	47
	Section 12.20	 Preemptive Rights	47
	Section 12.21 	Tender Offers	47
	Section 12.22	Voting Rights of Members and Limitation on Powers of the Directors	47

 

    4

     

    

 

	Section 12.23	Member Vote Required In Connection With Certain Business Combinations Or Transactions	48
	 	 	 
	ARTICLE XIII  BOOKS AND RECORDS, REPORTS AND RETURNS	48
	 	 
	Section 13.1 	Right of Inspection	48
	Section 13.2 	Access to Membership List	48
	Section 13.3 	Tax Information	49
	Section 13.4 	Annual Report	49
	Section 13.5 	Quarterly Reports	49
	Section 13.6	 Filings	50
	Section 13.7 	Method of Accounting	50
	 	 	 
	ARTICLE XIV  ADVISOR	50
	 	 
	Section 14.1 	Appointment and Initial Investment of Advisor	50
	Section 14.2 	Supervision of Advisor Compensation and the Advisor	50
	Section 14.3 	Fiduciary Obligations	51
	Section 14.4 	Termination	51
	Section 14.5  	Organization and Offering Expenses Limitation	51
	Section 14.6 	Reimbursement for Operating Expenses	51
	Section 14.7 	Section 707 Compliance	51
	Section 14.8  	Exclusive Right to Sell Company Assets	51
	 	 	 
	ARTICLE XV  INVESTMENT POLICIES AND LIMITATIONS	51
	 	 
	Section 15.1  	Review of Policies	51
	Section 15.2 	Certain Permitted Investments	51
	Section 15.3 	Reinvestment of Proceeds	51
	Section 15.4 	 Investments in Other Programs	52
	 	 	 
	ARTICLE XVI  CONFLICTS OF INTEREST	52
	 	 
	Section 16.1  	Investments with Affiliates	52
	Section 16.2 	Voting of Shares Owned by Affiliates	52
	Section 16.3 	Purchase of Assets from Affiliates	52
	Section 16.4 	Sale of Assets to Affiliates	53
	Section 16.5 	Loans to Affiliates	53
	Section 16.6 	 Other Transactions with Affiliates	53
	Section 16.7 	Rebates, Kickbacks and Reciprocal Arrangements	53
	Section 16.8 	Commingling	53
	Section 16.9 	 Lending Practices	53
	Section 16.10 	 No Permanent Financing	53
	Section 16.11 	No Exchange of Interests for Investments	53

    5

     

    

 

	ARTICLE XVII  LIABILITY LIMITATION, INDEMNIFICATION	53
	 	 
	Section 17.1 	Limitation of Member Liability	53
	Section 17.2  	Limitation of Liability	54
	Section 17.3 	Indemnification	55
	Section 17.4 	Express Exculpatory Clauses in Instruments	57
	 	 	 
	ARTICLE XVIII  AMENDMENTS 	57
	 	 
	Section 18.1 	Amendments by the Board of Directors	57
	Section 18.2  	Amendments with the Consent of the Majority of the Members	58
	Section 18.3  	Amendments With The Consent of the Special Unitholder	58
	 	 	 
	ARTICLE XIX  ROLL-UP TRANSACTIONS	58
	 	 
	ARTICLE XX  DURATION AND DISSOLUTION OF THE COMPANY	59
	 	 
	Section 20.1	 Duration	59
	Section 20.2 	Authority of Directors	59
	Section 20.3 	Dissolution	59
	 	 	 
	ARTICLE XXI  MISCELLANEOUS	60
	 	 
	Section 21.1 	Covenant to Sign Documents	60
	Section 21.2 	 Notices	60
	Section 21.3  	Entire Agreement	61
	Section 21.4	 Waiver	61
	Section 21.5  	Severability	61
	Section 21.6 	Application of Delaware law	61
	Section 21.7 	 Captions	61
	Section 21.8 	Number and Gender	61
	Section 21.9  	Counterparts	61
	Section 21.10  	Waiver of Action for Partition	61
	Section 21.11  	Assignability	61
	Section 21.12 	 No Third Party Beneficiaries	61
	 	 	 
	SCHEDULE A	64

 

    6

     

    

 

THIS FOURTH AMENDED
AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this “Agreement”) of GREENBACKER RENEWABLE ENERGY
COMPANY LLC (the “Company”) is made and entered into as of August 27, 2020 by GREENBACKER CAPITAL MANAGEMENT
LLC, a Delaware limited liability company (“GCM”), and any other Persons who are or hereafter become Members
in the Company or parties hereto as provided herein. Capitalized terms used in this Agreement without definition shall have the
respective meanings specified in Section 2.2 and, unless otherwise specified, article and section references used herein refer
to Articles and Section of this Agreement.

 

WHEREAS, the Company
was formed on December 4, 2012, pursuant to, and in accordance with, the Delaware Limited Liability Company Act (6 Del. C.
§ 18-101 et seq.), as amended from time to time (the “Act”) by the filing of a Certificate
of Formation of the Company with the Secretary of State of the State of Delaware;

 

WHEREAS, the Members
entered into the limited liability company operating agreement of the Company, dated December 11, 2012 (the “Original
Agreement”);

 

WHEREAS, the Members
entered into the amended and restated limited liability company operating agreement of the Company, dated August 7, 2013 (the
“Amended Agreement”);

 

WHEREAS, the Members
entered into the second amended and restated limited liability company operating agreement of the Company, dated October 9, 2013
(the “Second Amended Agreement”);

 

WHEREAS, the Members
entered into the third amended and restated limited liability company operating agreement of the Company, dated June 27, 2014 (the
“Third Amended Agreement”); and

 

WHEREAS, the Members
wish to amend and restate the Third Amended Agreement in its entirety by entering into this Fourth Amended and Restated Limited
Liability Company Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereto, intending to be legally bound hereby, agree as follows:

 

*    *    *

 

ARTICLE
I

ORGANIZATION

 

The Company has been
organized as a Delaware limited liability company by filing its Certificate with the Secretary of State of the State of Delaware
on December 4, 2012, pursuant to and in accordance with the Act.

 

ARTICLE
II

NAME AND CERTAIN DEFINITIONS

 

Section 2.1 Name.
The name of the Company is “Greenbacker Renewable Energy Company LLC”. The Board of Directors of the Company (the “Board
of Directors”) may determine that the Company may use any other designation or name for the Company.

 

Section 2.2 Certain
Definitions. As used in this Agreement, the terms set forth below shall have the following respective meanings:

 

“Acquisition
Expenses” means expenses, including legal fees and expenses, travel and communication expenses, costs of appraisals,
non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses relating to the
purchase or acquisition of assets, whether or not acquired.

 

    7

     

    

 

“Acquisition
Fee” means the total of all fees and commissions paid by any party to any party other than to the Company, in connection
with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall
be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature,
however designated.

 

“Act”
means the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et. seq., as the same may be
amended from time to time. All references herein to sections of the Act shall include any corresponding provisions of succeeding
law.

 

“Actual Owner”
is defined in 11.2(d).

 

“Adjusted
Capital” means the Company NAV immediately prior to the time of a Liquidation or a Listing.

 

“Adjusted
Capital Account” means, with respect to any Tax Member for any taxable year or other period, the balance, if any, in
such Tax Member’s Capital Account as of the end of such year or other period, after giving effect to the following adjustments:

 

(a) Credit to such
Capital Account any amounts that such Tax Member is obligated to restore or is deemed obligated to restore as described in the
penultimate sentence of the Treasury Regulations Section 1.704-2(g)(1) and Regulations Section 1.704-2(i)(5); and

 

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

 

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

 

“Adjusted
Capital Account Deficit” means, with respect to any Tax Member for any taxable year or other period, the deficit Adjusted
Capital Account balance, if any, of such Tax Member as of the end of such year or other period.

 

“Administration
Agreement,” means the administration agreement, by and between the Company, GREC and the Company Administrator, as may
be amended from time to time.

 

“Administrator”
means the official or agency administering the securities laws of a state, province, or commonwealth.

 

“Advisor”
or “Advisors” means the Person or Persons, if any, appointed, employed or contracted with by the Company pursuant
to Article XIV hereof and responsible for directing or performing the day-to-day business affairs of the Company, including
any Person to whom the Advisor subcontracts substantially all of such functions.

 

“Advisory
Agreement” means the Amended and Restated Advisory Agreement, dated October 9, 2013, by and among the Company, GREC
and the Advisor.

 

“Affiliate”
means (A) any Person directly or indirectly owning, controlling, or holding, with power to vote, 10% or more of the outstanding
voting securities of such other Person, (B) any Person 10% or more of whose outstanding voting securities are directly or
indirectly owned, controlled, or held, with the power to vote, by such other Person, (C) any Person directly or indirectly
controlling, controlled by, or under common control with such other Person, (D) any executive officer, director, trustee or
general partner of such other person, or (E) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner.

 

“Affiliated
Person” means the Sponsor, the Advisor, a Director or any Affiliate of the foregoing.

 

“Agreement”
is defined in the preamble.

 

    8

     

    

 

“Assessment”
means additional amounts of capital which may be mandatorily required of, or paid voluntarily by, a Member beyond his or her subscription
commitment excluding deferred payments.

 

“Assignee”
means any Person to whom any Shares have been Assigned, in whole or in part, in a manner permitted by Section 10.2 of this
Agreement.

 

“Assignment”
means, with respect to any Shares, the offer, sale, assignment, transfer, gift or other disposition of, such Share, whether voluntarily
or by operation of law, except that in the case of a bona fide pledge or other hypothecation, no Assignment shall be deemed to
have occurred unless and until the secured party has exercised his right of foreclosure with respect thereto; and the terms “Assign”
and “Assigning” have a correlative meaning.

 

“Associate”
has the meaning ascribed to such term in Rule 12b-2 of the rules promulgated under the Exchange Act.

 

“Base Management
Fee” means, the base management fee payable to the Advisor pursuant to the Advisory Agreement.

 

“Benefit
Plan Investor” means a Member who is subject to ERISA or to the prohibited transaction provisions of Section 4975
of the Code.

 

“Board of
Directors” is defined in Section 2.1.

 

“Book Value”
means, with respect to any Company property, the Company’s adjusted basis for federal income tax purposes, adjusted from
time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-l(b)(2)(iv)(d)-(g).

 

“Business
Combination” means:

 

	 	(i)	any merger or consolidation of the Company or any Subsidiary thereof with (A) an Interested Member, or (B) any other Person (whether or not itself an Interested Member) that is, or after such merger or consolidation would be, an Affiliate or Associate of an Interested Member; or 

 

	 	(ii)	any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions) to or with, or proposed by or on behalf of, an Interested Member or an Affiliate or Associate of an Interested Member of any property or assets of the Company or any Subsidiary thereof having a net asset value equal to 10% or more of the net asset value of the Company’s outstanding Shares as of the date of the consummation of the transaction giving rise to the Business Combination; or 

 

	 	(iii)	the issuance or transfer by the Company or any Subsidiary thereof (in one transaction or a series of transactions) of any securities of the Company or any Subsidiary thereof to, or proposed by or on behalf of, an Interested Member or an Affiliate or Associate of an Interested Member in exchange for cash, securities or other property (or a combination thereof) having a net asset value equal to 10% or more of the net asset value of the Company’s outstanding Shares as of the date of the consummation of the transaction giving rise to the Business Combination; or 

 

	 	(iv)	any spin-off or split-up of any kind of the Company or any Subsidiary thereof, proposed by or on behalf of an Interested Member or any of its Affiliates or Associates; or 

 

	 	(v)	any reclassification of the Shares or securities of a Subsidiary of the Company (including any reverse split of Shares or such securities) or recapitalization of the Company or such Subsidiary, or any merger or consolidation of the Company or such Subsidiary with any other Subsidiary thereof, or any other transaction (whether or not with or into or otherwise involving an Interested Member), that has the effect, directly or indirectly, of increasing the proportionate share of (A) outstanding Shares or such securities or securities of such Subsidiary which are beneficially owned by an Interested Member or any of its Affiliates or Associates or (B) any securities of the Company or such Subsidiary that are convertible into or exchangeable for Shares or such securities of such Subsidiary, that are directly or indirectly owned by an Interested Member or any of its Affiliates or Associates; or

 

    9

     

    

 

	 	(vi)	any agreement, contract or other arrangement providing for any one or
    more of the actions specified in clauses (i) through (v) above; 

 

provided, however, that
a transaction is not a Business Combination if the transaction resulting in the holder of Shares becoming an Interested Member
is approved by the Board of Directors prior to the time such Person became an Interested Member.

 

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

 

“Capital
Account” is defined in Section 8.2.

 

“Capital
Contributions” means the total investment, including the original investment and amounts reinvested pursuant to the Reinvestment
Plan, by a Member or by all Members, as the case may be.

 

“Cash Available
for Distribution” means Cash Flow plus cash funds available for distribution from the Company reserves less amounts set
aside for restoration or creation of reserves.

 

“Cash Flow”
means cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other
expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves shall not be included in Cash Flow.

 

“Catch-Up
Amount” has the meaning set forth in Section 9.2(a)(i) hereof.

 

“Certificate”
means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of
the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.

 

“Class”
means any of Class A, Class C, Class I Shares or any other class of Shares that the Board of Directors may authorize
from time to time pursuant to this Agreement.

 

“Class A
Shares” is defined in Section 7.1.

 

“Class C
Shares” is defined in Section 7.1.

 

“Class I
Shares” is defined in Section 7.1.

 

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

 

“Commencement
of the Initial Public Offering” means the date that the Securities and Exchange Commission declares effective the registration
statement filed under the Securities Act for the Initial Public Offering.

 

“Common Shares”
means any Shares that are not Preferred Shares.

 

“Company”
is defined in the preamble.

 

“Company
Administrator” means Greenbacker Administration, LLC, the administrator pursuant to the Administration Agreement.

 

“Company
Minimum Gain” means “partnership minimum gain” as defined in the Treasury Regulations Section 1.704-2(b)(2)
and as computed in accordance with the Treasury Regulations Section 1.704-2(d).

 

“Company
NAV” means the net fair market value of all of the Company’s assets, including investments in bank accounts, money
market funds or other current assets, as determined by the Board of Directors from time to time pursuant to this Agreement.

 

    10

     

    

 

“Consent”
means either (a) consent given by vote at a meeting called and held in accordance with the provisions of Article XII of this
Agreement or (b) the written consent without a meeting, as the case may be, of any Person to do the act or thing for which
the consent is solicited, or the act of granting such consent, as the context may require.

 

“Continuing
Director” means (i) any Director of the Company who (A) is neither the Interested Member involved in the Business
Combination as to which a determination of Continuing Directors is provided hereunder, nor an Affiliate, Associate, employee, agent
or nominee of such Interested Member, or a relative of any of the foregoing, and (B) was a member of the Board of Directors
prior to the time that such Interested Member became an Interested Member, or (ii) any successor of a Continuing Director
described in clause (i) above who is recommended or elected to succeed a Continuing Director by the affirmative vote of a
majority of Continuing Directors then on the Board of Directors.

 

“Dealer Manager”
means SC Distributors, LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act
as the dealer manager for the offering of the Shares. SC Distributors, LLC is a member of the Financial Industry Regulatory Authority.

 

“DGCL”
means Delaware General Corporation Law.

 

“Director”
is defined in Section 5.2(a).

 

“Distribution
Fee” is defined in Section 7.1(b)

 

“Distributions”
means any distributions of money or other property by the Company to owners of Shares or the Special Unitholder, including distributions
of Cash Available for Distributions, distributions of cash from capital events and distributions that may constitute a return of
capital for federal income tax purposes.

 

“Economic
Interest” means a Person’s right to share in the income, gains, losses, deductions, credits, or similar items of
the Company, and to receive Distributions from the Company, but excluding any other rights of a Member, including the right to
vote or to participate in management, or, except as may be provided in the Act, any right to information concerning the business
and affairs of the Company.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Escrow Account”
means an interest-bearing account established and maintained by the Advisor with the Escrow Agent, in accordance with the terms
of the Escrow Agreement, for the purpose of holding, pending the distribution thereof in accordance with the terms of this Agreement,
any subscription received from subscribers, including Persons who are to be admitted as Members as a result of the closing of the
Initial Public Offering.

 

“Escrow Agent”
UMB Bank, N.A., or another United States banking institution with at least $50,000,000 in assets, which shall be selected by the
Advisor to serve in such capacity pursuant to the Escrow Agreement.

 

“Escrow Agreement”
means that certain Escrow Agreement between the Company, the Advisor, the Dealer Manager and the Escrow Agent, substantially in
the form thereof filed as an exhibit to the Registration Statement, as amended and supplemented from time to time as permitted
by the terms thereof.

 

“Excess Profits”
has the meaning set forth in Section 9.2(a)(i) hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto.

 

“Fee Carryforward
Amount” shall initially equal zero and shall increase in any calendar quarter by
the amount, if any, by which the Catch-Up Amount for such quarter exceeds the Excess Profits for such quarter and shall decrease
in any calendar quarter by the amount, if any, paid to the Special Unitholder pursuant to Section 9.2(a)(ii) for such quarter;
provided, that the Fee Carryforward Amount shall at no time be less than zero.

 

    11

     

    

 

“Front End
Fees” means all fees and expenses paid by any party for any services rendered to organize the Company and to acquire
assets for the Company, including Organization and Offering Expenses, Acquisition Fees, Acquisition Expenses, and any other similar
fees, however designated by the Advisor or the Sponsor.

 

“GCM”
means Greenbacker Capital Management LLC, a Delaware limited liability company.

 

“GREC”
means Greenbacker Renewable Energy Corporation, a Maryland corporation.

 

“Gross Proceeds”
means the aggregate purchase price of all Shares sold for the account of the Company, without deduction for Selling Commissions,
volume discounts, any marketing support and due diligence expense reimbursement, fees paid to the Dealer Manager or other Organization
and Offering Expenses. For the purposes of computing Gross Proceeds, the purchase price of any Share for which reduced Selling
Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be
deemed to be the full amount of the offering price per Share pursuant to the prospectus for such offering without reduction.

 

“Hurdle Amount”
means, for each quarterly calculation period, an amount equal to a 1.50% (or 6% annualized) internal rate of return on the aggregate
NAV of the Shares outstanding at the beginning of such quarter and all Shares issued during such quarter, taking into account the
timing and amount of all cash distributions accrued or paid (without duplication) on all such Shares during such quarter and all
issuances and repurchases of Shares during such quarter. For purposes of calculating the Company’s internal rate of return,
(i) the quarter-ending total NAV of the Company shall be calculated before giving effect to the amount of any payment or accrual
of the Performance Participation Fee during such quarter and (ii) the calculation of the number of Shares issued during the relevant
quarter shall assume that all such Shares issued each month during such quarter are issued at the end of end of each month during
such quarter.

 

“Indebtedness”
means, with respect to any Person as of any date, all obligations of such Person (other than capital, surplus, deferred income
taxes and, to the extent not constituting obligations, other deferred credits and reserves) that could be classified as liabilities
(exclusive of accrued expenses and trade accounts payable incurred in respect of property purchased in the ordinary course of business
which are not overdue or which are being contested in good faith by appropriate proceedings and are not so required to be classified
on such balance sheet as debt) on a balance sheet prepared in accordance with generally accepted accounting principles as of such
date.

 

“Indemnitee”
has the meaning set forth in Section 17.2(f) hereof.

 

“Independent
Director” means a Director who is “independent” as such term is defined in NASDAQ Listing Rule 5605(a)(2).

 

“Independent
Expert” means a Person with no material current or prior business or personal relationship with the Advisor or the Sponsor
who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by
the Company, and who is qualified to perform such work.

 

“Interested
Member” means any Person (other than the Company or any Subsidiary of the Company, any employee benefit plan maintained
by the Company or any Subsidiary thereof or any trustee or fiduciary with respect to any such plan when acting in such capacity)
that:

 

	 	(i)	is, or was at any time within the three-year period immediately prior to the date in question, the Owner of 15% or more of the then outstanding Shares and who did not become the Owner of such amount of Shares pursuant to a transaction that was approved by the affirmative vote of a majority of the Board of Directors; or

 

	 	(ii)	is an assignee of, or has otherwise succeeded to, any Shares of which an Interested Member was the Owner at any time within the three-year period immediately prior to the date in question, if such assignment or succession occurred in the course of a transaction, or series of transactions, not involving a public offering within the meaning of the Securities Act. 

 

    12

     

    

 

“Initial
Public Offering” means the first Offering pursuant to an effective registration statement filed under the Securities
Act.

 

“Investment
in Company Assets” means the amount of capital contributions actually paid or allocated to the origination or purchase
of assets by the Company (including working capital reserves allocable thereto, except that working capital reserves in excess
of 3% shall not be included) and other cash payments such as interest and taxes, but excluding Front End Fees.

 

“Joint Ventures”
means those joint venture or partnership arrangements in which the Company or any of its subsidiaries is a co-venturer or general
partner in an entity established to acquire or hold assets.

 

“Liquidation”
means, the liquidation, dissolution, or winding-up of the Company pursuant to Article XX.

 

“Liquidation
Performance Participation Fee” is defined in Section 9.2.

 

“Listing”
means the listing of the Shares on a national securities exchange, or a transaction in which Members receive shares of an entity
that is listed on a national securities exchange. Upon such Listing, the Shares shall be deemed Listed.

 

“Listing
Premium” means the amount, if any, by which the Listing Value following a Listing exceeds the Company’s Adjusted
Capital, as calculated immediately prior to such Listing.

 

“Listing
Value” means (A) the product of (i) the number of Listed Shares and (ii) the average closing price per
Share over the 30-trading-day period following such Listing, plus (iii) the amount of such consideration, if any, received
by Members in connection with any transaction that results in a Listing. Listing Value shall not include the value of any non-Listed
securities received by Members as full or partial consideration in connection with any transaction or series of transactions that
result in a Listing.

 

“Loss”
for any period means all items of Company loss, deduction and expense for such period determined according to Section 8.3.

 

“Loss Carryforward
Amount” shall initially equal zero and shall cumulatively increase in any calendar
quarter by the absolute value of any negative Total Return Amount for such quarter and cumulatively decrease in any calendar
quarter by the amount of any positive Total Return Amount for such quarter; provided, that the Loss Carryforward Amount
shall at no time be less than zero.

 

“Majority
of the Members” means Members holding more than 50% of the total outstanding Percentage Interests of the Company as of
a particular date (or if no date is specified, the first day of the then current calendar month).

 

“Members”
means the holders of record of Shares.

 

“Membership
Interest” means a Member’s rights in one or more Shares at any particular time, including the Member’s Economic
Interest in the Company, any right to vote or participate in management of the Company and any right to information concerning
the business and affairs of the Company provided by this Agreement or the Act.

 

“Membership
List” means a list, in alphabetical order by name, setting forth the name, address and business or home telephone number
of, and number of Shares held by, each Member, which list shall be printed on white paper in a readily readable type size (in no
event smaller than 10-point type) and shall be updated at least quarterly to reflect any changes in the information contained therein.

 

“Minimum
Offering” means the receipt and acceptance by the Directors of subscriptions for Shares aggregating at least $2,000,000
in Offering proceeds.

 

“Minimum
Offering Expiration Date” means the one-year anniversary of the date of the Prospectus.

 

    13

     

    

 

“NASAA Omnibus
Guidelines” means the NASAA Omnibus Guidelines adopted by the North American Securities Administrators Association, Inc.,
on March 29, 1992, as amended on May 7, 2007.

 

“NAV”
means, for any Shares, the net asset value of such Shares, determined as of the last business
day of each quarter, in accordance with the Company’s valuation policies and procedures.

 

“Net Worth”
means the excess of total assets over total liabilities as determined by generally accepted accounting principles.

 

“Non-Compliant
Tender Offer” is defined in Section 12.21.

 

“Nonrecourse
Deductions” has the meaning set forth in the Treasury Regulations Section 1.704-2(b)(1). The amount of Nonrecourse
Deductions for a given period equals the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during
such period, over the aggregate amount of any distributions during such period of proceeds of a Nonrecourse Liability that are
allocable to an increase in Company Minimum Gain, determined according to the provisions of the Treasury Regulations Section 1.704-2(c).

 

“Nonrecourse
Liability” has the meaning set forth in the Treasury Regulations Section 1.704-2(b)(3).

 

“Offering”
means any offering and sale of Shares, including pursuant to the Reinvestment Plan.

 

“Organization
and Offering Expenses” means all costs and expenses incurred by and to be paid by the Company in connection with the
formation of the Company and the qualification and registration of an Offering, including total underwriting compensation, legal,
accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, charges of the Advisor for administrative
services related to the issuance of Shares in the Offering, reimbursement of bona fide due diligence expenses of broker-dealers,
reimbursement of the Advisor for costs in connection with preparing sales materials and the expenses of qualification and sale
of the Shares under federal and state laws.

 

“Owner”
has the meaning ascribed to the term beneficial owner in Rule 13d-3 of the Rules and Regulations promulgated under the Exchange
Act.

 

“Percentage
Interest” means, unless specifically provided otherwise, the percentage ownership interest of any Member determined at
any time by dividing a Member’s current Shares by the total outstanding Shares of all Members. If specifically provided otherwise,
the determination of a member’s Percentage Interest may be made on a Class-by-Class basis by dividing a Member’s current
Shares by the total outstanding Shares in a given Class of all Members in that Class. For the avoidance of doubt, the Percentage
Interest referred to in Section 9.1(b) shall be made on a Class-by-Class basis.

 

“Performance
Participation Fee” has the meaning set forth in Section 9.2(a) hereof.

 

“Person”
means any natural person, partnership, corporation, association, trust or other legal entity.

 

“Preferred
Shares” has the meaning set forth in Section 7.2 hereof.

 

“Profit”
for any period means all items of Company income and gain for such period determined according to Section 8.3.

 

“Program”
means a limited or general partnership, joint venture, unincorporated association or similar organization other than a corporation
formed and operated for the primary purpose of investment in and the operation of or gain from and interest in the assets to be
acquired by such entity.

 

“Prospectus”
means the same as that term is defined in Section 2(a)(10) of the Securities Act, including a preliminary prospectus or, in
the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling Securities
to the public.

 

“Qualified
Subscription Account” means the interest-bearing account established and maintained by the Company for the purpose of
holding, pending the distribution thereof in accordance with the terms of this Agreement, of subscriptions received from Persons
who are to be admitted as Members as a result of closings of Offerings to be held subsequent to the closing of the Initial Closing
Date.

 

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“Record Date”
means the date established by the Board of Directors for determining (a) the identity of the Record Holders entitled to notice
of, or to vote at, any meeting of Members or entitled to exercise rights in respect of any lawful action of Members or (b) the
identity of Record Holders entitled to receive any report or distribution or to participate in any offer.

 

“Record Date
Request Notice” has the meaning set forth in Section 12.2(b).

 

“Record Holder”
means (a) with respect to any Common Shares, the Person in whose name such Shares are registered on the Membership List as
of the opening of business on a particular Business Day, and (b) with respect to any Shares of any other class, the Person
in whose name such Shares are registered on the Membership List that the Company has caused to be kept as of the opening of business
on such Business Day.

 

“Registration
Statement” means the registration statement for the Shares on a proper form filed with the Commission under the Securities
Act which registration statement was declared effective by the Commission.

 

“Regulatory
Allocations” is defined in Section 9.4.

 

“Reinvestment
Plan” is defined in Section 7.16.

 

“Relative
NAV” means the Company NAV multiplied by the percentage obtained by dividing the current issued and outstanding Shares
within each of Class A Shares, Class C Shares and Class I Shares by the total issued and outstanding Shares of all
Members.

 

“Request
Record Date” has the meaning set forth in 12.2(b).

 

“Roll-Up
Entity” means a partnership, corporation, trust or similar entity that would be created or would survive after the successful
completion of a proposed Roll-Up Transaction.

 

“Roll-up
Transaction” means a transaction involving the acquisition, merger, conversion, or consolidation, directly or indirectly,
of the Company and the issuance of securities of a Roll-Up Entity. Such term does not include: (i) a transaction involving
securities of the Company that have been listed on a national securities exchange or that are traded through the National Association
of Securities Dealers Automated Quotation for at least 12 months, or (ii) a transaction involving the conversion to a
corporation, partnership, trust, or association form of only the Company if, as a consequence of the transaction, there will be
no significant adverse change in the voting rights of the holders of the Shares, the term of existence of the Company, compensation
to the Advisor or Sponsor or the investment objectives of the Company.

 

“Sale”
means the sale, exchange, involuntary conversion, foreclosure, condemnation, taking, casualty (other than a casualty followed by
refurbishing or replacement), or other disposition of any of the Company’s assets.

 

“Secondary
Market” is defined in 10.2(c).

 

“Securities”
means Shares, stock, units, membership interests or other evidences of equity or beneficial or other interests, voting trust certificates,
bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in
general any instruments commonly known as “securities” or any certificates of interest, stock or participations in,
temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or
acquire, any of the foregoing.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

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“Selling
Commissions” means any and all commissions payable to underwriters, dealer managers or other Soliciting Dealers in connection
with the sale of Shares, including commissions payable to the Dealer Manager.

 

“Share Designation”
is defined in Section 7.3.

 

“Share Repurchase
Program” means, a program adopted by the Board of Directors, if any, pursuant to which the Company may conduct Share
repurchases.

 

“Shares”
is defined in Section 7.1. Shares may be Common Shares or Preferred Shares, and may be issued in different classes or series.

 

“Soliciting
Dealers” means those broker-dealers that are members of the Financial Industry Regulatory Authority or that are exempt
from broker-dealer registration, and that, in either case, enter into participating broker or other selling agreements with the
Dealer Manager to sell Shares.

 

“Special
Meeting Percentage” has the meaning set forth in 12.2(b).

 

“Special
Meeting Request” has the meaning set forth in 12.2(b).

 

“Special
Preferred Share” means the preferred share of GREC which shall be initially be held by the Company entitling the holder
thereof to receive distributions from GREC which are substantively equivalent to the distributions that the Special Unitholder
is entitled to receive in respect of the Special Unit.

 

“Special
Unit” means, profit interests issued pursuant to Section 4.8, the holder of which is entitled to the Performance
Participation Fee and the Liquidation Performance Participation Fee.

 

“Special
Unitholder” means, the recordholder of the Special Unit.

 

“Sponsor”
means any Person directly or indirectly instrumental in organizing, wholly or in part, the Company or any Person who will control,
manage or participate in the management of the Company, and any Affiliate of such Person. Sponsor does not include wholly independent
third parties, including attorneys, sub-advisors, accountants and underwriters whose only compensation is for professional services.
A Person may also be deemed a Sponsor of the Company by:

 

(a) taking the initiative,
directly or indirectly, in founding or organizing the business or enterprise of the Company, either alone or in conjunction with
one or more other Persons;

 

(b) receiving a material
participation in the Company in connection with the founding or organizing of the business of the Company, in consideration of
services or property, or both services and property;

 

(c) having a substantial
number of relationships and contacts with the Company;

 

(d) possessing significant
rights to control Company properties;

 

(e) receiving fees
for providing services to the Company which are paid on a basis that is not customary in the Company’s industry; or

 

(f) providing goods
or services to the Company on a basis which was not negotiated at arm’s length with the Company.

 

“Subscription
Agreement” means the document that a Person who buys Shares of the Company must execute and deliver with full payment
for the Shares and which, among other provisions, contains the written consent of each Member to the adoption of this Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation, company, joint venture, limited liability company, association or other Person
in which such Person owns, directly or indirectly, more than 50% of the outstanding equity securities or interests, the holders
of which are generally entitled to vote for the election of the Board of Directors or other governing body of such Person.

 

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“Substitute
Member” means any Assignee of Shares who is admitted to the Company as a Member pursuant to Section 10.3 of this
Agreement.

 

“Tax Matters
Partner” is defined in Section 9.9(a).

 

“Tax Member”
is defined in Section 8.2.

 

“Tax Member
Nonrecourse Debt” means “partner nonrecourse debt” as defined in the Treasury Regulations Section 1.704-2(b)(4).

 

“Tax Member
Nonrecourse Debt Minimum Gain” means an amount, with respect to each Tax Member Nonrecourse Debt, equal to the Company
Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance
with the Treasury Regulations Section 1.704-2(i)(3).

 

“Tax Member
Nonrecourse Deductions” means “partnership nonrecourse deductions” as defined in Treasury Regulations Section 1.704-2(i)(1)
and as computed in accordance with the Treasury Regulations Section 1.704-2(i)(2).

 

For any taxable year
or other period, the amount of Tax Member Nonrecourse Deductions with respect to a Tax Member Nonrecourse Debt equals the excess,
if any, of the net increase, if any, in the amount of the Tax Member Nonrecourse Debt Minimum Gain attributable to such Tax Member
Nonrecourse Debt over the aggregate amount of any distributions during such year to the Member that bears the economic risk of
loss for such Tax Member Nonrecourse Debt to the extent such distributions are from proceeds of such Tax Member Nonrecourse Debt
and are allocable to an increase in Tax Member Nonrecourse Debt Minimum Gain, determined according to the provisions of the Treasury
Regulations Section 1.704-2(i)(2).

 

“Total Return
Amount” means, for each quarterly calculation period, an amount equal to the sum of (i) the aggregate amount of all cash
distributions accrued or paid (without duplication) during such quarter on the Shares outstanding at the end of such quarter plus
(ii) the amount of the change in aggregate NAV of such Shares since the beginning of such quarter, before giving effect to
(x) changes in the aggregate NAV of such Shares during such quarter resulting solely from the net proceeds of issuances and/or
repurchase of Shares by the Company, and (y) the amount of any accrual of the Performance Participation Fee during such quarter.
For the avoidance of doubt, the calculation of the Total Return Amount for each period shall
(i) include any appreciation or depreciation in the NAV of the Shares issued during such period but (ii) exclude the
proceeds from the initial issuance of such Shares. The total NAV of the Shares outstanding as of the last business day of
a calendar quarter shall be the amount against which changes in the total NAV of the Shares outstanding during the subsequent calendar
quarter is measured. The calculation of the Total Return Amount shall be based upon the Company’s total NAV and not on an
individual per Share class basis but changes in the Company’s total NAV will generally correspond to cumulative changes in
the total NAV per Share of each class outstanding at the time of the calculation.

 

“Treasury
Regulations” means the Treasury Regulations promulgated under the Code.

 

ARTICLE III

POWERS AND PURPOSE

 

Section 3.1 Purpose.
The purposes and powers of the Company shall be to engage in any lawful business or activity that may be engaged in by a limited
liability company formed under the Act, as such businesses or other activities may be determined by the Board of Directors from
time to time.

 

Section 3.2 No
State Law Partnership. The Company is a Delaware limited liability company that will be treated as a partnership only for federal
income tax purposes, and if applicable, state tax purposes, and no Member shall be deemed to be a partner or joint venturer of
any other Member, for any purposes other than federal income tax purposes and, if applicable, state tax purposes, and this Agreement
shall not be construed to suggest otherwise. The Members intend that the Company shall be treated as a partnership for federal
and, if applicable, state income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take
all tax and financial reporting positions in a manner consistent with such treatment.

 

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Section 3.3 Authority.

 

(a) By executing
the Subscription Agreement and subscribing for Shares, each Member hereby agrees to be bound by the terms of this Agreement and
any amendments or supplements thereto or cancellations thereof and authorizes and appoints with full power of substitution as its,
his or her true and lawful agent and attorney-in-fact, with full power and authority in its, his or her name, place and stead,
the Advisor and the Company, and each of their authorized officers and attorneys-in-fact, as the case may be, to execute, swear
to, acknowledge, deliver, file and record in the appropriate public offices, as may be required or advisable under the laws of
the State of Delaware or any other applicable jurisdiction:

 

(i) any and all certificates,
instruments, agreements or other documents, whether related to this Agreement or otherwise, and any amendment of any thereof (including
amendments reflecting the addition of any Person as a Member or any admission or substitution of other Members or the Capital Contribution
made by any such Person or by any Member) and any other document, certificate or instrument required to be executed and delivered,
at any time, in order to reflect the admission of any Member (including any Substitute Member);

 

(ii) any other document,
certificate or instrument required to reflect any action of the Members duly taken in the manner provided for in this Agreement,
whether or not such Member voted in favor of or otherwise consented to such action;

 

(iii) any other document,
certificate or instrument that may be required by any regulatory body or other agency or the applicable laws of the United States,
any state or any other jurisdiction in which the Company is doing or intends to do business or that the Board of Directors or GCM
deems necessary or advisable;

 

(iv) any certificate
of dissolution or cancellation of the Certificate that may be reasonably necessary to effect the termination of the Company; and

 

(v) any instrument
or papers required to terminate the business of the Company pursuant to Article XX hereof; provided, however, that no such
attorney-in-fact shall take any action as attorney-in-fact for any Member if such action could in any way increase the liability
of such Member beyond the liability expressly set forth in this Agreement or alter the rights of such Member under Article XII,
unless (in either case) such Member has given a power of attorney to such attorney-in-fact expressly for such purpose

 

(vi) all ballots,
consents, approvals, waivers, certificates, documents and other instruments that the Board of Directors determines to be necessary
or appropriate to (i) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that
is made or given by the Members hereunder or is consistent with the terms of this Agreement or (ii) effectuate the terms or
intent of this Agreement; provided, that when required by Article XII or any other provision of this Agreement that
establishes a percentage of the Members or of the Members holding any class or series of Shares required to take any action, the
Advisor and the Company, and each of their authorized officers and attorneys-in-fact, as the case may be, may exercise the power
of attorney made in this Section 3.3 only after the necessary vote, consent, approval, agreement or other action of the Members
or of the Members holding such class or series of Shares, as applicable.

 

(b) Nothing contained
in this Section 3.3 shall be construed as authorizing the Advisor and the Company, or each of their authorized officers or
attorneys-in-fact, as the case may be, to amend, change or modify this Agreement except in accordance with Article XVIII or as
may be otherwise expressly provided for in this Agreement.

 

(c) The foregoing
power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum
extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy
or termination of any Member and the transfer of all or any portion of such Member’s Shares and shall extend to such Member’s
heirs, successors, assigns and personal representatives. Each such Member hereby agrees to be bound by any representation made
by the Advisor or the Company, and each of their authorized officers or attorneys-in-fact, as the case may be, acting in good faith
pursuant to such power of attorney; and each such Member, to the maximum extent permitted by law, hereby waives any and all defenses
that may be available to contest, negate or disaffirm the action of the Advisor or the Company, and each of their authorized officers
or attorneys-in-fact, as the case may be, taken in good faith under such power of attorney in accordance with this Section 3.3.

 

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(d) Each Member hereby
agrees to execute and deliver to the Directors within 5 days after receipt of the Directors’ written request therefore, such
other and further statements of interest and holdings, designations, and further statements of interest and holdings, designations,
powers of attorney and other instruments that the Directors deem necessary to comply with any laws, rules or regulations relating
to the Company’s activities.

 

ARTICLE IV

RESIDENT AGENT AND PRINCIPAL OFFICE

 

The address of the
registered agent of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite
400, Wilmington, Delaware 19808. The name of the Company’s registered agent is Corporation Service Company or any successor
registered agent for service of process as shall be appointed by the Board of Directors in accordance with the Act. The Company’s
registered agent, Corporation Service Company, is a Delaware corporation. The address of the principal office of the Company is
369 Lexington Avenue, Suite 312, New York, NY 10017. The Company may have such other offices or places of business as the Board
of Directors may from time to time determine.

 

ARTICLE V

BOARD OF DIRECTORS

 

Section 5.1 Powers.

 

(a) Except as otherwise
expressly provided in this Agreement, the Board of Directors shall have complete and exclusive discretion to manage the business
and affairs of the Company and is authorized to and shall have all powers and rights necessary, appropriate or advisable to effectuate
and carry out the purposes, investment policies and business of the Company. No Member, by reason of its status as such, shall
have any authority to act for or bind the Company but shall have only the right to vote on or approve the actions specified herein
to be voted on or approved by the Members or, to the extent not inconsistent with this Agreement, in the Act. At any time that
there is only one Member, any and all action provided for herein to be taken or approved by the Members shall be taken or approved
by the sole Member.

 

(b) The Company shall
have such officers as are provided for in Article VI. The Board of Directors may appoint, employ, or otherwise contract with
such other persons or entities for the transaction of the business of the Company or the performance of services for or on behalf
of the Company as it shall determine in its sole discretion. The Board of Directors may delegate to the Advisor, any officer of
the Company or the Advisor, or to any such other person or entity such authority to act on behalf of the Company as the Board of
Directors may from time to time deem appropriate in its sole discretion.

 

(c) Except as otherwise
provided by the Board of Directors, when the taking of such action has been authorized by the Board of Directors, any Director
or officer of the Company or the Advisor, or any other person specifically authorized by the Board of Directors, may execute any
contract or other agreement or document on behalf of the Company and may execute on behalf of the Company and file with the Secretary
of State of the State of Delaware any certificates or filings provided for in the Act.

 

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Section 5.2 Number
and Classification.

 

(a) The Board of
Directors has 7 members (the “Directors”). The number of Directors may be increased or decreased from time
to time by the Board of Directors provided, however, that the total number of Directors shall never be fewer
than 3 nor more than 11, provided, further however, that, subject to 5.2(d), at all times there shall be one more Independent
Director than non-Independent Directors.

 

(b) The names and
addresses of the Directors who shall serve on the Board of Directors are set forth in the books and records of the Company.

 

(c) The Directors
may increase the number of Directors and fill any vacancy, whether resulting from an increase in the number of Directors or otherwise,
on the Board of Directors. Any and all vacancies on the Board of Directors may be filled by the affirmative vote of a majority
of the remaining Directors in office, even if the remaining Directors do not constitute a quorum. Notwithstanding the foregoing
sentence, the Independent Directors who remain on the Board of Directors shall nominate replacements for vacancies among the Independent
Directors’ positions.

 

(d) Upon the Commencement
of the Initial Public Offering, a majority of the Board of Directors will be Independent Directors except for a period of 60 days
after the death, removal or resignation of an Independent Director. Any vacancies will be filled by the affirmative vote of a majority
of the remaining Directors, though less than a quorum. No reduction in the number of Directors shall cause the removal of any Director
from office prior to the expiration of his term.

 

Section 5.3 Committees.
The Directors may establish such committees as they deem appropriate, and may delegate to such committees such powers as the Directors
deem appropriate, in their discretion, except as prohibited by the Act; provided that at least a majority of the members
of the audit committee are Independent Directors. The responsibilities and duties of the committees shall be set forth in the respective
charters for such committees.

 

Section 5.4 Fiduciary
Obligations. The Directors serve in a fiduciary capacity to the Company and have a fiduciary duty to the Members, including
a specific fiduciary duty to supervise the relationship of the Company with the Advisor. The Directors shall have a fiduciary responsibility
for the safekeeping and use of all funds and assets of the Company and shall not employ or permit another to employ such funds
or assets in any manner except for the exclusive benefit of the Company. The Directors shall not contract away the fiduciary obligations
owned to the Members under common law.

 

Section 5.5 Resignation
or Removal.

 

(a) Any Director
may resign by written notice to the Board of Directors, effective upon execution and delivery to the Company of such written notice
or upon any future date specified in the notice. Any Director, or the entire Board of Directors, may be removed from office at
any time, with or without cause, by the affirmative vote of a majority of the votes entitled to be cast at a meeting called, pursuant
to Article XII, for the purpose of the proposed removal (excluding any Shares or Percentage Interest of any affiliated Director
being removed) without the necessity for concurrence by the Directors.

 

Section 5.6 Approval
by Independent Directors. A majority of Independent Directors must approve all applicable matters as specified in this Agreement.

 

Section 5.7 Certain
Determinations by Board of Directors. The determination as to any of the following matters, made in good faith by or pursuant
to the direction of the Board of Directors consistent with this Agreement, shall be final and conclusive and shall be binding upon
the Company and every holder of Shares: the amount of the net income for any period and the amount of assets at any time legally
available for the payment of distributions or redemption of Shares, the amount of net assets, annual or other cash flow, funds
from operations or net profit; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves
or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have
been created shall have been paid or discharged); any interpretation of the terms, preferences, conversion or other rights, voting
powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of any class
or series of Shares; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset
owned or held by the Company or any Shares; the number of Shares of any class of the Company; any matter relating to the acquisition,
holding and disposition of any assets by the Company; or any other matter relating to the business and affairs of the Company or
required or permitted by applicable law, this Agreement or otherwise to be determined by the Board of Directors; provided,
however, that any determination by the Board of Directors as to any of the preceding matters shall not render invalid
or improper any action taken or omitted prior to such determination and no Director shall be liable for making or failing to make
such a determination.

 

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Section 5.8 Place
of Meetings and Meetings by Telephone. All meetings of the Directors may be held at any place that has been designated from
time to time by resolution of the Directors. In the absence of such a designation, regular meetings shall be held at the principal
place of business of the Company. Any meeting, regular or special, may be held by conference telephone or similar communication
equipment so long as all Directors participating in the meeting can hear one another, and all Directors participating by telephone
or similar communication equipment shall be deemed to be present in person at the meeting.

 

Section 5.9 Regular
Meetings. Regular meetings of the Directors shall be held at such times and at such places as shall be fixed by the Directors.
Such regular meetings may be held without notice.

 

Section 5.10
Special Meetings. Special meetings of the Directors for any purpose or purposes may be called at any time by any Director
or by the Chief Executive Officer or the President. Notice of the time and place of a special meeting shall be delivered personally
or by telephone to each Director and sent by first-class mail, by facsimile or electronic mail (or similar electronic means) or
by nationally recognized overnight courier, charges prepaid, addressed to each Director at that Director’s address as it
is shown on the records of the Company. In case the notice is mailed, it shall be deposited in the United States mail at least
5 calendar days before the time of the holding of the meeting. In case notice is delivered by overnight courier, it shall
be given at least 2 calendar days before the time of the holding of the meeting. In case the notice is delivered personally or
by telephone or by facsimile or electronic mail (or similar electronic means), it shall be given at least 1 calendar day before
the time of the holding of the meeting. Any oral notice given personally or by telephone may be communicated either to the Directors
or to a person at the office of the Directors who the person giving the notice has reason to believe will promptly communicate
it to the Director. The notice need not specify the purpose of the meeting.

 

Section 5.11
Quorum. A majority of the authorized number of Directors shall constitute a quorum for the transaction of business, except
to adjourn as provided in Section 5.13. Every act or decision done or made by the affirmative vote of a majority of the Directors
present at a meeting duly held at which a quorum is present shall be regarded as the act of the Directors, except to the extent
that the vote of a higher number of Directors is required by this Agreement or applicable law.

 

Section 5.12
Waiver of Notice. Notice of any meeting need not be given to any Director who either before or after the meeting signs a
written waiver of notice, a consent to holding the meeting, or an approval of the minutes. The waiver of notice or consent need
not specify the purpose of the meeting. All such waivers, consents, and approvals shall be filed with the records of the Company
or made a part of the minutes of the meeting. Notice of a meeting shall also be deemed given to any Director who attends the meeting
without protesting before or at its commencement the lack of notice to that Director.

 

Section 5.13
Adjournment. A majority of the Directors present, whether or not constituting a quorum, may adjourn any meeting to another
time and place. Notice of the time and place of holding an adjourned meeting need not be given unless the meeting is adjourned
for more than 48 hours, in which case notice of the time and place shall be given before the time of the adjourned meeting.

 

Section 5.14
Action Without a Meeting. Any action to be taken by the Directors at a meeting may be taken without such meeting by the
written consent of a majority of the Directors then in office (or such higher number of Directors as is required to authorize or
take such action under the terms of this Agreement or applicable law). Any such written consent may be executed and given by facsimile,
electronic mail or similar electronic means. Such written consents shall be filed with the minutes of the proceedings of the Directors.
If any action is so taken by the Directors by the written consent of less than all of the Directors, prompt notice of the taking
of such action shall be furnished to each Director who did not execute such written consent, provided that the effectiveness
of such action shall not be impaired by any delay or failure to furnish such notice.

 

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ARTICLE VI

OFFICERS

 

Section 6.1 Officers.
The officers of the Company shall be a Chief Executive Officer, a President, and a Chief Financial Officer. The Company may also
have, at the discretion of the Directors, such other officers as may be appointed in accordance with the provisions of Section 6.3.
Any number of offices may be held by the same person. Each of the officers of the Company may but need not be a Director. The descriptions
of the duties and responsibilities of the officers of the Company are set forth in Schedule A, which may be amended from time to
time at the discretion of the Directors.

 

Section 6.2 Election
of Officers. The officers of the Company, except such officers as may be appointed in accordance with the provisions of Section 6.3
or Section 6.5, shall be chosen by the Directors, and each shall serve at the pleasure of the Directors.

 

Section 6.3 Subordinate
Officers. The Directors may appoint and may empower the Chief Executive Officer, or any other officer, to appoint such other
officers as the business of the Company may require, each of whom shall hold office for such period, have such authority and perform
such duties as are provided in this Agreement or as the Directors (or, to the extent the power to prescribe authorities and duties
of subordinate officers is delegated to him or her, the Chief Executive Officer, or such other officer) may from time to time determine.

 

Section 6.4 Removal
and Resignation of Officers. Any officer may be removed, with or without cause, by the Directors at any regular or special
meeting of the Directors or by such officer, if any, upon whom such power of removal may be conferred by the Directors. Any officer
may resign at any time by giving written notice to the Company. Any resignation shall take effect at the date of the receipt of
that notice or at any later time specified in that notice; and unless otherwise specified in notice of a resignation, the acceptance
of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of
the Company under any contract to which the officer is a party.

 

Section 6.5 Vacancies
in Offices. A vacancy in any office because of death, resignation, removal, disqualification or other cause shall be filled
in the manner prescribed in this Agreement for regular appointment to that office. The Chief Executive Officer may make temporary
appointments to a vacant office pending action by the Directors.

 

ARTICLE VII

CAPITAL CONTRIBUTIONS; COMMON SHARES; PREFERRED SHARES; SPECIAL UNITS

 

Section 7.1 Shares.
A Member’s Membership Interest in the Company, including such Member’s right to receive Distributions from the Company,
shall be represented by the “Share” or “Shares” held by such Member. Initially, there shall be three Classes
of Common Shares: (i) class A Shares (“Class A Shares”), (ii) class C Shares (“Class C
Shares”), and (iii) class I Shares (“Class I Shares”), and such Classes shall have
the following commissions and fees relating to them:

 

(a) Each Class A
Share issued in the primary offering shall be subject to a sales commission of up to 7.00% per Share and a Dealer Manager
fee of up to 2.75% per Share, which underwriting compensation is subject to change in subsequent offerings. No sales commissions
or Dealer Manager fees shall be paid with respect to any Class A Shares issued pursuant to the Reinvestment Plan.

 

(b) Each Class C
Share issued in the primary offering shall be subject to a sales commission of up to 3.00% per Share and a Dealer Manager
fee of up to 2.75% per Share, which underwriting compensation is subject to change in subsequent offerings. In addition, with
respect to Class C Shares, the Company shall pay the Dealer Manager on a monthly basis a distribution fee (“Distribution
Fee”) that accrues daily equal to 1/365th of 0.80% of the amount of the net asset value for the Class C Shares for
such day on a continuous basis from year to year. No sales commissions or Dealer Manager fee shall be paid with respect to any
Class C Shares issued pursuant to the Reinvestment Plan.

 

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(c) Each Class I
Share issued in the primary offering shall be subject to a Dealer Manager fee of up to 1.75% per Share, which underwriting
compensation is subject to change in subsequent offerings. No Dealer Manager fees shall be paid with respect to any Class I
Shares issued pursuant to the Reinvestment Plan.

 

Section 7.2 Authorized
Common Shares, Preferred Shares, and Special Units. The Company is initially authorized to issue up to 400,000,000 Shares,
of which 350,000,000 Common Shares are designated as Class A, Class C, and Class I Shares, and 50,000,000 are designated as
Preferred Shares (“Preferred Shares”). In addition, the Company is authorized to issue one Special Unit. All
Shares and the Special Unit issued pursuant to, and in accordance with the requirements of, this Article VII shall be validly issued,
fully paid and nonassessable Shares or a Special Unit in the Company. Each Class of Common Shares will have the same voting rights.
Special Units will have no voting rights. If Shares of one class or series are classified or reclassified into Shares of another
class or series pursuant to Section 7.3, the number of authorized Shares of the former class or series shall be automatically
decreased and the number of Shares of the latter class or series shall be automatically increased, in each case by the number of
Shares so classified or reclassified, so that the aggregate number of Shares of all classes or series that the Company has authority
to issue shall not be more than the total number of Shares set forth in the first sentence of this paragraph. The Board of Directors,
with the approval of a majority of the entire Board and without any action by the Members, may amend this Agreement from time to
time to increase or decrease the aggregate number of Shares or the number of Shares of any class or series that the Company has
authority to issue.

 

Section 7.3 Classified
or Reclassified Shares. Prior to issuance of classified or reclassified Shares of any class or series, the Board of Directors
by resolution shall (a) designate that class or series to distinguish it from all other classes and series of Shares of the
Company, (b) specify the number of Shares to be included in the class or series; and (c) set or change, subject to the
provisions of Articles X and XI and subject to the express terms of any class or series of Shares of the Company outstanding at
the time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions,
qualifications and terms and conditions of redemption for each class or series (a “Share Designation”). A Share
Designation shall be effective when a duly executed original of the same is delivered to the Secretary of the Company for inclusion
among the books and records of the Company, and shall be annexed to, and constitute part of, this Agreement.

 

Section 7.4 Special
Unit. On the closing of the Initial Public Offering, the Company issued one Special Unit to the Special Unitholder. There was
no obligation to contribute any capital in connection with the issuance of the Special Unit, and the Capital Account balance of
the Special Unitholder was zero.

 

Section 7.5 Characterization
of Special Unit as Profits Interests. The Special Unit issued under this Agreement is intended to qualify as “profits
interests” under IRS Revenue Procedures 93-27 and 2001-43, and the sections of this Agreement relating to such interests
shall be interpreted and applied consistently therewith. In addition, the Board of Directors is hereby authorized upon publication
of final Regulations in the Federal Register (or other official pronouncement), to amend this Agreement as it determines, in its
sole discretion, to provide for: (A) the election of a safe harbor under Regulation Section 1.83-3(1) (or any similar
provision) under which the fair market value of any Special Units that are transferred in connection with the performance of services
are treated as being equal to the liquidation value of such Membership Interests, with (B) an agreement by the Company and
all of its Members to comply with all the requirements set forth in such regulations and Notice 2005-43 (and any other guidance
provided by the Internal Revenue Service with respect to such election) with respect to all Special Units transferred in connection
with the performance of services while the election remains effective, (C) the allocation of items of income, gains, deductions,
and losses required by any final Regulations similar to Proposed Regulation Sections 1.704-1(b)(4)(xii)(b) and (c), and
(D) any other related amendments. The Members acknowledge and agree that the exercise by the Board of Directors of any discretion
provided to it hereunder shall not be a modification or amendment to this Agreement.

 

    23

     

    

 

Section 7.6 Capital
Contribution by GCM. GCM made a cash Capital Contribution to the Company of $201,000 for Shares in the Offering. GCM shall
have no obligation to make any further Capital Contributions to the Company.

 

Section 7.7 Additional
Capital Contributions. No Member shall be required to make any Capital Contribution in addition to the purchase price paid
for such Member’s Shares pursuant to the Offering.

 

Section 7.8 Capital
Contributions by New Members. The Directors are authorized and directed to raise capital for the Company as provided in the
Prospectus by offering and selling Shares to Members as follows:

 

(a) Each Class A
Share shall initially be issued for a purchase price of $10.00, subject to certain possible discounts, until such time as the Board
of Directors adjusts the purchase price of Class A Shares.

 

(b) Each Class C
Share shall initially be issued for a purchase price of $9.576, subject to certain possible discounts, until such time as the Board
of Directors adjusts the purchase price of Class C Shares.

 

(c) Each Class I
Share shall initially be issued for a purchase price of $9.186, subject to certain possible discounts, until such time as the Board
of Directors adjusts the purchase price of Class I Shares.

 

(d) Except as set
forth below, the initial minimum purchase of Shares shall be $2,000 (or such greater minimum number as may be required under applicable
state or federal laws) per Member (including subscriptions from entities of which such Member is the sole beneficial owner) and
any additional purchases of Shares shall be $500 (or such greater minimum number as may be required under applicable state or federal
laws) per Member (including subscriptions from entities of which such Member is the sole beneficial owner). Notwithstanding the
foregoing, the provisions set forth above relating to the minimum number of Shares which may be purchased shall not apply to purchases
of Shares pursuant to the Reinvestment Plan.

 

(e) The Directors
may accept subscriptions for fractional Shares in excess of the minimum subscription amount.

 

(f) The Directors
may refuse to accept subscriptions for Shares and contributions tendered therewith for any reason whatsoever.

 

(g) Each Share sold
to a subscriber shall be fully paid and nonassessable.

 

(h) The Directors
are further authorized to cause the Company to issue additional Shares of any class or series to Members pursuant to the terms
of this Agreement, including pursuant to any plan of merger, plan of exchange or plan of conversion adopted by the Company.

 

Section 7.9 Public
Offering. Subject to compliance with applicable state securities laws and regulations, the Offering shall terminate 2 years
from the date of the Prospectus unless fully subscribed at an earlier date or terminated on an earlier date by the Board of Directors,
or unless extended by the Board of Directors for up to an additional 12 months. Except as otherwise provided in this Agreement,
the Board of Directors shall have sole and complete discretion in determining the terms and conditions of the offer and sale of
Shares and are hereby authorized and directed to do all things which the Board of Directors deems to be necessary, convenient,
appropriate and advisable in connection therewith, including the preparation and filing of the Registration Statement with the
Securities and Exchange Commission and the securities commissioners (or similar agencies or officers) of such jurisdictions as
the Directors shall determine, and the execution or performance of agreements with selling agents and others concerning the marketing
of the Shares, all on such basis and upon such terms as the Directors shall determine.

 

Section 7.10
Minimum Capitalization. The Offering will terminate if the Company has not received and accepted subscriptions for the Minimum
Offering on or before the Minimum Offering Expiration Date.

 

    24

     

    

 

Section 7.11
Escrow Account. Until subscriptions for the Minimum Offering are received and accepted by the Board of Directors, or until
the Minimum Offering Expiration Date, whichever first occurs, all subscription proceeds shall be held in an escrow account separate
and apart from all other funds and invested in obligations of, or obligations guaranteed by, the United States government, or bank
money-market accounts or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance
Corporation (including certificates of deposit of any bank acting as a depository or custodian for any such funds), which mature
on or before the Minimum Offering Expiration Date, unless such instrument cannot be readily sold or otherwise disposed of for cash
by the Minimum Offering Expiration Date without any dissipation of the subscription proceeds invested, all in the discretion of
such escrow agent or agents appointed by the Board of Directors. All moneys tendered by Persons whose subscriptions are rejected
shall be returned, without interest, to such Persons promptly after such rejection. If subscriptions for the Minimum Offering are
not received and accepted before the Minimum Offering Expiration Date, those subscriptions and funds in escrow on such date shall
be returned to the subscribers, together with any interest earned thereon. Notwithstanding the above, the escrow shall be modified
to reflect any particular requirements of federal law or any state in which the Shares are offered. The Company is authorized to
enter into one or more escrow agreements on behalf of the Company in such form as is satisfactory to the Board of Directors reflecting
the requirements of this Section 7.11 and containing such additional terms as are not inconsistent with this Section 7.11.
Upon satisfying the Minimum Offering requirement, funds shall be released from escrow to the Company within approximately 30 days
and investors with subscription funds held in the escrow shall be admitted as Members as soon as practicable, but in no event later
than 15 days after such release.

 

Section 7.12
Admission of Members.

 

(a) No action or
consent by any Members shall be required for the admission of Members to the Company. Subscriptions will be accepted or rejected
within 10 days of receipt of each completed Subscription Agreement by the Company and, if rejected, all funds shall be returned
to such subscribers and without deduction for any expenses within 10 Business Days from the date the subscription is rejected.
Prior to satisfying the Minimum Offering requirement, funds of subscribers for Shares pursuant to the Offering shall be held in
the escrow account described in Section 7.11 above. Such funds shall not be released from escrow, and no subscribers for Shares
shall be admitted to the Company unless and until the receipt and acceptance by the Company of the Minimum Offering. Any subscriber
shall be admitted as a Member no later than the last day of the calendar month following the date his or her subscription was accepted
by the Company.

 

(b) No Person who
subscribes for Shares in the Offering shall be admitted as a Member who has not executed and delivered to the Company the Subscription
Agreement specified in the Prospectus, together with such other documents and instruments as the Directors may deem necessary or
desirable to effect such admission.

 

Section 7.13
Interest on Capital Contributions. No interest shall be paid on, or in respect of, any Capital Contribution to the Company
by any Member, nor shall any Member have the right to demand or receive cash or other property in return for the Member’s
Capital Contribution.

 

Section 7.14
Suitability Standards. Upon the Commencement of the Initial Public Offering and until Listing, the following provisions
shall apply:

 

(a) Subject to suitability
standards established by individual states or any higher standards established by the Board of Directors to become a Member of
the Company, if the prospective Member is an individual (including an individual beneficiary of a purchasing Individual Retirement
Account as defined in the Code), or if the prospective Member is a fiduciary (such as a trustee of a trust or corporate pension
or profit sharing plan, or other tax-exempt organization, or a custodian under a Uniform Gifts to Minors Act), such individual
or fiduciary, as the case may be, shall represent to the Company, among other requirements as the Company may require from time
to time:

 

(i) that such individual
(or, in the case of a fiduciary, that the fiduciary account or the donor who directly or indirectly supplies the funds to purchase
the Shares) has a minimum annual gross income of $70,000 and a Net Worth (excluding home, furnishings and automobiles) of not less
than $70,000; or

 

    25

     

    

 

(ii) that such individual
(or, in the case of a fiduciary, that the fiduciary account or the donor who directly or indirectly supplies the funds to purchase
the Shares) has a Net Worth (excluding home, furnishings and automobiles) of not less than $250,000.

 

(b) The Sponsor and
each Person selling Shares on behalf of the Sponsor or the Company shall make every reasonable effort to determine that the purchase
of Shares is a suitable and appropriate investment for each Member. In making this determination, the Sponsor or each Person selling
Shares on behalf of the Sponsor or the Company shall ascertain that the prospective Member:

 

(i) meets the minimum
income and Net Worth standards established for the Company;

 

(ii) can reasonably
benefit from the Company based on the prospective Member’s overall investment objectives and portfolio structure;

 

(iii) is able to
bear the economic risk of the investment based on the prospective Member’s overall financial situation; and

 

(iv) has apparent
understanding of: (1) the fundamental risks of the investment; (2) the risk that the Member may lose the entire investment;
(3) the lack of liquidity of the Shares; (4) the restrictions on transferability of the Shares; (5) the background
and qualifications of the Sponsor or the Advisor; and (6) the tax consequences of the investment. The Sponsor or each Person
selling Shares on behalf of the Sponsor or the Company shall make this determination on the basis of information or representations
it has obtained from a prospective Member. Relevant information for this purpose will include at least the age, investment objectives,
investment experiences, income, Net Worth, financial situation, and other investments of the prospective Member, as well as any
other pertinent factors. The Sponsor or each Person selling Share on behalf of the Sponsor or the Company shall maintain records
of the information used to determine that an investment in Shares is suitable and appropriate for a Member. The Sponsor or each
Person selling Shares on behalf of the Sponsor or the Company shall maintain these records or copies of representations made for
at least 6 years.

 

(c) Subject to certain
individual state requirements, the issuance of Shares under the Reinvestment Plan, or higher standards established by the Board
of Directors from time to time, no Member will be permitted to make an initial investment in the Company by purchasing a number
of Shares valued at less than $2,000.

 

Section 7.15
Repurchase of Shares. The Board of Directors may establish, from time to time, a Share Repurchase Program, provided,
however, that such repurchase does not impair the capital or operations of the Company. The Sponsor, the Advisor,
the Directors or any Affiliates thereof may not receive any fees on the repurchase of Shares by the Company.

 

Section 7.16
Distribution Reinvestment Plans. The Board of Directors may establish, from time to time, a distribution reinvestment plan
or plans (a “Reinvestment Plan”) if all of the following conditions are met: (i) the Company and any subsequent
entities in which the Members reinvest are registered or exempted under applicable state securities laws; (ii) except as otherwise
provided herein, no sales commissions or fees shall be deducted directly or indirectly from the reinvested funds by the Advisor;
(iii) any subsequent entities in which the Members reinvest has substantially identical investment objectives as the Company;
(iv) the Members are free to elect or revoke reinvestment within a reasonable time and such right is fully disclosed in the
offering documents; (v) the Members shall have received a Prospectus, which is current as of the date of each such reinvestment;
and (vi) the broker-dealer or the issuer assumes responsibility for blue sky compliance and performance of due diligence responsibilities
and has contacted the Members to ascertain whether the Members continue to meet the applicable states’ suitability standard
for participation in each reinvestment.

 

Section 7.17
Assessments. Mandatory Assessments of any kind shall be prohibited.

 

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ARTICLE VIII

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

 

Section 8.1 Company
Capital. No Member shall be paid interest on any Capital Contribution to the Company or on such Member’s Capital Account,
and no Member shall have any right (i) to demand the return of such Member’s Capital Contribution or any other distribution
from the Company (whether upon resignation, withdrawal or otherwise), except upon dissolution of the Company pursuant to Section 20.3
hereof, (ii) to cause a partition of the Company’s assets, or (iii) to own or use any particular or individual
assets of the Company.

 

Section 8.2 Establishment
and Determination of Capital Accounts. A capital account (“Capital Account”) shall be established for each
Member and for the Special Unitholder (each a “Tax Member”). The Capital Account of each Tax Member shall consist
of his, her or its initial Capital Contribution and shall be (i) increased by (a) any additional Capital Contributions
made by such Tax Member pursuant to the terms of this Agreement, (b) the amount of any Company liabilities that are assumed
by such Tax Member, and (c) such Tax Member’s share of Profits allocated to such Tax Member pursuant to Section 9.3,
(ii) decreased by (a) such Tax Member’s share of Losses allocated to such Tax Member pursuant to Section 9.3
and (b) any Distributions to such Tax Member (net of liabilities assumed by such Tax Member and liabilities to which such
property is subject) distributed to such Tax Member and (iii) adjusted as otherwise required by the Code and the regulations
thereunder, including the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Any references in this Agreement to the
Capital Account of a Tax Member shall be deemed to refer to such Capital Account as the same may be increased or decreased from
time to time as set forth above.

 

Section 8.3 Computation
of Amounts. For purposes of computing the amount of any item of income, gain, loss, deduction or expense to be reflected in
Capital Accounts, the determination, recognition and classification of each such item shall be the same as its determination, recognition
and classification for federal income tax purposes; provided that:

 

(i) any income that
is exempt from Federal income tax shall be added to such taxable income or losses;

 

(ii) any expenditures
of the Company described in Section 705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or losses;

 

(iii) if the Book
Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) (in connection with
a distribution of such property) or (f) (in connection with a revaluation of Capital Accounts), then the amount of such adjustment
shall be taken into account as gain or loss from the disposition of such property;

 

(iv) if property
that is reflected on the books of the Company has a Book Value that differs from the adjusted tax basis of such property, then
depreciation, amortization and gain or loss with respect to such property shall be determined by reference to such Book Value;
and

 

(v) the computation
of all items of income, gain, loss, deduction and expense shall be made without regard to any election pursuant to Section 754
of the Code that may be made by the Company, unless the adjustment to basis of Company property pursuant to such election is reflected
in Capital Accounts pursuant to Treasury Regulation Section 1.704-l(b)(2)(iv)(m).

 

Section 8.4 Negative
Capital Accounts. No Tax Member shall be required to pay to the Company or any other Tax Member any deficit or negative balance
which may exist from time to time in such Tax Member’s Capital Account.

 

Section 8.5 Adjustments
to Book Value. The Company shall adjust the Book Value of its assets to fair market value in accordance with Treasury Regulation
Section l.704-l(b)(2)(iv)(f) as of the following times: (a) at the Directors’ discretion, in connection with the issuance
of Membership Interests in the Company and the computation of Company NAV; (b) at the Directors’ discretion, in connection
with the Distribution by the Company to a Tax Member of more than a de minimis amount of Company assets, including cash, if as
a result of such Distribution, such Tax Member’s interest in the Company is reduced (including a redemption); and (c) the
liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1 (b)(2)(ii)(g). Any such increase or decrease
in Book Value of an asset made pursuant to Section 8.5(a) or (b) shall, as a matter of administrative convenience, occur
on a quarterly basis to take into consideration the contributions by and distributions to Tax Members over the course of a given
quarter, Furthermore, any such increase or decrease in Book Value of an asset shall be allocated as a Profit or Loss to the Capital
Accounts of the Tax Members under Section 9.3 (determined immediately prior to the issuance of the new Membership Interests
or the distribution of assets in an ownership reduction transaction).

 

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Section 8.6 Compliance
With Section 1.704-1(b). The provisions of this Agreement relating to the maintenance of Capital Accounts are intended
to comply with Section 1.704-1(b) of the Treasury Regulations, and shall be interpreted and applied in a manner consistent
with such Treasury Regulations. If the Directors determine that it is prudent to modify the manner in which the Capital Accounts,
or any debits or credits thereto (including debits or credits relating to liabilities which are secured by contributed or distributed
property or which are assumed by the Company or any Tax Member), are computed in order to comply with such regulation, the Directors
may make such modification, provided that it is not likely to have a material effect on the amount distributable to any
Tax Member pursuant to Section 9.2 on the dissolution of the Company. The Directors also shall (a) make any adjustments
that are necessary or appropriate to maintain equality between the Capital Accounts of the Tax Members and the amount of Company
capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulation Section 1.704-1(b)(iv)(g),
and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply
with Treasury Regulation Section 1.704-1(b).

 

Section 8.7 Transfer
of Capital Accounts. The original Capital Account established for each substituted Tax Member shall be in the same amount as
the Capital Account of the Tax Member (or portion thereof) to which such substituted Tax Member succeeds, at the time such substituted
Tax Member is admitted to the Company. The Capital Account of any Tax Member whose interest in the Company shall be increased or
decreased by means of the transfer of Membership Interests, or in the case of the Special Unitholder, the Special Unit, to or from
such Tax Member shall be appropriately adjusted to reflect such transfer. Any reference in this Agreement to a Capital Contribution
of or Distribution to a Tax Member that has succeeded any other Tax Member shall include any Capital Contributions or Distributions
previously made by or to the former Tax Member on account of the Membership Interests, or in the case of the Special Unitholder,
the Special Unit, of such former Tax Member transferred to such Tax Member.

 

ARTICLE IX

DISTRIBUTIONS; ALLOCATIONS OF PROFITS AND LOSSES; FEES PAID TO SPECIAL UNITHOLDERS

 

Section 9.1 Generally.

 

(a) Subject to the
provisions of Section 18-607 of the Act, the Directors shall have sole discretion regarding the amounts and timing of distributions
to Members, in each case subject to the retention of, or payment to third parties of, such funds or reserves as it deems necessary
with respect to anticipated business needs of the Company which shall include (but not by way of limitation) the payment or the
making of provision for the payment when due of Company obligations, including the payment of any management or administrative
fees and expenses or any other obligations. In no event, however, shall funds be advanced or borrowed by the Company for the purpose
of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous
four quarters, less paid and accrued operating costs with respect to such revenues and costs shall be made in accordance with generally
accepted accounting principles, consistently applied. Cash distributions from the Company to the Sponsor shall only be made in
conjunction with distributions to Members and only out of funds properly allocated to the Sponsor’s account.

 

(b) Subject to the
rights of any holders of Preferred Shares specified in any Share Designation, distributions shall be paid: (i) first, to Record
Holders of the Special Units as provided in Section 9.2 hereof, and (ii) second, with respect to any Common Shares, in
accordance with the rights of such class of Shares (and, within such class, pro rata in proportion to the respective Percentage
Interests on such Record Date, or such other date as the Board of Directors may determine in its sole discretion).

 

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Section 9.2 Fees
Paid to Special Unitholders.

 

(a) When Special
Units are outstanding, Special Unitholders shall be entitled to receive a payment of a performance participation fee (“Performance
Participation Fee”) with respect to the most recently completed fiscal quarter, calculated and payable quarterly in arrears,
as follows:

 

(i) First,
if the Total Return Amount for such period exceeds the sum of (x) the Hurdle Amount for such period and (y) the Loss Carryforward
Amount for such Period (any such excess, “Excess Profits”), 100% of distributable cash until the total amount
paid to the Special Unitholder pursuant to this clause equals 12.5% of the sum of (x) the Hurdle Amount for such period and (y)
any amount payable to the Special Unitholder pursuant to this clause (this is commonly referred to as a “Catch-Up Amount”).
 For the avoidance of doubt, notwithstanding the total amount of the Catch-Up Amount calculated and payable for each period,
the portion of the Catch-Up Amount paid in cash for such period shall not exceed the amount of Excess Profits for such period.

 

(ii) Second,
to the extent there are remaining Excess Profits, 100% of such remaining Excess Profits until the total amount paid to the Special
Unitholder pursuant to this clause equals the amount of the Fee Carryforward Amount for such period; and

 

(iii) Third,
to the extent there are any remaining Excess Profits, 12.5% of such remaining Excess Profits.

 

For the avoidance
of doubt, the aggregate amount paid to the Special Unitholder pursuant to clauses (i) and (ii) above for any quarterly period shall
not be in excess of the amount of Excess Profits, if any, for such period. For purposes of calculating the foregoing, all
quarterly valuations will be determined by the Company in accordance with the Company’s valuation procedures. The Special
Unitholder shall not be obligated to return any portion of the Performance Participation Fee previously paid due to the subsequent
performance of the Company.

 

(b) A
Liquidation Performance Participation Fee (“Liquidation Performance Participation Fee”), payable upon a Listing
or Liquidation, calculated as follows: 20.0% of the net proceeds from the Liquidation of the Company remaining after investors
have received Distributions of net proceeds from the Liquidation of the Company equal to Adjusted Capital as calculated immediately
prior to Liquidation. In the event of a Listing, the Liquidation Performance Participation Fee will equal 20.0% of the Listing
Premium, if any. Any Listing Premium, and related Liquidation Performance Participation Fee, will be determined and payable in
arrears 30 days after the commencement of trading of Shares following such Listing.

 

(c) The Company shall
pay no distributions to the Members or fees to the Special Unitholder except as provided in this Article IX and Article XX.
The Company, and Board of Directors on behalf of the Company with respect to Distributions to Members, shall not be required to
make distributions from the Company to any Member or pay any fees to the Special Unitholder to the extent such distribution and/or
fee is inconsistent with, or in violation of, the Act or any provision of this Agreement or other applicable law.

 

(d) No right is given
to any Member or the Special Unitholder to demand and receive property other than cash as provided in this Agreement. The Company
will make no Distributions of in-kind property to Members, except for (A) Distributions of readily marketable securities,
or securities that may become readily marketable within a reasonable period of time, (B) Distributions of beneficial interests
in a liquidating trust established for the dissolution of the Company or (C) Distributions in connection with the liquidation
of the Assets in accordance with the terms of this Agreement unless, in the case of (B) and (C), (i) the Board of Directors advises
each Member of the risks associated with the direct ownership of the property, (ii) the Board of Directors offers each Member the
election of receiving in-kind property Distributions, and (iii) the Company distributes in-kind property only to those Members
who accept such offer by the Board of Directors.

 

(e) To the extent
that the Company makes a Distribution in-kind of shares of GREC (or its successor) to the Members, the Company shall provide to
the Special Unitholder at least 20 Business Days’ notice of such proposed distribution which shall specify the proposed distribution
date, the terms of the distribution and the Special Unitholder’s right to elect to receive the Special Preferred Share. The
Special Unitholder shall provide notice no later than 5 Business Days prior to the proposed distribution date of its election to
receive the Special Preferred Share. During such time as the Special Unit is outstanding, the Company shall not distribute or otherwise
dispose of the Special Preferred Share without the consent of the Special Unitholder.

 

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(f)

 

		(i)	In the event of a “Trigger Event” (as defined in Section 9.2(e)(ii) hereof), the
Company shall have the right (the “Call Right”) to redeem the Special Unit or the Special Preferred Share, as applicable. The
Board of Directors shall exercise the Call Right by providing the Special Unitholder with written notice of the Board of Directors’
desire to exercise the Call Right within 60 days of the occurrence of a Trigger Event. The purchase price to be paid
by the Company for the Special Unit or the Special Preferred Share shall equal the fair market value of such Special Unit or Special
Preferred Share as determined by an appraisal of an independent third-party experienced in the valuation of similar assets, selected
by the Company and the Special Unitholder in good faith, shall be paid in cash or in Shares (at the option of the Special Unitholder)
within 120 days after the Company provides the written notice required under this Section 9.2(e)(i). Such appraisal may
be in the form of an opinion by such independent third party that the consideration being paid by the Company is fair, from a financial
point of view, to the Company.

 

		(ii)	For purposes of this Section 9.2, a Trigger Event means the:

 

(A) non-renewal
of the Advisory Agreement upon the expiration of its then current term;

 

(B) termination
of the Advisory Agreement for any reason under circumstances where an Affiliate of the Advisor does not serve as the advisor under
any replacement advisory agreement; or

 

(C) resignation
of the Advisor under the Advisory Agreement.

 

(g) Notwithstanding
the other provisions of this Article IX, net proceeds from the sale of any remaining assets, and any other cash received or
reductions in reserves made after commencement of the Liquidation of the Company, shall be distributed to the Members or the Special
Unitholder in accordance with Article XX hereof.

 

Section 9.3 Allocation
of Profit and Loss. For each fiscal year of the Company, after adjusting each Tax Member’s Capital Account for all Capital
Contributions and distributions during such fiscal year and all special allocations pursuant to Section 9.4 with respect to
such fiscal year, all Profits and Losses (including special allocations of Distribution Fees and other than Profits and Losses
specially allocated pursuant to Section 9.4) shall be allocated to the Tax Members’ Capital Accounts in a manner such
that, as of the end of such fiscal year, the Capital Account of each Tax Member (which may be either a positive or negative balance)
shall be equal to the amount which would be distributed to such Tax Member if the Company were to liquidate all of its assets for
the Book Value thereof and distributed the proceeds thereof pursuant to the order of priorities set forth in Section 9.2 hereof,
minus such Tax Member’s share of Company Minimum Gain and Tax Member Nonrecourse Debt Minimum Gain, computed immediately
prior to the hypothetical liquidation of the Company’s assets.

 

Section 9.4 Special
Allocations. Notwithstanding the provisions of Section 9.3:

 

(a) Nonrecourse Deductions
shall be allocated to the Tax Members, pro rata in proportion to the value of their respective interests in the Company,
as determined by the Board of Directors. If there is a net decrease in Company Minimum Gain during any Taxable Year, each Tax Member
shall be specially allocated items of taxable income or gain for such Taxable Year (and, if necessary, subsequent Taxable Years)
in an amount equal to such Tax Member’s share of the net decrease in Company Minimum Gain, determined in accordance with
Treasury Regulation Section 1.704-2(g) (subject to the exceptions thereunder). The items to be so allocated shall be determined
in accordance with Treasury Regulation Section 1.704-2(f)(6). This paragraph is intended to comply with the minimum gain chargeback
requirements in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

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(b) Tax Member Nonrecourse
Deductions shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). Except as otherwise provided
in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Tax Member Nonrecourse Debt Minimum Gain during
any Taxable Year, each Tax Member that has a share of such Tax Member Nonrecourse Debt Minimum Gain shall be specially allocated
items of taxable income or gain for such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to that
Tax Member’s share of the net decrease in Tax Member Nonrecourse Debt Minimum Gain (subject to the exceptions thereunder). Items
to be allocated pursuant to this paragraph shall be determined in accordance with Treasury Regulation Sections 1.704-2(i)(4)
and 1.704-2(j)(2). This paragraph is intended to comply with the minimum gain chargeback requirements in Treasury Regulation
Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(c) If any Tax Member
unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation Section 1.704-l(b)(2)(ii)(d)(4),
(5) or (6), items of taxable income and gain shall be specially allocated to such Tax Member in an amount and manner sufficient
to eliminate the adjusted capital account deficit (determined according to Treasury Regulation Section 1.704-1(b)(2)(ii)(d))
created by such adjustments, allocations or distributions as quickly as possible. This paragraph is intended to comply with the
qualified income offset requirements in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

 

(d) No allocation
of Loss shall be made pursuant to Section 9.3 to the extent that it causes or increases a deficit balance in any Tax Member’s
Adjusted Capital Account. To the extent any allocation of Loss would cause the Adjusted Capital Account balance of any of the Members
to have a deficit balance, such Loss shall be allocated to the Tax Members with positive balances in their Adjusted Capital Accounts
in proportion with such relative positive Adjusted Capital Account balances.

 

(e) The allocations
set forth in paragraphs (a), (b), (c) and (d) above (the “Regulatory Allocations”) are intended
to comply with certain requirements of the Treasury Regulations under Code Section 704.

 

Notwithstanding any
other provisions of this Section 9.4 (other than the Regulatory Allocations), the Regulatory Allocations shall be taken into
account in allocating Profits and Losses among Tax Members so that, to the extent possible, the net amount of such allocations
of Profits and Losses and other items and the Regulatory Allocations (including Regulatory Allocations that, although not yet made,
are expected to be made in the future) to each Tax Member shall be equal to the net amount that would have been allocated to such
Tax Member if the Regulatory Allocations had not occurred.

 

Section 9.5 Amounts
Withheld. All amounts withheld pursuant to Section or 9.10 from any distribution to a Tax Member shall be treated as amounts
distributed to such Tax Member pursuant to Section 9.2 for all purposes under this Agreement.

 

Section 9.6 Tax
Allocations: Code Section 704(c).

 

(i) The income, gains,
losses, deductions and expenses of the Company shall be allocated, for federal, state and local income tax purposes, among the
Tax Members in accordance with the allocation of such income, gains, losses, deductions and expenses among the Tax Members for
computing their Capital Accounts, except that if any such allocation is not permitted by the Code or other applicable law, the
Company’s subsequent income, gains, losses, deductions and expenses shall be allocated among the Tax Members so as to reflect
as nearly as possible the allocations set forth herein in computing their Capital Accounts.

 

(ii) In accordance
with Code Section 704(c) and the Treasury Regulations thereunder, income, gain, loss, deduction and expense with respect to
any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Tax Members so as
to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and
its fair market value at the time of contribution using any reasonable method (including the “Traditional Method”)
provided for in the Treasury Regulations as selected by the Directors in their sole and discretion.

 

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(iii) If the Book
Value of any Company asset is adjusted pursuant to Section 8.5, subsequent allocations of items of taxable income, gain, loss,
deduction and expense with respect to such asset shall take account of any variation between the adjusted basis of such asset for
federal income tax purposes and its Book Value in the same manner as under Code Section 704(c). Any elections or other decisions
relating to such allocations shall be made by the Board of Directors in any manner that reasonably reflects the purpose and intent
of this Agreement. Allocations pursuant to this Section 9.6 are solely for purposes of federal, state and local taxes and
shall not affect, or in any way be taken into account in computing, any Tax Member’s Capital Account or share of Profits,
Losses, other items or Distributions pursuant to any provisions of this Agreement.

 

Section 9.7 Preparation
of Tax Returns. The Board of Directors shall arrange for the preparation and timely filing of all returns with respect to Company
income, gains, deductions, losses and other items required of the Company for federal and state income tax purposes and shall use
all reasonable effort to furnish the tax information reasonably required by Tax Members for federal and state income tax reporting
purposes pursuant to Section 13.3.

 

Section 9.8 Tax
Elections. Except as otherwise provided herein, the Board of Directors shall, in its sole and absolute discretion, determine
whether to make any available election pursuant to the Code. The Board of Directors shall have the right to seek to revoke any
such election upon the Board of Directors’ determination in its sole and absolute discretion that such revocation is in the
best interests of the Tax Members.

 

Section 9.9 Tax
Matters.

 

(a) GCM is designated
the “tax matters partner” (the “Tax Matters Partner”) as defined in Section 6231(a)(7) of the
Code with respect to operations conducted by the Company pursuant to this Agreement. The Tax Matters Partner is authorized and
required to represent the Company (at the expense of the Company) in connection with all examinations of the affairs of the Company
by any U.S. federal, state or local tax authorities, including any resulting administrative and judicial proceedings, and to expend
funds of the Company for professional services and costs associated therewith.

 

(b) The Board of
Directors shall use its best efforts to ensure that the Company satisfies the gross income requirements of Section 7704(c)(2)
of the Code for each taxable year of the Company.

 

Section 9.10
Withholding. Each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member
any amount of federal, state, local or foreign taxes that the Board of Directors determines, in its sole and absolute discretion,
that the Company is required to withhold or pay with respect to any amount distributable to such Member pursuant to this Agreement,
including any taxes required to be withheld or paid by the Company pursuant to sections 1441, 1442, 1445, 1471 or 1472 of
the Code.

 

ARTICLE X

RESTRICTION ON TRANSFER AND OWNERSHIP OF UNITS

 

Section 10.1
Withdrawal of a Non-Advisor Member.

 

A Member (other than
the Advisor) may withdraw from the Company only by Assigning or having all of his or her Shares redeemed or repurchased in accordance
with this Section 10. The withdrawal of a Member shall not dissolve or terminate the Company. In the event of the withdrawal
of any such Member because of death, legal incompetence, dissolution or other termination, the estate, legal representative or
successor of such Member shall be deemed to be the Assignee of the Shares of such Member and may become a Substitute Member upon
compliance with the provisions of Section 10.3.

 

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Section 10.2
Assignment.

 

(a) Subject to the
provisions of Sections 10.2(b) and (c) and 10.3 of this Agreement, any Member (other than the Advisor) may Assign all or any
portion of the Shares owned by such Member to any Person (the “Assignee”); provided, that

 

(i) such Member and
such Assignee shall each execute a written Assignment instrument, which shall:

 

(A) set forth the
terms of such Assignment;

 

(B) evidence the
acceptance by the Assignee of all of the terms and provisions of this Agreement;

 

(C) include a representation
by both such Member and such Assignee that such Assignment was made in accordance with all applicable laws and regulations (including
such minimum investment and investor suitability requirements as may then be applicable under state securities laws); and

 

(D) otherwise be
satisfactory in form and substance to the Board of Directors.

 

(b) Notwithstanding
the foregoing, unless the Board of Directors shall specifically consent, which consent shall not be unreasonably withheld, no Shares
may be Assigned:

 

(i) to a minor or
incompetent (unless a guardian, custodian or conservator has been appointed to handle the affairs of such Person);

 

(ii) to any Person
if, in the opinion of counsel, such Assignment would result in the termination of the Company for federal income tax purposes;
provided, however, that the Company may permit such Assignment to become effective if and when, in the opinion
of counsel, such Assignment would no longer result in the termination of the Company for federal income tax purposes;

 

(iii) to any Person
if such Assignment would affect the Company’s existence or qualification as a limited liability company under the Act or
the applicable laws of any other jurisdiction in which the Company is then conducting business;

 

(iv) to any Person
not permitted to be an Assignee under applicable law, including applicable federal and state securities laws;

 

(v) if such Assignment
would result in the transfer of less than 5 Shares (unless such Assignment is of all of the Shares owned by such Member);

 

(vi) if such Assignment
would result in the retention by such Member of less than 5 Shares;

 

(vii) if, in the
reasonable belief of the Board of Directors, such Assignment might violate applicable law;

 

(viii) if, in the
determination of the Board of Directors, such Assignment would not be in the best interest of the Company and its Members; or

 

(ix) if the Assignment
would cause the Shares to be owned by non-United States citizens.

 

Any attempt to make
any Assignment of Shares in violation of this Section 10.2(b) shall be null and void ab initio.

 

(c) Assignments made
in accordance with this Section 10.2 shall be considered consummated on the last day of the month upon which all of the conditions
of this Section 10.2 shall have been satisfied and effective for record purposes and for purposes of Article IX as of the
first day of the month following the date upon which all of the conditions of this Section 10.2 shall have been satisfied.
Distributions to the Assignee shall commence the month following effectiveness of the Assignment. The Company will not charge the
Assigning Member for Assignments except for necessary and reasonable costs actually incurred by the Company.

 

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Section 10.3
Substitution.

 

(a) An Assignee shall
be admitted to the Company as a Substitute Member only if:

 

(i) the Board of
Directors has reasonably determined that all conditions specified in Section 10.2 have been satisfied and that no adverse
effect to the Company does or may result from such admission; and

 

(ii) such Assignee
shall have executed a transfer agreement and such other forms as the Board of Directors reasonably may require to determine compliance
with this Section 10, and shall be deemed to have authorized and appointed with full power of substitution as its, his or
her true and lawful agent and attorney-in-fact, with full power and authority in its, his or her name, place and stead, the Advisor
and the Company, and each of their authorized officers and attorneys-in-fact, as the case may be, to take such actions as set forth
in Section 3.3.

 

(b) An Assignee who
does not become a Substitute Member in accordance with this Section 10.3 and who desires to make a further Assignment of his
or her Shares shall be subject to all the provisions of Sections 10.2, 10.3 and 10.4 to the same extent and in the same manner
as a Member desiring to make an Assignment of Shares. Failure or refusal of the Board of Directors to admit an Assignee as a Substitute
Member shall in no way affect the right of such Assignee to receive distributions of cash and the share of the Profits or Losses
for tax purposes to which his or her predecessor in interest would have been entitled in accordance with Section 8.

 

Section 10.4
Status of an Assigning Member. Any Member that shall Assign all of his or her Shares to an Assignee who becomes a Substitute
Member shall cease to be a Member and shall no longer have any of the rights or privileges of a Member.

 

Section 10.5
Further Restrictions on Transfers. Notwithstanding any provision to the contrary contained herein, the following restrictions
shall also apply to any and all proposed sales, assignments and transfer of Membership Interests or Economic Interests, and any
proposed sale, assignment or transfer in violation of same shall be void ab initio.

 

(a) No Member shall
make any transfer or assignment of all or any part of his Membership Interest or Economic Interest if said transfer or assignment,
when considered with all other transfers during the same applicable 12 month period, would, in the opinion of the Board of
Directors, result in the termination of the Company’s status as a partnership for federal or state income tax purposes.

 

(b) No Member shall
make any transfer or assignment of all or any of his Membership Interest or Economic Interest unless the transferee that would
have been qualified to purchase Shares in the Offering and no transferee may acquire or hold fewer than 200 Shares.

 

(c) Each Member that
is a legal entity (other than a Benefit Plan Investor) acknowledges that its management shall have a fiduciary responsibility for
the safekeeping and use of all funds and assets of any assignee to all or a portion of its interest as a Member, and that the management
of each Member that is a legal entity (other than a Benefit Plan Investor) shall not employ, or permit another to employ such funds
or assets that are attributable to any assignee of all or a portion of such Member’s interest as a Member in any manner except
for the exclusive benefit of the assignee. Each Member, other than a Benefit Plan Investor, agrees that it will not contract away
the foregoing fiduciary duty.

 

(d) The provisions
of this Article X are in all respects subject to the additional restrictions on the transfer and ownership of Shares provided in
Article XI of this Agreement.

 

Section 10.6
Elimination or Modification of Restrictions. Notwithstanding any of the foregoing provisions of this Article X, the
Directors shall amend this Agreement to eliminate or modify any restriction on substitution or assignment at such time as the restriction
is no longer necessary or advisable.

 

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Section 10.7
Records. The Membership List shall be updated to reflect Assignees’ admission as Members no less than once each calendar
quarter.

 

ARTICLE XI

ADDITIONAL RESTRICTIONS ON TRANSFER AND OWNERSHIP OF SHARES

 

Section 11.1
Definitions. For the purpose of this Article XI, the following terms shall have the following meanings:

 

“Beneficial
Ownership” means ownership of Shares by a Person, whether the interest in the Shares is held directly or indirectly (including
by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code.
The terms “Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned”
shall have the correlative meanings.

 

“Charitable
Beneficiary” means one or more beneficiaries of the Charitable Trust as determined pursuant to Section 11.3(g),
provided that each such organization must be described in Sections 501(c)(3), 170(b)(1)(A) and 170(c)(2) of the Code.

 

“Charitable
Trust” means any trust provided for in Section 11.2(b)(i) and Section 11.3(a).

 

“Charitable
Trustee” means the Person unaffiliated with both the Company and the relevant Prohibited Owner, that is appointed by
the Company to serve as trustee of the Charitable Trust.

 

“Closely
Held C Corporation” shall have the meaning provided in Section 465(a)(1)(B) of the Code.

 

“Constructive
Ownership” means ownership of Shares by a Person who is or would be treated as an owner of such Shares either actually
or constructively through the application of Section 544. The terms “Constructive Owner,” “Constructively
Own,” “Constructively Owns” and “Constructively Owned” shall have the correlative
meanings.

 

“Initial
Date” means August 7, 2013.

 

“Market Price”
on any date shall mean, with respect to any class or series of outstanding Shares, the Closing Price for such Shares on such date.
The “Closing Price” on any date shall mean the last sale price for such Shares, regular way, or, in case no
such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Shares, in either case
as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trade on
the NYSE or, if such Shares is not listed or admitted to trade on the NYSE, as reported on the principal consolidated transaction
reporting system with respect to securities listed on the principal national securities exchange on which such Shares is listed
or admitted to trade or, if such Shares is not listed or admitted to trade on any national securities exchange, the last quoted
price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the
principal automated quotation system that may then be in use or, if such Shares is not quoted by any such system, the average of
the closing bid and asked prices as furnished by a professional market maker making a market in such Shares selected by the Board
of Directors of the Company or, in the event that no trading price is available for such Shares, the fair market value of the Shares,
as determined in good faith by the Board of Directors of the Company.

 

“NYSE”
means the New York Stock Exchange.

 

“Prohibited
Owner” means, with respect to any purported Transfer, any Person who, but for the provisions of Section 11.2, would
Beneficially Own or Constructively Own Shares in violation of the provisions of Section 11.2(a), and if appropriate in the
context, shall also mean any Person who would have been the record owner of the Shares that the Prohibited Owner would have so
owned.

 

“Restriction
Termination Date” means the first day after the Initial Date on which the Board of Directors determines that it is in
the best interests of the Company for GREC to be classified as a Closely Held C Corporation or that compliance with the restrictions
and limitations on Beneficial Ownership, Constructive Ownership and Transfers of Shares set forth herein is no longer required
in order for GREC not to be classified as a Closely Held C Corporation.

 

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“Share Ownership
Limit” means not more than 9.8% (in value or in number of Shares, whichever is more restrictive) of the aggregate of
the outstanding Shares of the Company. The number and value of outstanding Shares of the Company shall be determined by the Board
of Directors in good faith, which determination shall be conclusive for all purposes hereof.

 

“Transfer”
means any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person
to acquire or have Beneficial Ownership or Constructive Ownership, or any agreement to take any such actions or cause any such
events, of Shares or the right to vote or receive dividends or distributions on Shares, including (a) a change in the capital
structure of the Company, (b) a change in the relationship between two or more Persons which causes a change in ownership
of Shares by application of Section 544 of the Code, (c) the granting or exercise of any option or warrant (or any acquisition
or disposition of any option or warrant), pledge, security interest, or similar right to acquire Shares, (d) any acquisition
or disposition of any securities or rights convertible into or exchangeable for Shares or any interest in Shares or any exercise
of any such conversion or exchange right and (e) Transfers of interests in other entities that result in changes in Beneficial
Ownership or Constructive Ownership of Shares; in each case, whether voluntary or involuntary, whether owned of record, Constructively
Owned or Beneficially Owned and whether by operation of law or otherwise. The terms “Transferring” and “Transferred”
shall have the correlative meanings.

 

Section 11.2
Shares.

 

(a) Ownership
Limitations. During the period commencing on the Initial Date and prior to the Restriction Termination Date, except as provided
in Section 11.2(g):

 

(i) Basic Restrictions.

 

(A) No Person shall
Beneficially Own or Constructively Own Shares in excess of the Share Ownership Limit; and

 

(B) No Person shall
Beneficially Own or Constructively Own Shares to the extent that such Beneficial Ownership or Constructive Ownership of Shares
would result in the GREC being classified as a Closely Held C Corporation.

 

(C) No Person shall
Transfer any Shares if, as a result of the Transfer, more than 49.9% of the outstanding Shares would be owned in aggregate by five
or fewer individuals. Subject to Section 11.4 and notwithstanding any other provisions contained herein, any Transfer of Shares
(whether or not such Transfer is the result of a transaction entered into through the facilities of the NYSE or any other national
securities exchange or automated interdealer quotation system) that, if effective, would result in more than 49.9% of the Shares
being beneficially owned in aggregate by five or fewer individuals shall be void ab initio, and the intended transferee
shall acquire no rights in such Shares.

 

(ii) Transfer
in Trust. If any Transfer of Shares (whether or not such Transfer is the result of a transaction entered into through the facilities
of the NYSE or any other national securities exchange or automated interdealer quotation system) occurs which, if effective, would
result in any Person Beneficially Owning or Constructively Owning Shares in violation of Section 11.2(a)(i) or (ii),

 

(A) then that number
of Shares the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 11.2(a)(i)
or (ii) (rounded up to the nearest whole Share) shall be automatically transferred to a Charitable Trust for the benefit of
a Charitable Beneficiary, as described in Section 11.3, effective as of the close of business on the Business Day prior to
the date of such Transfer, and such Person shall acquire no rights in such Shares; or

 

(B) if the transfer
to the Charitable Trust described in clause (i) of this sentence would not be effective for any reason to prevent the violation
of Section 11.2(a)(i) or (ii), or would not prevent GREC from being classified as a Closely Held C Corporation, then the Transfer
of that number of Shares that otherwise would cause any Person to violate Section 11.2(a)(i) or (ii) shall be void ab
initio, and the intended transferee shall acquire no rights in such Shares.

 

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(b) Remedies for
Breach. If the Board of Directors of the Company or any duly authorized committee thereof shall at any time determine in good
faith that a Transfer or other event has taken place that results in a violation of Section 11.2 or that a Person intends
to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of Section 11.2
(whether or not such violation is intended), the Board of Directors or a committee thereof shall take such action as it deems advisable
to refuse to give effect to or to prevent such Transfer or other event, including causing the Company to redeem Shares, refusing
to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer or other event;
provided, however, that any Transfer or attempted Transfer or other event in violation of Section 11.2 shall automatically
result in the transfer to the Charitable Trust described above, or, where applicable, such Transfer (or other event) shall be void
ab initio as provided above, irrespective of any action (or non-action) by the Board of Directors or a committee thereof.

 

(c) Notice of
Restricted Transfer. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership
of Shares that will or may violate Section 11.2(a), or any Person who would have owned Shares that resulted in a transfer
to the Charitable Trust pursuant to the provisions of Section 11.2(b), shall immediately give written notice to the Company
of such event or, in the case of such a proposed or attempted transaction, shall give at least 15 days prior written notice, and
shall provide to the Company such other information as the Company may request in order to determine whether there is a risk that
such acquisition or ownership would cause GREC to be classified as a Closely Held C Corporation.

 

(d) Owners Required
To Provide Information. From the Initial Date and prior to the Restriction Termination Date:

 

(i) every owner of
more than 5% (or such lower percentage as required by the Code or the Treasury Regulations promulgated thereunder) of the outstanding
Shares, within 30 days after the end of each taxable year, shall give written notice to the Company stating the name and address
of such owner, the number of Shares of each class or series Beneficially Owned and a description of the manner in which such Shares
are held; provided, that a Member of record who holds outstanding Shares as nominee for another Person, which other Person is required
to include in gross income the dividends or distributions received on such Shares (an “Actual Owner”), shall
give written notice to the Company stating the name and address of such Actual Owner and the number of Shares of such Actual Owner
with respect to which the Member of record is nominee. Each such owner shall provide to the Company such additional information
as the Company may request in order to determine the effect, if any, of such Beneficial Ownership of the Company and whether there
is a risk that GREC will be classified as a Closely Held C Corporation and to ensure compliance with the Share Ownership Limit;
and

 

(ii) each Person
who is a Beneficial Owner or Constructive Owner of Shares and each Person (including the Member of record) who is holding Shares
for a Beneficial Owner or Constructive Owner shall provide to the Company such information as the Company may request, in good
faith, in order to determine whether there is a risk that GREC will be classified as a Closely Held C Corporation, to comply with
requirements of any taxing authority or governmental authority or to determine such compliance and to ensure compliance with the
Share Ownership Limit.

 

(e) Remedies Not
Limited. Subject to applicable provisions in the Agreement, nothing contained in this Section 11.2 shall limit the authority
of the Board of Directors to take such other action as it deems necessary or advisable to protect the Company and the interests
of its Members in avoiding GREC being classified as a Closely Held C Corporation .

 

(f) Ambiguity.
In the case of an ambiguity in the application of any of the provisions of this Section 11.2, Section 11.3 or any definition
contained in Section 11.1, the Board of Directors shall have the power to determine the application of the provisions of this
Section 11.2 or Section 11.3 with respect to any situation based on the facts known to it. If Section 11.2 or 11.3
requires an action by the Board of Directors and this Agreement fails to provide specific guidance with respect to such action,
the Board of Directors shall have the power to determine the action to be taken so long as such action is not contrary to the provisions
of Sections 11.1, 11.2 or 11.3.

 

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(g) Exemptions.

 

(i) The Board of
Directors, in its sole discretion, may exempt, prospectively or retroactively, a Person from the Share Ownership Limit if: (i) such
Person submits to the Board of Directors information satisfactory to the Board of Directors, in its reasonable discretion, demonstrating
that such Person is not an individual for purposes of Section 542(a)(2) of the Code; (ii) such Person submits to the
Board of Directors information satisfactory to the Board, in its reasonable discretion, demonstrating that no Person who is an
individual for purposes of Section 542(a)(2) of the Code would be considered to Beneficially Own Shares in excess of the Share
Ownership Limit by reason of such Person’s ownership of Shares in excess of the Share Ownership Limit pursuant to the exemption
granted under this subparagraph (a);(iii) such Person submits to the Board of Directors information satisfactory to the Board of
Directors, in its reasonable discretion, demonstrating that clauses (2), (3) and(4) of subparagraph (a)(ii) of Section 11.2
will not be violated by reason of such Person’s ownership of Shares in excess of the Share Ownership Limit pursuant to the
exemption granted under this subparagraph 11.2(g); and (iv) such Person provides to the Board of Directors such representations
and undertakings, if any, as the Board of Directors may, in its reasonable discretion, require to ensure that the conditions in
clauses (i), (ii) and (iii) hereof are satisfied and will continue to be satisfied throughout the period during which
such Person owns Shares in excess of the Share Ownership Limit pursuant to any exemption thereto granted under this subparagraph(a),
and such Person agrees that any violation of such representations and undertakings or any attempted violation thereof may result
in the application of the remedies set forth in Section 11.2 (including Section 11.2(e)) with respect to Shares held
in excess of the Share Ownership Limit with respect to such Person (determined without regard to the exemption granted such Person
under this subparagraph (a)).

 

(ii) Prior to granting
any exemption pursuant to subparagraph (a),the Board of Directors, in its sole and absolute discretion, may require a ruling from
the Internal Revenue Service or an opinion of counsel, in either case in form and substance satisfactory to the Board of Directors,
in its sole and absolute discretion as it may deem necessary or advisable in order to determine or ensure that GREC will not be
classified as a Closely Held C Corporation; provided, however, that the Board of Directors shall not be obligated to require
obtaining a favorable ruling or opinion in order to grant an exception hereunder.

 

(iii) Subject to
Section 11.2(a)(ii), an underwriter that participates in a public offering or a private placement of Shares (or securities
convertible into or exchangeable for Shares) may Beneficially Own or Constructively Own Shares in excess of the Share Ownership
Limit, but only to the extent necessary to facilitate such public offering or private placement.

 

(h) Increase in
the Shares Ownership Limit. Subject to the limitations provided in Section 11.2(a)(ii) and this Section 11.2(h),
the Board of Directors may from time to time increase the Share Ownership Limit; provided, however, that:

 

(i) the Share Ownership
Limit may not be increased if, after giving effect to such change, five or fewer Persons who are considered individuals pursuant
to Section 542 of the Code could Beneficially Own, in the aggregate, more than 49.9% of the value of the outstanding Shares;
and

 

(ii) prior to the
modification of the Shares Ownership Limit pursuant to this Section 11.2, the Board of Directors, in its sole and absolute
discretion, may require such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable
in order to determine or ensure that GREC will not be classified as a Closely Held C Corporation if the modification of the Share
Ownership Limit were to be made.

 

(i) Legend.
Each certificate, if any, for Shares shall bear substantially the following legend:

 

The Shares represented
by this certificate are subject to restrictions on Beneficial Ownership, Constructive Ownership and Transfer. Subject to certain
further restrictions and except as expressly provided in this Agreement, (i) no Person may Beneficially Own or Constructively
Own the Company’s Shares in excess of 9.8 percent (in value or number of Shares, whichever is more restrictive) of the outstanding
Shares of the Company; and (ii) if, as a result of the Transfer, more than 49.9% of the outstanding Shares would be owned in aggregate
by five or fewer individuals.

 

    38

     

    

 

Any Person who Beneficially
Owns or Constructively Owns, Transfers or attempts to Beneficially Own or Constructively Own Shares which causes or will cause
a Person to Beneficially Own or Constructively Own Shares in excess or in violation of the above limitations set forth must immediately
notify the Company. If certain of the restrictions on transfer or ownership are violated, the Shares represented hereby will be
automatically transferred to a Charitable Trustee of a Charitable Trust for the benefit of one or more Charitable Beneficiaries.
In addition, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be
void ab initio. A Person who attempts to Beneficially Own or Constructively Own Shares in violation of the ownership limitations
described above shall have no claim, cause of action, or any recourse whatsoever against a transferor of such Shares. All capitalized
terms in this legend have the meanings defined in the Agreement, as the same may be amended from time to time, a copy of which,
including the restrictions on transfer and ownership, will be furnished to each holder of Shares of the Company on request and
without charge. Instead of the foregoing legend, the certificate may state that the Company will furnish a full statement about
certain restrictions on transferability to a Member on request and without charge.

 

Section 11.3
Transfer of Shares in Trust.

 

(a) Ownership
in Trust. Upon any purported Transfer or other event described in Section 11.2(b) that would result in a transfer of Shares
to a Charitable Trust, such Shares shall be deemed to have been transferred to the Charitable Trustee as trustee of a Charitable
Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Charitable Trustee shall be deemed
to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in
the transfer to the Charitable Trust pursuant to Section 11.2(b). The Charitable Trustee shall be appointed by the Company
and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by
the Company as provided in Section 11.3(g).

 

(b) Status of
Shares Held by the Charitable Trustee. Shares held by the Charitable Trustee shall be issued and outstanding Shares of the
Company. The Prohibited Owner shall have no rights in the Shares held by the Charitable Trustee. The Prohibited Owner shall not
benefit economically from ownership of any Shares held in trust by the Charitable Trustee, shall have no rights to dividends or
other distributions and shall not possess any rights to vote or other rights attributable to the Shares held in the Charitable
Trust. The Prohibited Owner shall have no claim, cause of action, or any other recourse whatsoever against the purported transferor
of such Shares.

 

(c) Dividend and
Voting Rights. The Charitable Trustee shall have all voting rights and rights to dividends or other distributions with respect
to Shares held in the Charitable Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary.
Any dividend or other distribution paid prior to the discovery by the Company that Shares have been transferred to the Charitable
Trustee shall be paid with respect to such Shares to the Charitable Trustee upon demand and any dividend or other distribution
authorized but unpaid shall be paid when due to the Charitable Trustee. Any dividends or distributions so paid over to the Charitable
Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to
Shares held in the Charitable Trust and, subject to Delaware law, effective as of the date that Shares have been transferred to
the Charitable Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee’s sole discretion) (i) to
rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Company that Shares have been transferred to
the Charitable Trustee and (ii) to recast such vote in accordance with the desires of the Charitable Trustee acting for the
benefit of the Charitable Beneficiary; provided, however, that if the Company has already taken irreversible action,
then the Charitable Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this
Article XI, until the Company has received notification that Shares have been transferred into a Charitable Trust, the Company
shall be entitled to rely on its share transfer and other stockholder records for purposes of preparing lists of stockholders entitled
to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of stockholders.

 

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(d) Rights Upon
Liquidation. Upon any voluntary or involuntary liquidation, dissolution or winding up of or any distribution of the assets
of the Company, the Charitable Trustee shall be entitled to receive, ratably with each other holder of Shares of the class or series
of Shares that is held in the Charitable Trust, that portion of the assets of the Company available for distribution to the holders
of such class or series (determined based upon the ratio that the number of Shares of such class or series of Shares held by the
Charitable Trustee bears to the total number of Shares of such class or series of Shares then outstanding). The Charitable Trustee
shall distribute any such assets received in respect of the Shares held in the Charitable Trust in any liquidation, dissolution
or winding up of, or distribution of the assets of the Company, in accordance with Section 11.3(e).

 

(e) Sale of Shares
by Charitable Trustee. Within 20 days of receiving notice from the Company that Shares have been transferred to the Charitable
Trust, the Charitable Trustee shall sell the Shares held in the Charitable Trust to a person, designated by the Charitable Trustee,
whose ownership of the Shares will not violate the ownership limitations set forth in Section 11.2(a). In connection with
any such sale, the Charitable Trustee shall use good faith efforts to sell such Shares at a fair market price. Upon such sale,
the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net
proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 11.3(e). The Prohibited
Owner shall receive the lesser of (1) the price paid by the Prohibited Owner for the Shares or, if the Prohibited Owner did
not give value for the Shares in connection with the event causing the Shares to be held in the Charitable Trust (e.g., in the
case of a gift, devise or other such transaction), the Market Price of the Shares on the day of the event causing the Shares to
be held in the Charitable Trust and (2) the price per Share received by the Charitable Trustee (net of any commissions and
other expenses of sale) from the sale or other disposition of the Shares held in the Charitable Trust. The Charitable Trustee may
reduce the amount payable to the Prohibited Owner by the amount of dividends and distributions which have been paid to the Prohibited
Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 11.3(c) of this Article XI. Any net
sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable Beneficiary.
If, prior to the discovery by the Company that Shares have been transferred to the Charitable Trustee, such Shares are sold by
a Prohibited Owner, then (i) such Shares shall be deemed to have been sold on behalf of the Charitable Trust and (ii) to
the extent that the Prohibited Owner received an amount for such Shares that exceeds the amount that such Prohibited Owner was
entitled to receive pursuant to this Section 11.3(e), such excess shall be paid to the Charitable Trustee upon demand.

 

(f) Purchase Right
in Shares Transferred to the Charitable Trustee. Shares transferred to the Charitable Trustee shall be deemed to have been
offered for sale to the Company, or its designee, at a price per Share equal to the lesser of (i) the price per Share in the
transaction that resulted in such transfer to the Charitable Trust (or, in the case of a devise or gift, the Market Price at the
time of such devise or gift) and (ii) the Market Price on the date the Company, or its designee, accepts such offer. The Company
may reduce the amount payable to the Prohibited Owner by the amount of dividends and distributions which have been paid to the
Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 11.3(c) of this Article
XI. The Company may pay the amount of such reduction to the Charitable Trustee for the benefit of the Charitable Beneficiary. The
Company shall have the right to accept such offer until the Charitable Trustee has sold the Shares held in the Charitable Trust
pursuant to Section 11.3(e). Upon such a sale to the Company, the interest of the Charitable Beneficiary in the Shares sold
shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner.

 

(g) Designation
of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Company shall designate one or more nonprofit
organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (i) the Shares held in the
Charitable Trust would not violate the restrictions set forth in Section 11.2(a) in the hands of such Charitable Beneficiary
and (ii) each such organization must be described in Sections 501(c)(3), 170(b)(1)(A) and 170(c)(2) of the Code and must not
be a foreign person as defined in Treasury Regulation Section 1.897-9T(c).

 

Section 11.4
NYSE Transactions. Nothing in this Article XI shall preclude the settlement of any transaction entered into through the
facilities of the NYSE or any other national securities exchange or automated inter-dealer quotation system. The fact that the
settlement of any transaction takes place shall not negate the effect of any other provision of this Article XI and any transferee
in such a transaction shall be subject to all of the provisions and limitations set forth in this Article XI.

 

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Section 11.5
Enforcement. The Company is authorized specifically to seek equitable relief, including injunctive relief, to enforce the
provisions of this Article XI.

 

Section 11.6
Non-Waiver. No delay or failure on the part of the Company or the Board of Directors in exercising any right hereunder shall
operate as a waiver of any right of the Company or the Board of Directors, as the case may be, except to the extent specifically
waived in writing.

 

ARTICLE XII

MEMBERS, MEETINGS AND VOTING RIGHTS
OF THE MEMBERS

 

Section 12.1
Annual Meetings of Members. Beginning in calendar year 2014, an annual meeting of the Members for the election of Directors
and the transaction of any business within the powers of the Company shall be held on a date and at the time set by the Board of
Directors during the month of May in each year.

 

Section 12.2
Special Meetings of Members.

 

(a) General.
The Chairman of the Board of Directors, the President, the Chief Executive Officer or the Board of Directors may call a special
meeting of the Members.

 

(b) Member Requested
Special Meetings. (1) Any Record Holder seeking to have Members request a special meeting of Members shall, by sending
written notice to the Secretary of the Company (the “Record Date Request Notice”) by registered mail, return
receipt requested, request the Board of Directors fix a record date to determine the Members entitled to request a special meeting
of Members (the “Request Record Date”). The Record Date Request Notice shall set forth the purpose of the meeting
and the matters proposed to be presented to Members for their consideration, shall be signed by one or more Record Holders as of
the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the
date of signature of each such Member (or such agent) and shall set forth all information relating to each such Member that must
be disclosed in solicitations of proxies for election of Directors in an election contest (even if an election contest is not involved),
or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act. Upon receiving
the Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede
and shall not be more than 10 days after the close of business on the date on which the resolution fixing the Request Record Date
is adopted by the Board of Directors. If the Board of Directors, within 10 days after the date on which a valid Record Date Request
Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business
on the 10th day after the first date on which the Record Date Request Notice is
received by the Secretary.

 

(2) A special meeting
of Members to act on any matter that may be properly considered at a meeting of Members shall be called by the Secretary of the
Company upon the written request delivered to the Secretary of the Company of Record Holders (or their agents duly authorized in
a writing accompanying the request) as of the Request Record Date entitled to cast not less than 10% (the “Special Meeting
Percentage”) of all of the votes entitled to be cast at such meeting (the “Special Meeting Request”)
at the time and place convenient for such Members. In addition, in order for the Secretary of the Company to be required to call
a special meeting of Members, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed
to be presented to the Members for their consideration (which shall be limited to those matters specified in Section 12.22(a)),
(b) bear the date of signature of each such Member (or such agent) signing the Special Meeting Request, (c) set forth
the name and address, as they appear in the Company’s books, of each Member signing such request (or on whose behalf the
Special Meeting Request is signed), the class, series and number of all Shares of the Company which are owned by each such Member,
and the nominee holder for, and number of, Shares owned by such Member beneficially but not of record, (d) be sent to the
Secretary by registered mail, return receipt requested, and (e) be received by the Secretary within 60 days after the Request
Record Date. Any requesting Member (or agent duly authorized in a writing accompanying the revocation or Special Meeting Request)
may revoke his, her or its request for a special meeting of Members at any time by written revocation delivered to the Secretary.

 

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(3) The Secretary
shall inform the requesting Member of the reasonably estimated cost of preparing and mailing the notice of meeting (including the
Company’s proxy materials). The Secretary shall not be required to call a special meeting of Members upon Member request
and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 12.2(b),
the Secretary on behalf of the Company receives payment of such reasonably estimated cost prior to the preparation and mailing
of any notice of the meeting.

 

(4) Members representing
ten percent (10%) of the outstanding Shares may call a meeting of the Company for any matters for which Members may vote as set
forth in this Agreement. If Members representing the requisite Shares present to the Board of Directors a written request stating
the purpose of the meeting, the Board of Directors shall fix a date for such meeting and shall, within ten (10) days after receipt
of such request, provide written notice in accordance with Section 12.4 below to all of the Members of the date of such meeting
and the purpose for which it has been called. With respect to a meeting duly requested by Members, such meeting shall be held at
a date not less than fifteen (15) and not more than sixty (60) days after the Company’s receipt of the Members’ written
request for the meeting, and, unless otherwise specified in the notice for such meeting, the meeting shall be held at 2:00 p.m.
on such date at the principal place of business of the Company. At any meeting of the Company, Members may vote in person or by
proxy. A Majority of the Members, present in person or by proxy, shall constitute a quorum at any Company meeting. Any question
relating to the Company which may be considered and acted upon by the Members hereunder may be considered and acted upon by vote
at a Company meeting, and any consent required to be in writing shall be deemed given by a vote by written ballot. Except as expressly
provided above, additional meeting and voting procedures shall be in conformity with Section 18-302 of the Act. In fixing a date
for any special meeting of Members, the Chairman of the Board of Directors, President, Chief Executive Officer or Board of Directors
may consider such factors as he, she or it deems relevant within the good faith exercise of business judgment, including the nature
of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board
of Directors to call an annual meeting of Members or a special meeting of Members. The Board of Directors may revoke the notice
for any special meeting of Members called by the Secretary upon the request of Members in the event that the requesting Members
fail to comply with the provisions of this Section 12.2(b).

 

(5) If written revocations
of requests for the special meeting of Members have been delivered to the Secretary and the result is that Members of record (or
their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage
have delivered, and not revoked, requests for a special meeting of Members to the Secretary, the Secretary shall: (i) if the
notice of meeting has not already been mailed, refrain from mailing the notice of the meeting, or (ii) if the notice of meeting
has been mailed revoke the notice of the meeting revoke the notice of the meeting at any time before 10 days before the commencement
of the meeting. Any request for a special meeting of Members received after a revocation by the Secretary of a notice of a meeting
shall be considered a request for a new special meeting of Members.

 

(6) The Chairman
of the Board of Directors, the Chief Executive Officer, President or Board of Directors may appoint regionally or nationally recognized
independent inspectors of elections to act as the agent of the Company for the purpose of performing a ministerial review of the
validity of any purported Special Meeting Request received by the Secretary.

 

Section 12.3
Place of Meeting. Subject to Section 12.2, all meetings of Members shall be held at the place designated by the Board
of Directors and stated in the notice of the meeting.

 

Section 12.4
Notice of Meeting. Not less than 15 nor more than 60 days before each meeting of Members, the Secretary shall give to each
Member entitled to vote at such meeting written notice stating the time, place and purpose of the meeting. If mailed, such notice
shall be deemed to be given when deposited in the United States mail addressed to the Member at the Member’s address as it
appears on the records of the Company, with postage thereon prepaid.

 

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Subject to Section 12.10,
any business of the Company may be transacted at an annual meeting of Members without being specifically designated in the notice,
except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting
of Members except as specifically designated in the notice.

 

Section 12.5
Record Date. The Board of Directors may set, in advance, a record date for the purpose of determining Members entitled to
notice of or to vote at any meeting of Members or determining Members entitled to receive payment of any distribution or the allotment
of any other rights, or in order to make a determination of Members for any other proper purpose. Such date, in any case, shall
not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of
a meeting of Members, not less than 10 days, before the date on which the meeting or particular action requiring such determination
of Record Holders is to be held or taken.

 

Section 12.6
Organization and Conduct. Every meeting of Members shall be conducted by an individual appointed by the Board of Directors
to be chairman of the meeting or, in the absence of such appointment, by the Chairman of the Board of Directors or, in the case
of a vacancy in the office or absence of the Chairman of the Board of Directors, by the person designated by the Board of Directors.
The order of business and all other matters of procedure at any meeting of Members shall be determined by the chairman of the meeting.
The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of
such chairman, are appropriate for the proper conduct of the meeting, including, (a) restricting admission to the time set
for the commencement of the meeting; (b) limiting attendance at the meeting to Members that are Record Holders, their duly
authorized proxies or other such individuals as the chairman of the meeting may determine; (c) limiting participation at the
meeting on any matter to Members that are Record Holders entitled to vote on such matter, their duly authorized proxies and other
such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments by
participants; (e) determining when the polls should be opened and closed, (f) maintaining order and security at the meeting;
(g) removing any Members or any other individual who refuses to comply with meeting procedures, rules or guidelines as set
forth by the chairman of the meeting; and (h) concluding the meeting or recessing or adjourning the meeting to a later date
and time and place announced at the meeting.

 

Section 12.7
Quorum. At any meeting of Members, the presence in person or by proxy of Members entitled to cast a majority of all the
votes entitled to be cast at such meeting on any matter shall constitute a quorum; but this section shall not affect any requirement
under applicable law for the vote necessary for the adoption of any measure. If, however, such quorum shall not be present at any
meeting of the Members, the chairman of the meeting shall have the power (but shall not be required) to adjourn the meeting from
time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting.
At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at
the meeting as originally notified.

 

The Members present
either in person or by proxy, at a meeting which has been duly called and convened, may continue to transact business until adjournment,
notwithstanding the withdrawal of enough Members to leave less than a quorum.

 

Section 12.8
Proxies. At all meetings of Members, a Member may vote by proxy as may be permitted by law; provided, that
no proxy shall be voted after eleven months from its date. Any proxy to be used at a meeting of Members must be filed with the
Secretary of the Company or his or her representative at or before the time of the meeting. A Member may revoke any proxy which
is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or
a new proxy bearing a later date. The Board of Directors may adopt procedures with respect to the use of proxies at any meeting
of Members.

 

Section 12.9
Voting of Shares by Certain Holders. Shares registered in the name of a corporation, partnership, trust or other entity,
if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may
be, or a proxy appointed by any of the foregoing individuals, unless some other Person who has been appointed to vote such Shares
pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a
partnership presents a certified copy of such bylaw, resolution or agreement, in which case such Person may vote such Shares. Any
Director or other fiduciary may vote Shares registered in his or her name as such fiduciary, either in person or by proxy.

 

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Shares of the Company
directly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding
Shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted
and shall be counted in determining the total number of outstanding Shares at any given time.

 

The Board of Directors
may adopt a procedure by which a Member may certify in writing to the Company that any Shares registered in the name of the Member
are held for the account of a specified Person other than the Member.

 

Section 12.10
Notice of Member Business and Nominations.

 

(a) Annual Meetings
of Members. (1) Nominations of individuals for election to the Board of Directors and the proposal of other business to
be considered by the Members may be made at an annual meeting of Members (i) pursuant to the Company’s notice of meeting,
(ii) by or at the direction of the Board of Directors or (iii) by any Member who was a Member of record both at the time
of giving of notice by the Member as provided for in this Section 12.10(a) and at the time of the annual meeting, who is entitled
to vote at the meeting and who has complied with this Section 12.10(a).

 

(2) For nominations
or other business to be properly brought before an annual meeting of Members by a Member pursuant to clause (iii) of paragraph
(a)(1) of this Section 12.10, the Member must have given timely notice thereof in writing to the Secretary and such other
business must otherwise be a proper matter for action by the Members. To be timely, a Member’s notice shall set forth all
information required under this Section 12.10 and shall be delivered to the Secretary at the principal executive office of
the Company not earlier than the 150th day nor later than 5:00 p.m., Eastern Time
on the 120th day prior to the first anniversary of the date of mailing of the notice
for the preceding year’s annual meeting; provided, however, that in the event that the date of the annual
meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year’s annual
meeting, notice by the Member to be timely must be so delivered not earlier than the 150th
day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time on the later of the 120th
day prior to the date of such annual meeting or the 10th day following the day
on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment
of an annual meeting shall not commence a new time period for the giving of a Member’s notice as described above. Such Member’s
notice shall set forth (i) as to each individual whom the Member proposes to nominate for election or reelection as a Director,
(A) the name, age, business address and residence address of such individual, (B) the class, series and number of any
Shares that are beneficially owned by such individual, (C) the date such Shares were acquired and the investment intent of
such acquisition and (D) all other information relating to such individual that is required to be disclosed in solicitations
of proxies for election of Directors in an election contest (even if an election contest is not involved), or is otherwise required,
in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder (including
such individual’s written consent to being named in the proxy statement as a nominee and to serving as a Director if elected);
(ii) as to any other business that the Member proposes to bring before the meeting, a description of such business, the reasons
for proposing such business at the meeting and any material interest in such business of such Member and any Member Associated
Person (as defined below), individually or in the aggregate, including any anticipated benefit to the Member and the Member Associated
Person therefrom; (iii) as to the Member giving the notice and any Member Associated Person, the class, series and number
of all Shares which are owned by such Member and by such Member Associated Person, if any, and the nominee holder for, and number
of, Shares owned beneficially but not of record by such Member and by any such Member Associated Person; (iv) as to the Member
giving the notice and any Member Associated Person covered by clauses (ii) or (iii) of this paragraph (2) of this
Section 12.10(a), the name and address of such Member, as they appear on the Membership List and current name and address,
if different, and of such Member Associated Person; and (v) to the extent known by the Member giving the notice, the name
and address of any other Member supporting the nominee for election or reelection as a Director or the proposal of other business
on the date of such Member’s notice.

 

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(3) For purposes
of this Section 12.10, “Member Associated Person” of any Member shall mean (i) any person controlling,
directly or indirectly, or acting in concert with, such Member, (ii) any Owner of Shares owned of record or beneficially by
such Member and (iii) any person controlling, controlled by or under common control with such Member Associated Person.

 

(b) Special Meetings
of Members. Only such business shall be conducted at a special meeting of Members as shall have been brought before the meeting
pursuant to the Company’s notice of meeting. Nominations of individuals for election to the Board of Directors may be made
at a special meeting of Members at which Directors are to be elected (i) pursuant to the Company’s notice of meeting,
(ii) by or at the direction of the Board of Directors or (iii) provided that the Board of Directors has determined
that Directors shall be elected at such special meeting, by any Member who is a Record Holder Member both at the time of giving
of notice provided for in this Section 12.10 and at the time of the special meeting, who is entitled to vote at the meeting
and who complied with the notice procedures set forth in this Section 12.10. In the event the Company calls a special meeting
of Members for the purpose of electing one or more individuals to the Board of Directors, any such Member may nominate an individual
or individuals (as the case may be) for election as a Director as specified in the Company’s notice of meeting, if the Member’s
notice required by paragraph (2) of Section 12.10(a) shall be delivered to the Secretary at the principal executive office
of the Company not earlier than the 150th day prior to such special meeting and
not later than 5:00 p.m., Eastern Time on the later of the 120th day prior to such
special meeting or the 10th day following the day on which public announcement
is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting.
The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving
of a Member notice as described above.

 

(c) General.
(1) Upon written request by the Secretary or the Board of Directors or any committee thereof, any Member proposing a nominee
for election as a Director or any proposal for other business that may be properly considered at a meeting of Members shall provide,
within five Business Days of delivery of such request (or such other period as may be specified in such request), written verification,
satisfactory, in the discretion of the Board of Directors or any committee thereof or any authorized officer of the Company, to
demonstrate the accuracy of any information submitted by the Member pursuant to this Section 12.10. If a Member fails to provide
such written verification within such period, the information as to which written verification was requested may be deemed not
to have been provided in accordance with this Section 12.10.

 

(2) Only such individuals
who are nominated in accordance with this Section 12.10 shall be eligible for election by Members as Directors, and only such
business shall be conducted at a meeting of Members as shall have been brought before the meeting in accordance with this Section 12.10.
The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought
before the meeting was made or proposed, as the case may be, in accordance with this Section 12.10.

 

(3) For purposes
of this Section 12.10, (a) the “date of mailing of the notice” shall mean the date of the proxy statement
for the solicitation of proxies for election of Directors and (b) “public announcement” shall mean disclosure
(i) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or comparable
news service or (ii) in a document publicly filed or furnished by the Company with the Commission pursuant to the Exchange
Act.

 

(4) Notwithstanding
the foregoing provisions of this Section 12.10, a Member shall also comply with all applicable requirements of state law and
of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 12.10.
Nothing in this Section 12.10 shall be deemed to affect any right of a Member to request inclusion of a proposal in, nor the
right of the Company to omit a proposal from, the Company’s proxy statement pursuant to Rule 14a-8 (or any successor provision)
under the Exchange Act.

 

Section 12.11
Procedure for Election of Directors; Voting. The election of Directors submitted to Members at any meeting shall be decided
by a plurality of the votes cast by the Members entitled to vote thereon. Except as otherwise provided by applicable law or this
Agreement, all matters other than the election of Directors submitted to the Members at any meeting shall be decided by the affirmative
vote of the holders of a majority of the then Outstanding Shares entitled to vote thereon present in person or represented by proxy
at the meeting of Members. The vote on any matter at a meeting, including the election of Directors, shall be by written ballot.
Each ballot shall be signed by the Member voting, or by such Member’s proxy, and shall state the number of Shares voted.

 

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Section 12.12
Inspectors of Elections. The Board of Directors, in advance of any meeting, may, but need not, appoint one or more individual
inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. If
an inspector or inspectors are not appointed, the individual presiding at the meeting may, but need not, appoint one or more inspectors.

 

Section 12.13
Waiver of Notice. Whenever any notice is required to be given to any Member by the terms of this Agreement or pursuant to
applicable law, a waiver thereof in writing, signed by the Person or Persons entitled to such notice, or a waiver thereof by electronic
transmission by the Person or Persons entitled to notice, whether before or after the time stated therein, shall be deemed equivalent
to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any annual or special meeting of the
Members need be specified in any written waiver of notice or any waiver by electronic transmission of such meeting, unless specifically
required by statute. Notice of any meeting of Members need not be given to any Member if waived by such Member either in a writing
signed by such Member or by electronic transmission, whether such waiver is given before or after such meeting is held. If any
such waiver is given by electronic transmission, the electronic transmission must either set forth or be submitted with information
from which it can be determined that the electronic transmission was authorized by the Member. The attendance of any Person at
any meeting shall constitute a waiver of notice of such meeting, except where such Person attends a meeting for the express purpose
of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

 

Section 12.14
Remote Communication. For the purposes of this Agreement, if authorized by the Board of Directors in its sole discretion,
and subject to such guidelines and procedures as the Board of Directors may adopt, Members and proxyholders may, by means of remote
communication:

 

(a) participate in
a meeting of Members; and

 

(b) to the fullest
extent permitted by applicable law, be deemed present in person and vote at a meeting of Members, whether such meeting is to be
held at a designated place or solely by means of remote communication; provided, however, that (i) the
Company shall implement reasonable measures to verify that each Person deemed present and permitted to vote at the meeting by means
of remote communication is a Member or proxyholder, (ii) the Company shall implement reasonable measures to provide such Members
and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Members, including
an opportunity to read or hear the proceedings of the meeting substantially and concurrently with such proceedings, and (iii) if
any Member or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or
other action shall be maintained by the Company.

 

Section 12.15
Member Action Without a Meeting. On any matter that is to be voted on, consented to or approved by Members, the Members
may take such action without a meeting, without prior notice and without a vote, if a written consent, setting forth the action
so taken, shall be signed by Members having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting at which all Members entitled to vote thereon were present and voted.

 

Section 12.16
Return on Capital Contribution. Except as otherwise provided in Article XX, no Member shall demand a return on or of its
Capital Contributions.

 

Section 12.17
Member Compensation. No Member shall receive any interest, salary or draw with respect to its Capital Contributions or its
Capital Account or for services rendered on behalf of the Company, or otherwise, in its capacity as a Member, except as otherwise
provided in this Agreement or in the Management Agreement.

 

Section 12.18
Limited Liability of Members. No Member shall be liable for any debts or obligations of the Company other than as provided
in Section 17.1.

 

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Section 12.19
Representation of Company. Each of the Members hereby acknowledges and agrees that the attorneys representing the Company
and the Directors and their Affiliates do not represent and shall not be deemed under the applicable codes of professional responsibility
to have represented or be representing any or all of the Members in any respect at any time. Each of the Members further acknowledges
and agrees that such attorneys shall have no obligation to furnish the Members with any information or documents obtained, received
or created in connection with the representation of the Company, the Directors and/or their Affiliates.

 

Section 12.20
Preemptive Rights. Except as may be provided by the Board of Directors, or as may otherwise be provided by contract approved
by the Board of Directors, no holder of Shares shall, as such holder, have any preemptive right to purchase or subscribe for any
additional Shares or any other Securities which the Company may issue or sell.

 

Section 12.21
Tender Offers. If any Person makes a tender offer, including a “mini-tender” offer, such Person must comply
with all of the provisions set forth in Regulation 14D of the Exchange Act, including disclosure and notice requirements,
that would be applicable if the tender offer was for more than 5% of the outstanding Shares; provided, however, that
such documents are not required to be filed with the Securities and Exchange Commission. In addition, any such Person must provide
notice to the Company at least 10 Business Days prior to initiating any such tender offer. Any Person who initiates a tender offer
without complying with the provisions set forth above (a “Non-Compliant Tender Offer”), shall be responsible
for all expenses incurred by the Company in connection with the enforcement of the provisions of this Section 12.21, including
expenses incurred in connection with the review of all documents related to such tender offer. In addition, the Company may seek
injunctive relief, including a temporary or permanent restraining order, in connection with any Non-Compliant Tender Offer. This
Section 12.21 shall be of no force or effect with respect to any Shares that are then listed.

 

Section 12.22
Voting Rights of Members and Limitation on Powers of the Directors.

 

The Members shall
be entitled to vote only on the following matters specified in this Section 12.22.

 

(a) Subject to the
provisions of any class or series of Shares then outstanding, the Special Unit, and the mandatory provisions of any applicable
law or regulations, the Members shall have the right to take the actions specified in Sections 12.22(a)(i) – (iv) upon
the affirmative vote or consent of the Majority of the Members, without the concurrence of the Board of Directors:

 

(i) amend this Agreement
except as provided in Article XVIII hereof;

 

(ii) dissolve the
Company;

 

(iii) elect or remove
a Director;

 

(iv) approve or disapprove
of the Sale or series of Sales of all or substantially all the assets of the Company except for any such Sale or series of Sales
in the ordinary course of business; and

 

Except with respect
to the foregoing matters, no action taken by the Members at any meeting shall in any way bind the Board of Directors.

 

(b) Without the affirmative
vote or consent of the Majority of the Members, the Board of Directors shall not:

 

(i) amend this Agreement,
other than as set forth in Article XVIII of this Agreement;

 

(ii) dissolve the
Company;

 

(iii) (i) merge or
consolidate with or into any limited liability company, corporation, statutory trust, business trust or association, real estate
investment trust, common-law trust or any other unincorporated business, including a partnership, (ii) sell, lease or exchange
all or substantially all of its assets, except for or a Distribution in-kind of assets to the Members or the Special Unitholder
or any such Sale or series of Sales while liquidating the Company’s assets upon a Liquidation;

 

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(iv) cause the Company
to make an election to be treated as other than a partnership for federal income tax purposes;

 

(v) take any action
that would cause the Company to be treated as being engaged in the active conduct of a lending, banking or financial business;
or

 

(vi) take any action
on such other matters with respect to which the Board of Directors has adopted a resolution declaring that a proposed action is
advisable and directed that the matter be submitted to the Members for approval or ratification.

 

Section 12.23
Member Vote Required In Connection With Certain Business Combinations Or Transactions.

 

(a) Vote for Business
Combinations. The affirmative vote of the majority of the holders of record of each class of Shares then outstanding (excluding
Shares Owned by the Interested Member or any Affiliate or Associate of the Interested Member) shall be required to approve any
Business Combination. Such affirmative vote shall be required notwithstanding the fact that no vote may be required, or that a
lesser percentage may be specified, by applicable law or in any agreement with any securities exchange or otherwise.

 

(b) Power of Continuing
Directors. The Continuing Directors shall have the power and duty to determine, on the basis of information known to them after
reasonable inquiry, all facts necessary to determine compliance with this Section 12.23, including (a) whether a Person
is an Interested Member, (b) the number of Shares of the Company beneficially owned by any Person, (c) whether a Person
is an Affiliate or Associate of another, and (d) the net asset value of the Company’s outstanding Shares, and the good
faith determination of the Continuing Directors on such matters shall be conclusive and binding for all the purposes of this Section 12.23.

 

(c) No Effect
on Fiduciary Obligations. Nothing contained in this Section 12.23 shall be construed to relieve the Directors or an Interested
Member from any fiduciary obligation imposed by applicable law.

 

ARTICLE XIII

BOOKS AND RECORDS, REPORTS AND RETURNS

 

Section 13.1
Right of Inspection. As permitted hereunder, any Member or the Special Unitholder and any designated representative thereof
shall have the right, upon written request, subject to reasonable notice and at their own expense, to access the records of the
Company during normal business hours, and may inspect and copy any of them for a reasonable charge. Inspection of the Company’s
books and records by the office or agency administering the securities laws of a jurisdiction shall be provided upon reasonable
notice during normal working hours.

 

Section 13.2
Access to Membership List.

 

(a) The Membership
List shall be maintained as part of the books and records of the Company and shall be available for inspection by any Member or
the Special Unitholder or the Member’s or the Special Unitholder’s designated agent at the home office of the Company
upon the request of the Member or the Special Unitholder. For any of the purposes described below, the Membership List shall be
updated at least quarterly to reflect changes in the information contained therein. A copy of such list, for any of the purposes
described below, shall be mailed to any Member or the Special Unitholder so requesting within 10 days of receipt by the Company
of the request. The copy of the Membership List shall be printed in alphabetical order, on white paper, and in a readily readable
type size (in no event smaller than 10-point type). The Company may impose a reasonable charge for postage costs and expenses incurred
in reproduction pursuant to the Member’s or the Special Unitholder’s request. A Member may request a copy of the Members
List in connection with matters relating to Member’s voting rights and the exercise of Member rights under federal proxy
laws.

 

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(b) If the Company
neglects or refuses to exhibit, produce or mail a copy of the Membership List as requested, the Board of Directors shall be liable
to any Member or the Special Unitholder requesting the list for the costs, including reasonable attorney’s fees, incurred
by that Member or the Special Unitholder for compelling the production of the Membership List, and for actual damages suffered
by any Member or the Special Unitholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and
reason for the requests for inspection or for a copy of the Membership List is to secure such list of Members or other information
for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose, other than in the interest
of the applicant as a Member or the Special Unitholder relative to the affairs of the Company. The Company may require the Member
or the Special Unitholder requesting the Membership List to represent that the list is not requested for a commercial purpose unrelated
to the Member’s Membership Interest or Special Unitholder’s Special Unit interest in the Company. The remedies provided
hereunder to Members or the Special Unitholder requesting copies of the Membership List are in addition to and shall not in any
way limit other remedies available to Members or the Special Unitholder under federal law, or the laws of any state.

 

Section 13.3
Tax Information. The Company shall use commercially reasonable efforts, at the Company’s expense, to cause to be prepared
and distributed to the Members and the Special Unitholder not later than 75 days after the end of the Company’s fiscal year,
all information necessary for the preparation of the Members’ and the Special Unitholders’ federal income tax returns.

 

Section 13.4
Annual Report. The Company shall cause to be prepared at least annually, at Company expense, within 120 days after the end
of the Company’s fiscal year, or such shorter period as may be required by law, an annual report, which will include financial
statements audited and reported upon by the Company’s independent public accountants, and will contain: (A) a balance
sheet as of the end of each fiscal year and statements of income, Members’ equity, and cash flow, for the year then ended,
all of which shall be prepared in accordance with generally accepted accounting principles and accompanied by an auditor’s
report containing an opinion of an independent certified public accountant; (B) a report of the activities of the Company
during the period covered by the report; (C) where forecasts have been provided to the Members, a table comparing the forecasts
previously provided with the actual results during the period covered by the report; and (D) a report setting forth Distributions
to Members for the period covered thereby and separately identifying Distributions from: (i) cash flow from operations during
the period, (ii) cash flow from operations during a prior period which have been held as reserves, (iii) proceeds from
disposition of assets and (iv) reserves from the Gross Proceeds of the Offering originally obtained from the Members. The
annual financial statements will contain or be accompanied by a complete statement of transactions with the Advisor and Greenbacker
Group LLC or its Affiliates and of compensation and fees paid or payable by the Company to the Advisor or its Affiliates. In the
case of reimbursed costs and expenses, the Board of Directors shall also prepare an allocation of the total amount of all such
items and shall include support for such allocation to demonstrate how the Company’s portion of such total amounts were allocated
between the Company and the Advisor. Such cost and expense allocation shall be reviewed by independent publicly registered accountants
in connection with their audit of the financial statements of the Company for such Fiscal Year in accordance with the American
Institute of Certified Public Accountants United States Auditing standards relating to special reports and such independent publicly
registered accountants shall state that, in connection with the performance of such audit, such independent publicly registered
accountants reviewed, at a minimum, the time records of, and the nature of the work performed by, individual employees of the Advisor
and its Affiliates, the cost of whose services were reimbursed. The additional costs of the special review required by this Section 13.4
will be itemized by the independent publicly registered accountants and may be reimbursed to the Advisor and its Affiliates by
the Company in accordance with this subparagraph only to the extent such reimbursement, when added to the cost for all administrative
services rendered, does not exceed the competitive rate for such services as determined in such report.

 

Section 13.5
Quarterly Reports. If and for as long as the Company is required to file quarterly reports on Form 10-Q with the Securities
and Exchange Commission, the information contained in each such report shall be furnished or made available to Members or the Special
Unitholder (in a form and manner consistent with then-current requirements of the Securities and Exchange Commission) after such
report is filed with the Securities and Exchange Commission. Such quarterly report on Form 10-Q shall be deemed to have been made
available to Members upon filing with the Securities and Exchange Commission. If and when such reports are not required to be filed,
each Member or the Special Unitholder will be furnished (in a form and manner consistent with then-current requirements of the
Securities and Exchange Commission), within 60 days after the end of the first 6 months of the Company’s fiscal year,
an unaudited financial report for that period including a balance sheet, a statement of income, a statement of members’ equity
and a cash flow statement. Such reports shall also include such other information as is deemed reasonably necessary by the Directors
to advise the Members or the Special Unitholder of the activities of the Company during the quarter covered by the report.

 

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Section 13.6
Filings. The Company shall use commercially reasonable efforts to cause the income tax returns for the Company to be prepared
and timely filed with the appropriate authorities (with due regard for any extension of time for filing any such income tax returns
as elected by the Directors). The Company shall also use commercially reasonable efforts to cause to be prepared and timely filed,
with appropriate federal and state regulatory and administrative bodies, all reports required to be filed with those entities under
then current applicable laws, rules and regulations. The reports shall be prepared by the accounting or reporting basis required
by the regulatory bodies. Any Member or the Special Unitholder shall be provided with a copy of any of the reports upon request
without expense to him or her. The Company shall file, with the Administrators for the various states in which this Company is
registered, as required by such states, a copy of each report referred to in this Article XIII.

 

Section 13.7
Method of Accounting. The accrual method of accounting in accordance with accounting principles generally accepted in the
United States and by the American Institute of Certified Public Accountants Audit and the Accounting Guide for Investment Companies,
shall be used for both income tax purposes and financial reporting purposes; provided, however, the Directors reserve
the right to change the method of accounting from time to time, provided that such change is permitted (under the Code and
accounting principles generally accepted in the United States) and disclosed in a report publicly filed by the Company with the
Securities and Exchange Commission or is disclosed in a written notice sent to Members.

 

ARTICLE XIV

ADVISOR

 

Section 14.1
Appointment and Initial Investment of Advisor. The Board of Directors hereby appoints GCM as the investment advisor of the
Company. The term of retention of any Advisor shall not exceed an initial term of one year, although there is no limit to the number
of times that a particular Advisor may be retained. The Advisor and its Affiliates have made an initial aggregate investment of
$1,901,000 in the Company. The Advisor or any such Affiliate may not sell this initial investment while the Advisor remains the
Advisor but may transfer the initial investment to other Affiliates.

 

Section 14.2
Supervision of Advisor Compensation and the Advisor.

 

(a) The Board of
Directors may exercise broad discretion in allowing the Advisor to administer and regulate the operations of the Company, to act
as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general
policies and principles established by the Board of Directors. The Board of Directors shall monitor the Advisor to assure that
the administrative procedures, operations and programs of the Company are in the best interests of the Company and are fulfilled
and that (i) the expenses incurred are reasonable, (ii) all Front End Fees shall be reasonable and shall not exceed 18%
of the Gross Proceeds of any offering, regardless of the source of payment, and (iii) the percentage of Gross Proceeds of
any offering committed to Investment in Company assets shall be at least 82%. All items of compensation to underwriters or dealers,
including selling commissions, expenses, rights of first refusal, consulting fees, finders’ fees and all other items of compensation
of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount
of allowable Front End Fees.

 

(b) The Board of
Directors is responsible for determining that compensation paid to the Advisor is reasonable in relation to the nature and quality
of services performed and the investment performance of the Company and that the provisions of the Advisory Agreement are being
carried out. All agreements between the Advisor and the Company must be approved by a majority of the Independent Directors. The
Board of Directors may consider all factors that they deem relevant in making these determinations.

 

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Section 14.3
Fiduciary Obligations. Any investment advisory agreement with the Advisor shall provide that the Advisor has a fiduciary
responsibility to the Company.

 

Section 14.4
Termination. The Advisor may not voluntarily withdraw from the Company without 120 days prior written notice. If the Advisor
fails to give such notice, the withdrawing Advisor shall pay all expenses incurred as a result of its withdrawal. Upon termination
of the Advisory Agreement, the Company may be required to pay to the terminated Advisor all amounts then accrued and owing.

 

Section 14.5
Organization and Offering Expenses Limitation. The Company shall reimburse the Advisor and its Affiliates for Organization
and Offering Expenses incurred by the Advisor or its Affiliates; provided, however, that the total amount
of all Organization and Offering Expenses shall be reasonable and shall be included in Front End Fees for purposes of the limit
on such Front End Fees set forth in Section 14.2.

 

Section 14.6
Reimbursement for Operating Expenses.

 

(a) Subject to Section 14.6(b)
below, the Company may reimburse the Advisor or its Affiliates, at the end of each fiscal quarter, for goods and services, including
impact monitoring services and Acquisition Expenses. The Advisor may be reimbursed for the administrative services necessary to
the prudent operation of the Company; provided, the reimbursement shall be the lower of the Advisor’s actual cost
or the amount the Company would be required to pay Persons other than the Advisor’s Affiliates for comparable administrative
services in the same geographic location; and provided, further, that such costs are reasonably allocated
to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles.
Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Advisor is entitled to compensation
by way of a separate fee.

 

(b) Excluded from
the allowable reimbursement shall be: (i) rent or depreciation, utilities, capital equipment and similar items; and (ii) salaries,
fringe benefits and similar items incurred or allocated to any controlling person of the Advisor. For purposes of this Section 14.6,
“controlling person” means persons with responsibilities similar to those of an executive, or a member of the
Board of Directors, or any person who holds more than 10% of the Advisor’s equity securities or who has the power to control
the Advisor.

 

Section 14.7
Section 707 Compliance. Any fees paid to a Tax Member (including those pursuant to this Article XIV) shall be
treated as payments governed by Section 707 of the Code.

 

Section 14.8
Exclusive Right to Sell Company Assets. The Company shall not give the Advisor or any of its Affiliates the exclusive right
to sell assets for the Company.

 

ARTICLE XV

INVESTMENT POLICIES AND LIMITATIONS

 

Section 15.1
Review of Policies. The Board of Directors, including the Independent Directors, shall review the investment and borrowing
policies of the Company with sufficient frequency (and, upon Commencement of the Initial Public Offering, at least annually) to
determine that the policies being followed by the Company at any time are in the best interests of its Members. Each such determination
and the basis therefor shall be set forth in the minutes of the meetings of the Board of Directors.

 

Section 15.2
Certain Permitted Investments. Until such time as the Shares are Listed, the Company may invest in Joint Ventures with an
Affiliated Person if a majority of Directors (including a majority of Independent Directors) not otherwise interested in the transaction,
approve such investment as being fair and reasonable to the Company and on terms substantially similar to the terms of third parties
making comparable investments.

 

Section 15.3
Reinvestment of Proceeds. Reinvestment of proceeds resulting from the sale or refinancing of a Company asset may
take place if sufficient cash will be distributed to pay federal income tax, if any (assuming investors are in a specified tax
bracket) created by the sale or refinancing of such asset. To the extent that any cash available for distribution is reinvested,
such reinvested cash shall not be considered “investments” in the Company for the purposes of calculating Capital Contributions.
Except as provided by the applicable provisions of Article XIV of this Agreement and by the Advisory Agreement, the Company will
not pay, directly or indirectly, a commission or fee to the Sponsor in connection with the reinvestment of cash available for distribution
or of the proceeds of the resale, exchange or refinancing of Company assets.

 

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Section 15.4
Investments in Other Programs.

 

(a) The Company shall
have the authority to invest in general partnerships or joint ventures with other publicly registered Affiliates of the Company
if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives;
(ii) there are no duplicate fees to the Advisor; (iii) the compensation payable by the general partnership or joint venture
to the Advisor and the Sponsors of each Affiliate that invests in such partnership or joint venture is substantially identical;
(iv) each of the Company and the Affiliate has a right of first refusal to buy if the other party wishes to sell assets held
in the joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions;
and (vi) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated
discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the partnership
or joint venture, and the potential risk that while a the Company or its Affiliate may have the right to buy the assets from the
partnership or joint venture, it may not have the resources to do so.

 

(b) The Company shall
have the authority to invest in general partnerships or joint ventures with Affiliates other than publicly registered Affiliates
of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Advisor from
any commitment to purchase the assets prior to the closing of the offering period of the Company; (ii) there are no duplicate
fees to the Advisor; (iii) the investment of each entity is on substantially the same terms and conditions; (iv) the
Company has a right of first refusal to buy if the Advisor wishes to sell assets held in the joint venture; and (v) any prospectus
of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk
of impasse on joint venture decisions.

 

(c) Other than as
specifically permitted in subsections (a) and (b) above, the Company shall not invest in general partnerships or joint
ventures with Affiliates.

 

ARTICLE XVI

CONFLICTS OF INTEREST

 

Section 16.1
Investments with Affiliates. The Company shall not invest in any asset or company in which the Advisor, any of the Directors
or officers or any of their Affiliates has a direct economic interest without a determination by a majority of the Board of Directors
(including a majority of the Independent Directors) that such an investment is fair and reasonable to the Company. In addition,
with respect to any potential debt investment in a portfolio company in which a sub-advisor has an equity interest, the Advisor
must determine, before the investment is made, that the procedures by which this potential debt investment is evaluated and priced
are fair and reasonable.

 

Section 16.2
Voting of Shares Owned by Affiliates. The Advisor, the Sponsor, the Directors and officers, and their Affiliates may not
vote their Shares regarding the removal of any of Affiliates or any other transaction between such Affiliates and the Company.
All Shares owned by the Advisor, the Sponsor, the Directors and officers, and their Affiliates shall be excluded in determining
the requisite percentage of interest in Shares necessary to approve a matter on which the Advisor, the Sponsor, the Directors and
officers, and their Affiliates, as applicable, may not vote or consent.

 

Section 16.3
Purchase of Assets from Affiliates. The Company shall not purchase assets from the Sponsor, the Advisor, the Directors or
any of their Affiliates unless a majority of the Board of Directors (including a majority of the Independent Directors) not otherwise
interested in the transaction determines that such transaction is fair and reasonable to the Company and at a price to the Company
no greater than the cost of the assets to the Advisor or its Affiliates or such Director, unless there is substantial justification
for any amount that exceeds such cost and such excess amount is determined to be reasonable. In no event shall the cost of such
asset to the Company exceed its current appraised value.

 

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Section 16.4
Sale of Assets to Affiliates. The Company shall not sell or lease assets to the Sponsor, the Advisor, the Directors or any
of their Affiliates without a determination by a majority of the Board of Directors (including a majority of the Independent Directors)
not otherwise interested in the transaction, that such transaction is fair and reasonable to the Company.

 

Section 16.5
Loans to Affiliates. Except for the advancement of funds pursuant to Section 17.3, no loans, credit facilities, credit
agreements or otherwise shall be made by the Company to the Advisor or any Affiliate thereof.

 

Section 16.6
Other Transactions with Affiliates. The Company shall not engage in a transaction with an Affiliated Person unless a majority
of the Board of Directors (including a majority of the Independent Directors) not otherwise interested in the transaction concludes
that such transactions between the Company and the Sponsor, the Advisor, any of the Directors or any of their Affiliates are fair
and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from unaffiliated
third parties. The terms pursuant to which any goods or services, other than those services provided pursuant to the Advisory Agreement,
are provided to the Company by the Advisor, shall be embodied in a written contract, the material terms of which must be fully
disclosed to the Members.

 

Section 16.7
Rebates, Kickbacks and Reciprocal Arrangements.

 

(a) No rebates or
give-ups may be received by the Sponsor nor may the Sponsor participate in any reciprocal business arrangements which would circumvent
the NASAA Omnibus Guidelines or the provisions contained in this Agreement.

 

(b) The Sponsor may
only pay underwriting compensation to a registered broker-dealer or other properly licensed Person.

 

Section 16.8
Commingling. The funds of the Company shall not be commingled with the funds of any other Person; provided, however,
that the foregoing shall not prohibit the Advisor from establishing a master fiduciary account pursuant to which separate
subtrust accounts are established for the benefit of Affiliated Programs, if Company funds are protected from claims of such other
Programs and/or creditors. The foregoing prohibition shall not apply to investments described in Section 15.2.

 

Section 16.9
Lending Practices. The Company may not borrow money from the Sponsor, the Advisor, the Directors, or any of their Affiliates,
unless a majority of the Board of Directors (including a majority of Independent Directors) not otherwise interested in such transaction
approve the transaction as being fair, competitive, and commercially reasonable and no less favorable to the Company than loans
between unaffiliated parties under the same circumstances.

 

Section 16.10
No Permanent Financing. The Advisor shall be prohibited from providing permanent financing for the Company. For purposes
of this Section 16.10, “permanent financing” shall mean any financing with a term in excess of 12 months.

 

Section 16.11
No Exchange of Interests for Investments. The Company shall not acquire any Assets in exchange for Shares or other indicia
of ownership in the Company.

 

ARTICLE XVII

 

LIABILITY LIMITATION, INDEMNIFICATION

AND TRANSACTIONS WITH THE COMPANY

 

Section 17.1
Limitation of Member Liability. The liability of each Member in such capacity shall be limited to the amount of such Member’s
Capital Contribution and pro rata share of any undistributed Profits. Except as may otherwise be required by law, after
the payment of all subscription proceeds for the Shares purchased by such Member, no Member shall have any further obligations
to the Company, be subject to any additional assessment or be required to contribute any additional capital to, or to loan any
funds to, the Company. No Member shall have any personal liability on account of any obligations and liabilities of, including
any amounts payable by, the Company under or pursuant to, or otherwise in connection with, this Agreement or the conduct of the
business of the Company.

 

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Section 17.2
Limitation of Liability.

 

(a) Each Director
of the Company shall, in the performance of such Director’s duties, be fully protected in relying in good faith upon the
records of the Company and upon such information, opinions, reports or statements presented to the Company by the Advisor, or employees
of the Advisor, or any of the officers of the Company, or committees of the Board of Directors, or by any other Person as to matters
the Director reasonably believes are within such other Person’s professional or expert competence, including information,
opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company, or the
value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and
obligations of the Company or to make reasonable provision to pay such claims or obligations, or any other facts pertinent to the
existence and amount of the assets of the Company from which distributions to Members might properly be paid.

 

(b) No Director shall
be liable to the Company, any Subsidiary of the Company or the Members for monetary damages for any acts or omissions arising from
the performance of any of such Director’s obligations or duties in connection with the Company, including any breach of fiduciary
duty, except as follows: (i) for breach of the Director’s duty of loyalty to the Company or its Members, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or (iii) for any
transaction from which the Director derived an improper benefit. To the extent the provisions of this Agreement restrict or eliminate
the duties and liabilities of a Director of the Company or the Members or the Advisor otherwise existing at law or in equity, the
provisions of this Agreement shall replace such duties and liabilities.

 

(c) To the fullest
extent permitted by law, a Director of the Company shall not be liable to the Company, any Member or any other Person for: (i) any
action taken or not taken as required by this Agreement; (ii) any action taken or not taken as permitted by this Agreement
and, with respect to which, such Director acted on an informed basis, in good faith and with the honest belief that such action,
taken or not taken, was in the best interests of the Company; or (iii) the Company’s compliance with an obligation incurred
or the performance of any agreement entered into prior to such Director having become a Director of the Company.

 

(d) Any Director
shall not be liable to the Company or to any other Director or Member of the Company or any such other Person that is a party to
or otherwise bound by this Agreement for breach of fiduciary duty for the Director’s good faith reliance on the provisions
of this Agreement.

 

(e) Except as otherwise
required by the Act, the debts, obligations and liabilities of the Company shall be solely the debts, obligations and liabilities
of the Company and no Director shall be obligated personally for any such debt, obligation or liability of the Company solely by
reason of being a Director of the Company.

 

(f) Notwithstanding
anything to the contrary contained in paragraphs (a) through (e) above, the Company shall not provide that the Sponsor,
a Director, the Advisor or any Affiliate of the Advisor (the “Indemnitee”) be held harmless for any loss or
liability suffered by the Company, unless all of the following conditions are met:

 

(i) The Indemnitee
has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company.

 

(ii) The Indemnitee
was acting on behalf of or performing services for the Company.

 

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(iii) Such liability
or loss was not the result of (A) negligence or misconduct in the case that the Indemnitee is a Director (other than an Independent
Director), GCM or an Affiliate of GCM or (B) gross negligence or willful misconduct in the case the Indemnitee is an Independent
Director.

 

(iv) Such agreement
to hold harmless is recoverable only out of the Company’s assets and not from the Members.

 

Section 17.3
Indemnification.

 

(a) The Company may
indemnify, to the fullest extent permitted by law, each Person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the Company), by reason of the fact that the Person is or was a Director, officer, employee, Tax
Matters Partner or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the Person in connection with such action,
suit or proceeding, if the Person acted in good faith and in a manner the Person reasonably believed to be in or not opposed to
the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the
Person’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Person did not act in
good faith and in a manner which the Person reasonably believed to be in or not opposed to the best interests of the Company, and,
with respect to any criminal action or proceeding, had reasonable cause to believe that the Person’s conduct was unlawful.

 

To the extent that
a present or former Director or officer of the Company has been successful on the merits or otherwise in defense of any action,
suit or proceeding referred to in this Section 17.3(a), or in defense of any claim, issue or matter therein, such Person shall
be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such Person in connection
therewith.

 

Each of the Persons
entitled to be indemnified for expenses and liabilities as contemplated above may, in the performance of his, her or its duties,
consult with legal counsel and accountants at the Company’s expense, and any act or omission by such Person on behalf of
the Company in furtherance of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of
such legal counsel or accountants will be full justification for any such act or omission, and such Person will be fully protected
for such acts and omissions; provided, that such legal counsel or accountants were selected with reasonable care
by or on behalf of the Company.

 

(b) Any indemnification
of a present or former Director, officer, employee or agent of the Company under Section 17.3(a) or (c) shall be made
by the Company only as authorized in the specific case upon a determination that indemnification of the present or former Director,
officer, employee or agent of the Company is proper in the circumstances because the Person has met the applicable standard of
conduct set forth in Section 17.3(a) or pursuant to Section 17.3(c), as the case may be. Such determination shall be
made, with respect to a Person who is a Director, officer, employee or agent of the Company at the time of such determination,
(1) by a majority vote of the Directors who are not parties to any such action, suit or proceeding, even though less than
a quorum, (2) by a committee of such Directors designated by a majority vote of such Directors, even though less than a quorum,
(3) if there are no such Directors, or if a majority, even though less than a quorum, of such Directors so direct, by independent
legal counsel in a written opinion, or (4) by the Members. The indemnification, and the advancement of expenses incurred in
defending a action, suit or proceeding prior to its final disposition, provided by or granted pursuant to this Agreement shall
not be exclusive of any other right which any Person may have or hereafter acquire under any statute, other provision of this Agreement,
vote of Members or Independent Directors or otherwise. No repeal, modification or amendment of, or adoption of any provision inconsistent
with, this Section 17.3, nor, to the fullest extent permitted by applicable law, any modification of law, shall adversely
affect any right or protection of any Person granted pursuant hereto existing at, or with respect to any events that occurred prior
to, the time of such repeal, amendment, adoption or modification. The indemnification and advancement of expenses provided by,
or granted pursuant to, this Agreement shall, unless otherwise provided when authorized or ratified, continue as to a Person who
has ceased to be a Director, officer, employee or agent of the Company and shall inure to the benefit of the heirs, executors and
administrators of such a Person.

 

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(c) The Company may,
to the extent authorized from time to time by the Board of Directors, grant rights to indemnification, and rights to be paid by
the Company the expenses incurred in defending any such action, suit or proceeding in advance of its final disposition, to any
Person who is or was an employee or agent of the Company or any Subsidiary of the Company (other than those Persons indemnified
pursuant to clause (a) of this Section 17.3) and to any Person who is or was serving at the request of the Company or
a Subsidiary of the Company as a director, officer, employee or agent of another corporation, partnership, limited liability company,
joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the
Company or a Subsidiary of the Company, to the fullest extent of the provisions of this Agreement with respect to the indemnification
and advancement of expenses of directors, officers, employees, and agents of the Company. The payment of any amount to any Person
pursuant to this clause (c) shall subrogate the Company to any right such Person may have against any other Person.

 

(d) To the fullest
extent permitted by law, expenses (including attorneys’ fees) incurred by a Director, officer, employee or agent of the Company
in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company in advance
of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Person to repay
such amount if it shall ultimately be determined that such Person is not entitled to be indemnified by the Company as authorized
in this Section 17.3.

 

With respect to any
Person who is a present or former Director, officer, employee or agent of the Company, any undertaking required by this Section 17.3(d)
shall be an unlimited general obligation but need not be secured and shall be accepted without reference to financial ability to
make repayment; provided, however, that such present or former Director, officer, employee or agent of the
Company does not transfer assets with the intent of avoiding such repayment.

 

(e) The indemnification
and advancement provided in this Section 17.3 is intended to comply with the requirements of, and provide indemnification
and advancement rights substantially similar to those that may be available to directors, officers, employees and agents of corporations
incorporated under, the DGCL as it relates to the indemnification of officers, directors, employees and agents of a Delaware corporation
and, as such (except to the extent greater rights are expressly provided in this Agreement), the parties intend that they should
be interpreted consistently with the provisions of, and jurisprudence regarding, the DGCL.

 

(f) Any notice, request
or other communications required or permitted to be given to the Company under this Section 17.3 shall be in writing and either
delivered in person or sent by facsimile, electronic mail, overnight mail or courier service, or certified or registered mail,
postage prepaid, return receipt requested, to the Secretary and shall be effective only upon receipt by the Secretary, as the case
may be.

 

(g) To the fullest
extent permitted by the law of the State of Delaware, each Director, officer, employee and agent of the Company agrees that all
actions for the advancement of expenses or indemnification brought under this Section 17.3 or under any vote of Members or
Independent Directors or otherwise shall be a matter to which Section 18-111 of the Act shall apply and which shall be brought
exclusively in the Court of Chancery of the State of Delaware. Each of the parties hereto agrees that the Court of Chancery of
the State of Delaware may summarily determine the Company’s obligations to advance expenses (including attorneys’ fees)
under this Section 17.3.

 

(h) Notwithstanding
anything to the contrary contained in paragraphs (a) to (g) above, the Company shall not provide indemnification for
any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless
one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged material securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice
on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves
a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should
be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange
Commission and of the published position of any state securities regulatory authority in which Securities were offered or sold
as to indemnification for violations of securities laws.

 

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(i) The Company may
not incur the cost of that portion of liability insurance which insures the Advisor or its Affiliates for any liability as to which
the Advisor or its Affiliates is prohibited from being indemnified under this section.

 

(j) The advancement
of Company funds to the Advisor or its Affiliates for reasonable legal expenses and other costs incurred as a result of any legal
action for which indemnification is being sought is permissible only if all of the following conditions are satisfied:

 

(i) The legal action
relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or its subsidiaries.

 

(ii) The Advisor
or its Affiliates undertake to repay the advanced funds to the Company, together with the applicable legal rate of interest thereon,
in cases in which found not to be entitled to indemnification.

 

Section 17.4
Express Exculpatory Clauses in Instruments. Neither the Members nor the Directors, officers, employees or agents of the
Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Members, Directors,
officers, employees or agents of the Company, and all Persons shall look solely to the Company’s assets for the payment of
any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument
shall not affect the validity or enforceability of such instrument and shall not render any Member, Director, officer, employee
or agent liable thereunder to any third party, nor shall the Directors or any officer, employee or agent of the Company be liable
to anyone as a result of such omission.

 

ARTICLE XVIII

AMENDMENTS

 

Section 18.1
Amendments by the Board of Directors. Subject to Sections 18.2 and 18.3 of this Agreement and all applicable law, this
Agreement may be amended, at any time and from time to time, by the Board of Directors without the Consent of the Majority of the
Members to effect any change in this Agreement for the benefit or protection of the Members or the Special Unitholder, or as otherwise
permitted by this Agreement, including:

 

(a) to add to the
representations, duties or obligations of the Board of Directors or to surrender any right or power granted to the Board of Directors
herein;

 

(b) to create any
class or series of Shares, to increase the number of the Company’s authorized Shares or to issue additional Shares of authorized
by unissued Shares;

 

(c) to cure any ambiguity,
to correct or supplement any provision herein that may be inconsistent with any other provision herein or to add any other provision
with respect to matters or questions arising under this Agreement that will not be inconsistent with the terms of this Agreement;

 

(d) to preserve the
status of the Company as a “partnership” under the Delaware Act or any comparable law of any other state in
which the Company may be required to be qualified;

 

(e) to ensure that
the Company will not be treated as an association or publicly traded partnership taxable as a corporation for federal income tax
purposes.

 

(f) to delete or
add any provision of or to this Agreement required to be so deleted or added by the staff of the Securities and Exchange Commission,
by any other federal or state regulatory body or other agency (including any “blue sky” commission) or by any
government administrator or similar such official;

 

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(g) to permit the
Shares to fall within any exemption from the definition of “plan assets” contained in Section 2510.3-101
of Title 29 of the Code of Federal Regulations;

 

(h) if the Company
is advised by counsel, by the Company’s accountants or by the IRS that any allocations of income, gain, loss or deduction
provided for in this Agreement are unlikely to be respected for federal income tax purposes, to amend the allocation provisions
of this Agreement, in accordance with the advice of such counsel, such accountants or the IRS, to the minimum extent necessary
to effect as nearly as practicable the plan of allocations and distributions provided in this Agreement; and

 

(i) to change the
name of the Company or the location of its principal office.

 

Section 18.2
Amendments with the Consent of the Majority of the Members. In addition to the amendments permitted to be made by the Board
of Directors pursuant to Section 18.1, the Board of Directors may propose to the Members, in writing, any other amendment
to this Agreement. The Board of Directors may include in any such submission a statement of the purpose for the proposed amendment
and of the Manager’s opinion with respect thereto. Upon the Consent of the Majority of the Members, such amendment shall
take effect; provided, however, that no such amendment shall increase the liability of any Member or adversely affect in
a disproportionate manner (other than any disproportionate results that are due to a difference in relative number of Shares owned)
any Member’s share of distributions of cash or allocations of Profits or Losses for tax purposes or of any investment tax
credit amounts of the Company without in each case the consent of each Member affected thereby;

 

Section 18.3
Amendments With The Consent of the Special Unitholder. Any amendment to this Agreement as provided herein that adversely
affects the interests of the Special Unitholder shall be subject to the consent of the Special Unitholder.

 

ARTICLE XIX

ROLL-UP TRANSACTIONS

 

In connection with
any proposed Roll-Up Transaction, an appraisal of all of the Company’s assets shall be obtained from an Independent Expert.
The Company’s assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all
relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed
Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a 12-month period. The terms of the engagement
of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Members. A summary
of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Members in connection
with a proposed Roll-Up Transaction. If the appraisal will be included in a prospectus used to offer the securities of a Roll-up
Entity, the appraisal will be filed as an exhibit to the registration statement with the Securities and Exchange Commission and
with any state where such securities are registered. In connection with a proposed Roll-Up Transaction, the Person sponsoring the
Roll-Up Transaction shall offer to holder of Shares who vote against the proposed Roll-Up Transaction the choice of:

 

(a) accepting the
securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; or

 

(b) one of the following:

 

(i) remaining as
Members of the Company and preserving their interests therein on the same terms and conditions as existed previously; or

 

(ii) receiving cash
in an amount equal to the Members’ pro rata share of the appraised value of the net assets of the Company.

 

The Company is prohibited
from participating in any proposed Roll-Up Transaction:

 

(c) that would result
in the holder of Shares having voting rights in a Roll-Up Entity that are less than the rights provided for in Section 12.22(a)
of this Agreement;

 

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(d) which includes
provisions that would operate as a material impediment to, or frustration of, the accumulation of Shares by any purchaser of the
securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or
which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis
of the number of Shares held by that investor;

 

(e) in which investor’s
rights to access of records of the Roll-Up Entity will be less than those required by the laws of the state in which the Roll-Up
Entity was formed; or

 

(f) in which any
of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the holders of
Shares.

 

ARTICLE XX

DURATION AND DISSOLUTION OF THE COMPANY

 

Section 20.1
Duration. The Company shall continue perpetually unless terminated pursuant to Section 20.3 or pursuant to any applicable
provision of the Act.

 

Section 20.2
Authority of Directors. Subject to the provisions of any class or series of Shares at the time outstanding, the Board of
Directors shall have the power to dissolve or liquidate the Company; provided, however, that except as otherwise
permitted by law, such action shall have been approved, at a meeting of the Members called for that purpose, by the affirmative
vote of the holders of not less than a majority of the Shares then outstanding and entitled to vote thereon (other than a sale
in the ordinary course of the Company’s business, as to which no such vote is required).

 

Section 20.3
Dissolution.

 

(a) Events Causing
Dissolution. The Company shall be dissolved upon the happening of any of the following events (each a “Dissolution Event”):

 

(i) the adoption
of a resolution by a majority vote of the Board of Directors approving the dissolution of the Company and the approval of such
action by the affirmative vote of Members as provided in Section 20.2; or

 

(ii) the Sale of
all or substantially all of the assets of the Company; or

 

(iii) the operations
of the Company shall cease to constitute legal activities under the Act or any other applicable law; or

 

(iv) any other event
which causes the dissolution or winding-up of the Company under the Delaware Act to the extent not otherwise provided herein.

 

(b) Winding-Up
of the Company. Upon the occurrence of a Dissolution Event, the winding-up of the Company and the termination of its existence
shall be accomplished as follows:

 

(i) The Board of
Directors shall proceed to wind up the affairs of the Company and all of the powers of the Board of Directors under this Agreement
shall continue, including the powers to fulfill or discharge the Company’s contracts, collect its assets, sell, convey, assign,
exchange, transfer or otherwise dispose of all or any part of the remaining property of the Company to one or more persons at public
or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge
or pay its liabilities and do all other acts appropriate to liquidate its business;

 

(ii) In connection
with the winding up of the affairs of the Company, the Board of Directors shall liquidate the assets as promptly as is consistent
with obtaining current fair market value of such assets;

 

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(iii) After paying
or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and agreements as they
deem necessary for their protection, the Company may distribute the remaining assets of the Company among the Members and the Special
Unitholder, in accordance with Section 9.2(a)(iii), so that after payment in full or the setting apart for payment of such
preferential amounts, to the extent that such distribution is consistent with the Act or any provision of this Agreement or other
applicable law; and

 

(iv) Upon completion
of the distribution of the Company property as provided in Section 20.3(a), the Board of Directors shall cause the filing
of a certificate of cancellation with the Secretary of State of the State of Delaware and of all qualifications and registrations
of the Company as a foreign limited liability company in jurisdictions in which the Company shall be qualified to transact business,
and shall take such other actions as may be necessary to terminate the Company.

 

(c) Application
of Liquidation Proceeds Upon Dissolution. Following the occurrence of any Dissolution Event, the proceeds of liquidation and
the other assets of the Company shall be applied as follows and in the following order of priority:

 

(i) first,
to the payment of creditors of the Company in order of priority as provided by law, except obligations to Members or their Affiliates;

 

(ii) next,
to the setting up of any reserve that the Board of Directors (or such other Person effecting the winding-up) shall determine is
reasonably necessary for any contingent or unforeseen liability or obligation of the Company or the Members; such reserve may,
in the sole and absolute discretion of the Board of Directors (or such other Person effecting the winding up) be paid over to an
escrow agent selected by it to be held in escrow for the purpose of disbursing such reserve in payment of any of the aforementioned
contingencies, and at the expiration of such period as the Board of Directors (or such other Person effecting the winding-up) may
deem advisable, to distribute the balance thereafter remaining as provided in clauses (iii)-(v) of this Section 20.3(c).

 

(iii) next,
to the payment of all obligations to the Members in proportion to, and to the extent of advances made by, each Member pursuant
to the provisions of this Agreement;

 

(iv) next,
to the payment of all reimbursements to which the Board of Directors or any of its Affiliates may be entitled pursuant to this
Agreement; and

 

(v) thereafter,
to the Members, within the time period specified in Treasury Regulations Section 1.704-1(b)(2) (ii)(b)(2), in proportion to,
and to the extent of, the positive balances of their Capital Accounts.

 

ARTICLE XXI

MISCELLANEOUS

 

Section 21.1
Covenant to Sign Documents. Each Member covenants, for himself or herself and his or her successors and assigns, to execute,
with acknowledgment or verification, if required, any and all certificates, documents and other writings which may be necessary
or expedient to form the Company and to achieve its purposes, including the Certificate and all amendments thereto, and all such
filings, records or publications necessary or appropriate laws of any jurisdiction in which the Company shall conduct its business.

 

Section 21.2
Notices. Except as otherwise expressly provided for in this Agreement, all notices which any Member may desire or may be
required to give any other Members shall be in writing and shall be deemed duly given when delivered personally or when deposited
in the United States mail, first-class postage pre-paid.

 

Notices to Members
shall be addressed to the Members at the last address shown on the Company records. Notices to the Directors or to the Company
shall be delivered to the Company’s principal place of business, as set forth in Article V above or as hereafter charged
as provided herein.

 

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Section 21.3
Entire Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes any and all prior agreements
and representations, either oral or in writing, between the parties hereto with respect to the subject matter contained herein.

 

Section 21.4
Waiver. No waiver by any party hereto of any breach of, or default under, this Agreement by any other party shall be construed
or deemed a waiver of any other breach of or default under this Agreement, and shall not preclude any party from exercising or
asserting any rights under this Agreement with respect to any other.

 

Section 21.5
Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remainder of the provisions of this Agreement shall remain in full force and effect and
shall in no way be affected, impaired or invalidated.

 

Section 21.6
Application of Delaware law. This Agreement and the application or interpretation thereof shall be governed, construed,
and enforced exclusively by its terms and by the law of the State of Delaware applicable to contracts to be made and performed
entirely in such state.

 

Section 21.7
Captions. Section titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference
and in no way define, limit, extend or describe the scope of this Agreement.

 

Section 21.8
Number and Gender. Whenever the singular number is used in this Agreement and when required by the context, the same shall
include the plural, and the masculine gender shall include the feminine and neuter genders.

 

Section 21.9
Counterparts. This Agreement may be executed in counterparts, any or all of which may be signed by a Director on behalf
of the Members as their attorney-in-fact.

 

Section 21.10
Waiver of Action for Partition. Each of the parties hereto irrevocably waives during the term of the Company any right that
it may have to maintain any action for partition with respect to any property of the Company or to cause the Company to be dissolved
or liquidated.

 

Section 21.11
Assignability. Each and all of the covenants, terms, provisions and arguments herein contained shall be binding upon and
inure to the benefit of the successors and assigns of the respective parties hereto, subject to the requirements of Article X
and XI.

 

Section 21.12
No Third Party Beneficiaries. For the avoidance of doubt, except for the Indemnitees, there are no intended or unintended
third party beneficiaries of this Agreement (it being understood that each Indemnitee is an express third party beneficiary with
respect to the provisions of this Agreement applicable to them as if they were parties to this Agreement).

 

[signature page follows]

 

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IN WITNESS WHEREOF,
the undersigned has caused this Fourth Amended and Restated Limited Liability Company Operating Agreement to be signed, and attested
to, on this 27th day of August, 2020.

 

	 	COMPANY:
	 	 
	 	GREENBACKER RENEWABLE ENERGY COMPANY LLC
	 	 	 
	 	By:	/s/ Richard C. Butt
	 	 	Name: Richard C. Butt
	 	 	Title: Chief Financial Officer

 

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IN WITNESS WHEREOF, the undersigned has caused this Fourth Amended
and Restated Limited Liability Company Operating Agreement to be executed on this 27th day of August, 2020.

 

	 	MEMBER:
	 	 
	 	By: GREENBACKER CAPITAL MANAGEMENT LLC pursuant to paragraph 3.3(a)
	 	 
	 	By:	/s/ Charles Wheeler
	 	 	Name: Charles Wheeler
	 	 	Title: President

 

ACCEPTED BY:

 

	ADVISOR:	 
	 	 
	GREENBACKER CAPITAL MANAGEMENT LLC	 
	 	 	 
	By:	/s/ Richard C. Butt	 
	 	Name: Richard C. Butt	 
	 	Title: Chief Financial Officer	 

 

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SCHEDULE A

 

Officers

 

Chief Executive Officer. The Chief
Executive Officer shall have general responsibility for implementation of the policies of the Company, as determined by the Directors,
and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or
other instrument, except in cases where the execution thereof shall be expressly delegated by the Directors or by this Agreement
to some other officer or agent of the Company or shall be required by law to be otherwise executed; and in general shall perform
all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Directors from time
to time.

 

President. In the absence of a Chief
Executive Officer, the President shall in general supervise and control all of the business and affairs of the Company. In the
absence of a designation of a Chief Operating Officer by the Directors, the President shall be the Chief Operating Officer. He
or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be
expressly delegated by the Board of Directors or by this Agreement to some other officer or agent of the Company or shall be required
by law to be otherwise executed; and in general shall perform all duties incident to the office of President and such other duties
as may be prescribed by the Directors from time to time.

 

Chief Financial Officer. The Chief
Financial Officer (or Treasurer, should there be one appointed) shall keep and maintain or cause to be kept and maintained adequate
and correct books and records of accounts of business transactions of the Company, including accounts of the assets, liabilities,
receipts, disbursements, gains, losses, capital of the Company. The books of account shall at all reasonable times be open to inspection
by any Director. The Chief Financial Officer or Treasurer shall deposit all monies and other valuables in the name and to the credit
of the Company with such depositaries as may be designated by the Directors. He or she shall disburse the funds of the Company
as may be ordered by the Directors, shall render to the Chief Executive Officer and the Directors, whenever they request it, an
account of all of his or her transactions as Chief Financial Officer or Treasurer and of the financial condition of the Company
and shall have other powers and perform such other duties as may be prescribed by the Directors or the Chief Executive Officer
or this Agreement.

 

Secretary. The Secretary shall
keep full minutes of all meetings of the Members and of the Directors in books provided
for that purpose. The Secretary shall see that all notices are duly given in accordance with the provisions of this Agreement
or as required by law. The Secretary shall be the custodian of the records of the Company. The Secretary shall have such other
powers and duties as may be properly designated by the Directors and the Chief Executive Officer, or such other executive officer(s)
or committee of the Directors as authorized by the Directors.

 

 

64

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