Document:

Exhibit 10.1

 

AUTHENTIC BRANDS LLC

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

Dated as of February 9, 2022

 

THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED
BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED,
PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE
WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE I DEFINITIONS	2
	ARTICLE II ORGANIZATIONAL MATTERS	16
	Section 2.01   Formation of Company	16
	Section 2.02   Third Amended and Restated Limited Liability Company Agreement	16
	Section 2.03   Name	16
	Section 2.04   Purpose; Powers	16
	Section 2.05   Principal Office; Registered Office	16
	Section 2.06   Term	17
	Section 2.07   No State-Law Partnership	17
	ARTICLE III MEMBERS; UNITS; CAPITALIZATION	17
	Section 3.01   Members	17
	Section 3.02   Units	18
	Section 3.03   Recapitalization; the Business Combination; the Preferred Redemption	18
	Section 3.04   Incentive Units	19
	Section 3.05   Restricted Units	20
	Section 3.06   Authorization and Issuance of Additional Units	21
	Section 3.07   Repurchase or Redemption of Shares of Class A Common Stock	23
	Section 3.08   Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	23
	Section 3.09   Negative Capital Accounts	24
	Section 3.10   No Withdrawal	24
	Section 3.11   Loans From Members	24
	Section 3.12   Corporate Equity Plans	24
	Section 3.13   Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	25
	ARTICLE IV DISTRIBUTIONS	26
	Section 4.01   Distributions	26
	ARTICLE V CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS	28
	Section 5.01   Capital Accounts	28
	Section 5.02   Allocations	30
	Section 5.03   Regulatory Allocations	30
	Section 5.04   Final Allocations	32
	Section 5.05   Tax Allocations	32
	Section 5.06   Adjustment for Non-Compensatory Options	33
	Section 5.07   Restricted Units	33
	Section 5.08   Compliance with Tax Laws	34

 

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	Section 5.09   Indemnification and Reimbursement for Payments on Behalf of a Member	34
	ARTICLE VI MANAGEMENT	35
	Section 6.01   Authority of Manager; Officer Delegation	35
	Section 6.02   Actions of the Manager	36
	Section 6.03   Resignation; No Removal	36
	Section 6.04   Vacancies	36
	Section 6.05   Transactions Between the Company and the Manager	36
	Section 6.06   Reimbursement for Expenses	37
	Section 6.07   Delegation of Authority	37
	Section 6.08   Limitation of Liability of Manager	37
	Section 6.09   Investment Company Act	38
	ARTICLE VII RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER	39
	Section 7.01   Limitation of Liability and Duties of Members	39
	Section 7.02   Lack of Authority	39
	Section 7.03   No Right of Partition	40
	Section 7.04   Indemnification	40
	Section 7.05   Inspection Rights	41
	ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS	41
	Section 8.01   Records and Accounting	41
	Section 8.02   Fiscal Year	41
	ARTICLE IX TAX MATTERS	42
	Section 9.01   Preparation of Tax Returns	42
	Section 9.02   Tax Elections	42
	Section 9.03   Tax Controversies	42
	ARTICLE X RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS	43
	Section 10.01   Transfers by Members	43
	Section 10.02   Permitted Transfers	43
	Section 10.03   Legend	44
	Section 10.04   Transfer	44
	Section 10.05   Assignee’s Rights	45
	Section 10.06   Assignor’s Rights and Obligations	45
	Section 10.07   Overriding Provisions	45
	Section 10.08   Spousal Consent	46
	Section 10.09   Certain Transactions with respect to the Corporation	47
	Section 10.10   Unvested Common Units	48
	Section 10.11   Incentive Unit Exchange	49
	ARTICLE XI REDEMPTION AND DIRECT EXCHANGE RIGHTS	49
	Section 11.01   Redemption Right of a Member	49

 

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	Section 11.02   Election and Contribution of the Corporation	53
	Section 11.03   Direct Exchange Right of the Corporation	53
	Section 11.04   Reservation of shares of Class A Common Stock; Listing; Certificate of the Corporation	54
	Section 11.05   Effect of Exercise of Redemption or Direct Exchange	55
	Section 11.06   Tax Treatment	55
	ARTICLE XII ADMISSION OF MEMBERS	55
	Section 12.01   Substituted Members	55
	Section 12.02   Additional Members	56
	ARTICLE XIII WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS	56
	Section 13.01   Withdrawal and Resignation of Members	56
	ARTICLE XIV DISSOLUTION AND LIQUIDATION	56
	Section 14.01   Dissolution	56
	Section 14.02   Winding up	57
	Section 14.03   Deferment; Distribution in Kind	58
	Section 14.04   Cancellation of Certificate	58
	Section 14.05   Reasonable Time for Winding Up	58
	Section 14.06   Return of Capital	58
	ARTICLE XV GENERAL PROVISIONS	58
	Section 15.01   Power of Attorney	58
	Section 15.02   Confidentiality	59
	Section 15.03   Amendments	60
	Section 15.04   Title to Company Assets	61
	Section 15.05   Addresses and Notices	61
	Section 15.06   Binding Effect; Intended Beneficiaries	62
	Section 15.07   Creditors	62
	Section 15.08   Waiver	62
	Section 15.09   Counterparts	62
	Section 15.10   Applicable Law	62
	Section 15.11   Severability	63
	Section 15.12   Further Action	63
	Section 15.13   Execution and Delivery by Electronic Signature and Electronic Transmission	63
	Section 15.14   Right of Offset	63
	Section 15.15   Entire Agreement	63
	Section 15.16   Remedies	64
	Section 15.17   Descriptive Headings; Interpretation	64

 

Schedules

Schedule 1 - Schedule of Pre-Business Combination Members

Schedule 2 - Schedule of Members

Schedule 3 - Initial Officers

 

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Exhibits

Exhibit A – Form of Joinder Agreement

Exhibit B-1 – Form of Agreement and Consent of Spouse

Exhibit B-2 – Form of Spouse’s Confirmation of Separate Property

 

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AUTHENTIC BRANDS LLC

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

This THIRD AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from
time to time, this “Agreement”) of Authentic Brands LLC, a Delaware limited liability company (the “Company”),
dated as of February 9, 2022 (the “Effective Date”), is entered into by and among the Company, BRC Inc.,
a Delaware public benefit corporation (the “Corporation”), as the managing member of the Company, and each
of the other Members (as defined herein).

 

RECITALS

 

WHEREAS, unless the context
otherwise requires, capitalized terms used herein have the respective meaning ascribed to them in Article I;

 

WHEREAS, the Company was formed
as a limited liability company with the name “Authentic Brands LLC”, pursuant to and in accordance with the Delaware Act by
the filing of the Certificate with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware Act on June
5, 2018;

 

WHEREAS, prior to the Business
Combination, the Company was governed by that certain Second Amended and Restated Limited Liability Company Agreement of the Company,
effective as of May 7, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, together
with all schedules, exhibits and annexes thereto, the “Initial LLC Agreement”), which the parties listed
on Schedule 1 hereto executed in their capacity as members (including pursuant to consents and joinders thereto) (collectively,
the “Pre-Business Combination Members”);

 

WHEREAS, in connection
with the Business Combination, (a) the Company and the Pre-Business Combination Members shall convert all of the Original Units into
Common Units, Incentive Units and Restricted Units (the “Recapitalization”) as provided herein; provided
that, the Company may (at its option), in conjunction with the establishment of the Corporate Equity Incentive Plans, convert the
unvested Incentive Units of the Company into stock options or restricted stock of the Corporation (having the same vesting terms and
in-the-money economics) in lieu of converting such unvested Original Incentive Units of the Company into unvested Incentive Units,
(b) the Company shall be a party to a series of reorganization transactions with the Corporation and various other parties pursuant
to which, among other matters, the Corporation shall be issued Common Units and Restricted Units (which, in the case of the
Restricted Units, are solely issued in respect of the Corporation’s issuance of restricted shares of Series C-1 Common Stock
and Series C-2 Common Stock of the Corporation pursuant to the Sponsor Letter Agreement and the Transaction Support Agreements
entered into by the Blocker Corp Shareholders) and admitted as a Member in exchange for the direct or indirect contribution of the
Aggregate Closing PIPE Proceeds and the aggregate cash proceeds available for release from the Trust Account (after giving effect to
all of the SilverBox Shareholder Redemptions) and (c) the Company shall redeem all of the issued and outstanding Series A Preferred
Units (other than those held by Grand Opal Investment Holdings, Inc., which shall be converted into Common Units pursuant to the
Recapitalization) and deliver to the holders thereof an aggregate amount in cash equal to the Preferred Unit Redemption Amount in
exchange therefor (the “Preferred Redemption”); and

 

     

     

    

 

WHEREAS, in connection with
the foregoing matters, the Company and the Members desire to continue the Company without dissolution and amend and restate the Initial
LLC Agreement in its entirety as of the Effective Date to reflect, among other things, (a) the Recapitalization, (b) the addition of the
Corporation as a Member and its designation as sole Manager of the Company, (c) the Preferred Redemption and (d) the other rights and
obligations of the Members, the Company, the Manager and the Corporation, in each case, as provided and agreed upon in the terms of this
Agreement as of the Effective Date, at which time the Initial LLC Agreement shall be superseded entirely by this Agreement and shall be
of no further force or effect.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Initial LLC Agreement is hereby amended and restated in its entirety and the Company, the Corporation and the other Members, each
intending to be legally bound, each hereby agrees as follows:

 

Article
I 

DEFINITIONS

 

The following definitions
shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary.

 

“Additional Member”
has the meaning set forth in Section 12.02.

 

“Adjusted Capital
Account Deficit” means, with respect to the Capital Account of any Member as of the end of any Taxable Year, the amount
by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be:

 

(a)       reduced
for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); and

 

(b)       increased
for any amount such Member is obligated to contribute or is treated as being obligated to contribute to the Company pursuant to Treasury
Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(l) and 1.704-2(i) (relating to
minimum gain).

 

“Admission Date”
has the meaning set forth in Section 10.06.

 

“Affiliate”
(and, with a correlative meaning, “Affiliated”) means, with respect to a specified Person, each other
Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified. As used in this definition, “control” (including with correlative meanings,
 “controlled by” and “under common control with”) means possession, directly or indirectly, of power to
direct or cause the direction of management or policies (whether through ownership of voting securities or by contract or other
agreement).

 

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“Aggregate Closing
PIPE Proceeds” has the meaning set forth in the Business Combination Agreement.

 

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

 

“Assignee”
means a Person to whom a Unit has been transferred but who has not become a Member pursuant to Article XII.

 

“Assumed Tax Liability”
means, with respect to any Member, an amount equal to the excess of (a) the product of (i) the Distribution Tax Rate multiplied by
(ii) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated
to such Member for full or partial Fiscal Years commencing on or after January 1, 2022, less prior losses of the Company allocated
to such Member for full or partial Fiscal Years commencing on or after January 1, 2022, in each case, as determined by the Manager and
to the extent such prior losses are available to reduce such income over (b) the cumulative Tax Distributions made to such Member
after the closing date of the Business Combination pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii);
provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases
to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under
the Credit Agreements, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and
its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each
Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including
 “reverse” 704(c) allocations) to the Member and any deduction under Code Section 199A.

 

“Base Rate”
means, on any date, a variable rate per annum equal to the rate of interest most recently published by The Wall Street Journal
as the “prime rate” at large U.S. money center banks.

 

“Beneficial Owner”
means, with respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares:

 

(a)       voting
power, which includes the power to vote, or to direct the voting of, such security; or

 

(b)       investment
power, which includes the power to dispose of, or to direct the disposition of, such security.

 

The terms “Beneficially
Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Black-Out
Period” means any “black-out” or similar period under the Corporation’s policies covering trading in
the Corporation’s securities to which the applicable Redeeming Member is subject (or will be subject at such time as it owns
Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common
Stock to be delivered to such Redeeming Member in connection with a Share Settlement.

 

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“Blocker Corp
Shareholders” has the meaning set forth in the Business Combination Agreement.

 

“Book Value”
means, with respect to any property of the Company, the Company’s adjusted basis for U.S. federal income tax purposes, adjusted
from time to time to reflect the adjustments required or permitted (as determined by the Manager) by Treasury Regulation Section 1.704-1(b)(2)(iv),
except that, in the case of any property contributed to the Company, the Book Value of such property shall initially equal the Fair Market
Value of such property at the time of such contribution.

 

“Business Combination”
has the meaning set forth in the Business Combination Agreement.

 

“Business Combination
Agreement” means that certain Business Combination Agreement dated as of November 2, 2021, by and among SilverBox Engaged
Merger Corp I, the Corporation, SBEA Merger Sub LLC, BRCC Blocker Merger Sub LLC, Grand Opal Investment Holdings, Inc., and the Company.

 

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

 

“Capital Account”
means the capital account maintained for a Member in accordance with Section 5.01.

 

“Capital Contribution”
means, with respect to any Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other
property that such Member (or such Member’s predecessor) contributes (or is deemed to contribute) to the Company pursuant to Article
III hereof, net of any liabilities assumed by the Company from such Member in connection with such contribution or to which the contributed
property is subject.

 

“Cash Settlement”
means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent.

 

“Certificate”
means the Company’s Certificate of Formation as filed with the Secretary of State of the State of Delaware, as amended or amended
and restated from time to time.

 

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

 

(a)       any
 “person” or “group” (within the meaning of Sections 13(d) of the Exchange Act (excluding any “person”
or “group” who, on the Closing Date, is the Beneficial Owner of securities of the Corporation representing more than 50% of
the combined voting power of the Corporation’s then outstanding voting securities)) becomes the Beneficial Owner of securities of
the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities;

 

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

 

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

 

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

 

Notwithstanding the foregoing, a “Change
of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the record holders of the Class A Common Stock and Class B Common Stock of the Corporation immediately prior
to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over,
and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately
following such transaction or series of transactions.

 

“Change of Control
Date” has the meaning set forth in Section 10.09(a).

 

“Change of Control
Transaction” means any Change of Control that is approved by the Corporate Board prior to such Change of Control.

 

“Class A Common
Stock” means, as applicable, (a) the shares of Class A common stock, par value $0.0001 per share, of the Corporation or
(b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities
of the Corporation or any other Person or cash or other property that become payable in consideration for the Class A common stock, $0.0001
par value per share, of the Corporation or into which the Class A common stock, $0.0001 par value per share, of the Corporation is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.

 

    5

     

    

 

“Class B Common
Stock” means, as applicable, (a) the shares of Class B Common Stock, par value $0.0001 per share, of the Corporation or
(b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities
of the Corporation or any other Person or cash or other property that become payable in consideration for the Class B common stock, $0.0001
par value per share, of the Corporation or into which the Class B common stock, $0.0001 par value per share, of the Corporation is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.

 

“Class C Common
Stock” means, as applicable, (a) the shares of Class C common stock, par value $0.0001 per share, of the Corporation or
(b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities
of the Corporation or any other Person or cash or other property that become payable in consideration for the Class C common stock, $0.0001
par value per share, of the Corporation or into which the Class C common stock, $0.0001 par value per share, of the Corporation is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.

 

“Closing Date”
means the date on which the Business Combination is consummated.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended. Unless the context requires otherwise, any reference herein to a specific
section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period.

 

“Common Unit”
means a Unit designated as a “Common Unit” and having the rights and obligations specified with respect to the Common Units
in this Agreement; provided that, the Common Units shall exclude any Restricted Units prior to their conversion into Common Units
upon the occurrence of an applicable Vesting Event.

 

“Common Unit Redemption
Price” means, with respect to any Redemption, the arithmetic average of the volume weighted average prices for a share of
Class A Common Stock on the Stock Exchange, or any other exchange or automated or electronic quotation system on which the Class A
Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the 20 consecutive full Trading Days ending on and
including the last full Trading Day immediately prior to the applicable Redemption Date, subject to appropriate and equitable adjustment
for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock
no longer trades on the Stock Exchange or any other securities exchange or automated or electronic quotation system as of any particular
Redemption Date, then the Manager (through a majority of its directors who are disinterested) shall determine the Common Unit Redemption
Price in good faith.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company Equity
Incentive Plan” means the Authentic Brands LLC 2018 Equity Incentive Plan.

 

“Confidential
Information” has the meaning set forth in Section 15.02(a).

 

“Conversion Date”
means, with respect to any Restricted Unit, the date on which a Vesting Event occurs for such Restricted Unit or such later date as determined
pursuant to Section 3.05(a).

 

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

 

“Corporate Equity
Incentive Plans” means, collectively, (a) the BRC, Inc. 2022 Omnibus Incentive Plan and (b) the BRC, Inc. 2022 Employee
Stock Purchase Plan, in each case, as may be amended, restated, amended and restated, supplemented or otherwise modified from time to
time.

 

“Corporation”
has the meaning set forth in the recitals to this Agreement, together with its successors and assigns.

 

“Corresponding
Rights” means any rights issued with respect to a share of Class A Common Stock or Class B Common Stock pursuant to
a “poison pill” or similar stockholder rights plan approved by the Corporate Board.

 

“Credit Agreements”
means any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the Company or any of its Subsidiaries
is or becomes a borrower, as such instruments or agreements may be amended, restated, supplemented or otherwise modified from time to
time and including any one or more refinancing or replacements thereof, in whole or in part, with any other debt facility or debt obligation,
for as long as the payee or creditor to whom the Company or any of its Subsidiaries owes such obligation is not an Affiliate of the Company.

 

“Delaware Act”
means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as it may be amended from time to time, and
any successor thereto.

 

“Direct Exchange”
has the meaning set forth in Section 11.03(a).

 

“Discount”
has the meaning set forth in Section 6.06.

 

“Distributable
Cash” means, as of any relevant date on which a determination is being made by the Manager regarding a potential distribution
pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in accordance with the
Credit Agreements (and without otherwise violating any applicable provisions of any of the Credit Agreements).

 

“Distribution”
(and, with a correlative meaning, “Distribute”) means each distribution made by the Company to a Member with
respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution or
otherwise; provided however that, none of the following shall be a Distribution: (a) any recapitalization that does not result
in the distribution of cash or property to Members or any exchange of securities of the Company, and any subdivision (by Unit split or
otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units or (b) any other payment made by the Company
to a Member that is not properly treated as a “distribution” for purposes of Sections 731, 732, or 733 or other applicable
provisions of the Code.

 

“Distribution
Tax Rate” means, with respect to a Fiscal Year or portion thereof, the higher of the then applicable (a) sum of the highest
marginal effective U.S. federal individual income tax rate and highest combined marginal effective U.S. state and local individual income
tax rate for an individual residing in Salt Lake City, Utah and (b) sum of the highest marginal effective U.S. federal corporate income
tax rate and the highest combined marginal effective U.S. state and local corporate income tax of any state in which the Company does
business, in each case, taking into account the character of the relevant tax items (e.g., ordinary or capital) and the deductibility
of state and local income taxes for federal income tax purposes (but only to the extent such taxes are deductible under the Code), as
reasonably determined by the Manager.

 

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“Effective Date”
has the meaning set forth in the preamble to this Agreement.

 

“Election Notice”
has the meaning set forth in Section 11.01(b).

 

“Equity Plan”
means any stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation plan now or hereafter adopted
by the Company or the Corporation, including the Corporate Equity Incentive Plans but excluding the Company Equity Incentive Plan.

 

“Equity Securities”
means (a) Units or other equity interests in the Company or any Subsidiary of the Company (including other classes or groups thereof
having such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the provisions of this
Agreement, including rights, powers or duties senior to existing classes and groups of Units and other equity interests in the Company
or any Subsidiary of the Company), (b) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable
into Units or other equity interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to
purchase or otherwise acquire Units or other equity interests in the Company or any Subsidiary of the Company.

 

“Event of Withdrawal”
means the bankruptcy or dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member
in the Company. “Event of Withdrawal” shall not include an event that (a) terminates the existence of a Member for income
tax purposes (including (i) a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, (ii) a sale of
assets by, or liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or (iii) merger, severance, or allocation
within a trust or among sub-trusts of a trust that is a Member) but that (b) does not terminate the existence of such Member under applicable
state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect
to all the Units of such trust that is a Member).

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended, and any applicable rules and regulations promulgated thereunder, and any successor
to such statute, rules or regulations.

 

“Exchange Election
Notice” has the meaning set forth in Section 11.03(b).

 

“Fair Market
Value” of a specific asset of the Company will mean the amount which the Company would receive in an all-cash sale of
such asset in an arms-length transaction with a willing unaffiliated third party, with neither party having any compulsion to buy or
sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the
Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale), as such amount is determined
by the Manager (or, if pursuant to Section 14.02, the Liquidators) in its good faith judgment using all factors, information
and data it deems to be pertinent.

 

    8

     

    

 

“Family Group”
means (a) in the case of a Member or LLC Employee who is an individual, such individual’s spouse, parents and descendants (whether
natural or adopted) and any trust or estate planning vehicle or entity solely for the benefit of such individual or the individual’s
spouse, parents, descendants or other relatives, and (b) in the case of a Member or LLC Employee that is a trust, the beneficiary of such
trust.

 

“First Tier Vesting
Event” means the first day on which the VWAP of the Class A Common Stock is greater than or equal to $15.00 over any 20
trading days within any 30 trading day period commencing at any time on or after the Closing Date; provided that, the reference
to $15.00 shall be decreased by the aggregate per share amount of dividends actually paid in respect of a share of Class A Common Stock
following the Effective Date.

 

“Fiscal Period”
means any interim accounting period within a Taxable Year established by the Manager and which is permitted or required by Section 706
of the Code.

 

“Fiscal Year”
means the Company’s annual accounting period established pursuant to Section 8.02.

 

“Full Vesting
Event” means, with respect to the Restricted Units, a Change of Control Transaction or liquidation of the Company.

 

“Governmental
Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province,
district, territory or other political subdivision of clause (a) or (b) of this definition, including, but not limited to,
any county, municipal or other local subdivision of the foregoing, or (d) any agency, arbitrator or arbitral body, authority, board,
body, bureau, commission, court, department, entity, instrumentality, organization or tribunal exercising executive, legislative, judicial,
regulatory or administrative functions of government on behalf of clauses (a), (b) or (c) of this definition.

 

“HSR Act”
has the meaning set forth in Section 3.05(c).

 

“Imputed
Underpayment Amount” means (a) any “imputed
underpayment” within the meaning of Section 6225 of the Code
(or any corresponding or similar provision of state, local or foreign tax law) paid (or payable) by the Company as a result of any
adjustment by the IRS with respect to any Company item of income, gain, loss, deduction, or credit of the Company (including,
without limitation, any “partnership-related item” within
the meaning of Section 6241(2) of the Code (or any corresponding or similar provision of state, local or foreign tax law)),
including any interest, penalties or additions to tax with respect to any such adjustment, (b) any amount not described in clause
(a) (including any interest, penalties or additions to tax with respect to such amounts) paid (or payable) by the Company as a
result of the application of Sections 6221-6241 of the Code (or any corresponding or similar provision of state, local or foreign
tax law), and/or (c) any amount paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in
which the Company holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S.
federal income tax purposes if the Company bears the economic burden of such amounts, whether by law or agreement, as a result of
the application of Sections 6221-6241 of the Code (including for the avoidance of doubt Section 6226(b) of the Code or any
corresponding or similar provision of state, local or foreign tax law), including any interest, penalties or additions to tax with
respect to such amounts.

 

    9

     

    

 

“Incentive Unit
Exchange” has the meaning set forth in Section 10.11.

 

“Incentive Unit
Exchange Rate” means, at any time, the quotient of (a) the excess of (x) the Per Common Unit Equity Value on the date of
the Incentive Unit Exchange over (y) the sum of the portion of the Participation Threshold to the extent it (or a portion of it) remains
unmet (as reasonably determined by the Manager) applicable to such Incentive Unit and allocable to a Common Unit (as reasonably determined
by the Manager) and the amount of any Tax Distributions made in respect of the applicable Incentive Unit prior to it becoming a Participating
Incentive Unit, divided by (b) the Per Common Unit Equity Value on the date of the Incentive Unit Exchange; provided that if the
number determined by the foregoing calculation is a negative number, the Incentive Unit Exchange Rate shall be deemed to be zero and the
Incentive Unit Exchange Rate shall be subject to adjustment, as reasonably determined by the Manager, to the extent necessary so that
the Incentive Units may be treated as “profits interests” under applicable tax law and taking into account any Incentive Unit
Exchange.

 

“Incentive Units”
means a Unit designated as an “Incentive Unit” and having the rights and obligations specified with respect to the Incentive
Units in this Agreement, which shall include the Incentive Units into which Original Incentive Units are converted pursuant to the Recapitalization.

 

“Indemnified Person”
has the meaning set forth in Section 7.04(a).

 

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

 

“Investment Company
Act” means the U.S. Investment Company Act of 1940, as amended from time to time.

 

“Investor Rights
Agreement” means that certain Investor Rights Agreement, dated as of the Effective Date (as may be amended from time to
time in accordance with its terms), by and among the Corporation, certain of the Members as of the Effective Date and certain other Persons
whose signatures are affixed thereto (together with any joinder thereto from time to time by any successor or assign to any party to such
agreement).

 

“IRS”
means the Internal Revenue Service.

 

“Joinder”
means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

 

“Law”
means all laws, statutes, ordinances, rules and regulations of any Governmental Entity.

 

“Liquidator”
has the meaning set forth in Section 14.02.

 

    10

     

    

 

“Liquidity Limitations”
has the meaning set forth in Section 4.01(b)(i).

 

“LLC Employee”
means an employee of, or other service provider (including any management member whether or not treated as an employee for the purposes
of U.S. federal income tax) to, the Company or any of its Subsidiaries, in each case acting in such capacity.

 

“Losses”
means items of loss or deduction of the Company determined according to Section 5.01(b).

 

“Manager”
has the meaning set forth in Section 6.01.

 

“Market Price”
means, with respect to a share of Class A Common Stock as of a specified date, the last sale price per share of Class A Common Stock,
regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class A Common Stock,
regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or
admitted to trading on the Stock Exchange or, if the Class A Common Stock is not listed or admitted to trading on the Stock Exchange,
as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities
exchange on which the Class A Common Stock is listed or admitted to trading or, if the Class A Common Stock is not listed or admitted
to trading 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 National Association of Securities Dealers, Inc. Automated Quotation System
or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if the Class A Common
Stock 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 shares of Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available for the
shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by the Corporate
Board.

 

“Member”
means, as of any date of determination, (a) each of the members named on the Schedule of Members and (b) any Person admitted to the Company
as a Substituted Member or Additional Member in accordance with Article XII but in each case only so long as such Person is shown
on the Company’s books and records as the owner of one or more Units, each in its capacity as a member of the Company.

 

“Member Minimum
Gain” means minimum gain attributable to Member Nonrecourse Debt determined in accordance with Regulations Section 1.704-2(i).

 

“Member Nonrecourse
Debt” has the meaning set forth for the term “partner nonrecourse debt” in Regulations Section 1.704-2(b)(4).

 

“Minimum Gain”
means “partnership minimum gain” determined pursuant to Treasury Regulation Section 1.704-2(d).

 

“Net
Loss” means, with respect to a Fiscal Year, the excess if any, of the aggregate amount of Losses for such Fiscal Year
over the aggregate amount of Profits for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Section
5.03 and Section 5.04) or, to the extent required, items thereof.

 

    11

     

    

 

“Net Profit”
means, with respect to a Fiscal Year, the excess, if any, of the aggregate amount of Profits for such Fiscal Year over the aggregate amount
of Losses for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04)
or, to the extent required, items thereof.

 

“Officer”
has the meaning set forth in Section 6.01(b).

 

“Original Incentive
Units” means Incentive Units that are Original Units.

 

“Original Units”
means, collectively, (a) all of the issued and outstanding Class A Common Units of the Company, (b) all of the issued and outstanding
Class B Common Units of the Company, (c) all of the Incentive Units of the Company and (d) the Series A Preferred Units of the
Company held by Grand Opal Investment Holdings, Inc., in each case, as defined in the Initial LLC Agreement.

 

“Other Agreements”
has the meaning set forth in Section 10.04.

 

“Partial Vesting
Event” means (a) with respect to 50% of any Member’s Restricted Units held as of the date of a First Tier Vesting
Event, the First Tier Vesting Event; provided that, a First Tier Vesting Event shall not occur more than once; or (b) with respect
to the remaining 50% of any Member’s Restricted Units held as of the date of a First Tier Vesting Event (in each case after giving
effect to any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by
reverse equity split, reclassification, recapitalization or otherwise)), the Second Tier Vesting Event.

 

“Participating
Incentive Unit” means an Incentive Unit that is vested and for which the Participation Threshold has been fully met.

 

“Participation
Threshold” has the meaning set forth in Section 3.04(c).

 

“Partnership Representative”
has the meaning set forth in Section 9.03.

 

“Per Common Unit
Equity Value” means, as of any particular time, the amount to which each holder of a Common Unit would be entitled in respect
of such Common Unit if the aggregate equity value of the Company as of such time (as reasonably determined by the Manager) were distributed
to the Members in accordance with Section 4.01(a) (assuming for these purposes that all Incentive Units are vested).

 

“Percentage Interest”
means, with respect to a Member at a particular time, such Member’s percentage interest in the Company determined by dividing the
number of such Member’s Common Units or Participating Incentive Units, as applicable, by the total number of Common Units and Participating
Incentive Units of all Members at such time. The Percentage Interest of each Member shall be calculated to the fourth decimal place.

 

“Permitted Transfer”
has the meaning set forth in Section 10.02.

 

    12

     

    

 

“Permitted Transferee”
has the meaning set forth in Section 10.02.

 

“Person”
means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association, joint
venture or any other organization or entity, whether or not a legal entity.

 

“Pre-Business
Combination Members” has the meaning set forth in the recitals to this Agreement.

 

“Preferred Redemption”
has the meaning set forth in the recitals to this Agreement.

 

“Preferred Unit
Redemption Amount” has the meaning set forth in the Business Combination Agreement.

 

“Pro rata”, “pro
rata portion”, “according to their interests”, “ratably”, “proportionately”, “proportional”,
 “in proportion to”, “based on the number of Units held”, “based upon the percentage of Units held”,
 “based upon the number of Units outstanding” and other terms with similar meanings, when used in the context of a number of
Units of the Company relative to other Units, means as amongst an individual class of Units, pro rata based upon the number of such Units
within such class of Units.

 

“Profits”
means items of income and gain of the Company determined according to Section 5.01(b).

 

“Pubco Offer”
has the meaning set forth in Section 10.09(b).

 

“Quarterly Tax
Distribution” has the meaning set forth in Section 4.01(b)(i).

 

“Recapitalization”
has the meaning set forth in the recitals to this Agreement.

 

“Redeemed Units”
has the meaning set forth in Section 11.01(a).

 

“Redeemed Units
Equivalent” means the product of (a) the applicable number of Redeemed Units, multiplied by (b) the Common Unit Redemption
Price.

 

“Redeeming Member”
has the meaning set forth in Section 11.01(a).

 

“Redemption”
has the meaning set forth in Section 11.01(a).

 

“Redemption Date”
has the meaning set forth in Section 11.01(a).

 

“Redemption Notice”
has the meaning set forth in Section 11.01(a).

 

“Redemption Right”
has the meaning set forth in Section 11.01(a).

 

“Restricted Unit”
means a Unit designated as a “Restricted Unit” which is subject to vesting, and having the rights and obligations specified
with respect to the Restricted Units in this Agreement.

 

    13

     

    

 

“Retraction Notice”
has the meaning set forth in Section 11.01(c).

 

“Revised Partnership
Audit Provisions” means Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance) of the Bipartisan Budget
Act of 2015, H.R. 1314, Public Law Number 114-74.

 

“Schedule of Members”
has the meaning set forth in Section 3.01(a).

 

“SEC”
means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

 

“Second Tier Vesting
Event” means the first day on which the VWAP of the Class A Common Stock is greater than or equal to $20.00 over any 20
trading days within any 30 trading day period commencing at any time on or after the Closing Date; provided that, the reference
to $20.00 shall be decreased by the aggregate per share amount of dividends actually paid in respect of a share of Class A Common Stock
following the Effective Date.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor to such statute,
rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include
any corresponding provisions of future Law.

 

“Series A Preferred
Unit” means a Unit designated as a “Series A Preferred Unit” and having the rights and obligations specified
with respect to the Series A Preferred Units in this Agreement.

 

“Share Settlement”
means a number of shares of Class A Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units.

 

“SilverBox Shareholder
Redemption” has the meaning set forth in the Business Combination Agreement.

 

“Sponsor Letter
Agreement” has the meaning set forth in the Business Combination Agreement.

 

“Stock Exchange”
means the New York Stock Exchange.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (a) if
a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership,
association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, references
to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and,
unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company.

 

    14

     

    

 

“Substituted Member”
means a Person that is admitted as a Member to the Company pursuant to Section 12.01.

 

“Tax Distributions”
has the meaning set forth in Section 4.01(b)(i).

 

“Tax Receivable
Agreement” means that certain Tax Receivable Agreement, dated as the date of the Effective Date (as may be amended from
time to time in accordance with its terms), by and among the Corporation, the Company and the Agent (as such term is defined in the Tax
Receivable Agreement) (together with any joinder thereto from time to time by any successor or assign to any party to such agreement).

 

“Taxable Year”
means the Company’s accounting period for U.S. federal income tax purposes determined pursuant to Section 9.02.

 

“Trading Day”
means a day on which the Stock Exchange or such other principal United States securities exchange on which the Class A Common Stock is
listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

 

“Transfer”
(and, with a correlative meaning, “Transferring” and “Transferred”) means any sale,
transfer, assignment, redemption, pledge, encumbrance or other disposition of (whether directly or indirectly, whether with or without
consideration and whether voluntarily or involuntarily or by operation of Law) (a) any interest (legal or beneficial) in any Equity
Securities or (b) any equity or other interest (legal or beneficial) in any Member if substantially all of the assets of such Member
consist solely of Units.

 

“Treasury Regulations”
means the final, temporary and (to the extent they can be relied upon) proposed regulations under the Code, as promulgated from time to
time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. Such term shall be deemed
to include any future amendments to such regulations and any corresponding provisions of succeeding regulations.

 

“Trust Account”
has the meaning set forth in the Business Combination Agreement.

 

“Unit”
means the fractional interest of a Member in Profits, Losses and Distributions of the Company, and otherwise having the rights and obligations
specified with respect to “Units” in this Agreement; provided however that, (a) any class or group of Units issued
shall have the relative rights, powers and duties set forth in this Agreement applicable to such class or group of Units and (b) the Series
A Preferred Units are intended to be issued solely for purposes of effecting the Preferred Redemption as of the Effective Date, after
which time there shall be no Series A Preferred Units issued and outstanding except as otherwise provided herein.

 

“Unvested Corporate
Shares” means shares of Class A Common Stock issuable pursuant to awards granted under the Corporate Equity Incentive Plans
that are not Vested Corporate Shares.

 

“Value”
means, for any Equity Plan, the Market Price for the Trading Day immediately preceding the Vesting Date.

 

    15

     

    

 

“Vested Corporate
Shares” means the shares of Class A Common Stock issued pursuant to awards granted under the Corporate Equity Incentive
Plans that are vested pursuant to the terms thereof or any award or similar agreement relating thereto.

 

“Vesting Date”
has the meaning set forth in Section 3.12(a)(ii).

 

“Vesting Event”
means a Partial Vesting Event or a Full Vesting Event.

 

Article
II 

ORGANIZATIONAL MATTERS

 

Section
2.01        Formation
of Company. The Company was formed on June 5, 2018 pursuant to the provisions of the Delaware Act. The filing of the Certificate of
Formation of the Company with the Secretary of State of the State of Delaware are hereby ratified and confirmed in all respects.

 

Section
2.02        Third
Amended and Restated Limited Liability Company Agreement. The Members hereby execute this Agreement for the purpose of amending, restating
and superseding the Initial LLC Agreement in its entirety and otherwise establishing the affairs of the Company and the conduct of its
business in accordance with the provisions of the Delaware Act. The Members hereby agree that, during the term of the Company set forth
in Section 2.06, the rights and obligations of the Members with respect to the Company will be determined in accordance with the
terms and conditions of this Agreement and the Delaware Act. No provision of this Agreement shall be in violation of the Delaware Act
and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no effect to
the extent of such violation without affecting the validity of the other provisions of this Agreement. Neither any Member nor the Manager
nor any other Person shall have appraisal rights with respect to any Units.

 

Section
2.03       Name.
The name of the Company is “Authentic Brands LLC”. The Manager, in its sole discretion, may change the name of the Company
at any time and from time to time. Notification of any such change shall be given to all of the Members. The Company’s business
may be conducted under its name or any other name or names deemed advisable by the Manager.

 

Section
2.04        Purpose;
Powers. The primary business and purpose of the Company shall be to engage in such activities as are permitted under the Delaware
Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement. The Company shall have
the power and authority to take (directly or indirectly through its Subsidiaries) any and all actions and engage in any and all activities
necessary, appropriate, desirable, advisable, ancillary or incidental to accomplish the foregoing purpose.

 

Section
2.05        Principal
Office; Registered Office. The principal office of the Company shall be located at such place or places as the Manager may from
time to time designate, each of which may be within or outside the State of Delaware. The Company may have such other offices as the
Manager may designate from time to time. The registered office of the Company required by the Act to be maintained in the State of
Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a
place of business of the Company) as the Manager may designate from time to time in the manner provided by law.

 

    16

     

    

 

Section
2.06        Term.
The term of the Company commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue in perpetuity
unless dissolved in accordance with the provisions of Article XIV.

 

Section
2.07        No
State-Law Partnership. The Members intend that the Company not be a partnership (including a limited partnership) or joint venture,
and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes other than as set
forth in the last sentence of this Section 2.07, and neither this Agreement nor any other document entered into by the Company
or any Member relating to the subject matter hereof shall be construed to suggest otherwise. The Members intend that the Company shall
be treated as a partnership for U.S. federal and, if applicable, state or local income tax purposes, and that 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.
Notwithstanding anything to the contrary set forth in this Section 2.07, this Section 2.07 shall not prevent the Company
from entering into or consummating any transaction which constitutes a Change of Control to the extent such transaction is duly authorized
by the Manager in accordance with this Agreement, subject to (a) the consent rights set forth in the Investor Rights Agreement (if any,
applicable to such transaction) and (b) the rights set forth in the Tax Receivable Agreement, if any, to the extent applicable to such
transaction.

 

Article
III 

MEMBERS; UNITS; CAPITALIZATION

 

Section
3.01        Members.

 

(a)              
The Company shall maintain a schedule setting forth: (i) the name and address of each Member and (ii) the aggregate number
of outstanding Units and the number and class of Units held by each Member (such schedule, the “Schedule of Members”).
The applicable Schedule of Members in effect as of the Effective Date and after giving effect to the Recapitalization is set forth as
Schedule 2 to this Agreement. The Company shall also maintain a record of (1) the aggregate amount of cash Capital Contributions
that has been made by the Members with respect to their Units and (2) the Fair Market Value of any property other than cash contributed
by the Members with respect to their Units (including, if applicable, a description and the amount of any liability assumed by the Company
or to which contributed property is subject) in its books and records. The Schedule of Members may be updated by the Manager in the Company’s
books and records from time to time, and as so updated, it shall be the definitive record of ownership of each Unit of the Company and
all relevant information with respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered
on its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest
in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by
the Delaware Act.

 

(b)               No
Member shall be required or, except as approved by the Manager pursuant to Section 6.01 and in accordance with the other
provisions of this Agreement, permitted to (i) loan any money or property to the Company, (ii) borrow any money or property from the
Company or (iii) make any additional Capital Contributions.

 

    17

     

    

 

Section
3.02        Units.

 

(a)          
Interests in the Company shall be represented by Units, or such other securities of the Company, in each case as the Manager
may establish in its discretion in accordance with the terms and subject to the restrictions hereof. At the Effective Date, the Units
will be comprised of one class of Common Units, one class of Incentive Units, one class of Restricted Units and, solely for purposes of
effecting the Preferred Redemption, one series of Preferred Units (which shall be denoted as “Series A Preferred Units”).

 

(b)          
Subject to Section 3.06(a), the Manager may (i) issue additional Common Units at any time in its sole discretion
and (ii) create one or more additional classes or series of Units or preferred Units solely to the extent such new class or series of
Units or preferred Units are substantially economically equivalent to a class of common or other stock of the Corporation or class or
series of preferred stock of the Corporation, respectively; provided that, as long as there are any Members (other than the Corporation
and its Subsidiaries), (A) no such new class or series of Units may deprive such Members of, or dilute or reduce, the allocations and
distributions they would have received, and the other rights and benefits to which they would have been entitled, in respect of their
Units if such new class or series of Units had not been created and (B) no such new class or series of Units may be issued, in each case,
except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a Fair
Market Value in an aggregate amount, equal to the aggregate distributions that would be made in respect of such new class or series of
Units if the Company were liquidated immediately after the issuance of such new class or series of Units, in the case of each of clauses
(A) and (B), other than in connection with the creation and issuance of one or more classes or series of Units issued in accordance with
the Equity Plan.

 

(c)          
Subject to Sections 15.03(b) and 15.03(c), the Manager may amend this Agreement, without the consent of any
Member or any other Person, in connection with the creation and issuance of such classes or series of Units, pursuant to Sections 3.02(b),
3.04(a) or 3.10.

 

Section
3.03          Recapitalization;
the Business Combination; the Preferred Redemption.

 

(a)          In
order to effect the Recapitalization, the number of Original Units that were issued and outstanding and held by the Pre-Business
Combination Members prior to the Effective Date as set forth opposite the respective Pre-Business Combination Member in Schedule 1
are hereby converted, as of the Effective Date, taking into account and adjusted for any distribution considered an advance to a
Pre-Business Combination Member that remains outstanding as of the Effective Date and giving effect to such conversion and the other
transactions related to the Recapitalization, into the number and class of Units set forth opposite the name of the respective
Member on the Schedule of Members attached hereto as Schedule 2; provided that, for the avoidance of doubt, the number
of Common Units, Incentive Units and Restricted Units set forth on Schedule 2 shall include the effects of the Business
Combination and the other transactions contemplated by the Business Combination Agreement. Such Common Units, Incentive Units and
Restricted Units set forth on Schedule 2 are hereby issued and outstanding as of the Effective Date and the holders of such
Common Units, Incentive Units and Restricted Units are Members hereunder. Notwithstanding the foregoing, the Company may (at its
option), in conjunction with the establishment of the Corporate Equity Incentive Plans, convert the unvested Original Incentive
Units of the Company into stock options or restricted stock of the Corporation (having the same vesting terms and in-the-money
economics) in lieu of converting such unvested Original Incentive Units of the Company into Incentive Units pursuant to the
Recapitalization.

 

    18

     

    

 

(b)              
Immediately prior to the Recapitalization, the Company shall redeem all of the issued and outstanding Series A Preferred
Units (other than those held by Grand Opal Investment Holdings, Inc., which shall be converted into Common Units pursuant to the Recapitalization)
and deliver to the holders thereof an aggregate amount in cash equal to the Preferred Unit Redemption Amount in exchange therefor, in
each case, pursuant to and in accordance with the terms of the Business Combination Agreement. Following the Preferred Redemption and
the Recapitalization as of the Effective Date, there shall be no Series A Preferred Units outstanding.

 

Section
3.04        Incentive
Units.

 

(a)              
As of the Effective Date, the Incentive Units issued under the Company Equity Incentive Plan that remain outstanding are
set forth on Schedule 2. It is each Member’s intention that the Original Incentive Units issued under the Company Equity
Incentive Plan and the Incentive Units shall represent interests in the profits and losses, but not the capital, of the Company.

 

(b)              
The Company and each Member agree to treat the Original Incentive Units and the Incentive Units as “profits interests”
within the meaning of Rev. Proc. 93-27, 1993-2 C.B. 343 and Rev. Proc. 2001-43, 2001-2 C.B. 191 or the corresponding requirements of any
subsequent guidance promulgated by the IRS or other applicable law The Company will treat each holder of Original Incentive Units and
Incentive Units as the owner of such Units, and will file its Internal Revenue Service Form 1065 and issue appropriate Schedule K-1s to
such holder, allocating to each such holder its distributive share of all items of income, gain, loss, deduction and credit associated
with such Units as if such Units were fully vested. Each holder of Original Incentive Units and Incentive Units agrees to take into account
such distributive share in computing such holder’s federal income tax liability for the entire period during which such holder owns
such Units. Subject to a “determination” (as such term is defined in Section 1313(a) of the Code) to the contrary, the Company
agrees not to claim a deduction (as wages, compensation or otherwise) for the fair market value of the Original Incentive Units or Incentive
Units issued either at the time of grant of such Units or at the time such Units become substantially vested in accordance with their
respective terms. The undertakings contained in this Section 3.04(b) will be construed in accordance with Section 4 of Rev. Proc.
2001-43, 2001-2 C.B. 191 and in the event of a change of law in respect of the tax treatment of the grants of “profits” interests,
the Company and each Member shall take all actions as may reasonably be required to maintain, to the extent possible, the tax treatment
of grants of “profits” interests contemplated by Revenue Procedures 93-27 and 2001-43 (for the avoidance of doubt, such actions
shall include necessary or advisable amendments of this Agreement).

 

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(c)              
 The former board of directors of the Company has previously established a participation threshold with respect to the Incentive
Units (as previously adjusted including pursuant to the Initial LLC Agreement, if at all, and as adjusted from time to time by the Manager
pursuant to this Agreement, if at all the “Participation Threshold”). The Participation Threshold shall be subject
to adjustment, as reasonably determined by the Manager, from time to time, including in respect of any changes to the capital structure,
to the extent necessary so that the Incentive Units may be treated as “profits interests” under applicable tax law. In the
event that, after the applicable grant date for the Original Incentive Units or Incentive Units, additional capital is contributed to
the Company, their Participation Threshold shall be adjusted, as determined by the Manager in its sole discretion, to reflect the terms
upon which such additional capital was raised by the Company. Notwithstanding the foregoing, the Participation Threshold of a subset of
Original Incentive Units or Incentive Units shall not be less than zero. So long as the Participation Threshold has not been fully met
for an Original Incentive Unit or an Incentive Unit, the Participation Threshold of such Original Incentive Unit or Incentive Unit may
increase from the grant date of such Unit by an amount designated by the Manager (or a designee thereof). The Manager shall reasonably
determine whether and to the extent a Participation Threshold of an Incentive Unit has been met and what portion of it remains unmet (if
any), with such determination being based upon any distributions previously made or that are being made to other Units pursuant to this
Agreement or that were made pursuant to the Initial LLC Agreement (or other applicable prior agreement of the Company) and in accordance
with the Incentive Units being treated as “profits interests” under applicable tax law.

 

Section
3.05        Restricted
Units.

 

(a)              
Each Restricted Unit will be held in accordance with this Agreement unless and until an applicable Vesting Event occurs
with respect to such Restricted Unit. Upon the occurrence of a Vesting Event, on the Conversion Date, those Restricted Units to which
such Vesting Event relates will be immediately converted into an equal number of Common Units, with all rights and privileges of a Common
Unit under this Agreement from and after the Conversion Date. For the avoidance of doubt, (i) upon the occurrence of a First Tier Vesting
Event, 50% of each of the Members’ Restricted Units outstanding as of the date of such occurrence will vest and convert immediately
into an equal number of Common Units; (ii) upon the occurrence of a Second Tier Vesting Event, the remaining Restricted Units held
by each Member as of the date of such occurrence (after giving effect to any subdivision (by any equity split, equity distribution, reclassification,
recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise)) will vest and
convert immediately into an equal number of Common Units (such that, following the occurrence of a Second Tier Vesting Event, no Restricted
Units remain outstanding); and (iii) upon the occurrence of a Change of Control Transaction or liquidation of the Company, 100% of
each of the Members’ Restricted Units then outstanding will vest and convert immediately into an equal number of Common Units (such
that following the occurrence of such Change of Control Transaction or liquidation of the Company, no Member will hold any Restricted
Units).

 

(b)              
If a First Tier Vesting Event has not occurred at the time of the occurrence of a Second Tier Vesting Event (provided
that, such Second Tier Vesting Event occurs prior to or as of the fifth anniversary of the Effective Date), such First Tier Vesting
Event shall also occur upon the occurrence of the Second Tier Vesting Event, such that all of the then outstanding Restricted Units shall
vest in accordance with Section 3.05(a).

 

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(c)         
Notwithstanding anything to the contrary contained in this Agreement, if, upon the occurrence of a Vesting Event, a filing
is required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) for the immediate conversion
of any Restricted Unit into an equal number of Common Units, then the Conversion Date with respect to all Restricted Units which would
convert into an equal number of Common Units resulting from such Vesting Event shall be delayed until the earlier of (i) such time as
the required filing under the HSR Act has been made and the waiting period applicable to such conversion under the HSR Act shall have
expired or been terminated or (ii) such filing is no longer required, at which time such conversion shall automatically occur without
any further action by the holders of any such Restricted Unit. Each of the Members agree to promptly take all actions required to make
such filing under the HSR Act and the filing fee for such filing shall be paid by the Company. On the Conversion Date with respect to
any Restricted Unit held by a Member, the Corporation shall issue, for each Restricted Unit which has converted into a Common Unit under
this Agreement, one share of Class B Common Stock to such Member.

 

(d)         The
Corporation hereby agrees to reserve for issuance at all times an adequate number of shares of Class B Common Stock to permit the issuance
of all Class B Common Stock assuming all of the Members’ Restricted Units vest under this Agreement.

 

(e)         To the extent that the First Tier Vesting Event has not occurred by the fifth anniversary of the Effective Date, then immediately
and without any further action under this Agreement, 50% of the Restricted Units issued and outstanding under this Agreement as of such
date shall be canceled and extinguished for no consideration. To the extent that the Second Tier Vesting Event has not occurred by the
seventh anniversary of the Effective Date, then immediately and without any further action under this Agreement, all remaining Restricted
Units issued and outstanding under this Agreement as of such date shall be canceled and extinguished for no consideration.

 

Section
3.06         Authorization
and Issuance of Additional Units.

 

(a)         Except as otherwise determined by the Manager in connection with a contribution of cash or other assets by the Corporation
to the Company:

 

(i)         the
Company and the Corporation shall undertake all actions, including an issuance, reclassification, distribution, division or recapitalization,
with respect to the Common Units, Restricted Units, Class A Common Stock, Class B Common Stock or Class C Common Stock, as applicable,
to maintain at all times (A) a one-to-one ratio between the number of Common Units owned by the Corporation, directly or indirectly,
and the number of outstanding shares of Class A Common Stock, (B) a one-to-one ratio between the number of Common Units owned by Members
(other than the Corporation and its Subsidiaries), directly or indirectly, and the number of outstanding shares of Class B Common Stock
owned by such Members, directly or indirectly, and (C) a one-to-one ratio between the number of Restricted Units owned by the Corporation,
directly or indirectly, and the number of outstanding shares of Class C Common Stock, in each case, disregarding, for purposes of maintaining
the one-to-one ratio, (1) Unvested Corporate Shares, (2) treasury stock or (3) preferred stock or other debt or equity securities
(including warrants, options or rights) issued by the Corporation that are convertible into or exercisable or exchangeable for Class
A Common Stock or Class B Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase
price payable upon conversion, exercise or exchange thereof, has been contributed by the Corporation to the equity capital of the Company);

 

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(ii)         in the event the Corporation issues, transfers or delivers from treasury stock or repurchases Class A Common Stock in a
transaction not contemplated in this Agreement, the Manager and the Corporation shall take all actions such that, after giving effect
to all such issuances, transfers, deliveries or repurchases, the number of outstanding Common Units owned, directly or indirectly, by
the Corporation will equal on a one-for-one basis the number of outstanding shares of Class A Common Stock; and

 

(iii)        in the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation’s
preferred stock in a transaction not contemplated in this Agreement, the Manager and the Corporation shall take all actions such that,
after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation, directly or indirectly,
holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) equity interests
in the Company which (in the good faith determination by the Manager) are in the aggregate substantially economically equivalent to the
outstanding preferred stock of the Corporation so issued, transferred, delivered, repurchased or redeemed.

 

(b)         Except as otherwise determined by the Manager in its reasonable discretion, the Company and the Corporation shall not undertake
any subdivision (by any Unit split, stock split, Unit distribution, stock distribution, reclassification, division, recapitalization or
similar event) or combination (by reverse Unit split, reverse stock split, reclassification, division, recapitalization or similar event)
of the Common Units, Restricted Units, Class A Common Stock or Class B Common Stock that is not accompanied by an identical subdivision
or combination of the applicable classes of Units or stock to maintain at all times (x) a one-to-one ratio between the number of Common
Units owned, directly or indirectly, by the Corporation and the number of outstanding shares of Class A Common Stock or (y) a one-to-one
ratio between the number of Common Units owned by Members (other than the Corporation and its Subsidiaries) and the number of outstanding
shares of Class B Common Stock, in each case, unless such action is necessary to maintain at all times a one-to-one ratio between either
the number of Common Units owned, directly or indirectly, by the Corporation and the number of outstanding shares of Class A Common Stock
or the number of Common Units owned by Members (other than the Corporation and its Subsidiaries) and the number of outstanding shares
of Class B Common Stock as contemplated by Section 3.06(a)(i).

 

(c)         The
Company shall only be permitted to issue additional Common Units or Restricted Units, or establish other classes or series of Units or
other Equity Securities in the Company to the Persons and on the terms and conditions provided for in Section 3.02, Section 3.03,
Section 3.05, this Section 3.06, Section 3.12, Section 3.13 and Section 10.11. Subject to the
foregoing, the Manager may cause the Company to issue additional Common Units authorized under this Agreement or establish other classes
or series of Units or other Equity Securities in the Company at such times and upon such terms as the Manager shall determine and the
Manager shall amend this Agreement as necessary in connection with the issuance of additional Common Units and admission of additional
Members under this Section 3.06 without the requirement of any consent or acknowledgement of any other Member.

 

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(d)         Notwithstanding any other provision of this Agreement, if the Corporation or any of its Subsidiaries (other than the Company
and its Subsidiaries) acquires or holds any material amount of cash in excess of any monetary obligations it reasonably anticipates, the
Corporation and the Manager may, in their sole discretion, use such excess cash amount in such manner, and make such adjustments to or
take such other actions with respect to the capitalization of the Corporation and the Company, as the Corporation and the Manager in good
faith determine to be fair and reasonable to the shareholders of the Corporation and to the Members and to preserve the intended economic
effect of this Section 3.06, Article XI and the other provisions hereof.

 

Section
3.07       Repurchase
or Redemption of Shares of Class A Common Stock. Except as otherwise determined by the Manager in connection with the use of cash
or other assets held by the Corporation, if at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise
of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the Manager shall cause the Company,
immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding number of Common Units held (directly
or indirectly) by the Corporation, at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares
of Class A Common Stock being repurchased or redeemed by the Corporation (plus any expenses related thereto) and upon such other terms
as are the same for the shares of Class A Common Stock being repurchased or redeemed by the Corporation. Notwithstanding any provision
to the contrary contained in this Agreement, the Company shall not make any repurchase or redemption if such repurchase or redemption
would violate any applicable Law.

 

Section
3.08        Certificates
Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units.

 

(a)         Units
shall not be certificated unless otherwise determined by the Manager. If the Manager determines that one or more Units shall be certificated,
each such certificate shall be signed by or in the name of the Company, by any two authorized officers of the Company, representing the
number of Units held by such holder. Such certificate shall be in such form (and shall contain such legends) as the Manager may determine.
Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent
permitted by applicable Law. No Units shall be treated as a “security” within the meaning of Article 8 of the Uniform Commercial
Code unless all Units then outstanding are certificated; notwithstanding anything to the contrary herein, including Section 15.03,
the Manager is authorized to amend this Agreement in order for the Company to opt-in to the provisions of Article 8 of the Uniform
Commercial Code without the consent or approval of any Member of any other Person.

 

(b)         If
Units are certificated, the Manager may direct that a new certificate representing one or more Units be issued in place of any certificate
theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an affidavit of the
owner or owners of such certificate, setting forth such allegation. The Manager may require the owner of such lost, stolen or destroyed
certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify it against any claim that
may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate.

 

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(c)              
To the extent Units are certificated, upon surrender to the Company or the transfer agent of the Company, if any, of a certificate
for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance
with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel
the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe
such additional rules and regulations as it may deem appropriate relating to the issue, Transfer and registration of Units.

 

Section
3.09        Negative
Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or negative balance which may
exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company).

 

Section
3.10        No
Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account or to
receive any Distribution from the Company, except as expressly provided in this Agreement.

 

Section
3.11        Loans
From Members. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions of Section
3.01(b), the amount of any such advances shall be a debt of the Company to such Member and shall be payable or collectible in accordance
with the terms and conditions upon which such advances are made.

 

Section
3.12        Corporate
Equity Plans.

 

(a)              
Restricted Class A Common Stock Granted to LLC Employees. If at any time or from time to time, in connection with
any Equity Plan, any shares of Class A Common Stock are issued to an LLC Employee (including any shares of Class A Common Stock that
are subject to forfeiture in the event such LLC Employee terminates his or her employment with the Company or any Subsidiary) in consideration
for services performed for the Company or any Subsidiary:

 

(i)                
The Corporation shall issue such number of shares of Class A Common Stock as are to be issued to such LLC Employee
in accordance with the Equity Plan;

 

(ii)              On
the date (such date, the “Vesting Date”) that the Value of such shares is includible in taxable income of
such LLC Employee, the following events will be deemed to have occurred: (1) the Corporation shall be deemed to have sold such
shares of Class A Common Stock to the Company (or if such LLC Employee is an employee of, or other service provider to a Subsidiary,
to such Subsidiary) for a purchase price equal to the Value of such shares of Class A Common Stock, (2) the Company (or such
Subsidiary) shall be deemed to have delivered such shares of Class A Common Stock to such LLC Employee, (3) the Corporation shall be
deemed to have contributed the purchase price for such shares of Class A Common Stock to the Company as a Capital Contribution, and
(4) in the case where such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount
to the capital of the Subsidiary; and

 

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(iii)           
The Company shall issue to the Corporation on the Vesting Date a number of Common Units equal to the number of shares of
Class A Common Stock issued under Section 3.12(a)(i) in consideration for a Capital Contribution that the Corporation is deemed
to make to the Company pursuant to clause (3) of Section 3.12(a)(ii) above.

 

(b)              
Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the
Corporation from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates
of the Corporation, the Company or any of their respective Affiliates. The Members acknowledge and agree that, in the event that any such
plan is adopted, modified or terminated by the Corporation, amendments to this Section 3.12 may become necessary or advisable and
that any approval or consent to any such amendments requested by the Corporation shall be deemed granted by the Manager and the Members,
as applicable, without the requirement of any further consent or acknowledgement of any other Member.

 

(c)              
Anti-dilution Adjustments. For all purposes of this Section 3.12, the number of shares of Class A Common Stock
and the corresponding number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that
are applicable, as of the date of exercise or vesting, to the option, warrant, restricted stock or other equity interest that is being
exercised or becomes vested under the applicable Equity Plan and applicable award or grant documentation.

 

Section
3.13        Dividend
Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this Article
III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase
plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open
market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock
with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such
contribution, the Company will issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock
so issued.

 

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Article
IV 

DISTRIBUTIONS

 

Section
4.01         Distributions.

 

(a)            Distributable
Cash; Other Distributions.

 

(i)         To
the extent permitted by applicable Law and hereunder and subject to Section 4.01(c), Distributions to Members may be declared
by the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts, at such time and on
such terms (including the payment dates of such Distributions) as the Manager in its sole discretion shall determine using such
record date as the Manager may designate. All Distributions made under this Section 4.01 shall be made to the Members as of
the close of business on such record date on a pro rata basis in accordance with each Member’s Percentage Interest
(other than, for the avoidance of doubt, any distributions made pursuant to Section 4.01(b)(v)) as of the close of business
on such record date; provided however that, the Manager shall have the obligation to make Distributions as set forth in Sections
4.01(b) and 14.02; provided further that, notwithstanding any other provision herein to the contrary, no
Distributions shall be made to any Member to the extent such Distribution would render the Company insolvent or violate the Delaware
Act; provided further that, notwithstanding any other provision herein to the contrary but subject to Section 4.01(b),
for any Incentive Units subject to a Participation Threshold, if such Participation Threshold is not fully met, no Distribution
shall be made to such Incentive Units pursuant to this Section 4.01(a) and any amounts otherwise distributable to such
Incentive Units shall be made to the Common Units or other Incentive Units with a Participation Threshold that has been fully met in
accordance with this Section 4.01(a). For purposes of the foregoing sentence, insolvency means the inability of the Company
to meet its payment obligations when due. In furtherance of the foregoing, it is intended that the Manager shall, to the extent
permitted by applicable Law and hereunder, have the right in its sole discretion to make Distributions of Distributable Cash to the
Members pursuant to this Section 4.01(a) in such amounts as shall enable the Corporation to meet its obligations, including
its obligations pursuant to the Tax Receivable Agreement (to the extent such obligations are not otherwise able to be satisfied as a
result of Tax Distributions required to be made pursuant to Section 4.01(b)).

 

(ii)         No Restricted Unit shall be entitled to receive any Distribution of Distributable Cash pursuant to this Section 4.01(a).

 

(iii)        Notwithstanding anything to the contrary in this Section 4.01(a), (A) the Company shall not make a distribution
(other than Tax Distributions under Section 4.01(b)) to any Member in respect of any Common Units or Incentive Units which remain
subject to vesting conditions in accordance with any applicable equity plan or individual award agreement and (B) with respect to
any amounts that would otherwise have been distributed to a Member but for the preceding clause (A), such amount shall be
held in trust by the Company for the benefit of such Member unless and until such time as such Common Units or Incentive Units have vested
in accordance with the applicable equity plan or individual award agreement, and within five Business Days of such time, the Company shall
distribute such amounts to such Member.

 

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(b)         Tax
Distributions.

 

(i)         With
respect to each Fiscal Year, to the extent the Company has available cash for distribution by the Company under the Delaware Act and
subject to any applicable agreement to which the Company or any of its Subsidiaries is a party governing the terms of third party indebtedness
for borrowed money, and subject to the retention and establishment of reserves, or payment to third parties, of such funds as the Manager
deems necessary or desirable in its sole discretion with respect to the reasonable needs and obligations of the Company or any of its
Subsidiaries and to prevent their insolvency (such limitations, the “Liquidity Limitations”), the Company shall,
to the extent permitted by applicable Law, make cash distributions (“Tax Distributions”) to each Member (including,
for the avoidance of doubt, any holders of Incentive Units) in accordance with, and to the extent of, such Member’s Assumed Tax
Liability. Tax Distributions pursuant to this Section 4.01(b)(i) shall be estimated by the Company on a quarterly basis and,
to the extent feasible, shall be distributed to the Members (together with a statement showing the calculation of such Tax Distribution
and an estimate of the Company’s net taxable income allocable to each Member for such period) on a quarterly basis on April 15th,
June 15th, September 15th and December 15th (or such other dates that allow for timely payment of quarterly estimated tax payments for
U.S. federal income tax purposes by both individuals and corporations, as determined by the Manager) (each, a “Quarterly
Tax Distribution”); provided that, the foregoing shall not restrict the Company from making a Tax Distribution on
any other date. Quarterly Tax Distributions shall take into account the estimated taxable income or loss of the Company for the current
Fiscal Year based on four equal quarterly installments, which may be adjusted for updated quarterly estimations. A final accounting for
Tax Distributions shall be made for each Fiscal Year after the allocation of the Company’s actual net taxable income or loss has
been determined and any shortfall in the amount of Tax Distributions a Member received for such Fiscal Year based on such final accounting
shall promptly be distributed to such Member (subject to the Liquidity Limitations). For the avoidance of doubt, any excess Tax Distributions
a Member receives with respect to any Fiscal Year shall reduce future Tax Distributions otherwise required to be made to such Member
with respect to any subsequent Fiscal Year.

 

(ii)         To
the extent a Member otherwise would be entitled to receive less than its Percentage Interest (for purposes of this Section 4.01(b)(ii)
assuming all Incentive Units are Participating Incentive Units) of the aggregate Tax Distributions to be paid pursuant to this Section 4.01(b)
(other than any distributions made pursuant to Section 4.01(b)(v)) on any given date, the Tax Distributions to such Member
shall be increased to ensure that all Distributions made on any given date pursuant to this Section 4.01(b) are made pro rata
in accordance with the Members’ respective Percentage Interests. If, on the date of a Tax Distribution, there are insufficient
funds on hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled, Distributions
pursuant to this Section 4.01(b) shall be made to the Members to the extent of available funds in accordance with their Percentage
Interests and the Company shall make future Tax Distributions as soon as funds become available sufficient (subject to the Liquidity
Limitations) to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled. Notwithstanding anything
to the contrary contained in this Agreement, (A) the Manager shall make, in its reasonable discretion, equitable adjustments (downward
(but not below zero) or upward) to the Members’ Tax Distributions (but in any event pro rata in accordance with the Members’
respective Percentage Interests) to take into account increases or decreases in the number of Units held by each Member during the relevant
period (including as a result of conversion of any Restricted Units into Common Units in connection with the occurrence of a Vesting
Event) and in respect of any Incentive Units, and (B) no Tax Distributions (or downward (but not below zero) or upward adjustment to
any Tax Distributions) pursuant to this Section 4.01(b) (other than, for the avoidance of doubt, any distributions made pursuant
to Section 4.01(b)(v) or in respect of Incentive Units) shall be made other than pro rata in accordance with the Members’
respective Percentage Interests.

 

(iii)        In
the event of any audit by, or similar event with, a taxing authority that affects the calculation of any Member’s Assumed Tax
Liability for any Taxable Year (other than an audit conducted pursuant to the Revised Partnership Audit Provisions (or any similar
provision of state, local and other Law) for which no election is made pursuant to Code Section 6226 and the Treasury
Regulations promulgated thereunder (or any similar provision of state, local and other Law)), or in the event the Company files an
amended tax return, each Member’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to
such event (for the avoidance of doubt, taking into account interest or penalties). Any shortfall in the amount of Tax Distributions
the Members and former Members received for the relevant Taxable Years based on such recalculated Assumed Tax Liability promptly
shall be distributed to such Members and the successors of such former Members (subject to the Liquidity Limitations), except, for
the avoidance of doubt, to the extent Distributions were made to such Members and former Members pursuant to Section 4.01(a)
and this Section 4.01(b) in the relevant Taxable Years sufficient to cover such shortfall.

 

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(iv)            
Notwithstanding the foregoing, Tax Distributions pursuant to this Section 4.01(b) (other than, for the avoidance
of doubt, any distributions made pursuant to Section 4.01(b)(v)), if any, shall be made to a Member only to the extent all
previous Tax Distributions to such Member pursuant to Section 4.01(b) with respect to the Fiscal Year are less than the Tax Distributions
such Member otherwise would have been entitled to receive with respect to such Fiscal Year pursuant to this Section 4.01(b).

 

(v)              
Notwithstanding the foregoing and anything to the contrary in this Agreement, following the Effective Date, no Member shall
have any further right to any Tax Distributions (as defined in the Initial LLC Agreement) pursuant to Section 4.3 of the Initial LLC Agreement.

 

(c)              
Limitations. For purposes of determining the amount of Distributions to be made under this Section 4.01 (including
Tax Distributions), each Member shall be treated as having made the Capital Contributions made by, been allocated the net taxable income
or loss of the Company (in accordance with the definition of Assumed Tax Liability) allocated to, and received the Distributions made
to or received by, its predecessors in respect of any of such Member’s Units.

 

Article
V 

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

 

Section
5.01        Capital
Accounts.

 

(a)               The
Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulation Section
1.704-1(b)(2)(iv) and Section 704(b) of the Code. For this purpose, the Company may (in the discretion of the Manager), upon the
occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv), increase or decrease the Capital Accounts in
accordance with the rules of such Treasury Regulation to reflect a revaluation of the Company’s property; provided
that, the Manager shall cause the Company to increase or decrease the Capital Accounts to reflect a revaluation of the
Company’s property upon the conversion of any Restricted Units into Common Units upon the occurrence of a Vesting Event in
accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s). If any
noncompensatory options or Restricted Units are outstanding upon the occurrence of a revaluation event described in this Section
5.01(a) (other than, if applicable, the noncompensatory options being exercised or the Restricted Units being converted that
give rise to the occurrence of such event), the Company shall adjust the Book Values of its properties in accordance with, or, in
the case of outstanding Restricted Units, in accordance with principles similar to those set forth in, Treasury Regulations Sections
1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2).

 

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(b)             For purposes of computing the amount of any item of income, gain, loss or deduction with respect to the Company to be allocated
pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification
of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including
any method of depreciation, cost recovery or amortization used for this purpose); provided however that:

 

(i)         The
computation of all items of income, gain, loss and deduction shall include those items described in Code Section 705(a)(1)(B) or Code
Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includible
in gross income or are not deductible for U.S. federal income tax purposes.

 

(ii)        If
the Book Value of any property of the Company is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e), (f) or (s), the
amount of such adjustment shall be taken into account as gain or loss from the disposition of such property.

 

(iii)       Items
of income, gain, loss or deduction attributable to the disposition of property of the Company having a Book Value that differs from its
adjusted basis for tax purposes shall be computed by reference to the Book Value of such property.

 

(iv)       Items of depreciation, amortization and other cost recovery deductions with respect to property of the Company having a
Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g).

 

(v)        To
the extent an adjustment to the adjusted tax basis of any asset of the Company pursuant to Code Sections 732(d), 734(b) or 743(b) is
required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset)
or loss (if the adjustment decreases such basis).

 

(c)              Upon the conversion of any Restricted Units into Common Units upon a Vesting Event, the parties hereto intend that the allocations
and capital maintenance rules shall be governed under Treasury Regulations Section 1.704-3 with adjustments being made in accordance with
principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s) and consistent with the principles of Section
704(c) of the Code and the Treasury Regulations thereunder in order to effectuate the Members’ agreed upon economic sharing of items
within the Company.

 

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Section
5.02      Allocations.
Except as otherwise provided in this Agreement, and after giving effect to, Sections 5.03 and 5.04, Net Profits and Net
Losses for any Fiscal Year or Fiscal Period shall be allocated to the Members in such manner that the Capital Account balance of each
Member shall, to the greatest extent possible immediately after making such allocations, be equal (proportionately) to (x) the amount
that would be distributed to such Member (after satisfaction of any financial obligations of each Member to the Company under any provisions
of this Agreement), if (a) the Company were to sell all or substantially all assets of the Company for their Book Values, (b) all Company
liabilities were satisfied (limited with respect to each nonrecourse liability to the Book Values of the assets securing such liability),
(c) the Company were to distribute the remaining proceeds of sale pursuant to Section 4.01(a) or of liquidation pursuant to Section
14.02 immediately after making such allocations and (d) the Company were to dissolve pursuant to Article XIV, minus (y) such
Member’s share of Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets; provided
that, for these purposes, any Common Units or Incentive Units which are subject to vesting conditions in accordance with any applicable
equity plan or individual award agreement are treated as fully vested (excluding, for the avoidance of doubt, any Restricted Units prior
to a Vesting Event with respect thereto).

 

Section
5.03       Regulatory
Allocations.

 

(a)           Losses
attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required
by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain
(as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years)
shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4).

 

(b)           Nonrecourse
deductions (as determined according to Treasury Regulation Section 1.704-2(b)(l)) for any Taxable Year shall be allocated pro rata among
the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a), if there is a net
decrease in the Minimum Gain during any Taxable Year, each Member shall be allocated Profits for such Taxable Year (and, if necessary,
for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f).
This Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation
Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.

 

(c)           If
any Member that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)
(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Sections
5.03(a) and 5.03(b) but before the application of any other provision of this Article V, then Profits for such Taxable
Year shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section
5.03(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted in a manner consistent therewith.

 

(d)           If the allocation of Net Losses to a Member as provided in Section 5.02 would create or increase an Adjusted Capital
Account Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital
Account Deficit. The Net Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Member shall
be allocated to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d).

 

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(e)              
Profits and Losses described in Section 5.01(b)(v) shall be allocated in a manner consistent with the manner that
the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and
(m).

 

(f)               
Notwithstanding anything to the contrary contained in this Agreement, (i) no allocation (of Net Profits or Net Losses
or otherwise) shall be made in respect of any Restricted Units in determining Capital Accounts unless and until such Restricted Units
are converted into Common Units upon the occurrence of a Vesting Event and (ii) in the event the Book Value of any Company asset
is adjusted pursuant to the proviso in Section 5.01(a), any Net Profits or Net Losses resulting from such adjustment shall, in
the manner determined by the Manager, be allocated among the Members (including the Members who held the Restricted Units giving rise
to such adjustment) such that the Capital Account balance relating to each Common Unit (including such Restricted Units that have been
converted into Common Units) is equal in amount immediately after making such allocation in accordance with principles similar to those
set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s); provided that, if the foregoing allocations pursuant to
clause (ii) above are insufficient to cause the Capital Account balance relating to each Common Unit to be so equal in amount,
then the Manager, in its discretion, shall cause a Capital Account reallocation in accordance with principles similar to those set forth
in Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3) to cause the Capital Account balance relating to each Common Unit to be
so equal in amount.

 

(g)               The
allocations set forth in Sections 5.03(a) through and including Section 5.03(e) (the “Regulatory
Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury
Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate Profit and
Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but
subject to the Regulatory Allocations, income, gain, deduction and loss with respect to the Company shall be reallocated among the
Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members
to be in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income,
gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate
that this will be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction and
loss) among the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is
zero. In addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership minimum gain, or in partner nonrecourse
debt minimum gain, and application of the minimum gain chargeback requirements set forth in Section 5.03(a) or Section 5.03(b) would
cause a distortion in the economic arrangement among the Members, the Members may, if they do not expect that the Company will have
sufficient other income to correct such distortion, request the IRS to waive either or both of such minimum gain chargeback
requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such minimum
gain chargeback requirement. This Section 5.03(g) is intended to minimize to the extent possible and to the extent necessary
any economic distortions that may result from application of the Regulatory Allocations and shall be interpreted in a manner
consistent therewith.

 

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Section
5.04       Final
Allocations.

 

(a)            Notwithstanding any contrary provision in this Agreement except Section 5.03, the Manager shall make appropriate
adjustments to allocations of Profits and Losses to (or, if necessary, allocate items of gross income, gain, loss or deduction of the
Company among) the Members upon the liquidation of the Company (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations),
the transfer of substantially all the Units (whether by sale or exchange or merger) or sale of all or substantially all the assets of
the Company, such that, to the maximum extent possible, the Capital Accounts of the Members are proportionate to their Percentage Interests.
In each case, such adjustments or allocations shall occur, to the maximum extent possible, in the Fiscal Year of the event requiring such
adjustments or allocations.

 

(b)           
If any holder of Common Units or Incentive Units which are subject to vesting conditions forfeits (or the Company has repurchased
at less than fair market value) all or a portion of such holder’s unvested Common Units, the Company shall make forfeiture allocations
in respect of such unvested Common Units or Incentive Units in the manner and to the extent required by proposed Treasury Regulations
Section 1.704-1(b)(4)(xii) (as such proposed Treasury Regulations may be amended or modified, including upon the issuance of temporary
or final Treasury Regulations).

 

Section
5.05       Tax
Allocations.

 

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

 

(b)            Items
of taxable income, gain, loss and deduction of the Company with respect to any property contributed to the capital of the Company shall
be allocated among the Members in accordance with Code Section 704(c) 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 Book Value using (i) the traditional method set forth in Treasury
Regulations Section 1.704-3(b) with respect to any Person (other than the Corporation and its Subsidiaries) who is or was a Member on
or prior to the Effective Date or (ii) except as provided in clause (i), any permissible method or methods selected in the discretion
of the Manager.

 

(c)            If
the Book Value of any asset of the Company is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e), (f) or (s), including
adjustments to the Book Value of any asset of the Company in connection with the execution of this Agreement, subsequent allocations
of items of taxable income, gain, loss and deduction 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 using (i) the traditional method set forth in Treasury Regulations
Section 1.704-3(b) with respect to any Person (other than the Corporation and its Subsidiaries) who is or was a Member on or prior to
the Effective Date or (ii) except as provided in clause (i), any permissible method or methods selected in the discretion of the Manager.

 

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(d)            Allocations
of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members as determined by the Manager taking
into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii).

 

(e)            For purposes of determining a Member’s share of the Company’s “excess nonrecourse liabilities” within
the meaning of Treasury Regulation Section 1.752-3(a)(3), each Member’s interest in income and gain shall be determined pursuant
to any proper method, as reasonably determined by the Manager; provided that, each year the Manager shall use its reasonable best
efforts (using in all instances any proper method, including the “additional method” described in Treasury Regulation Section
1.752-3(a)(3)) to allocate a sufficient amount of the excess nonrecourse liabilities to those Members who would have at the end of the
applicable Taxable Year, but for such allocation, taxable income due to the deemed distribution of money to such Member pursuant to Section
752(b) of the Code that is in excess of such Member’s adjusted tax basis in its Units.

 

(f)            If,
pursuant to Section 5.03(f), the Manager causes a Capital Account reallocation in accordance with principles similar to those
set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Manager shall make corrective allocations in accordance
with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(4)(x).

 

(g)           Allocations
pursuant to this Section 5.05 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 Member’s Capital Account or share of Profits, Losses, Distributions or other items of the
Company pursuant to any provision of this Agreement.

 

Section
5.06      Adjustment
for Non-Compensatory Options. If the Company issues Units or other securities that are treated as non-compensatory options, as defined
in Treasury Regulation Section 1.721-2, the Manager shall make such adjustments to the Book Value of the Company’s assets, allocation
of Profits and Losses, Capital Accounts and allocations of items for income tax purposes as it may determine may be necessary to comply
with the provisions of Treasury Regulations Section 1.721-2 and Treasury Regulations Section 1.704-1(b)(2)(iv)(s) or any successor provisions
relating thereto and to properly reflect the economic sharing arrangement associated with the non-compensatory options.

 

Section
5.07      Restricted
Units. The parties hereto intend that, for U.S. federal income tax purposes, (a) the Restricted Units received by the
Pre-Business Combination Members in connection with the Recapitalization and by the Corporation in connection with the Business
Combination not be treated as being received in connection with the performance of services and (b) no such Member be treated as
having taxable income or gain as a result of such receipt of such Restricted Units or as a result of holding any such Restricted
Units at the time of any Vesting Event (other than as a result of corrective allocations made pursuant to Section 5.03(g))
and the Company shall prepare and file all tax returns consistent therewith unless otherwise required by a
 “determination” within the meaning of Section 1313 of the Code. Notwithstanding (and without limiting) the foregoing,
each of the Members holding Restricted Units shall, within 30 days of the Effective Date, file with the IRS (via certified mail,
return receipt requested) on a protective basis a completed election under Section 83(b) of the Code and the Treasury Regulations
thereunder with respect to such Restricted Units so received and, upon such filing, shall thereafter notify the Company that such
Member has made such timely filing and provide the Company with a copy of such election and evidence of timely filing.

 

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Section
5.08        Compliance
with Tax Laws. The allocation rules set forth in Section 5.01 through Section 5.07 are intended to comply with the Code
and Treasury Regulations and to ensure that all allocations under this Article V are respected for U.S. federal income tax purposes
and reflect the economic sharing arrangement among the Members. If for any reason the Manager (or its designee) determines that any provisions
in Section 5.01 through Section 5.07 do not comply with the Code or Treasury Regulations or that the allocations under this
Article V may not be respected for U.S. federal income tax purposes or reflect the economic sharing arrangement among the Members,
the Manager may take all reasonable actions, including amending this Article V or adjusting a Member’s Capital Account or
how Capital Accounts are maintained, to ensure compliance with the Code and Treasury Regulations and that the allocations provided for
in this Article V shall be respected for U.S. federal income tax purposes; provided however that, no such change shall have
a material adverse effect upon the amount of cash or other property distributable to any Member.

 

Section
5.09        Indemnification
and Reimbursement for Payments on Behalf of a Member. If the Company or any other Person in which the Company holds an interest is
obligated to pay any amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity, including any amounts withheld
from amounts directly or indirectly payable to the Company or to any other Person in which the Company holds an interest) that is specifically
attributable to a Member or a Member’s status as such (including federal income taxes, additions to tax, interest and penalties
as a result of obligations of the Company pursuant to the Revised Partnership Audit Provisions (or any similar provision of state, local
and other Law), federal withholding taxes, state personal property taxes and state unincorporated business taxes, but excluding payments
such as payroll taxes, withholding taxes, benefits or professional association fees and the like required to be made or made voluntarily
by the Company on behalf of any Member based upon such Member’s status as an employee of the Company) (a “Withholding
Payment”), then such Member shall indemnify the Company in full for the entire amount paid (including interest, penalties
and related expenses). If the Company incurs an Imputed Underpayment Amount, the Manager shall determine in its reasonable discretion
the portion of such Imputed Underpayment Amount attributable to each Member or former Member and such attributable amount shall be treated
as a Withholding Payment with respect to such Member or former Member. The Manager may offset Distributions to which a Member is otherwise
entitled under this Agreement against such Member’s obligation to indemnify the Company under this Section 5.09. In addition,
notwithstanding anything to the contrary, each Member agrees that any Cash Settlement such Member is entitled to receive pursuant to
Article XI may be offset by an amount equal to such Member’s obligation to indemnify the Company under this Section 5.09
and that such Member shall be treated as receiving the full amount of such Cash Settlement and paying to the Company an amount equal
to such obligation. A Member’s obligation to make payments to the Company under this Section 5.09 shall survive the transfer
or termination of any Member’s interest in any Units of the Company, the termination of this Agreement and the dissolution, liquidation,
winding up and termination of the Company. In the event that the Company has been terminated prior to the date such payment is due, such
Member shall make such payment to the Manager (or its designee), which shall distribute such funds in accordance with this Agreement.
The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.09, including
instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus
300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Member hereby agrees to furnish to the Company
such information and forms as required or reasonably requested in order to comply with any Laws and regulations governing withholding
of tax or in order to claim any reduced rate of, or exemption from, withholding to which the Member is legally entitled. The Company
may withhold any amount that it determines is required to be withheld from any amount otherwise payable to any Member hereunder, and
any such withheld amount shall be deemed to have been paid to such Member for purposes of this Agreement.

 

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Article
VI 

MANAGEMENT

 

Section
6.01        Authority
of Manager; Officer Delegation.

 

(a)              
Except for situations in which the approval of any Member(s) is specifically required by this Agreement, (i) all management
powers over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole managing member of the
Company (the Corporation, in such capacity, the “Manager”), (ii) the Manager shall conduct, direct and exercise
full control over all activities of the Company and (iii) no other Member shall have any right, authority or power to vote, consent or
approve any matter, whether under the Delaware Act, this Agreement or otherwise. The Manager shall be the “manager” of the
Company for the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the other provisions of
this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by the
Delaware Act with respect to the management and control of the Company. Any vacancies in the position of Manager shall be filled in accordance
with Section 6.04.

 

(b)               Without
limiting the authority of the Manager to act on behalf of the Company, the day-to-day business and operations of the Company may be
overseen and implemented by officers of the Company (each, an “Officer” and collectively, the
 “Officers”), subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member.
Each Officer shall be appointed by the Manager, with the initial Officers of the Company hereby appointed in such roles as set forth
on Schedule 3 attached hereto, and shall hold office until his or her successor shall be duly designated and shall qualify or
until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any one Person
may hold more than one office. Subject to the other provisions of this Agreement (including in Section 6.07 below), the
salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Manager. The
authority and responsibility of the Officers shall be limited to such duties as the Manager may, from time to time, delegate to
them. Unless the Manager decides otherwise, if the title is one commonly used for officers of a business corporation formed under
the General Corporation Law of the State of Delaware, the assignment of such title shall constitute the delegation to such person of
the authorities and duties that are normally associated with that office. All Officers shall be, and shall be deemed to be, officers
and employees of the Company. An Officer may also perform one or more roles as an officer of the Manager. Any Officer may be removed
at any time, with or without cause, by the Manager.

 

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(c)            Subject to the other provisions of this Agreement, the Manager shall have the power and authority to effectuate the sale,
lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or
grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time
held by the Company) or the merger, consolidation, conversion, division, reorganization or other combination of the Company with or into
another entity, for the avoidance of doubt, without the prior consent of any Member or any other Person being required.

 

Section
6.02           Actions
of the Manager. The Manager may act through any Officer or through any other Person or Persons to whom authority and duties have been
delegated pursuant to Section 6.07.

 

Section
6.03            Resignation;
No Removal. The Manager may resign at any time by giving written notice to the Members. Unless otherwise specified in the notice,
the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not be necessary to
make it effective. For the avoidance of doubt, the Members have no right under this Agreement to remove or replace the Manager.

 

Section
6.04            Vacancies.
Vacancies in the position of Manager occurring for any reason shall be filled by the Corporation (or, if the Corporation has ceased to
exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation immediately
prior to such cessation). For the avoidance of doubt, the Members (other than the Corporation) have no right under this Agreement to fill
any vacancy in the position of Manager.

 

Section
6.05            Transactions
Between the Company and the Manager. The Manager may cause the Company to contract and deal with the Manager, or any Affiliate of
the Manager; provided that, such contracts and dealings (other than contracts and dealings between the Company and its Subsidiaries)
are on terms comparable to and competitive with those available to the Company from others dealing at arm’s length or are approved
by the Members and otherwise are permitted by the Credit Agreements; provided further that, the foregoing shall in no way limit
the Manager’s rights under Sections 3.02, 3.04, 3.05 or 3.10. The Members hereby approve each of the
contracts or agreements between or among the Manager, the Company and their respective Affiliates entered into on or prior to the date
of this Agreement in accordance with the Initial LLC Agreement or that the board of managers of the Company or the Corporate Board has
approved in connection with the Recapitalization, the Preferred Redemption or the Business Combination as of the date of this Agreement.

 

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Section
6.06            Reimbursement
for Expenses. The Manager shall not be compensated for its services as Manager of the Company except as expressly provided in
this Agreement. The Members acknowledge and agree that, upon consummation of the Business Combination, the Manager’s Class A
Common Stock will be publicly traded and, therefore, the Manager will have access to the public capital markets and that such status
and the services performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be
reimbursed by the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including all fees, expenses
and costs associated with the Business Combination and all fees, expenses and costs of being a public company (including public
reporting obligations, proxy statements, stockholder meetings, Stock Exchange fees, transfer agent fees, legal fees, SEC and FINRA
filing fees and offering expenses) and maintaining its corporate existence. In the event that shares of Class A Common Stock are
sold to underwriters in the Business Combination (or in any subsequent public offering) at a price per share that is lower than the
price per share for which such shares of Class A Common Stock are sold to the public in the Business Combination (or in such
subsequent public offering, as applicable) after taking into account underwriters’ discounts or commissions and brokers’
fees or commissions (such difference, the “Discount”), (a) the Manager shall be deemed to have contributed
to the Company in exchange for newly issued Common Units the full amount for which such shares of Class A Common Stock were sold to
the public and (b) the Company shall be deemed to have paid the Discount as an expense. To the extent practicable, expenses incurred
by the Manager on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the
extent any reimbursements to the Manager or any of its Affiliates by the Company pursuant to this Section 6.06 constitute
gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts
shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as
distributions for purposes of computing the Members’ Capital Accounts. Notwithstanding the foregoing, the Company shall not
bear any income tax obligations of the Manager or any payments made pursuant to the Tax Receivable Agreement.

 

Section
6.07            Delegation
of Authority. The Manager (a) may, from time to time, delegate to one or more Persons such authority and duties as the Manager may
deem advisable, and (b) may assign titles (including chief executive officer, president, chief financial officer, chief operating officer,
general counsel, senior vice president, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate
certain authority and duties to such Persons which may be amended, restated or otherwise modified from time to time. Any number of titles
may be held by the same individual. The salaries or other compensation, if any, of such agents of the Company shall be fixed from time
to time by the Manager, subject to the other provisions in this Agreement.

 

Section
6.08            Limitation
of Liability of Manager.

 

(a)             Except
as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the Manager nor any of the Manager’s
Affiliates or Manager’s officers, employees or other agents shall be liable to the Company, to any Member that is not the Manager
or to any other Person bound by this Agreement for any act or omission performed or omitted by the Manager in its capacity as the sole
managing member of the Company pursuant to authority granted to the Manager by this Agreement; provided however that, except as
otherwise provided herein, such limitation of liability shall not apply to the extent the act or omission was attributable to the Manager’s
willful misconduct or knowing violation of Law or for any present or future material breaches of any representations, warranties or covenants
by the Manager or its Affiliates contained herein or in the Other Agreements with the Company. The Manager may exercise any of the powers
granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents,
and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected in good
faith and with reasonable care). The Manager shall be entitled to rely upon the advice of legal counsel, independent public accountants
and other experts, including financial advisors, and any act of or failure to act by the Manager in good faith reliance on such advice
shall in no event subject the Manager to liability to the Company or any Member that is not the Manager.

 

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(b)             To
the fullest extent permitted by applicable Law, whenever this Agreement or any other agreement contemplated herein provides that the
Manager shall act in a manner which is, or provide terms which are, “fair and reasonable” to the Company or any Member that
is not the Manager, the Manager shall determine such appropriate action or provide such terms considering, in each case, the relative
interests of each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable United States generally accepted accounting practices or principles, notwithstanding
any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise.

 

(c)             To
the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement contemplated
herein or applicable provisions of Law or equity or otherwise, whenever in this Agreement or any other agreement contemplated herein,
the Manager is permitted or required to take any action or to make a decision in its “sole discretion” or “discretion,”
with “complete discretion” or under a grant of similar authority or latitude, the Manager shall be entitled to consider such
interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any
interest of or factors affecting the Company, other Members or any other Person.

 

(d)            To
the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement contemplated
herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the Manager is permitted or required to take
any action or to make a decision in its “good faith” or under another express standard, the Manager shall act under such
express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated
herein, notwithstanding any provision of this Agreement or duty otherwise, existing at Law or in equity, and, notwithstanding anything
contained herein to the contrary, so long as the Manager acts in good faith or in accordance with such other express standard, the resolution,
action or terms so made, taken or provided by the Manager shall not constitute a breach of this Agreement or impose liability upon the
Manager or any of the Manager’s Affiliates and shall be deemed approved by all Members.

 

Section
6.09          Investment
Company Act. The Manager shall use its best efforts to ensure that the Company shall not be subject to registration as an investment
company pursuant to the Investment Company Act.

 

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Article
VII 

RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER

 

Section
7.01          Limitation
of Liability and Duties of Members.

 

(a)              Except
as provided in this Agreement or in the Delaware Act, the debts, obligations and liabilities of the Company, whether arising in contract,
tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and no Member or Manager shall be obligated
personally for any such debts, obligations, contracts or liabilities of the Company solely by reason of being a Member or the Manager
(except to the extent and under the circumstances set forth in any non-waivable provision of the Delaware Act). Notwithstanding anything
contained herein to the contrary, to the fullest extent permitted by applicable Law, the failure of the Company to observe any formalities
or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware
Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company.

 

(b)              In
accordance with the Delaware Act and the laws of the State of Delaware, a Member may, under certain circumstances, be required to return
amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Articles
IV or XIV shall be deemed a return of money or other property paid or distributed in violation of the Delaware Act. The payment
of any such money or Distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b)
of the Delaware Act, and, to the fullest extent permitted by Law, any Member receiving any such money or property shall not be required
to return any such money or property to the Company or any other Person, unless such distribution was made by the Company to its Members
in clerical error. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any
Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member.

 

(c)              To
the fullest extent permitted by applicable Law, including Section 18-1101(c) of the Delaware Act, and notwithstanding any other
provision of this Agreement (but subject, and without limitation, to Section 6.08 with respect to the Manager) or in any agreement
contemplated herein or applicable provisions of Law or equity or otherwise, the parties hereto hereby agree that to the extent that any
Member (other than the Manager in its capacity as such) (or any Member’s Affiliate or any manager, managing member, general partner,
director, officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary
duties) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Unit or to any other Person bound
by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and replaced
with the duties or standards expressly set forth herein, if any; provided, however, that the foregoing shall not eliminate the implied
contractual covenant of good faith and fair dealing. The elimination of duties (including fiduciary duties) to the Company, the Manager,
each of the Members, each other Person who acquires an interest in a Unit and each other Person bound by this Agreement and replacement
thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, the Manager, each of the Members,
each other Person who acquires an interest in a Unit and each other Person bound by this Agreement.

 

Section
7.02         Lack
of Authority. No Member, other than the Manager or a duly appointed Officer, in each case in its capacity as such, has the
authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any
expenditure on behalf of the Company. The Members hereby consent to the exercise by the Manager of the powers conferred on them by
Law and this Agreement.

 

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Section
7.03         No
Right of Partition. No Member, other than the Manager, shall have the right to seek or obtain partition by court decree or operation
of Law of any property of the Company, or the right to own or use particular or individual assets of the Company.

 

Section
7.04          Indemnification.

 

(a)              Subject
to Section 5.09, the Company hereby agrees to indemnify and hold harmless any Person (each an “Indemnified Person”)
to the fullest extent permitted under applicable Law, as the same now exists or may hereafter be amended, substituted or replaced (but,
to the fullest extent permitted by Law, in the case of any such amendment, substitution or replacement only to the extent that such amendment,
substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior
to such amendment), against all expenses, liabilities and losses (including attorneys’ fees, judgments, fines, excise taxes or
penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s Affiliates) by reason of the fact that
such Person is or was a Member or an Affiliate thereof (other than as a result of an ownership interest in the Corporation) or is or
was serving as the Manager or a director, officer, employee or other agent of the Manager, or a director, manager, Officer, employee,
Partnership Representative or other agent of the Company or is or was serving at the request of the Company as a manager, officer, director,
principal, member, employee or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise;
provided however that, no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable
to such Indemnified Person’s or its Affiliates’ willful misconduct or knowing violation of Law or for any present or future
breaches of any representations, warranties or covenants by such Indemnified Person or its Affiliates contained herein or in Other Agreements
with the Company. Reasonable expenses, including out-of-pocket attorneys’ fees, incurred by any such Indemnified Person in defending
a proceeding shall be paid by the Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon
receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such
Indemnified Person is not entitled to be indemnified by the Company.

 

(b)              The
right to indemnification and the advancement of expenses conferred in this Section 7.04 shall not be exclusive of any other right
which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise.

 

(c)              The
Company shall maintain directors’ and officers’ liability insurance, or substantially equivalent insurance, at its expense,
to protect any Indemnified Person against any expense, liability or loss described in Section 7.04(a) whether or not the Company
would have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions of this Section
7.04. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance
in types and at levels customary for companies of similar size engaged in similar lines of business, as determined in good faith by the
Manager, and the Company shall use its commercially reasonable efforts to purchase directors’ and officers’ liability insurance
(including employment practices coverage) with a carrier and in an amount determined necessary or desirable as determined in good faith
by the Manager.

 

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(d)              The
indemnification and advancement of expenses provided for in this Section 7.04 shall be provided out of and to the extent of Company
assets only. No Member (unless such Member otherwise agrees in writing or is found in a non-appealable decision by a court of competent
jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be required to
make additional Capital Contributions to help satisfy such indemnity of the Company. The Company (i) shall be the primary indemnitor
of first resort for such Indemnified Person pursuant to this Section 7.04 and (ii) shall be fully responsible for the advancement
of all expenses and the payment of all damages or liabilities with respect to such Indemnified Person which are addressed by this Section
7.04.

 

(e)              If
this Section 7.04 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company
shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.04 to the fullest extent permitted
by any applicable portion of this Section 7.04 that shall not have been invalidated and to the fullest extent permitted by applicable
Law.

 

Section
7.05             Inspection
Rights. The Company shall permit each Member and each of its designated representatives at such Member’s sole cost and expense
to examine the books and records of the Company or any of its Subsidiaries at the principal office of the Company or such other location
as the Manager shall reasonably approve during normal business hours and upon reasonable notice for any purpose reasonably related to
such Member’s Units.

 

Article
VIII 

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS

 

Section
8.01             Records
and Accounting. The Company shall keep, or cause to be kept, appropriate books and records with respect to the Company’s business,
including all books and records necessary to provide any information, lists and copies of documents required pursuant to applicable Laws.
All matters concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles
IV and V and (b) accounting procedures and determinations, and other determinations not specifically and expressly provided
for by the terms of this Agreement, shall be determined by the Manager, whose determination shall be final and conclusive as to all of
the Members absent manifest clerical error.

 

Section
8.02             Fiscal
Year. The Fiscal Year of the Company shall end on December 31 of each year or such other date as may be required or established by
the Manager.

 

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Article
IX 

TAX MATTERS

 

Section
9.01        Preparation
of Tax Returns. The Manager shall arrange for the preparation and timely filing of all tax returns required to be filed by the
Company. The Manager shall use reasonable efforts to furnish, within 180 days of the close of each Taxable Year, to each Member a
completed IRS Schedule K-l (and any comparable state or local income tax form) and such other information as is reasonably requested
by such Member relating to the Company that is necessary for such Member to comply with its tax reporting obligations. Subject to
the terms and conditions of this Agreement and except as otherwise provided in this Agreement, in its capacity as Partnership
Representative, the Corporation shall have the authority to prepare the tax returns of the Company using such permissible methods
and elections as it determines in its reasonable discretion, including the use of any permissible method under Section 706 of the
Code for purposes of determining the varying Units of its Members. Each Member shall furnish to the Company all pertinent
information in its possession that is reasonably requested by the Company and is necessary to enable the Company’s tax returns
to be timely prepared and filed. Each Member further agrees that such Member shall not treat any Company item inconsistently on such
Member’s tax return with the treatment of the item on the Company’s tax return or other information furnished to such
Member relating to the Company for such Member to comply with its tax reporting obligations.

 

Section
9.02        Tax
Elections. The Taxable Year shall be the Fiscal Year set forth in Section 8.02, unless otherwise required by Section 706
of the Code. The Manager shall cause the Company and each of its Subsidiaries that is treated as a partnership for U.S. federal income
tax purposes to have in effect an election pursuant to Section 754 of the Code (or any similar provisions of applicable state, local or
foreign tax Law) for each Taxable Year. The Manager shall take commercially reasonable efforts to cause each Person in which the Company
owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election
for each Taxable Year. Each Member will upon request supply any information reasonably necessary to give proper effect to any such elections.

 

Section
9.03        Tax
Controversies. The Manager shall cause the Company to take all necessary actions required by Law to designate the Corporation (or
any other Person selected by the Manager) as the “tax matters partner” of the Company within the meaning of Section 6231
of the Code (as in effect prior to repeal of such section pursuant to the Revised Partnership Audit Provisions) with respect to any Taxable
Year beginning on or before December 31, 2017 (and to the extent applicable for state and local tax purposes). The Manager shall further
cause the Company to take all necessary actions required by Law to designate the Corporation (or any other Person selected by the Manager)
as the “partnership representative” of the Company as provided in Section 6223(a) of the Code (and similar provisions of
state, local and other Law) with respect to any Taxable Year of the Company beginning after December 31, 2017, and if the “partnership
representative” is an entity, the Manager is hereby authorized to designate an individual to be the sole individual through which
such entity “partnership representative” will act (in such capacities, collectively, the “Partnership Representative”).
The Company and the Members shall cooperate fully with each other and shall use reasonable best efforts to cause the Corporation (or
such other Person selected by the Manager, or its designated individual, as applicable) to become the Partnership Representative with
respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired (and causing any tax
matters partner, partnership representative or designated individual designated prior to the Effective Date to resign, be revoked or
replaced, as applicable), including (as applicable) by filing certifications pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d)
and completing IRS Form 8970 or any other form or certificate required pursuant to Treasury Regulation Section 301.6223-1(e)(1). The
Partnership Representative shall have the right and obligation to take all actions authorized and required by the Code and other applicable
tax Law for the Partnership Representative and is authorized and required to represent the Company (at the Company’s expense) in
connection with all examinations of the Company’s affairs by tax authorities, including any resulting administrative and judicial
proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each Member agrees to
cooperate with the Company and the Partnership Representative and to do or refrain from doing any or all things reasonably requested
by the Company or the Partnership Representative with respect to the conduct of such proceedings. Without limiting the generality of
the foregoing, with respect to any audit or other proceeding, the Partnership Representative shall be entitled to cause the Company (and
any of its Subsidiaries) to make any available elections pursuant to Section 6226 of the Code (and similar provisions of state,
local and other Law), and the Members shall cooperate to the extent reasonably requested by the Company in connection therewith. Each
Member acknowledges that any action taken by the Partnership Representative in its capacity as such shall be binding upon such Member
and that such Member shall not independently act with respect to any administrative or judicial proceeding affecting the Company. The
Company shall reimburse the Partnership Representative for all reasonable out-of-pocket expenses incurred by the Partnership Representative,
including reasonable fees of any professional attorneys, in carrying out its duties as the Partnership Representative. The provisions
of this Article IX shall survive the transfer or termination of any Member’s interest in any Units of the Company, the termination
of this Agreement and the dissolution, liquidation, winding up and termination of the Company, and shall remain binding on each Member
for the period of time necessary to resolve all tax matters relating to the Company, and shall be subject to the provisions of the Tax
Receivable Agreement, as applicable. With respect to any tax audit or other proceeding for any taxable year of the Company that ends
prior to or includes the Effective Date, the Company shall make (and the Partnership Representative shall cause the Company to make)
a “push out” election under Section 6226 of the Code (or any comparable provision of state, local, or non-U.S. law) to the
extent available under applicable law.

 

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Article
X 

RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS

 

Section
10.01    Transfers by Members.
No holder of Units shall Transfer any interest in any Units, except Transfers (a) pursuant to and in accordance with Sections 10.02
and 10.09 or (b) approved in advance and in writing by the Manager (through a majority of its directors who are disinterested),
in the case of Transfers by any Member other than the Manager, or (c) in the case of Transfers by the Manager, to any Person who succeeds
to the Manager in accordance with Section 6.04. Notwithstanding the foregoing, “Transfer” shall not include
(i) an event that terminates the existence of a Member for income tax purposes (including a change in entity classification of a Member
under Treasury Regulations Section 301.7701-3, a sale of assets by, or liquidation of, a Member pursuant to an election under Code Sections
336 or 338, or merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Member), but that does not terminate
the existence of such Member under applicable state Law (or, in the case of a trust that is a Member, does not terminate the trusteeship
of the fiduciaries under such trust with respect to all the Units of such trust that is a Member) or (ii) any indirect Transfer of Units
held by the Manager by virtue of any Transfer of Equity Securities in the Corporation.

 

Section
10.02    Permitted Transfers.
The restrictions contained in Section 10.01 shall not apply to any of the following Transfers (each, a “Permitted
Transfer” and each transferee, a “Permitted Transferee”): (a)(i) a Transfer pursuant to a Redemption
or Direct Exchange in accordance with Article XI hereof or (ii) a Transfer by a Member to the Corporation or any of its Subsidiaries,
or (b) a Transfer to an Affiliate of such Member or pursuant to applicable laws of descent and distribution or among such Member’s
Family Group; provided that, (x) Units may not be Transferred to a Member’s spouse in connection with a divorce proceeding
and (y) such Member retains exclusive voting control of the Units Transferred; provided however that, (1) the restrictions contained
in this Agreement will continue to apply to Units after any Permitted Transfer of such Units, and (2) in the case of the foregoing clause
(b), the Permitted Transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement,
and prior to such Transfer the transferor will deliver a written notice to the Company and the Members, which notice will disclose in
reasonable detail the identity of the proposed Permitted Transferee. In the case of a Permitted Transfer of any Common Units by any Member
that is authorized to hold Class B Common Stock in accordance with the Corporation’s certificate of incorporation to a Permitted
Transferee in accordance with this Section 10.02, such Member (or any subsequent Permitted Transferee of such Member) shall also
transfer a number of shares of Class B Common Stock equal to the number of Common Units that were transferred by such Member (or subsequent
Permitted Transferee) in the transaction to such Permitted Transferee. All Permitted Transfers are subject to the additional limitations
set forth in Section 10.07(b).

 

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Section
10.03    Legend. The Units
have not been registered under the Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this
Agreement, cannot be sold unless subsequently registered under the Securities Act or if an exemption from such registration is then available
with respect to such sale. To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued
in exchange for or upon the Transfer of any Units shall be stamped or otherwise imprinted with a legend in substantially the following
form:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
WERE ISSUED ON [●], AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE THIRD
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF AUTHENTIC BRANDS LLC, AS IT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED,
OR OTHERWISE MODIFIED FROM TIME TO TIME, AND AUTHENTIC BRANDS LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH
CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY AUTHENTIC BRANDS LLC TO THE
HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”

 

The Company shall imprint such legend on certificates
(if any) evidencing Units. The legend set forth above shall be removed from the certificates (if any) evidencing any Units which cease
to be Units in accordance with the definition thereof.

 

Section
10.04    Transfer.
Prior to Transferring any Units, the Transferring holder of Units shall cause the prospective Permitted Transferee to be bound by
this Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate to which the
transferor was a party (collectively, the “Other Agreements”) by executing and delivering to the Company
counterparts of this Agreement and any applicable Other Agreements.

 

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Section
10.05    Assignee’s Rights.

 

(a)              The
Transfer of a Unit in accordance with this Agreement shall be effective as of the date of such Transfer (assuming compliance with all
of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits,
Losses and other items of the Company shall be allocated between the transferor and the transferee according to Code Section 706, using
any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date of such
Transfer shall be paid to the transferor, and Distributions made on or after such date shall be paid to the Assignee.

 

(b)              Unless
and until an Assignee becomes a Member pursuant to Article XII, the Assignee shall not be entitled to any of the rights granted
to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; provided
however that, without relieving the Transferring Member from any such limitations or obligations as more fully described in Section
10.06, such Assignee shall be bound by any limitations and obligations of a Member contained herein by which a Member would be bound
on account of the Assignee’s Units (including the obligation to make Capital Contributions on account of such Units).

 

Section
10.06   Assignor’s Rights
and Obligations. Any Member who shall Transfer any Unit in a manner in accordance with this Agreement shall cease to be a Member with
respect to such Units and shall no longer have any rights or privileges, or, except as set forth in this Section 10.06, duties,
liabilities or obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable
provisions of Sections 6.08 and 7.04 shall continue to inure to such Person’s benefit), except that unless and until
the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions of Article XII (the
 “Admission Date”), (a) such Transferring Member shall retain all of the duties, liabilities and obligations
of a Member with respect to such Units, and (b) the Manager may, in its sole discretion, reinstate all or any portion of the rights and
privileges of such Member with respect to such Units for any period of time prior to the Admission Date. Nothing contained herein shall
relieve any Member who Transfers any Units in the Company from any liability of such Member to the Company with respect to such Units
that may exist as of the Admission Date or that is otherwise specified in the Delaware Act or for any liability to the Company or any
other Person for any materially false statement made by such Member (in its capacity as such) or for any present or future breaches of
any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the Other Agreements with
the Company.

 

Section
10.07    Overriding Provisions.

 

(a)              Any
Transfer or attempted Transfer of any Units in violation of this Agreement (including any prohibited indirect Transfers) shall be, to
the fullest extent permitted by applicable law, null and void ab initio, and the provisions of Sections 10.05 and 10.06
shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation
of this Agreement shall not become a Member and shall not have any other rights in or with respect to any rights of a Member of the Company
with respect to the applicable Units. The approval of any Transfer in any one or more instances shall not limit or waive the requirement
for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Permitted
Transfer pursuant to this Article X.

 

    45

     

    

 

(b)              
Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of Section
10.01 and Article XI and Article XII, but excluding Section 10.11), in no event shall any Member Transfer any
Units to the extent such Transfer would:

 

(i)             
result in the violation of the Securities Act, or any other applicable federal, state or foreign Laws;

 

(ii)            
cause an assignment under the Investment Company Act;

 

(iii)           
in the reasonable determination of the Manager, be a violation of or a default (or an event that, with notice or the lapse
of time or both, would constitute a default) under, or result in an acceleration of any obligation under any Credit Agreement to which
the Company or the Manager is a party; provided that, the payee or creditor to whom the Company or the Manager owes such obligation
is not an Affiliate of the Company or the Manager;

 

(iv)           
be a Transfer to a Person who is not legally competent or who has not achieved his or her majority of age under applicable
Law (excluding trusts for the benefit of minors);

 

(v)            
cause the Company to be treated as a “publicly traded partnership” or to be taxed as a corporation pursuant
to Section 7704 of the Code or any successor provision thereto under the Code; or

 

(vi)          
result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined
pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)).

 

(c)              
Notwithstanding anything contained herein to the contrary, in no event shall any Member that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code Transfer any Units, unless such Member and the transferee have delivered
to the Company, in respect of the relevant Transfer, written evidence that all required withholding under Section 1446(f) of the
Code will have been done and duly remitted to the applicable taxing authority or duly executed certifications (prepared in accordance
with the applicable Treasury Regulations or other authorities) of an exemption from such withholding.

 

Section
10.08    Spousal Consent.
In connection with the execution and delivery of this Agreement, any Member who is a natural person will deliver to the Company an executed
consent from such Member’s spouse (if any) in the form of Exhibit B-l attached hereto or a Member’s spouse confirmation
of separate property in the form of Exhibit B-2 attached hereto. If, at any time subsequent to the date of this Agreement such
Member becomes legally married (whether in the first instance or to a different spouse), such Member shall cause his or her spouse to
execute and deliver to the Company a consent in the form of Exhibit B-l or Exhibit B-2 attached hereto. Such Member’s
non-delivery to the Company of an executed consent in the form of Exhibit B-l or Exhibit B-2 at any time shall constitute
such Member’s continuing representation and warranty that such Member is not legally married as of such date.

 

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Section
10.09    Certain Transactions
with respect to the Corporation.

 

(a)               In
connection with a Change of Control Transaction, the Manager shall have the right, in its sole discretion, to require each Member to
effect a Redemption of all or a portion of such Member’s Units together with an equal number of shares of Class B Common
Stock, pursuant to which such Units and such shares of Class B Common Stock will be exchanged for shares of Class A Common Stock (or
economically equivalent cash or securities of a successor entity), mutatis mutandis, in accordance with the Redemption
provisions of Article XI (applied for this purpose as if the Corporation had delivered an Election Notice that specified a
Share Settlement with respect to such Redemption) and otherwise in accordance with this Section 10.09(a) (it being
understood that the Corporation may elect a Direct Exchange in connection with the foregoing, and the remaining provisions of this Section
10.09(a) shall apply, mutatis mutandis, with respect to such Direct Exchange). Any such Redemption pursuant to this Section
10.09(a) shall be effective immediately prior to the consummation of such Change of Control Transaction (and, for the avoidance
of doubt, shall be contingent upon the consummation of such Change of Control Transaction and shall not be effective if such Change
of Control Transaction is not consummated) (the date of such Redemption pursuant to this Section 10.09(a), the
 “Change of Control Date”). From and after the Change of Control Date, (i) the Units and any shares of
Class B Common Stock subject to such Redemption shall be deemed to be transferred to the Corporation on the Change of Control Date
and (ii) each such Member shall cease to have any rights with respect to the Units and any shares of Class B Common Stock subject to
such Redemption (other than the right to receive shares of Class A Common Stock (or economically equivalent cash or equity
securities in a successor entity) pursuant to such Redemption). In the event the Manager desires to initiate the provisions of this Section
10.09, the Manager shall provide written notice of an expected Change of Control Transaction to all Members within the earlier
of (x) five Business Days following the execution of an agreement with respect to such Change of Control Transaction and (y) ten
Business Days before the proposed date upon which the contemplated Change of Control Transaction is to be effected, including in
such notice such information as may reasonably describe the Change of Control Transaction, subject to Law, including the date of
execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for
shares of Class A Common Stock in the Change of Control Transaction and any election with respect to types of consideration that a
holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with a Change of Control
Transaction (which election shall be available to each Member on the same terms as holders of shares of Class A Common Stock).
Following delivery of such notice and on or prior to the Change of Control Date, the Members shall take all actions reasonably
requested by the Corporation to effect such Redemption in accordance with the terms of Article XI, including taking any
action and delivering any document required pursuant to this Section 10.09(a) to effect such Redemption. Notwithstanding the
foregoing, in the event the Manager requires the Members to exchange less than all of their outstanding Units (and to surrender a
corresponding number of shares of Class B Common Stock for cancellation), each Member’s participation in the Change of Control
Transaction shall be reduced pro rata.

 

    47

     

    

 

(b)              
In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization, or similar transaction
with respect to Class A Common Stock (a “Pubco Offer”) is proposed by the Corporation or is proposed to the
Corporation or its stockholders and approved by the Corporate Board or is otherwise effected or to be effected with the consent or approval
of the Corporate Board, the Manager shall provide written notice of the Pubco Offer to all Members within the earlier of (i) five Business
Days following the execution of an agreement (if applicable) with respect to, or the commencement of (if applicable), such Pubco Offer
and (ii) ten Business Days before the proposed date upon which the Pubco Offer is to be effected, including in such notice such information
as may reasonably describe the Pubco Offer, subject to Law, including the date of execution of such agreement (if applicable) or of such
commencement (if applicable), the material terms of such Pubco Offer, including the amount and types of consideration to be received by
holders of shares of Class A Common Stock in the Pubco Offer, any election with respect to types of consideration that a holder of shares
of Class A Common Stock, as applicable, shall be entitled to make in connection with such Pubco Offer, and the number of Units (and the
corresponding shares of Class B Common Stock) held by such Member that is applicable to such Pubco Offer. The Members (other than the
Manager) shall be permitted to participate in such Pubco Offer by delivering a written notice of participation that is effective immediately
prior to the consummation of such Pubco Offer (and that is contingent upon consummation of such offer), and shall include such information
necessary for consummation of such offer as requested by the Corporation. In the case of any Pubco Offer that was initially proposed by
the Corporation, (x) the Corporation shall use reasonable best efforts to enable and permit the Members (other than the Manager) to participate
in such transaction to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock, and to
enable such Members to participate in such transaction without being required to exchange Units or shares of Class B Common Stock prior
to the consummation of such transaction and (y) to the extent that the Members (other than the Manager) choose to participate in such
transaction, then such Members shall take all actions reasonably necessary to effectuate their participation in such transaction, including,
without limitation, exercising their respective Redemption Rights. For the avoidance of doubt, in no event shall Members be entitled to
receive in such Pubco Offer aggregate consideration for each Common Unit that is greater than the consideration payable in respect of
each share of Class A Common Stock in connection with a Pubco Offer (it being understood that payments under or in respect of the Tax
Receivable Agreement shall not be considered part of any such consideration).

 

(c)              
In the event that a transaction or proposed transaction constitutes both a Change of Control Transaction and a Pubco Offer,
the provisions of Section 10.09(a) shall take precedence over the provisions of Section 10.09(b) with respect to such transaction,
and the provisions of Section 10.09(b) shall be subordinate to provisions of Section 10.09(a), and may only be triggered
if the Manager elects to waive the provisions of Section 10.09(a).

 

Section
10.10    Unvested Common
Units. With respect to any shares of Class B Common Stock corresponding to Common Units which remain subject to vesting
conditions in accordance with any applicable Equity Plan or Individual Award Agreement, the Member holding such shares of Class B
Common Stock shall abstain from voting any such shares of Class B Common Stock with respect to any matter to be voted on or
considered by the stockholders of the Corporation at any annual or special meeting of the stockholders of the Corporation or action
by written consent of the stockholders of the Corporation unless and until such time as such Common Units have vested in accordance
with the applicable Equity Plan or Individual Award Agreement.

 

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Section
10.11    Incentive Unit Exchange.

 

(a)              
Notwithstanding anything contained in this Article X to the contrary, each holder of Incentive Units shall be
entitled during the five-day period immediately following the end of any fiscal quarter from and after the Effective Date, upon the terms
and subject to the conditions hereof, to surrender vested Incentive Units to the Company in exchange for the delivery to such holder a
number of Common Units that is equal to the product of (x) the number of vested Incentive Units surrendered and (y) the Incentive Unit
Exchange Rate (such exchange, an “Incentive Unit Exchange”), which newly issued Common Units may be exchanged
in a Redemption or Direct Exchange pursuant to and in accordance with Article XI. Any such Incentive Unit Exchange shall be effected
in compliance with reasonable policies that the Manager may adopt or promulgate from time to time in its sole discretion. In addition,
notwithstanding anything contained herein to the contrary, upon a Change of Control Transaction, all outstanding Incentive Units shall
automatically be exchanged for a number of Common Units that is equal to the product of (x) the number of vested Incentive Units surrendered
and (y) the Incentive Unit Exchange Rate, which newly issued Common Units may be exchanged in a Redemption or Direct Exchange pursuant
to and in accordance with Article XI.

 

(b)              
In connection with any Incentive Unit Exchange (including an exchange upon a Change of Control Transaction), the Corporation
shall issue to each Member surrendering its Incentive Units a number of shares of Class B Common Stock equal to the number of Common Units
issued to such Member pursuant to such Incentive Unit Exchange in order to maintain at all times a one-to-one ratio between the number
of Common Units owned by such Member and the number of shares of Class B Common Stock owned by such Member in accordance with Section 3.06(a)(i).

 

Article
XI 

REDEMPTION AND DIRECT EXCHANGE RIGHTS

 

Section
11.01    Redemption Right of
a Member.

 

(a)              
Each Member (other than the Corporation and its Subsidiaries) shall be entitled to cause the Company to redeem (a “Redemption”)
all or any portion of its Common Units (excluding, for the avoidance of doubt, any Common Units that are subject to vesting conditions
or the Transfer of which is prohibited pursuant to Sections 10.07(b) or 10.07(c) of this Agreement) in whole or in part
(the “Redemption Right”) at any time and from time to time following the waiver or expiration of any contractual
lock-up period relating to the shares of the Corporation that may be applicable to such Member. A Member desiring to exercise its Redemption
Right (each, a “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption
Notice”) to the Company with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units
(the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem and a date, not less than
three Business Days nor more than ten Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager
in its sole discretion agrees in writing to waive such time periods), on which exercise of the Redemption Right shall be completed (the
 “Redemption Date”); provided that, the Company, the Corporation and the Redeeming Member may change
the number of Redeemed Units or the Redemption Date specified in such Redemption Notice to another number or date by mutual agreement
signed in writing by each of them; provided further that, in the event the Corporation elects a Share Settlement, the Redemption
may be conditioned (including as to timing) by the Redeeming Member on the closing of an underwritten distribution of the shares of Class
A Common Stock that may be issued in connection with such proposed Redemption. Subject to Section 11.03 and unless the Redeeming
Member timely has delivered a Retraction Notice as provided in Section 11.01(c) or has revoked or delayed a Redemption as provided
in Section 11.01(d), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption
Date):

 

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(i)            the Redeeming Member shall Transfer and surrender, free and clear of all liens and encumbrances (x) the Redeemed Units to
the Company (including any certificates representing the Redeemed Units if they are certificated), and (y) a number of shares of Class
B Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units to the Corporation, to the extent applicable;

 

(ii)           the
Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member is
entitled under Section 11.01(b), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number
of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming
Member pursuant to clause (i) of this Section 11.01(a) and the Redeemed Units; and

 

(iii)          the
Corporation shall cancel and retire for no consideration the shares of Class B Common Stock (together with any Corresponding Rights)
that were Transferred to the Corporation pursuant to Section 11.01(a)(i)(y) above.

 

(b)              The
Corporation shall have the option (as determined solely by the Corporate Board), as provided in Section 11.02, to elect to have
the Redeemed Units be redeemed in consideration for either a Share Settlement or a Cash Settlement; provided that, for the avoidance
of doubt, the Corporation may elect to have the Redeemed Units be redeemed in consideration for a Cash Settlement solely in connection
with the Corporation’s completion of a substantially concurrent public offering or private sale of shares of Class A Common Stock
within ten (10) Business Days of the delivery of a Redemption Notice. For the avoidance of doubt, the Company shall have no obligation
to effect a Cash Settlement that exceeds the cash raised by the Corporation from the Corporation’s offering or sale of shares of
Class A Common Stock referenced in this Section 11.01(b). The Corporation shall give written notice (the “Election
Notice”) to the Company (with a copy to the applicable Redeeming Member) of such election within two Business Days of receiving
the Redemption Notice; provided that, if the Corporation does not timely deliver an Election Notice, the Corporation shall be
deemed to have elected the Share Settlement method. If the Corporation elects a Share Settlement (including in connection with a Direct
Exchange pursuant to Section 11.03), the Corporation shall deliver or cause to be delivered the number of shares of Class A Common
Stock deliverable upon such Share Settlement as promptly as practicable (but not later than three Business Days) after the Redemption
Date, at the offices of the then-acting registrar and transfer agent of the shares of Class A Common Stock (or, if there is no then-acting
registrar and transfer agent of Class A Common Stock, at the principal executive offices of the Corporation), registered in the name
of the relevant Redeeming Member (or in such other name as is requested in writing by the Redeeming Member), in certificated or uncertificated
form, as determined by the Corporation; provided that, to the extent the shares of Class A Common Stock are settled through the
facilities of The Depository Trust Company, upon the written instruction of the Redeeming Member set forth in the Redemption Notice,
the Corporation shall use its commercially reasonable efforts to deliver the shares of Class A Common Stock deliverable to such Redeeming
Member through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated
by such Redeeming Member by no later than the close of business on the Business Day immediately following the Redemption Date.

 

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(c)              
In the event the Corporation elects the Cash Settlement in connection with a Redemption, the Redeeming Member may retract
its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to the
Corporation) within three Business Days of delivery of the Election Notice. The timely delivery of a Retraction Notice shall terminate
all of the Redeeming Member’s, the Company’s and the Corporation’s rights and obligations under this Section 11.01
arising from the Redemption Notice.

 

(d)              
In the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeeming Member shall be entitled
to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists:

 

(i)           any
registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at or immediately
following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such
resale registration statement has yet become effective;

 

(ii)          the
Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect
such Redemption;

 

(iii)         the
Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such
deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately
following the consummation of the Redemption;

 

(iv)         the Redeeming Member is in possession of any material non-public information concerning the Corporation, the receipt of
which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the
Redemption without disclosure of such information (and the Corporation does not permit disclosure of such information);

 

(v)          any
stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member
at or immediately following the Redemption shall have been issued by the SEC;

 

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(vi)         there
shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A Common
Stock is then traded;

 

(vii)        there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains
or prohibits the Redemption;

 

(viii)       the
Corporation shall have failed to comply in all material respects with its obligations under the Investor Rights Agreement, and such failure
shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such Redemption
pursuant to an effective registration statement; or

 

(ix)          the Redemption Date would occur three Business Days or less prior to, or during, a Black-Out Period.

 

If a Redeeming Member delays the consummation
of a Redemption pursuant to this Section 11.01(d), the Redemption Date shall occur on the fifth Business Day following the
date on which the condition(s) giving rise to such delay cease to exist (or such earlier day as the Corporation, the Company and such
Redeeming Member may agree in writing).

 

(e)             The
number of shares of Class A Common Stock (or Redeemed Units Equivalent, if applicable) (together with any Corresponding Rights) applicable
to any Share Settlement or Cash Settlement shall not be adjusted on account of any Distributions previously made with respect to the
Redeemed Units or dividends previously paid with respect to Class A Common Stock; provided however that, if a Redeeming Member
causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with respect
to the Redeemed Units but prior to payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution
with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member Transferred and surrendered
the Redeemed Units to the Company prior to such date; provided further that, a Redeeming Member shall be entitled to receive any
and all Tax Distributions that such Redeeming Member otherwise would have received in respect of income allocated to such Member for
the portion of any Fiscal Year irrespective of whether such Tax Distribution(s) are declared or made after the Redemption Date.

 

(f)              In
the case of a Share Settlement, in the event a reclassification or other similar transaction occurs following delivery of a Redemption
Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security, then
a Redeeming Member shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding Rights) that
the Redeeming Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately
prior to the record date of such reclassification or other similar transaction.

 

(g)             Restricted
Units are not permitted to be treated as Redeemed Units under this Agreement, and in no event shall the Company or the Corporation effect
a Redemption or Direct Exchange, respectively, of a Restricted Unit unless and until a Vesting Event and Conversion Date has occurred
with respect to such Restricted Unit and it has been converted to a Common Unit in accordance with the terms hereof.

 

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(h)              
 Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall be obligated to
effectuate a Redemption if such Redemption could (as determined in the sole discretion of the Manager) cause the Company to be treated
as a “publicly traded partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor provisions
of the Code.

 

Section
11.02    Election and Contribution
of the Corporation. Unless the Redeeming Member has timely delivered a Retraction Notice as provided in Section 11.01(c), or
has revoked or delayed a Redemption as provided in Section 11.01(d), subject to Section 11.03 on the Redemption Date (to
be effective immediately prior to the close of business on the Redemption Date), (a) the Corporation shall make a Capital Contribution
to the Company (in the form of the Share Settlement or the Cash Settlement, as determined by the Corporation in accordance with Section
11.01(b)) and (b) the Company shall issue to the Corporation a number of Common Units equal to the number of Redeemed Units surrendered
by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, but subject to Section 11.03,
in the event that the Corporation elects a Cash Settlement, the Corporation shall only be obligated to contribute to the Company an amount
in respect of such Cash Settlement equal to the Redeemed Units Equivalent with respect to such Cash Settlement, which in no event shall
exceed the amount actually paid by the Company to the Redeeming Member as the Cash Settlement. The timely delivery of a Retraction Notice
shall terminate all of the Company’s and the Corporation’s rights and obligations under this Section 11.02 arising
from the Redemption Notice.

 

Section
11.03    Direct Exchange Right
of the Corporation.

 

(a)              
Notwithstanding anything to the contrary in this Article XI (save for the limitations set forth in Section 11.01(b)
regarding the Corporation’s option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of
the Members under Section 11.01, including the right to revoke a Redemption Notice), the Corporation may, in its sole and absolute
discretion (as determined solely by a majority of its directors who are disinterested) (subject to the timing limitations set forth on
such discretion in Section 11.01(b)), elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement
or the Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and the Share Settlement or the Cash Settlement,
as applicable, between the Redeeming Member and the Corporation (a “Direct Exchange”) (rather than contributing
the Share Settlement or the Cash Settlement, as the case may be, to the Company in accordance with Section 11.02 for purposes of
the Company redeeming the Redeemed Units from the Redeeming Member in consideration of the Share Settlement or the Cash Settlement, as
applicable). Upon such Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed Units and shall
be treated for all purposes of this Agreement as the owner of such Units.

 

(b)               The
Corporation may, at any time prior to a Redemption Date (including after delivery of an Election Notice pursuant to Section
11.01(b)), deliver written notice (an “Exchange Election Notice”) to the Company and the
Redeeming Member setting forth its election to exercise its right to consummate a Direct Exchange; provided that, such
election is subject to the limitations set forth in Section 11.01(b) and does not unreasonably prejudice the ability of the
parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the
Corporation at any time; provided that, any such revocation does not unreasonably prejudice the ability of the parties to
consummate a Redemption or Direct Exchange on the Redemption Date. The right to consummate a Direct Exchange in all events shall be
exercisable for all of the Redeemed Units that would have otherwise been subject to a Redemption.

 

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(c)              
Except as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe
as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows:

 

(i)           the Redeeming Member shall transfer and surrender, free and clear of all liens and encumbrances (x) the Redeemed Units and
(y) a number of shares of Class B Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units, to the
extent applicable, in each case, to the Corporation;

 

(ii)           the Corporation shall (x) issue or pay to the Redeeming Member the Share Settlement or the Cash Settlement, as applicable,
and (y) cancel and retire for no consideration the shares of Class B Common Stock (together with any Corresponding Rights) that were Transferred
to the Corporation pursuant to Section 11.03(c)(i)(y) above; and

 

(iii)          the
Company shall (x) register the Corporation as the owner of the Redeemed Units and (y) if the Units are certificated, issue to the Redeeming
Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the
certificate surrendered by the Redeeming Member pursuant to Section 11.03(c)(i)(x) and the Redeemed Units, and issue to the
Corporation a certificate for the number of Redeemed Units.

 

Section
11.04    Reservation of shares
of Class A Common Stock; Listing; Certificate of the Corporation.

 

(a)             At
all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose
of issuance upon a Share Settlement in connection with a Redemption or Direct Exchange, such number of shares of Class A Common Stock
as shall be issuable upon any such Share Settlement pursuant to a Redemption or Direct Exchange; provided that, nothing contained
herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Share Settlement pursuant
to a Redemption or Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the
Corporation) or by way of Cash Settlement. The Corporation shall deliver Class A Common Stock that has been registered under the Securities
Act with respect to any Share Settlement pursuant to a Redemption or Direct Exchange to the extent a registration statement is effective
and available with respect to such shares; provided that, all such unregistered shares of Class A Common Stock (if any) shall
be entitled to the registration rights set forth in the Investor Rights Agreement if the holders thereof are party to the Investor Rights
Agreement and have such rights thereunder. The Corporation shall use its commercially reasonable efforts to list the Class A Common Stock
required to be delivered upon any such Share Settlement pursuant to a Redemption or Direct Exchange prior to such delivery upon each
national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Share Settlement
pursuant to a Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable
securities Laws). The Corporation covenants that all shares of Class A Common Stock issued in connection with a Share Settlement pursuant
to a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article
XI shall be interpreted and applied in a manner consistent with any corresponding provisions of the Corporation’s certificate
of incorporation (if any).

 

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(b)              
Prior to any Redemption or Direct Exchange effected pursuant to this Agreement, the Corporation shall take all such steps
as may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt
for purposes of Section 16(b) under the Exchange Act, any acquisitions from, or dispositions to, the Corporation of equity securities
of the Corporation (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities
or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each
officer or director of the Corporation, including any director by deputization. The authorizing resolutions shall be approved by either
the Corporate Board or a committee thereof composed solely of two or more Non-Employee Directors (as defined in Rule 16b-3) of the Corporation
with the authorizing resolutions specifying the name of each such director whose acquisition or disposition of securities is to be exempted
and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement.

 

Section
11.05    Effect of Exercise
of Redemption or Direct Exchange. This Agreement shall continue notwithstanding the consummation of a Redemption or Direct Exchange
by a Member and all rights set forth herein shall continue in effect with respect to the remaining Members and, to the extent the Redeeming
Member has a remaining Unit following such Redemption or Direct Exchange, the Redeeming Member. No Redemption or Direct Exchange shall
relieve a Redeeming Member, the Company or the Corporation of any prior breach of this Agreement by such Redeeming Member, the Company
or the Corporation.

 

Section
11.06    Tax Treatment.
Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption or a Direct Exchange, as the case
may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal and applicable state and
local income tax purposes. The Redeeming Member shall reasonably cooperate with the Company and the Corporation in connection with any
Redemption or Direct Exchange to ensure that the requirements of Sections 1445 and 1446(f) of the Code or successor provisions of the
Code are satisfied (as determined by the Manager) prior to the Redemption Date.

 

Article
XII 

ADMISSION OF MEMBERS

 

Section
12.01    Substituted Members.
Subject to the provisions of Article X hereof, in connection with the Permitted Transfer of a Unit hereunder, the Permitted Transferee
shall become a Substituted Member on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance
with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company, including the Schedule
of Members.

 

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Section
12.02   Additional Members.
Subject to the provisions of Article X hereof, any Person that is not a Member as of the Effective Date may be admitted to the
Company as an additional Member (any such Person, an “Additional Member”) only upon furnishing to the Manager
(a) duly executed Joinder and counterparts to any applicable Other Agreements and (b) such other documents or instruments as
may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering into such documents
as may reasonably be requested by the Manager). Such admission shall become effective on the date on which the Manager determines in
its sole discretion that such conditions have been satisfied and when any such admission is shown on the books and records of the Company,
including the Schedule of Members.

 

Article
XIII 

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

 

Section
13.01   Withdrawal and Resignation
of Members. Except in the event of Transfers pursuant to Section 10.06 and the Manager’s right to resign pursuant to
Section 6.03, no Member shall have the power or right to withdraw or otherwise resign as a Member from the Company prior to the
dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts to withdraw or otherwise
resign as a Member from the Company without the prior written consent of the Manager upon or following the dissolution and winding up
of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from the Company to
which such Member is entitled pursuant to Article XIV, shall be liable to the Company for all damages (including all lost profits
and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Member. Upon
a Transfer of all of a Member’s Units in a Transfer permitted by this Agreement, subject to the provisions of Section 10.06,
such Member shall cease to be a Member.

 

Article
XIV 

DISSOLUTION AND LIQUIDATION

 

Section
14.01    Dissolution. The
Company shall not be dissolved by the admission of Additional Members or Substituted Members or the attempted withdrawal, removal, dissolution,
bankruptcy or resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon:

 

(a)             the
decision of the Manager together with the written approval of the Members holding a majority of the Common Units to dissolve the Company
(excluding for purposes of such calculation the Corporation and all Common Units held directly or indirectly by it);

 

(b)             a
dissolution of the Company under Section 18-801(4) of the Delaware Act, unless the Company is continued without dissolution pursuant
thereto;

 

(c)             the
entry of a decree of judicial dissolution of the Company under Section 18-802 of the Delaware Act; or

 

(d)             the termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event
which terminates the continued membership of the last remaining Member of the Company in the Company unless the Company is continued
without dissolution in a manner permitted by this Agreement or the Act.

 

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Except as otherwise set forth in this Article
XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall not in and of itself cause a dissolution of
the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement.

 

Section
14.02    Winding up. Subject
to Section 14.05, on dissolution of the Company, the Manager shall act as liquidating trustee or may appoint one or more Persons
as liquidating trustee (each such Person, a “Liquidator”). The Liquidators shall proceed diligently to wind
up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall
be borne as an expense of the Company. Until final distribution, the Liquidators shall, to the fullest extent permitted by applicable
Law, continue to operate the properties of the Company with all of the power and authority of the Manager. The steps to be accomplished
by the Liquidators are as follows:

 

(a)              
as promptly as possible after dissolution and again after final liquidation, the Liquidators shall cause a proper accounting
to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the
last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

 

(b)              
the Liquidators shall pay, satisfy or discharge from the Company’s funds, or otherwise make adequate provision for
payment and discharge thereof (including the establishment of a cash fund for contingent, conditional and unmatured liabilities in such
amount and for such term as the liquidators may reasonably determine) the following: first, all of the debts, liabilities and obligations
of the Company owed to creditors other than the Members in satisfaction of the liabilities of the Company (whether by payment or the making
of reasonable provision for payment thereof), including all expenses incurred in connection with the liquidations; and second, all of
the debts, liabilities and obligations of the Company owed to the Members (other than any payments or distributions owed to such Members
in their capacity as Members pursuant to this Agreement); and

 

(c)              
following any payments pursuant to the foregoing Section 14.02(b), all remaining assets of the Company shall be distributed
to the Members in accordance with Section 4.01(a) by the end of the Taxable Year during which the liquidation of the Company
occurs (or, if later, by 90 days after the date of the liquidation).

 

The distribution of cash or property to the Members
in accordance with the provisions of this Section 14.02 and Section 14.03 below shall constitute a complete return to the
Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company and all of the Company’s
property and shall constitute a compromise to which all Members have consented within the meaning of the Delaware Act; provided
that, unless and until a Vesting Event has occurred with respect to the Restricted Units (including a Vesting Event as a result of a Change
of Control Transaction or liquidation of the Company), and in which case, solely with respect to that portion of the Restricted Units
to which such Vesting Event relates, the Restricted Units shall not have any economic rights under this Agreement.

 

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Section
14.03    Deferment; Distribution
in Kind. Notwithstanding the provisions of Section 14.02, but subject to the order of priorities set forth therein, if
upon dissolution of the Company the Liquidators determine that an immediate sale of part or all of the Company’s assets would be
impractical or would cause undue loss (or would otherwise not be beneficial) to the Members, the Liquidators may, in their sole discretion
and the fullest extent permitted by applicable Law, defer for a reasonable time the liquidation of any assets except those necessary
to satisfy the Company’s liabilities (other than loans to the Company by any Member(s)) and reserves. Subject to the order of priorities
set forth in Section 14.02, the Liquidators may, in their sole discretion, distribute to the Members, in lieu of cash, either
(a) all or any portion of such remaining assets in-kind of the Company in accordance with the provisions of Section 14.02(c),
(b) as tenants in common and in accordance with the provisions of Section 14.02(c), undivided interests in all or any portion
of such assets of the Company or (c) a combination of the foregoing. Any such Distributions in-kind shall be subject to (y) such
conditions relating to the disposition and management of such assets as the Liquidators deem reasonable and equitable and (z) the
terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time. Any assets
of the Company distributed in kind will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any),
which shall be allocated in accordance with Article V. The Liquidators shall determine the Fair Market Value of any property distributed.

 

Section
14.04    Cancellation of Certificate.
On completion of the winding up of the Company as provided herein, the Manager (or such other Person or Persons as the Delaware Act may
require or permit) shall file a certificate of cancellation of the Certificate with the Secretary of State of Delaware, cancel any other
filings made pursuant to this Agreement that should be canceled and take such other actions as may be necessary to terminate the existence
of the Company. The Company shall continue in existence for all purposes of this Agreement until it is terminated pursuant to this Section
14.04.

 

Section
14.05    Reasonable Time for
Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation
of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant upon such winding
up.

 

Section
14.06    Return of Capital.
The Liquidators shall not be personally liable for the return of Capital Contributions or any portion thereof to the Members (it being
understood that any such return shall be made solely from assets of the Company).

 

Article
XV 

GENERAL PROVISIONS

 

Section
15.01    Power of Attorney.

 

(a)              
Each Member hereby constitutes and appoints the Manager (or the Liquidator, if applicable) with full power of substitution,
as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to:

 

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(i)              execute,
swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all certificates and other instruments
and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company
as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own
property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement
of this Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate
or necessary to reflect the dissolution, winding up and termination of the Company pursuant to the terms of this Agreement, including
a certificate of cancellation; and (D) all instruments relating to the admission, substitution or resignation of any Member pursuant
to Article XII or Article XIII; and

 

(ii)             sign,
execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary,
in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which
is made or given by the Members hereunder or is consistent with the terms of this Agreement, in the reasonable judgment of the Manager,
to effectuate the terms of this Agreement.

 

(b)            The
foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution,
bankruptcy, insolvency or termination of any Member and the transfer of all or any portion of his, her or its Units and shall extend
to such Member’s heirs, successors, assigns and personal representatives.

 

Section
15.02    Confidentiality.

 

(a)             Each
of the Members (other than the Corporation) agrees that, without limiting the applicability of any other agreement to which any
Member may be subject, no Member shall directly or indirectly disclose or use (other than solely for the purpose of such Member
monitoring and analyzing such Member’s investment made herein) at any time, including use for commercial or proprietary
advantage or profit, either during his, her or its association or employment with the Company or thereafter, any Confidential
Information of which such Member is or becomes aware. Each Member in possession of Confidential Information shall take all
appropriate steps to safeguard such information and to protect it against disclosure, misuse, espionage, loss and theft.
 “Confidential Information” as used herein includes all nonpublic information concerning the Company or its
Subsidiaries including, but not limited to, ideas, business strategies, innovations and materials, all aspects of the
Company’s business plan, proposed operation and products, operating practices and methods, corporate structure, financial and
organizational information, analyses, expansion plans, strategic plans, marketing plans, contracts, customer lists or other business
documents which the Company treats as confidential, designs, employees and their identities, equity ownership, the methods and means
by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property
associated with the Company’s business. With respect to each Member, Confidential Information does not include information or
material that: (i) is rightfully in the possession of such Member at the time of disclosure by the Company; (ii) before or after it
has been disclosed to such Member by the Company, becomes part of public knowledge, not as a result of any action or inaction of
such Member in violation of this Agreement; or (iii) is approved for release by written authorization of the Corporate Board or the
Manager, or any other officer designated by the Manager.

 

    59

     

    

 

(b)              
Notwithstanding the foregoing, a Member may disclose Confidential Information to the extent (i) the disclosure is necessary
for the Member or the Company’s employees, agents, representatives and advisors to fulfill their duties to the Company pursuant
to this Agreement or other written agreements or (ii) the disclosure is required by Law, court order, subpoena or legal process or to
comply with the requirements of a state or federal regulatory authority.

 

(c)              
Upon expiration or other termination of a Member’s interest in the Company, that Member may not take any of the Confidential
Information, and that Member shall promptly return to the Company all Confidential Information in that Member’s possession or control.

 

Section
15.03    Amendments. Except
as otherwise contemplated by this Agreement, this Agreement may be amended or modified upon the written consent of the Manager, together
with the written consent of the holders of a majority of the Common Units then outstanding (excluding all Common Units held directly or
indirectly by the Corporation). Notwithstanding the foregoing, no amendment or modification:

 

(a)              
to this Section 15.03 may be made without the prior written consent of the Manager and the holders of a majority
of the Units;

 

(b)              
to any of the terms and conditions of this Agreement which terms and conditions expressly require the approval or action
of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled
to approve or take action on such matter; and

 

(c)              
to any of the terms and conditions of this Agreement which would (i) reduce the amounts distributable to a Member pursuant
to Articles IV and XIV in a manner that is not pro rata with respect to all Members, (ii) increase the liabilities
of such Member hereunder, (iii) otherwise adversely affect a holder of Units (with respect to such Units) in a manner disproportionate
to any other holder of Units of the same class or series (with respect to such Units) (other than amendments, modifications and waivers
necessary to implement the provisions of Article XII) or (iv) adversely affect the rights of any Member under Sections 3.04,
3.05, 7.01 or 7.04 or Articles X or XI, shall be effective against such affected Member or holder of
Units, as the case may be, without the prior written consent of the holders a majority of such affected Units, as the case may be.

 

Notwithstanding any of the foregoing, the
Manager may make any amendment (i) of an administrative nature that is necessary in order to implement the substantive
provisions hereof, without the consent of any other Member; provided that, any such amendment does not adversely change the
rights of the Members hereunder in any respect, (ii) to reflect any changes to the Class A Common Stock or Class B Common
Stock or the issuance of any other capital stock of the Corporation, (iii) to issue Units in accordance with Section
3.02(b), (iv) to the extent reasonably necessary or advisable to avoid the Company being treated as a “publicly traded
partnership” or being taxed as a corporation pursuant to Section 7704 of the Code or any successor provision thereto under the
Code; provided that, in the case of each of the foregoing clauses and notwithstanding anything herein to the contrary, so
long as the Tax Receivable Agreement remains outstanding and in effect, no amendment or modification may be made to this Agreement
that is adverse to the TRA Holders without the prior written consent of the Agent (as each such term is defined in the Tax
Receivable Agreement) or (v) in accordance with Section 5.08.

 

    60

     

    

 

Section
15.04    Title to Company Assets.
Company assets shall be owned by the Company as an entity, and no Member, individually or collectively, shall have any ownership interest
in such assets of the Company or any portion thereof. The Company shall hold title to all of its property in the name of the Company and
not in the name of any Member. All assets of the Company shall be recorded as the property of the Company on its books and records, irrespective
of the name in which legal title to such assets is held. The Company’s credit and assets shall be used solely for the benefit of
the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member.

 

Section
15.05    Addresses and Notices.
All notices and other communications to be given to any party hereunder shall be sufficiently given for all purposes hereunder if in writing
and delivered by hand, courier or overnight delivery service, or when received in the form of an electronic transmission (receipt confirmation
requested), and shall be directed to the address set forth, or at such address or to the attention of such other person as the recipient
party has specified by prior written notice to the Company or the sending party.

 

To the Company:

 

	Authentic Brands LLC
	1144 S. 500 W
	Salt Lake City, UT 84101
	Attn:	Tom Davin, Co-CEO
	Email:	tom.davin@blackriflecoffee.com
	 
	with a copy (which copy shall not constitute notice) to:
	 
	Kirkland & Ellis LLP
	300 North LaSalle
	Chicago, IL 60654
	Attn:	Steven V. Napolitano, P.C.
	 	John A. Kaercher, P.C.
	Email:	stephen.napolitano@kirkland.com
	 	john.kaercher@kirkland.com
	 
	To the Corporation:
	 
	Authentic Brands LLC
	1144 S. 500 W
	Salt Lake City, UT 84101
	Attn:	Tom Davin, Co-CEO
	Email:	tom.davin@blackriflecoffee.com

 

    61

     

    

 

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

 

	Kirkland & Ellis LLP
	300 North LaSalle
	Chicago, IL 60654
	Attn:	Joshua N. Korff, P.C.
	 	Peter S. Seligson
	Email:	joshua.korff@kirkland.com
	 	peter.seligson@kirkland.com

 

To the Members, as set forth on Schedule 2.

 

Section
15.06    Binding Effect; Intended
Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

Section
15.07    Creditors. None
of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company or any of its Affiliates,
and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate
agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest
in Profits, Losses, Distributions, capital or property of the Company other than as a secured creditor.

 

Section
15.08    Waiver. No failure
by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or
condition.

 

Section
15.09    Counterparts. This
Agreement may be executed in separate counterparts, each of which will be an original and all of which together shall constitute one and
the same agreement binding on all the parties hereto.

 

Section
15.10    Applicable
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving
effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Delaware. Any suit, dispute, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement shall be
heard in the state or federal courts of the State of Delaware, and the parties hereby consent to the exclusive jurisdiction of such
court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid
therein. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY
PARTY ANYWHERE IN THE WORLD, WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY SUCH COURT (INCLUDING BY PREPAID CERTIFIED MAIL WITH
A VALIDATED PROOF OF MAILING RECEIPT) AND SHALL HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN
THE STATE OF DELAWARE. WITHOUT LIMITING THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES AGREE THAT SERVICE OF
PROCESS UPON SUCH PARTY AT THE ADDRESS REFERRED TO IN SECTION 15.05 (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED
PROOF OF MAILING RECEIPT), TOGETHER WITH WRITTEN NOTICE OF SUCH SERVICE TO SUCH PARTY, SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS
UPON SUCH PARTY.

 

    62

     

    

 

Section
15.11          Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if
any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of
any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

Section
15.12          Further Action.
The parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be necessary
or appropriate to achieve the purposes of this Agreement.

 

Section
15.13          Execution and Delivery
by Electronic Signature and Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection
with this Agreement or contemplated hereby or entered into by the Company in accordance herewith, and any amendments hereto or thereto,
to the extent signed and delivered by means of an electronic signature or electronic transmission, including by a facsimile machine or
via email, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same
binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any
such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other
parties. No party hereto or to any such agreement or instrument shall raise the use of electronic signature or electronic transmission
to execute or deliver a document or the fact that any signature or agreement or instrument was transmitted or communicated through such
electronic transmission as a defense to the formation of a contract and each such party forever waives any such defense.

 

Section
15.14          Right of Offset.
Whenever the Company or the Corporation is to pay any sum (other than pursuant to Article IV) to any Member, any amounts that such
Member owes to the Company or the Corporation which are not the subject of a good faith dispute may be deducted from that sum before payment.
For the avoidance of doubt, the distribution of Units to the Corporation shall not be subject to this Section 15.14.

 

Section
15.15          Entire
Agreement. This Agreement, those documents expressly referred to herein (including the Investor Rights Agreement and the Tax
Receivable Agreement), any indemnity agreements entered into in connection with the Initial LLC Agreement with any member of the
board of directors at that time and other documents of even date herewith embody the complete agreement and understanding among the
parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral,
which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Initial LLC Agreement is superseded
by this Agreement as of the Effective Date and shall be of no further force and effect thereafter.

 

    63

     

    

 

Section
15.16    Remedies. Each
Member shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been granted at
any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights
under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically
(without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise
all other rights granted by Law.

 

Section
15.17    Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part
of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including”
in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such
agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable
hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document
or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect
hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context, references
to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall
not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement.

 

    64

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Third Amended and Restated Limited Liability Company Agreement as of the date
first written above.

 

	 	COMPANY:
	 	 
	 	AUTHENTIC BRANDS LLC
	 	 
	 	By: 	/s/ Tom Davin
	 	 	Name: 	Tom Davin
	 	 	Title: 	Co-Chief Executive Officer

 

[Signature Page to Third Amended and Restated Limited Liability Company
Agreement of Authentic Brands LLC]

 

     

     

    

 

	 	MEMBERS:
	 	 
	 	ACP LEGACY PE, LLC
	 	 
	 	By:	 /s/ Tyler Coretz
	 	 	Name: 	Tyler Coretz
	 	 	Title: 	President of Managing Member
	 	 
	 	ACP PE, LLC
	 	 
	 	By: 	/s/ Tyler Coretz
	 	 	Name: 	Tyler Coretz
	 	 	Title: 	President of Managing Member
	 	 
	 	AGP BRC LLC
	 	 
	 	By: 	/s/ Richard Wallington
	 	 	Name: 	Richard Wallington
	 	 	Title: 	CFO and CCO of Anderson Growth Partners, LLC
	 	 
	 	 	/s/ Alan R. Christensen
	 	 	Alan R. Christensen
	 	 
	 	 	/s/ Andrew McCormick
	 	 	Andrew McCormick
	 	 
	 	BASS PRO, LLC
	 	 
	 	By: 	/s/ Kevin Maliszewski
	 	 	Name: 	Kevin Maliszewski
	 	 	Title: 	CFO

 

    66

     

    

 

	 	BHB ACQUISITIONS III, LLC
	 	 
	 	By: 	/s/ Almog Geva
	 	 	Name: 	Almog Geva
	 	 	Title: 	Manager
	 	 
	 	 	/s/ Charles E. Sheedy
	 	 	Charles E. Sheedy
	 	 
	 	 	/s/ Charles Waldron
	 	 	Charles Waldron
	 	 
	 	 	/s/ Christopher B. Sarofim
	 	 	Christopher B. Sarofim
	 	 
	 	CROSSCOUNTRY MTG CAPITAL
    II, LLC
	 	 
	 	By: 	/s/ Madhur Agarwal
	 	 	Name: 	Madhur Agarwal
	 	 	Title: 	CFO
	 	 
	 	 	/s/ Dan Shimoda
	 	 	Name: Dan Shimoda
	 	 
	 	 	/s/ Daniel Kaepernik
	 	 	Name: Daniel Kaepernik

 

    67

     

    

 

	 	DNS-ICED COFFEE, LLC
	 	 
	 	By: 	/s/ Derek Arend
	 	 	Name: 	Derek Arend
	 	 	Title: 	President
	 	 
	 	EKNRH HOLDINGS LLC
	 	 
	 	By: 	/s/ Evan Hafer
	 	 	Name: 	Evan Hafer
	 	 	Title: 	Authorized Signatory
	 	 
	 	ELI BRONFMAN VENTURES LLC
	 	 
	 	By: 	/s/ Eli Bronfman
	 	 	Name: 	Eli Bronfman
	 	 	Title:	 Manager
	 	 
	 	FAYEZ SAROFIM & CO.
	 	 
	 	By:	 /s/ Raye G. White
	 	 	Name: 	Raye G. White
	 	 	Title: 	Executive Vice President
	 	 
	 	 	/s/ Fayez Sarofim
	 	 	Fayez Sarofim
	 	 
	 	 	/s/ George Munoz
	 	 	George Munoz
	 	 
	 	 	/s/ Greg Iverson
	 	 	Greg Iverson

 

    68

     

    

 

	 	H/A PRIVATE EQUITY MANAGEMENT
	 	 
	 	By: 	/s/ David C. Humphrey
	 	 	Name: 	David C. Humphrey
	 	 	Title: 	Manager
	 	 
	 	 	/s/ Jarred Taylor
	 	 	Jarred Taylor
	 	 
	 	 	/s/ Katy Dickson
	 	 	Katy Dickson
	 	 
	 	 	/s/ Kim Ellis
	 	 	Kim Ellis
	 	 
	 	 	/s/ Logan Stark
	 	 	Logan Stark
	 	 
	 	LOUISE CORTEZI FAMILY RESOURCE
    TRUST
	 	 
	 	By: 	/s/ Nicholas Cortezi
	 	 	Name: 	Nicholas Cortezi
	 	 	Title: 	Trustee
	 	 
	 	M. COHN INVESTMENTS LTD.
	 	 
	 	By: 	/s/ Morton A. Cohn
	 	 	Name: 	Morton A. Cohn
	 	 	Title: 	Managing Partner

 

    69

     

    

 

	 	M2G2 INVESTMENTS LLC
	 	 
	 	By: 	/s/ J.R. Menard
	 	 	Name: 	J.R. Menard
	 	 	Title:	 E.V.P. & Treasurer
	 	 
	 	 	/s/ Manuel Pineiro, Jr.
	 	 	Manuel Pineiro, Jr.
	 	 
	 	 	/s/ Mathew Best
	 	 	Mathew Best
	 	 
	 	 	/s/ Matthew Altenau
	 	 	Matthew Altenau
	 	 
	 	 	/s/ Matthew Glass
	 	 	Matthew Glass
	 	 
	 	 	/s/ Molly Schweickert
	 	 	Molly Schweickert
	 	 
	 	 	/s/ Nicholas J. Zdeblick
	 	 	Nicholas J. Zdeblick
	 	 
	 	 	/s/ Raye G. White
	 	 	Raye G. White
	 	 
	 	 	/s/ Reynaldo Reza
	 	 	Reynaldo Reza

 

    70

     

    

 

	 	 	/s/ Richard Ryan
	 	 	Richard Ryan
	 	 
	 	 	/s/ Robert Baker
	 	 	Robert Baker
	 	 
	 	 	/s/ Robert Modarelli
	 	 	Robert Modarelli
	 	 
	 	SAGE ENTERPRISES, LLC
	 	 
	 	By: 	/s/ Jayson Orvis
	 	 	Name: 	Jayson Orvis
	 	 	Title: 	Manager
	 	 
	 	 	/s/ Sandy Garner
	 	 	Sandy Garner
	 	 
	 	 	/s/ Scott Bollinger
	 	 	Scott Bollinger
	 	 
	 	 	/s/ Scott Harvey
	 	 	Scott Harvey
	 	 
	 	 	/s/ Steven Taslitz
	 	 	Steven Taslitz

 

    71

     

    

 

	 	TEXAN LAND AND CATTLE II LTD.
	 	 
	 	By: 	/s/ Henry J.N. Taub II
	 	 	Name: 	Henry J.N. Taub II
	 	 	Title: 	President of General Partner
	 	 
	 	TEXBY ASSOCIATES INC.
	 	 
	 	By: 	/s/ Matthew Glass
	 	 	Name: 	Matthew Glass
	 	 	Title: 	CIO
	 	 
	 	THE TREETOPS FOUNDATION
	 	 
	 	By: 	/s/ Matthew Bromfman
	 	 	Name: 	Matthew Bronfman
	 	 	Title: 	Trustee (Sole)
	 	 
	 	 	/s/ Tim Kennedy
	 	 	Tim Kennedy
	 	 
	 	 	/s/ Toby Johnson
	 	 	Toby Johnson
	 	 
	 	 	/s/ Tom Davin
	 	 	Tom Davin
	 	 
	 	TPO-JAVA LLC
	 	 
	 	By: 	/s/ Derek Arend
	 	 	Name: 	Derek Arend
	 	 	Title: 	President
	 	 
	 	 	/s/ William Gentry Lee, Jr.
	 	 	William Gentry Lee, Jr.

 

    72Exhibit 10.2

 

TAX RECEIVABLE AGREEMENT

 

by and among

 

BRC INC.,

 

AUTHENTIC
BRANDS LLC,

 

and

 

THE AGENT

 

DATED AS OF

 

FEBRUARY 9, 2022

 

     

     

    

 

	Table of Contents
	 	 	 
		 	Page

 

	 	 	 
	Article I DEFINITIONS	 2
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Other Definitional and Interpretative Provisions	11
	 	 	 
	Article II DETERMINATION OF CERTAIN REALIZED TAX BENEFITS	 11
	Section 2.1	Exchange Schedule	11
	Section 2.2	Blocker Basis Schedule	11
	Section 2.3	Tax Benefit Schedule	12
	Section 2.4	Procedure: Amendments	13
	 	 	 
	Article III TAX BENEFIT PAYMENTS	 14
	Section 3.1	Payments	14
	Section 3.2	No Duplicative Payments	14
	Section 3.3	Pro Rata Payments	15
	Section 3.4	Coordination of Benefits	15
	 	 	 
	Article IV TERMINATION	 15
	Section 4.1	Early Termination by the Corporation	15
	Section 4.2	Early Termination upon Change of Control	16
	Section 4.3	Breach of Agreement	16
	Section 4.4	Early Termination Notice	17
	Section 4.5	Payment upon Early Termination	18
	 	 	 
	Article V SUBORDINATION AND LATE PAYMENTS	 18
	Section 5.1	Subordination	18
	Section 5.2	Late Payments by the Corporation	18
	 	 	 
	Article VI PARTICIPATION IN TAX MATTERS; CONSISTENCY;
COOPERATION	 19
	Section 6.1	Participation in the Corporation’s Tax Matters	19
	Section 6.2	Consistency	19
	Section 6.3	Cooperation	19
	 	 	 
	Article VII MISCELLANEOUS	 20
	Section 7.1	Notices	20
	Section 7.2	Counterparts	22
	Section 7.3	Entire Agreement; No Third Party Beneficiaries	22
	Section 7.4	Governing Law	22
	Section 7.5	Severability	22
	Section 7.6	Successors: Assignment	22
	Section 7.7	Amendments: Waivers	23
	Section 7.8	Titles and Subtitles	23
	Section 7.9	Reconciliation	23
	Section 7.10	Consent to Jurisdiction	24

 

    i

     

    

 

	TABLE OF CONTENTS (cont’d)
	 	 	 
		 	Page

 

	Section 7.11	Waiver of Jury Trial	24
	Section 7.12	Withholding	25
	Section 7.13	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	25
	Section 7.14	Confidentiality	26
	Section 7.15	No Similar Agreements	26
	Section 7.16	Change in Law	27
	Section 7.17	Agent	27

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (this “Agreement”),
dated as of February 9, 2022, is hereby entered into by and among BRC Inc., a Delaware public benefit corporation (the “Corporation”),
Authentic Brands LLC, a Delaware limited liability company (the “Company”), and the Agent.

 

RECITALS

 

WHEREAS, the Company, which is classified as a
partnership for U.S. federal income tax purposes, has issued (and may after the Closing Date issue) limited liability company interests
(“Units”) to certain Persons, providing such Persons an interest in the profits and/or losses of and distributions
from the Company;

 

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

 

WHEREAS, as a result of the Blocker Merger and
the Business Combination, the Corporation is expected to obtain or be entitled to certain Tax benefits as further described herein;

 

WHEREAS, from and after the Closing, under certain
circumstances, (i) each TRA Holder will have the right from time to time to require the Company to redeem all or a portion of such
member’s Units (together with any corresponding shares of Class B Common Stock) for shares of Class A Common Stock or,
at the election of the Corporation, cash, which may be effected by the Corporation effecting a direct exchange of shares of Class A
Common Stock or cash for such Units (together with any such corresponding shares of Class B Common Stock), and (ii) the Company
may make one or more distributions (including deemed distributions) to its members in respect of their Units that result in a Basis Adjustment
(in each case, an “Exchange”), and as a result of any such Exchange, the Corporation is expected to obtain or be entitled
to certain Tax benefits as further described herein;

 

WHEREAS, the Company and each of its direct and
indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754
of the Internal Revenue Code of 1986, as amended (the “Code”), and any corresponding provisions of state and local
Tax law for the Taxable Year that includes the Closing Date and each Taxable Year in which an Exchange (as defined below) occurs, which
election is expected to result, with respect to the Corporation, in an adjustment to the Tax basis of the assets owned by the Company
and such Subsidiaries in connection with the Business Combination and each Exchange;

 

WHEREAS, this Agreement is intended to set forth
the agreements among the parties hereto regarding the sharing of the Tax benefits realized by the Corporation as a result of (i) the
Business Combination, (ii) the Exchanges, and (iii) certain of the payments made pursuant to this Agreement;

 

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

 

     

     

    

 

Article I

DEFINITIONS

 

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

 

“Accrued Amount” has the meaning
set forth in Section 3.1(b).

 

“Actual Tax Liability” means,
with respect to any Taxable Year, the sum of (a) the actual liability for U.S. federal income Taxes for such Taxable Year of (i) the
Corporation and (ii) without duplication, the Company, but only with respect to U.S. federal income Taxes imposed on the taxable
income of the Company that is allocable to the Corporation and (b) the product of (i) the actual amount of taxable income for
U.S. federal income Tax purposes for such Taxable Year of (A) the Corporation and (B) without duplication, the Company, but
only with respect to the taxable income of the Company that is allocable to the Corporation for U.S. federal income Tax purposes multiplied
by (ii) the Assumed State and Local Tax Rate for such Taxable Year; provided that, to avoid duplication with the calculation
of the Assumed State and Local Tax Rate, the foregoing shall be determined assuming deductions of (and other impacts of) state and local
Taxes are excluded.

 

“Affiliate” means, with respect
to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under
common Control with, such first Person. For purposes of this Agreement, no TRA Holder shall be considered to be an Affiliate of the Corporation
or the Company.

 

“Agent”
means Sterling New Investment Holdings LLC, a Delaware limited liability company, or such other Person designated as the Agent
pursuant to Section 7.6 or Section 7.17.

 

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

 

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

 

“Amended Schedule” has the
meaning set forth in Section 2.4(b).

 

“Assumed State and Local Tax Rate”
means, with respect to any Taxable Year, the tax rate equal to the sum of the product of (x) the Company’s income and franchise
Tax apportionment factor(s) for each state and local jurisdiction in which the Company files income or franchise Tax Returns for
the relevant Taxable Year and (y) the highest corporate income and franchise Tax rate(s) for each such state and local jurisdiction
in which the Company files income or franchise Tax Returns for such Taxable Year; provided, that the Assumed State and Local Tax
Rate calculated pursuant to the foregoing shall be reduced by the assumed federal income Tax benefit received by the Corporation with
respect to state and local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (a) the Corporation’s
marginal U.S. federal income tax rate for the relevant Taxable Year and (b) the Assumed State and Local Tax Rate (without regard
to this proviso)); provided, further, that if there is a change in applicable Tax law that impacts the federal income Tax
benefit received by the Corporation with respect to state and local Taxes, then the Corporation may modify the calculation of the assumed
federal income Tax benefit using reasonable estimation methodologies for calculating the portion of any Realized Tax Benefit or Realized
Tax Detriment attributable to U.S. state or local Taxes.

 

    2 

     

    

 

“Attributable” has the meaning
set forth on Exhibit A.

 

“Authorized Recipients” has
the meaning set forth in Section 7.14.

 

“Bankruptcy Code” means Title
11 of the United States Code or any other insolvency statute.

 

“Basis Adjustment” means any
adjustment to the Tax basis of a Reference Asset as a result of (a) the Business Combination, (b) an Exchange or (c) the
payments made pursuant to this Agreement with respect to the Business Combination or such Exchange (other than to the extent treated
as Imputed Interest) (as calculated under Article II), including:

 

(i)        under
Sections 734(b), 743(b), 754 and 755 of the Code (in the case of the Business Combination and in situations where, following an Exchange,
the Company remains classified as a partnership for U.S. federal income tax purposes); and

 

(ii)       under
Sections 732(b), 734(b) and 1012 of the Code and, without duplication, as a result of any basis adjustment to which the Company
succeeds, including pursuant to proposed Treasury Regulations Section 1.743-1(g) and any subsequent similar guidance and comparable
sections of U.S. state and local income and franchise tax law (in situations where, as a result of one or more Exchanges, the Company
or any of the Company’s Subsidiaries becomes an entity that is disregarded as separate from its owner for U.S. federal income tax
purposes), and in the case of each of clause (i) and clause (ii), comparable sections of state and local Tax laws.

 

The amount of any Basis Adjustment resulting from the Business Combination
shall include any adjustment under Section 734(b) or Section 743(b) of the Code attributable to the applicable Units
prior to the Business Combination, and the amount of any Basis Adjustment resulting from an Exchange of Units shall include any adjustment
under Section 734(b) or Section 743(b) of the Code attributable to such Units prior to such Exchange (in each case,
including comparable sections of state and local Tax laws). For the avoidance of doubt, payments made under this Agreement shall not
be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. The amount of any Basis Adjustment
shall be determined using the Market Value at the time of the Exchange except, for the avoidance of doubt, to the extent otherwise required
by a Determination.

 

“Beneficial Owner” means, with
respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares:

 

(i)        voting
power, which includes the power to vote, or to direct the voting of, such security and/or

 

(ii)       investment
power, which includes the power to dispose of, or to direct the disposition of, such security.

 

    3 

     

    

 

The terms “Beneficially Own”
and “Beneficial Ownership” shall have correlative meanings.

 

“Blocker Basis” means the existing
Tax basis in the Reference Assets (including under Sections 734(b), 743(b) and 754 of the Code, including for the avoidance of doubt,
Section 1.743-1(h) of the Treasury Regulations and, in each case, the comparable sections of U.S. state and local tax law)
determined as of immediately prior to the Blocker Merger that is attributable to Units owned (directly or indirectly) by the Blocker
as of immediately prior to the Blocker Merger and directly or indirectly acquired by the Corporation.

 

“Blocker Basis Schedule” has
the meaning set forth in Section 2.2.

 

“Blocker Corp” means Grand
Opal Investment Holdings, Inc., a Delaware corporation.

 

“Blocker Merger” has the meaning
ascribed thereto in the Business Combination Agreement.

 

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

 

“Business Combination” means
the transactions contemplated by Section 2.1(f) of the Business Combination Agreement, including, for the avoidance
of doubt, the transactions contemplated by Section 2.7 of the Business Combination Agreement.

 

“Business Combination Agreement”
means that certain Business Combination Agreement, dated as of November 2, 2021, by and among SilverBox Engaged Merger Corp I, a
Delaware corporation, the Corporation, SBEA Merger Sub LLC, a Delaware limited liability company, Merger Sub 2, Blocker Corp and the
Company, as amended by that certain First Amendment to Business Combination Agreement, dated as of January 4, 2022.

 

“Business Day” has the meaning
ascribed thereto in the Business Combination Agreement.

 

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

 

(i)        any
 “person” or “group” (within the meaning of Sections 13(d) of the Exchange Act (excluding any “person”
or “group” who, on the Closing Date, is the Beneficial Owner of securities of the Corporation representing more than 50%
of the combined voting power of the Corporation’s then outstanding voting securities)) becomes the Beneficial Owner of securities
of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities;

 

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

 

    4 

     

    

 

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

 

(iv)      the
following individuals cease for any reason to constitute a majority of the number of directors of the Corporation then serving: individuals
who were directors of the Corporation on the Closing Date or any new director whose appointment or election to the Board or nomination
for election by the Corporation’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors of the Corporation on the Closing Date or whose appointment, election or nomination for
election was previously so approved or recommended by the directors referred to in this clause (iv).

 

Notwithstanding the foregoing, a “Change
of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the record holders of the Class A Common Stock and Class B Common Stock of the Corporation immediately
prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control
over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately
following such transaction or series of transactions.

 

“Change of Control Date” means
the date on which a Change of Control occurs.

 

“Class A Common Stock”
has the meaning ascribed to “Pubco Class A Share” in the Business Combination Agreement.

 

“Class B Common Stock”
has the meaning ascribed to “Pubco Class B Share” in the Business Combination Agreement.

 

“Closing” has the meaning ascribed
thereto in the Business Combination Agreement.

 

“Closing Date” has the meaning
ascribed thereto in the Business Combination Agreement.

 

“Code” has the meaning set
forth in the recitals of this Agreement.

 

“Company” has the meaning set
forth in the recitals of this Agreement.

 

    5 

     

    

 

“Confidential Information”
has the meaning set forth in Section 7.14.

 

“Control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise. The terms “Controlled” and “Controlling” shall
have correlative meanings.

 

“Corporation” has the meaning
set forth in the preamble to this Agreement.

 

“Corporation Letter” means
a letter prepared by the Corporation in connection with the performance of its obligations under this Agreement, which states that the
relevant Schedules, notices or other information to be provided by the Corporation to the Agent, along with all supporting schedules
and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided
in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other information
were delivered by the Corporation to the Agent. Such letter shall identify any material assumptions or operating procedures or principles
that were used for purposes of the underlying calculations.

 

“Corporation Return” means
the U.S. federal and/or state and/or local Tax Return of the Corporation (including any consolidated group of which the Corporation is
a member, as further described in Section 7.13(a)) filed with respect to any Taxable Year.

 

“Cumulative Net Realized Tax Benefit”
for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits for all Taxable Years of the Corporation,
up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax
Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended
Schedule, if any, in existence at the time of such determination; provided, that, for the avoidance of doubt, the computation
of the Cumulative Net Realized Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax
Benefits and/or Realized Tax Detriments.

 

“Default Rate” means a per
annum rate of SOFR plus 500 basis points.

 

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

 

“Disinterested Majority” means
a majority of the directors of the Board who are disinterested as determined by the Board in accordance with the General Corporation
Law of the State of Delaware with respect to the matter being considered by the Board; provided that to the extent a matter being
considered by the Board is required to be considered by disinterested directors under the rules of the national securities exchange
on which the Class A Common Stock is then listed, the Securities Act or the Exchange Act, such rules with respect to the definition
of disinterested director shall apply solely with respect to such matter.

 

    6 

     

    

 

“Disputing Party” has the meaning
set forth in Section 7.9.

 

“Early Termination” has the
meaning set forth in Section 4.1.

 

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

 

“Early Termination Effective Date”
means the date on which an Early Termination Schedule becomes binding pursuant to Section 4.4.

 

“Early Termination Notice”
has the meaning set forth in Section 4.4.

 

“Early Termination Payment”
has the meaning set forth in Section 4.5(b).

 

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

 

“Early Termination Schedule”
has the meaning set forth in Section 4.4.

 

“Exchange” has the meaning
set forth in the recitals in this Agreement, and “Exchanged” has a correlative meaning.

 

“Exchange Act” has the meaning
ascribed thereto in the LLC Agreement.

 

“Exchange Date” means the effective
date of any Exchange.

 

“Exchange Schedule” has the
meaning set forth in Section 2.1.

 

“Expert” has the meaning set
forth in Section 7.9.

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the liability for Taxes of the Corporation and, without duplication, the Company, but only with
respect to Taxes imposed on the taxable income of the Company that is allocable to the Corporation, for such Taxable Year (in each case,
using the same methods, elections, conventions, and similar practices used on the relevant Corporation Return), but without taking into
account any Tax Attributes. The Hypothetical Tax Liability shall be determined (A) without taking into account the carryover or
carryback of any Tax item (or portions thereof) that is attributable to any Tax Attribute, (B) using the Assumed State and Local
Tax Rate, solely for purposes of calculating the state and local Hypothetical Tax Liability of the Corporation, (C) to avoid duplication
with the calculation of the Assumed State and Local Tax Rate, assuming deductions of (and other impacts of) state and local Taxes are
excluded, and (D) to the extent not addressed in clause (B) or clause (C) of this sentence, using reasonable
estimation methodologies for calculating the portion of any of the foregoing items attributable to U.S. state or local Taxes.

 

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

 

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

 

    7 

     

    

 

“LLC Agreement” means the Amended
and Restated Limited Liability Company Agreement of the Company dated as of the date hereof, as the same may be amended, amended and
restated, replaced, supplemented or otherwise modified from time to time.

 

“Market Value” shall mean,
with respect to a Unit, the Common Unit Redemption Price (as defined in the LLC Agreement) on the applicable Exchange Date for such Unit
(determined as if such Unit were subject to a Redemption (as defined in the LLC Agreement) effective on the Exchange Date); provided
that, to the extent property is exchanged for cash in a transaction, the Market Value shall be determined by reference to the amount
of cash transferred in such transaction.

 

“Material Objection Notice”
has the meaning set forth in Section 4.4.

 

“Merger Sub 2” means BRCC Blocker
Merger Sub LLC, a Delaware limited liability company.

 

“Net Tax Benefit” has the meaning
set forth in Section 3.1(b).

 

“Objection Notice” has the
meaning set forth in Section 2.4(a).

 

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

 

“Person” has the meaning ascribed
thereto in the Business Combination Agreement.

 

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

 

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

 

“Reconciliation Dispute” has
the meaning set forth in Section 7.9.

 

“Reconciliation Procedures”
means the procedures described in Section 7.9.

 

“Reference Asset” means any
asset that is held by the Company, or any Person in which the Company owns a direct or indirect interest that is treated as a partnership
or disregarded entity for purposes of the applicable Tax (but only to the extent such Person is not held through any entity treated as
a corporation for purposes of the applicable Tax), immediately prior to the Business Combination or at the time of an Exchange, as applicable.
A Reference Asset also includes any asset the Tax basis of which is determined, in whole or in part, for purposes of the applicable Tax,
by reference to the Tax basis of an asset that is described in the immediately preceding sentence, including, for U.S. federal income
Tax purposes, any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a
Reference Asset.

 

    8 

     

    

 

“Schedule” means any of the
following: (i) an Exchange Schedule, (ii) a Blocker Basis Schedule, (iii) a Tax Benefit Schedule or (iv) the Early
Termination Schedule, including, in each case, any amendments thereto pursuant to this Agreement.

 

“Securities Act” has the meaning
ascribed thereto in the LLC Agreement.

 

“Senior Obligations” has the
meaning set forth in Section 5.1.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator” means
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

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

 

“Tax
Attributes” means (a) Basis Adjustments, (b) Blocker Basis and (c) deductions attributable to any Imputed
Interest.

 

“Tax Benefit Payment” has the
meaning set forth in Section 3.1(b).

 

“Tax Benefit Schedule” has
the meaning set forth in Section 2.3(a).

 

“Tax Proceeding” has the meaning
set forth in Section 6.1.

 

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

 

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

 

    9 

     

    

 

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

 

“Taxing Authority” means any
federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or
any quasi- governmental body, in each case, exercising any taxing authority or any other authority exercising Tax regulatory authority.

 

“TRA Holders” means, collectively,
the Initial Common Member TRA Holders and the Purchaser TRA Holders (each as defined on Exhibit A).

 

“Treasury Regulations” means
the final, temporary and proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding
provisions) as in effect for the relevant Taxable Year.

 

“Units” has the meaning set
forth in the recitals of this Agreement.

 

“Valuation Assumptions” means,
as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date, (i) the
Corporation will have taxable income sufficient to fully utilize the Tax items, including deductions, arising from all Tax Attributes
during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that
would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming that
such future Tax Benefit Payments would be paid on the due date, without extensions, for filing the U.S. federal Corporation Return for
the applicable Taxable Year) in which such deductions or other Tax items would become available, (ii) any loss or credit carryovers
generated by deductions or losses arising from any Tax Attributes that are available in the Taxable Year that includes the Early Termination
Date will be utilized by the Corporation in the earliest possible Taxable Year permitted by the Code and the Treasury Regulations, (iii) the
U.S. federal income tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those
specified for each such Taxable Year by the Code and the tax rates for U.S. state and local income taxes shall be the Assumed State and
Local Tax Rate, in each case as in effect on the Early Termination Date, except to the extent any change to such tax rates for such Taxable
Years have already been enacted into law, in which case such enacted changes to tax rates for such Taxable Years shall apply to such
Taxable Years (and, in the case of the tax rate for the latest Taxable Year for which there is any such enacted change, to all future
Taxable Years), (iv) any non-amortizable, non-depreciable Reference Assets to which any Basis Adjustment or Blocker Basis is attributable
will be disposed of for cash at their fair market value in a fully taxable transaction for Tax purposes on the later of (A) the
fifteenth anniversary of (x) the Business Combination or Exchange which gave rise to such Basis Adjustment or (y) the Business
Combination in the case of the Blocker Basis and (B) the Early Termination Date, provided, that in the event of a Change
of Control, such non-amortizable, non-depreciable assets shall be deemed disposed of at the time of sale (if applicable) of the relevant
asset in the Change of Control (if earlier than the applicable fifteenth (15th) anniversary), and (v) if, on the Early Termination
Date, there are Units (other than Units directly or indirectly owned by the Corporation) that have not been transferred in an Exchange,
then all such Units and (if applicable) shares of Class B Common Stock shall be deemed to be transferred in exchange for the Market
Value per Unit that would be transferred in an Exchange effective on the Early Termination Date.

 

    10 

     

    

 

Section 1.2        Other
Definitional and Interpretative Provisions. The words “hereof,” “herein” and “hereunder” and
words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise
specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement
as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have
the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term
the singular. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those
words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement
or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include
the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including
or through and including, respectively.

 

Article II

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS

 

Section 2.1        Exchange
Schedule. Within ninety (90) calendar days after the extended due date of the U.S. federal Corporation Return for each Taxable Year
in which the Business Combination occurs or any Exchange has been effected by a TRA Holder, the Corporation shall deliver to the Agent
a schedule (an “Exchange Schedule”) that shows, in reasonable detail necessary to perform the calculations required
by this Agreement, including with respect to each TRA Holder participating in the Business Combination or any Exchange during such Taxable
Year, (i) the Basis Adjustments with respect to the Reference Assets as a result of the Business Combination and the Exchanges effected
by such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or
depreciable.

 

Section 2.2        Blocker
Basis Schedule. Within ninety (90) calendar days after the extended due date of the U.S. federal Corporation Return for each Taxable
Year that ends on or after the Closing Date, the Corporation shall deliver to the Agent a schedule (a “Blocker Basis Schedule”)
that shows, in reasonable detail necessary to perform the calculations required by this Agreement, (i) the Tax attributes comprising
Blocker Basis that remain available for use by the Corporation with respect to such Taxable Year and future Taxable Years, and (ii) any
applicable limitations on the use of such attributes for Tax purposes.

 

    11 

     

    

 

Section 2.3        Tax
Benefit Schedule.

 

(a)            Tax
Benefit Schedule. Within ninety (90) calendar days after the extended due date of the U.S. federal Corporation Return for any Taxable
Year in which there is a Realized Tax Benefit or Realized Tax Detriment that is Attributable to a TRA Holder, the Corporation shall provide
to the Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized Tax
Detriment and the components thereof for such Taxable Year, (B) the Accrued Amount with respect to any related Net Tax Benefit,
(C) the Tax Benefit Payment determined pursuant to Section 3.1(b) due to each such TRA Holder, and (D) the
portion of such Tax Benefit Payment and Accrued Amount that the Corporation intends to treat as Imputed Interest (a “Tax Benefit
Schedule”), (ii) a reasonably detailed calculation by the Corporation of the Hypothetical Tax Liability (the “without”
calculation), (iii) a reasonably detailed calculation by the Corporation of the Actual Tax Liability (the “with” calculation),
(iv) a copy of the Corporation Return for such Taxable Year, (v) a Corporation Letter supporting such Tax Benefit Schedule
and (vi) any other work papers relating to the items in the foregoing clauses (i) through (v) as are reasonably requested
by the Agent. All costs and expenses incurred in connection with the provision and preparation of any Schedules, calculations, other
work papers, or the Corporation Letter to the Agent or any TRA Holder in connection with this Article II shall be borne by
the Company. In addition, the Corporation shall allow the Agent reasonable access at no cost to the appropriate representatives of the
Corporation in connection with a review of any of the foregoing. The Tax Benefit Schedule will become final as provided in Section 2.4(a) and
may be amended as provided in Section 2.4(b) (subject to the procedures set forth in Section 2.4(b)).

 

(b)            Applicable
Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase
in the Corporation’s actual liability for Taxes for such Taxable Year that is attributable to the Tax Attributes, determined using
a “with and without” methodology. For the avoidance of doubt, (i) such actual liability for Taxes will take into account
any Imputed Interest based upon the characterization of Tax Benefit Payments and Accrued Amounts as additional consideration payable
by the Corporation, and (ii) in addition to using the Assumed State and Local Tax Rate for purposes of determining the state and
local Hypothetical Tax Liability, the Corporation may use reasonable estimation methodologies for calculating the portion of any Realized
Tax Benefit or Realized Tax Detriment attributable to U.S. state or local Taxes. For purposes of calculating the Realized Tax Benefit
or Realized Tax Detriment for any Taxable Year, carryforwards or carrybacks of any Tax item (such as a net operating loss) attributable
to any of the Tax Attributes shall be considered to be subject to the rules of the Code and the Treasury Regulations and the corresponding
provisions of state and local Tax laws, as applicable, governing the use, limitation, and expiration of carryforwards or carrybacks of
the relevant type. If a carryforward or carryback of any Tax item includes a portion that is attributable to any Tax Attribute (a “TRA
Portion”) and another portion that is not so attributable (a “Non-TRA Portion”), such respective portions
shall be considered to be used in accordance with the “with and without” methodology so that: (x) the amount of any
Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion; and (y) in the case of a carryback of a Non-TRA
Portion, such carryback shall not affect the original “with and without” calculation made in the applicable prior Taxable
Year. For the avoidance of doubt, the TRA Portion of any Tax item when such item is incurred shall be determined using a marginal “with
and without” methodology by calculating (A) the amount of such Tax item for all Tax purposes taking into account the Tax Attributes
and (B) the amount of such Tax item for all Tax purposes without taking into account the Tax Attributes, with the TRA Portion equal
to the excess of the amount specified in clause (A) over the amount specified in clause (B) (but only if such
excess is greater than zero). The parties agree that (I) except to the extent otherwise required by law, any payment under this
Agreement to the TRA Holders, including the Accrued Amount (but other than amounts accounted for as Imputed Interest), will be treated
as a subsequent upward adjustment to the purchase price of Units surrendered in the Business Combination or an Exchange, as applicable,
and will have the effect of creating additional Basis Adjustments to Reference Assets for the Corporation in the year of payment, and
(II) as a result, such additional Basis Adjustments will be incorporated into the calculation for the year of payment and into future
year calculations, as appropriate.

 

    12 

     

    

 

Section 2.4        Procedure:
Amendments.

 

(a)            Whenever
the Corporation delivers to the Agent (or any TRA Holder) a Schedule under this Agreement, including any Amended Schedule delivered pursuant
to Section 2.4(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver
to the Agent schedules, valuation reports, if any, and work papers, as determined by the Corporation or reasonably requested by the Agent,
providing reasonable detail regarding the preparation of the Schedule, and (y) allow the Agent reasonable access at no cost to the
appropriate representatives of the Corporation, as determined by the Corporation or requested by the Agent, in connection with the review
of such Schedule. Subject to Section 2.4(b), an applicable Schedule or amendment thereto shall become final and binding on
all parties thirty (30) calendar days from the first date on which the Agent has received the applicable Schedule or amendment thereto
unless (i) the Agent, within thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides the
Corporation with notice of a material objection to such Schedule or amendment thereto (“Objection Notice”) made in
good faith or (ii) the Agent provides a written waiver of such right of any Objection Notice within the period described in clause
(i) above, in which case such Schedule or amendment thereto becomes binding on the date a waiver from the Agent has been received
by the Corporation. If the Corporation and Agent, for any reason, are unable to successfully resolve the issues raised in an Objection
Notice within thirty (30) calendar days after receipt by the Corporation of such Objection Notice, the Corporation and Agent shall employ
the Reconciliation Procedures under Section 7.9.

 

(b)            The
applicable Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection with a Determination
affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual
information relating to a Taxable Year after the date the Schedule was provided to the Agent, (iii) to comply with the Expert’s
determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect
a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporation Return filed
for such Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement (any
such Schedule, an “Amended Schedule”). Unless otherwise agreed to in writing by the Agent, the Corporation shall provide
an Amended Schedule to the Agent (A) within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through
(v) of the immediately preceding sentence and (B) in connection with the delivery of the Tax Benefit Schedule for the year
of the applicable payment in the event of an adjustment pursuant to clause (vi) of the immediately preceding sentence. For
the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant to Section 2.4(a),
or, if applicable, the Reconciliation Procedures, the Amended Schedule shall not be taken into account in calculating any Tax Benefit
Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net
Realized Tax Benefit for the Taxable Year in which the amendment actually occurs.

 

    13 

     

    

 

Article III

TAX BENEFIT PAYMENTS

 

Section 3.1        Payments.

 

(a)            Subject
to Exhibit A, within five (5) calendar days after a Tax Benefit Schedule delivered to the Agent becomes final in accordance
with Section 2.4(a), or, if applicable, the Reconciliation Procedures, the Corporation shall pay to each TRA Holder the Tax
Benefit Payment in respect of such TRA Holder for such Taxable Year. Each such payment shall be made by check, by wire transfer of immediately
available funds to the bank account previously designated by the TRA Holder to the Corporation, or as otherwise agreed by the Corporation
and the TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including
U.S. federal or state estimated income Tax payments.

 

(b)            A
 “Tax Benefit Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to
the sum of the portion of the Net Tax Benefit that is Attributable to such TRA Holder and the Accrued Amount with respect thereto for
such Taxable Year. Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount
equal to the excess, if any, of (i) eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit as of the end of such Taxable
Year over (ii) the total amount of payments previously made under this Section 3.1 (excluding payments attributable
to Accrued Amounts); provided, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously
made Tax Benefit Payment. The “Accrued Amount” with respect to any portion of a Net Tax Benefit for a Taxable Year
shall equal the amount of interest on such portion calculated at the Agreed Rate from the due date (without extensions) for filing the
U.S. federal Corporation Return for such Taxable Year until the date of payment of such portion of such Net Tax Benefit under this Section 3.1.
Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control that occurs after the Closing
Date, all Tax Benefit Payments shall be calculated by utilizing Valuation Assumptions (i), (ii), and (iv), substituting in each case
the terms “date of a Change of Control” for an “Early Termination Date.”

 

Section 3.2        No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including
interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in eighty-five percent
(85%) of the Cumulative Net Realized Tax Benefit, and the Accrued Amount thereon, being paid to the TRA Holders. The provisions of this
Agreement shall be construed in the appropriate manner to achieve these fundamental results.

 

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Section 3.3     Pro
Rata Payments. Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate Realized Tax
Benefit of the Corporation is limited in a particular Taxable Year because the Corporation does not have sufficient taxable income, the
aggregate Net Tax Benefit for such Taxable Year shall be deemed Attributable to each TRA Holder for purposes of Section 3.1(b) in
accordance with Exhibit A.

 

Section 3.4     Coordination
of Benefits. (a) If for any reason the Corporation does not fully satisfy its payment obligations to make all Tax Benefit Payments
due under this Agreement in respect of a particular Taxable Year, then (i) the Corporation will pay the same proportion of each
Tax Benefit Payment due to each TRA Holder in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no
Tax Benefit Payment shall be considered to have been made in respect of any Taxable Year until all Tax Benefit Payments in respect of
prior Taxable Years have been made in full.

 

(b)            To
the extent the Corporation makes a payment to a TRA Holder in respect of a particular Taxable Year under Section 3.1(a) (taking
into account Section 3.3 and Section 3.4(a)) in an amount in excess of the amount of such payment that should
have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under
Section 3.1(a) until such TRA Holder has foregone an amount of payments equal to such excess and (ii) the Corporation
will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under this Agreement in
a manner such that each such Person to whom a payment is due under this Agreement, to the maximum extent possible, receives aggregate
payments under Section 3.1(a) (taking into account Section 3.3 and Section 3.4(a), but excluding
payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder.

 

Article IV

TERMINATION

 

Section 4.1     Early
Termination by the Corporation. With the written approval of the Disinterested Majority and the Agent, the Corporation may terminate
this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5,
provided, however, that this Agreement shall only terminate upon the receipt of the applicable Early Termination Payment
by each TRA Holder (such termination, an “Early Termination”) and payments described in the immediately succeeding
sentence, if any. Upon payment of the Early Termination Payment by the Corporation, the Corporation shall not have any further payment
obligations under this Agreement, other than for any (i) Tax Benefit Payments previously due and payable but unpaid as of the date
of the Early Termination Notice (which Tax Benefit Payments, for the avoidance of doubt, shall not be included in the Early Termination
Payment) and that remain unpaid and (ii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the
Early Termination Date (except to the extent that the amount described in this clause (ii) is included in the Early Termination
Payment or is included in clause (i)).

 

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Section 4.2     Early
Termination upon Change of Control. In the event of a Change of Control, unless otherwise waived in writing by the Agent, all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the Change
of Control Date and shall include the following: (a) payment of the Early Termination Payment calculated as if an Early Termination
Notice had been delivered on such Change of Control Date, (b) any Tax Benefit Payments due and payable and that remain unpaid as
of the Change of Control Date (which Tax Benefit Payments, for the avoidance of doubt, shall not be included in the Early Termination
Payment described in clause (a)), and (c) any Tax Benefit Payments due for any Taxable Year ending prior to, with or including
such Change of Control Date (except to the extent that the amount described in this clause (c) is included in the Early Termination
Payment or is included in clause (b)). In the event of a Change of Control, the Early Termination Payment shall be calculated
utilizing the Valuation Assumptions and by substituting in each case the term “Change of Control Date” for the term
 “Early Termination Date.”

 

Section 4.3     Breach
of Agreement.

 

(a)            In
the event that the Corporation (1) breaches any of its material obligations under this Agreement, whether as a result of failure
to make any payment when due, as a result of failure to honor any other material obligation required hereunder or by operation of law
as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise or (2)(A) shall commence
any case, proceeding or other action (x) under any existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
to adjudicate a bankruptcy or insolvency, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to its debts or (y) seeking an appointment of a receiver, trustee, custodian, conservator or other
similar official for it or for all or any substantial part of its assets, or it shall make a general assignment for the benefit of creditors
or (B) shall have commenced against it any case, proceeding or other action of the nature referred to in clause (A) above
that remains undismissed or undischarged for a period of sixty (60) calendar days, then, in each case of clause (1) or clause
(2), unless otherwise waived or directed in writing by the Agent (which may be retroactive), all obligations hereunder shall be automatically
accelerated and shall be immediately due and payable and such obligations shall be calculated as if an Early Termination Notice had been
delivered on the date of such event (a “Breach”) and shall include (i) the Early Termination Payment calculated
as if an Early Termination Notice had been delivered on the date of such Breach, (ii) any Tax Benefit Payment previously due and
payable but unpaid as of the date of such Breach (which Tax Benefit Payments, for the avoidance of doubt, shall not be included in the
Early Termination Payment described in clause (i)), and (iii) any Tax Benefit Payment due for any Taxable Year ending prior
to, with or including the date of such Breach (except to the extent that the amount described in this clause (iii) is included
in the Early Termination Payment or is included in clause (ii)). Notwithstanding the foregoing, in the event of a Breach, then,
unless otherwise waived in writing by the Agent, the TRA Holders shall be entitled to elect to receive the amounts set forth in clauses
(i), (ii), and (iii) above or to seek specific performance of the terms hereof.

 

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(b)            The
parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment
is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall
not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within
three (3) months of the date such payment is due. The Corporation shall use its commercially reasonable efforts to maintain sufficient
available funds for the purpose of making required payments under this Agreement and shall use its commercially reasonable efforts to
avoid entering into agreements that could reasonably be anticipated to materially delay the timing of any payments under this Agreement.
Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporation fails to make
any payment due pursuant to this Agreement as a result of and to the extent the Corporation has insufficient funds to make such payment
despite using commercially reasonable efforts to obtain funds to make such payment (including by causing the Company or any of its Subsidiaries
to distribute or lend funds to facilitate such payment, and by accessing any revolving credit facilities or other sources of available
credit to fund any such amounts); provided that the interest provisions of Section 5.2 shall apply to such late payment;
provided, further, that the Corporation shall promptly (and in any event, within two (2) Business Days), pay all such
unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporation has, and to
the extent the Corporation has, sufficient funds to make such payment, and the failure of the Corporation to do so shall constitute a
breach of this Agreement; provided, further, for the avoidance of doubt, the penultimate sentence of this Section 4.3(b) shall
not apply to any payments due pursuant to Section 4.2. For the avoidance of doubt, all cash and cash equivalents used or
to be used to pay dividends by, or repurchase equity securities of, the Corporation shall be deemed to be funds sufficient and available
to pay such unpaid payments, together with any accrued and unpaid interest thereon.

 

Section 4.4     Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.1 above, the
Corporation shall deliver to the Agent notice of such intention to exercise such right (the “Early Termination Notice”).
Upon delivery of the Early Termination Notice or the occurrence of an event described in Section 4.2 or a Breach described
in Section 4.3(a), the Corporation shall deliver to the Agent (i) a schedule showing in reasonable detail the calculation
of the Early Termination Payment and the amount due to each TRA Holder (the “Early Termination Schedule”), (ii) any
other work papers reasonably requested by the Agent. In addition, the Corporation shall allow the Agent reasonable access at no cost
to the appropriate representatives of the Corporation in connection with a review of such Early Termination Schedule, and (iii) a
Corporation Letter supporting such Early Termination Schedule. The Early Termination Schedule shall become final and binding on all parties
thirty (30) calendar days from the first date on which the Agent has received such Schedule or amendment thereto unless (x) the
Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporation with notice of a material
objection to such Schedule made in good faith (“Material Objection Notice”) or (y) the Agent provides a written
waiver of such right of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule
becomes binding on the date a waiver from the Agent has been received by the Corporation. If the Corporation and Agent, for any reason,
are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporation
of the Material Objection Notice, the Corporation and Agent shall employ the Reconciliation Procedures under Section 7.9.

 

    17 

     

    

 

Section 4.5     Payment
upon Early Termination.

 

(a)            Except
as otherwise provided in Section 4.3(a), within three (3) calendar days after the Early Termination Effective Date,
the Corporation shall pay to each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire transfer
of immediately available funds to a bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporation
and the TRA Holder.

 

(b)            The
 “Early Termination Payment” shall equal, with respect to each TRA Holder, the present value, discounted at the Early
Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporation to
such TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied and that each Tax Benefit
Payment for the relevant Taxable Year would be due and payable on the due date (without extensions) under applicable law as of the Early
Termination Effective Date for filing the U.S. federal Corporation Return for such relevant Taxable Year.

 

Article V

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1     Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any other
payment required to be made by the Corporation to any TRA Holder under this Agreement shall rank subordinate and junior in right of payment
to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money
of the Corporation and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu
with all current or future unsecured obligations of the Corporation that are not Senior Obligations. Notwithstanding any other provision
of this Agreement to the contrary, to the extent that the Corporation or any of its Affiliates enters into future Tax receivable or other
similar agreements (“Future TRAs”), the Corporation shall ensure that the terms of any such Future TRA shall provide
that the Tax Attributes subject to this Agreement shall be senior in priority in all respects to any Tax attributes subject to any such
Future TRA for purposes of calculating the amount and timing of payments under any such Future TRA. For the avoidance of doubt, notwithstanding
the above, the determination of whether it is a breach of this Agreement if the Corporation fails to make any payment when due is governed
by Section 4.3.

 

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

 

    18 

     

    

 

Article VI

PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION

 

Section 6.1     Participation
in the Corporation’s Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for,
and sole discretion over, all Tax matters concerning the Corporation, including preparing, filing or amending any Tax Return and defending,
contesting or settling any issue pertaining to Taxes of the Corporation. Notwithstanding the foregoing, the Corporation (i) shall
notify the Agent of, and keep the Agent reasonably informed with respect to, the portion of any audit, examination, or any other administrative
or judicial proceeding of the Corporation, the Company, or any of their respective Affiliates by a Taxing Authority (a “Tax
Proceeding”) the outcome of which is reasonably expected to affect the rights and obligations of the TRA Holders under this
Agreement, (ii) shall provide the Agent with reasonable opportunity to provide information and other input to the Corporation and
its advisors concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter into any settlement with
respect to any such portion of a Tax Proceeding that could have a material effect on the TRA Holders’ rights (including the right
to receive payments) under this Agreement without the written consent of the Agent, such consent not to be unreasonably withheld, conditioned
or delayed; provided, however, that the Corporation shall not be required to take any action, or refrain from taking any
action, that is inconsistent with any provision of the LLC Agreement; provided, further, that, notwithstanding anything
to the contrary contained herein, the Corporation shall prepare, file, and/or amend all Tax Returns in accordance with applicable law
(including with respect to the calculation of taxable income and any calculations required to be made under this Agreement) and nothing
in this Agreement shall prevent the Agent or any TRA Holder from disputing such Tax matters in accordance with Section 7.9.

 

Section 6.2     Consistency.
The Corporation and the TRA Holders agree to report and cause their respective Affiliates to report for all purposes, including U.S.
federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Tax Attributes and each
Tax Benefit Payment) in a manner consistent with that set forth in this Agreement and in any Schedule that has become final and binding
pursuant to the terms of this Agreement, in each case, except to the extent otherwise required by applicable law. If the Corporation
and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30)
calendar days, the Corporation and such TRA Holder shall employ the Reconciliation Procedures under Section 7.9. The Corporation
shall (and shall cause the Company and its other Affiliates to) use commercially reasonable efforts (for the avoidance of doubt, taking
into account the interests and entitlements of all TRA Holders under this Agreement) to defend the Tax treatment contemplated by this
Agreement and any Schedule that has become final and binding pursuant to the terms of this Agreement in any Tax Proceeding.

 

Section 6.3     Cooperation.
The Agent shall (i) furnish to the Corporation in a timely manner such information, documents and other materials in the Agent’s
possession as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate
under this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the
Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation
or its representatives may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably
cooperate in connection with any such matter. The Corporation shall reimburse the Agent for any reasonable third-party costs and expenses
incurred pursuant to this Section 6.3.

 

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Article VII

MISCELLANEOUS

 

Section 7.1     Notices.
All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be
in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered by
means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day)
if emailed before 5:00 p.m. Pacific time on a Business Day, and otherwise on the next Business Day, or (c) one (1) Business
Day after being sent to the recipient by reputable overnight courier service (charges prepaid). All notices hereunder shall be delivered
as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

If to the Corporation or the Company, to:

 

c/o BRC Inc.

1144 S 500 W

Salt Lake City, UT 84101

Attention:
Tom Davin

E-mail: tom.davin@blackriflecoffee.com

 

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

 

		Attention:	Michael Beinus, P.C.

Tara Rhoades

 

		E-mail:	michael.beinus@kirkland.com

tara.rhoades@kirkland.com

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

 

		Attention:	Steven V. Napolitano, P.C.

John A. Kaercher, P.C.

Joshua N. Korff, P.C.

Peter S. Seligson

 

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		E-mail:	stephen.napolitano@kirkland.com

john.kaercher@kirkland.com

joshua.korff@kirkland.com

peter.seligson@kirkland.com

 

If to the Agent, to:

 

Sterling New Investment Holdings LLC

c/o Sterling Partners

401 N. Michigan Avenue, 33rd Floor

Chicago, IL 60611

Attention: Office of the General Counsel; M. Avi Epstein

E-mail: aepstein@sterlingpartners.com

 

with a copy (which shall not constitute notice
to the Agent) to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

 

		Attention:	Michael Beinus, P.C.

Tara Rhoades

 

		E-mail:	michael.beinus@kirkland.com

tara.rhoades@kirkland.com

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

 

		Attention:	Steven V. Napolitano, P.C.

John A. Kaercher, P.C.

Joshua N. Korff, P.C.

Peter S. Seligson

 

		E-mail:	stephen.napolitano@kirkland.com

john.kaercher@kirkland.com

joshua.korff@kirkland.com

peter.seligson@kirkland.com

 

If to a TRA Holder other than the Agent, to the
address set forth in the records of the Company.

 

Any party may change its address or e-mail address
by giving the other party written notice of its new address or e-mail address in the manner set forth above.

 

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

 

Section 7.3     Entire
Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon
and inure solely to the benefit of each party hereto and their respective successors, permitted assigns, heirs, executors, administrators
and legal representatives. The parties to this Agreement agree that the TRA Holders are expressly made third party beneficiaries to this
Agreement. Other than as provided in the immediately preceding sentence, nothing in this Agreement, express or implied, is intended to,
or shall, confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 7.4     Governing
Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the
conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.5     Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all
other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.6     Successors:
Assignment. Each party agrees that Agent and each TRA Holder may assign, sell, transfer, delegate, or otherwise dispose of, whether
voluntarily or involuntarily, or by operation of law, any of its rights or obligations under this Agreement to any Person by delivering
notice thereof to the Corporation. For the avoidance of doubt, if a TRA Holder transfers Units in accordance with the terms of the LLC
Agreement but does not assign to the transferee of such Units all of its rights and obligations under this Agreement with respect to
such transferred Units, (a) such TRA Holder shall remain a TRA Holder under this Agreement for all purposes and shall continue to
be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units to the extent payable hereunder,
and (b) the transferee of such Units shall not be a TRA Holder. The Corporation may not assign any of its rights or obligations
under this Agreement to any Person without the prior written consent of the Agent; provided that, without the prior written consent
of the Agent, the Corporation shall be permitted to cause such an assignment to any direct or indirect successor (whether by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, so long as the Corporation
requires and causes such successor, by written agreement, expressly to assume and agree to perform this Agreement in the same manner
and to the same extent that the Corporation would be required to perform if no such succession had taken place. Any purported assignment
in violation of the terms of this Section 7.6 shall be null and void.

 

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Section 7.7     Amendments:
Waivers. No provision of this Agreement may be amended unless such amendment is approved in writing by each of the Disinterested
Majority, the Company and the Agent; provided, that no such amendment shall be effective if such amendment would have a disproportionate
effect on the payments one or more TRA Holders would be entitled to receive under this Agreement unless such amendment is consented to
in writing by such TRA Holders disproportionately affected.

 

Section 7.8     Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to
be considered in construing this Agreement.

 

Section 7.9     Reconciliation.
In the event that the Corporation and the Agent or any TRA Holder (as applicable, the “Disputing Party”) are unable
to resolve a disagreement with respect to any Schedule, including the calculations required to produce the schedules described in Section 2.4
and Section 4.4, or Section 6.2, within the relevant period designated in this Agreement (“Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert in the particular
area of disagreement, acting as an expert and not as an arbitrator (the “Expert”), mutually acceptable to the Corporation
and the Disputing Party. Unless the Corporation and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs
the Expert shall not, have any material relationship with the Corporation or the Disputing Party or other actual or potential conflict
of interest. If the Corporation and the Disputing Party are unable to agree on an Expert within fifteen (15) calendar days of receipt
by the respondents of written notice of a Reconciliation Dispute, then the Expert shall be appointed by the International Chamber of
Commerce Centre for Expertise (the “ICC”) in accordance with the criteria set forth above in this Section 7.9.
The Expert shall resolve (a) any matter relating to the Exchange Schedule or an amendment thereto, a Blocker Basis Schedule or an
amendment thereto, or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days, (b) any matter relating
to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days, and (c) any matter related to treatment of
any tax-related item as contemplated in Section 6.2 within fifteen (15) calendar days or, in each case, as soon thereafter
as is reasonably practicable after such matter has been submitted to the Expert for resolution. Notwithstanding the immediately preceding
sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such
disagreement) or any Tax Return reflecting the subject of a disagreement is due, any portion of such payment that is not under dispute
shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment
or amendment upon resolution. The sum of (i) the costs and expenses relating to the engagement (and, if applicable, selection by
the ICC) of such Expert and (ii) the reasonable out-of-pocket costs and expenses of the Corporation and the Disputing Party incurred
in the conduct of such proceeding shall be allocated between the Corporation, on the one hand, and the Disputing Party (on behalf of
all TRA Holders if the Disputing Party is the Agent), on the other hand, in the same proportion that the aggregate amount of the disputed
items so submitted to the Expert that is unsuccessfully disputed by each such party (as finally determined by the Expert) bears to the
total amount of such disputed items so submitted, and each such party shall promptly reimburse the other party for the excess that such
other party has paid in respect of such costs and expenses over the amount it has been so allocated. Any dispute as to the allocation
of expenses pursuant to the immediately preceding sentence or whether a dispute is a Reconciliation Dispute within the meaning of this
Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations
of the Expert pursuant to this Section 7.9 shall be binding on the Corporation and its Subsidiaries and the Disputing Party
(including all TRA Holders if the Disputing Party is the Agent) and may be entered and enforced in any court having jurisdiction.

 

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Section 7.10     Consent
to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction of the United States District Court for the
State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out
of this Agreement or any transaction contemplated hereby. Each party hereto further agrees that service of any process, summons, notice
or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party’s
respective address set forth in the Company’s books and records or such other address or to the attention of such other person
as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action,
suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately
preceding sentence. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit
or proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State
of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum.

 

Section 7.11     Waiver
of Jury Trial. Because disputes arising in connection with complex transactions are most quickly and economically resolved by an
experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties
desire that their disputes be resolved by a judge applying such applicable laws. Therefore, to achieve the best combination of the benefits
of the judicial system and of arbitration, each party to this agreement (including the Company) hereby waives all rights to trial by
jury in any action or proceeding brought to resolve any dispute between or among any of the parties hereto, whether arising in contract,
tort, or otherwise, arising out of, connected with, related or incidental to this agreement, the transactions contemplated hereby and/or
the relationships established among the parties hereunder.

 

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Section 7.12     Withholding.
The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporation
is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state,
local or non-U.S. Tax law; provided, however, that, prior to deducting or withholding any such amounts, the Corporation shall
notify the Agent and the applicable TRA Holder and shall reasonably cooperate therewith regarding the basis for such deduction or withholding
and in obtaining any available exemption or reduction of, or otherwise minimizing to the extent permitted by applicable law, such deduction
and withholding. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such
withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such withholding
was made. To the extent that any payment pursuant to this Agreement is not reduced by such required deductions or withholdings applicable
to the recipient of such payment, such recipient shall indemnify the applicable withholding agent for any amounts imposed by any Taxing
Authority with respect to such deductions or withholdings, together with any reasonable and documented out-of-pocket costs and expenses
related thereto. Prior to the date of any payment under this Agreement and from time to time as reasonably requested by the Corporation,
the Agent and each TRA Holder shall promptly provide the Corporation with any applicable Tax forms and certifications (including IRS
Form W-9 or the applicable version of IRS Form W-8) reasonably requested and shall promptly provide an update of any such Tax
form or certificate previously delivered if the same has become incorrect or has expired.

 

Section 7.13     Admission
of the Corporation into a Consolidated Group; Transfers of Corporate Assets.

 

(a)            If
the Corporation is or becomes a member of an affiliated, consolidated, combined, or unitary group of corporations that files a consolidated,
combined, or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state
or local Tax law, or would be eligible to become a member of such a group at the election of one of the members of that group, then,
subject to the application of the Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be
applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items
hereunder shall be computed with reference to the consolidated taxable income of the group as a whole.

 

(b)            If
any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder or the Company or any Subsidiary of
the Company (or any member of a group described in Section 7.13(a)) transfers or is deemed to transfer one or more assets
to a corporation (or a Person classified as a corporation for Tax purposes) with which the Corporation does not file a consolidated Tax
Return pursuant to Section 1501 of the Code or any provisions of state or local Tax law, such entity, for purposes of calculating
the amount of any Tax Benefit Payment or Early Termination Payment (e.g. calculating the gross income of the entity and determining the
Realized Tax Benefit or Realized Tax Detriment of such entity) due hereunder, shall be treated as having disposed of such asset in a
fully taxable transaction on the date of such transfer. The consideration deemed to be received by such entity shall be equal to the
fair market value of the transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer
of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a transfer of a partnership interest.
Thus, for example, in determining the Hypothetical Tax Liability of the entity, the taxable income of the entity shall be determined
by treating the entity as having sold the asset for the consideration described above, recovering any basis applicable to such asset
(using the Tax basis that such asset would have had at such time if there were no Tax Attributes), while the Actual Tax Liability of
the entity would be determined by recovering the actual Tax basis of the asset that reflects any Tax Attributes. If any member of a group
described in Section 7.13(a) that owns any Reference Asset (or is deemed to own such Reference Asset for Tax purposes)
deconsolidates from such group (or the Corporation deconsolidates from a group described in Section 7.13(a)), then the Corporation
shall cause such member (or the parent of the consolidated group in a case where the Corporation deconsolidates from the group and such
parent or any of its remaining consolidated Subsidiaries owns any Reference Asset (or is deemed to own such Reference Asset for Tax purposes))
to assume the obligation to make payments hereunder with respect to the applicable Tax Attributes associated with any Reference Asset
it owns (directly or indirectly) in a manner consistent with the terms of this Agreement as such entity (or one of its Affiliates) actually
realizes Tax benefits as a result of such Tax Attributes in a manner consistent with the terms of this Agreement, and the Corporation
shall guarantee such obligation assumed. For purposes of this Section 7.13, a transfer of a partnership interest shall be
treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership and ownership
of a partnership interest shall be treated as ownership of such partner’s share of each of the assets and liabilities of that partnership.

 

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Section 7.14     Confidentiality.
Each TRA Holder and the Agent agrees to hold, and to use its reasonable efforts to cause its authorized representatives to hold, in strict
confidence, the books and records of the Corporation and all information relating to the Corporation’s properties, operations,
financial condition or affairs, in each case, which are furnished to it pursuant to the terms of this Agreement (collectively, the “Confidential
Information”). Notwithstanding anything herein to the contrary, Confidential Information shall not include any information
that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by a TRA Holder or
the Agent, (ii) is or becomes available to a TRA Holder, the Agent, or any of their respective Authorized Recipients (as defined
below) on a nonconfidential basis from a third-party source, which source, to the knowledge of such TRA Holder or the Agent, as applicable,
is not bound by a legal duty of confidentiality to the Corporation in respect of such Confidential Information, or (iii) is independently
developed by a TRA Holder, the Agent or their Authorized Recipients. Notwithstanding anything herein to the contrary, a TRA Holder or
the Agent may disclose any Confidential Information to (x) any of its representatives, (y) any Affiliates or (z) in the
case of a TRA Holder, any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective merger
or other business combination partner of such TRA Holder (the persons in clauses (x), (y) and (z), collectively, the “Authorized
Recipients”). If a TRA Holder, the Agent or any of their respective Authorized Recipients is required or requested by law or
regulation or any legal or judicial process to disclose any Confidential Information, if disclosure of Confidential Information is required
by any entity or body exercising executive, legislative, judicial, regulatory or administrative functions of government with authority
over such TRA Holder, Agent or Authorized Recipient, or if disclosure of Confidential Information is required in connection with the
tax affairs of such TRA Holder, Agent or Authorized Recipient, such TRA Holder, the Agent or Authorized Recipient, as the case may be,
may disclose only such portion of such Confidential Information as may be required or requested without liability hereunder.

 

Section 7.15     No
Similar Agreements. Neither the Corporation nor any of its Subsidiaries shall enter into any additional agreement providing rights
similar to this Agreement to any Person (including any agreement pursuant to which the Corporation is obligated to pay amounts with respect
to tax benefits resulting from any net operating losses or other tax attributes to which the Corporation becomes entitled as a result
of a transaction) without the prior written consent of the Agent.

 

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Section 7.16     Change
in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a TRA Holder
reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under
this Agreement) recognized by such TRA Holder upon any Exchange to be treated as ordinary income rather than capital gain (or otherwise
taxed at ordinary income rates) for U.S. federal income or applicable state or local Tax purposes or would have other material adverse
Tax consequences to the TRA Holder and/or its direct or indirect owners, then at the election of the TRA Holder (with the prior written
consent of the Agent) and to the extent specified by the TRA Holder, this Agreement (i) shall cease to have further effect with
respect to such TRA Holder, or (ii) shall otherwise be amended in a manner determined by the TRA Holder to waive any benefits to
which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment shall not result in (I) an
increase in or acceleration of payments by the Corporation, or (II) a decrease or delay in the amounts payable to other TRA Holders,
in each case, under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence
of such amendment.

 

Section 7.17     Agent.

 

(a)            Appointment.
Without further action of any party hereto or any TRA Holder, and as partial consideration of the benefits conferred by this Agreement,
the Agent is hereby irrevocably constituted and appointed to act as the sole representative, agent and attorney-in-fact for the TRA Holders
and their successors and assigns with respect to the taking by the Agent of any and all actions and the making of any decisions required
or permitted to be taken by the Agent under this Agreement. The power of attorney granted herein is coupled with an interest and is irrevocable
and may be delegated by the Agent. No bond shall be required of the Agent, and the Agent shall receive no compensation for its services.

 

(b)            Expenses.
If at any time the Agent shall incur out-of-pocket expenses in connection with the exercise of its duties hereunder, upon written notice
to the Corporation from the Agent of documented costs and expenses (including fees and disbursements of counsel and accountants) incurred
by the Agent in connection with the performance of its rights or obligations under this Agreement and the taking of any and all actions
in connection therewith, the Corporation shall reduce any future payments (if any) due to the TRA Holders hereunder, proportionately,
by the amount of such expenses which it shall instead remit directly to the Agent. In connection with the performance of its rights and
obligations under this Agreement and the taking of any and all actions in connection therewith, the Agent shall not be required to expend
any of its own funds (though, for the avoidance of doubt, it may do so at any time and from time to time in its sole discretion).

 

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(c)            Limitation
on Liability. The Agent shall not be liable to any TRA Holder for any act of the Agent arising out of or in connection with the acceptance
or administration of its duties under this Agreement, except to the extent any liability, loss, damage, penalty, fine, cost or expense
is actually incurred by such TRA Holder as a proximate result of the gross negligence, bad faith or willful misconduct of the Agent (it
being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith
and reasonable judgment). The Agent shall not be liable for, and shall be indemnified by the TRA Holders (on a several but not joint
basis) for, any liability, loss, damage, penalty or fine incurred by the Agent (and any cost or expense incurred by the Agent in connection
therewith and herewith and not previously reimbursed pursuant to subsection (b) above) arising out of or in connection with
the acceptance or administration of its duties under this Agreement, except to the extent that any such liability, loss, damage, penalty,
fine, cost or expense is the proximate result of the gross negligence, bad faith or willful misconduct of the Agent (it being understood
that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith and reasonable judgment);
provided, however, in no event shall any TRA Holder be obligated to indemnify the Agent hereunder for any liability, loss,
damage, penalty, fine, cost or expense to the extent (and only to the extent) that the aggregate amount of all liabilities, losses, damages,
penalties, fines, costs and expenses indemnified by such TRA Holder hereunder is or would be in excess of the aggregate payments under
this Agreement actually remitted to such TRA Holder. Each TRA Holder’s receipt of any and all benefits to which such TRA Holder
is entitled under this Agreement, if any, is conditioned upon and subject to such TRA Holder’s acceptance of all obligations, including
the obligations of this Section 7.17(c), applicable to such TRA Holder under this Agreement.

 

(d)            Actions
of the Agent. Any decision, act, consent or instruction of the Agent shall constitute a decision of all TRA Holders and shall be
final, binding and conclusive upon each TRA Holder, and the Corporation may rely upon any decision, act, consent or instruction of the
Agent as being the decision, act, consent or instruction of each TRA Holder. The Corporation is hereby relieved from any liability to
any Person for any acts done by the Corporation in accordance with any such decision, act, consent or instruction of the Agent.

 

(e)            Approved
Assignment. Each TRA Holder hereby agrees that the Agent may, at any time and in its sole discretion, elect to make an assignment,
in whole or in part, of this Agreement to a Person (upon such election, an “Approved Assignment”), and each such TRA
Holder will raise no objections against such Approved Assignment, regardless of the consideration (if any) being paid in such Approved
Assignment, so long as such Approved Assignment does not materially and adversely impact such TRA Holders in a manner materially disproportionate
to the other TRA Holders. Each TRA Holder will take all actions requested by the Agent in connection with the consummation of an Approved
Assignment, including the execution of all agreements, documents and instruments in connection therewith requested by the Agent of such
TRA Holder. If at any time the Agent becomes unable or unwilling to continue in its capacity as Agent or resigns as Agent without making
an Approved Assignment, then in each case the TRA Holders may, by a plurality vote of such Persons ratably in accordance with their respective
rights to receive Early Termination Payments under this Agreement, appoint a new representative to replace the then serving Agent. Notice
of such appointment must be delivered to the Corporation. Such appointment will be effective upon the later of the date indicated in
such notice or the date such notice is received by the Corporation. The Agent may resign upon thirty (30) calendar days’ written
notice to the Corporation.

 

[Signature Pages Follow]

 

    28 

     

    

 

IN WITNESS WHEREOF, the Corporation, the Company,
and the Agent have duly executed this Agreement as of the date first written above.

 

	 	BRC INC.
	 	 
	 	 
	 	By:	/s/ Tom Davin
	 	Name:	Tom Davin
	 	Title:	Co-Chief Executive Officer
	 	 
	 	 
	 	AUTHENTIC BRANDS
    LLC
	 	 
	 	 
	 	By:	/s/ Tom Davin
	 	Name:	Tom Davin
	 	Title:	Co-Chief Executive Officer
	 	 
	 	 
	 	STERLING NEW
    INVESTMENT HOLDINGS LLC
	 	 
	 	AS AGENT
	 	 	 
	 	 	 
	 	By:	/s/ Avi Epstein
	 	Name:	Avi Epstein
	 	Title:	Authorized Signatory

 

[Signature Page – Tax Receivable Agreement]

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