Document:

EX-10.24

 Exhibit 10.24 

FIRST AMENDED & RESTATED SERVICES AGREEMENT 

This First Amended and Restated Services Agreement (this “Agreement”) is entered into by and between Bradley Capital
Company, L.L.C., a Delaware limited liability company (“Provider”), The Beneficient Company Group, L.P., a Delaware limited partnership (“Firm”), Beneficient Company Holdings, L.P., a Delaware limited
partnership (“BCH”), and Beneficient Management Counselors, L.L.C., a Delaware limited liability company (“BMC”) and is effective as of January 1, 2022 (“Effective Date”).
Provider and the Firm are referred to collectively in this Agreement as the “Parties” and individually as a “Party.” 

RECITALS 
 WHEREAS,
effective as of June 1, 2017, the Parties entered into that certain services agreement (the “Original Services Agreement”) in order that Provider would provide to the Firm and its direct and indirect Subsidiaries
(collectively the “Group”) certain executive and other services (the “Services”) described or identified in Schedule A attached to the Original Services Agreement; and 

WHEREAS, the Parties desire to amend and restate the Original Services Agreement in its entirety as provided in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the Parties hereto agree as follows: 

AGREEMENT 
 ARTICLE I.

 DEFINITIONS 

Section 1.1 Definitions. For the purpose of this Agreement, the following definitions shall be applicable: 

“Active Employee Benefits Cost” is defined in Section 4.2(a). 

“Advance Expenses Payment” is defined in Section 4.2(d). 

“Agreement” is defined in the preamble. 

“Aircraft” is defined in Section 6.3(a)(ii)(A). 

“Applicable Extension Date” is defined in Section 3.1. 

“BMC” is defined in the preamble. 

“BCH” is defined in the preamble. 

“Benefits Cost” is defined in Section 4.2(a). 

“Benefits Cost Overpayment” is defined in Section 4.2(c) 

“Benefits Cost Underpayment” is defined in Section 4.2(c). 

“Board” means the Board of Directors or other governing authority of the General Partner. 

 “Cause” means (a) if a regulatory body must approve Executive
Provider’s provision of the Executive Services, such regulatory body’s disapproval of Executive Provider; (b) Executive Provider’s knowing and material violation of any regulatory compliance policies of the Group, which such
policies have been provided to Executive Provider in writing before such violation, and which such violation could reasonably be expected to be substantially injurious to the financial condition or business reputation of any member of the Group,
provided that such violation has not been corrected or cured within thirty (30) days after receipt of written notice by the Firm to Provider setting out the acts or omissions of Executive Provider claimed to violate such policies (it being
understood that the good faith performance by Executive Provider of an act approved by or at the specific request of the Board or the Chief Executive Officer of the Firm will not be considered a “knowing” violation); or (c) Executive
Provider’s conviction of or entry of a plea agreement or civil consent decree with respect to (i) any felony, (ii) any other crime involving dishonesty or moral turpitude, or (iii) any material violation of federal or state
securities laws which could reasonably be expected to be substantially injurious to the financial condition or business reputation of any member of the Group. 

“Charity” means an entity organized and operated within the meaning of Section 501(c)(3) of the Code and
classified by the Internal Revenue Service as a public charity within the meaning of Sections 509(a)(1) or 509(a)(2) of the Internal Revenue Code of 1986, as amended, or the corresponding provision or provisions of any subsequent United States
Internal Revenue law or laws. 
 “Date of Termination” is defined in Section 3.2(c). 

“Default” is defined in Section 7.7(d)(i). 

“Effective Date” is defined in the preamble. 

“Entity” means any Person other than an individual of which the Firm is or is to become a direct or indirect
shareholder, general, limited partner or other partner, member or other equity owner or manager, including serving as a direct or indirect shareholder, general or limited partner, member or other equity owner or manager of any such Person. 

“Executive Committee” means (a) for purposes of Section 3.2(a)(ii), the Executive Committee of the Board
constituted in accordance with the governing documents of the General Partner as of the Effective Date and (b) for all other purposes, the Executive Committee of the Board constituted in accordance with the governing documents of the General
Partner as of the Effective Date or, in the event there is no such Executive Committee, then a committee of the Board composed of those members of the Board (or the duly appointed successors of those members) who served on the Executive Committee
immediately before the Executive Committee ceased to exist. 
 “Executive Provider” is the individual identified in
Schedule A or the individual approved as a replacement pursuant to Section 2.2(b). 
 “Executive Services”
means those Services described or identified in Schedule A. 
 “Expenses” means the
Out-of-Pocket Expenses. 
 “Expenses
Overpayment” is defined in Section 4.2(d). 
 “Expenses Underpayment” is defined in
Section 4.2(d). 
 “Fee” is defined in Section 4.1. 

  
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 “Firm” is defined in the preamble. 

“General Partner” means Beneficient Management, L.L.C., a Delaware limited liability company, and its successors and
assigns. 
 “Group” is defined in the Recitals. 

“Inability to Provide” means Executive Provider’s inability to provide the Executive Services by reason of a
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

“Indemnitee” means (a) Provider, (b) BMC, (c) Executive Provider, (d) the Provider Employees,
(e) any officer, director, employee, member, manager, partner, agent, representative, fiduciary or trustee of Provider or BMC (unless excluded from the definition of Indemnitee by (f)), (f) any Person serving at the written request of Provider
or BMC (provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis or similar
arm’s-length compensatory basis, agency, advisory, consulting, trustee, fiduciary or custodial services if not designated as an Indemnitee by Provider or BMC), (g) any Person that Provider or BMC in its
sole discretion designates as an “Indemnitee” for purposes of this Agreement (which designation may be made at any time, including after any liability arises), and (h) any successors, assigns, heirs, executors or administrators of the
foregoing. 
 “Other Services” means those Services described or identified in Schedule A. 

“Out-of-Pocket Expenses” is defined in
Section 4.2(a). 
 “Parties” and “Party” is defined in the preamble. 

“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust,
unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county, or any other governmental or
political subdivision, agency or instrumentality thereof) or other entity (or series thereof). 
 “Provider” is
defined in the preamble. 
 “Provider Employees” is defined in Section 2.1. 

“Retirement/Disability Benefits Cost” is defined in Section 4.2(a). 

“Services” is defined in the Recitals. 

“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of
shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person, at the date of determination, (i) is a general partner of such partnership,
(ii) owns more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class), directly or indirectly, or (iii) otherwise controls such partnership, directly or
indirectly, (c) any other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of determination, (i) has at least a
majority ownership interest, (ii) has the power to elect or direct the election of a majority of the directors or other governing body of such Person, or (iii) otherwise controls such Person or (d) any other Person the financial
information of which is consolidated by such Person for financial reporting purposes under U.S. GAAP. 

  
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 “Term” is defined in Section 3.1. 

ARTICLE II. 
 SERVICES

 Section 2.1 Services. Provider will provide the Services to the Group on the terms and conditions provided for in this
Agreement. The Executive Services shall be provided by Executive Provider. The Other Services shall be provided through employees of Provider designated by Provider in its sole discretion (such other employees the “Provider
Employees”). Executive Provider and the Provider Employees shall be subject to the standard regulatory compliance policies of the Group that relate to the performance of the Services, including those related to insider trading and the
protection of confidential information, and that have been provided by the Group to Executive Provider and the Provider Employees. 

Section 2.2 Removal and Replacement of Executive Provider. 

(a) Removal. Executive Provider may be removed (i) by mutual written agreement of the Parties; (ii) at the
request of the Firm for Cause upon thirty (30) days’ advance written notice to Provider and Executive Provider, which such notice shall identify the clause(s) of the definition of Cause relied upon and set out in reasonable detail the acts
or omissions of Executive Provider alleged to constitute Cause under such clause(s); (iii) by reason of Executive Provider’s Inability to Provide the Executive Services upon thirty (30) days’ advance written notice by either Party to
the other Party; or (iv) by Provider upon written notice to the Firm for any reason, including by reason of Executive Provider no longer being employed by Provider. During the period from the date of removal of Executive Provider through the
date a replacement designated by Provider is approved by the Executive Committee pursuant to Section 2.2(b), the Executive Services shall be provided pursuant to this Agreement by a director (other than the removed Executive Provider) of the
General Partner designated in writing by BMC. 
 (b) Replacement Process. If Executive Provider is removed in
accordance with Section 2.2(a) or Executive Provider dies, then the Firm shall request in writing to Provider and BMC within sixty (60) days after such removal or death that BMC designate a replacement to provide the Executive Services
through Provider. BMC shall so designate a replacement within sixty (60) days after receipt of such request. If the designated replacement is a director of the General Partner (other than the removed Executive Provider), then the Executive
Services shall be provided by such designated director. If the designated replacement is not a director of the General Partner (other than the removed Executive Provider), the designated replacement is subject to the approval of a majority of the
Executive Committee as follows, which approval shall not be unreasonably withheld. The Executive Committee shall notify Provider and BMC in writing within fifteen (15) days after such designation whether it approves the designated replacement
and, if not, the specific grounds thereof. If the designated replacement is not approved, BMC shall have sixty (60) days after receipt of such notice to designate another replacement to provide the Executive Services through Provider. If the
designated replacement is a director of the General Partner (other than the removed Executive Provider), then the Executive Services shall be provided by such designated director. If the designated replacement is not a director of the General
Partner (other than the removed Executive Provider), the designated replacement is subject to the approval of a majority of the Executive Committee as follows, which approval shall not be unreasonably withheld. The Executive Committee shall notify
Provider and BMC in writing within fifteen (15) days after such designation whether it approves the designated replacement and, if not, the specific grounds thereof. If the designated replacement is not approved, the Executive Services shall
continue to be provided pursuant to this Agreement by a director (other than the removed Executive Provider) of the General Partner designated in writing by BMC. 

  
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 Section 2.3 Compensation and Benefits. Provider will pay all wages and other
compensation due to, reimburse business expenses incurred by, and provide employee benefits to, Executive Provider and the Provider Employees in connection with the performance of the Services, provided that Executive Provider and each Provider
Employee shall be entitled to participate in equity incentive plans sponsored by the Group on the same basis as other service providers (including employees) who provide the same or similar services to the Group. For the avoidance of doubt, the
Group shall be responsible for any and all costs and expenses incurred by the Group in connection with the participation of the Executive Provider and the Provider Employees in equity incentive plans sponsored by the Group, and such costs and
expenses shall be paid by the Group in addition to the Fee. 
 Section 2.4 Compliance with law. Provider will comply with all
federal, state and local laws applicable to Provider as the employer of Executive Provider and the Provider Employees, including, without limitation, laws relating to employment and employment practices, terms and conditions of employment, labor
relations, wages, hours of work and overtime, worker classification, employment-related immigration and authorization to work in the United States, occupational safety and health, and privacy of health information. Provider will be solely
responsible for complying with all federal, state, and local tax laws applicable to Provider as the employer of Executive Provider and the Provider Employees including, without limitation, laws relating to the withholding and reporting of, and
remitting or paying when due, all income and employment-related taxes, and the filing of all returns and reports required by applicable law. 

Section 2.5 Acknowledgements Regarding Services. The Parties acknowledge and agree that Provider is not an employee leasing
organization, personnel service, or contract labor firm, and Provider covenants not to hold itself out to the public as a professional employer, employee leasing, personnel service, contract labor, or similar organization. The Parties thus further
acknowledge and agree that this Agreement and the Services provided hereunder are not, and are not intended to be, subject to laws concerning professional employer, employee leasing, personnel service, contract labor, or similar organizations. 

ARTICLE III. 
 TERM AND
TERMINATION 
 Section 3.1 Term. The initial term of this Agreement shall be from the Effective Date through the earlier of
(i) the Date of Termination or (ii) December 31, 2022, provided that the initial term shall be automatically extended by one calendar year on December 31, 2022 and on each December 31st thereafter (each such December 31st the
“Applicable Extension Date”). The initial term together with all extensions is the “Term.” 

Section 3.2 Termination. 

(a) This Agreement may be terminated: 

(i) By mutual written agreement of the Parties on such terms as they may agree upon in writing. 

(ii) By the Firm with a unanimous vote of all the members of the Executive Committee. 

  
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 (iii) By the Firm if Highland Business Holdings Trust, or its successors or
assigns, directly or indirectly, hold capital or other ownership interests in the Group, or its successors or assigns, that in the aggregate have a fair market value of the lesser of (A) ten million ($10,000,000.00) or (B) 1% of the aggregate
fair market value of the Group (or its successors or assigns) on both (x) December 31, 2022 or any Applicable Extension Date thereafter and (y) the Date of Termination. 

(iv) By Provider (A) for the Firm’s material breach of this Agreement; or (B) upon thirty (30) days’
advance written notice to the Firm. 
 (b) Before terminating the Agreement pursuant to Section 3.2(a)(iv)(A), Provider
must provide written notice to the Firm of its intention to terminate the Agreement on that basis. Such notice shall set out in reasonable detail the acts or omissions of the Firm claimed to constitute a material breach of the Agreement; identify
the specific provisions of the Agreement thereby breached; provide a reasonable period of time after the Firm’s receipt of the notice, and not less than thirty (30) days after receipt, for the Firm to correct the alleged acts or omissions
or otherwise cure the alleged material breach; and state the Date of Termination if the alleged material breach is not corrected or cured within the period provided for in the notice. 

(c) “Date of Termination” for purposes of this Agreement means: 

(i) If terminated pursuant to Section 3.2(a)(i), the date so mutually agreed to. 

(ii) If terminated pursuant to Section 3.2(a)(ii), the thirtieth (30th) day after Provider receives written notice by the
Firm of the unanimous vote terminating the Agreement pursuant to such Section. 
 (iii) If terminated pursuant to
Section 3.2(a)(iii), the last day of the calendar-year quarter which is at least thirty (30) days after the written notice is received by Provider, provided that Highland Business Holdings Trust, or its successors or assigns, directly or
indirectly, hold capital or other ownership interests in the Group, or its successors or assigns, that in the aggregate have a fair market value of the lesser of (A) ten million ($10,000,000.00) or (B) 1% of the aggregate fair market value of
the Group (or its successors or assigns) on the last day of such calendar-year quarter. 
 (iv) If terminated pursuant to
Section 3.2(a)(iv)(A), the date specified in the written notice of intention to terminate, which date shall be no earlier than the period for correction or cure provided for in the notice. 

(v) If terminated pursuant to Section 3.2(a)(iv)(B), the thirtieth (30th) day after the written notice is received by the
Firm. 
 (d) Notwithstanding any provision of this Agreement to the contrary, if this Agreement is terminated pursuant to
Section 3.2(a)(ii), the Firm or a subsidiary (including BCH) shall pay to Provider within thirty (30) days after the Date of Termination the sum of (i) five (5) times the Fee, determined as of the Date of Termination, on an annualized
basis, (ii) plus five (5) times the Benefits Cost, determined as of the Date of Termination, (iii) less that portion of the Fee and Benefits Cost, if any, representing advance payment of the Fee and the Benefits Cost for the period
from the Date of Termination through the end of the quarter, and (iv) less any outstanding Benefits Cost Overpayment and plus any outstanding Benefits Cost Underpayment, as applicable. 

  
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 Section 3.3 Remedies; Survival of Certain Rights and Obligations Upon
Termination. 
 (a) The Firm and BCH acknowledge and agree that Provider would not have an adequate remedy at law and
would be irreparably harmed in the event that the Firm or BCH fail to perform any of their obligations under this Agreement in accordance with their specific terms. Accordingly, the Firm and BCH agree that Provider shall be entitled to equitable
relief, including a temporary restraining order, preliminary and permanent injunctions, and specific performance, in the event the Firm or BCH breaches or threatens to breach any of their obligations under this Agreement, without the necessity of
posting any bond or proving special damages or irreparable injury. Such remedies shall not be deemed to be the exclusive remedies for a breach or threatened breach of this Agreement by the Firm or BCH, but shall be in addition to Provider’s
right to terminate this Agreement pursuant to Section 3.2(a)(iv)(A) and to recover all other remedies available to Provider at law or equity, including remedies for the Firm’s or BCH’s material breach of this Agreement. In addition,
in the event Provider brings an action (including a counter-claim) to restrain or otherwise remedy a breach or threatened breach of this Agreement (including seeking remedies for the Firm’s material breach of this Agreement), the Firm or BCH
shall advance or pay to Provider all expenses (including attorneys’, experts’ and consultants’ fees and expenses as well as costs of investigation, sampling and defense) incurred by Provider in connection with such action within
fifteen (15) days after receipt of a statement setting out such expenses, provided that Provider shall repay such expenses paid by the Firm or BCH if a court of competent jurisdiction finds (and such finding is binding and no longer appealable)
such action to be frivolous or filed in bad faith. 
 (b) The termination of this Agreement pursuant to Section 3.2
shall not impair the rights or obligations of any Party that have accrued prior to such termination or which by their nature or terms survive termination of this Agreement indefinitely, including, without limitation, the Parties’ continuing
rights and obligations under Section 3.2(d), Article IV, Article VI, and Section 7.3. 
 ARTICLE IV. 

COMPENSATION FOR SERVICES 

Section 4.1 Fee. As compensation for the Services, the Firm shall pay or have one of its subsidiaries (including BCH) pay Provider
a quarterly fee (“Fee”) in advance and by no later than the first business day of the calendar-year quarter to which such Fee applies. The initial Fee, consisting of a base fee for the Executive Services and a supplemental
fee for the Other Services, is set forth in Schedule A and shall be adjusted annually as set forth therein. Provider may increase the supplemental Fee up to twice (two times) the initial fee (which shall be adjusted on an annual basis by the percent
equal to the percentage increase, if any, in the level of the CPI-U (or its most comparable successor, as published by the United States Department of Labor, Bureau of Labor Statistics) from December to
December) in any calendar year in connection with an increase in the cost of providing the Services (including through the addition of one or more Provider Employees) and/or a change in the scope or performance of the Services as determined in the
sole and absolute discretion of Provider subject, in the case of a change in the scope of the Services only, to the approval of a majority of the Executive Committee, which approval shall not be unreasonably withheld. Provider shall notify the Firm
in writing thirty (30) days in advance of the effectiveness of the proposed increase in the Fee. The Executive Committee shall notify Provider in writing within fifteen (15) days after receipt of the notice whether the proposed change in
the scope of the Services is approved, and if not, the specific reasons thereof. Except for a termination pursuant to Section 3.2(a)(ii), within thirty (30) days after the Date of Termination, Provider shall refund to the Firm that portion
of the Fee, if any, representing advance payment of the Fee for the period from the Date of Termination through the end of the quarter. 

  
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 Section 4.2 Benefits Cost; Expenses. 

(a) In addition to the Fee, the Firm or a subsidiary (including BCH) shall pay Provider for (i) the cost of providing
employee benefits (including, without limitation, retirement/disability and related benefits) for up to seven (7) active employees of Provider, which number may be increased due to the cost of providing the Services or a change in the scope of
the Services (the “Active Employee Benefits Cost”), provided such active employee benefits shall be the same or substantially the same, in the aggregate, as those provided by Provider to its employees as of the Effective Date
or provided by the Firm or a subsidiary to its or their employees from time to time; (ii) the cost of providing retirement/disability and related benefits to non-active or former employees of Provider (or
their survivors, as applicable) as of the Effective Date and to such of the Provider Employees or Executive Provider (or their survivors, as applicable) as may become eligible for such benefits thereafter (the “Retirement/Disability
Benefits Cost”), provided that the retirement and disability benefits paid by Provider to an individual shall not exceed an amount that would result in a reduction or elimination of benefits to which the individual is entitled to
receive under a federally-sponsored retirement, disability, or survivorship program; (iii) any administrative costs incurred in connection with the provision of the foregoing benefits (the amounts in clauses (i)-(iii), collectively, the
“Benefits Cost”); and (iv) all out-of-pocket expenses
(“Out-of-Pocket Expenses”) reasonably incurred by or on behalf of Provider in connection with providing the Services and consistent with the
Firm’s travel and entertainment policy or other expense reimbursement policies. The initial Retirement/Disability Benefits Cost is set forth in Schedule A and shall or may be adjusted as set forth therein. 

(b) In the event that Provider, Executive Provider, Beneficient Holdings, Inc., Heppner Endowment for Research Organizations,
L.L.C. or their affiliates, successors and assigns (collectively, the “Donors”), or their direct and indirect owners, are subject to an income or excise tax, or are required to reimburse a Charity for the imposition of an
income or excise tax, arising in connection with or related to (i) any gift or assignment of interests in the Firm or its affiliates to Charity and (ii) the Donor’s arranging for gifting by other parties to Charities or the
Donor’s action of gifting to Charities of (A) cash distributions from or (B) beneficial interests in trusts which the Firm and the Firm or its affiliates may be lenders, beneficiaries, administrators, or trustees of such trusts
(collectively, the “Donations”), the Firm and/or BCH shall reimburse and pay the Donors an amount such that, after taking into account the taxation of any such payment, the Donors are in the same after-tax position that they would have been in if the Donors or their direct and indirect owners had not been required to reimburse or had not been subject to such income or excise tax (the “Tax
Consequence”). The Firm or BCH shall also reimburse and pay the Donors, without duplication, for any other related expenses and payments, including, but not limited to, the cost of gift processing fees, management fees, other fees,
future liabilities, indemnification expenses, investments in put options, and carrying costs as each may be charged to the Donors by a Charity resulting from any action in (i) and (ii) of this Section 4.2(b) (the “Charity
Costs”) and for all expenses (including attorneys’, accountants’, experts’ and consultants’ fees and expenses as well as costs of investigation, sampling, defense and court charges) incurred by Donors in connection
with disputing the Donor’s liability for the Tax Consequence (the “Defense Costs”). In the event that no current tax benefit is available to the Donors or their direct and indirect owners for amounts of the
Charity Costs and Defense Costs the Firm and/or BCH shall reimburse and pay the Donors an amount such that, after taking into account the taxation of any such payment, the Donors are in the same after-tax
position that they would have been in if the Donors or their direct and indirect owners had received a current tax benefit for the payment of the Charity Costs and Defense Costs (together with the Tax Consequence, the “Tax Related
Payment”). The Firm and BCH acknowledge and agree that the Donors and its advisors have not, and shall not, provide the Firm and BCH with any advice regarding the Tax Related Payment. The Related Payment shall be paid by the Firm or BCH
to the Donor within five (5) days after receipt from the Donor of an invoice, expense report, or other documentation showing in reasonable detail the Tax Related Payment calculations and supporting information. 

  
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 (c) The Benefits Cost shall be paid by the Firm or a subsidiary (including
BCH) to Provider in advance on a quarterly basis by no later than the first business day of the calendar year quarter to which such Benefits Cost apply based on a reasonable estimate of the Active Employee Benefits Cost and administrative costs to
be incurred by Provider in such quarter plus one-fourth of the Retirement/Disability Benefits Cost. Provider shall provide the Firm on at least an annual basis with a reconciliation of the Active Employee
Benefits Cost paid by the Firm against the Active Employee Benefits Cost actually incurred by Provider during the reconciliation period. The excess of the Active Employee Benefits Cost paid by the Firm over the Active Employee Benefits Cost actually
incurred by Provider during the reconciliation period (any such amount a “Benefits Cost Overpayment”) shall be applied, without interest, to reduce one or more subsequent quarterly Benefits Cost payments until repaid in full
unless the Firm requests in writing that Provider refund all or a portion of the Benefits Cost Overpayment. Any such refund of a Benefits Cost Overpayment shall be made within thirty (30) days after receipt by Provider of such written request.
The excess of the Active Employee Benefits Cost actually incurred by Provider over the Active Employee Benefits Cost paid by the Firm during the reconciliation period (any such amount a “Benefits Cost Underpayment”) at
Provider’s option may be applied, without interest, to increase one or more subsequent quarterly Benefits Cost payments until paid in full unless Provider requests in writing that the Firm pay all or a portion of the Benefits Cost Underpayment.
Any such payment of a Benefits Cost Underpayment shall be made within thirty (30) days after receipt by the Firm of such written request. Except for a termination pursuant to Section 3.2(a)(ii), within thirty (30) days after the Date
of Termination, Provider shall refund to the Firm that portion of Benefits Cost, if any, representing advance payment of the Benefits Cost for the period from the Date of Termination through the end of quarter, plus any outstanding Benefits Cost
Overpayment and less any outstanding Benefits Cost Underpayment, as applicable. 
 (d) The Expenses shall be paid by the Firm
or a subsidiary (including BCH) to Provider within thirty (30) days after receipt from Provider of an invoice, expense report, or other documentation showing in reasonable detail the Expenses so incurred. Notwithstanding the foregoing, Provider
may require that an estimate of the Expenses be paid by the Firm or a subsidiary (including BCH) in advance on a quarterly or monthly basis at Provider’s option (the “Advance Expenses Payment”). In that event, Provider
shall provide the Firm on at least a quarterly basis with a reconciliation of the Advance Expenses Payments against the Expenses actually incurred by Provider during the reconciliation period. The excess of the Advance Expenses Payments over the
Expenses actually incurred by Provider during the reconciliation period (any such amount an “Expenses Overpayment”) shall be applied, without interest, to reduce one or more subsequent Advance Expenses Payment or invoices
until repaid in full unless the Firm requests in writing that Provider refund all or a portion of the Expenses Overpayment. Any such refund of an Expenses Overpayment shall be made within thirty (30) days after receipt by Provider of such
written request. The excess of the Expenses during the reconciliation period over the Advance Expenses Payments (any such amount an “Expenses Underpayment”) at Provider’s option may be applied, without interest, to
increase one or more subsequent Advance Expenses Payments until repaid in full or invoiced by Provider to the Firm. Any such invoice reflecting an Expenses Underpayment shall be paid by the Firm or a subsidiary (including BCH) within thirty
(30) days after receipt. Within thirty (30) days after the Date of Termination, any outstanding Expenses Overpayment shall be paid by Provider to the Firm and any outstanding Expenses Underpayment shall be paid by the Firm or a subsidiary
(including BCH) to Provider. 

  
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 ARTICLE V. 

OTHER OBLIGATIONS OF THE PARTIES 

Section 5.1 Office; Access to Systems. The Firm shall provide Executive Provider and the Provider Employees, at no cost to
Provider, with (a) suitable office space, furniture, and ancillary office equipment at the Firm’s facilities and (b) access to the Group’s telephone, voice-mail, e-mail, and other
information systems, all as may be reasonably necessary to the performance of the Services and at the request of Provider. The Firm shall provide such suitable office space for (i) Executive Provider in reasonable proximity to the office of a
senior executive of the Firm identified by Provider and (ii) each of the Provider Employees in reasonable proximity to the office of other service providers (including employees) identified by Provider who provide the same or similar services
to the Group. 
 Section 5.2 Confidential Information. The Parties acknowledge that certain
non-public information supplied by each to the other in connection with the performance of the Services may be proprietary or confidential. All such non-public
information furnished by the Group to Provider and by Provider to the Group shall be received in confidence and be kept confidential, and shall be used only in connection with the performance of the Services or as reasonably necessary to enforce
this Agreement, provided that this Section 5.2 shall not prohibit the Group or Provider from disclosing such non-public information as required by law or valid legal process. 

ARTICLE VI. 

INDEMNIFICATION AND RELATED PROVISIONS 

Section 6.1 Disclaimers. 

(a) Except as otherwise expressly provided for in this Agreement, PROVIDER DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY
REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED (i) RELATING TO THE SERVICES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE; (ii) RELATING TO THE RESULTS TO BE OBTAINED FROM THE
SERVICES; AND (iii) THAT THE SERVICES ARE OR WILL BE ERROR-FREE OR NON-INTERRUPTIBLE. 

(b) THE GROUP IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES NOT OTHERWISE EXPRESSLY PROVIDED FOR IN THIS AGREEMENT. 

Section 6.2 Liability Limitations. 

(a) Provider shall not be liable (including any liability for the acts and omissions of any other Indemnitee) to the Group or
any member of the Group for any of the Services or any actions taken by the Group or any member of the Group in respect of or in reliance on the Services, except with respect to Provider’s material breach of this Agreement. 

(b) Provider shall not be liable (including any liability for the acts and omissions of any other Indemnitee) to the Group or
any member of the Group for any operational decisions made by the Group in reliance on any of the Services or on the advice of Executive Provider or the Provider Employees, nor with respect to any action taken by Executive Provider or a Provider
Employee under the direction or authority of the Group or any member of the Group. 

  
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 (c) Notwithstanding anything to the contrary set forth in this Agreement or
otherwise applicable provision of law or in equity, neither Provider nor any other Indemnitee shall have any fiduciary duties, or, to the fullest extent permitted by law, except to the extent expressly provided in this Agreement, other duties,
obligations or liabilities, to the Group in respect of the Services, and, to the fullest extent permitted by law, Provider shall only be subject to any contractual standards imposed and existing under this Agreement. Notwithstanding any other
provision of this Agreement or otherwise applicable provision of law or in equity, whenever in this Agreement Provider is permitted to or required to make a decision (i) in its “discretion” or “sole discretion” or
(ii) pursuant to any provision not subject to an express standard of “good faith” (regardless of whether there is a reference to “discretion”, “sole discretion” or any other standard), then Provider (or any
Indemnitees causing it to do so), as applicable, in making such decision, shall not be subject to any fiduciary duty and shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty
or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Group, any member of the Group or any other person, and shall not be subject to any other or different standards imposed by this Agreement
or otherwise existing at law, in equity or otherwise. Notwithstanding the immediately preceding sentence, if a decision or action under this Agreement is to be made or taken by Provider or Executive Provider in “good faith,” Provider or
Executive Provider shall act under that express standard and shall not be subject to any other or different standard under this Agreement or otherwise existing at law, in equity or otherwise. For all purposes of this Agreement and notwithstanding
any applicable provision of law or in equity, a determination or other action or failure to act by Provider or Executive Provider conclusively will be deemed to be made, taken or omitted to be made or taken in “good faith”, and shall not
constitute Cause or be a breach of this Agreement or any other agreement contemplated hereby or otherwise applicable provision of law or in equity, unless Provider or Executive Provider, as applicable, subjectively believed such determination,
action or failure to act was opposed to the best interests of the Group. In any proceeding in which such action, determination or failure to act is alleged to be made, taken or omitted to be made or taken not in good faith, notwithstanding any
provision of law or equity to the contrary, the person or entity making such allegation shall have the burden of proving that such determination, action or failure to act was not in good faith. The provisions of this Agreement, to the extent that
they restrict or eliminate the duties and liabilities relating thereto of Provider or any Indemnitee otherwise existing at law or in equity, are agreed by the Firm on behalf of the Group to replace to that extent such other duties and liabilities of
Provider or any Indemnitee. 
 (d) Provider’s liability for all claims of loss, cost, liability, damage, penalty, fine,
judgment, claim or expense (including reasonable attorneys’ fees) incurred by or asserted against Provider or any Indemnitee by the Group or any member of the Group in connection with or arising from (i) the Services; or (ii) any
actions taken by Provider or any Indemnitee in connection with such Services or this Agreement, shall be limited to an amount equal to the total Fees paid by the Firm to Provider with respect to such Services. 

(e) THE LIMITATIONS ON LIABILITY AND THE INDEMNITIES IN THIS AGREEMENT (INCLUDING THIS SECTION 6.2 and SECTION 6.3) ARE
INTENDED TO BE, AND TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SHALL BE, ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY EXPRESS NEGLIGENCE RULE OR ANY SIMILAR DIRECTIVE THAT WOULD
PROHIBIT OR OTHERWISE LIMIT INDEMNITIES BECAUSE OF THE NEGLIGENCE (WHETHER SOLE, JOINT OR CONCURRENT OR ACTIVE OR PASSIVE) OR OTHER FAULT OR STRICT LIABILITY OF ANY OF THE INDEMNIFIED PARTIES. 

  
 11 

 Section 6.3 Indemnification; Advancement. 

(a) Indemnification. 

(i) Subject to the limitations set forth in this Section 6.3, each Indemnitee shall be indemnified to the fullest extent
permitted by law by the Firm against any losses, claims, damages, liabilities, and expenses (including reasonable attorneys’ fees, judgments, fines, penalties and amounts paid in settlement) incurred by or imposed upon it by reason or in
connection with any action taken or omitted by such Indemnitee arising out of such Indemnitee’s status as such or its activities on behalf of the Firm or any member of the Group, including in connection with any action, suit or proceeding
before any judicial, administrative or legislative body or agency to which it may be made a party or otherwise involved or with which it shall be threatened by reason of being or having been an Indemnitee; provided that an Indemnitee shall not be so
indemnified with respect to any matter as to which there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which such
Indemnitee is seeking indemnification pursuant to this Section 6.3, such Indemnitee acted in bad faith or engaged in fraud or willful misconduct. In the event that any Person whose capacity is included in the definition of Indemnitee ceases to
have such capacity, he, she or it shall continue to be treated as an Indemnitee. The right to indemnification granted by this Section 6.3 shall be in addition to any rights to which each Indemnitee may otherwise be entitled and shall inure to
the benefit of the successors or assigns of each Indemnitee. 
 (ii) BCH shall indemnify and hold harmless Provider from and
against any and all losses, damages, liabilities, judgments, awards, penalties, interest, fines, costs and fees or any other expenses of whatever kind, including reasonable attorneys’ fees, incurred by Provider, as a result of any third-party
claim, demand, suit, action, investigation, allegation or any other proceeding made in connection with, or otherwise related to, directly or indirectly, any (A) air travel expenses incurred by BCH prior to the Effective Date in connection with
the operation of the Dassault Aviation model Falcon 2000 aircraft with manufacturer’s serial number 188 and United States Federal Aviation Administration nationality and registration markings N317M, including all attached or related engines,
avionics, equipment, accessories, and records (collectively, the “Aircraft”), or (B) enforcement action, audit, or regulatory action by any governmental body relating to BCH’s use of the Aircraft prior to the
Effective Date. 
 (b) Advancement. To the fullest extent permitted by law and subject to the limitations stated
herein, the Firm shall pay, or shall cause a Member of the Group to pay, the expenses (including reasonable attorneys’ fees and expenses) incurred by each Indemnitee in defending and investigating a civil or criminal action, suit or proceeding
in advance of the final disposition of such action, suit or proceeding, upon receipt of an undertaking by such Indemnitee to repay such payment if there shall be a final adjudication that it is not entitled to indemnification as provided herein. If
a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses under this Section 6.3 is not paid in full within thirty (30) days after a written claim therefor by any Indemnitee
has been received by the Firm, such Indemnitee may file proceedings to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any suit brought by any
Indemnitee (or other Person entitled to indemnification hereunder) to enforce a right to indemnification hereunder, it shall be a defense that the Indemnitee or other Person claiming a right to indemnification hereunder has not met the applicable
standard of conduct set forth in this Section 6.3. In any suit in the name of the Firm to recover expenses advanced pursuant to the terms of an undertaking, the Firm shall be entitled to recover such expenses upon final adjudication that the
Indemnitee or other Person claiming a right to indemnification hereunder has not met the 

  
 12 

 
applicable standard of conduct set forth in this Section 6.3. The Firm shall not, and shall cause each Member of the Group not to, impose any additional conditions, other than those
expressly set forth in this Agreement, to indemnification or the advancement of expenses and shall not, and shall cause each Member of the Group not to, seek or agree to any judicial or regulatory bar order that would prohibit any Indemnitee
entitled to indemnification or the advancement of expenses hereunder from enforcing such Indemnitee’s rights to such indemnification or advancement of expenses. In any such suit brought to enforce a right to indemnification or to recover an
advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee or other Person claiming a right to indemnification is not entitled to be indemnified or to an advancement of expenses hereunder shall be on
the Firm (or any Person acting derivatively or otherwise on behalf of the Firm. 
 (c) Duplicative Indemnity
Obligations. Solely for purposes of clarification, and without expanding the scope of indemnification pursuant to this Section 6.3, the Parties intend that, to the maximum extent permitted by applicable law, as between the Firm and its
affiliates, this Section 6.3 shall be interpreted to reflect an ordering of liability for potentially overlapping or duplicative indemnification payments, with the Firm having primary liability, and any member of the Group, as applicable,
having only secondary liability. The possibility that an Indemnitee may, receive indemnification payments from an Entity or any Subsidiary of the Firm shall not restrict the Firm from making payments under this Section 6.3 to an Indemnitee that
is otherwise eligible for such payments, but such payments by the Firm are not intended to relieve an Entity or any Subsidiary of the Firm from any liability that it would otherwise have to make indemnification payments to such Indemnitee and, if an
Indemnitee that has received indemnification payments from the Firm actually receives duplicative indemnification payments from an Entity or any Subsidiary of the Firm, such Indemnitee shall repay the Firm to the extent of such duplicative payments.
If, notwithstanding the intention of this Section 6.3(c), an Entity’s or any Subsidiary of the Firm’s obligation to make indemnification payments to an Indemnitee is relieved or reduced under applicable law as a result of payments
made by the Firm pursuant to this Section 6.3, the Firm shall have, to the maximum extent permitted by law, a right of subrogation against (or contribution from) such Entity or any Subsidiary of the Firm for amounts paid by the Firm to an
Indemnitee that relieved or reduced the obligation of such Entity or any Subsidiary of the Firm to such Indemnitee. Each Indemnitee agrees to execute all papers required and take all action necessary to secure such rights, including execution of
such documents as are necessary to enable the Firm to bring suit to enforce any such rights in accordance with the terms of such relevant document. The Firm shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee in
connection with such subrogation subject to Section 6.3(b). 
 (d) Insurance. The Firm shall not be liable under
this Section 6.3 to make any payment of amounts otherwise indemnifiable hereunder (including judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit plan or penalties) if and to the extent that the
applicable Indemnitee has otherwise actually received such payment under this Section 6.3 or any insurance policy, contract, agreement or otherwise. The Firm shall include, or cause to be included, Provider as an additional insured under all
liability insurance policies maintained by, or for the benefit of, the Firm and waive, and require its insurers to waive, any right of subrogation or recovery against Provider. Such policies shall indemnify Provider and the Indemnitees against
covered claims and expenses which may be incurred by Provider or any Indemnitee in connection with the activities of the Group in accordance with the terms of such policies. 

  
 13 

 (e) Applicability; Non-Exclusive
Remedy. The provisions of this Section 6.3 shall be applicable to all actions, claims, suits or proceedings made or commenced on or after the Effective Date, whether arising from acts or omissions to act occurring on, before or after the
Effective Date. The provisions of this Section 6.3 shall be deemed to be a contract between the Firm and each Person entitled to indemnification under this Section 6.3 (or legal representative thereof) who serves in such capacity at any
time while this Section 6.3 and the relevant provisions of applicable law, if any, are in effect. Any amendment, modification or repeal of this Section 6.3 or subsection hereof shall not affect any rights or obligations then existing with
respect to any state of facts or any action, claim, suit or proceeding then or theretofore existing, or any action, suit, claim, demand or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. The rights
of indemnification provided in this Section 6.3 shall neither be exclusive of, nor be deemed in limitation of, any rights to which any Person may otherwise be or become entitled or permitted by contract, this Agreement, insurance or as a matter
of law, both as to actions in such Person’s official capacity and actions in any other capacity, it being the policy of the Firm that indemnification of any Person whom the Firm is obligated to indemnify pursuant to Section 6.3(a)(i) shall
be made to the fullest extent permitted by law. 
 (f) For purposes of this Section 6.3, references to
“Persons” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a Person with respect to an employee benefit plan; and references to “serving at the written request of
Provider or BMC” shall include any service as a director, manager, officer, employee or agent of Provider or BMC which imposes duties on, or involves services by, such director, manager, officer, employee, or agent with respect to an employee
benefit plan, its participants or beneficiaries. 
 ARTICLE VII. 

MISCELLANEOUS 

Section 7.1 Relationship of the Parties. The relationship between Provider and the Group is solely that of independent
contractors. Nothing is this Agreement is intended to create, or creates, a partnership, agency, or join venture between Provider and the Group, or an employment relationship between the Group or any member thereof and Executive Provider or the
Provider Employees. 
 Section 7.2 Assignment. Neither Party may assign any of its rights or obligations under this Agreement
without the prior written consent of the other Party. Notwithstanding the preceding sentence, the Firm may assign any of its rights or delegate any of its obligations with respect to the provision of the Services to any of subsidiaries, including
delegation by the Firm to BCH of the Firm’s obligations to make the payments to Provider required by this Agreement, but for the avoidance of doubt, such assignment will not relieve the Firm of all of its obligations hereunder. 

Section 7.3 Governing Law; Jurisdiction; Jury Trial Waiver. 

(a) Governing Law. This Agreement is governed by and shall be construed and enforced in accordance with the laws of the
State of Delaware, without regard to principles of conflict of laws that would require the application of the law of any other state. The Parties hereby declare that it is their intention that this Agreement shall be regarded as made under the laws
of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the Parties agrees (i) that this Agreement involves at least
$100,000.00, and (ii) that this Agreement has been entered into by the Parties in express reliance upon 6 Del. C. § 2708. 

(b) Submission to Jurisdiction. The Parties hereby (i) submit and consent to the exclusive jurisdiction, including
removal jurisdiction, of the state and federal courts located in New Castle County, Delaware for any action or proceeding relating to this Agreement or the provision of the Services; (ii) waive any objection to such venue; and (iii) agree
that any judgment in any such action or proceeding may be enforced in other jurisdictions. 

  
 14 

 (c) Appointment of Agent for Service of Process. The Parties hereby
agree (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such Party’s agent for acceptance of legal process, and
(ii) that, to the fullest extent permitted by applicable law, service of process may also be made on such Party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of
valid service, and that service made pursuant to this (c)(i) or (ii), to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such Party personally within the State of Delaware. 

(d) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY AGREES THAT THE JUDGE PRESIDING IN ANY SUCH ACTION OR PROCEEDING,
AND NOT A JURY, SHALL DECIDE ANY DISPUTES BETWEEN THEM AND THUS IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR RELATED TO THIS AGREEMENT, ANY PROVISION OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. IN CONNECTION WITH SUCH WAIVER, EACH OF THE PARTIES HEREBY AGREES NOT TO ASK FOR A JURY IN ANY SUCH ACTION OR PROCEEDING. 

Section 7.4 Notices. All notices required hereunder shall be in writing and shall be given to such Party and, as applicable, BMC,
at such other Party’s or BMC’s principal executive office, to the attention of such Party’s or BMC’s chief executive officer (or in the case of notice to the Firm if Executive Provider is the Firm’s chief executive officer,
to the Firm’s chief financial officer), provided that, in the case of notice by Provider pursuant to Sections 2.2(a) and 3.2, such notice must be executed by or on behalf of the sole or majority interest holder in Provider. Notices shall be
sent by (a) registered or certified mail, (b) overnight courier, or (c) hand delivery. To the fullest extent permitted by law, notice shall be deemed given and effective upon receipt (or refusal of receipt). 

Section 7.5 Amendment: Waiver. Any amendment of any provision of this Agreement will be valid only if set forth in an instrument
in writing signed by both Provider and the Firm. No waiver of any provision of this Agreement shall be valid unless signed by the Party waiving compliance. A waiver by a Party of the performance of any covenant, agreement, obligation, condition,
representation or warranty will not be construed as a waiver of any other covenant, agreement, obligation, condition, representation or warranty. A waiver by any Party of the performance of any act will not constitute a waiver of the performance of
any other act or an identical act required to be performed at a later time. Notwithstanding the foregoing, any amendment or waiver of Sections 2.2(a), 3.2, or 7.4 with respect to notice by Provider will be valid only by the authorization of the sole
or majority interest holder in Provider. 
 Section 7.6 Binding Agreement; Third Parties. The provisions of this Agreement are
binding upon and are for the benefit of the named Parties and their respective subsidiaries, affiliates, and successors and permitted assigns, and not for any other person (other than (a) the Indemnitees and (b) Executive Provider with
respect to Section 6.3(b)). 
 Section 7.7 Guarantee by BCH. By its signature below, BCH
(“Guarantor”) hereby represents and warrants that it will benefit from the Services and hereby irrevocably and unconditionally guarantees for the benefit of Provider the performance and payment (such guarantee, the
“Guarantee”) of all obligations of the Firm under this Agreement (collectively, the “Obligations”). 

  
 15 

 (a) Payment. Without limiting any other right Provider has at law or
in equity, Guarantor hereby guarantees the payment in full of and agrees to pay the Obligations when and as such amounts become due, and Guarantor will upon demand pay to Provider an amount equal to the sum of all unpaid Obligations then due,
including any amounts that would be due but for any proceeding or order listed under Section 7.7(b)(vii). 
 (b)
Absolute Liability. The Guarantee is a continuing guaranty and shall remain in effect until all of the Obligations have been paid in full to Provider. Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and
unconditional and shall not be subject to or affected by any circumstance which may provide or constitute a legal or equitable discharge of a guarantor or surety other than payment of the Obligations in full to Provider. Without limiting the
foregoing, Guarantor hereby agrees as follows: 
 (i) the Guarantee is a guaranty of payment and performance when due and not
of collectability; 
 (ii) the Guarantee is a primary obligation of Guarantor and not merely a contract of surety; 

(iii) Provider may enforce the Guarantee upon the occurrence of any Default under this Agreement notwithstanding the existence
of any dispute between Provider and the Firm with respect to the existence of such Default; 
 (iv) payment by Guarantor of a
portion of the Obligations shall not limit, affect, modify or abridge its liability for any unpaid portion of the Obligations; 

(v) the obligations of Guarantor hereunder are independent of the obligations of the Firm to Provider, and a separate action or
actions may be brought and prosecuted by Provider against Guarantor whether or not any action is brought against the Firm and whether or not the Firm is joined in any such action or actions; 

(vi) the Guarantee and the obligations of Guarantor hereunder shall be valid and enforceable and shall not be subject to any
reduction, limitation, impairment, discharge or termination for any reason other than payment in full of the Obligations, including the occurrence of any of the following, whether or not Guarantor shall have received notice or had knowledge of any
of them: (A) any delay, failure or omission to assert or enforce, or agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or
demand or any right, power or remedy with respect to the Obligations or any agreement or instrument relating thereto, or with respect to any other guarantee of or security for the payment of the Obligations, (B) any rescission, waiver,
amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to any default) of this Agreement or any agreement or instrument executed pursuant thereto, or of any other guarantee or
security for the Obligations, in each case whether or not in accordance with the terms hereof or of any document relating to such other guaranty or security, (C) the Obligations or any agreement or instrument relating thereto at any time being
found to be illegal, invalid or unenforceable in any respect, (D) any failure to perfect or continue perfection of a security interest in any collateral which secures any of the Obligations, (E) any claim, counterclaim, deduction, set-off or any other defense or right whatsoever that the Firm or any of its affiliates may have at any time against Provider or any of its affiliates, in respect of the Obligations or otherwise and (F) any
other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk to or obligations of Guarantor in respect of the Guarantee. 

  
 16 

 (vii) the Guarantee and the obligations of Guarantor hereunder shall not be
reduced, limited, impaired, discharged, deferred, suspended or terminated by any proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of the Firm or by any defense which
the Firm may have by reason of any order (including any stay or injunction) resulting from any such proceeding. 
 (c)
Waivers. Without limiting the foregoing, to the fullest extent permitted by applicable law, Guarantor hereby waives: 

(i) any right to require, as a condition of payment or performance by Guarantor on the Guarantee, Provider to proceed against
the Firm or to pursue any other remedy whatsoever; 
 (ii) any defense based on, derived from or arising out of any lack of
validity or unenforceability of the Obligations or any agreement or instrument relating thereto, or any cessation of the liability of the Finn from any cause other than payment in full of the Obligations; 

(iii) the benefit of any statute of limitations affecting Guarantor’s liability hereunder or the enforcement hereof; 

(iv) any principles or provisions of any statute or rule of law providing for any legal or equitable discharge of
Guarantor’s obligations hereunder other than by payment in full of the Obligations; 
 (v) any rights to set-offs, recoupments and counterclaims against the Firm in connection with any enforcement by Provider of the Guarantee; 

(vi) any requirement that Provider take any action to protect, secure, perfect or insure any security interest or lien or any
property subject thereto; 
 (vii) any notices, demands, presentments or protests relating to the Obligations or any
agreement or instrument relating thereto, and any right to consent to any thereof; and 
 (viii) any surety defenses or other
benefits that may be derived from or afforded by any law which limits the liability of or exonerates guarantors or sureties, or which may conflict with the terms hereof. 

(d) Confession of Judgment. 

(i) GUARANTOR HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR CLERK OF ANY COURT OF RECORD, AFTER GUARANTOR’S
FAILURE TO PAY THE OBLIGATIONS AS PROVIDED FOR IN SECTION 7.7(a) (“DEFAULT”), TO APPEAR FOR GUARANTOR, ITS SUCCESSORS AND ASSIGNS, AND WITH OR WITHOUT COMPLAINT FILED, CONFESS JUDGMENT, OR A SERIES OF JUDGMENTS, AGAINST
GUARANTOR, ITS 

  
 17 

 
SUCCESSORS AND ASSIGNS, IN FAVOR OF PROVIDER OR ANY HOLDER HEREOF FOR THE UNPAID OBLIGATIONS THEN DUE UNDER THIS AGREEMENT, ALL ACCRUED INTEREST AND ALL OTHER AMOUNTS DUE HEREUNDER, AND FOR DOING
SO, THIS AGREEMENT OR A COPY VERIFIED BY AFFIDAVIT SHALL BE A SUFFICIENT WARRANT. GUARANTOR HEREBY FOREVER WAIVES AND RELEASES ALL ERRORS IN SAID PROCEEDINGS AND ALL RIGHTS OF APPEAL AND ALL RELIEF FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION
LAWS OF ANY STATE NOW IN FORCE OR HEREAFTER ENACTED. 
 (ii) NO SINGLE EXERCISE OF THE FOREGOING POWER TO CONFESS JUDGMENT,
OR A SERIES OF JUDGMENTS, SHALL BE DEEMED TO EXHAUST THE POWER, WHETHER OR NOT ANY SUCH EXERCISE SHALL BE HELD BY ANY COURT TO BE INVALID, VOIDABLE OR VOID, BUT THE POWER SHALL CONTINUE UNDIMINISHED AND IT MAY BE EXERCISED FROM TIME TO TIME AS OFTEN
AS PROVIDER SHALL ELECT UNTIL SUCH TIME AS PROVIDER SHALL HAVE RECEIVED PAYMENT IN FULL OF THE OBLIGATIONS AND INTEREST THEREON. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, PROVIDER MAY ENTER ONE OR MORE JUDGMENTS IN THE SAME OR DIFFERENT
COUNTIES FOR ALL OR ANY PART OF THE OBLIGATIONS HEREUNDER, WITHOUT REGARD TO WHETHER JUDGMENT HAS BEEN ENTERED ON MORE THAN ONE OCCASION FOR THE SAME OBLIGATIONS. IN THE EVENT ANY JUDGMENT ENTERED AGAINST GUARANTOR HEREUNDER IS STRICKEN OR OPENED
UPON APPLICATION BY OR ON GUARANTOR’S BEHALF FOR ANY REASON WHATSOEVER, PROVIDER IS HEREBY AUTHORIZED AND EMPOWERED TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TO AGAIN APPEAR FOR AND CONFESS JUDGMENT AGAINST GUARANTOR ON THE BASIS
PROVIDED FOR ABOVE. NOTWITHSTANDING ANY REASONABLE ATTORNEYS’ FEES THAT ARE INCLUDED AS PART OF THE OBLIGATIONS (WHICH ARE INCLUDED IN THE WARRANT FOR THE PURPOSES OF ESTABLISHING A SUM CERTAIN), THE AMOUNT OF ATTORNEYS’ FEES THAT PROVIDER
OR ANY HOLDER HEREOF MAY RECOVER FROM GUARANTOR SHALL NOT EXCEED THE ACTUAL ATTORNEYS’ FEES AND COSTS INCURRED BY PROVIDER OR SUCH HOLDER. 

(iii) BEING FULLY AWARE OF ITS RIGHTS TO PRIOR NOTICE AND HEARING ON THE VALIDITY OF ANY CLAIMS THAT MAY BE ASSERTED AGAINST IT
BY PROVIDER UNDER THIS AGREEMENT BEFORE JUDGMENT CAN BE ENTERED AND BEFORE ASSETS OF GUARANTOR CAN BE GARNISHED AND ATTACHED, GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THESE RIGHTS AND EXPRESSLY AGREES AND CONSENTS TO
PROVIDER, UPON THE OCCURRENCE OF A DEFAULT, OR AT ANY TIME THEREAFTER, ENTERING JUDGMENT AGAINST GUARANTOR BY CONFESSION AND ATTACHING AND GARNISHING THE BANK ACCOUNTS AND OTHER ASSETS OF GUARANTOR, WITHOUT PRIOR NOTICE OR OPPORTUNITY FOR A HEARING.

 (iv) THE POWERS OF ATTORNEY GRANTED HEREIN ARE COUPLED WITH AN INTEREST AND NOT REVOCABLE. SUCH POWERS ARE GIVEN PRIMARILY
FOR BUSINESS OR COMMERCIAL PURPOSES. SUCH POWERS SHALL BE EXERCISED FOR THE BENEFIT OF PROVIDER AND NOT FOR THE BENEFIT OF GUARANTOR. IN ACTING UNDER SUCH POWERS, NO ATTORNEY, AND NEITHER PROVIDER NOR ANY HOLDER HEREOF SHALL HAVE ANY FIDUCIARY DUTY
TO GUARANTOR. 

  
 18 

 (v) GUARANTOR ACKNOWLEDGES THAT (A) IT HAS HAD THE ASSISTANCE OF ITS
LEGAL COUNSEL IN THE REVIEW AND EXECUTION OF THIS AGREEMENT AND CONFESSION OF JUDGMENT OR HAS CHOSEN NOT TO CONSULT ITS LEGAL COUNSEL IN CONNECTION WITH THIS PROVISION, (B) IT HAS HAD THE OPPORTUNITY AND TIME TO REVIEW THIS AGREEMENT AND
CONFESSION OF JUDGMENT OR TO HAVE ITS LEGAL COUNSEL TO REVIEW THE SAME PRIOR TO ITS EXECUTION AND (C) THE MEANING AND EFFECT OF THE FOREGOING PROVISIONS CONCERNING CONFESSION OF JUDGMENT ARE UNDERSTOOD BY GUARANTOR AND, TO THE EXTENT ITS
COUNSEL’S ASSISTANCE WAS SOUGHT, HAVE BEEN FULLY EXPLAINED TO GUARANTOR BY SUCH COUNSEL. 
 /s/ JC/ /s/JS
initials         
 Section 7.8 Further Assurances. The Parties agree, upon the
reasonable request of the other, to execute, acknowledge, and deliver any and all such further instruments, and to do and perform any and all such other acts as may be necessary or appropriate in order to carry out the intent and purposes of this
Agreement. 
 Section 7.9 Entire Agreement. This Agreement constitutes the entire agreement and understanding between the
Parties with respect to the subject matter hereof and supersedes all prior negotiations, agreements, and understandings with respect thereto. 

Section 7.10 Headings. The headings of Articles and Sections contained in this Agreement are for convenience only and shall not be
deemed to control or affect the meaning or construction of any provision of this Agreement. 
 Section 7.11 Counterparts; Electronic
Signatures. This Agreement may be executed in one or more counterparts, each of which when so executed shall be deemed an original, and such counterparts together shall constitute one and the same instrument. Any of the Parties may execute this
Agreement with an electronic signature. Facsimile or scanned and emailed transmission of any signed original document or retransmission of any signed facsimile or scanned and emailed transmission will be deemed the same as delivery of an original.
At the request of either Party, the Parties will confirm facsimile or scanned and emailed transmission by signing a duplicate original document. 

Section 7.12 Code Section 409A. The payments and benefits provided under this Agreement are intended to be
exempt from Section 409A of the Internal Revenue Code and this Agreement shall be interpreted and administered in a manner consistent with that intent. 

[signature page follows] 

  
 19 

 THIS AGREEMENT CONTAINS A CONFESSION OF JUDGMENT RELATED TO THE GUARANTEE. BENEFICIENT COMPANY HOLDINGS,
L.P., AS GUARANTOR, UNDERSTANDS THE CONFESSION OF JUDGMENT AND THE RIGHTS GUARANTOR IS FREELY WAIVING IN CONNECTION THEREWITH AND DOES FREELY EXECUTE THIS AGREEMENT CONTAINING THE CONFESSION OF JUDGMENT. 

IN WITNESS WHEREOF, the Parties have duly executed this Agreement to be effective as of the Effective Date. 

 

									
	PROVIDER	 		 	FIRM
			
	Bradley Capital Company, LLC	 		 	The Beneficient Company Group, L.P.
					
		 	 /s/ Jamie Crable
	 		 		 	
	By:	 	Jamie Crable	 		 	 By:  Beneficient Management, L.L.C., its general partner

	Title:	 	Authorized Signatory	 		 	
					
		 		 		 		 	 /s/ James G. Silk

		 		 		 	By:	 	James G. Silk
		 		 		 	Title:	 	Authorized Signatory
					
	BMC	 		 		 	BCH	 	
			
	Beneficient Management Counselors, L.L.C.	 		 	Beneficient Company Holdings, L.P.
				
		 		 		 	 By:  The Beneficient Company Group, L.P, its general
partner.

				
		 	 /s/ Jamie Crable
	 		 	
	By:	 	Jamie Crable	 		 		 	
	Title:	 	Authorized Signatory	 		 	By:	 	 BeneficientManagement, L.L.C., its general partner

		 		 		 	
					
		 		 		 		 	 /s/ James G. Silk

		 		 		 	By:	 	James G. Silk
		 		 		 	Title:	 	Authorized Signatory

  
 Signature Page 

Services Agreement 

 SCHEDULE A 

Services 
 Executive Services: Such
executive-level services as a majority of the Executive Committee reasonably request consistent with the past services provided by Provider. Such executive-level services shall also include managing and making all decisions over all of the
charitable initiatives undertaken by the Group. 
 Other Services: Administrative and financial analysis services reasonably necessary to the
performance of the Executive Services as determined by Provider it is sole discretion. 
 Executive Provider 

Brad K. Heppner 
 Fee 

Initial base Fee = $375,000.00 for each calendar-year quarter. 

Initial supplemental Fee = $149,375.00 for each calendar-year quarter. 

The Fee shall be adjusted on an annual basis by the percent equal to the percentage increase, if any, in the level of the
CPI-U (or its most comparable successor, as published by the United States Department of Labor, Bureau of Labor Statistics) from December to December. 

Retirement/Disability Benefits Cost 
 $150,000.00
annually. The Retirement/Disability Benefits Cost shall or may be adjusted as follows: 
  

	 	(i)	 The Retirement/Disability Benefits Cost shall be adjusted on a quarterly basis to reflect any increase or
decrease in the actual cost of providing such benefits. 

  

	 	(ii)	 At Provider’s option, the cash retirement benefits paid by Provider may be adjusted on an annual basis by
the percent equal to the percentage increase, if any, in the level of the CPI-U (or its most comparable successor, as published by the United States Department of Labor, Bureau of Labor Statistics) from
December to December, provided that such benefits are either not subject to, or such adjustment would not result in, reduction or elimination of benefits to which the individual is entitled to receive under a federally-sponsored retirement or
disability program. 

  
 Schedule A 

Services AgreementEX-10.26

 Exhibit 10.26 

The Beneficient Company Group (USA), L.L.C. 

325 North Saint Paul Suite 4850 

Dallas, Texas 75201 
 December 31, 2019 

Via e-mail 
 James
G. Silk 
 3179 Mary Etta Lane 
 Oak Hill, VA 20171 

Dear James: 
 We are pleased to extend an offer
of employment with The Beneficient Company Group (USA), L.L.C. (the “Employer”), a subsidiary of The Beneficient Company Group, L.P. (the “Firm”), on the terms set out below (this
“Agreement”). Please note that this offer may be contingent upon receipt of a satisfactory background check and is contingent on proof your identity and authorization to work in the United States as required by law and
execution of the Restrictive Covenants Agreement attached as Exhibit A and incorporated by this reference. If accepted and all these conditions are satisfied, your employment will begin on January 1, 2020 (the “Effective
Date”). 
  

	1.	 Position; Duties and Responsibilities. 

(a) You will serve as Executive Vice President and Chief Legal Officer of the Firm and its subsidiaries (the Firm and its
subsidiaries collectively, the “Group”). For purposes of this Agreement, “Group” shall be deemed to include Constitution Private Capital Company, L.L.C. You also agree to serve if requested in such
other similar capacities for any member of the Group without additional compensation. In such capacity or capacities, you will (i) have the duties and responsibilities reasonably commensurate with such position(s), and such other duties and
responsibilities as may be assigned by the Employer from time to time; (ii) comply with, enforce (where you have an obligation to enforce), and report any violation of the personnel, ethical, operational and compliance policies and procedures
of the Group; and (iii) cooperate with any investigation or inquiry authorized by the Employer or the Firm or conducted by a governmental authority related to any member of the Group’s business or your conduct related to the Group. Any
obligations of the Employer under this Agreement may be satisfied by the Employer’s delegation of such obligations to one or more or its affiliates. 
  

	2.	 Exclusive Services and Compensation; Deemed Resignation. 

(a) You shall use your best efforts to perform faithfully, effectively, and efficiently your duties and responsibilities and,
subject to the following sentence, devote your full working time, skill and attention to the performance of your duties and responsibilities. You shall not engage in any activity inconsistent with the foregoing, whether or not such activity is
pursued for pecuniary advantage, unless such activity is approved by the board of directors or other governing authority of the Employer (the 

 James G. Silk 

December 31, 2019 
  Page
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“Board”) or its designee in writing after full disclosure by you; provided, however, that (i) you may hold positions with Beneficient Management, LLC
and its subsidiaries and affiliates and perform duties attendant to such positions; and (ii) to the extent such activities do not violate or interfere your performance of your duties and responsibilities under this Agreement or the Restrictive
Covenants Agreement, you may (X) manage your personal, financial, and legal affairs; (Y) participate in professional organizations; and (Z) engage in charitable and community activities; provided further, however, that such
activities shall be subject to the policies of the applicable members of the Group as may be in effect from time to time (including, without limitation, any policies on outside directorships and personal investments). 

(b) All services you may render to the Group in any capacity shall be deemed to be services required by this Agreement and the
consideration for such services is that provided for in this Agreement. 
 (c) Upon any termination of your employment and
unless otherwise agreed to in writing by you and the applicable entity, you shall be deemed to have resigned from all other positions you then hold as an employee, officer, director, manager, trustee, fiduciary, committee member, or other service
provider, of or for any member of the Group and any of the Group’s employee benefit plans. 
  

	3.	 Compensation. 

(a) In respect of your service during each of the calendar years of 2020, 2021, and 2022, you will be paid a minimum base
salary (prorated to reflect any partial period of active employment during any of those calendar years) at the annualized rate of $750,000, payable in installments in accordance with the Employer’s customary payroll practices (the
“Minimum Base Salary”); and 
 (b) In respect of your service during each of the calendar years of
2020, 2021, and 2022, you will be paid a minimum bonus in an annualized amount equal to $1,250,000 (prorated to reflect any partial period of active employment during any such calendar years), payable no later than March 15 immediately
following the end of the applicable performance year, subject to your continuous employment with the Employer through such payment date, (the “Minimum Bonus”). 

(c) The determination of compensation (regardless of form of payment) beyond the minimum amounts promised in this Agreement and
after 2022 is wholly discretionary with the Firm. 
 (d) You will be granted 56,250 restricted equity units
(“REUs”) under The Beneficient Company Group, L.P. 2018 Equity Incentive Plan (the “Ben Plan”). The REUs will be subject to generally applicable restrictions on transfer, vesting and forfeiture
requirements, repurchase rights, and certain other terms, conditions, limitations and restrictions as set forth in the Ben Plan and in an REU award agreement (the “REU Award Agreement”). In general, 25% of the REUs will be
vested on the date of grant and 25% on each of the first three anniversaries of the Effective Date subject to your continued employment through each applicable vesting date. A form REU Award Agreement is attached as Exhibit B. We anticipate
this grant will be made early in 2020. You will be eligible for additional REU grants beyond your initial allocation at the sole discretion of the compensation committee of the Firm’s board of directors. 

 James G. Silk 

December 31, 2019 
  Page
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 (e) You will receive a
one-time grant of 56,250 Class A Units and 56,250 Class B Units (collectively, the “Participating Interests”) under The Beneficent Management Partners, L.P. 2019 Equity
Incentive Plan (the “BMP Plan”). The Participating Interests will be subject to generally applicable restrictions on transfer, vesting and forfeiture requirements, repurchase rights, and certain other terms, conditions,
limitations and restrictions as set forth in the BMP Plan and in an award agreement (the “BMP Award Agreement”). In general, 20% of the Participating Interests will be vested on the date of grant and 20% on each of the first
four anniversaries of the Effective Date subject to your continued employment through each applicable vesting date. A form BMP Award Agreement is attached as Exhibit C. We anticipate this grant will be made in early 2020. 

(f) With respect to any payments to you under this Agreement, the Employer shall deduct, where applicable, any amounts
authorized by you and permissible under applicable law, and shall withhold and report all amounts required to be withheld and reported by applicable law. The Employer shall be entitled to rely on an opinion of counsel if any questions as to the
amount or requirement of deductions or withholding shall arise. 
 4. Benefits; Expense Reimbursement; Vacation. You will be eligible to participate
in our standard employee benefits plans and programs generally available to similarly situated executives, subject to the terms and conditions of such plans and any additional requirements as may be applicable. The Firm will indemnify you in
accordance with the more favorable of the Firm’s constituent documents or standard indemnification agreement, if any, and provide you with coverage under directors’ and officers’ liability insurance policies on terms not less
favorable than those provided to any of its other senior executives as in effect from time to time. In addition, the Employer will reimburse you for all reasonable travel and other business expenses incurred by you in the fulfillment of your duties
and responsibilities under this Agreement, including without limitation, all licenses, registrations and certifications required by the Firm, upon presentation by you of an itemized account of such expenditures, in accordance with the Firm’s or
the Employer’s policy. You will be entitled to 30 days of paid PTO per calendar year (as prorated for partial years) in accordance with the Employer’s policy on accrual and use applicable to employees as in effect from time to time. The
Employer will reimburse you for reasonable and customary expenses associated with your relocation to the Dallas area, including travel from your present home to the Dallas area for work, temporary housing in the Dallas area, and moving expenses in
accordance with the Employer’s expense reimbursement policy, provided you have timely submitted appropriate documentation of such expenses. 
  

	5.	 Rights and Obligations Upon Termination of Employment. 

(a) Upon your termination from employment for any reason, you will be entitled to receive (i) any unpaid portion of the
salary prorated through the date of the termination; (ii) reimbursement for any unreimbursed business expenses incurred through the date of termination; and (iii) all other payments, benefits, or fringe benefits, if any, to which you are
entitled under the terms of any applicable compensation arrangement or benefit, equity, or fringe benefit plan or program or grant (the amounts in clauses (i)-(iii) the “Accrued Payments”). The Accrued Payments shall be paid
at the time and in the manner required by applicable law or in accordance with the terms of such arrangements. 

 James G. Silk 

December 31, 2019 
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 (b) In addition to the Accrued Payments and subject to Section 5(c), if
your employment is terminated by the Employer without Cause (as defined below) or you resign for Good Reason (as defined below) (either such termination of employment a “Qualifying Termination”), the Employer will pay or
provide you with the following severance benefits: 
 (i) If your Qualifying Termination occurs on or before the second
anniversary of the Effective Date, $2,000,000.00, paid in the time and manner set out in Section 5(d); 
 (ii) If your
Qualifying Termination occurs after the second anniversary of the Effective Date and on or before the third anniversary of the Effective Date, an amount equal to (A) the Minimum Base Salary plus (B) the Minimum Bonus (prorated to reflect
the partial period of active employment during the calendar year in which the Qualifying Termination occurs), paid in the time and manner set out in Section 5(d). 

(iii) If your Qualifying Termination occurs on or before the third anniversary of the Effective Date and to the extent
permitted by applicable law without any penalty to you or any member of the Group, should you timely elect to continue coverage for yourself and any of your eligible dependents under a group health plan sponsored by Employer and timely remit the
applicable premium payments, reimburse you on a monthly basis for the cost of such continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or other equivalent law (“COBRA”) until the
earlier of (X) the date you are no longer entitled to continuation coverage under COBRA or (Y) 12 months of continued coverage; 

(iv) If your Qualifying Termination occurs after the third anniversary of the Effective Date, an amount equal to your
annualized base salary as of the date of the Qualifying Termination, paid in the time and manner set out in Section 5(d); and 

(v) If you have not been paid the Minimum Bonus for the year preceding the year in which a Qualifying Termination occurs, an
amount equal to the Minimum Bonus paid at the time when annual bonuses are paid generally. 
 The applicable amounts in clauses (i), (ii) and (iv) are
the “Severance Amount.” The reimbursement in clause (iii) is the “COBRA Reimbursement”. The amount in clause (v) is the “Bonus Payment.” 

(c) Notwithstanding anything in this Section 5 to the contrary, you shall not be entitled to, and will not receive, the
applicable Severance Amount, the COBRA Reimbursement, or the Bonus Payment, where applicable, unless (i) your termination of employment constitutes a Separation from Service (as defined below); (ii) you execute and return to the Employer a
separation agreement containing a waiver and release of 

 James G. Silk 

December 31, 2019 
  Page
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claims substantially in the form attached as Exhibit D, which form may be revised to reflect changes in applicable law, (the “General Release”) on or before to the
50th day following your date of termination or such shorter time as may be prescribed in the General Release; (iii) where applicable, you do not revoke the General Release; and (iv) you are in full compliance with your continuing
obligations under the Group’s policies and procedures, this Agreement, the General Release, and the Restrictive Covenants Agreement. In the event you (X) do not timely execute and return, or timely revoke your acceptance of, the General
Release or (Y) violate any of your continuing obligations under the Group’s policies and procedures, this Agreement, the General Release, or the Restrictive Covenants Agreement, you shall not be entitled to receive or continue to receive
the applicable Severance Amount, the COBRA Reimbursement, or the Bonus Payment, where applicable, and shall immediately repay to the Employer upon written demand any of the applicable Severance Amount, the COBRA Reimbursement, or the Bonus Payment
that already has been paid to you. Similarly, if the Employer determines in its informed and good faith judgment that a condition existed prior to your Qualifying Termination which would have given the Employer the right to terminate your employment
with Cause had it been fully aware of such condition before your Qualifying Termination, then you shall immediately repay to the Employer upon written demand any of the applicable Severance Amount, the COBRA Reimbursement, or the Bonus Payment that
already has been paid to you. For purposes of this Agreement “Separation from Service” means a separation from service within the meaning of Section 409A of the Internal Revenue Code (the “Code”)
and the regulations and other guidance thereunder (“Code Section 409A”). 

(d) The applicable Severance Amount will be paid in equal monthly installments (each of which such installments may be made in
the Employer’s discretion over one or more of the Employer’s payroll dates in such month) over 12 months with the first such installment being made on the first payroll date after the General Release has become fully enforceable and
irrevocable; provided, however, that in no event shall such first installment be paid later than 75 days after your Separation from Service. Notwithstanding the foregoing, if any portion of the applicable Severance Amount constitutes
“nonqualified deferred compensation” for purposes of Code Section 409A, and such 75-day period begins in one calendar year and ends in another calendar year, payment of the applicable Severance
Amount shall begin in such second calendar year and shall include payment of any amount that otherwise would be paid earlier absent this provision. 

(e) The COBRA Reimbursement, where applicable, shall be imputed to you as additional taxable income. If such payments result in
the imposition of an excise tax under, or the violation of, the Patient Protection and Affordable Care Act of 2010 (as amended by the Health Care and Education Reconciliation Act of 2010 and as amended from time to time), including, without
limitation, Section 4980D of the Code, the Employer shall no longer be obligated to provide such payments to you. 
 (f)
The payments provided for in Section 5(b) are in lieu of any severance benefits that you would otherwise be entitled to receive under any severance plan of the Group, as then in effect, or any other plan, policy, or practice concerning payments
upon termination of employment. 

 James G. Silk 

December 31, 2019 
  Page
 6
 
  

 (g) For purposes of this Agreement, “Cause” means the
occurrence or existence of any of the following as determined on an informed basis and in good faith by the Employer, the Firm, or its designee: (i) any breach of fiduciary duty in your capacity as an employee and/or officer of any member of
the Group or any act of fraud, misappropriation or dishonesty (other than inadvertent or immaterial acts or omissions), embezzlement or similar conduct by you; (ii) other conduct by you, including but not limited to a Regulatory Violation (as
defined below) or allegations made in connection therewith, that has or can reasonably be expected to have a material adverse effect, monetarily or otherwise, on the business of any member of the Group or your ability to function in your assigned
role taking into account your position, duties, and responsibilities and the nature of the business of the Group; (iii) a material violation by you of any of your material obligations under this Agreement or a material violation by you of the
Restrictive Covenants Agreement; (iv) your material failure to comply with, your material failure to enforce (where you have an obligation to enforce), or your material failure to report a material violation of, any personnel, ethical,
operational, or compliance policies and procedures of the Group; (v) your willful misconduct or gross negligence in the performance of your duties and responsibilities; (vi) your willful refusal to follow the Group’s lawful
directives; (vii) your failure to become licensed to practice law in the State of Texas by the first anniversary of the Effective Date; or (viii) your failure to maintain a law license in good standing in the State of New York and, once
licensed, the State of Texas, including any restriction on such license or sanction issued by a court, bar association, or other self-regulatory organization having authority to issue such restriction or sanction. Notwithstanding the foregoing, if
such Cause relates in whole or part to clauses (iii), (iv), (v), or (vi) and the Employer reasonably determines that such condition is reasonably capable of being cured, the Employer shall give you written notice of its intent to terminate your
employment for Cause within 45 days of becoming aware of such condition(s), setting out in reasonable detail the condition(s) believed to constitute Cause under such clauses, and provide you 15 days to cure such condition(s) or such longer period of
time, not to exceed 30 days, as may be reasonably necessary to cure such condition(s) provided that you are then working diligently to cure. If the Employer reasonably determines that the condition(s) believed to constitute Cause under such clauses
is not reasonably capable of being cured, the notice given to you may provide for immediate termination or contain a date of termination that is earlier than 15 days after the date of such notice. Any attempt by you to cure a stated Cause condition
shall not be deemed an admission by you that the assertion of a Cause condition is valid. 
 (h) For purposes of this
Agreement, “Regulatory Violation” means, (i) your conviction of or entry of a plea agreement or similar arrangement with respect to (X) any felony or (Y) any other crime involving moral turpitude, false
statements, misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery; (ii) a final determination by any court of competent jurisdiction or governmental regulatory body, or the entry of a settlement agreement, consent
decree, or similar arrangement in response to a charge or complaint, that you violated any U.S. federal or state or comparable non-U.S. securities laws, rules or regulations; or (iii) a final
determination by self-regulatory organization having authority with respect to U.S. federal or state or comparable non-U.S. securities laws, rules or regulations, or the entry of a settlement agreement or
similar arrangement in response to a charge or complaint, that you violated the written rules of such self-regulatory organization that are applicable to any member of the Group. 

 James G. Silk 

December 31, 2019 
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 (i) For purposes of this Agreement, “Good Reason”
means the occurrence of any of the following without your consent: (i) a material violation by the Employer of any of its material obligations under this Agreement or (ii) a material diminution or adverse change in your duties or
responsibilities. Notwithstanding the foregoing, you must give the Employer written notice of your intention to terminate employment for Good Reason, setting forth in reasonable detail the condition(s) believed to constitute Good Reason, within 30
days after you become aware of the initial existence of such condition(s). The Employer shall then have 30 days to cure such condition(s). If you believe such condition(s) has not been cured, then you must terminate employment no later than 45 days
after the Employer’s receipt of such notice for such termination to be for Good Reason. If you do not either timely (i) provide written notice of your belief that Good Reason exists or (ii) thereafter terminate your employment for
Good Reason, then you will be deemed to have consented to or accepted the condition(s), or the Employer’s cure of such condition(s), that may have given rise to the existence of Good Reason. Any attempt by the Employer to cure a stated Good
Reason condition shall not be deemed an admission by the Employer that your assertion of a Good Reason condition is valid. 

(j) Notwithstanding the foregoing, (i) neither a transfer of employment among the Employer and any of the Group nor the
Employer or an affiliate entering into a co-employer relationship with a personnel services organization constitutes Good Reason; and (ii) the Employer may suspend you with pay pending an investigation or
inquiry authorized by the Employer or the Firm or conducted by a governmental authority, or a determination by the Employer whether you have engaged in acts or omissions constituting Cause, and such paid suspension shall not constitute Good Reason,
a breach of this Agreement, or a termination of your employment. 
 6. Section 409A. The parties intend for all payments provided to you under this
Agreement to be exempt from or comply with the provisions of Code Section 409A and not be subject to the tax imposed by Code Section 409A. The provisions of this Agreement shall be interpreted in a manner consistent with this intent. For
purposes of Code Section 409A, each payment amount or benefit due under this Agreement shall be considered a separate payment and your entitlement to a series of payments or benefits under this Agreement is to be treated as an entitlement to a
series of separate payments. Notwithstanding any provision in this Agreement to the contrary, if (i) you are a “specified employee,” as such term is defined in Code Section 409A and the regulations thereunder and (ii) any
payment due under this Agreement is subject to Code Section 409A and is required to be delayed under Code Section 409A because you are a specified employee, that payment shall be payable on the earlier of (X) the first business day
that is six months after your Separation from Service or (Y) the date of the your death. This Section 6 shall be applied by accumulating all payments that otherwise would have been paid within six months of your Separation from Service and
paying such accumulated amounts on the earliest business day which complies with the requirements of Code Section 409A. For purposes of determining the identity of specified employees, the Employer or the Firm may establish procedures as it
deems appropriate in accordance with Code Section 409A. Any reimbursement or in-kind benefit provided under this Agreement which constitutes a “deferral of compensation” within the meaning of
Treasury Regulation Section 1.409A-1(b) shall be made or provided in accordance with the requirements of Code Section 409A, including, where applicable, the requirement that (i) any
reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind

 James G. Silk 

December 31, 2019 
  Page
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benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar
year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit. 
  

	7.	 Representations and Warranties. You represent and warrant to the Employer and the Firm that:

 (a) you are entering into this Agreement voluntarily and your employment by the Employer and compliance
with the terms and conditions of this Agreement will not conflict with or result in the breach by you of any agreement to which you are a party or by which you may be bound; 

(b) you are not subject to any confidentiality, non-compete, non-solicitation or other similar agreement, and you have not been asked by the Employer or the Firm to disclose or use, and will not disclose or use, while employed by the Employer, any confidential information
belonging to your current or prior employer, or other person whose confidential information you may not legally disclose or use; 

(c) none of the Employer, the Firm, or any other member of the Group, or its or their attorneys, has made any representations
to you regarding the tax consequences of any amounts received you pursuant to this Agreement, and that you are relying solely on your own judgment, in consultation with you attorney and tax advisor, if any, with respect to any such tax consequences;

 (d) you are licensed to practice law in the State of New York and in the District of Columbia, such licenses are in good
standing, and you are not the subject of any complaint or proceeding before any court, bar association, or other self-regulatory body; and 

(e) you will become licensed to practice law in the State of Texas no later than the first anniversary of the Effective Date.

  

	8.	 Arbitration. 

(a) Agreement to Arbitrate. Subject to subsection (d), you and the Firm (on behalf of itself and the other members of
the Group) agree that any and all disputes between you and any member of the Group which cannot be settled amicably and which grow out of, result from, or are connected in any way with this Agreement or the Restrictive Covenants Agreement, your
employment, the ending of your employment, or the employment practices of the Firm (including the validity, scope, and enforceability of this Section 8) (individually, a “Dispute” and collectively, the
“Disputes”), shall be resolved on an individual basis by binding arbitration in accordance with the procedures described in this Section 8, except for any Disputes which are not subject to mandatory arbitration under
applicable law. 

 James G. Silk 

December 31, 2019 
  Page
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 (b) Effect of Agreement to Arbitrate. You and the Firm (on behalf of
itself and the other members of the Group) each acknowledge and agree that by so agreeing to arbitrate, (i) each irrevocably waives the right to trial by jury with respect to any such Disputes; (ii) class or collective action
procedures shall not be asserted, nor will they apply, in any arbitration unless you and the Firm (on behalf of itself and the other members of the Group) agree in writing; (iii) you will not assert any class or collective claims or join any
class or collective action in arbitration, court, or otherwise against any member of the Group; (iv) any Disputes will not be joined, consolidated, or heard together with the claims of any other person unless the Firm (on behalf of itself and
the other members of the Group) agrees in writing; and (v) notwithstanding anything to the contrary in the applicable rules or in this Section 8, the arbitrator shall have no jurisdiction, power, or authority to permit any class or
collective claim to be asserted in, to consolidate different arbitration proceedings (other than claims by any member of the Group) with, or to join any other party asserting claims against any member of the Group in, an arbitration between you and
any member of the Group. 
 (c) Arbitration Procedures. Arbitration pursuant to this Section 8 shall take place
in Dallas County, Texas (or the county where the Firm’s executive offices are located if different) before a single arbitrator pursuant to the JAMS Employment Arbitration Rules and Procedures then in effect (except the extent modified in this
Section 8), or as otherwise agreed by the parties. The arbitrator shall apply the substantive law of the State of Texas (excluding choice-of-law principles that
might call for the application of some other jurisdiction’s law) or federal law (including the Federal Arbitration Act), or both as applicable to the Dispute asserted. All evidentiary privileges under applicable law, including attorney-client,
work product and party communication privileges, shall be preserved and protected. Except as required by law or as may be reasonably required in connection with ancillary judicial proceedings to compel arbitration, to obtain temporary or preliminary
judicial relief in aid of arbitration, or to confirm or challenge an arbitration award, the arbitration proceedings, including any hearings, testimony, and any order, decision or award, shall be confidential, and the parties to the arbitration shall
not disclose any awards, any materials in the proceedings created for the purpose of the arbitration, or any documents produced by another party in the proceedings not otherwise in the public domain. The arbitrator may allocate or reallocate the
JAMS administrative fees, arbitrator compensation, hearing room rental fees, expenses of the arbitrator (including required travel and other expenses), any JAMS expenses, and any costs relating to proof and witnesses produced at the direction of the
arbitrator (collectively the “Arbitration Costs”) as permitted under the applicable rules and substantive law. The prevailing party or parties, as determined by the arbitrator, shall be entitled if so awarded by the
arbitrator to recover that party’s reasonable attorney fees, costs, and expenses (including that party’s share of the Arbitration Costs) from the non-prevailing party or parties, to the extent
authorized by applicable substantive law. Judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction. 

(d) Exceptions to Mandatory Arbitration. You or the Firm or any member of the Group, without waiving your, its, or their
rights under this Section 8, may seek from a court having jurisdiction, any interim, equitable, provisional, or other relief provided for the purpose of enforcing your, its, or their rights under this Agreement or the Restrictive Covenants
Agreement or to preserve the status quo pending the arbitrator’s final determination of the merits of a Dispute. You or the Firm or any member of the Group, also without waiving your, its, or their rights under this Section 8, may bring an
action or special proceeding in a court having jurisdiction for the purpose of compelling arbitration, seeking temporary or preliminary relief in aid of an arbitration, or enforcing an arbitration award. 

 James G. Silk 

December 31, 2019 
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	9.	 Miscellaneous. 

(a) Please understand that the terms and conditions of your employment by the Employer are governed by standard Group policies.
Among other things, this means that you must have and maintain in good standing all applicable licenses and registrations in accordance with the Group’s policies and procedures in effect from time to time, including maintaining your license to
practice law in the State of New York and, once licensed, in the State of Texas. The Employer will reimburse your expenses in obtaining (including any test preparation courses) and maintaining these licenses and registrations and for all continuing
education courses reasonably required to maintain such licenses and registrations. 
 (b) This Agreement is not a promise or
contract of continuing employment. Your employment with the Employer is for no fixed term, and either you or the Employer may decide to terminate the employment relationship at any time, with or without notice, and for any or no reason, subject only
to the payment of the amounts provided in Section 3. 
 (c) You expressly acknowledge that you have had the opportunity
to obtain independent legal advice about this Agreement prior to execution. 
 (d) If any provision in this Agreement is
found or held to be invalid or unenforceable, then the meaning of the provision will be construed, to the extent feasible, so as to render the provision enforceable, and if no feasible interpretation would save the provision, it will be severed from
the remainder of this Agreement, which will remain in full force and effect unless the severed provision is essential and material to the rights or benefits received by any party. In such event, the parties shall use their reasonable best efforts to
negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly corresponds to the spirit and intent of the invalid or unenforceable provision. 

(e) This Agreement shall be binding upon and inure to the benefit of the Employer, the Firm, their affiliates, and you, and you
and their respective heirs, legal representatives, successors, and permitted assigns. Subject to Section 9(f), the Employer may assign its rights and obligations under this Agreement without your consent (i) to an affiliate or (ii) in
connection with any reorganization, consolidation, merger, sale or transfer of all or substantially all of the Employer’s assets or any other similar corporate transaction. You shall not have any right to assign or otherwise transfer this
Agreement or any of your rights or obligations under this Agreement. You further shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any payments or other benefits provided under this Agreement; and no
benefits payable under this Agreement shall be assignable in anticipation of payment either by voluntary or involuntary acts, or by operation of law, except by will or pursuant to the laws of descent and distribution. 

 James G. Silk 

December 31, 2019 
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 (f) The Employer shall require a successor (whether direct or indirect, by
purchase of stock or assets, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Employer to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Employer would be required to perform it if no such succession has taken place. As used in this Agreement and as the context requires the “Employer” shall include any successor to the Employer’s business and/or assets (whether direct
or indirect, by purchase of stock or assets, merger, consolidation, or otherwise) that executes and delivers the agreement provided for in this Section 9(f) or which otherwise become bound by the term and conditions of this Agreement by
operation of law. 
 (g) This Agreement is governed by and shall be construed and enforced in accordance with Texas law
(excluding choice-of-law principles that might call for the application of some other jurisdiction’s law) except with respect to Section 8, which is subject to
the Federal Arbitration Act. You and the Firm (on behalf of itself and the other members of the Group) (i) agree that this Agreement is to be construed as a whole, according to its fair meaning, and not strictly for or against any of the
parties; (ii) submit and consent to the exclusive jurisdiction, including removal jurisdiction, of the state and federal courts located in Dallas County, Texas (or the county where the Firm’s principal executive offices are located if
different) for any permitted action or proceeding relating to this Agreement or your employment; (iii) waive any objection to such venue; (iv) agree that any judgment in any such action or proceeding may be enforced in other jurisdictions;
and (vi) irrevocably waive the right to trial by jury and agree not to ask for a jury in any such proceeding. 

(h) Nothing in this Agreement, express or implied, is intended to or shall confer upon any person or entity other than the
Employer, the Firm, the other members of the Group and you, and your and their respective heirs, legal representatives, successors, and permitted assigns, any rights, benefits, or remedies of any nature whatsoever under or by reason of this
Agreement. 
 (i) Notwithstanding anything in this Agreement to the contrary, you agree (i) to abide by any compensation
recovery, recoupment, anti-hedging, or other policy applicable to employees of the Group as may be in effect from time to time or as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder
(“Dodd-Frank Act”), other applicable law, or the listing or other requirements of any stock exchange upon which any member of the Group’s securities are listed; and (ii) that the terms and conditions of this
Agreement shall be deemed automatically amended as may be necessary from time to time to ensure compliance by you and this Agreement with such policies, the Dodd-Frank Act, other applicable law, or the listing or other requirements of any stock
exchange upon which any member of the Group’s securities are listed. This provision shall survive the termination of your employment and this Agreement. 

(j) Except as provided in Section 5(i) and in this Section 9(j), the parties agree that (i) no provision of this
Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing and signed by you and by a duly authorized officer of the Employer or the Firm, and such waiver is set out in writing and

 James G. Silk 

December 31, 2019 
  Page
 12
 
  

 
signed by the party to be charged; and (ii) no waiver by a party or failure to enforce or insist on its or his rights under this Agreement shall constitute a waiver or abandonment of any
such rights or defense to enforcement of such rights, and a waiver on one occasion shall not be deemed to be a waiver of the same or any other type of breach on a future occasion. Notwithstanding the previous sentence, the Employer may amend or
modify this Agreement or the Restrictive Covenants Agreement in its sole discretion at any time without your further consent (X) in any manner necessary to comply with or reflect changes in applicable law and regulations, including the
Dodd-Frank Act, or the listing or other requirements of any stock exchange upon which any member of the Group is listed and (Y) with respect to the Restrictive Covenants Agreement, to provide for less restrictive limitations as to time,
geographic scope, or scope of activities to be restricted and, at the option of the Employer, such less restrictive limitations may apply only with respect to the enforcement of the Restrictive Covenants Agreement in certain jurisdictions specified
in any such amendment. At the Employer’s request, you shall consent to any amendment referred to in the preceding sentence and shall execute and deliver to the Employer a counterpart signature page to such amendment. 

(k) Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to
the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that unless and until some other address be so designated, all
notices and communications by you to the Employer or the Firm shall be directed to the attention of the CEO of the Employer and mailed or delivered to the Employer at its principal executive office, and all notices and communications by the Employer
to you may be given to you personally or may be mailed to you at your last known address, as reflected in the Employer’s records. Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date of such
delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing. 

(l) The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof. 

(m) This Agreement, together with the attached exhibits, constitutes the entire understanding and agreement of the parties
regarding your employment. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the subject matter of this Agreement. 

(n) The termination of your employment and this Agreement for any reason shall not impair the rights or obligations of any
party that have accrued prior to such termination or which by their nature or terms survive, including Sections 3, 5, 8 and the Restrictive Covenants Agreement. 

 James G. Silk 

December 31, 2019 
  Page
 13
 
  

 (o) This Agreement may be executed in two (2) or more counterparts, each
of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual signature or by signature delivered by facsimile or by
e-mail as a portable data format (.pdf) file or image file attachment. 
 [THE REMAINDER OF THIS PAGE
IS INTENTIONALLY LEFT BLANK.] 

 James G. Silk 

December 31, 2019 
  Page
 14
 
  

 We are enthusiastic and pleased that you are going to be a part of our organization. If you
agree with the terms outlined in this letter, please acknowledge the same by signing this letter and returning it to my attention. 
  

			
	Sincerely,
	
	THE BENEFICIENT COMPANY GROUP, (USA) L.L.C.
		
	By:	 	 /s/ Brad K. Heppner

	 Name:
	 	Brad K. Heppner
	Title:	 	Chief Executive Officer

  

	
	Accepted by:
	
	 /s/ James G. Silk

James G. Silk 

	
	 Date: 12/31, 2019

 EXHIBIT A 

RESTRICTIVE COVENANTS AGREEMENT 

 EXHIBIT B 

RESTRICTED EQUITY UNIT AWARD AGREEMENT 

OF 
 THE BENEFICIENT COMPANY GROUP,
L.P. 

 EXHIBIT C 

FORM OF AWARD AGREEMENT 

 EXHIBIT D 

SEPARATION AGREEMENT

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