Document:

Exhibit 10.6

 

TAX RECEIVABLE AGREEMENT

 

BY AND AMONG

 

Dynasty Financial Partners Inc.,

 

Dynasty Financial Partners, LLC

 

AND

 

The TRA Parties

 

DATED AS OF [●], 202[●]

 

     

     

    

 

Table of Contents

 

		 	Page
	 	 	 
		ARTICLE I	 
	 	 	 
		DEFINITIONS	 

 

	Section 1.01.	     Definitions	     2

 

		ARTICLE II	 

 

		DETERMINATION OF REALIZED TAX BENEFIT	 

 

	Section 2.01.	     Tax Assets Schedule	     9
	Section 2.02.	     Tax Benefit Schedule	     9
	Section 2.03.	     Procedures, Amendments	     10

 

		ARTICLE III	 

 

		TAX BENEFIT PAYMENTS	 

 

	Section 3.01.	     Payments	     10
	Section 3.02.	     No Duplicative Payments	     12
	Section 3.03.	     Pro Rata Payments	     12
	Section 3.04.	     Maximum Selling Price	     12
	Section 3.05.	     Excess Payments	     12

 

		ARTICLE IV	 

 

		TERMINATION	 

 

	Section 4.01.	     Early Termination and Breach of Agreement	     13
	Section 4.02.	     Early Termination Notice	     13
	Section 4.03.	     Payment upon Early Termination	     14

 

		ARTICLE V	 
	 	 	 
		SUBORDINATION AND LATE PAYMENTS	 

 

	Section 5.01.	     Subordination	     14
	Section 5.02.	     Late Payments by PubCo	     14

 

		ARTICLE VI	 
	 	 	 
		NO DISPUTES; CONSISTENCY; COOPERATION	 

 

	Section 6.01.	     Participation in PubCo’s and OpCo’s Tax Matters	     14
	Section 6.02.	     Consistency	     15
	Section 6.03.	     Cooperation	     15

 

    -ii-

     

    

 

		ARTICLE VII	 
	 	 	 
		MISCELLANEOUS	 

 

	Section 7.01.	     Notices	     15
	Section 7.02.	     Entire Agreement; No Third Party Beneficiaries	     17
	Section 7.03.	     Successors; Assignment; Amendments	     17
	Section 7.04.	     Counterparts	     18
	Section 7.05.	     Reconciliation	     18
	Section 7.06.	     Governing Law and Venue; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by
    Jury	     19
	Section 7.07.	     Withholding	     20
	Section 7.08.	     Admission of PubCo into a Consolidated Group; Transfers of Corporate Assets	     20
	Section 7.09.	     Confidentiality	     20
	Section 7.10.	     Change in Law	     21
	Section 7.11.	     Independent Nature of Rights and Obligations	     21
	Section 7.12.	     Representative	     21
	Section 7.13.	     Non-Recourse	     22
	Section 7.14.	     Severability	     22
	Section 7.15.	     Interpretation and Construction	     23

 

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TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(this “Agreement”), dated as of [●], 20[●], is entered into by and among Dynasty Financial Partners Inc.,
a Delaware corporation (“PubCo”), Dynasty Financial Partners, LLC, a Delaware limited liability company (“OpCo”),
and each of the other undersigned parties (such other parties, along with each other party that from time to time executes a joinder
agreement with respect to this Agreement, collectively, the “TRA Parties”).

 

RECITALS

 

WHEREAS, pursuant to that
certain Agreement and Plan of Merger, dated [●], 2021 (the “Internal Reorganization Agreement”), by and among
PubCo, OpCo, Dynasty Financial Management, LLC, a Delaware limited liability company (“DM”), and Dynasty Merger Sub,
LLC, a Delaware limited liability company (“Merger Sub”), Merger Sub merged with and into OpCo, with OpCo surviving
such merger (the “Internal Reorganization”);

 

WHEREAS, in connection with
the consummation of the initial public offering (“IPO”) of PubCo, OpCo entered into the Third Amended and Restated
Operating Agreement, dated as of [●] (the “OpCo LLC Agreement”), pursuant to which, among other things, PubCo
became the Managing Member (as defined in the OpCo LLC Agreement) of OpCo;

 

WHEREAS, pursuant to the
transactions undertaken pursuant to, or in connection with, the IPO, one or more of the TRA Parties will be treated for U.S. federal
income tax purposes as selling all or a portion of their Units to PubCo (the “Initial Sale”);

 

WHEREAS, the TRA Parties
were previously owners of the equity interests of OpCo, and as a result of the Internal Reorganization (i) the TRA Parties hold
limited liability company interests in DM, and (ii) DM became the sole owner of OpCo;

 

WHEREAS, pursuant to, and
subject to the provisions of the OpCo LLC Agreement, the certificate of incorporation of PubCo, the Exchange Agreement, and any other
applicable documentation, each TRA Party has the right from time to time (i) to request DM to redeem all or a portion of such TRA
Party’s Membership Units (as defined in the DM LLC Agreement) in DM (“DM Units”) in exchange for Membership
Units (as defined in the OpCo LLC Agreement) in OpCo (“Units”) and (ii) to require OpCo to redeem all or a portion
of such TRA Party’s Units, which redemption would be effected, at PubCo’s election in its sole discretion, (i) for cash
(to be paid by OpCo) (a “Redemption”), or (ii) by PubCo effecting a direct exchange (a “Direct Exchange”)
of Class A common stock, par value $0.01 per share, of PubCo (the “Class A Common Stock”) for such Units;

 

WHEREAS, OpCo and each future
member of the OpCo Group that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under
Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for the Taxable Year of the Transaction
Date and for future Taxable Years;

 

WHEREAS, as a result of the
Initial Sale, Redemptions or Direct Exchanges, the income, gain, loss, deduction, expense or other Tax items of PubCo may be affected
by the Tax Assets; and

 

     

     

    

 

WHEREAS, the parties to this
Agreement desire to provide for certain payments and make certain arrangements with respect to the effect of the Tax Assets on the liability
for Taxes of PubCo.

 

NOW, THEREFORE, in consideration
of the foregoing premises and the representations, warranties, covenants and agreements set forth in this Agreement, the TRA Parties,
intending to be legally bound, agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01.    Definitions.
Except as otherwise indicated or if context otherwise requires, as used in this Agreement, the terms set forth in this Article I
shall have the following meanings:

 

“Actual Tax Liability”
means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of (i) the actual liability for U.S. federal
income Taxes of (x) PubCo for such Taxable Year and (y) without duplication, any member of the OpCo Group but only with respect
to U.S. federal income Taxes imposed on such member of the OpCo Group and allocable to PubCo for such Taxable Year, and (ii) the
product of (x) the U.S. federal taxable income of PubCo used in determining the amount described in clause (i) (which, for
the avoidance of doubt, shall take into account the application of the proviso below) and (y) the Assumed State and Local Tax Rate;
provided, that the liability for U.S. federal income Taxes of PubCo shall be calculated assuming that state and local income and
franchise Taxes are not deductible by PubCo for U.S. federal income Tax purposes.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, Controls, or is Controlled by, or is under common Control
with, such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made;
provided, that the TRA Parties shall not be treated as Affiliates of PubCo or OpCo for purposes of Section 7.09.

 

“Agreed Rate”
means SOFR plus 300 basis points.

 

“Agreement”
is defined in the Preamble.

 

“Amended Schedule”
is defined in Section 2.03(b).

 

“Assumed State and
Local Tax Rate” means, with respect to any Taxable Year, the Tax rate equal to (i) the sum of the product of (x) PubCo’s
proportionate share of OpCo’s income and franchise Tax apportionment factor(s) for each state and local jurisdiction (as applied
for corporate entities) in which PubCo or OpCo files income or franchise Tax Returns for the relevant Taxable Year and (y) the highest
corporate income and franchise Tax rate(s) in effect for such Taxable Year for each such state and local jurisdiction, reduced
by (ii) the product of (x) PubCo’s marginal U.S. federal income Tax rate for such Taxable Year and (y) the aggregate
rate calculated under clause (i). Notwithstanding the foregoing, on or prior to the first day of any relevant Taxable Year, PubCo and
the Representative may agree on an Assumed State and Local Tax Rate that will be used for the relevant Taxable Year, which rate shall
be based on good faith estimates of expected apportionment rates for such Taxable Year and on the Tax rates in effect in relevant jurisdictions
as of the first day of the relevant Taxable Year.

 

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“Basis Adjustment”
means any adjustment to the Tax basis of the Reference Assets as a result of the application of Section 704(c)(1)(B), 707, 732,
734(b), 737(c)(2), 743(b), 754, 755 or 1012 of the Code (and, in each case, any successor provisions or comparable sections of state,
local and foreign Tax laws) as a result of (i) any Exchange, (ii) any payments made pursuant to this Agreement, and (iii) any
actual distribution or deemed distribution by OpCo to any TRA Party. Notwithstanding any other provision of this Agreement, the amount
of any Basis Adjustment resulting from an Exchange shall be determined without regard to any Pre-Exchange Transfer and as if any such
Pre-Exchange Transfer had not occurred.

 

“Beneficial Owner”
has the meaning set forth in Rules 13d-3 and 13d-5 of the Exchange Act.

 

“Board”
means the board of directors of PubCo.

 

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

 

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

 

		(i)	any “person” or “group”
                                            (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding
                                            any (a) employee benefit plans of such person or member of such group and their respective
                                            subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary
                                            or administrator of any such plan or (b) “person” or “group”
                                            who, immediately following the Internal Reorganization, is the beneficial owner of securities
                                            of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding
                                            voting securities, or their Permitted Transferees), becomes the Beneficial Owner, directly
                                            or indirectly, of shares of Class A Common Stock, Class B Common Stock, Class C
                                            Common Stock, preferred stock and/or any other class or classes of capital stock of PubCo
                                            (if any) representing in the aggregate more than 50% of the voting power of all of the outstanding
                                            shares of capital stock of PubCo entitled to vote;

 

		(ii)	the stockholders of PubCo approve a
                                            plan of complete liquidation or dissolution of PubCo or there is consummated a transaction
                                            or series of related transactions for the sale, lease, exchange or other disposition, directly
                                            or indirectly, by PubCo of all or substantially all of PubCo’s assets (including a
                                            sale of all or substantially all of the assets of OpCo);

 

		(iii)	there is consummated a merger or consolidation
                                            of PubCo or similar transaction with any other Person, and immediately after the consummation
                                            of such merger, consolidation or similar transaction, the voting securities of PubCo immediately
                                            prior to such merger, consolidation or similar transaction do not continue to represent,
                                            or are not converted into, more than 50% of the combined voting power of the then outstanding
                                            voting securities of the Person resulting from such merger, consolidation or similar transaction
                                            or, if the surviving company is a subsidiary, the ultimate parent thereof; or

 

    -3- 

     

    

 

		(iv)	PubCo ceases to be the Managing Member
                                            (as defined in the OpCo LLC Agreement) of OpCo.

 

“Class A Common
Stock” is defined in the Recitals.

 

“Class B Common
Stock” means the shares of Class B common stock, par value $0.01 per share, of PubCo.

 

“Class C Common
Stock” means the shares of Class C common stock, par value $0.01 per share, of PubCo.

 

“Code”
is defined in the Recitals.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise; provided, however, that a natural person
cannot be “controlled by” another Person

 

“Cumulative Net
Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of PubCo,
up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax
Benefit and Realized Tax Detriment for each Taxable Year shall be based on the most recent Tax Benefit Schedules or Amended Schedules,
if any, in existence at the time of such determination; provided, that, for the avoidance of doubt, the computation of
the Cumulative Net Realized Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits
and/or Realized Tax Detriments.

 

“Default Rate”
means SOFR plus 500 basis points.

 

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

 

“DM LLC Agreement”
means the Operating Agreement of DM, dated as of [ ].

 

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

 

“Early Termination
Notice” is defined in Section 4.02.

 

“Early Termination
Payment” is defined in Section 4.03(b).

 

“Early Termination
Rate” means the lesser of (i) 6.50% per annum, compounded annually, and (ii) SOFR plus 400 basis points.

 

    -4- 

     

    

 

“Early Termination
Schedule” is defined in Section 4.02.

 

“Exchange”
means (i) the Initial Sale, (ii) any Direct Exchange, (iii) any Redemption or (iv) any other transaction or any distribution
by OpCo that, in each case, results in an adjustment under Section 743(b) or 1012 of the Code (or, in each case, any successor
provisions or comparable sections of state, local and foreign Tax laws) with respect to the Tax basis of the Reference Assets.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934.

 

“Expert”
is defined in Section 7.05.

 

“Hypothetical Federal
Tax Liability” means, with respect to any Taxable Year, the hypothetical liability for U.S. federal income Taxes of (i) PubCo
for such Taxable Year and (ii) without duplication, any member of the OpCo Group but only with respect to U.S. federal income Taxes
imposed on such member of the OpCo Group and allocable to PubCo for such Taxable year, in each case of clause (i) and (ii), calculated
using the same methods, elections, conventions and similar practices used on the relevant PubCo Return, but (x) calculated without
taking into account the Tax Assets (including, for the avoidance of doubt, any carryforward or carryback of any Tax item attributable
to the Tax Assets), and (y) assuming that state and local income and franchise Taxes are not deductible by PubCo for U.S. federal
income Tax purposes.

 

“Hypothetical State
and Local Tax Liability” means, with respect to any Taxable Year, the product of (i) the U.S. federal taxable income used
in determining the Hypothetical Federal Tax Liability for such Taxable Year (determined without regard to clause (y) thereof) and
(ii) the Assumed State and Local Tax Rate for such Taxable Year.

 

“Hypothetical Tax
Liability” means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of the Hypothetical Federal
Tax Liability for such Taxable Year and the Hypothetical State and Local Tax Liability for such Taxable Year.

 

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

 

“Initial Sale”
is defined in the Recitals.

 

“Net Tax Benefit”
is defined in Section 3.01(b).

 

“Objection Notice”
is defined in Section 2.03(a).

 

“OpCo”
is defined in the Preamble.

 

“OpCo LLC Agreement”
is defined in the Recitals.

 

“OpCo Group”
means OpCo and any direct or indirect subsidiary in which OpCo owns a direct or indirect equity interest that is treated as a partnership
or disregarded entity for U.S. federal income Tax purposes (but only to the extent such subsidiary is held directly or only through one
or more entities that are treated as partnerships or disregarded entities) for purposes of the applicable Tax.

 

    -5- 

     

    

 

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

 

“Permitted Holder”
means each of the TRA Parties and their Permitted Transferees (as defined in the Exchange Agreement).

 

“Permitted Transferee”
has the meaning given to such term in the Exchange Agreement.

 

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

 

“Pre-Exchange Transfer”
means any direct or indirect transfer of one or more Units or a distribution with respect to one or more Units (or of or with respect
to interests in another partnership, which interests were exchanged for Units, or interests in any partnership that directly or indirectly
owns Units or an interest in any such other partnership) that occurs prior to an Exchange of such Units, as applicable, and to which
Section 743(b) of the Code applies. For the avoidance of doubt, a transaction that otherwise qualifies as a Pre-Exchange Transfer
shall be treated as such with respect to an applicable TRA Party even if such TRA Party did not participate in such transaction.

 

“PubCo”
is defined in the Preamble.

 

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

 

“Realized Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability, in each case using the
 “with or without” methodology. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as
a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax
Benefit unless and until there has been a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability for such Taxable Year,
in each case using the “with or without” methodology. If all or a portion of the actual liability for such Taxes for the
Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining
the Realized Tax Detriment unless and until there has been a Determination.

 

“Reconciliation
Dispute” is defined in Section 7.05.

 

“Reconciliation
Procedures” shall mean those procedures set forth in Section 2.03(a).

 

“Redemption”
is defined in the Recitals.

 

    -6- 

     

    

 

“Reference Asset”
means any tangible or intangible asset (including for this purpose any items of deferred revenue and any adjustments under Section 481
of the Code) of OpCo (or any of its successors or assigns) and any asset held by any entities in which OpCo owns a direct or indirect
equity interest that are treated as a partnership or disregarded entity for U.S. federal income Tax purposes (but only to the extent
such entities are held directly or only through other entities treated as partnerships or disregarded entities) for purposes of the applicable
Tax, as of the relevant date. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42)
of the Code with respect to a Reference Asset.

 

“Representative”
means Sam Levinson.

 

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

 

“SOFR”
means with respect to any day, the Secured Overnight Financing Rate published for such day by the Federal Reserve Bank of New York, as
the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s website. In no event
will SOFR be less than 0%.

 

“Stock Purchase
Agreements” means those certain Stock Purchase Agreements, dated as of [●], by and among PubCo, OpCo, DM, and the sellers
named therein, pursuant to which PubCo acquired or will acquire Paired Units (as defined in each such Stock Purchase Agreement) from
such sellers.

 

“Tax Asset”
means, with respect to a TRA Party, (i) Basis Adjustments, (ii) Imputed Interest, and (iii) any other item of loss, deduction
or credit, including carrybacks and carryforwards, attributable to any item described in clauses (i) and (ii) of
this definition.

 

“Tax Assets Schedule”
is defined in Section 2.01.

 

“Tax Benefit Payment”
is defined in Section 3.01(b).

 

“Tax Benefit Schedule”
is defined in Section 2.02.

 

“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.

 

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

 

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

 

“Taxing Authority”
shall mean any domestic, foreign, federal, national, state, county or municipal or other local government, any subdivision, agency, commission
or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory
authority.

 

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“TRA Payment”
is defined in Section 5.01.

 

“TRA Party”
is defined in the Preamble.

 

“Transaction Date”
means the date of the Effective Time (as defined in the Internal Reorganization Agreement) of the Internal Reorganization.

 

“Units”
is defined in the Recitals. For the avoidance of doubt, except as the context otherwise requires, and without duplication, the term “Unit”
shall include any Units sold or deemed sold in the Initial Sale.

 

“Valuation Assumptions”
shall mean, as of an Early Termination Date, the assumptions that:

 

		(i)	in each Taxable Year ending on or after
                                            such Early Termination Date, PubCo will have taxable income sufficient to fully utilize (x) the
                                            deductions arising from the Tax Assets (including, for the avoidance of doubt, Tax Assets
                                            that would result from future Tax Benefit Payments that would be paid in accordance with
                                            the Valuation Assumptions) during such Taxable Year or in the earliest future Taxable Year
                                            in which such deductions or other attributes would become available and (y) any loss
                                            or credit carryovers or carrybacks generated by deductions arising from Tax Assets that are
                                            available as of the date of such Early Termination Date that have not been previously utilized
                                            in determining a Tax Benefit Payment as of the date of such Early Termination Date;

 

		(ii)	the U.S. federal income Tax rates and
                                            the state and local Tax rates (for purposes of calculating the Assumed State and Local Tax
                                            Rate) that will be in effect for each such Taxable Year will be those specified for each
                                            such Taxable Year by the Code and other law as in effect on the Early Termination Date, except
                                            to the extent any change to such Tax rates for such Taxable Year have already been enacted
                                            into law (in which case such rates as enacted shall apply for purposes of this clause
                                            (ii));

 

		(iii)	any non-amortizable, non-depreciable
                                            assets are deemed to be disposed of on the fifteenth anniversary of the Early Termination
                                            Date; provided that in the event of a Change of Control, such non-amortizable, non-depreciable
                                            assets shall be deemed disposed of at the time of sale (if applicable) of the relevant asset
                                            (if earlier than such fifteenth anniversary);

 

		(iv)	if, on the Early Termination Date,
                                            there are Units that have not been Exchanged, then each such Unit shall be deemed Exchanged
                                            for the VWAP and the amount of cash that would be transferred if the Exchange occurred on
                                            the Early Termination Date; and

 

    -8- 

     

    

 

		(v)	any payment obligation pursuant to this
                                            Agreement will be satisfied on the date that any Tax Return to which such payment obligation
                                            relates is required to be filed, excluding any extensions.

 

“VWAP”
has the meaning given to such term in the Exchange Agreement.

 

ARTICLE II

 

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.01.    Tax
Assets Schedule. Within 90 calendar days after the filing of the U.S. federal income Tax Return of PubCo for each Taxable Year while
this Agreement is in effect, PubCo shall deliver to the Representative a schedule (the “Tax Assets Schedule”) that
shows, in reasonable detail, the Tax Assets that are available for use by PubCo with respect to such Taxable Year with respect to each
TRA Party that has effected an Exchange (including the Basis Adjustments with respect to the Reference Assets resulting from Exchanges
effected in such Taxable Year and the periods over which such Basis Adjustments are amortizable or depreciable), and the portion of the
Tax Assets that is available for use by PubCo in future Taxable Years with respect to each TRA Party that has effected an Exchange. The
Tax Assets Schedule shall also list any limitations on the ability of PubCo to utilize any Tax Assets under applicable laws (including
as a result of the operation of Section 382, 383, or 384 of the Code). All costs and expenses incurred in connection with the provision
and preparation of the Tax Assets Schedules and Tax Benefit Schedules under this Agreement shall be borne by OpCo.

 

Section 2.02.    Tax
Benefit Schedule. Within 90 calendar days after the filing of the U.S. federal income Tax Return of PubCo for any Taxable Year while
this Agreement is still in effect, PubCo shall provide to the Representative a schedule showing, in reasonable detail, the calculation
of the Tax Benefit Payment in respect of each TRA Party for such Taxable Year and the calculation of the Realized Tax Benefit or Realized
Tax Detriment, and components thereof, for such Taxable Year (a “Tax Benefit Schedule”). If PubCo determines that
it is necessary to adjust any computations reflected in a Tax Benefit Schedule in order to provide the certification required by the
preceding sentence, then PubCo will be permitted to make such adjustments in a manner reasonably acceptable to the Representative (and,
for the avoidance of doubt, the amount of any Tax Benefit Payment reflected on this adjusted Tax Benefit Schedule shall be used for purposes
of determining the corresponding Tax Benefit Payment and shall ignore any such transactions, elections, or changes in accounting method,
in each case a significant purpose of which was to reduce or defer any Tax Benefit Payment). Each Tax Benefit Schedule will become final
as provided in Section 2.03(a) and may be amended as provided in Section 2.03(b) (subject to the procedures
set forth in Section 2.03(b)).

 

 

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Section 2.03.    Procedures,
Amendments.

 

(a)            Procedure.
Each time PubCo delivers to the Representative a Schedule under this Agreement, including any Amended Schedule delivered pursuant to
Section 2.03(b) and any Early Termination Schedule delivered pursuant to Section 4.02, PubCo shall also
(x) except for any information that in the judgment of legal counsel of PubCo would result in the loss of attorney-client privilege
or other privilege from disclosure or would conflict with any applicable law or confidentiality obligations to which PubCo or any of
its subsidiaries is bound, deliver to the Representative schedules and work papers, and any other information reasonably requested by
the Representative, providing reasonable detail regarding the preparation of the Schedule and (y) allow the Representative reasonable
access to the appropriate representatives at PubCo (at no cost to such representatives) in connection with a review of such Schedule.
Without limiting the application of the preceding sentence, each time PubCo delivers to the Representative a Tax Benefit Schedule, in
addition to the Tax Benefit Schedule duly completed, PubCo shall deliver to the Representative the applicable Tax Return of PubCo, a
reasonably detailed calculation of the applicable Hypothetical Tax Liability and a reasonably detailed calculation of the Actual Tax
Liability, as well as any other work papers as determined by PubCo or requested by the Representative. Any applicable Schedule shall
become final, non-appealable and binding on all parties unless the Representative or, in the case of an Early Termination Schedule, the
applicable TRA Party (i) within 30 calendar days after receiving such Schedule or amendment thereto, provides PubCo with notice
of a material objection to such Schedule (an “Objection Notice”) or (ii) provides a written waiver of such right
of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes
binding on the date the waiver is received by PubCo. If PubCo and the Representative or, in the case of an Early Termination Schedule,
the applicable TRA Party, for any reason, do not agree upon in writing the issues raised in such notice within 30 calendar days of receipt
by PubCo of an Objection Notice, PubCo and the Representative or, in the case of an Early Termination Schedule, the applicable TRA Party
shall employ the reconciliation procedures as described in Section 7.05 (the “Reconciliation Procedures”).

 

(b)            Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by PubCo (i) in connection with a Determination
affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of (x) the receipt of
additional factual information relating to a Taxable Year or (y) a change in Law having effect for a Taxable Year, in each case
after the date the Schedule was provided to the Representative, (iii) to comply with the Expert’s determination under the
Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change
in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable
Year, or (vi) to adjust the Tax Assets Schedule to take into account payments made pursuant to this Agreement (such Schedule, in
each case, an “Amended Schedule”). PubCo shall provide an Amended Schedule to the Representative within 90 calendar
days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence.

 

ARTICLE III

 

TAX BENEFIT PAYMENTS

 

Section 3.01.    Payments.

 

(a)            Payments.
Within five calendar days of a Tax Benefit Schedule delivered to the Representative becoming final in accordance with Section 2.03(a),
PubCo shall pay, or cause to be paid, to each TRA Party for such Taxable Year the Tax Benefit Payment in respect of such TRA Party determined
pursuant to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds
to a bank account of the applicable TRA Party previously designated by such TRA Party to PubCo or as otherwise agreed in writing by PubCo
and the applicable TRA Party.

 

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(b)            A
 “Tax Benefit Payment” in respect of a TRA Party means an amount, not less than zero, equal to the sum of the Net Tax
Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto.

 

(i)            The
 “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net
Realized Tax Benefit as of the end of such Taxable Year over the sum of the total amount of payments previously made under Section 3.01(a) (excluding
payments attributable to Interest Amounts); provided, for the avoidance of doubt, no TRA Party shall be required to return any
portion of any previously made Tax Benefit Payment and no TRA Party shall be required to make a payment to PubCo on account of a Realized
Tax Detriment.

 

(ii)            A
Net Tax Benefit is “Attributable” to a TRA Party to the extent it is derived from a Tax Asset with respect to Units
that were Exchanged by such TRA Party.

 

(iii)            The
 “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate from the due date
(without extensions) for filing the PubCo Return with respect to Taxes for such Taxable Year until the Payment Date. In the case of a
Tax Benefit Payment made in respect of an Amended Schedule, the Interest Amount shall equal the interest on the Net Tax Benefit for such
Taxable year calculated at the Agreed Rate from the date of such Amended Schedule becoming final in accordance with Section 2.03(a) until
the Payment Date. The Net Tax Benefit and the Interest Amount shall be determined separately with respect to each separate Exchange.

 

(iv)            Notwithstanding
the foregoing, if a Change of Control has occurred, then for each Taxable Year ending on or after the date of a Change of Control, all
Tax Benefit Payments, whether paid with respect to Units that were Exchanged (x) prior to the date of such Change of Control or
(y) on or after the date of such Change of Control, shall be calculated by utilizing the Valuation Assumptions in clauses (i) and
(iii) of the definition thereof, substituting the phrase “the closing date of the Change of Control” in each
place where the phrases “an Early Termination Date”, “such Early Termination Date”, and “the Early Termination
Date” appear.

 

(c)            The
parties agree that (i) the payments made pursuant to this Agreement in respect of Basis Adjustments (to the extent permitted by
applicable law and other than amounts accounted for as Imputed Interest) are intended to be treated and shall be
reported for all purposes, including Tax purposes, as additional contingent consideration to the applicable TRA Parties in
connection with the applicable Exchange that has the effect of creating additional Basis Adjustments in the Taxable Year of payment,
(ii) any additional Basis Adjustments shall be incorporated into the calculation for the Taxable Year of the applicable payment
and into the calculations for subsequent Taxable Years, as appropriate, and (iii) the Actual Tax Liability for any Taxable Year
shall take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed
Interest under applicable law; provided, however, that such liability for Taxes and such taxable income shall be
included in the Hypothetical Tax Liability and the Actual Tax Liability, subject to the adjustments and assumptions set forth in
this Agreement and, to the extent any such amount is taken into account on an Amended Schedule, such amount shall adjust a Tax
Benefit Payment, as applicable, in accordance with Section 2.03(b).

 

    -11- 

     

    

 

Section 3.02.      No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including
interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate manner as such intentions
are realized.

 

Section 3.03.      Pro
Rata Payments. For the avoidance of doubt, to the extent (i) the aggregate tax benefit
of PubCo’s deductions with respect to the Tax Assets is limited in a particular Taxable Year because PubCo does not have sufficient
taxable income or (ii) PubCo lacks sufficient funds to satisfy its obligations to make all Tax Benefit Payments due in a particular
Taxable Year, the limitation on the tax benefit for PubCo, or the Tax Benefit Payments that may be made, as the case may be, shall be
taken into account or made for each applicable TRA Party in the same proportion as Tax Benefit Payments would have been made absent the
limitations set forth in clauses (i) and (ii) of this Section 3.03, as applicable.

 

Section 3.04.      Maximum
Selling Price. The TRA Parties acknowledge and agree that the timing, amounts, and aggregate
value of Tax Benefit Payments pursuant to this Agreement are not reasonably ascertainable. Notwithstanding the previous sentence, with
respect to any Exchange by or with respect to any TRA Party, if such TRA Party notifies PubCo in writing of a stated maximum selling
price, then the amount of the consideration received in connection with such Exchange and the aggregate Tax Benefit Payments to such
TRA Party in respect of such Exchange, other than amounts accounted for as interest under the Code, shall not exceed such stated maximum
selling price.

 

Section 3.05.      Excess
Payments. To the extent PubCo makes a payment to a TRA Party in respect of a particular Taxable
Year under Section 3.01(a) (taking into account Section 3.03) in an amount in excess of the amount of such
payment that should have been made to the TRA Party in respect of such Taxable Year, then (i) the TRA Party shall not receive further
payments under Section 3.01(a) until the TRA Party has foregone an amount of payments equal to such excess, and (ii) PubCo
shall pay the amount of the TRA Party’s foregone payments to other TRA Parties (to the extent applicable) in a manner such that
each of the other TRA Parties, to the extent possible, shall have received aggregate payments under Section 3.01(a) in
the amount it would have received if there had been no excess payment to the TRA Party.

 

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ARTICLE IV

 

TERMINATION

 

Section 4.01.      Early
Termination and Breach of Agreement.

 

(a)            PubCo
may terminate this Agreement with respect to all of the Units held (or previously held and Exchanged) by all TRA Parties at any time
by paying to all of the applicable TRA Parties the Early Termination Payment; provided, however, that this Agreement shall
terminate only upon the receipt of the Early Termination Payment by all TRA Parties, and provided, further, that PubCo
may withdraw any notice to execute its termination rights under this Section 4.01(a) prior to the time at which any
Early Termination Payment has been paid. Upon payment of the Early Termination Payments by PubCo, neither the applicable TRA Parties
nor PubCo shall have any further payment obligations under this Agreement in respect of such TRA Parties, other than for any (i) Tax
Benefit Payment agreed to by PubCo and the applicable TRA Party as due and payable but unpaid as of the date of the Early Termination
Notice, (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except
to the extent that the amount described in clause (ii) is included in the Early Termination Payment) or (iii) amount owed in
connection with any breach of this Agreement by PubCo.

 

(b)            In
the event that PubCo materially breaches this Agreement, whether as a result of failure to make any payment when due, failure to honor
any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced
under the Bankruptcy Code or otherwise, then, at the election of the Representative, all obligations hereunder shall be accelerated and
such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include,
but not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the
date of a breach, (ii) any Tax Benefit Payment agreed to by PubCo and any TRA Parties as due and payable but unpaid as of the date
of a breach, and (iii) any Tax Benefit Payment due for the Taxable Year ending with or including the date of a breach. Notwithstanding
the foregoing, in the event that PubCo breaches this Agreement, the Representative shall be entitled to elect on behalf of each of the
TRA Parties to receive the amounts set forth in the foregoing clauses (i), (ii) and (iii) of this Section 4.01(b) or
to seek specific performance of the terms hereof. Notwithstanding anything in this Agreement to the contrary, it shall not be a material
breach of this Agreement if PubCo fails to make any Tax Benefit Payment when due to the extent that PubCo has insufficient funds to make
such payment despite using reasonable best efforts to obtain funds to make such payment (including by causing OpCo or any other subsidiaries
of OpCo to distribute or lend funds to facilitate such payment, and by accessing any revolving credit facilities or other sources of
available credit to fund any such amounts); provided, that (x) the interest provisions of Section 5.02 shall
apply to such late payment, and (y) solely with respect to a Tax Benefit Payment, if PubCo does not have sufficient cash to make
such payment as a result of limitations imposed by existing credit agreements to which OpCo is a party, which limitations are effective
as of the date of this Agreement, Section 5.02 shall apply, but the Default Rate shall be replaced by the Agreed Rate.

 

Section 4.02.      Early
Termination Notice. If PubCo chooses to exercise its right of early termination under Section 4.01 above, PubCo shall
deliver to each TRA Party notice of such intention to exercise such right (the “Early Termination Notice”) and a schedule
(the “Early Termination Schedule”) specifying PubCo’s intention to exercise such right and showing in reasonable
detail the calculation of the Early Termination Payment.

 

    -13- 

     

    

 

Section 4.03.      Payment
upon Early Termination.

 

(a)            Within
three calendar days after agreement between the applicable TRA Party and PubCo of the Early Termination Schedule, PubCo shall pay to
the applicable TRA Party an amount equal to the Early Termination Payment plus any other payment obligation of PubCo arising under Section 4.01(b).
Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the applicable TRA Party or
as otherwise agreed in writing by PubCo and the applicable TRA Party.

 

(b)            The
 “Early Termination Payment” for any TRA Party, as of the date of the delivery of an Early Termination Schedule, shall
equal with respect to the applicable TRA Party the present value, discounted at the Early Termination Rate as of such date, of all Tax
Benefit Payments that would be required to be paid by PubCo to the applicable TRA Party beginning from the Early Termination Date assuming
the Valuation Assumptions are applied.

 

ARTICLE V

 

SUBORDINATION AND LATE PAYMENTS

 

Section 5.01.      Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required
to be made by PubCo to the applicable TRA Party under this Agreement (a “TRA Payment”) shall rank subordinate and
junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of PubCo (“Senior Obligations”) and shall rank pari passu with all current or future unsecured
obligations of PubCo that are not Senior Obligations. To the extent PubCo incurs, creates or assumes any Senior Obligations after the
date hereof, PubCo shall make reasonable efforts to ensure that such indebtedness permits the amounts payable hereunder to be paid. PubCo
shall not enter into any agreement if a principal purpose of such agreement is to restrict in any material respect the amounts payable
hereunder.

 

Section 5.02.      Late
Payments by PubCo. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or other payment under
this Agreement not made to the applicable TRA Party when due under the terms of this Agreement shall be payable together with any interest
thereon, computed at the Default Rate and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or other
payment under this Agreement was due and payable.

 

ARTICLE VI

 

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.01.      Participation
in PubCo’s and OpCo’s Tax Matters. Except as otherwise provided herein or in the Internal Reorganization Agreement or
the OpCo LLC Agreement, PubCo shall have full responsibility for, and sole discretion over, all Tax matters concerning PubCo and OpCo,
including without limitation the preparation, filing or amending of any Tax Return of PubCo or OpCo and defending, contesting or settling
any issue pertaining to Taxes. Notwithstanding the foregoing, PubCo shall notify the Representative of, and keep the Representative reasonably
informed with respect to the portion of any audit, examination or proceeding relating to Tax matters of PubCo or OpCo by a Taxing Authority
the outcome of which is reasonably expected to affect any TRA Payment, and shall provide to the Representative reasonable opportunity
to participate in (but not control) such audit, examination or proceeding and to provide information and other input (in each case, at
the Representative’s expense) to PubCo, OpCo and their respective advisors concerning the conduct of any such portion of such audit,
examination or proceeding; provided that PubCo shall not, and shall cause OpCo not to, settle, compromise or otherwise resolve
any such audit, examination or proceeding without the prior written consent of the Representative (such consent not to be unreasonably
withheld, conditioned or delayed) if such settlement, compromise or resolution is reasonably expected to materially affect any TRA Payments.

 

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Section 6.02.      Consistency.
Unless otherwise required by law, PubCo and the TRA Parties agree to report and cause to be reported for all purposes, including federal,
state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including without limitation the Basis
Adjustment, the Tax Assets, and each Tax Benefit Payment) in a manner consistent with that specified in any Schedule required to be provided
by or on behalf of PubCo under this Agreement.

 

Section 6.03.      Cooperation.
The TRA Parties shall (i) furnish to PubCo in a timely manner such information, documents and other materials as PubCo may reasonably
request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return
or contesting or defending any audit, examination or proceeding with any Taxing Authority, (ii) make themselves available to PubCo
and its representatives to provide explanations of documents and materials and such other information as PubCo or its representatives
may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate
in connection with any such matter. PubCo shall reimburse an applicable TRA Party for any reasonable third-party costs and expenses incurred
pursuant to this Section 6.03. PubCo shall not, without the prior written consent of the Representative, take any action
that has the primary purpose of circumventing the achievement or attainment of any Tax Benefit Payment or Early Termination Payment under
this Agreement.

 

ARTICLE VII

 

MISCELLANEOUS

 

Section 7.01.      Notices.
All notices, requests, instructions, consents, claims, demands, waivers, approvals and other communications to be given or made hereunder
by one or more parties to one or more of the other parties shall, unless otherwise specified herein, be in writing and shall be deemed
to have been duly given or made on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt
and such day is a Business Day (or otherwise on the next succeeding Business Day) if (a) served by personal delivery or by a nationally
recognized overnight courier service upon the party or parties for whom it is intended, (b) delivered by registered or certified
mail, return receipt requested, or (c) sent by email; provided that the email transmission is promptly confirmed by telephone
or email (not including out-of-office messages). Such communications shall be sent to the respective parties at the following street
addresses or email addresses or at such other street address or email address for a party as shall be specified for such purpose in a
notice given in accordance with this Section 7.01:

 

If to PubCo, to:

 

	Dynasty
    Financial Partners Inc.
	200
    Central Avenue, 15th Floor
	St.
    Petersburg, Florida 33701
	Attention:	Jonathan
    Morris, Chief Legal and Governance Officer
	Email:	jmorris@dynastyfinancialpartners.com

 

    -15- 

     

    

 

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

 

	Sullivan &
    Cromwell LLP
	125
    Broad Street
	New York, NY 10004

     

	Attention:	Robert
    W. Downes

    Mark J. Menting
	Email:	downesr@sullcrom.com

    mentingm@sullcrom.com

 

If to the Representative, to:

 

	[•]
	[•]
	[•]
	Attention:	[•]
	Email:	[•]

 

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

 

	Sullivan &
    Cromwell LLP
	125
    Broad Street
	New York, NY 10004

     

	Attention:	Robert
    W. Downes

    Mark J. Menting
	Email:	downesr@sullcrom.com

    mentingm@sullcrom.com

 

If to any TRA Party, to the street address and
email address set forth for such TRA Party in the records of OpCo.

 

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Section 7.02.      Entire
Agreement; No Third Party Beneficiaries. This Agreement, the Internal Reorganization Agreement, the Exchange Agreement, the OpCo
LLC Agreement, the DM LLC Agreement, and the Stock Purchase Agreements constitute the entire agreement among the parties with respect
to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, negotiations, understandings and, representations
and warranties, whether oral or written, with respect to such matters. The parties hereby agree that this Agreement is solely for the
benefit of the parties on the terms and subject to the conditions set forth in this Agreement, and this Agreement is not intended to,
and does not, confer upon any Person other than the parties and their respective successors, legal representatives and permitted assigns
any rights or remedies, express or implied, hereunder.

 

Section 7.03.      Successors;
Assignment; Amendments.

 

(a)            With
the prior written consent of PubCo (such consent not to be unreasonably withheld, conditioned or delayed), each TRA Party may assign
any of its rights under this Agreement in whole or in part to any Person as long as such transferee has executed and delivered, or, in
connection with such transfer, executes and delivers, a joinder to this Agreement, in form reasonably satisfactory to PubCo, agreeing
to become a TRA Party for all purposes of this Agreement, except as otherwise provided in such joinder; provided, however,
that (i) to the extent that a TRA Party effectively transfers Units after the date hereof in accordance with the terms of the OpCo
LLC Agreement, and any other agreements the TRA Parties may have entered into with each other, or a TRA Party may have entered into with
PubCo and/or OpCo, the transferring TRA Party shall assign to the transferee of such Units the transferring TRA Party’s rights
under this Agreement with respect to such transferred Units, and (ii) once any Exchange has occurred, any and all payments that
may become payable to a TRA Party pursuant to this Agreement with respect to such Exchange may be assigned to any Person or Persons.

 

(b)            No
provision of this Agreement may be amended unless such amendment is approved in writing by (i) the Board and (ii) the TRA Parties
who would be entitled to receive at least a majority of the Early Termination Payments payable to all TRA Parties hereunder if PubCo
had exercised its right of early termination on the date of the most recent Exchange (including, for the avoidance of doubt, the Initial
Exchange) prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement
since the date of such most recent Exchange); provided that no such amendment shall be effective, if such amendment will have
a disproportionate adverse effect on the payments applicable TRA Parties will or may receive under this Agreement, without such TRA Parties’
consent in writing to such amendment.

 

(c)            All
of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties
and their respective successors, assigns, heirs, executors, administrators and legal representatives. PubCo shall require and cause any
direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or
assets of PubCo, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that PubCo would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, in the
event a TRA Party transfers his Units to a Permitted Transferee, excluding any other TRA Party, such TRA Party shall have the right,
on behalf of such transferee, to enforce the provisions of Section 2.03, Section 4.02 or Section 6.01
with respect to such transferred Units.

 

    -17- 

     

    

 

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

 

Section 7.04.      Counterparts.
This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all
such counterparts shall together constitute the same agreement. A signed copy of this Agreement delivered by facsimile, email or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section 7.05.      Reconciliation.
In the event that PubCo and the applicable TRA Party are unable to resolve a disagreement with respect to the matters governed by Section 2.03,
Section 3.01, Section 4.02 or Section 6.01 within the relevant period designated in and in accordance
with the term of any other section of this Agreement (such dispute, a “Reconciliation Dispute”), the Reconciliation
Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area
of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law
firm, and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with OpCo, PubCo or the
applicable TRA Party or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within 15 days
of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International
Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Tax Assets Schedule or an amendment thereto
or the Early Termination Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit
Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the matter
has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment
that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such payment shall be
made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by PubCo, subject to adjustment or amendment
upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by PubCo,
except as provided in the next sentence. PubCo and each applicable TRA Party shall bear their own costs and expenses of such proceeding,
unless (i) the Expert adopts the TRA Party’s position, in which case PubCo shall reimburse the TRA Party for any reasonable
out-of-pocket costs and expenses with respect to such proceeding, or (ii) the Expert adopts PubCo’s position, in which case
the TRA Party shall reimburse PubCo for any reasonable out-of-pocket costs and expenses with respect to such proceeding. Any dispute
as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.05 shall be decided by the Expert.
The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.05
shall be binding on PubCo and the applicable TRA Party and may be entered and enforced in any court having jurisdiction.

 

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Section 7.06.      Governing
Law and Venue; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by Jury.

 

(a)            SUBJECT
TO SECTION 7.05, THIS AGREEMENT AND ALL PROCEEDINGS AGAINST ANY PARTY IN CONNECTION WITH, ARISING OUT OF OR OTHERWISE RELATING
TO THIS AGREEMENT SHALL BE INTERPRETED, CONSTRUED, GOVERNED BY, AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, INCLUDING
ITS STATUTES OF LIMITATIONS, WITHOUT REGARD TO ANY BORROWING STATUTE THAT WOULD RESULT IN THE APPLICATION OF THE STATUTE OF LIMITATIONS
OF ANY OTHER JURISDICTION OR THE CONFLICTS OF LAWS PROVISIONS, RULES OR PRINCIPLES THEREOF (OR ANY OTHER JURISDICTION) TO THE EXTENT
THAT SUCH PROVISIONS, RULES OR PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER JURISDICTION.

 

(b)            Each
of the parties agrees that: (i) it shall bring any proceeding in connection with, arising out of or otherwise relating to this Agreement,
any instrument or other document delivered pursuant to this Agreement exclusively in the courts of the State of Delaware in the Court
of Chancery of the State of Delaware, or (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of the
State of Delaware (Complex Commercial Division); provided that if subject matter jurisdiction over the proceeding is vested exclusively
in the United States federal courts, such proceeding shall be heard in the United States District Court for the District of Delaware
(the “Chosen Courts”); and (ii) solely in connection with such proceedings, (a) it irrevocably and unconditionally
submits to the exclusive jurisdiction of the Chosen Courts, (b) it waives any objection to the laying of venue in any proceeding
in the Chosen Courts, (c) it waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over
any party, (d) mailing of process or other papers in connection with any such proceeding in the manner provided in Section 7.01
or in such other manner as may be permitted by applicable law shall be valid and sufficient service thereof, and (e) it shall
not assert as a defense any matter or claim waived by the foregoing clauses (ii)(a) through (d) of this Section 7.06(b) or
that any governmental order issued by the Chosen Courts may not be enforced in or by the Chosen Courts.

 

(c)            EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY BE IN CONNECTION WITH, ARISE OUT OF OR OTHERWISE RELATE TO THIS AGREEMENT,
ANY INSTRUMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY WITH RESPECT TO ANY PROCEEDING DIRECTLY OR INDIRECTLY IN CONNECTION WITH, ARISING OUT OF OR OTHERWISE RELATING TO THIS AGREEMENT,
ANY INSTRUMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT. EACH PARTY HEREBY ACKNOWLEDGES AND CERTIFIES (i) THAT NO
REPRESENTATIVE OF THE OTHER PARTIES HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTIES WOULD NOT, IN THE EVENT OF
ANY ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS
WAIVER, (iii) IT MAKES THIS WAIVER VOLUNTARILY AND (iv) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS, ACKNOWLEDGMENTS AND CERTIFICATIONS CONTAINED IN THIS SECTION 7.06(c).

 

    -19- 

     

    

 

Section 7.07.      Withholding.
PubCo shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as PubCo is required
to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign Tax law;
provided, however, that PubCo shall notify the applicable TRA Party in advance before applying any such withholding to allow such
applicable TRA Party a reasonable opportunity to provide any applicable forms, certificates or other materials that would eliminate or
reduce such withholding, and PubCo will otherwise reasonably cooperate with the applicable payee to eliminate or reduce such withholding.
To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by PubCo, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid to the applicable TRA Party.

 

Section 7.08.      Admission
of PubCo into a Consolidated Group; Transfers of Corporate Assets.

 

(a)            If
PubCo becomes a member of an affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to
Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this
Agreement shall be applied with respect to such group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and
other applicable items hereunder shall be computed with reference to the consolidated taxable income of such group as a whole.

 

(b)            If
any entity that is obligated to make a TRA Payment hereunder transfers one or more assets to a corporation with which such entity does
not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of
any TRA Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder,
shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration
deemed to be received by such entity shall be equal to the fair market value of the contributed asset, plus (i) the amount of debt
to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated to such
asset, in the case of a contribution of a partnership interest.

 

Section 7.09.      Confidentiality.
Each TRA Party and assignee acknowledges and agrees that the information of PubCo and its Affiliates is confidential and, except in the
course of performing any duties as necessary for PubCo and its Affiliates, as required by law or legal process or to enforce the terms
of this Agreement, shall keep and retain in the strictest confidence and not to disclose to any Person all confidential matters, acquired
pursuant to this Agreement, of PubCo or any Person included within PubCo’s respective Affiliates and successors and the other TRA
Parties. This Section 7.09 shall not apply to (i) any information that has been made publicly available by PubCo or
any of its Affiliates, becomes public knowledge (except as a result of an act of such TRA Party in violation of this Agreement) or is
generally known to the business community, (ii) any information that any TRA Party is permitted to access pursuant to any other
applicable agreement or arrangement and that such TRA Party is permitted to disclose pursuant to the terms of any other such applicable
agreement or arrangement and (iii) the disclosure of information to the extent necessary for a TRA Party to prepare and file its
Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding
or audit by any Taxing Authority with respect to such returns. Notwithstanding anything to the contrary herein, each TRA Party (and each
employee, representative or other agent of such TRA Party) may disclose to any and all Persons, without limitation of any kind, the tax
treatment and tax structure of (x) PubCo and (y) any of its transactions, and all materials of any kind (including opinions
or other tax analyses) that are provided to the TRA Parties relating to such tax treatment and tax structure.

 

    -20- 

     

    

 

Section 7.10.      Change
in Law. Notwithstanding anything herein to the contrary, if, as a result of or, in connection with an actual or proposed change in
Tax law, a TRA Party reasonably believes that the existence of this Agreement could have material adverse Tax consequences to such TRA
Party or any direct or indirect owner of such TRA Party, then at the written election of such TRA Party in its sole discretion (in an
instrument signed by such TRA Party and delivered to PubCo) and to the extent specified therein by such TRA Party, this Agreement (i) shall
cease to have further effect and shall not apply to an Exchange with respect to such TRA Party occurring after a date specified by such
TRA Party, or (ii) may be amended in a manner reasonably determined by such TRA Party; provided, that such amendment shall
not result in an increase in any payments owed by PubCo under this Agreement at any time as compared to the amounts and times of payments
that would have been due in the absence of such amendment; provided, further, that such amendment shall not have any adverse
effect on any other TRA Party.

 

Section 7.11.      Independent
Nature of Rights and Obligations. The rights and obligations of each TRA Party hereunder are several and not joint with the rights
and obligations of any other Person. A TRA Party shall not be responsible in any way for the performance of the obligations of any other
Person hereunder, nor shall a TRA Party have the right to enforce the rights or obligations of any other Person hereunder (other than
PubCo). Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any TRA Party
pursuant hereto or thereto, shall be deemed to constitute the TRA Parties acting as a partnership, an association, a joint venture or
any other kind of entity, or create a presumption that the TRA Parties are in any way acting in concert or as a group with respect to
such rights or obligations or the transactions contemplated hereby, and PubCo acknowledges that the TRA Parties are not acting in concert
or as a group and will not assert any such claim with respect to such rights or obligations or the transactions contemplated hereby.

 

Section 7.12.      Representative.

 

(a)            By
executing this Agreement, each of the TRA Parties shall be deemed to have irrevocably appointed the Representative as its agent and attorney
in fact with full power of substitution to act from and after the date hereof and to do any and all things and execute any and all documents
on behalf of such TRA Parties which may be necessary, convenient or appropriate to facilitate any matters under this Agreement, including:
(i) execution of the documents and certificates required pursuant to this Agreement; (ii) except to the extent provided in
this Agreement, receipt and forwarding of notices and communications pursuant to this Agreement; (iv) administration of the provisions
of this Agreement; (v) any and all consents, waivers, amendments or modifications deemed by the Representative to be necessary or
appropriate under this Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection therewith;
(vi) taking actions the Representative is authorized to take pursuant to the other provisions of this Agreement; (vii) negotiating
and compromising, on behalf of such TRA Parties, any dispute that may arise under, and exercising or refraining from exercising any remedies
available under, this Agreement and executing, on behalf of such TRA Parties, any settlement agreement, release or other document with
respect to such dispute or remedy; and (viii) engaging attorneys, accountants, agents or consultants on behalf of such TRA Parties
in connection with this Agreement and paying any fees related thereto on behalf of such TRA Parties, subject to reimbursement by such
TRA Parties.

 

    -21- 

     

    

 

(b)            If
any Representative is unable, as determined by PubCo in its reasonable discretion, to serve as the Representative or resigns as the Representative,
a successor Representative shall be appointed by the TRA Parties who held (or whose predecessors held), as of the date of the consummation
of the IPO, the majority of the DM Units then held by all TRA Parties (or their predecessors), excluding in each case DM Units with respect
to which Early Termination Payments have been made. Each successor Representative shall sign an acknowledgment in writing agreeing to
perform and be bound by all of the provisions of this Agreement applicable to the Representative and shall have all of the power, authority,
rights and privileges conferred by this Agreement upon the original Representative.

 

Section 7.13.      Non-Recourse.
Unless expressly agreed to otherwise by the parties in writing, this Agreement may only be enforced against, and any proceeding in connection
with, arising out of or otherwise resulting from this Agreement, any instrument or other document delivered pursuant to this Agreement
may only be brought against the Persons expressly named as parties and then only with respect to the specific obligations set forth herein
with respect to such party. No past, present or future director employee (including any officer), incorporator, manager, member, partner,
stockholder, other equity holder or persons in a similar capacity, controlling person, Affiliate or other representative of any party
or of any Affiliate of any party, or any of their respective successors, representatives and permitted assigns, shall have any liability
or other obligation for any obligation of any party under this Agreement or for any proceeding in connection with, arising out of or
otherwise resulting from this Agreement, any instrument or other document delivered pursuant to this Agreement; provided, however,
that nothing in this Section 7.13 shall limit any liability or other obligation of the parties for breaches of the terms
and conditions of this Agreement.

 

Section 7.14.      Severability.
The provisions of this Agreement shall be deemed severable and the illegality, invalidity or unenforceability of any provision shall
not affect the legality, validity or enforceability of the other provisions of this Agreement. If any provision of this Agreement, or
the application of such provision to any Person or any circumstance, is illegal, invalid or unenforceable, (i) a suitable and equitable
provision to be negotiated by the parties, each acting reasonably and in good faith shall be substituted therefor in order to carry out,
so far as may be legal, valid and enforceable, the intent and purpose of such legal, invalid or unenforceable provision, and (ii) the
remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such illegality,
invalidity or unenforceability, nor shall such illegality, invalidity or unenforceability affect the legality, validity or enforceability
of such provision, or the application of such provision, in any other jurisdiction.

 

    -22- 

     

    

 

Section 7.15.      Interpretation
and Construction.

 

(a)            The
table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be
deemed to limit or otherwise affect any of the provisions hereof.

 

(b)            The
Preamble, and all Recital, Article, Section, and Subsection references used in this Agreement are to the preamble recitals, articles,
sections and subsections to this Agreement unless otherwise specified herein or context otherwise requires.

 

(c)            Except
as otherwise expressly provided herein, for purposes of this Agreement: (i) the terms defined in the singular have a comparable
meaning when used in the plural and vice versa; (ii) words importing the masculine gender shall include the feminine and
neutral genders and vice versa; (iii) whenever the words “includes” or “including” are used, they
shall be deemed to be followed by the words “without limitation”; (iv) the word “or” is not exclusive; (v) the
words “hereto,” “hereof,” “hereby,” “herein,” “hereunder” and similar terms
in this Agreement shall refer to this Agreement as a whole and not any particular provision of this Agreement; (vi) if a term is
defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a
verb); and (vii) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject
or other thing extends and such phrase shall not mean simply “if”.

 

(d)            Except
as otherwise expressly provided herein, the term “dollars” and the symbol “$” mean United States Dollars.

 

(e)            When
calculating the period of time within which, or following which, any act is to be done or step taken pursuant to this Agreement, the
date that is the reference day in calculating such period shall be excluded and if the last day of the period is a non-Business Day,
the period in question shall end on the next Business Day or if any action must be taken hereunder on or by a day that is not a Business
Day, then such action may be validly taken on or by the next day that is a Business Day. References to a number of days, shall refer
to calendar days unless Business Days are specified.

 

(f)            Unless
otherwise specified herein or context otherwise requires, all references to (i) any contract, other agreement, document or instrument
(excluding this Agreement) mean such contract, other agreement, document or instrument as amended or otherwise modified from time to
time in accordance with the terms thereof and, unless otherwise specified therein, include all schedules, annexes, addendums, exhibits
and any other documents attached thereto or incorporated therein by reference and (ii) this Agreement mean this Agreement (taking
into account the provisions of Section 7.02) as amended or otherwise modified from time to time in accordance with Section 7.03.

 

(g)            All
references in this Agreement to any statute include the rules and regulations promulgated thereunder, in each case as amended, re-enacted,
consolidated or replaced from time to time and in the case of any such amendment, re-enactment, consolidation or replacement as of the
applicable date or during the applicable period of time, reference herein to a particular provision shall be read as referring to such
amended, re-enacted, consolidated or replaced provision as of the applicable date or during the applicable period of time and shall also
include, unless the context otherwise requires, all applicable guidelines, bulletins or policies made in connection therewith by a governmental
entity.

 

    -23- 

     

    

 

(h)            The
parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    -24- 

     

    

 

IN WITNESS WHEREOF, OpCo, PubCo and each TRA Party
have duly executed this Agreement as of the date first written above.

 

	 	Dynasty Financial Services Inc.
	 	 
	 	By:	 	
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 
	 	Dynasty Financial Services, LLC
	 	 
	 	By:	 	
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	TRA PARTIES  
	 	 
	 	
	 	 
	 	By:	 	
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    -25-Exhibit 10.7 

 

FORM OF

EXPENSE REIMBURSEMENT AGREEMENT

 

This Expense Reimbursement
Agreement (this “Agreement”) is entered into as of [●], 2022 by and between Dynasty Financial Partners, LLC,
a Delaware limited liability company (including any successor, the “Operating Company”) and Dynasty Financial Partners
Inc., a Delaware corporation (including any successor, the “Corporation”). Certain capitalized terms used in this
Agreement are defined in Section 3.

 

RECITALS

 

WHEREAS, in connection
with the initial public offering of the Corporation (the “IPO”), the Operating Company and the Corporation desire
to enter into this Agreement in order to provide for the payment to or on behalf of the Corporation by the Operating Company of certain
costs, fees and expenses as provided herein.

 

AGREEMENT

 

NOW THEREFORE, in
consideration of the mutual covenants contained herein and other consideration, the sufficiency of which is hereby confirmed, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.             Expenses.

 

(a)            In
consideration of the benefits received by the Operating Company in connection with the IPO and the Transaction Agreements, commencing
on the date hereof and continuing for the term of this Agreement as set forth in Section 2, Operating Company will pay to
or on behalf of the Corporation any and all (i) reasonable customary costs, fees and expenses related to any public or private offering
of shares of the Corporation, in either a registered or an exempt offering pursuant to the Securities Act, including without limitation
the IPO, and the registration of the Corporation’s shares on any national securities exchange incurred by the Corporation, including
all registration and filing fees, costs, fees and expenses of compliance with securities or blue sky Laws, U.S. Financial Industry Regulatory
Authority Inc. fees, exchange listing and ongoing fees, printing expenses, transfer agent’s and registrar’s fees, cost of
distributing prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for
the Corporation and all independent certified public accountants and other Persons retained by the Corporation, and costs, fees and expenses
incurred by the Corporation pursuant to (x) the underwriting agreement used in connection with the public offering (but not including
any underwriting discounts or commissions attributable to the sale of shares of Class A Common Stock, $0.01 par value per share
(the “Class A Common Stock”), of the Corporation) or (y) the selling agency agreement used in connection
with an exempt offering (but not including any selling agents’ discounts or commissions attributable to the sale of shares of the
Class A Common Stock); (ii) reasonable customary corporate, securities and administrative costs, fees and expenses incurred
by the Corporation from time to time, including fees and disbursements of all investment bankers, financial advisers, legal counsel,
audit and accounting fees (including those of the Corporation’s independent registered public accounting firm), tax advisory fees,
investor relations fees, consultants, advisors and other Persons retained by the Board of Directors (or equivalent) and costs, fees and
expenses associated with the Corporation’s public reporting obligations, including any filings with the Securities and Exchange
Commission, filings with and fees associated with listing the shares of Class A Common Stock on any securities exchange or over-the-counter
trading market, Secretary of State of the State of Delaware (or any other Governmental Entity), payments or deductibles for insurance
policies held by the Corporation (including, without limitation, for D&O insurance), costs associated with stockholder meetings,
equity plan administrator fees, and legal and other costs, fees and expenses associated with such corporate housekeeping or administrative
matters; (iii) losses, claims, damages, liabilities, costs, fees and expenses incurred in connection with any indemnification or
expense advancement required by Law or provided by any organizational document of the Corporation or an indemnification agreement (approved
by the Board of Directors (or equivalent)) by and between the Corporation and any director, officer, employee or agent of the Corporation
(but only to the extent that all such losses, claims, damages, liabilities, costs, fees and expenses required to be paid by the Corporation,
are actually paid); (iv) losses, claims, damages, liabilities, costs, fees and expenses incurred in connection with any indemnification
obligations of the Corporation under the Registration Rights Agreement (but only to the extent that all such losses, claims, damages,
liabilities, costs, fees and expenses are required to be paid by the Corporation to certain of its stockholders under the Registration
Rights Agreement, are actually paid); (v) losses, claims, damages, liabilities, costs, fees and expenses incurred in connection
with any indemnification obligations of the Corporation under the Underwriting Agreement (but only to the extent that all such losses,
claims, damages, liabilities, costs, fees and expenses are required to be paid by the Corporation to certain of the underwriters under
the Underwriting Agreement, are actually paid); (vi) any franchise taxes paid or payable by the Corporation arising solely as a
result of the Corporation’s status as a corporation, and any income taxes, if any, paid or payable by the Corporation arising solely
as a result of receiving any amounts pursuant to this Agreement, and any other fees, taxes and expenses required to maintain the corporate
existence of the Corporation or otherwise imposed upon the Corporation as an entity; (vii) any costs, fees and expenses payable
or reimbursable to any members of the Board of Directors (or equivalent) or any committee thereof or any of its wholly-owned subsidiaries
in accordance with the terms of any resolutions or policies approved by the Board of Directors; (viii) to the extent paid by the
Corporation, any salary, benefits, fees, expenses or other compensation paid to any officers or employees of the Corporation; (ix) reasonable costs, fees and expenses incurred by the Corporation related to other activity as may be required in the ordinary course
of business; and (x) any
other costs, fees, expenses or similar expenditures reasonably incurred by the Corporation in connection with its being a public company
(clauses (i) through (x), collectively, the “Expenses”).

 

     

     

    

 

(b)            The
Corporation shall submit (or shall cause to be submitted) to the Operating Company (i) a written request or invoice specifying any
particular Expenses as and when incurred by the Corporation and/or (ii) a written, intracompany invoice on a monthly basis specifying
the Expenses incurred by the Corporation during the preceding calendar month (any written request or invoice specified in clauses (i) or
(ii) of this Section 1(b) is referred to as an “Invoice”). If reasonably requested by the Operating
Company, the Corporation shall provide documentation evidencing the incurrence of any Expenses. The Operating Company shall pay to such
third party or the Corporation by check or wire transfer of immediately available funds to an account specified by such third party and/or
the Corporation, respectively, an aggregate amount equal to the aggregate Expenses identified on the applicable Invoice upon the earlier
of the date on which such payment is due and payable to the applicable third party or 14 days following the Operating Company’s
receipt of such Invoice; provided, however, that the Operating Company shall not be obligated to make any payment of Expenses to such
third party or the Corporation unless and until any reasonably requested documentation evidencing the incurrence of Expenses has been
provided to the Operating Company. To the extent that, subsequent to the payment of any Expenses by the Operating Company pursuant to
any Invoice, all or a portion of any Expense is reimbursed to the Corporation by a third party or is otherwise deemed not to have been
incurred by the Corporation, then the Corporation shall immediately return (or shall cause to be returned immediately) such reimbursed
or deemed amounts to the Operating Company. The Corporation’s failure to timely provide an Invoice or identify an Expense on an
Invoice shall in no way limit any right to payment pursuant to this Agreement for such Expense.

 

(c)            Notwithstanding
anything herein to the contrary, the Operating Company shall have no obligation to make payment for any Expense except in accordance
with the procedures set forth in Section 1(b) of this Agreement or in accordance with the procedures set forth in the
LLC Agreement.

 

(d)            For
the avoidance of doubt, the Corporation shall use cash it has on hand to pay any Expenses prior to requesting that Operating Company
pay such Expenses; provided that this provision does not apply to cash provided by the Operating Company as part of a Distribution (as
defined in the LLC Agreement).

 

2.            Term.
This Agreement shall continue in full force and effect until the earlier to occur of (i) 90 days after the date that the Corporation
provides written notice of its desire to terminate this Agreement, and (ii) the date of any dissolution or winding up of any of
the Corporation or the Operating Company. In the event of a termination of this Agreement, the Operating Company shall pay to the Corporation
all unpaid Expenses incurred prior to the date of such termination.

 

3.            Definitions.
For purposes of this agreement, the following terms shall have the following meanings:

 

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

 

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

 

“Chosen Courts”
has the meaning set forth in Section 10.

 

“Corporation”
has the meaning set forth in the Preamble.

 

    2

     

    

 

“Expenses”
has the meaning set forth in Section 1(a).

 

“Governmental Entity”
means any federal, state or local court, administrative or regulatory agency or commission or other governmental authority, domestic
or foreign (including any applicable stock exchange).

 

“Invoice”
has the meaning set forth in Section 1(b).

 

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

 

“Law”
means, any United States, federal, state or local or any foreign law (in each case, statutory, common or otherwise), constitution, treaty,
convention, ordinance, code, rule, statute, regulation, (domestic or foreign), Order or other similar requirement enacted, issued, adopted,
promulgated, entered into or applied by a Governmental Entity.

 

“LLC Agreement”
means that certain Third Amended and Restated Limited Liability Company Agreement of Dynasty Financial Partners, LLC, dated as of the
date hereof.

 

“Operating Company”
has the meaning set forth in the Preamble.

 

“Order”
means any order, writ, injunction, ruling, decree, judgment, award, injunction, settlement or stipulation issued, promulgated, made,
rendered or entered into by or with any Governmental Entity (in each case, whether temporary, preliminary or permanent).

 

“Person”
means any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof.

 

“Registration Rights
Agreement” means the Registration Rights Agreement by and among the Corporation, the Operating Company, Dynasty Financial Managers,
LLC and the Members named therein, dated as of the date hereof.

 

“Securities Act”
means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the Securities
and Exchange Commission thereunder, all as the same shall be in effect from time to time.

 

“Transaction Agreements”
means, collectively, (i) this Agreement; (ii) the Amended and Restated Certificate of Incorporation of the Corporation; (iii) the
LLC Agreement; (iv) the Registration Rights Agreement; and (v) the Underwriting Agreement.

 

“Underwriting Agreement”
means the Underwriting Agreement by and among the Corporation, the Operating Company, the representatives named therein, dated as of
the date hereof.

 

4.            Addresses
and Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt
requested) or by certified or registered mail (postage prepaid, return receipt requested) to the respective parties at the following
addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 4).

 

		(a)	If
to the Corporation, to:

 

Dynasty Financial Partners Inc.

200 Central Avenue, 15th Floor

St. Petersburg, Florida 33701

Attn: Jonathan Morris, Chief Legal and Governance Officer

E-mail:   jmorris@dynastyfinancialpartners.com

 

    3

     

    

 

		(b)	If
to the Operating Company, to:

 

Dynasty Financial Partners, LLC

200 Central Avenue, 15th Floor

St. Petersburg, Florida 33701

Attn: Jonathan Morris, Chief Legal and Governance Officer

E-mail:   jmorris@dynastyfinancialpartners.com

 

5.            Amendments
and Modifications. Except as otherwise provided herein, no amendment, modification, or variation of any provision of this Agreement
shall in any event be effective unless the same shall be in writing and signed by each of the parties hereto.

 

6.            No
Waiver. The failure of any party hereto, at any time or times, to require strict performance by the other party hereto of any provision
of this Agreement shall not waive, affect or diminish any right of such party thereafter to demand strict compliance and performance
herewith. Any suspension or waiver of any provision of this Agreement shall not suspend, waive or affect any other provision of this
Agreement whether the same is prior or subsequent thereto. None of the undertakings, agreements and covenants of any party hereto contained
in or contemplated by any other provision of this Agreement shall be deemed to have been suspended or waived by any other party hereto,
unless such waiver or suspension is by an instrument in writing signed by an officer of or other authorized employee of such party and
directed to any other party hereto specifying such suspension or waiver.

 

7.            Successors
and Assigns; Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of all of the parties and their
respective successors and permitted assigns, including, for the avoidance of doubt, any successor or permitted assign of the Corporation
or the Operating Company by operation of law. Neither the Corporation nor the Operating Company may assign their obligations under this
Agreement. The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of the parties
hereto with respect to the transactions contemplated hereby and no Person shall be a third party beneficiary of any of the terms and
provisions of this Agreement.

 

8.            Entire
Agreement. This Agreement and the other Transaction Agreements collectively constitute the entire agreement, and supersede all prior
agreements, understandings, representations and warranties, both written and oral, among the parties with respect to the subject matter
hereof and thereof.

 

9.            Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
Law, but if any provision of this Agreement shall be prohibited by or invalid under applicable Law, the provisions of this Agreement
shall be deemed to be severable but only to the extent consistent with economic and other purposes of this Agreement.

 

10.            Consent
to Jurisdiction. Each party agrees that it shall bring any action, suit, demand or proceeding (including counterclaims) in respect
of any claim arising out of or related to this Agreement or the transactions contemplated hereby, exclusively in any state or federal
court located in the State of Delaware (the “Chosen Courts”), and solely in connection with claims arising under this
Agreement or the transactions contemplated hereby (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives
any objection to laying venue in any such action, suit, demand or proceeding in the Chosen Courts, (iii) waives any objection that
the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process upon
such party in any such action, suit, demand or proceeding shall be effective if notice is given in accordance with Section 4.

 

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

 

12.            Governing
Law. This Agreement (and all claims, controversies and causes of action, whether in contract, tort or otherwise) and the rights and
obligations of the parties hereunder shall be governed by, and construed, interpreted and enforced in accordance with, the Laws of the
State of Delaware.

 

    4

     

    

 

13.            Counterparts.
This Agreement may be executed in multiple counterparts, each of which when so executed and delivered shall be an original, and all of
which when taken together shall constitute one and the same instrument.

 

14.            Interpretation.
Any references to an agreement or organizational document herein shall mean such agreement or organizational document, as may be amended,
modified and/or supplemented (and/or as any provision thereunder may be waived) from time to time in accordance with its terms.

 

15.            Headings.
The descriptive headings of the several Articles and Sections contained in this Agreement are and shall be without substantive meaning
or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

[Remainder of Page Intentionally Left
Blank]

 

    5

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	CORPORATION:
	 	 
	 	DYNASTY FINANCIAL PARTNERS INC.
	 	 
	 	 
		By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	OPERATING COMPANY:
	 	 
	 	DYNASTY FINANCIAL PARTNERS, LLC
	 	 
	 	 
		 By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Expense Reimbursement
Agreement]

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