Document:

EX-10.1

 Exhibit 10.1 
  

 
  

 
  

ENOVATION CONTROLS, LLC 

An Oklahoma Limited Liability Company 
  

 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT

 Dated as of                  , 2014 

THE LIMITED LIABILITY COMPANY INTERESTS IN
ENOVATION CONTROLS, LLC (THE “COMPANY”) HAVE NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES
LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE LIMITED
LIABILITY COMPANY INTERESTS IN THE COMPANY MAY BE ACQUIRED FOR INVESTMENT
PURPOSES ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH
(I) THE SECURITIES ACT, THE APPLICABLE SECURITIES LAWS OF ANY STATE
AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS
OF THIS SECOND AMENDED AND RESTATED OPERATING AGREEMENT AND (III) ANY
OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING
MEMBER OF THE COMPANY AND THE CURRENT OR ANY PREDECESSOR HOLDER OF
SUCH INTERESTS. THEREFORE, MEMBERS OF THE COMPANY AND OTHER TRANSFEREES OF
SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE
RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF
TIME. 
  
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	ARTICLE I	 	ORGANIZATIONAL MATTERS	  	 	2	  
				
	 Section 1.1
	 		 	 Formation of the Company
	  	 	2	  
	 Section 1.2
	 		 	 Second Amended and Restated Operating Agreement
	  	 	2	  
	 Section 1.3
	 		 	 Name
	  	 	2	  
	 Section 1.4
	 		 	 Purpose; Powers
	  	 	2	  
	 Section 1.5
	 		 	 Principal Office; Registered Office
	  	 	2	  
	 Section 1.6
	 		 	 Term
	  	 	2	  
	 Section 1.7
	 		 	 Existence and Good Standing; Foreign Qualification
	  	 	3	  
	 Section 1.8
	 		 	 No State Law Partnership
	  	 	3	  
	 Section 1.9
	 		 	 Admission
	  	 	3	  
			
	ARTICLE II	 	CAPITALIZATION; ADMISSION OF MEMBERS; CAPITAL ACCOUNTS	  	 	3	  
				
	 Section 2.1
	 		 	 Capitalization
	  	 	3	  
	 Section 2.2
	 		 	 Admission of Members; Additional Members
	  	 	7	  
	 Section 2.3
	 		 	 Capital Accounts
	  	 	8	  
	 Section 2.4
	 		 	 Negative Capital Accounts
	  	 	9	  
	 Section 2.5
	 		 	 No Withdrawal
	  	 	9	  
	 Section 2.6
	 		 	 Loans From Members
	  	 	9	  
	 Section 2.7
	 		 	 No Right of Partition
	  	 	9	  
	 Section 2.8
	 		 	 Non-Certification of Common Units; Legend; Common Units Are Securities
	  	 	9	  
			
	ARTICLE III	 	DISTRIBUTIONS	  	 	10	  
				
	 Section 3.1
	 		 	 Distributions
	  	 	10	  
	 Section 3.2
	 		 	 Successors
	  	 	10	  
	 Section 3.3
	 		 	 Distributions In-Kind
	  	 	10	  
	 Section 3.4
	 		 	 Distributions to ECI
	  	 	10	  
	 Section 3.5
	 		 	 Tax-Related Distributions
	  	 	10	  
	 Section 3.6
	 		 	 Unvested Common Units
	  	 	11	  
			
	ARTICLE IV	 	ALLOCATIONS	  	 	12	  
				
	 Section 4.1
	 		 	 Allocations
	  	 	12	  
	 Section 4.2
	 		 	 Regulatory Allocations
	  	 	12	  
	 Section 4.3
	 		 	 Tax Allocations
	  	 	13	  
	 Section 4.4
	 		 	 Members’ Tax Reporting
	  	 	13	  
	 Section 4.5
	 		 	 Withholding; Indemnification and Reimbursement for Payments on Behalf of a Member
	  	 	14	  
			
	ARTICLE V	 	MANAGEMENT; RIGHTS AND DUTIES OF MEMBERS	  	 	14	  
				
	 Section 5.1.
	 		 	 Managing Member: Delegation of Authority and Duties
	  	 	14	  
	 Section 5.2.
	 		 	 Officers
	  	 	15	  
	 Section 5.3.
	 		 	 Exculpation
	  	 	16	  
	 Section 5.4.
	 		 	 Indemnification
	  	 	16	  
	 Section 5.5.
	 		 	 Insurance
	  	 	16	  
	 Section 5.6.
	 		 	 Investment Representations of Members
	  	 	17	  
	 Section 5.7.
	 		 	 Certain Costs and Expenses
	  	 	17	  

  
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 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	ARTICLE VI	 	TAX MATTERS	  	 	18	  
				
	 Section 6.1
	 		 	 Preparation of Tax Returns
	  	 	18	  
	 Section 6.2
	 		 	 Tax Elections
	  	 	18	  
	 Section 6.3
	 		 	 Tax Controversies
	  	 	18	  
	 Section 6.4
	 		 	 Tax Allocations
	  	 	18	  
	 Section 6.5
	 		 	 Fiscal Year
	  	 	18	  
	 Section 6.6
	 		 	 Books and Records; Fiscal Year
	  	 	18	  
	 Section 6.7
	 		 	 Reports
	  	 	19	  
			
	ARTICLE VII	 	TRANSFER OF UNITS; SUBSTITUTE MEMBERS; REGISTRATION RIGHTS	  	 	19	  
				
	 Section 7.1
	 		 	 Restrictions on Transfers
	  	 	19	  
	 Section 7.2
	 		 	 Recognition of Transfer; Substituted and Additional Members
	  	 	19	  
	 Section 7.3
	 		 	 Expense of Transfer; Indemnification
	  	 	21	  
	 Section 7.4
	 		 	 Additional Requirements
	  	 	21	  
	 Section 7.5
	 		 	 Registration Rights
	  	 	21	  
			
	ARTICLE VIII	 	EXCHANGE	  	 	21	  
				
	 Section 8.1
	 		 	 General
	  	 	21	  
	 Section 8.2
	 		 	 Exchange Notice
	  	 	21	  
	 Section 8.3
	 		 	 Closing
	  	 	22	  
	 Section 8.4
	 		 	 Closing Condition
	  	 	23	  
	 Section 8.5
	 		 	 Closing Deliveries
	  	 	23	  
	 Section 8.6
	 		 	 Expenses
	  	 	23	  
	 Section 8.7
	 		 	 Termination of Membership; Cancellation and Registration of Common Units
	  	 	23	  
	 Section 8.8
	 		 	 Tax Treatment
	  	 	23	  
	 Section 8.9
	 		 	 Adjustment
	  	 	23	  
	 Section 8.10
	 		 	 Cash Exchange
	  	 	23	  
	 Section 8.11
	 		 	 Mandatory Exchange
	  	 	24	  
			
	ARTICLE IX	 	DISSOLUTION AND LIQUIDATION; WITHDRAWAL	  	 	24	  
				
	 Section 9.1
	 		 	 Dissolution
	  	 	24	  
	 Section 9.2
	 		 	 Liquidation and Termination
	  	 	24	  
	 Section 9.3
	 		 	 Complete Distribution
	  	 	25	  
	 Section 9.4
	 		 	 Articles of Dissolution
	  	 	25	  
	 Section 9.5
	 		 	 Reasonable Time for Winding Up
	  	 	25	  
	 Section 9.6
	 		 	 Return of Capital
	  	 	25	  
	 Section 9.7
	 		 	 HSR Act
	  	 	25	  
	 Section 9.8
	 		 	 Member Withdrawal
	  	 	25	  
			
	ARTICLE X	 	GENERAL PROVISIONS	  	 	25	  
				
	 Section 10.1
	 		 	 Power of Attorney
	  	 	25	  
	 Section 10.2
	 		 	 Amendments
	  	 	26	  

  
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 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
				
	 Section 10.3
	 		 	 Remedies
	  	 	27	  
	 Section 10.4
	 		 	 Successors and Assigns
	  	 	28	  
	 Section 10.5
	 		 	 Severability
	  	 	28	  
	 Section 10.6
	 		 	 Counterparts
	  	 	28	  
	 Section 10.7
	 		 	 Applicable Law; Jurisdiction; Waiver of Jury Trial
	  	 	28	  
	 Section 10.8
	 		 	 Addresses and Notices
	  	 	28	  
	 Section 10.9
	 		 	 Creditors
	  	 	28	  
	 Section 10.10
	 		 	 Waiver
	  	 	29	  
	 Section 10.11
	 		 	 Further Action
	  	 	29	  
	 Section 10.12
	 		 	 Entire Agreement
	  	 	29	  
	 Section 10.13
	 		 	 Delivery by Facsimile or Email
	  	 	29	  
	 Section 10.14
	 		 	 Spousal Consent
	  	 	29	  
			
	ARTICLE XI	 	DEFINITIONS	  	 	29	  
				
	 Section 11.1
	 		 	 Certain Definitions
	  	 	29	  
	 Section 11.2
	 		 	 Index of Additional Definitions
	  	 	38	  
	 Section 11.3
	 		 	 Interpretative Matters
	  	 	39	  

  

			
	Exhibit A	  	Schedule of Members
		
	Exhibit B	  	Form of Exchange Notice
		
	Exhibit C	  	Consent of Spouse and Proxy

  
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 SECOND AMENDED AND RESTATED
OPERATING AGREEMENT 
 OF ENOVATION CONTROLS, LLC 

THIS SECOND AMENDED AND RESTATED OPERATING
AGREEMENT OF ENOVATION CONTROLS, LLC (as hereafter amended in accordance with its terms, this “Agreement”), dated and effective as of
                 , 2014 (the “Effective Date”), is adopted, executed and agreed to, for good and valuable consideration, by and among Enovation
Controls, LLC, an Oklahoma limited liability company (the “Company”), and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act. Any reference in this Agreement to any
Member shall include such Member’s Successors in Interest to the extent such Successors in Interest have become Substituted Members in accordance with the provisions of this Agreement. Certain capitalized terms used in this Agreement are
defined in Article XI. 
 RECITALS: 

WHEREAS, the Company was formed as a limited liability company under the Act by filing of Articles of
Organization (the “Articles”) with the Secretary of State of the State of Oklahoma on August 28, 2009; 

WHEREAS, the Company’s members entered into an Operating Agreement of the Company, dated on or about
September 30, 2009 (as amended, the “Original Agreement”); 
 WHEREAS, the
Company’s members entered into a First Amended and Restated Operating Agreement of the Company, dated September 29, 2011 to amend and restate the Original Agreement (as amended and restated, the “A&R Agreement”); 

WHEREAS, Enovation Controls, Inc., a Delaware corporation (including its successors,
“ECI”), has entered into an underwriting agreement (i) to issue and sell to the several Underwriters named therein (the “Underwriters”) shares of Class A Common Stock and (ii) to make a public
offering of such shares of Class A Common Stock (collectively, the “IPO”); 

WHEREAS, in connection with the IPO, it is contemplated that pursuant to this Agreement
(i) immediately prior to consummation of the IPO (the “Effective Time”), all of the outstanding limited liability company interests in the Company will be converted into the number of Common Units set forth opposite each
Member’s name in Exhibit A (the “Schedule of Members”) and (ii) immediately after the IPO, ECI will purchase newly-issued Common Units from the Company and a number of outstanding Common Units from the Members using
the net proceeds from the IPO (collectively, the “IPO Transactions”); 
 WHEREAS, the
Company and the Members set forth on the Schedule of Members now wish to amend and restate the A&R Agreement as set forth herein to give effect to the IPO Transactions and to reflect the admission of ECI as a Member and as sole managing member
of the Company; and 
 WHEREAS, this Agreement shall supersede and completely replace in its entirety
the A&R Agreement as of the date hereof. 
 NOW, THEREFORE, in consideration of the
foregoing premises and the mutual covenants and agreements herein made, and intending to be legally bound, the parties hereby to this Agreement hereby agree as follows: 

 ARTICLE I 

ORGANIZATIONAL MATTERS 

Section 1.1 Formation of the Company. The Company was formed on August 28, 2009 as an Oklahoma limited liability
company pursuant to the provisions of the Act. 
 Section 1.2 Second Amended and Restated Operating Agreement. The
Members agree to continue the Company as a limited liability company under the Act, upon the terms and subject to the conditions set forth in this Agreement. The rights, powers, duties, obligations and liabilities of the Members shall be determined
pursuant to the Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Members are different by reason of any provision of this Agreement than they would be in the absence of such provision, this
Agreement shall, to the extent permitted by the Act, control. 
 Section 1.3 Name. The name of the Company shall
be “Enovation Controls, LLC.” The Managing Member may change the name of the Company at any time and from time to time. Prompt notification of any such change shall be given to all Members. The Company’s business may be conducted
under its name or any other name or names deemed advisable by the Managing Member. 
 Section 1.4 Purpose;
Powers. 
 (a) The nature of the business or purposes to be conducted or promoted by the Company is to engage
in any lawful act or activity for which limited liability companies may be organized under the Act; provided, however, that unless the Managing Member is the sole Member of the Company, the Managing Member shall not cause the Company
to engage, directly or indirectly, in any business activity that the Managing Member determines in its sole and absolute discretion could cause the Company to be treated as an association taxable as a corporation or otherwise liable as an entity for
federal income tax purposes. The Company may engage in any and all activities necessary, desirable or incidental to the accomplishment of the foregoing. Notwithstanding anything herein to the contrary, nothing set forth herein shall be construed as
authorizing the Company to possess any purpose or power, or to do any act or thing, forbidden by law to a limited liability company organized under the laws of the State of Oklahoma. 

(b) Subject to the provisions of this Agreement and except as prohibited by applicable law, (i) the Company may, with the
approval of the Managing Member, enter into and perform any and all documents, agreements and instruments, all without any further act, vote or approval of any Member, and (ii) the Managing Member may authorize any Person (including any Member
or Officer) to enter into and perform any document, agreement or instrument on behalf of the Company. 
 Section 1.5 Principal
Office; Registered Office. The registered office of the Company required by the Act to be maintained in the State of Oklahoma (which need not be a place of business of the Company) shall be designated from time to time by the Managing Member
in the manner provided by law. The principal office of the Company shall be at such place as the Managing Member may from time to time designate, which need not be in the State of Oklahoma, and the Company shall maintain records at such place. The
Company may maintain offices at such other place or places as the Managing Member deems advisable. Prompt notice of any change in the principal office shall be given to all Members. 

Section 1.6 Term. The term of the Company commenced on the date the Articles were filed with the office of the Secretary of
State of the State of Oklahoma and shall continue in existence perpetually until termination or dissolution in accordance with the provisions of Article IX. 

  
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 Section 1.7 Existence and Good Standing; Foreign Qualification. The Managing
Member may take all action which may be necessary or appropriate (a) for the continuation of the Company’s valid existence as a limited liability company under the laws of the State of Oklahoma (and of each other jurisdiction in which such
existence is necessary to enable the Company to conduct the business in which it is engaged) and (b) for the maintenance, preservation and operation of the business of the Company in accordance with the provisions of this Agreement and
applicable laws and regulations. The Managing Member may file or cause to be filed for recordation in the office of the appropriate authorities of the State of Oklahoma, and in the proper office or offices in each other jurisdiction in which the
Company is formed or qualified, such certificates (including certificates of limited liability companies and fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations of any such jurisdiction
or as are required to reflect the identity of the Members and the amounts of their respective capital contributions. The Managing Member may cause the Company to comply, to the extent procedures are available and those matters are reasonably within
the control of the Officers, with all requirements necessary to qualify the Company as a foreign limited liability company in each jurisdiction where its assets or operations require it to be so qualified. 

Section 1.8 No State Law Partnership. 

(a) The Members intend that the Company shall not be a partnership (including a limited partnership) or joint venture, and that
no Member or Officer shall be a partner or joint venturer of any other Member or Officer by virtue of this Agreement, for any purposes other than as is set forth in Section 1.8(b), and this Agreement shall not be construed to the
contrary. 
 (b) The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state
or local income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. To ensure that Common Units are not traded on an
established securities market within the meaning of Regulations Section 1.7704-1(b) or readily tradable on a secondary market or the substantial equivalent thereof within the meaning of Regulations Section 1.7704-1(c), notwithstanding
anything to the contrary contained herein, (i) the Company shall not participate in the establishment of any such market or the inclusion of Common Units thereon and (ii) the Company shall not recognize any Transfer made on any such market
by: (A) redeeming the Transferor Member (in the case of a redemption or repurchase by the Company) or (B) admitting the Transferee as a Member or otherwise recognizing any rights of the Transferee, such as a right of the Transferee to
receive Company distributions (directly or indirectly) or to acquire an interest in the capital or profits of the Company. 

Section 1.9 Admission. The Managing Member is hereby admitted as a Member of the Company upon its execution of a
counterpart signature page to this Agreement and each member of the Company immediately prior to the effectiveness of this Agreement shall continue as a Member hereunder. 

ARTICLE II 

CAPITALIZATION; ADMISSION OF MEMBERS; CAPITAL ACCOUNTS 

Section 2.1 Capitalization. 

(a) Each Member’s interest in the Company, including such Member’s interest, if any, in the capital, income, gains,
losses, deductions and expenses of the Company shall be represented by units of limited liability company interest of a single authorized class (each, a “Common Unit”). All Common Units shall have identical rights and privileges in
all respects. The Company shall have the authority to issue an unlimited number of Common Units. 

  
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 (b) At the Effective Time, all of the Class A Units, Class B Units, Class C
Units and Class D Units (each as defined in the A&R Agreement) issued and outstanding immediately prior to the Effective Time are hereby automatically converted into the number of Common Units set forth opposite each Member’s name on the
Schedule of Members as originally attached to this Agreement on the Effective Date. Immediately after the IPO, ECI will contribute $         to the Company in exchange for
                 Common Units. 
 (c) The
Managing Member shall have the right to cause the Company to issue and/or create and issue at any time after the Effective Date, and for such amount and form of consideration as the Managing Member may determine, additional Common Units or other
Equity Securities of the Company (including creating classes or series thereof having such powers, designations, preferences and rights as may be determined by the Managing Member), subject to Section 10.2. The Managing Member shall have
the power to make such amendments to this Agreement in order to provide for such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or appropriate to give effect to such additional authorization or
issuance in accordance with the provisions of this Section 2.1(c) and Section 10.2. Notwithstanding the foregoing, (x) the Company may not issue any additional Common Units to any member of the ECI Group unless
substantially simultaneously ECI issues or sells an equal number of shares of Class A Common Stock to another Person and (y) the Company may not issue any other Equity Securities of the Company to any member of the ECI Group unless
substantially simultaneously ECI issues or sells to another Person an equal number of shares of a new class or series of Equity Securities of ECI with rights to dividends and distributions (including distributions upon liquidation) and other
economic rights as are determined in Good Faith to correspond to those of such Equity Securities of the Company. With respect to any class or series of Equity Securities of ECI, the Equity Securities of the Company that have such corresponding
rights are referred to as the “Corresponding Company Securities.” 
 (i) Notwithstanding the foregoing or
anything else to the contrary in this Agreement, if ECI issues shares of Class A Common Stock (other than (A) an issuance of the type covered by Section 2.1(c)(ii), (B) the issuance of shares of Class A Common Stock
in the IPO or (C) the issuance of shares of Class A Common Stock to a Member pursuant to Section 6 of Part B of Article IV of the Amended and Restated Certificate of Incorporation of ECI) or any other Equity Security of ECI,
(x) the Company shall issue to ECI one Common Unit for each share of Class A Common Stock issued by ECI and one Corresponding Company Security for each other Equity Security issued by ECI and (y) the net proceeds received by ECI with
respect to such shares of Class A Common Stock or other Equity Security, if any, shall be concurrently transferred (directly or indirectly through one or more Subsidiaries of ECI) to the Company; provided, however, that to the
extent that ECI issues any shares of Class A Common Stock in order to fund the acquisition for cash from a Member of a number of Common Units equal to the number of shares of Class A Common Stock so issued, the Company shall not issue any
new Common Units in connection therewith and ECI shall not be required to transfer (directly or indirectly) such net proceeds to the Company (it being understood that such net proceeds shall instead be transferred to such Member as consideration for
such purchase). 
 (ii) At any time ECI issues one or more shares of Class A Common Stock in connection with an equity
incentive program, whether such share or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the Managing Member shall cause the Company to issue an
equal number of Common Units, registered in the name of ECI; provided that ECI shall be required to contribute all (but not less than all) the net proceeds and property 

  
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(if any) received by ECI from or otherwise in connection with such issuance of one or more shares of Class A Common Stock, including the exercise price of any option exercised, to the
Company. If any such shares of Class A Common Stock so issued by ECI in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Common Units that are issued by the Company to ECI in connection
therewith in accordance with the preceding provisions of this Section 2.1(c)(ii) shall be subject to vesting or forfeiture on the same basis and if any of such shares of Class A Common Stock vest or are forfeited, then an equal
number of Common Units issued by the Company in accordance with the preceding provisions of this Section 2.1(c)(ii) shall automatically vest or be forfeited, as applicable. Any cash or property held by either ECI or the Company or on
either’s behalf in respect of dividends paid on restricted Class A Common Stock that fail to vest shall be returned to the Company upon the forfeiture of such restricted Class A Common Stock. 

(iii) Notwithstanding the foregoing, Section 2.1(c)(i) shall not apply to the issuance by ECI of any warrants,
options, other rights to acquire Equity Securities of ECI or rights or property that may be converted into or settled in Equity Securities of ECI, but Section 2.1(c)(i) shall, in each of the foregoing cases, apply to the issuance of
Equity Securities of ECI in connection with the exercise or settlement of such warrants, options or other rights or property (for cash or other consideration in accordance with their terms or otherwise); provided that, if such warrants,
options or other rights are issued pursuant to an equity incentive program, the provisions of Section 2.1(c)(ii), and not this Section 2.1(c)(iii), shall apply. 

(iv) For purposes of this Section 2.1(c), “net proceeds” means gross proceeds to ECI from the
issuance of Class A Common Stock or other securities less all underwriters’ discounts and commissions payable in connection with such issuance. 

(d) If, at any time, any shares of Class A Common Stock or other Equity Securities of ECI are repurchased, redeemed or
otherwise acquired (whether by exercise of a put or call, pursuant to an open market purchase, automatically or by means of another arrangement) by ECI for cash and subsequently cancelled, the Managing Member shall cause the Company, immediately
prior to such repurchase, redemption or other acquisition of Class A Common Stock or other Equity Securities of ECI, to redeem an equal number of Common Units or Corresponding Company Securities held by ECI, at an aggregate redemption price
equal to the aggregate purchase or redemption price of the Class A Common Stock or other Equity Securities of ECI being repurchased, redeemed or otherwise acquired by ECI (plus any expenses related thereto) and upon such other terms as are the
same for the Class A Common Stock or other Equity Securities of ECI being repurchased, redeemed or otherwise acquired by ECI. Notwithstanding the foregoing, to the extent that any consideration payable by ECI in connection with the redemption
or repurchase of any shares of Class A Common Stock or other Equity Securities of ECI consists (in whole or in part) of shares of Class A Common Stock or such other Equity Securities, then the redemption or repurchase of the corresponding
Common Units or Corresponding Company Securities shall be effectuated in an equivalent manner. 
 (e) Notwithstanding the
foregoing, Section 2.1(c)(i) and Section 2.1(d) shall not apply to the issuance and distribution to holders of shares of Class A Common Stock of rights to purchase Class A Common Stock or other Equity Securities of
ECI under a “poison pill” or similar stockholder rights plan (it being understood that upon exchange of Common Units for Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right), but
shall apply to the issuance of Class A Common Stock or other Equity Securities of ECI in connection with the exercise or settlement of such rights (for cash or other consideration in accordance with their terms or otherwise). 

  
 5 

 (f) The Company shall not in any manner effect any subdivision (by any stock
split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding Common Units unless accompanied by an identical subdivision or
combination, as applicable, of the outstanding Class A Common Stock with corresponding changes made with respect to any other exchangeable or convertible securities. ECI shall not in any manner effect any subdivision (by any stock split, stock
dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding Class A Common Stock unless accompanied by an identical subdivision or
combination, as applicable, of the outstanding Common Units, with corresponding changes made with respect to any other exchangeable or convertible securities. 

(g) It is the intention of the Members that, subject to Section 2.1(e), the ECI Group collectively owns an
aggregate number of Common Units that is equal to the aggregate number of outstanding shares of Class A Common Stock and an aggregate number of Corresponding Company Securities that is equal to the aggregate number of corresponding other Equity
Securities of ECI, and this Section 2.1(g) shall be interpreted consistent with such intent. Subject to Section 2.1(e), in the event that a member of the ECI Group acquires from other Members any Common Units or Corresponding
Company Securities and such acquisition results in the ECI Group collectively owning an aggregate number of Common Units that exceeds the aggregate number of outstanding shares of Class A Common Stock or an aggregate number of Corresponding
Company Securities that exceeds the aggregate number of corresponding other Equity Securities of ECI, the Managing Member may cause a recapitalization or other similar adjustment regarding the Company such that (i) the ECI Group collectively
owns an aggregate number of Common Units that is equal to the aggregate number of outstanding shares of Class A Common Stock and an aggregate number of Corresponding Company Securities that is equal to the aggregate number of corresponding
other Equity Securities of ECI and (ii) the Members maintain to the maximum extent possible the economic sharing arrangement among the Members as in place immediately prior to such recapitalization or other adjustment. 

(h) By executing this Agreement, each Member authorizes and directs the Company to elect to have the “safe harbor”
described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the “Notice”) apply to any interest in the Company transferred to a service provider by the Company on or after the effective date of
such Revenue Procedure in connection with services provided to the Company. For purposes of making such safe harbor election, the Tax Matters Member is hereby designated as the “partner who has responsibility for federal income tax
reporting” by the Company and, accordingly, for execution of a “safe harbor election” in accordance with Section 3.03(1) of the Notice. The Company and each Member hereby agree to comply with all requirements of the safe harbor
described in the Notice, including the requirement that each Member shall prepare and file all federal income tax returns reporting the income tax effects of each safe harbor partnership interest issued by the Company in a manner consistent with the
requirements of the Notice. Each Member authorizes the Tax Matters Member to amend the foregoing provisions of this Section 2.1(h) to the extent necessary to achieve substantially the same tax treatment with respect to any interest in
the Company transferred to a service provider by the Company in connection with services provided to the Company as set forth in Section 4 of the Notice (e.g., to reflect changes from the rules set forth in the Notice in subsequent Internal
Revenue Service or Treasury Department guidance); provided that such amendment is not materially adverse to any Member (as compared with the 

  
 6 

 
after-tax consequences that would result if the provisions of the Notice applied to all interests in the Company transferred to a service provider by the Company in connection with services
provided to the Company). 
 Section 2.2 Admission of Members; Additional Members. 

(a) The Company shall maintain and keep at its principal executive office the Schedule of Members on which it shall set forth
the names and address of each Member, the aggregate number of Common Units and the aggregate amount of cash Capital Contributions that have been made by such Member at any time, as applicable, and the Fair Market Value of any property other than
cash contributed by such Member with respect to the Common Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject). 

(b) The Managing Member shall cause the Schedule of Members to be amended from time to time to reflect the admission of any
Additional Member, the withdrawal or termination of any Member, receipt by the Company of notice of any change of address of a Member or the occurrence of any other event requiring amendment of the Schedule of Members. 

(c) Notwithstanding anything in this Agreement to the contrary: 

(i) the Common Units held by any Member as a result of the conversion of Class B Units, Class C Units or Class D Units which,
as of the Effective Date, are subject to any vesting, forfeiture, repurchase or similar provisions pursuant to the A&R Agreement or in any applicable unit subscription agreement, restricted unit agreement or other agreement pursuant to which
such unvested Class B Units, Class C Units or Class D Units were issued (in each case, “Unvested Common Units”) shall continue to be subject to such vesting, forfeiture, repurchase or similar provisions, except that the second
sentence of Section 5.1(c)(iii) of the A&R Agreement shall not be applicable to the Unvested Common Units and, in lieu of such provision, it shall be the case that all forfeiture restrictions applicable to the Unvested Common Units shall
lapse upon the consummation of a Change in Control; and 
 (ii) no Member may Transfer any Unvested Common Units; provided
that, with the consent of the Managing Member, a Member may Transfer Unvested Common Units pursuant to and in accordance with Article VIII if the Member acknowledges and agrees in writing, in a form reasonably satisfactory to the Managing
Member, that any securities received in exchange therefor shall continue to be subject to the vesting, forfeiture, repurchase or similar provisions to which such Unvested Common Units are then subject. A Common Unit shall cease to be an Unvested
Common Unit at such time as such Common Unit ceases to be subject to such vesting, forfeiture, repurchase or similar provisions. 
 For the
avoidance of doubt, the IPO shall not be considered a sale or exchange of assets, a sale or exchange of units of limited liability company interest of the Company, a merger, consolidation or combination or any other event that would cause the lapse
of the forfeiture restrictions applicable to the Class B Units, Class C Units or Class D Units under the second sentence of Section 5.1(c)(iii) of the A&R Agreement or a Change of Control or any other event that would cause the lapse of the
forfeiture restrictions applicable to the Unvested Common Units under Section 2.2(c)(i). 

  
 7 

 Section 2.3 Capital Accounts. 

(a) The Company shall establish and maintain a separate capital account for each Member (each a “Capital
Account”). The Capital Account of each Member shall be credited initially with an amount equal to such Member’s cash contributions and the initial Gross Asset Value of property contributed to the Company by the Member (net of any
liabilities securing such contributed property that the Company is considered to assume or take subject to). 
 (b) The
Capital Account of each Member shall be (i) credited with all Net Income and items of Income allocated to such Member pursuant to Section 4.1 and Section 4.2, and with the amount of cash and the initial Gross Asset Value
of property subsequently contributed to the Company by the Member (net of any liabilities securing such contributed property that the Company is considered to assume or take subject to) following the Effective Date and (ii) debited with all Net
Loss and items of Loss allocated to such Member pursuant to Section 4.1 and Section 4.2, and with the amount of cash and the Gross Asset Value of any property (net of liabilities assumed by such Member and liabilities to
which such property is subject) distributed (or deemed distributed) by the Company to such Member. 
 (c) The Capital
Accounts as of the Effective Date, as adjusted for the revaluation that will occur under clause (b) of the definition of Gross Asset Value in connection with the direct or indirect investment in the Company by ECI that is expected to
occur as of the Effective Date, are set forth on the Schedule of Members. It is the intention of the Members that the Capital Accounts be maintained in accordance with the provisions of Code Section 704(b) and the Regulations thereunder and
that this Agreement be interpreted consistently therewith. Notwithstanding anything expressed or implied to the contrary in this Agreement, in the event the Managing Member shall determine, in its sole and absolute discretion, that it is prudent to
modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to effectuate the intended economic sharing arrangement of the Members or comply with the principles of Code Section 704(b) and the
Regulations thereunder, the Managing Member may make such modification, notwithstanding any other provision hereof, without the consent of any other Person. 

(d) Unless otherwise determined by the Managing Member, immediately preceding the issuance of additional Common Units or other
Equity Securities in exchange for cash, property or services to a new or existing Member and upon the redemption of any portion of an interest in the Company of any Member (or such other times as may be determined by the Managing Member), the then
prevailing Gross Asset Values of the Company’s property shall be adjusted to equal their respective gross Fair Market Values and any increase in the net equity value of the Company (Gross Asset Value less liabilities) shall be credited to the
Capital Accounts of the Members in the same manner as Net Income is credited under Section 4.1 (and any decrease in the net equity value of the Company shall be debited in the same manner as Net Loss is debited under
Section 4.1). The Capital Accounts shall be revalued immediately prior to the (direct or indirect) investment by ECI in the Company that is expected to occur as of the Effective Date. 

(e) Any income of the Company that is exempt from federal income tax shall be credited to the Capital Accounts in the same
manner as Net Income is credited under Section 4.1 when such income is realized. Any expenses or expenditures of the Company that may neither be deducted nor capitalized for tax purposes (or are so treated for tax purposes) shall be
debited to the Capital Accounts of the Members in the same manner as Net Loss is debited under Section 4.1. If any special adjustments are made to or with respect to Company property pursuant to

  
 8 

 
Code Sections 734(b) or 743(b), Capital Accounts shall be adjusted to the extent required by the Regulations under Code Section 704. The amount by which the Fair Market Value of any property
to be distributed in kind to the Members exceeds or is less than the then prevailing Gross Asset Value of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Income and Net Loss and
determining the Capital Accounts of the Members as if such property had been sold at its Fair Market Value immediately prior to such distribution. 

(f) In the event that all or a portion of the Common Units or other Equity Securities of a Member are transferred in accordance
with this Agreement, the transferee of such Common Units or other Equity Securities shall also succeed to all or the relevant portion of the Capital Account of the transferor. 

Section 2.4 Negative Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or
negative balance that may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company). 

Section 2.5 No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or
Capital Account or to receive any Distribution from the Company, except as expressly provided herein. Except to the extent otherwise expressly provided for in this Agreement, no interest shall be paid to any Person with respect to such Person’s
Capital Contributions or Capital Account. 
 Section 2.6 Loans From Members. Loans by Members to the Company shall
not be considered Capital Contributions. If any Member shall loan funds to the Company, then the making of such loans shall not result in any increase in the Capital Account balance of such Member. The amount of any such loans shall be a debt of the
Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made. 

Section 2.7 No Right of Partition. No Member shall have the right to seek or obtain partition by court decree or operation
of law of any property of the Company or any of its Subsidiaries or the right to own or use particular or individual assets of the Company or any of its Subsidiaries, or, except as expressly contemplated by this Agreement, be entitled to
Distributions of specific assets of the Company or any of its Subsidiaries. 
 Section 2.8 Non-Certification of Common
Units; Legend; Common Units Are Securities. 
 (a) Common Units shall be issued in non-certificated form;
provided, however, that the Managing Member may cause the Company to issue certificates to a Member representing the Common Units held by such Member. If any Common Unit certificate is issued, then such certificate shall bear a legend
substantially in the following form: 
 THIS CERTIFICATE EVIDENCES COMMON
UNITS REPRESENTING AN INTEREST IN ENOVATION CONTROLS, LLC AND SHALL BE A
SECURITY WITHIN THE MEANING OF ARTICLE 8 OF THE UNIFORM COMMERCIAL CODE.
THE INTEREST IN ENOVATION CONTROLS, LLC REPRESENTED BY THIS CERTIFICATE IS SUBJECT
TO RESTRICTIONS ON TRANSFER SET FORTH IN THAT CERTAIN SECOND AMENDED
AND RESTATED OPERATING AGREEMENT OF ENOVATION CONTROLS, LLC, DATED AS OF
                 , 2014, BY AND AMONG ENOVATION CONTROLS, LLC AND
EACH OF THE MEMBERS FROM TIME TO TIME PARTY THERETO, AS THE
SAME MAY BE AMENDED FROM TIME TO TIME. 

(b) All Common Units will be “securities” within the meaning of Section 8-102(a)(15) and as provided by
Section 8-103(c) of the Uniform Commercial Code as in effect from time to time in the State of Oklahoma or analogous provisions in the Uniform Commercial Code in effect in any other jurisdiction. 

  
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 ARTICLE III 

DISTRIBUTIONS 

Section 3.1 Distributions. Except as provided in this Article III and Section 9.2, distributions shall
be made to the Members as and when determined by the Managing Member, pro rata in proportion to the number of Common Units owned by each Member. 

Section 3.2 Successors. For purposes of determining the amount of Distributions, each Member shall be treated as having
received the Distributions received by its predecessors in respect of any of such Member’s Common Units. 
 Section 3.3
Distributions In-Kind. To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a Distribution equal to the Fair Market Value of such property for purposes of
Section 3.1 and such property shall be treated as if it were sold for an amount equal to its Fair Market Value. Any resulting gain or loss shall be allocated to the Members’ Capital Accounts in accordance with
Section 4.1 and Section 4.2. 
 Section 3.4 Distributions to ECI. The Managing Member, in its
sole discretion, may authorize that cash be distributed to any member of the ECI Group (which distribution shall be made without pro rata distributions to the other Members) in exchange for the redemption, repurchase or other
acquisition of Common Units (or other Equity Securities of the Company) held by such member of the ECI Group, where the redemption proceeds are to be used by ECI to acquire shares of its outstanding Class A Common Stock (or other Equity
Securities of ECI) in accordance with Section 2.1. In addition, in the event that any payment or reimbursement by the Company of any costs, fees, operating expenses or other expenses of the Managing Member pursuant to
Section 5.7 is characterized for any purpose as a distribution by the Company to the Managing Member, the Members agree and acknowledge that such distribution shall be made without pro rata distributions to the other
Members. For the avoidance of doubt, distributions under this Section 3.4 may not be used to pay or facilitate dividends or distributions on the Class A Common Stock or other Equity Securities of ECI (other than distributions in
redemption of Class A Common Stock or other Equity Securities of ECI in accordance with Section 2.1). 

Section 3.5 Tax-Related Distributions. 

(a) Subject to the Act and to any restrictions contained in any agreement to which the Company is bound and notwithstanding the
provisions of Section 3.1, the Company shall distribute to the Members, on a quarterly basis, by the tenth day (or next succeeding Business Day) of each March, June, September and December of each taxable year, or such other dates as may
be appropriate in light of tax payment requirements (each a “Tax Distribution Date”), an aggregate amount (the “Tax Distribution”) in cash equal to the excess, if any, of (i) the Company’s Tax Liability
with respect to such taxable year over (ii) the amounts previously distributed pursuant to this Section 3.5(a) with respect to such taxable year. Notwithstanding the foregoing, Tax Distributions shall be made for only periods (or
portions thereof) beginning on or after the Effective Date. For purposes of computing a Tax Distribution under this Section 3.5(a), salaries, bonuses and any other payments in the nature of compensation shall not be taken into account,
other than as an expense of the Company. 

  
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 (b) For purposes of this Section 3.5, the “Company’s Tax
Liability” means, with respect to a taxable year (or portion thereof) beginning as of the first day of such taxable year (or portion thereof) and ending on the last day of the month immediately preceding the relevant Tax Distribution Date,
the product of (i) the cumulative excess of taxable income over taxable losses of the Company for such taxable year (or portion thereof), calculated without regard to (A) any gain or loss attributable to or realized in connection with a
sale of all or substantially all of the assets of the Company and (B) for clarity, any tax deductions or basis adjustments of any Member arising under Code Section 743, and (ii) the highest combined marginal federal, state and local
tax rate then applicable (including any Medicare Contribution tax on net investment income) to an individual (or, if higher, to a corporation) resident in Tulsa, Oklahoma (assuming the maximum limitations on the use of deductions for state and local
taxes). A final accounting for Tax Distributions shall be made for each taxable year after the taxable income or taxable loss of the Company has been determined for such taxable year, and the Company shall promptly thereafter make supplemental Tax
Distributions (or future Tax Distributions will be reduced) to reflect any difference between estimates previously used in calculating the Company’s Tax Liability and the actual amounts so determined. 

(c) Notwithstanding Section 3.5(a) or Section 3.5(d), if, on a Tax Distribution Date, (i) there
are not sufficient funds in the Company (or any of its U.S. Subsidiaries that are disregarded entities for U.S. federal income tax purposes) to distribute the full amount of the relevant Tax Distribution otherwise to be made or (ii) any credit
agreement or other debt documents to which the Company (or any of its Subsidiaries) is a party do not permit the Company to receive from such Subsidiaries or distribute to each Member the full amount of the Tax Distributions otherwise to be made to
each such Member, then distributions pursuant to this Section 3.5 shall be made to the extent of the available funds. 

(d) If (i) following an audit or examination, there is an adjustment that would affect the calculation of the
Company’s taxable income or taxable loss for a given taxable year (or portion thereof) after the Effective Date or (ii) the Company files an amended tax return that has such effect, then the Company shall promptly recalculate the
Company’s Tax Liability for the applicable period and, if the Company’s Tax Liability is increased thereby, make additional Tax Distributions (increased by an additional amount estimated to be sufficient to cover any interest or penalties
that would be imposed on the Company if it were an individual (or, if higher, a corporation) resident in Tulsa, Oklahoma) to give effect to such adjustment or amended tax return. 

(e) All Tax Distributions to the Members pursuant to this Section 3.5, or adjustments thereto, shall be made pro
rata in proportion to the number of Common Units owned by each Member. 
 Section 3.6 Unvested Common Units. To the
extent that any distribution, other than a Tax Distribution, is to be made to a Member in respect of any Unvested Common Unit, such distribution shall be set aside for such Member to be distributed to such Member at the time that such Common Unit
ceases to be an Unvested Common Unit (or if, as provided in Section 2.2(c)(ii), any Unvested Common Unit has been Transferred pursuant to and in accordance with Article VIII, at such later time that the securities received in
exchange therefor cease to be subject to the vesting, forfeiture, repurchase or similar provisions to which such Unvested Common Unit was subject). To the extent that such Unvested Common Unit shall be forfeited by or repurchased from such Member
without having ceased to be an Unvested Common Unit, such distribution shall revert to the Company. 

  
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 ARTICLE IV 

ALLOCATIONS 

Section 4.1 Allocations. After giving effect to the special allocations in Section 4.2, Net Income and Net Loss
(and, if necessary, individual items of Income and Loss) shall be allocated annually (and at such other times as the Managing Member determines) to the Members in such manner that the Capital Account balance of each Member shall, to the greatest
extent possible, be equal (proportionately) to the (a) amount that would be distributed to such Member if (i) the Company were to sell the assets of the Company for their Gross Asset Values, (ii) all Company liabilities were satisfied
(limited with respect to each nonrecourse liability to the Gross Asset Values of the assets securing such liability), (iii) the Company were to distribute the net proceeds of sale pursuant to Section 3.1, minus (b) such
Member’s share of Company Minimum Gain or Member Minimum Gain, computed immediately prior to the hypothetical sale of assets. 

Section 4.2 Regulatory Allocations. 

(a) Loss attributable to Member Nonrecourse Debt shall be allocated in the manner required by Regulations Section 1.704-2(i). If there is a net decrease during a taxable year in Member Minimum Gain, Income for such taxable year (and, if necessary, for subsequent taxable years) shall be allocated to the Members in
the amounts and of such character as is determined according to Regulations Section 1.704-2(i)(4). This Section 4.2(a) is intended to be a “partner nonrecourse debt minimum gain chargeback” provision that complies with the
requirements of Regulations Section 1.704-2(i)(4), and shall be interpreted in a manner consistent therewith. 
 (b)
Except as otherwise provided in Section 4.2(a), if there is a net decrease in Company Minimum Gain during any taxable year, each Member shall be allocated Income for such taxable year (and, if necessary, for subsequent taxable years) in
the amounts and of such character as is determined according to Regulations Section 1.704-2(f). This Section 4.2(b) is intended to be a “minimum gain chargeback” provision that complies with the requirements of Regulations
Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 
 (c) If any Member that unexpectedly
receives an adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) has an Adjusted Capital Account Deficit as of the end of any taxable year, computed after the application of
Section 4.2(a) and Section 4.2(b), but before the application of any other provision of Section 4.1, Section 4.2 and Section 4.3, then Income for such taxable year shall be allocated to
such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section 4.2(c) is intended to be a “qualified income offset” provision as described in Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 
 (d) “Nonrecourse
deductions” (as defined in Regulations Sections 1.704-2(b)(l) and (c)) shall be allocated among the Members pro rata in accordance with the number of Common Units owned by each of them. 

(e) No Loss or Net Loss shall be allocated to a Member to the extent such allocation would cause or increase an Adjusted
Capital Account Deficit for such Member. Instead, such Loss or Net Loss shall be allocated among the other Members in the same ratios that such other Members are allocated Net Loss for such year under Section 4.1. 

(f) Income and Loss described in clause (d) of the definition of Gross Asset Value shall be allocated in a manner
consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Regulations Section 1.704-1(b)(2)(iv)(m). 

  
 12 

 (g) The allocations set forth in Section 4.2(a) through
Section 4.2(f) inclusive (the “Regulatory Allocations”) are intended to comply with certain requirements of Section 1.704-1(b) and 1.704-2 of the Regulations. The Regulatory Allocations may not be consistent with
the manner in which the Members intend to allocate Income and Loss of the Company or to make Distributions. Accordingly, notwithstanding the other provisions of Section 4.1, Section 4.2 and Section 4.3, but
subject to the Regulatory Allocations, items of Income and Loss of the Company shall be allocated among the Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Account balances of the Members
to be in the amounts (or as close thereto as possible) they would have been if Income and Loss had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate that this shall be accomplished by specially
allocating other Income and Loss among the Members so that the net amount of Regulatory Allocations and such special allocations to each such Member is zero. 

Section 4.3 Tax Allocations. 

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

(b) Items of Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the
Company shall be allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Gross Asset Value
using such method or methods described in Regulations Section 1.704-3 as are selected by the Managing Member. 
 (c) If
the Gross Asset Value of any Company asset is adjusted pursuant to the requirements of Regulations Section 1.704-1(b)(2)(iv)(e) or (f), subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall
take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c). 

(d) Tax credits, tax credit recapture and any items related thereto shall be allocated to the Members according to their
interests in such items as reasonably determined by the Managing Member taking into account the principles of Regulations Sections 1.704-1(b)(4)(ii). Any recapture of depreciation or any other items of deduction shall be allocated in accordance with
Regulations Sections 1.1245-1(e) and 1.1254-5 to the Member that received the benefits of such depreciation or deduction. 

(e) Allocations pursuant to this Section 4.3 are solely for the purposes of federal, state and local taxes and
shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Income, Loss, Distributions or other Company items pursuant to any provision of this Agreement. 

Section 4.4 Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the
allocations made pursuant to this Article IV and, except as may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by the provisions of this Article IV in reporting their shares of Company
income, gain, loss, deduction and credit for federal, state and local income tax purposes. 

  
 13 

 Section 4.5 Withholding; Indemnification and Reimbursement for Payments on Behalf of a
Member. Each Member shall, to the fullest extent permitted by law, indemnify and hold harmless the Company, the Managing Member and each other Person who is, or who is deemed to be, the responsible withholding agent for United States
federal, state or local or foreign income tax purposes against all claims, liabilities and expenses of whatever nature relating to the Company’s, the Managing Member’s or such other Person’s obligation to withhold and to pay over, or
otherwise to pay, any withholding or other taxes payable by the Company or any of its Affiliates with respect to such Member or as a result of such Member’s ownership of Common Units or participation in the Company. Each Member hereby
authorizes the Company and the Managing Member on behalf of the Company to withhold and to pay over, or otherwise to pay, any withholding or other taxes determined by the Managing Member to be payable by the Company (pursuant to any provision of
United States federal, state or local or foreign law) with respect to such Member or such Member’s Common Units or as a result of such Member’s participation in the Company. If and to the extent that the Company withholds and pays, or
otherwise pays, any such withholding or other taxes with respect to a Member, such Member shall be deemed for all purposes of this Agreement to have received a distribution from the Company as of the time such withholding or other tax is paid (or,
if earlier, required to be paid) with respect to such Member or such Member’s Common Units or such Member’s participation in the Company, and, to the extent such taxes exceed the amount that would otherwise be distributable to such Member,
as a demand loan payable by the Member to the Company with interest at a 10% rate, compounded annually. The Managing Member may, in its discretion, either demand payment of the principal and accrued interest on such demand loan at any time, and
enforce payment thereof by legal process, or may withhold from one or more distributions to a Member amounts sufficient to satisfy such Member’s obligations under any such demand loan. In the event that the Company receives a refund of taxes
previously withheld, the economic benefit of such refund shall be apportioned among the Members in a manner reasonably determined by the Managing Member to offset the prior operation of this Section 4.5 in respect of such withheld
taxes. 
 ARTICLE V 

MANAGEMENT; RIGHTS AND DUTIES OF MEMBERS 

Section 5.1 Managing Member: Delegation of Authority and Duties. 

(a) The business, property and affairs of the Company shall be managed under the sole, absolute and exclusive direction of the
Managing Member, which may from time to time delegate authority to officers (“Officers”) or to others to act on behalf of the Company. Without limiting the foregoing provisions of this Section 5.1(a), the Managing Member
shall have the sole power to manage or cause the management of the Company, including, without limitation, the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets
of the Company (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger, consolidation,
reorganization or other combination of the Company with or into another entity. 
 (b) No Member who is not also a Managing
Member, in his or her or its capacity as such, shall participate in or have any control over the business of the Company. Except as expressly provided herein, the Common Units, other Equity Securities in the Company, or the fact of a Member’s
admission as a member of the Company do not confer any rights upon the Members to participate in the management of the affairs of the Company. Except as expressly 

  
 14 

 
provided herein, no Member who is not also a Managing Member shall have any right to vote on any matter involving the Company, including with respect to any merger, consolidation, combination or
conversion of the Company, or any other matter with respect to which a Member might otherwise have the ability to vote or consent under the Act, at law, in equity or otherwise. The conduct, control and management of the Company shall be vested
exclusively in the Managing Member. In all matters relating to or arising out of the conduct of the operation of the Company, the decision of the Managing Member shall be the decision of the Company. Except as required by law, or expressly provided
in Section 5.1(c) or by separate agreement with the Company, no Member who is not also a Managing Member (and acting in such capacity) shall take any part in the management or control of the operation or business of the Company in its
capacity as a Member, nor shall any Member who is not also a Managing Member (and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Company in his or her or its capacity as a Member in any respect or
assume any obligation or responsibility of the Company or of any other Member. 
 (c) The Company may employ one or more
Members from time to time, and such Members, in their capacity as employees or agents of the Company (and not, for clarity, in their capacity as Members of the Company), may take part in the control and management of the business of the Company to
the extent such authority and power to act for or on behalf of the Company has been delegated to them by the Managing Member. To the fullest extent permitted by applicable law, the Managing Member shall have the power and authority to delegate to
one or more other Persons the Managing Member’s rights and powers to manage and control the business and affairs of the Company, including to delegate to Members, agents and employees of a Member or the Company (including Officers), and to
delegate by a management agreement or another agreement with, or otherwise to, other Persons. The Managing Member may authorize any Person (including any Member or Officer) to enter into and perform any document on behalf of the Company. 

Section 5.2 Officers. 

(a) The Managing Member may, from time to time, employ and retain Persons as may be necessary or appropriate for the conduct of
the Company’s business, including employees, agents and other Persons (any of whom may be a Member) who may be designated as Officers of the Company, with such titles as and to the extent authorized by the Managing Member. Any number of offices
may be held by the same Person. In its discretion, the Managing Member may choose not to fill any office for any period as it may deem advisable. Officers need not be residents of the State of Oklahoma or Members. Any Officers so designated shall
have such authority and perform such duties as the Managing Member may from time to time delegate to them. Each Officer shall hold office until his successor shall be duly designated and shall qualify or until his death or until he shall resign or
shall have been removed in the manner hereinafter provided. The salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Managing Member. Designation of an Officer shall not of itself create any
employment rights. 
 (b) Any Officer may resign as such at any time. Such resignation shall be made in writing and shall
take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Managing Member. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation.
All employees, agents and Officers shall be subject to the supervision and direction of the Managing Member and may be removed, with or without cause, from such office by the Managing Member and the authority, duties or responsibilities of any
employee, agent or Officer of the Company may be suspended by or altered the Managing Member from time to time, in each case in the sole discretion of the Managing Member. 

(c) The Officers, in the performance of their duties as such, shall owe to the Company duties of loyalty and due care of the
type owed by officers of a Delaware corporation pursuant to the laws of the state of Delaware. 

  
 15 

 Section 5.3 Exculpation. Except as provided in this Agreement, in the
Articles, in a separate written agreement with the Company or as required under the Act, no Member, Officer, employee or other agent of the Company will be personally liable for the debts, obligations or liabilities of the Company, whether that
liability arises in contract, tort, or otherwise. No Member, Officer, employee or other agent of the Company will be liable in damages or otherwise to the Company or any other Member for any loss or damage incurred by reason of any act or omission
performed or omitted by such Member or Officer in Good Faith either on behalf of the Company or in furtherance of the interests of the Company, and performed or omitted in a manner reasonably believed by such Person to be within the scope of the
authority granted by this Agreement, by law or by the consent of the Managing Member, provided such Person was not guilty of gross negligence or willful misconduct with respect to such act or omission. 

Section 5.4 Indemnification. To the fullest extent permitted by law, the Company will indemnify and hold harmless each of
the Members, Officers, employees or other agents who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of any
act or omission or alleged act or omission arising out of such Person’s activities as a Member, Officer, employee or other agent or otherwise on behalf of the Company if such activities were performed or omitted in Good Faith either on behalf
of the Company or in furtherance of the interests of the Company, and were performed or omitted in a manner reasonably believed by such Person to be within the scope of the authority conferred by this Agreement, by law or by the Managing Member,
against losses, damages or expenses for which such Person has not otherwise been reimbursed (including, without limitation, attorneys and accountant fees and expenses, judgment fines and amounts paid in settlement), actually and reasonably incurred
by such Person in connection with such action, suit or proceeding, so long as such Person was not guilty of gross negligence or willful misconduct with respect to such act or omission. Expenses, including attorneys’ fees and expenses, incurred
by any such indemnified Person in defending a proceeding as to which it is entitled to indemnification hereunder (as reasonably determined by the Managing Member) shall be paid by the Company periodically in advance of the final disposition of such
proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the
Company. Notwithstanding anything contained herein to the contrary, any indemnity by the Company relating to the matters covered in this Section 5.4 shall be provided and satisfied out of and to the extent of Company assets only. The
right to indemnification and the advancement of expenses conferred in this Section 5.4 shall not be exclusive of any other right which any such Person may have or hereafter acquire under any agreement, law or otherwise. If this
Section 5.4 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each such indemnified Person pursuant to this
Section 5.4 to the fullest extent permitted by any applicable portion of this Section 5.4 that shall not have been invalidated. 

Section 5.5 Insurance. The Company shall have the power to purchase and maintain insurance on behalf of any Member,
Officer, employee or other agent of the Company against any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as a Member, Officer, employee or other agent of the
Company, whether or not the Company would have the power to indemnify such Person against such liability under the provisions of Section 5.4 or under applicable law. 

  
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 Section 5.6 Investment Representations of Members. Each Member hereby
represents, warrants and acknowledges to the Company that: 
 (a) such Member has such knowledge and experience in financial
and business matters and is capable of evaluating the merits and risks of an investment in the Company and is making an informed investment decision with respect thereto; 

(b) such Member is acquiring interests in the Company for investment only and not with a view to, or for resale in connection
with, any distribution to the public or public offering thereof; 
 (c) the execution, delivery and performance of this
Agreement have been duly authorized by such Member; 
 (d) such Member has executed and provided the Company properly
completed copies of IRS Form W-8 or W-9, as applicable, which are valid as of the Effective Date (with respect to Members as of the Effective Date) or as of the date that an Additional Member or Substituted Member becomes a Member (with respect to
Additional Members and Substituted Members), and will promptly provide any additional information or documentation requested by the Managing Member relating to tax matters (including any information reasonably requested in connection with ensuring
compliance under Code Sections 1471 through 1474) (and if any such information or documentation previously provided becomes incorrect or obsolete, such Member will promptly notify the Managing Member and provide updated information and
documentation); 
 (e) such Member is not a disregarded entity for U.S. federal income tax purposes and is acquiring its
Common Units for its own account and is the sole beneficial owner thereof for U.S. federal income tax purposes; 
 (f) either
(i) such Member is not, for U.S. federal income tax purposes, a partnership, trust, estate or “S Corporation” as defined in the Code (in each case, a “Pass-Through Entity”) or (ii) such Member is, for U.S.
federal income tax purposes, a Pass-Through Entity and, within the meaning of Regulations Section 1.7704-1, (A) it is not a principal purpose of the use of the tiered arrangement involving such Member to permit the Company to satisfy the
100-partner limitation described in Regulations Section 1.7704-1(h)(1)(ii) or (B) at no time during the term of the Company will substantially all of the value of a beneficial owner’s interest in such Member (directly or indirectly)
be attributable to such Member’s ownership of its Common Units, and such Member has not transferred and will not transfer its Common Units on or through (1) an established securities market or (2) a secondary market or the substantial
equivalent thereof, all within the meaning of Code Section 7704(b); and 
 (g) such Member’s taxable year-end is
December 31 or has been otherwise indicated to the Managing Member in writing. 
 Section 5.7 Certain Costs and
Expenses. The Company shall (a) pay (or cause to be paid) all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the
compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (b) pay (or cause to be paid) and/or reimburse the Managing Member for all costs,
fees, 

  
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operating expenses and other expenses of the Managing Member (including, without suggesting any limitation of any kind, costs of securities offerings not borne directly by Members, board of
directors compensation and meeting costs, cost of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs and franchise taxes); provided, however, that, the Company shall
not pay or bear any income tax obligations of the Managing Member). 
 ARTICLE VI 

TAX MATTERS 

Section 6.1 Preparation of Tax Returns. The Tax Matters Member shall arrange for the preparation and timely filing of all
returns required to be filed by the Company. As promptly as practicable after the end of each Fiscal Year, the Managing Member shall cause the Company to provide to each Member a Schedule K-1 for such Fiscal Year. Additionally, the Managing Member
shall cause the Company to provide on a timely basis to each Member, to the extent commercially reasonable and available to the Company without undue cost, any information reasonably required by the Member to prepare, or in connection with an audit
of, such Member’s income tax returns. 
 Section 6.2 Tax Elections. The taxable year shall be the Fiscal Year unless
the Managing Member shall determine otherwise in compliance with applicable laws. The Tax Matters Member shall determine whether to make or revoke any available election pursuant to the Code; provided that the Tax Matters Member shall cause
the Company to make and to maintain and keep in effect at all times, in accordance with Code Sections 734, 743 and 754 and applicable Regulations and comparable state law provisions, an election to adjust tax basis in the event (a) any Common
Unit is Transferred in accordance with this Agreement (including the purchase by ECI of Common Units from the Members (other than the Managing Member) in connection with the IPO) or (b) any Company property is distributed to any Member. Each
Member will upon request supply any information necessary to give proper effect to any tax elections. Notwithstanding the foregoing, no election shall be made to treat the Company as a corporation for tax purposes and the Managing Member agrees not
to take any action to treat the Company as a corporation for tax purposes. 
 Section 6.3 Tax Controversies. The Managing
Member is hereby designated as the Tax Matters Member and is authorized and required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting
administrative and judicial proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each Member agrees to cooperate reasonably with the Company and to do or refrain from doing any or all things
reasonably requested by the Company with respect to the conduct of such proceedings. The Tax Matters Member shall keep the Members reasonably informed of the progress of any examinations, audits or other proceedings, and shall provide the Members
with information on a full and timely basis. 
 Section 6.4 Tax Allocations. All matters concerning allocations for
United States federal, state, and local and non-United States income tax purposes, including accounting procedures, not expressly provided for by the term of this Agreement shall be determined in Good Faith by the Managing Member. 

Section 6.5 Fiscal Year. The Fiscal Year of the Company shall end on December 31 unless otherwise determined by the
Managing Member in its sole discretion in accordance with Code Section 706. 
 Section 6.6 Books and Records; Fiscal
Year. The Company shall maintain the Company’s books and records at its principal office. Such books will be kept on such method of accounting as the Managing Member may select. The Company’s accounting period will be the Fiscal
Year, unless and until changed by the Managing Member. The books and records of the Company shall reflect all the Company transactions and shall be appropriate and adequate for the Company’s business, including without limitation: 

(a) a current list in alphabetical order of the full name and last known business street address of each Member; 

  
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 (b) a copy of the certified Articles and all amendments to it, together with
executed copies of any powers of attorney pursuant to which any amendment has been executed; 
 (c) copies of the
Company’s federal, state and local income tax returns and reports, if any, for the three (3) most recent years; 

(d) a copy of this Agreement; and 

(e) any other documents or records required to be maintained under the Act. 

Section 6.7 Reports. The Company will close the books of account promptly after the close of each Fiscal Year and will
prepare and send to each Member a statement of such Member’s distributive share of income and expense for federal income tax reporting purposes. 

ARTICLE VII 

TRANSFER OF UNITS; SUBSTITUTE MEMBERS; REGISTRATION RIGHTS 

Section 7.1 Restrictions on Transfers. Other than as provided for below in this Section 7.1, no Member may
Transfer all or any portion of its Membership Interest except with the written consent of the Managing Member, which may be granted or withheld in its sole discretion. Without the consent of the Managing Member (but otherwise in compliance with this
Section 7.1), a Member may, at any time, (a) Transfer all or any portion of such Member’s Membership Interest pursuant to Article VIII or (b) Transfer all or any portion of such Member’s Membership Interest to
a Permitted Transferee of such Member, provided that such Member Transfers an equivalent number of shares of Class B Common Stock to such Permitted Transferee. Any purported Transfer of all or any portion of a Member’s Membership Interest not
complying with this Section 7.1 shall be void ab initio and shall not create any obligation on the part of the Company or the other Members to recognize the purported Transfer or to recognize the Person to which the Transfer
purportedly was made as a Member, Assignee or Transferee. A Person acquiring a Member’s Membership Interest in accordance with this Section 7.1 shall not be admitted as a Substituted Member or Additional Member except upon
satisfaction of the conditions set forth in Section 7.2, but such Person shall, to the extent of the Membership Interest transferred to it, be entitled to such Member’s (i) share of Distributions, (ii) share of profits and
losses, including Net Profits and Net Losses and (iii) Capital Account in accordance with Section 2.3. Notwithstanding anything in this Section 7.1 or elsewhere in this Agreement to the contrary, if a Member Transfers
all or any portion of its Membership Interest after the designation of a record date and declaration of a distribution pursuant to Section 3.1 and before the payment date of such distribution, the transferring Member (and not the Person
acquiring all or any portion of its Membership Interest) shall be entitled to receive such distribution in respect of such transferred Membership Interest. 

Section 7.2 Recognition of Transfer; Substituted and Additional Members. 

(a) No direct or indirect Transfer of all or any portion of a Member’s Membership Interest may be made, and no purchaser,
assignee, transferee or other recipient of all or any part of such Membership Interest shall be admitted to the Company as a Substituted Member or Additional Member hereunder, if: 

(i) such Transfer is made to any Person who lacks the legal right, power or capacity to own such Membership Interest; 

  
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 (ii) such Transfer (together with prior Transfers) would pose a material risk
that the Company would be a “publicly traded partnership” as defined in Code Section 7704; 
 (iii) such
Transfer would require the registration of such Transferred Membership Interest pursuant to any applicable United States federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act); 

(iv) such Transfer would cause any portion of the assets of the Company to become “plan assets” of any “benefit
plan investor” within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations as modified by Section 3(42) of the Employee
Retirement Income Security Act of 1974, as amended from time to time; or 
 (v) to the extent requested by the Managing
Member, the Managing Member shall not have received the opinion of counsel, if any, required by Section 7.2(c) in connection with such Transfer. 

In addition, notwithstanding any contrary provision in this Agreement, to the extent the Managing Member determines that the Company (or Common
Units or other interests in the Company) do not (or are not reasonably expected to) meet the requirements of Regulation Section 1.7704-1(h), the Managing Member may impose such restrictions on the Transfer of Common Units or other interests in
the Company as the Managing Member may determine to be necessary or advisable to avoid any material risk that the Company could be treated as a publicly traded partnership under Code Section 7704. 

(b) Each Substituted Member and Additional Member shall be bound by all of the provisions of this Agreement. Each Substituted
Member and Additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement or a joinder agreement in customary form), in form and substance reasonably
satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such Substituted Member or Additional Member to be bound by all the terms and provisions
of this Agreement with respect to the Membership Interest acquired by such Substituted Member or Additional Member. The admission of a Substituted Member or Additional Member shall not require the consent of any Member other than the Managing Member
(if and to the extent such consent of the Managing Member is expressly required by this Article VIII). As promptly as practicable after the admission of a Substituted Member or Additional Member, the books and records of the Company and the
Schedule of Members shall be revised to reflect such admission. 
 (c) As a further condition to any Transfer of all or any
part of a Member’s Membership Interest, other than Transfers pursuant to Article VIII, the Managing Member may, in its discretion, require a written opinion of counsel to the transferring Member (which counsel is reasonably satisfactory
to the Managing Member), which opinion shall be obtained at the sole expense of the transferring Member and shall be reasonably satisfactory in form and substance to the Managing Member, as to such matters as are customary and appropriate in
transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not result in a violation of the registration or other
requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to Article VIII. 

  
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 Section 7.3 Expense of Transfer; Indemnification. All reasonable costs and
expenses incurred by the Managing Member and the Company in connection with any Transfer of a Member’s Membership Interest, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be
paid by the transferring Member. In addition, the transferring Member hereby indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Company or any of their Affiliates may
become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 

Section 7.4 Additional Requirements. Notwithstanding any contrary provision in this Agreement, for the avoidance of doubt,
the Managing Member may impose such vesting requirements, forfeiture provisions, Transfer restrictions, minimum retained ownership requirements or other similar provisions with respect to any interests in the Company that are outstanding as of the
date of this Agreement or are created hereafter, with the written consent of the holder of such interests in the Company. Such requirements, provisions and restrictions need not be uniform among holders of interests in the Company and may be waived
or released by the Managing Member in its sole discretion with respect to all or any portion of the interests in the Company owned by any one or more Members or Assignees at any time and from time to time. 

Section 7.5 Registration Rights. The Members shall have registration rights as and to the extent set forth in the
Registration Rights Agreement dated on or about the date hereof among ECI and certain of the Members entered into in connection with the IPO (the “Registration Rights Agreement”). 

ARTICLE VIII 

EXCHANGE 

Section 8.1 General. Subject to adjustment as set forth in Section 8.9, each Member (other than the Managing
Member) shall be permitted, at any time and from time to time after the expiration or earlier termination of the Lock-Up Period (as that term is defined in the Registration Rights Agreement), to exchange one or more Common Units together with an
equivalent number of shares of Class B Common Stock, as such number may be adjusted equitably for any stock split, stock dividend or reverse stock split of the Class B Common Stock, for a like number of fully paid and non-assessable shares of
Class A Common Stock or, if ECI so elects, the Cash Amount contemplated by Section 8.10 (an “Exchange”); provided, however, that, from time to time during the Restricted Exchange Period, a Member
(other than a Founder Entity), together with any Permitted Transferees of such Member, may not exercise rights of Exchange with respect to an aggregate number of Common Units (and equivalent number of shares of Class B Common Stock) that exceeds
such Member’s Exchange Allowance in effect at such time. An Assignee shall have rights to effect an Exchange as though such Assignee was a Member. 

Section 8.2 Exchange Notice. In order to exercise rights of Exchange as provided for under Section 8.1, the
exchanging Member shall present and surrender to the Managing Member the certificate or certificates representing the Common Units and shares of Class B Common Stock to be exchanged (in each case, if certificated), during usual business hours at the
principal executive offices of the Managing Member, accompanied by written notice in the form attached hereto as Exhibit B (the “Exchange Notice”) stating that the exchanging Member elects to exchange the number of Common
Units and shares of Class B Common Stock specified in such notice (represented by such surrendered certificate or certificates, if applicable) and, if the shares of Class A Common Stock to be received are to be issued other than in the

  
 21 

 
name of the exchanging Member, specifying the name(s) of the Person(s) in whose name or on whose order the shares of Class A Common Stock are to be issued. The Member seeking to Exchange
shall represent in the Exchange Notice that such Member owns the Common Units and shares of Class B Common Stock to be delivered at the Closing of the Exchange pursuant to Section 8.3, free and clear of all Liens, except as set forth
therein, and, if there are any Liens identified in the Exchange Notice, such Member shall covenant that such Member will deliver at the applicable Closing evidence reasonably satisfactory to ECI that all such Liens have been released. An Exchange
Notice may be revoked or modified at any time prior to consummation of the Exchange in the discretion of the Member seeking to Exchange, including at any such time after which ECI provides a notice of Cash Exchange to such Member as provided in
Section 8.9. The Managing Member may adopt policies and procedures for the administration of Exchanges in addition to those set forth herein, which policies and procedures may include limitations on Members’ ability to Exchange
other than in specified periods. 
 Section 8.3 Closing. 

(a) If an Exchange Notice has been delivered pursuant to Section 8.2, then as promptly as practicable after receipt
of the Exchange Notice, the parties shall effect the closing of the transactions contemplated by this Article VIII (the “Closing”) at the executive offices of the Managing Member, or at such other time, at such other
place, and in such other manner, as the applicable parties to such Exchange shall agree in writing. The date on which a Closing of an Exchange shall occur is the “Closing Date” with respect to such Exchange. 

(b) No Exchange in which the shares of Class A Common Stock are to be issued other than in the name of the Exchanging
Member shall be permitted (and, if attempted, shall be void ab initio) if, in the Good Faith determination of the Managing Member, such Exchange would not comply with the conditions to Transfer set forth in Section 7.2(a). 

(c) Notwithstanding anything to the contrary in this Article VIII, during a Blackout Period (as defined below), the
Managing Member, in its sole discretion, shall have the right to prohibit any Member from effecting an Exchange and the Managing Member and the Company shall have the right to delay or suspend any Exchange (whether such Exchange will result in the
issuance of shares of Class A Common Stock or the payment of a Cash Amount). For purposes of this Section 8.3(c): 

(i) “Blackout Period” means any time period (A) that is not an Open Window (as defined below),
(B) during which the Managing Member is in possession of material non-public information and has determined in Good Faith that the disclosure of such information would not be in the best interests of the Managing Member or (C) during which
both (1) the registration statement contemplated by Section 2.4 of the Registration Rights Agreement is not effective or is otherwise unavailable and (2) the exchanging Member would not be able to sell the Class A Common Stock it
receives in the Exchange under Rule 144 promulgated under the Securities Act; provided that any such Blackout Period shall expire on the first date on which no circumstances set forth in clauses (A), (B) and (C), in the Managing Member’s
sole discretion, continue to exist; and 
 (ii) “Open Window” means any period during which, in the
discretion of the Managing Member, (A) the directors and executive officers of the Managing Member are permitted to trade securities of the Managing Member under the Managing Member’s insider trading policy and (B) the Managing Member
is not in possession of material non-public information. 

  
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 Section 8.4 Closing Condition. The obligations of the parties to consummate an
Exchange pursuant to this Article VIII shall be subject to the conditions that there shall be no injunction, restraining order or decree of any nature of any Governmental Entity that is then in effect that restrains or prohibits the Exchange
of Common Units. 
 Section 8.5 Closing Deliveries. At each Closing, the Company, the Managing Member and each Member
that has submitted an Exchange Notice in respect of such Closing shall deliver the following: 
 (a) each such Member shall
deliver an instrument of transfer in form reasonably satisfactory to the Managing Member, sufficient to transfer to ECI the number of Common Units and shares of Class B Common Stock set forth in the Exchange Notice of such Member; 

(b) if applicable, each such Member shall deliver evidence reasonably satisfactory to ECI and the Managing Member that all
Liens on the Common Units and shares of Class B Common Stock surrendered by such Member pursuant to this Section 8.5 have been released; and 

(c) the Managing Member shall deliver to each such Member a certificate issued in the name of such Member representing a number
of shares of Class A Common Stock equal to the number of Common Units such Member elected to Exchange. 
 Section 8.6
Expenses. Each party to an Exchange or a Closing shall bear such party’s own expenses in connection with such Exchange or Closing, whether or not such Exchange is ultimately consummated. 

Section 8.7 Termination of Membership; Cancellation and Registration of Common Units. Upon consummation of each Closing
contemplated by this Article VIII, each Common Unit exchanged at such Closing shall thereafter be registered in the name of ECI, and the Managing Member shall modify the books and records of the Company to reflect such Transfer. In the event
that, as a result of an Exchange, a Member shall cease to hold any Common Units, such Member shall cease to be a “member” of the Company for any purpose under this Agreement or the Act. 

Section 8.8 Tax Treatment. As required by the Code and the Regulations: (a) the parties shall report an Exchange
consummated hereunder as a taxable sale of Common Units by a Member to ECI (in conjunction with an associated cancellation of shares of Class B Common Stock) and (b) no party shall take a contrary position on any income tax return, amendment
thereof or communication with a taxing authority. 
 Section 8.9 Adjustment. In the event that the outstanding shares of
Class A Common Stock are converted into another class or series of stock of ECI, then each Member otherwise entitled to effect an Exchange pursuant to Section 8.1 shall, instead of receiving shares of Class A Common Stock,
receive upon such Exchange the amount of such other class or series of stock of ECI that such Member would have received if the Exchange had occurred immediately before the effective date of such event and the shares of Class A Common Stock
received by such Member had been converted into the new class or series. 
 Section 8.10 Cash Exchange. Notwithstanding
anything to the contrary in Section 8.1 through Section 8.9, ECI may, in its sole and absolute discretion, elect to deliver an amount of cash in lieu of some or all of the shares of Class A Common Stock otherwise
deliverable to a Member at the Closing of an Exchange (a “Cash Exchange”). The amount of cash to be paid in a Cash Exchange (the “Cash Amount”) shall be equal to the product obtained by multiplying (a) the
Class A Fair Market Value (as defined below) on the date that the Exchange Notice is delivered to the Company, by (b) the aggregate 

  
 23 

 
number of shares of Class A Common Stock for which the Cash Exchange has been elected. If ECI elects a Cash Exchange with respect to all or a portion of the shares of Class A Common
Stock otherwise deliverable to a Member at the Closing of an Exchange pursuant to this Section 8.11, the Company shall give written notice thereof to such exchanging Member on or before the close of business three days prior to the
Closing, and the number of shares of Class A Common Stock to be delivered in the Exchange pursuant to Section 8.1 through Section 8.9 shall be correspondingly reduced. As provided in Section 8.2, upon receipt
of such notice of Cash Exchange, and prior to the consummation of the Exchange, the Member may in its discretion, revoke or modify its Exchange Notice. “Class A Fair Market Value” means, on the any date of determination, the volume
weighted average sale price per share of Class A Common Stock on the New York Stock Exchange on such date, or if the Class A Common Stock is not listed on the New York Stock Exchange, on the principal national securities exchange on which
the Class A Common Stock is then listed or, if the Class A Common Stock is not listed on a national securities exchange, an automated quotation system on which the Class A Common Stock is then listed or authorized for quotation, in
each case as reported by Bloomberg Financial Markets (or any successor thereto) through its “Volume at Price” functions and ignoring any block trades (which, for purposes of this definition means any transfer of more than 100,000 shares
(subject to adjustment to reflect stock dividends, stock splits, stock combinations and other similar events)), and if the Class A Common Stock is not then listed on a national securities exchange or authorized for quotation on an automated
quotation system, the Fair Market Value of one (1) share of Class A Common Stock. 
 Section 8.11 Mandatory
Exchange. The Managing Member may require all Members holding Common Units to exchange all Common Units and shares of Class B Common Stock held by them for shares of Class A Common Stock (subject to a Cash Exchange) pursuant to
Section 8.1 with the consent of each Founder Entity that is a Member. 
 ARTICLE IX 

DISSOLUTION AND LIQUIDATION; WITHDRAWAL 

Section 9.1 Dissolution. The Company shall not be dissolved by the admission of Additional Members or Substituted Members.
The Company shall be dissolved and its affairs shall be wound up upon the first to occur of any of the following events: 

(a) an election by the Managing Member to dissolve, wind up or liquidate the Company; 

(b) the entry of a decree of judicial dissolution of the Company under Section 2038 of the Act; or 

(c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act. 

Except as otherwise set forth in this Section 9.1, the Company is intended to have perpetual existence. 

Section 9.2 Liquidation and Termination. 

(a) On the dissolution of the Company, the Managing Member shall act as liquidator or (in its sole discretion) may appoint one
(1) or more representatives, Members or other Persons as liquidator(s). The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation
shall be borne as a Company expense. Until final distribution, the liquidators shall continue to operate the Company with all of the power and authority of the Managing Member. The steps to be accomplished by the liquidators are as follows: 

(i) the liquidators shall pay, satisfy or discharge from Company funds all of the debts, liabilities and obligations of the
Company (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the
liquidators may reasonably determine); and 
 (ii) after payment or provision for payment of all of the Company’s
liabilities has been made in accordance with Section 9.1, all remaining assets of the Company shall be distributed in accordance with Article III. 

  
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 Section 9.3 Complete Distribution. The distribution to a Member in accordance
with the provisions of Section 3.1 constitutes a complete return to the Member of its Capital Contributions and a complete distribution to the Member of its interest in the Company and all the Company’s property and constitutes a
compromise to which all Members have consented within the meaning of the Act. 
 Section 9.4 Articles of Dissolution. On
completion of the distribution of Company assets as provided herein, the Managing Member (or such other Person or Persons as the Act may require or permit) shall file articles of dissolution with the Secretary of State of the State of Oklahoma,
cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to continue in existence for all purposes of this Agreement
until it is terminated pursuant to this Section 9.4. 
 Section 9.5 Reasonable Time for Winding Up. A reasonable
time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 9.2 to minimize any losses otherwise attendant upon such winding up. 

Section 9.6 Return of Capital. The liquidators shall not be personally liable for the return of Capital Contributions or
any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 

Section 9.7 HSR Act. Notwithstanding any other provision in this Agreement, in the event that the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 (the “HSR Act”) is applicable to any Member by reason of the fact that any assets of the Company shall be distributed to such Member in connection with the dissolution of the Company, the
dissolution of the Company shall not be consummated until such time as the applicable waiting periods (and extensions thereof) under the HSR Act have expired or otherwise been terminated with respect to each such Member. 

Section 9.8 Member Withdrawal. No Member shall have the power or right to withdraw or otherwise resign from the Company
prior to the dissolution and winding up of the Company, except pursuant to a Transfer permitted under this Agreement. 
 ARTICLE X

 GENERAL PROVISIONS 

Section 10.1 Power of Attorney. Each Member hereby constitutes and appoints the Managing Member and the liquidators, with
full power of substitution, as his, her or its true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate public
offices: 
 (a) this Agreement, all certificates and other instruments and all amendments thereof in accordance with the
terms hereof that the Managing Member deems appropriate or necessary to form, qualify or continue the qualification of, the Company as a limited liability company in the State of Oklahoma and in all other jurisdictions in which the Company may
conduct business or own property; 

  
 25 

 (b) all instruments that the Managing Member deems appropriate or necessary to
reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; 
 (c) all
conveyances and other instruments or documents that the Managing Member or the liquidators deem appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of
cancellation; and 
 (d) all instruments relating to the admission, withdrawal or substitution of any Member. 

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

Section 10.2 Amendments. 

(a) This Agreement may be amended, supplemented, waived or modified by the written consent of the Managing Member in its sole
discretion without the approval of any other Member or other Person; provided, however, that, except as otherwise provided herein, no amendment may materially and adversely affect the rights of a holder of Common Units, as such, other
than on a pro rata basis with other holders of Common Units of the same class, without the consent of such holder (or, if there is more than one such holder that is so affected, without the consent of a majority of such affected holders in
accordance with their holdings of Common Units); provided further, however, that notwithstanding the foregoing, the Managing Member may, without the written consent of any other Member or any other Person, amend, supplement, waive or
modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: 

(i) any amendment, supplement, waiver or modification that the Managing Member determines to be necessary or appropriate in
connection with the creation, authorization or issuance of any class of Common Units or other Equity Securities in the Company or other Company securities in accordance with this Agreement; 

(ii) the admission, substitution, withdrawal or removal of Members in accordance with this Agreement; 

(iii) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent
of the Company or the registered office of the Company; 
 (iv) any amendment, supplement, waiver or modification that the
Managing Member determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations, legislation or interpretation; or 

(v) a change in the Fiscal Year or taxable year of the Company and any other changes that the Managing Member determines to be
necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Company, including a change in the dates on which distributions are to be made by the Company; 

  
 26 

 provided further, that the books and records of the Company shall be deemed amended from
time to time to reflect the admission of a new Member, the withdrawal or resignation of a Member, the adjustment of the Common Units or other interests in the Company resulting from any issuance, Transfer or other disposition of Common Units or
other interests in the Company, in each case that is made in accordance with the provisions hereof. If an amendment has been approved in accordance with this Agreement, such amendment shall be adopted and effective with respect to all Members. Upon
obtaining such approvals as may be required by this Agreement, and without further action or execution on the part of any other Member or other Person, any amendment to this Agreement may be implemented and reflected in a writing executed solely by
the Managing Member and the other Members shall be deemed a party to and bound by such amendment. 
 (b) Notwithstanding the
foregoing, in addition to any other consent that may be required, the consent of each Founder Entity that holds a number of Common Units that is five percent (5%) or more of the number of Common Units outstanding immediately following the
closing of the IPO and the related purchase of Common Units by the Managing Member with the net proceeds therefrom (such number to be adjusted for any subdivision or combination of the Common Units effected after the closing of the IPO) (the
“Special Consent Right”) shall be required for any amendment of this Agreement (or the rights of the Common Units in connection with the authorization or issuance of any other Common Units or Equity Securities of the Company) that:

 (i) reduces the right of any Member to receive Tax Distributions other than on a pro rata basis with a reduction in
taxable income allocable to such Member and other holders of Common Units of the same class; 
 (ii) precludes or limits the
rights of any Member to exercise its respective rights under Article VIII; 
 (iii) requires any Member to make a
Capital Contribution (including as a condition to maintaining any rights necessary to permit such Member to exercise its respective rights under Article VIII); 

(iv) materially increases the obligations of any Member under this Agreement; or 

(v) results in the Company being treated as a corporation for tax purposes. 

(c) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay
beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 10.3
Remedies. Each Member shall have all rights and remedies set forth in this Agreement and all rights and remedies that such Person has been granted at any time under any other agreement or contract and all of the rights that such Person
has under any applicable law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security) to recover
damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law. 

  
 27 

 Section 10.4 Successors and Assigns. All covenants and agreements contained in
this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective Successors in Interest; provided that no Person claiming by, through or under a Member (whether as such Member’s Successor in
Interest or otherwise), as distinct from such Member itself, shall have any rights as, or in respect to, a Member (including the right to approve or vote on any matter or to notice thereof). 

Section 10.5 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

Section 10.6 Counterparts. This Agreement may be executed simultaneously in two or more separate counterparts, any one of
which need not contain the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

Section 10.7 Applicable Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Oklahoma, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Oklahoma or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Oklahoma. Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the federal and state courts of the State of Oklahoma in the event any dispute arises out of this Agreement
or any transaction or other agreement contemplated hereby, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it will not bring any
action relating to this Agreement or any transaction or other agreement contemplated hereby in any court other than the federal and state courts of the State of Oklahoma and (d) waives any right to trial by jury with respect to any action
related to or arising out of this Agreement or any transaction or other agreement contemplated hereby. 
 Section 10.8 Addresses
and Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally
to the recipient, (b) sent by facsimile to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if sent by facsimile before 5:00 p.m. New York time on a Business Day, and
otherwise on the next Business Day, or (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the address for such
recipient set forth on the Schedule of Members, or in the Company’s books and records, or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any
notice to the Managing Member or the Company shall be deemed given if received by the Managing Member at the principal office of the Company designated pursuant to Section 1.5. 

Section 10.9 Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any
creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor)
at any time as a result of making the loan any direct or indirect interest in Company profits, losses, Distributions, capital or property other than as a secured creditor. 

  
 28 

 Section 10.10 Waiver. No failure by any party to insist upon the strict
performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 10.11 Further Action. The parties agree to execute and deliver all documents, provide all information and take or
refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 10.12
Entire Agreement. This Agreement, the other Transaction Documents, those documents expressly referred to herein and other documents dated as of the Effective Date related to the subject matter hereof embody the complete agreement and
understanding among the parties hereto and supersede and preempt any prior understandings, agreements or representations by or among the parties hereto, written or oral, that may have related to the subject matter hereof in any way. 

Section 10.13 Delivery by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement
or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment,
shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party
hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a
facsimile machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a
contract, and each such party forever waives any such defense. 
 Section 10.14 Spousal Consent. Each Member who is an
individual and is married has caused such Person’s spouse to execute and deliver a Spousal Consent and Proxy in substantially the form of Exhibit C. 

ARTICLE XI 

DEFINITIONS 

Section 11.1 Certain Definitions. Unless the context otherwise requires, the following terms shall have the following
meanings for purposes of this Agreement: 
 “Act” means the Oklahoma Limited Liability Company Act as set forth in Title
18, Section 2000, et. seq., of the Oklahoma Statutes. 
 “Additional Member” means any Person that has been admitted
to the Company as a Member after the Effective Date pursuant to Section 2.2(b) by virtue of having received its Membership Interest from the Company and not from any other Member or Assignee. 

“Adjusted Capital Account Deficit” means, with respect to any Person’s Capital Account as of the end of any taxable
year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Capital Account balance shall be (a) reduced for any items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and
(6) and (b) increased for any amount such Person is 

  
 29 

 
obligated to contribute or is treated as being obligated to contribute to the Company pursuant to Regulations Sections 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or
1.704-2(g)(1) and 1.704-2(i) (relating to minimum gain). 
 “Affiliate” when used with reference to another Person means
any Person (other than the Company), directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with, such other Person. An entity is an Affiliate for purposes of this definition only for such
periods as the requisite control relationship is maintained. In addition, Affiliates of a Member shall include all its directors, managers, officers in their capacities as such, except that this sentence shall not apply to the use of Affiliate in
the definition of “Change in Control.” 
 “Assignee” means any Transferee to which a Member or another Assignee
has Transferred all or a portion of its interest in the Company in accordance with the terms of this Agreement, but that is not a Member. 

“Bankruptcy” means, with respect to any Person, the occurrence of any of the following events: 

(a) the filing of an application by such Person for, or a consent to, the appointment of a trustee or custodian of such
Person’s assets; 
 (b) the filing by such Person of a voluntary petition in bankruptcy or the seeking of relief under
Title 11 of the United States Code, as now constituted or hereafter amended, or the filing of a pleading in any court of record admitting in writing such Person’s inability to pay its debts as they become due; 

(c) the failure of such Person to pay its debts as such debts become due; 

(d) the making by such Person of a general assignment for the benefit of creditors; 

(e) the filing by such Person of an answer admitting the material allegations of, or such Person’s consenting to, or
defaulting in answering, a bankruptcy petition filed against him in any bankruptcy proceeding or petition seeking relief under Title 11 of the United States Code, as now constituted or as hereafter amended; or 

(f) the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating such Person a bankrupt or
insolvent or for relief in respect of such Person or appointing a trustee or custodian of such Person’s assets and the continuance of such order, judgment or decree unstayed and in effect for a period of 60 consecutive calendar days. 

“Beneficial Owner” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act, as amended from time to time.

 “Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York,
New York are authorized or required to close. 
 “Capital Contributions” means any cash, cash equivalents or, at the
consent of the Managing Member, the Fair Market Value of other property that a Member contributes to the Company with respect to any Common Unit or other Equity Securities issued pursuant to Article II (net of liabilities assumed by the
Company or to which such property is subject). 

  
 30 

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

(a) a transaction or series of related transactions (other than an offering of Class A Common Stock to the general public
through a registration statement filed with the Securities and Exchange Commission) whereby any Third Party directly or indirectly becomes the Beneficial Owner of securities of ECI representing fifty percent (50%) or more of the combined voting
power of ECI’s then outstanding securities; 
 (b) during any twenty-four (24) consecutive month period, the
individuals who, at the beginning of such period, constitute the Board of Directors of ECI (the “Incumbent Directors”) cease for any reason other than death to constitute at least a majority of the Board of Directors of ECI;
provided, however, that an individual who becomes a member of the Board of Directors of ECI subsequent to the beginning of the twenty-four (24) month period will be deemed to have satisfied such twenty-four (24) month
requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with the approval of, at least two-thirds (2/3) of the directors who then qualified as Incumbent Directors; 

(c) the consummation of a sale or disposition of all or substantially all of ECI’s assets in one or a series of related
transactions, other than (i) such a sale, disposition or lease to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of ECI in substantially the same proportions
as their ownership of ECI immediately prior to such sale or disposition or (ii) the distribution directly to ECI’s stockholders (in one distribution or a series of related distributions) of all of the stock of one or more Subsidiaries of
ECI that represent substantially all of ECI’s assets; 
 (d) there is consummated a merger or consolidation of ECI or
any direct or indirect Subsidiary of ECI with any other corporation or other entity, other than (i) a merger or consolidation which results in (A) the voting securities of ECI outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary under an employee benefit plan
of ECI or any Subsidiary of ECI, more than fifty percent (50%) of the combined voting power of the securities of ECI or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) the
individuals who comprise the Board immediately prior thereto constituting immediately thereafter at least a majority of the board of directors of ECI, the entity surviving such merger or consolidation or, if ECI or the entity surviving such merger
is then a Subsidiary of another Person, the ultimate parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization of ECI (or similar transaction) in which no Third Party is or becomes the Beneficial Owner, directly
or indirectly, of securities of ECI (not including in the securities Beneficially Owned by such Third Party any securities acquired directly from ECI or its Affiliates) representing at least fifty percent (50%) of the combined voting power of
ECI’s then outstanding securities; 
 (e) a transaction pursuant to which the Founder Entities cease to own at least 50%
of the combined voting power of ECI’s then outstanding securities; or 
 (f) the stockholders of ECI approve a plan of
complete liquidation or dissolution of ECI. 
 “Class A Common Stock” means the shares of Class A Common Stock, par
value $0.00001 per share, of ECI. 

  
 31 

 “Class B Common Stock” means the shares of Class B Common Stock, par value
$0.00001 per share, of ECI. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time.

 “Company Minimum Gain” has the meaning set forth for the term “partnership minimum gain” in Regulations
Section 1.704-2(d). 
 “Control” means, when used with reference to any Person, the power to direct the management or
policies of such Person, directly or indirectly, by or through stock or other equity ownership, agency or otherwise, or pursuant to or in connection with an agreement, arrangement or other understanding (written or oral); and the terms
“controlling” and “controlled” shall have meanings correlative to the foregoing. 

“Depreciation” has the meaning set forth in paragraph (e) of the definition of “Net Income” or
“Net Loss.” 
 “Distribution” means each distribution after the Effective Date made by the Company to a
Member, whether in cash, property or securities of the Company, pursuant to, or in respect of, Article III or Article IX. 

“ECI Group” means ECI and/or any Subsidiary of ECI (other than the Company or any Subsidiary of the Company). 

“Economic Interest” means the right to allocations of items of income, gain, loss, deduction, credit or similar items and the
right to Distributions of cash and other property as provided in Article III, Article IV, Article IX and Article X and in the Act, but shall not include any right to participate in the management or affairs of the Company
or any right to receive information concerning the business and affairs of the Company, in each case, except as expressly otherwise provided in this Agreement or required by the Act. 

“EControls Group” means EControls Group, Inc., a Texas corporation, its Affiliates and each of their respective successors.

 “Equity Securities” means, as applicable: 

(a) any capital stock, membership interests or other share capital; 

(b) any securities directly or indirectly convertible into or exchangeable for any capital stock, membership interests or other
share capital or containing any profit participation features; 
 (c) any rights or options directly or indirectly to
subscribe for or to purchase any capital stock, membership interests, other share capital or securities containing any profit participation features or to subscribe for or to purchase any securities directly or indirectly convertible into or
exchangeable for any capital stock, membership interests, other share capital or securities containing any profit participation features; 

(d) any share appreciation rights, phantom share rights or other similar rights; or 

(e) any Equity Securities issued or issuable with respect to the securities referred to in clause (a) through
clause (d) above in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. 

  
 32 

 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended, and applicable rules and regulations thereunder. Any reference herein to a specific section, rule or regulation of the Exchange Act shall be deemed to include any corresponding provisions of future law. 

“Exchange Allowance” means, as of a particular time of determination with respect to any Member, (a) the Exchange
Allowance Percentage multiplied by the number of Common Units set forth opposite such Member’s name on the Schedule of Members as originally attached to this Agreement on the Effective Date minus (b) the number of Common
Units Transferred by such Member prior to such time of determination (other than pursuant to an exercise of rights of Exchange pursuant to Article VIII); provided, however, that Common Units Transferred by a Member to a
Permitted Transferee shall not be deemed to have been Transferred solely for purposes of this definition for so long as such Common Units continue to be held by a Permitted Transferee of such Member (and provided that such Permitted Transferee shall
be subject to such Member’s Exchange Allowance with respect to its exercise of rights of Exchange pursuant to Article VIII). 

“Exchange Allowance Percentage” means, as of a particular time of determination, the greater of (a) the percentage of
the number of Common Units set forth opposite Murphy Group’s name on the Schedule of Members as originally attached to this Agreement on the Effective Date that have been Transferred by Murphy Group at or prior to such time of determination and
(b) the percentage of the number of Common Units set forth opposite EControls Group’s name on the Schedule of Members as originally attached to this Agreement on the Effective Date that have been Transferred by EControls Group at or prior
to such time of determination, in each case including Common Units Transferred by the applicable Founder Entity pursuant to an exercise of rights of Exchange pursuant to Article VIII; provided, however, that Common Units
Transferred by a Founder Entity (or its Permitted Transferees) to a Permitted Transferee shall not be deemed to have been Transferred solely for purposes of this definition for so long as such Common Units continue to be held by a Permitted
Transferee of such Founder Entity (or by a member of the Family Group of a Permitted Transferee of such Founder Entity). 
 “Fair
Market Value” means, with respect to any asset or securities, the fair market value for such assets or securities as between a willing buyer and a willing seller in an arm’s length transaction occurring on the date of valuation, taking
into account all relevant factors determinative of value, as determined in Good Faith by the Managing Member. 
 “Family
Group” means for any individual, such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, and any trust, limited partnership,
corporation or limited liability company established solely for the benefit of such individual or such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of
such descendants. 
 “Fiscal Year” means the fiscal year of the Company, which unless otherwise determined by the Managing
Member in its sole discretion shall be each period ending on December 31. 
 “Founder Entity” means each of Murphy
Group and EControls Group. 
 “Good Faith” shall mean a Person having acted in good faith and in a manner that such Person
reasonably believed to be in or not opposed to the best interests of the Company and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having jurisdiction over the Company or any of its Subsidiaries or any of the property or
other assets of the Company or any of its Subsidiaries. 

  
 33 

 “Gross Asset Value” means, with respect to any asset, the asset’s adjusted
basis for federal income tax purposes, except as follows: 
 (a) the initial Gross Asset Value of any asset contributed by a
Member to the Company shall be the gross Fair Market Value of such asset on the date of the contribution; 
 (b) the Gross
Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times: 

(i) the acquisition of an additional interest in the Company after the Effective Date by a new or existing Member in exchange
for more than a de minimis Capital Contribution, if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative Economic Interests of the Members in the Company; 

(ii) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of
services to or for the benefit of the Company or any of its Subsidiaries by an existing or a new Member acting in a partner capacity, or in anticipation of becoming a partner; 

(iii) the Distribution by the Company to a Member of more than a de minimis amount of Company property as consideration
for an interest in the Company, if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative Economic Interests of the Members in the Company; and 

(iv) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

(c) the Gross Asset Value of any Company asset distributed to a Member shall be the gross Fair Market Value of such asset on
the date of Distribution; 
 (d) the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any
adjustments to the adjusted basis of such assets pursuant to Code Sections 734(b) or 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this clause (d) to the extent that the Managing Member determines that an adjustment pursuant to clause
(b) of this definition of Gross Asset Value is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d); and 

(e) with respect to any asset that has a Gross Asset Value that differs from its adjusted tax basis, Gross Asset Value shall be
adjusted by the amount of Depreciation rather than any other depreciation, amortization or other cost recovery method. 

“Income” means individual items of Company income and gain determined in accordance with the definitions of Net Income and
Net Loss (except clause (g) thereof). 

  
 34 

 “Lien” means any mortgage, pledge, hypothecation, claim, security interest,
encumbrance, lease, sublease, license, occupancy agreement, adverse claim or interest, easement, covenant, encroachment, burden, title defect, title retention agreement, interest, equity, option, lien, right of first refusal, charge or other
restriction or limitation of any nature whatsoever. 
 “Loss” means individual items of Company loss and deduction
determined in accordance with the definitions of Net Income and Net Loss. 
 “Managing Member” means ECI and its successors
and assigns and any substitute Managing Member appointed in accordance with the terms of this Agreement. 
 “Member” means
each Person listed on the Schedule of Members and each other Person who is hereafter admitted as a Member in accordance with the terms of this Agreement and the Act. The Members shall constitute the “members” (as such term is defined in
the Act) of the Company. Any reference in this Agreement to any Member shall include such Member’s Successors in Interest to the extent such Successors in Interest have become Substituted Members in accordance with the provisions of this
Agreement. Except as otherwise set forth herein or in the Act, the Members shall constitute a single class or group of members of the Company for all purposes of the Act and this Agreement. 

“Member Minimum Gain” means minimum gain attributable to Member Nonrecourse Debt determined in accordance with Regulations
Section 1.704-2(i). 
 “Member Nonrecourse Debt” has the meaning set forth for the term “partner nonrecourse
debt” in Regulations Section 1.704-2(b)(4). 
 “Membership Interest” means, with respect to each Member, such
Member’s Economic Interest and rights as a Member. 
 “Murphy Group” means Murphy Group, Inc., an Oklahoma
corporation, its Affiliates and each of their respective successors. 
 “Net Income” or “Net Loss” means,
for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such Fiscal Year or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or
deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in such taxable income or loss), with the following adjustments: 

(a) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net
Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 

(b) any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be subtracted from such taxable income or
loss; 
 (c) in the event the Gross Asset Value of any Company asset is adjusted pursuant to clause (b) or
clause (c) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Gross Asset Value of the asset) or loss (if the adjustment decreases the Gross Asset
Value of the asset) from the disposition of such asset for purposes of computing Net Income or Net Loss; 

  
 35 

 (d) gain or loss resulting from any disposition of property with respect to which
gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, with respect to a Company asset having a Gross Asset Value that differs from its adjusted basis for tax purposes, “Depreciation” with respect to such asset shall be computed by reference to the asset’s Gross Asset
Value in accordance with Regulations Section 1.704-1(b)(2)(iv)(g); 
 (f) to the extent an adjustment to the adjusted
tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a Distribution other than in
liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the
disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 
 (g) any
Income or Loss that is allocated under Section 4.2 shall be excluded for purposes of computing Net Income or Net Loss. 

“Percentage Interest” of each Member is set forth on the Schedule of Members, which may be amended from time to time and
which shall be equal to a fraction (expressed as a percentage), the numerator of which is the number of Common Units held by such Member and the denominator of which is the number of Common Units held by all the Members (it being understood that if
the Company hereafter issues any Equity Securities other than the Common Units, then this definition shall be changed pursuant to an amendment of this Agreement in accordance with the terms hereof). 

“Permitted Transferee” means, with respect to any Member, (a) its Affiliates (including, in the case of any Member that
is an entity, any distribution by such Member to its members, partners or stockholders (the “Member’s Owners”), and any related distributions by the Member’s Owners to their respective members, partners or stockholders)
and (b) in the case of an individual, any member of its Family Group. 
 “Person” means an individual, a partnership
(including a limited partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“Regulations” means the regulations, including temporary regulations, promulgated by the United States Treasury Department
under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Restricted Exchange Period” means the period beginning on the Effective Date and ending on the first to occur of
(a) the three-year anniversary of the closing of the IPO and (b) the date on which the Founder Entities cease to own at least 15% of the combined voting power of ECI’s then outstanding securities. 

  
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 “Securities Act” means the United States Securities Act of 1933, as amended, and
applicable rules and regulations thereunder. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 

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

“Substituted Member” means any Person that has been admitted to the Company as a Member pursuant to Section 7.2
by virtue of such Person receiving all or a portion of a Membership Interest from a Member or its Assignee and not from the Company. 

“Successor in Interest” means any (a) trustee, custodian, receiver or other Person acting in any Bankruptcy or
reorganization proceeding with respect to, (b) assignee for the benefit of the creditors of, (c) trustee or receiver, or current or former officer, director or partner, or other fiduciary acting for or with respect to the dissolution,
liquidation or termination of or (d) other Transferee, executor, administrator, committee, legal representative or other successor or assign of, any Member, whether by operation of law or otherwise (including any Person acquiring (whether by
merger, consolidation, sale, exchange or otherwise) all or substantially all of the assets or Equity Securities of the Company and its Subsidiaries). 

“Tax Matters Member” has the same meaning as “tax matters partner” set forth in Code Section 6231. 

“Tax Receivable Agreement” means the Tax Receivable Agreement dated on or about the date hereof between ECI, the Company and
the Members immediately prior to consummation of the IPO, as it may be amended or supplemented from time to time. 
 “Third
Party” means any “person” within the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Section 13(d) and Section 14(d) thereof, except that such term will not include (a) ECI or any
Subsidiary thereof, (b) Murphy Group or any Affiliate thereof, (c) EControls Group or any Affiliate thereof, (d) a trustee or other fiduciary holding securities under an employee benefit plan of ECI or any Subsidiary thereof,
(e) an underwriter temporarily holding securities pursuant to an offering of such securities or (f) a corporation owned, directly or indirectly, by the stockholders of ECI in substantially the same proportions as their ownership of stock
of ECI. 

  
 37 

 “Transaction Documents” means, together, this Agreement and the Tax Receivable
Agreement. 
 “Transfer” means any sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a
participation in, grant of a security interest or other direct or indirect disposition or encumbrance of a Common Unit (whether with or without consideration, whether voluntarily or involuntarily or by operation of law). The terms
“Transferee,” “Transferor,” “Transferred” and other forms of the word “Transfer” shall have the correlative meanings. 

Section 11.2 Index of Additional Definitions. 
  

					
	                Term	  	 Section
	 
		
	A&R Agreement	  	 	Recitals	  
	Agreement	  	 	Preamble	  
	Articles	  	 	Recitals	  
	Blackout Period	  	 	8.3(c)(i)	  
	Capital Account	  	 	2.3(a)	  
	Cash Amount	  	 	8.10	  
	Cash Exchange	  	 	8.10	  
	Class A Fair Market Value	  	 	8.10	  
	Closing	  	 	8.3(a)	  
	Closing Date	  	 	8.3(a)	  
	Common Unit	  	 	2.1(a)	  
	Company	  	 	Preamble	  
	Company’s Tax Liability	  	 	3.5(b)	  
	Corresponding Company Securities	  	 	2.1(c)	  
	ECI	  	 	Recitals	  
	Effective Date	  	 	Preamble	  
	Effective Time	  	 	Recitals	  
	Exchange	  	 	8.1	  
	Exchange Notice	  	 	8.2	  
	HSR Act	  	 	8.7	  
	IPO	  	 	Recitals	  
	IPO Transactions	  	 	Recitals	  
	Notice	  	 	2.1(h)	  
	Officers	  	 	5.1(a)	  
	Open Window	  	 	8.3(c)(ii)	  
	Original Agreement	  	 	Recitals	  
	Pass-Through Entity	  	 	5.6(f)(i)	  
	Registration Rights Agreement	  	 	7.5	  
	Regulatory Allocations	  	 	4.2(g)	  
	Schedule of Members	  	 	Recitals	  
	Special Consent Right	  	 	9.2(b)	  
	Tax Distribution	  	 	3.5(a)	  
	Tax Distribution Date	  	 	3.5(a)	  
	Underwriters	  	 	Recitals	  
	Unvested Common Units	  	 	2.2(c)(i)	  

  
 38 

 Section 11.3 Interpretative Matters. In this Agreement, unless otherwise
specified or where the context otherwise requires: 
 (a) the headings of particular provisions of this Agreement are
inserted for convenience only and will not be construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement; 

(b) words importing any gender shall include other genders; 

(c) words importing the singular only shall include the plural and vice versa; 

(d) the words “include,” “includes” or “including” shall be deemed to be followed by the words
“without limitation”; 
 (e) the words “hereof,” “herein” and “herewith” and words of
similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(f) references to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to
Articles, Exhibits, Sections or Schedules of or to this Agreement; 
 (g) references to any Person include the successors and
permitted assigns of such Person; 
 (h) the use of the words “or,” “either” and “any” shall
not be exclusive; 
 (i) wherever a conflict exists between this Agreement and any other agreement, this Agreement shall
control but solely to the extent of such conflict; 
 (j) references to “$” or “dollars” means the lawful
currency of the United States of America; 
 (k) references to any agreement, contract or schedule, unless otherwise stated,
are to such agreement, contract or schedule as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; and 

(l) the parties hereto have participated jointly in the negotiation and drafting of this Agreement; accordingly, in the event
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the
authorship of any provisions of this Agreement. 
 * * * * * * 

  
 39 

 IN WITNESS WHEREOF, Enovation
Controls, LLC, intending to be legally bound, has executed this Second Amended and Restated Operating Agreement of Enovation Controls, LLC as of the day and year first set forth above. 

 

			
	Enovation Controls, LLC, an Oklahoma limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

COMPANY SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT
OF ENOVATION CONTROLS, LLC 

 IN WITNESS WHEREOF, the
undersigned Members of Enovation Controls, LLC, intending to be legally bound, have executed this Second Amended and Restated Operating Agreement of Enovation Controls, LLC as of the day and year first set forth above. 

 

			
	MEMBERS:
	
	Murphy Group, Inc., an Oklahoma corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	EControls Group, Inc., a Texas corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	{Name}

  

MEMBER SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT
OF ENOVATION CONTROLS, LLC 

 IN WITNESS WHEREOF, the
undersigned, desiring to be admitted as an Additional Member of Enovation Controls, LLC, and intending to be legally bound, has executed this Second Amended and Restated Operating Agreement of Enovation Controls, LLC as of the day and year set forth
adjacent to the undersigned’s signature below, and agrees to be bound by the terms and provisions of the Second Amended and Restated Operating Agreement of Enovation Controls, LLC as if originally a party thereto. 

{This page is a template. Duplicate and conform this form of signature page as appropriate for either an entity or an individual
Additional Member.} 
  

							
		 		 	ADDITIONAL MEMBER:
			
		 		 	{Insert name of entity Member}, a {insert state of formation} {insert type of entity}
				
	Date:                 , 20    	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	Date:                 , 20    	 		 	  

		 		 	{insert name of individual Member}

  

ADDITIONAL MEMBER SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT
OF ENOVATION CONTROLS, LLC 

 IN WITNESS WHEREOF, the
undersigned, desiring to be admitted as a Substituted Member of Enovation Controls, LLC, and intending to be legally bound, has executed this Second Amended and Restated Operating Agreement of Enovation Controls, LLC as of the day and year set forth
adjacent to the undersigned’s signature below, and agrees to be bound by the terms and provisions of the Second Amended and Restated Operating Agreement of Enovation Controls, LLC as if originally a party thereto. 

{This page is a template. Duplicate and conform this form of signature page as appropriate for either an entity or an individual
Substituted Member.} 
  

							
		 		 	SUBSTITUTED MEMBER:
			
		 		 	{Insert name of entity Member}, a {insert state of formation} {insert type of entity}
				
	Date:                 , 20    	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	Date:                 , 20    	 		 	  

		 		 	{insert name of individual Member}

  

SUBSTITUTED MEMBER SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT
OF ENOVATION CONTROLS, LLC 

 EXHIBIT A  

Schedule of Members 

 EXHIBIT B  

Form of Exchange Notice 

 EXHIBIT C 

Consent of Spouse and Proxy 
 I
acknowledge that I have read the foregoing Second Amended and Restated Operating Agreement and that I know its contents. I am aware that by its provisions the Membership Interest of the Company held by me, my spouse, or either or both of us,
including my community property interest in such Membership Interest, if any, is subject to transfer restrictions and other restrictions pursuant to the Second Amended and Restated Operating Agreement. I hereby agree and consent that such Membership
Interest and my interest in it, if any, are subject to all of the provisions of the foregoing Second Amended and Restated Operating Agreement and that I will take no action at any time to hinder operation of, or violate, the foregoing Second Amended
and Restated Operating Agreement. I hereby grant to my spouse an irrevocable proxy, coupled with an interest, with power of substitution, with respect to all matters relating to such Membership Interest, including the voting and transfer thereof.

  

			
	By:	 	  

		
	Name:	 	  

		
	Spouse:	 	  

		
	Address:	 	  

		
		 	  

		
	Phone:	 	  

		
	Fax:	 	  

  

EXHIBIT C TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT
OF ENOVATION CONTROLS, LLCEX-10.2

 Exhibit 10.2 

TAX RECEIVABLE AGREEMENT 
 This TAX RECEIVABLE
AGREEMENT (this “Agreement”) is dated as of [            ], 2014, by and among Enovation Controls, Inc., a Delaware corporation (the “Corporation”), and
each of the Members (as defined herein). 
 RECITALS: 

WHEREAS, pursuant to that certain [Enovation Controls, LLC Common Unit Purchase Agreement], dated as of
            , 2014, by and among the Corporation and [certain] Members (as defined below) of Enovation Controls, LLC, an Oklahoma limited liability company (“EC LLC”), such
Members will sell to the Corporation certain membership interests in EC LLC designated as “Common Units” (the “Units”) in exchange for a cash purchase price of [        ] (the
“Original Sale”); 
 WHEREAS, pursuant to that certain Second Amended and Restated Limited Liability Company Agreement of
EC LLC, dated as of the date hereof (the “LLC Agreement”), by and among the Corporation and the Members, the Members have the right under certain circumstances to exchange Units, together with an equal number of shares of Class B
common stock, par value $0.00001 per share, of the Corporation (“Class B Shares”), for shares of Class A common stock, par value $0.00001 per share, of the Corporation (“Class A Shares”), subject to the
Corporation’s right to substitute cash in lieu of such Class A shares at its option (each such case, in addition to the Original Sale, an “Exchange”); 

WHEREAS, EC LLC and each of its direct or indirect subsidiaries that is a partnership for U.S. federal income tax purposes (but only if such
indirect subsidiaries are held only through subsidiaries treated as pass-through entities) will have in effect an election under Section 754 of the Code (as defined herein) for the Taxable Year (as defined herein) in which any Exchange occurs,
which election will result in an adjustment to the Corporation’s share of the tax basis of the assets owned by EC LLC and certain of its subsidiaries as of the date of the Exchange, with a consequent result on the taxable income subsequently
derived therefrom; 
 WHEREAS, immediately prior to the Original Sale, the Corporation will become the managing member of EC LLC and
exercise control of EC LLC, including of its business and affairs; and 
 WHEREAS, the parties to this Agreement desire to provide for
certain payments and make certain arrangements with respect to any tax benefits to be derived by the Corporation as the result of Exchanges and any payments made hereunder. 

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

  
 - 1 - 

 ARTICLE I 

DEFINITIONS 
 As
used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Capitalized terms used herein and not otherwise
defined shall have the respective meanings ascribed to such terms in the LLC Agreement. 
 “Advisory Firm” means an
accounting or law firm that is nationally recognized as being expert in Covered Tax matters and not an Affiliate of the Corporation, selected by the Corporation. 

“Advisory Firm Letter” means a letter from the Advisory Firm stating that the relevant schedule, notice or other information
to be provided by the Corporation to the Members and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in
light of the facts and law in existence on the date such schedule, notice or other information is delivered to the Members. 

“Affiliate” has the meaning set forth in Rule 405 promulgated under the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Agreed Rate” means LIBOR plus 200 basis points. 

“Agreement” is defined in the preamble. 

“Allocable Share” means with respect to each Member, for any Taxable Year, the quotient (expressed as a percentage) obtained
by dividing (x) such person’s Member Realized Tax Benefit Amount by (y) the sum of all Member Realized Tax Benefit Amounts. 

“Amended Tax Benefit Schedule” is defined in Section 2.2(b) of this Agreement. 

“Attributable”: The portion of any Realized Tax Benefit of the Corporation that is “Attributable” to any
present or former Member other than the Corporation shall be determined by reference to the assets from which arise the depreciation, amortization or other similar deductions for recovery of cost or basis (“Depreciation”) and the
Imputed Interest that produce the Realized Tax Benefit, and in any case involving Realized Tax Benefits resulting from the sale of an asset in any given Taxable Year by reference to the tax basis of the asset that produce the Realized Tax Benefit,
under the following principles: 
 (i) Any Realized Tax Benefit arising from a deduction to the Corporation with respect to a Taxable Year
for Depreciation arising in respect of a Basis Adjustment to an Exchange Asset is Attributable to a Member in accordance with the ratio of (a) all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by
such Member to (b) the aggregate of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by all Members, 

(ii) Any Realized Tax Benefit arising from a deduction to the Corporation with respect to a Taxable Year in respect of Imputed Interest is
Attributable to the Person that is required to include the Imputed Interest in income (without regard to whether such Person is actually subject to tax thereon), and 

  
 - 2 - 

 (iii) Any Realized Tax Benefit arising from additional tax basis to the Corporation upon the
disposition of an asset by EC LLC or any of its subsidiaries treated as pass-through entities in respect of a Basis Adjustment to an Exchange Asset is Attributable to a Member to the extent that the ratio of all tax basis for the asset in respect of
Basis Adjustments resulting from all Exchanges by such Member bears to the aggregate of all tax basis in respect of Basis Adjustments resulting from all Exchanges by all Members. 

“Basis Adjustment” means the increase or decrease to the tax basis of, or the Corporation’s share of the tax basis of,
the Exchange Assets (i) under Sections 734(b), 743(b) and 754 of the Code and, in each case, the comparable sections of U.S. state and local income and franchise tax law (in situations where, following an Exchange, EC LLC remains in existence
as an entity for tax purposes) and (ii) under Sections 732 and 1012 of the Code and, in each case, the comparable sections of U.S. state and local income and franchise tax law (in situations where, as a result of one or more Exchanges, EC LLC
becomes an entity that is disregarded as separate from its owner for Tax purposes), in each case as a result of any Exchange and any payments made under this Agreement. For the avoidance of doubt, payments under this agreement shall not be treated
as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 
 “Beneficial Owner” of a
security means a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or
(ii) investment power, which includes the power to dispose, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have a correlative meaning. 

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

“Business Day” means any calendar day that is not a Saturday, Sunday or other calendar day on which banks are required or
authorized to be closed in the City of New York. 
 “Change of Control” means the occurrence of any of the following
events: 
 (i) any Person or any group of Persons acting together which would constitute a “group” for purposes of
Section 13(d) of the Exchange Act, or any successor provisions thereto (excluding any group of Persons which includes the Founding Members and their respective Permitted Transferees) is or becomes the Beneficial Owner, directly or indirectly,
of securities of the Corporation representing more than fifty percent (50%) of the combined voting power of the Corporation’s then outstanding voting securities; 

(ii) the following individuals cease for any reason to constitute a majority of the number of directors of the Corporation then serving:
individuals who were directors of the Corporation on the date of the Original Sale and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the board of directors of the Corporation or nomination for election by the Corporation’s stockholders was approved or
recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors of 

  
 - 3 - 

 
the Corporation on the date of the Original Sale or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause
(ii); 
 (iii) there is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary of the Corporation
(including EC LLC) with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the board of directors of the Corporation immediately prior to the merger or consolidation does
not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a subsidiary, the ultimate parent thereof, or (y) all of the Persons who were the respective Beneficial Owners of
the voting securities of the Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting
from such merger or consolidation; 
 (iv) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the
Corporation or there is consummated an agreement or series of related agreements for the sale or other disposition, directly, or indirectly, by the Corporation of all or substantially all of the Corporation’s assets (including a sale of assets
of EC LLC), other than such sale or other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are
owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale. 

Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Corporation immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

“Class A Shares” is defined in the recitals. 

“Class B Shares” is defined in the recitals. 

“Code” means the Internal Revenue Code of 1986, as amended (or any successor U.S. federal income tax statute and the
corresponding provisions thereof). 
 “Corporation” is defined in the preamble. 

“Covered Taxes” means any taxes imposed under Subtitle A of the Code or any other provision of U.S. federal income tax law
(including, without limitation, the taxes imposed by Sections 11, 55, 59A, and 1201(a) of the Code) and U.S. state and local income and franchise taxes. 

“Default Rate” means LIBOR plus 400 basis points. 

  
 - 4 - 

 “Determination” shall have the meaning ascribed to such term in
Section 1313(a) of the Code or similar provision of state or local income or franchise tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability
for any Covered Tax. 
 “Early Termination Date” is the last day of the Taxable Year in which an Early Termination Notice
is given. 
 “Early Termination Notice” is defined in Section 4.2 of this Agreement. 

“Early Termination Payment” means, for any Member, as of the date of an Early Termination Notice, a payment equal to the
present value, discounted at the Termination Rate, of all Tax Benefit Payments that would be required to be paid by the Corporation to such Member beginning from the Early Termination Date assuming the Valuation Assumptions are applied. 

“EC LLC” is defined in the recitals. 

“Exchange” is defined in the recitals. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Exchange Assets” means the assets owned by EC LLC and each of its direct or indirect subsidiaries that are treated as
pass-through entities (but only if such indirect subsidiaries are held only through subsidiaries treated as pass-through entities) for U.S. federal income tax purposes as of an applicable Exchange Date (and any asset whose tax basis is determined,
in whole or in part, by reference to the adjusted basis of any such asset). 
 “Exchange Basis Schedule” is defined in
Section 2.1(a) of this Agreement. 
 “Exchange Date” means the date on which an Exchange is effected. 

“Expert” is defined in Section 7.2(a) of this Agreement. 

“Founding Members” means Murphy Group, Inc. and EControls Group, Inc. 

“Governmental Entity” means any U.S. federal, state or local government or any court of competent jurisdiction,
administrative agency or commission or other domestic governmental authority or instrumentality. 
 “Hypothetical Tax
Basis” means, with respect to any Exchange Asset at any time, the tax basis that such asset would have at such time if no Basis Adjustments had been made as a result of any Exchange. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (and
EC LLC and any of its direct or indirect subsidiaries that are treated as pass-through entities, but only with respect to Taxes allocable to the Corporation and that are imposed on EC LLC or each of such direct or indirect subsidiaries) using the
same 

  
 - 5 - 

 
methods, elections, conventions and similar practices used on the actual Tax Returns of the Corporation, but (i) using the Hypothetical Tax Basis instead of the actual tax basis of each
relevant asset and (ii) excluding any deduction attributable to the Imputed Interest. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Covered Tax item that
is attributable to the Basis Adjustment or Imputed Interest. 
 “Imputed Interest” and “Imputed Principal”
means the portion of a payment treated as interest or principal, as applicable, under Section 1272, 1274 or 483 or other provision of the Code and the similar section of the applicable U.S. state or local income or franchise tax law with
respect to the Corporation’s payment obligations to the Members under this Agreement. 
 “IPO” means the initial
public offering of Class A Shares by the Corporation pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission. 

“IPO Date” means [            , 2014]. 

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

“LIBOR” means, for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum
reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available source of
such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “LLC
Agreement” is defined in the recitals. 
 “Material Breach” means (i) the failure to make any payment due
pursuant to this Agreement within three months of the date such payment is due, (ii) the failure to honor any other material obligations required hereunder to the extent not cured within 30 days of notice by any Member that is materially
prejudiced by such failure (including without limitation any breach of Section 6.1 hereof), or (iii) the Corporation makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent or bankrupt,
petitions or applies to any tribunal for any receiver of or any trustee for the Corporation or any substantial part of its property, commences any proceeding relating to the Corporation under any reorganization, arrangement, readjustment of debt,
dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect, or there is commenced against the Corporation any such proceeding which remains undismissed for a period of 30 days, or the Corporation by any act
indicates its consent to, approval of or acquiescence in any such proceeding or the appointment of any receiver of or any trustee for the Corporation or any substantial part of its property, or suffers any such receivership or trusteeship to
continue undischarged for a period of 60 days. The date of a Material Breach means the date that such failure, assignment, filing, etc. occurs without regard to any cure period. Notwithstanding anything in this Agreement to the contrary, the failure
of the Corporation to make any Tax Benefit Payment (or portion thereof) when due shall not constitute a Material Breach to the extent that the Board determines in good faith that (x) the 

  
 - 6 - 

 
Corporation does not have sufficient cash to make such payment as a result of limitations imposed by credit agreements or any other documents evidencing indebtedness to which EC LLC is a party,
guarantor or otherwise an obligor as of the date of this Agreement (or within the one-year anniversary of the date of this Agreement) (the “Initial Debt Documents”) or any other document evidencing indebtedness to which EC LLC
becomes a party, guarantor or otherwise an obligor thereafter to the extent the terms of such other documents are not materially more restrictive in respect of the Corporation ability to receive from its direct or indirect Subsidiaries funds
sufficient to make such payments compared to the terms of the Initial Debt Documents (again, as determined by the Board in good faith), or (y) such payments could (i) be set aside as fraudulent transfers or conveyances or similar actions
under fraudulent transfer laws or (ii) could cause the Corporation to be insolvent, in which case Section 5.2 shall apply. 

“Member” means each person party to this Agreement who is a member of EC LLC on the date hereof, other than the Corporation,
whether or not such Person is a member of EC LLC on the date any Tax Benefit Payment is due hereunder, and shall include any transferee of such member’s rights hereunder pursuant to Section 7.10 hereof. 

“Member Representative” means [Murphy Group, Inc.] 

“Original Sale” is defined in the recitals. 

“Original Sale Date” means the date on which the Original Sale is effected. 

“Permitted Transferee” means, with respect to any Member, (a) its Affiliates (including, in the case of any Member that
is an entity, any distribution by such Member to its members, partners or shareholders (the “Member’s Owners”), and any related distributions by the Member’s Owners to their respective members, partners or shareholders)
and (b) in the case of an individual, any member of its Family Group. For purposes hereof, “Family Group” means for any individual, such individual’s current or former spouse, their respective parents, descendants of such
parents (whether natural or adopted) and the spouses of such descendants, and any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such individual’s current or former
spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. 

“Person” means and includes any individual, firm, corporation, partnership (including, without limitation, any limited,
general or limited liability partnership), company, limited liability company, trust, joint venture, association, joint stock company, unincorporated organization or similar entity or Governmental Entity. 

“Proceeding” means a suit, action or proceeding relating to this Agreement. 

“Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual tax
liability for Covered Taxes of the Corporation (and EC LLC and any of its direct or indirect subsidiaries that are treated as pass-through entities, but only with respect to Taxes allocable to the Corporation and that are imposed on EC LLC or each
of such direct or indirect subsidiaries) for such Taxable Year, calculated in accordance with the applicable principles set forth in Section 2.2(c) hereof. If all or a portion of the actual tax liability for Covered Taxes for the Taxable Year
arises as a result of an audit by a Taxing 

  
 - 7 - 

 
Authority of any Taxable Year, such adjustment to the liability shall not be included in determining the Realized Tax Benefit or the Realized Tax Detriment unless and until there has been a
Determination. 
 “Realized Tax Benefit Amount” means, for any Member and Taxable Year, the amount of the Realized Tax
Benefit that is Attributable to such Member for such Taxable Year, taking into account only Exchanges made by such Member in such Taxable Year or all prior Taxable Years. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual tax liability for the Covered Taxes of
the Corporation (and EC LLC and any of its direct or indirect subsidiaries that are treated as pass-through entities, but only with respect to Taxes allocable to the Corporation and that are imposed on EC LLC or each of such direct or indirect
subsidiaries) over the Hypothetical Tax Liability for such Taxable Year calculated in accordance with the applicable principles set forth in Section 2.2(c) hereof. If all or a portion of the actual tax liability arises as a result of an audit
by a Taxing Authority of any Taxable Year, such adjustment to the liability shall not be included in determining the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” is defined in Section 7.2(a) of this Agreement. 

“Reconciliation Procedures” shall mean those procedures set forth in Section 7.2 of this Agreement. 

“Senior Obligations” means principal, interest or other amounts due and payable in respect of any debt of the Corporation for
borrowed funds. 
 “Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.2(a) of this Agreement. 

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

“Tax Return” means any return or filing required to be made with respect to Covered Taxes, including amended returns, for any
Taxable Year with any Taxing Authority. 
 “Taxing Authority” means the IRS and any state or local Governmental Entity
responsible for the administration of Covered Taxes. 
 “Termination Rate” means the lesser of (i) 6.5% and
(ii) LIBOR plus 100 basis points. 
 “Treasury Regulations” means the final, temporary and proposed regulations under
the Code promulgated from time to time (including corresponding provisions of succeeding provisions) as in effect for the relevant taxable period. 

  
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 “Units” is defined in the recitals. 

“Valuation Assumptions” means as of any Valuation Date, the assumptions that: 

(i) The Corporation will have income that exceeds the amount of any increase in deductions that may be derived from the Basis Adjustment and
the Imputed Interest throughout the relevant period for purposes of all Covered Taxes. 
 (ii) There will be no change in the applicable
rates of any Covered Taxes throughout the relevant period, except to the extent such changes have already been enacted into law. 
 (iii)
All taxable income of the Corporation will be subject to the maximum applicable rates for Covered Taxes throughout the relevant period. 

(iv) Any loss carryovers or carrybacks generated by the Basis Adjustment or the Imputed Interest (including such Basis Adjustment and Imputed
Interest generated as a result of payments made under this Agreement), and available as of the date of the Early Termination Notice will be utilized by the Corporation on a pro rata basis from the Early Termination Date through the scheduled
expiration date of such loss carryovers or carrybacks. 
 (v) Any non-amortizable assets are deemed to be disposed of on the fifteenth
anniversary of the earlier of the Basis Adjustment and the Early Termination Date. 
 (vi) If an Early Termination is effected prior to an
Exchange of all Units, such remaining Units that are not exchanged as of the Early Termination Date shall be treated as sold in an Exchange occurring on the Early Termination Date. 

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

ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT OR REALIZED TAX DETRIMENT 

Section 2.1 Basis Adjustment Attributable to an Exchange 

(a) Exchange Basis Schedule Generally. Within 90 calendar days after filing its U.S. federal income Tax Return for each Taxable Year in
which any Exchange has been effected, the Corporation shall deliver (or cause EC LLC to deliver) to each Member that effected an Exchange during such Taxable Year a schedule (the “Exchange Basis Schedule”) that shows, in reasonable
detail, for U.S. federal income tax purposes, (i) the actual tax basis of the Exchange Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to the Exchange Assets as a result of the Exchanges effected in such
Taxable Year and all prior Taxable Years, calculated (a) in the aggregate and (b) solely with respect to Exchanges by the relevant Member, (iii) the period or periods, if any, over which such Exchange Assets are amortizable or
depreciable and (iv) the period or periods, if any, over which each Basis Adjustment is amortizable or depreciable. At the time the Corporation delivers (or causes EC LLC to deliver) the Exchange Basis Schedule to a Member, it shall (or cause
EC LLC to) (x) deliver to such Member an Advisory Firm Letter supporting such Exchange Basis Schedule, (y) 

  
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provide schedules and work papers providing reasonable detail regarding the preparation of the Exchange Basis Schedule to the Founding Members and the Member Representative and (z) allow the
Founding Members and the Member Representative reasonable access to the appropriate representatives at the Corporation, EC LLC and the Advisory Firm in connection with its review of such schedule. The Exchange Basis Schedule shall become final and
binding on the parties unless any Founding Member, within 30 calendar days after receiving such Exchange Basis Schedule, provides the Corporation with notice of an objection to such Exchange Basis Schedule made in good faith and in reasonable
detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such notice was delivered to the Corporation, the Corporation and the objecting Founding Member
shall employ the Reconciliation Procedures. 
 (b) Amendments to an Exchange Basis Schedule. An Exchange Basis Schedule may be
amended from time to time by the Corporation (i) in connection with a Determination, (ii) to correct inaccuracies to the original Exchange Basis Schedule identified or agreed to by the Corporation after the date of the Exchange as a result
of the receipt of additional information, (iii) to comply with the expert’s determination under the Reconciliation Procedures or (iv) to take into account payments made pursuant to this Agreement. At the time the Corporation delivers
such amended Exchange Basis Schedule to a Member, it shall (or cause EC LLC to) (x) deliver to such Member an Advisory Firm Letter supporting such amended Exchange Basis Schedule, (y) provide schedules and work papers providing reasonable
detail regarding the preparation of the amended Exchange Basis Schedule to the Founding Members and the Member Representative and (z) allow the Founding Members and the Member Representative reasonable access to the appropriate representatives
at the Corporation, EC LLC and the Advisory Firm in connection with its review of such schedule. The amended Exchange Basis Schedule shall become final and binding on the parties unless, with respect to any change made pursuant to clauses
(ii) or (iv) of the first sentence of this Section 2.1(b), any Founding Member, within 30 calendar days after receiving such amended Exchange Basis Schedule, provides the Corporation with notice of an objection to such amended
Exchange Basis Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 30 calendar days after such notice was delivered to the
Corporation, the Corporation and the objecting Founding Member shall employ the Reconciliation Procedures. 
 Section 2.2 Tax
Benefit Schedule 
 (a) Generally. Within 90 calendar days after filing its U.S. federal income Tax Return for any Taxable Year
in which there is a Realized Tax Benefit or a Realized Tax Detriment, including for this purpose where a Realized Tax Benefit or Realized Tax Detriment is deemed to equal zero pursuant to the proviso in the definition thereof, the Corporation shall
provide to each Member a schedule showing, in reasonable detail, the calculation of the Corporation’s Realized Tax Benefit or Realized Tax Detriment for such Taxable Year, such Member’s Realized Tax Benefit Amount and such Member’s
Allocable Share (the “Tax Benefit Schedule”). At the time the Corporation delivers the Tax Benefit Schedule to a Member, it shall (i) deliver to such Member an Advisory Firm Letter supporting such Tax Benefit Schedule,
(ii) deliver to the Founding Members and the Member Representative schedules and work papers providing reasonable detail regarding the preparation of the Tax Benefit Schedule and (iii) allow

  
 - 10 - 

 
the Founding Members and the Member Representative reasonable access to the appropriate representatives at the Corporation, EC LLC and the Advisory Firm in connection with its review of such
schedules. The Tax Benefit Schedule shall become final and binding on the parties unless any Founding Member within 30 calendar days after receiving such Tax Benefit Schedule, provides the Corporation with notice of an objection to such Tax Benefit
Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after receipt thereof by the Corporation, the Corporation
and the objecting Founding Member shall employ the Reconciliation Procedures. 
 (b) Amendments to Tax Benefit Schedule. A Tax
Benefit Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection with a Determination affecting such Tax Benefit Schedule, (ii) to correct inaccuracies in the original Tax Benefit Schedule
identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Tax Benefit Schedule was provided to the Members, (iii) to reflect a change in the Realized Tax Benefit, Realized Tax
Detriment, a Member Realized Tax Benefit Amount or an Allocable Share for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (iv) to reflect a change in the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year (provided, however, that such a change attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into
account on an Amended Tax Benefit Schedule unless and until there has been a Determination with respect to such change) or (v) to comply with the Expert’s determination under the Reconciliation Procedures. At the time the Corporation
delivers such an amended Tax Benefit Schedule pursuant to this subsection (b) (an “Amended Tax Benefit Schedule”) to a Member it shall (x) deliver to such Member an Advisory Firm Letter supporting such Amended Tax Benefit
Schedule, (y) deliver to the Founding Member and the Member Representative schedules and work papers providing reasonable detail regarding the preparation of the Amended Tax Benefit Schedule and (z) allow the Founding Members and the
Member Representative reasonable access to the appropriate representatives at the Corporation, EC LLC and the Advisory Firm in connection with its review of such schedule. Such Amended Tax Benefit Schedule shall become final and binding on the
parties unless, with respect to any change made pursuant to clauses (ii), (iii) or (iv) of the first sentence of this Section 2.2(b), any Founding Member within 30 calendar days after receiving such Amended Tax Benefit Schedule,
provides the Corporation with notice of an objection to such Amended Tax Benefit Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice
within 30 calendar days after such notice was delivered to the Corporation, the Corporation and the objecting Founding Member shall employ the Reconciliation Procedures. 

(c) Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease
or increase in the actual Covered Tax liability of the Corporation for such Taxable Year attributable to the Basis Adjustments and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, the actual
Covered Tax liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest under the Code based upon the characterization of the Tax Benefit Payment as additional consideration
payable by the Corporation for the Units acquired in an Exchange. Carryovers or carrybacks of 

  
 - 11 - 

 
any Covered Tax item attributable to the Basis Adjustment and Imputed Interest (determined using such “with and without” methodology) shall be considered to be subject to the rules of
the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use, order of use, limitation and expiration of carryovers or carrybacks of the relevant type. If
a carryover or carryback of any Covered Tax item includes a portion that is attributable to the Basis Adjustment and Imputed Interest and another portion that is not, such portions shall be considered to be used in the order determined using such
“with and without” methodology. The parties agree that all Tax Benefit Payments (except any interest component thereof) (i) will be treated as subsequent upward purchase price adjustments that give rise to further Basis Adjustments
for the Corporation, (ii) will have the effect of creating additional Basis Adjustments for the Corporation in the year of payment, and (iii) as a result, such additional Basis Adjustments will be incorporated into the current year
calculation and into future year calculations, as appropriate, with any circularity created in the current year continuing until any incremental current year benefits equal an immaterial amount. 

(d) At the time of any Exchange, the Member Representative shall conclude whether the aggregate value of the Tax Benefit Payments can be
ascertained with any reasonable certainty for U.S. federal income tax purposes. Unless there is a Determination to the contrary, the Corporation and the Members, on their own behalf and on behalf of each of their Affiliates, agree to report and
cause to be reported for all U.S. purposes, including for purposes of all Covered Taxes and U.S. financial reporting purposes, all payments made under this Agreement in a manner consistent with such conclusion. 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.1 Payments. 

(a) Within five calendar days of the delivery of the Tax Benefit Schedule to the Members for any Taxable Year, and, if applicable, within five
calendar days of the final determination of the Tax Benefit Schedule pursuant to the procedures set forth in Section 2.2(a), the Corporation shall pay to each Member an amount equal to such Member’s Allocable Share of the Tax Benefit
Payment for such Taxable Year (or in the case of such a final determination, the portion thereof not previously paid). Within five calendar days of the delivery of an Amended Tax Benefit Schedule to the Members for any Taxable Year, and, if
applicable, within five calendar days of the final determination of an Amended Tax Benefit Schedule pursuant to the procedures set forth in Section 2.2(b), the Corporation shall pay to each Member an amount equal to such Member’s Allocable
Share of the additional Tax Benefit Payment (or in the case of such a final determination, the portion thereof not previously paid), if any, for such Taxable Year. Each Tax Benefit Payment shall be made by wire transfer of immediately available
funds to the bank account of the Member previously designated to the Corporation by such person, and no Member shall be required to return any portion of any previously made Tax Benefit Payment. For the avoidance of doubt, no Tax Benefit Payment
shall be made in respect of estimated tax payments, including, without limitation, estimated federal income tax payments. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, if the Corporation has
not elected to terminate this Agreement pursuant to Sections 4.1 or 4.2, then all Tax Benefit Payments, whether paid with respect to Units that were exchanged 

  
 - 12 - 

 
(y) prior to the date of such Change of Control or (z) on or after the date of such Change of Control, shall be calculated by utilizing Valuation Assumptions (i), (iv), (v) and (vi),
substituting in each case the terms “the date of a Change of Control” for an “Early Termination Date”. 
 (b) A
“Tax Benefit Payment” shall equal 85% of the Corporation’s Realized Tax Benefit, if any, for such Taxable Year, 

increased by: 
 (i)
interest calculated at the Agreed Rate from the due date (without extensions) for filing the relevant Tax Return for such Taxable Year); and 

(ii) 85% of the amount of the excess, if any, of the Realized Tax Benefit reflected on an Amended Tax Benefit Schedule for a previous Taxable
Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Tax Benefit Schedule for such previous Taxable Year, and 

decreased by: 
 (iii) an
amount equal to 85% of the Corporation’s Realized Tax Detriment (if any) for any previous Taxable Year; and 
 (iv) 85% of the amount
of the excess, if any, of the Realized Tax Benefit reflected on the Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Amended Tax Benefit Schedule for such previous Taxable
Year; 
 provided, however, that the amounts described in clauses (ii), (iii) and (iv) shall not be taken into account in
determining a Tax Benefit Payment attributable to any Taxable Year to the extent of such amounts were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year. 

Section 3.2 No Duplicative Payment. No duplicative payment of any amount (including interest) will be required under this
Agreement. 
 Section 3.3 Pro Rata Payments. If for any reason the Corporation does not fully satisfy its payment obligations to
make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the Corporation and the Members agree that no Tax Benefit Payment shall be made in respect of any subsequent Taxable Year until all Tax Benefit
Payments in respect of prior Taxable Years have been made in full. 
 ARTICLE IV 

TERMINATION 

Section 4.1 Early Termination. Within 30 days of a Change of Control, the Corporation may terminate this Agreement effective as of
the Early Termination Date by paying to each Member (including, for the avoidance of doubt, any transferee pursuant to Section 7.10(a)) such Member’s Early Termination Payment as provided in Section 4.3 below. Upon

  
 - 13 - 

 
payment of the Early Termination Payment by the Corporation, the Corporation shall have no further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment agreed
to by the Corporation and a Member, as due and payable but unpaid as of the Early Termination Date and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the Early Termination Date (except to the extent that the amount
described in clause (i) or (ii) is included in the Early Termination Payment). 
 Section 4.2 Early Termination
Notice. To exercise its right of early termination under Section 4.1 above, the Corporation shall deliver to the Members a notice (the “Early Termination Notice”) specifying the Corporation’s intention to exercise its
right of termination and showing in reasonable detail the calculation of each Member’s Early Termination Payment. At the time the Corporation delivers the Early Termination Notice to the Members, the Corporation shall (i) deliver to each
Member schedules and work papers providing reasonable detail regarding the calculation of such Member’s Early Termination Payment in a manner consistent with the definition of such term and an Advisory Firm Letter supporting such calculation,
and (ii) allow the Founding Members and the Member Representative reasonable access to the appropriate representatives at the Corporation, EC LLC and the Advisory Firm in connection with its review of such calculation. The calculation contained
in such Early Termination Notice shall become final and binding on the parties unless any Founding Member, within 30 calendar days after receiving such calculation, provides the Corporation with notice of an objection to such calculation made in
good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such calculation within 30 calendar days after such notice of material objection, the Corporation and the
objecting Founding Member shall employ the Reconciliation Procedures. 
 Section 4.3 Payment upon Early Termination. Within 45
calendar days after the delivery to the Members of the Early Termination Notice or 10 days after any amendment to the Early Termination Notice (whether pursuant to a notice of objection, the Reconciliation Procedures or otherwise), the Corporation
shall pay to each Member an amount equal to such Member’s Early Termination Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by such Member. No Member shall be required to return
any portion of any Early Termination Payment even if there is later a Determination affecting such Early Termination Payment. 

Section 4.4 Breach of Agreement. In the event of a Material Breach, 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 Material Breach and shall include, but not be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice
had been delivered on the date of such Material Breach, (2) any Tax Benefit Payment agreed to by the Corporation and any Member as due and payable but unpaid as of the date of such Material Breach, and (3) any Tax Benefit Payment due for
the Taxable Year ending with or including the date of such Material Breach. Notwithstanding the foregoing, in the event of a Material Breach (other than by reason of bankruptcy), any Member shall be entitled to elect to accelerate all obligations
due to it hereunder as set forth in (1), (2) and (3), above or to seek specific performance of the terms hereof. 

  
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 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made under this Agreement shall rank subordinate and junior in right of payment to any Senior Obligations and shall rank pari passu with all current or future unsecured obligations of the Corporation that are not
Senior Obligations. 
 Section 5.2 Late Payments by the Corporation. The amount of all or any portion of a payment not made to
any Member when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such payment was due and payable. 

ARTICLE VI 
 ELECTION;
NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.1 Election to be Filed. As managing member of EC LLC, the Corporation
shall cause EC LLC and each direct or indirect subsidiary ((but only if such indirect subsidiaries are held only through subsidiaries treated as pass-through entities) of EC LLC that is a partnership for U.S. federal income tax purposes to file an
election under Section 754 of the Code effective for such entity’s Taxable Year in which the Original Sale occurs (or, if such entity is formed or acquired after such Taxable Year, for the Taxable Year of such formation or acquisition),
and shall not cause EC LLC to revoke or cause to be revoked such election until this Agreement is no longer in effect. 
 Section 6.2
Member Participation in the Corporation’s and EC LLC’s Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all matters concerning Covered Taxes of the
Corporation and EC LLC, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Covered Taxes. Notwithstanding the foregoing, the Corporation shall notify the
Members of, and keep them reasonably informed with respect to, and any Founding Member shall have the right to participate in and monitor (but, for the avoidance of doubt, not to control) the portion of any audit of the Corporation and EC LLC by a
Taxing Authority the outcome of which is reasonably expected to affect such Member’s rights under this Agreement. The Corporation shall provide to the Founding Members reasonable opportunity to provide information and other input to the
Corporation, EC LLC and their respective advisors concerning the conduct of any such portion of such audits. The Corporation shall not settle or otherwise resolve any audit or other challenge by a Taxing Authority relating to the Basis Adjustment or
the deduction of Imputed Interest without the consent of each of the Founding Members, which consent any such person shall not unreasonably withhold, condition or delay. 

Section 6.3 Consistency. Unless there is a Determination to the contrary or except with the consent of the Corporation and each of
the Founding Members, each Member on its own behalf and on behalf of each of its Affiliates, agrees to report and cause to be reported for all U.S. purposes, including for purposes of all Covered Taxes and U.S. financial reporting

  
 - 15 - 

 
purposes, all items related to Covered Taxes and this Agreement (including without limitation the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that specified by the
Corporation in any schedule, letter or certificate required to be provided by or on behalf of the Corporation under this Agreement as such schedule, letter or certificate is modified as a result of the negotiation of the parties pursuant to this
Agreement or the Reconciliation Procedures. In the event that an Advisory Firm is replaced by the Corporation with another firm, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and
methodologies consistent with the previous Advisory Firm, unless otherwise required by law or the Corporation and each of the Founding Members agrees to the use of other procedures and methodologies. 

Section 6.4 Cooperation. The Corporation and each Member shall (and shall cause its respective Affiliates to) (i) furnish to
each other in a timely manner such information, documents and other materials as the other may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or
contesting or defending any audit, examination or controversy with any Taxing Authority, (ii) make its employees and representatives available to provide explanations of documents and materials and such other information as may be reasonably
requested in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter, and the Corporation shall reimburse each such Member for any reasonable third-party costs and
expenses incurred pursuant to this Section. 
 ARTICLE VII 

GENERAL PROVISIONS 

Section 7.1 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (i) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or
(ii) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 
  

			
	if to the Corporation, to:	    	
		    	 Enovation Controls, Inc.
 5311 South 122nd East
Avenue
 Tulsa, OK 74146
 Attention: President

Telephone: 918-317-4100
 Fax:
                    

  
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	with copies to (which shall constitute notice):	    	
		    	 Norton Rose Fulbright
 300 Convent Street, Suite
2100
 San Antonio, TX 78205-3792
 Attention: Daryl L. Lansdale,
Esq.
 Telephone: 210-270-9367
 Fax: 210-270-7205

 if to any Member, the address of such Member set forth from time to time in the books and records of EC LLC.

 Any party may change its address or fax number by giving each party written notice of its new address or fax number in the manner set forth above. 

Section 7.2 Reconciliation. 

(a) In the event that the Corporation and the Founding Members are unable to resolve a disagreement within the relevant period designated in
this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable
to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the
Corporation, EC LLC or any Member, or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the
Expert shall be appointed by the American Arbitration Association. The Expert shall resolve any matter relating to an Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within 30 calendar days
and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution.
Notwithstanding the foregoing, 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 as determined by the Corporation and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. 

(b) The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne equally by the Corporation and
the other parties participating in the Reconciliation Dispute. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.2 shall be decided by the Expert. The Expert shall finally determine any
Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.2 shall be binding on the Corporation and the Members and may be entered and enforced in any court having jurisdiction. 

Section 7.3 Withholding. The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this
Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or 

  
 - 17 - 

 
any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid to such Member. Each party will cooperate to minimize withholding obligations, if any, with respect to payments required hereunder. 

Section 7.4 Admission of the Corporation into a Consolidated Group; Dispositions of Assets to a Corporation. 

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

(b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a
corporation (or a Person classified as a corporation for United States federal income tax purposes) 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 Tax Benefit Payment or Early Termination 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. For purposes of this Section 7.4, a transfer of a partnership or
limited liability company interest shall be treated as a transfer of the transferring partner’s or member’s share of each of the assets and liabilities of that partnership or limited liability company. 

Section 7.5 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in
law, a Founding Member reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Member upon any Exchange by such Member to be treated as
ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for United States federal income tax purposes or would have other material adverse tax consequences to such Member (a “Change in Tax Law”), then at the
election of such Member and to the extent specified by such Member, this Agreement (i) shall cease to have further effect with respect to such Member, (ii) shall not apply to an Exchange by such Member occurring after a date specified by
such Member, or (iii) shall otherwise be amended in a manner determined by such Member provided that such amendment shall not result in an increase in payments under this Agreement at any time as compared to the amounts and times
of payments that would have been due in the absence of such amendment. 
 Section 7.6 Submission to Jurisdiction; Waivers. Any
Proceeding must be brought against any of the parties in the Court of Chancery of the State of Delaware in and for New Castle County or, if the Court of Chancery lacks subject matter jurisdiction, in another court of the State of Delaware, County of
New Castle, or in the United States District Court for the 

  
 - 18 - 

 
District of Delaware, and each of the parties consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to
venue laid therein. Process in any action or proceeding referred to in the preceding sentence may be served on any party anywhere in the world. Each party to this Agreement irrevocably (i) waives any objection which such party may have at any
time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does
not have jurisdiction over such party; and (ii) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 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 7.7 Amendments. No amendment to this Agreement shall be effective unless it is (i) in writing, and (ii) signed
by the Corporation and each Founding Member affected by such amendment; provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments certain Members will or may receive under this
Agreement unless all such Members disproportionately affected consent in writing to such amendment. 
 Section 7.8 Entire Agreement;
No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be
binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.9 Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the
greatest extent possible. 
 Section 7.10 Successors’ Assignment. 

(a) No Member may assign any of its rights, interests or entitlements under this Agreement to any person without the prior written consent of
the Corporation and each Founding Member; provided, however , that 
  

	 	(i)	 to the extent Units are effectively transferred in accordance with the terms of the LLC Agreement and any other agreements the Members may have

  
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entered into with respect thereto, the transferring Member may assign to the transferee of such Units the transferring Member’s rights under this Agreement with respect to such transferred
Units, 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 and substance reasonably satisfactory to the Corporation and each Founding Member,
agreeing to become a “Member” for all purposes of this Agreement, except as otherwise provided in such joinder, 

  

	 	(ii)	once an Exchange has occurred, any and all payments that may become payable to a Member pursuant to this Agreement with respect to such Exchange may be assigned to any Person or Persons, as long as any such Person has
executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporation and each Founding Member, and 

 

	 	(iii)	a Member may pledge some or all of its rights, interests or entitlements under this Agreement to any U.S. money center bank in connection with a bona fide loan or other indebtedness. 

(b) The Corporation may not assign any of its rights, interests or entitlements under this Agreement without the consent of each Founding
Member, not to be unreasonably withheld or delayed. 
 (c) Subject to subsections (a) and (b), this Agreement will be binding upon,
inure to the benefit of and be enforceable by, the parties and their respective successors and assigns including any acquirer of all or substantially all of the business or assets of the Corporation. The Corporation shall require and cause any
direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place (except to the extent expressly provided by this Agreement and provided that, for the avoidance of doubt, if a Change of
Control has occurred and an Early Termination Payment is required to be made then the Corporation’s payment obligations shall be determined taking into account the provisions of Article IV). 

Section 7.11 Remedies; Specific Performance. The parties hereto acknowledge that money damages would not be an adequate remedy at
Law if any party fails to perform in any material respect any of its obligations hereunder and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to seek to compel
specific performance of the obligations of any other party under this Agreement, without the posting of any bond, in accordance with the terms and conditions of this Agreement in any court of the United States or any State thereof having
jurisdiction, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at Law. No remedy shall be exclusive of any other
remedy, and all available remedies shall be cumulative. 

  
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 Section 7.12 Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need
not sign the same counterpart. 
 Section 7.13 Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.14 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to applicable principles of conflict of laws that would mandate the application of the laws of another
jurisdiction. 
 [Signature page follows.] 

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

			
	ENOVATION CONTROLS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	MEMBERS
	
	Each Member set forth on Annex A hereto
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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