Registration Rights Agreement



 Exhibit 10.8 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is made as of August 10, 2012, by and among (i) TriState Capital Holdings, Inc., a Pennsylvania corporation (the “Company”), and (ii) LM III TriState Holdings LLC, a Delaware
limited liability company, and LM III-A TriState Holdings LLC, a Delaware limited liability company (each an “Investor” and collectively, the “Investors”). 

The Company and the Investors are parties to a Preferred Stock Purchase Agreement dated April    , 2012 (as amended
from time to time pursuant to its terms, the “Purchase Agreement”). In order to induce the Investors to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The
execution and delivery of this Agreement is a condition to Closing (as defined in the Purchase Agreement). Unless otherwise provided in this Agreement, capitalized terms used herein shall have the meanings set forth in Section 10 hereof;
provided that if any term is not defined herein, then such term shall have the meaning assigned to it in the Purchase Agreement. 
 In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby
agree as follows: 
 1. Demand Registrations. 

(a) Requests for Registration. Subject to the terms and conditions set forth herein, at any time and from time
to time following the fifth (5th) year anniversary of
the date hereof, any holder or group of holders of Investor Registrable Securities (including for this purpose any of such holder’s affiliates that also hold Investor Registrable Securities) holding at least 50% of all of the then outstanding
Investor Registrable Securities (in the case of a Long-Form Registration, as defined below), or at least 25% of all of the then outstanding Investor Registrable Securities (in the case of a Short-Form Registration, as defined below), may request
from the Company registration under the Securities Act of all or any portion of such holders’ and their affiliates’ Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”), or,
if available, on Form S-3 (including pursuant to Rule 415 under the Securities Act) or any similar short-form registration (“Short-Form Registrations”), if available. All registrations requested pursuant to this
Section 1(a) are referred to herein as “Demand Registrations.” Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per
share or per unit price range for such offering. Within 20 days after receipt of any such request, unless the Company has converted the request into a Piggyback Registration in accordance with Section 2 of this Agreement, in which case
Section 2 shall govern it, the Company shall give written notice of such requested registration to all other holders of Registrable Securities and, subject to Section 1(e) below, shall include in such registration all Registrable
Securities with respect to which the Company has received written requests for inclusion therein within 20 days after the receipt of the Company’s notice. It shall be a condition to making a Demand Registration that the aggregate offering price
of the Registrable Securities to be registered by the Investors making the 







 
demand is, in the case of a Long-Form Registration, at least $25,000,000, and in the case of a Short-Form Registration, at least $10,000,000 (using the lowest number if a range of prices is
provided as the anticipated per share or per unit price). 
 (b) Investor Long-Form Registrations. The holders of Investor
Registrable Securities shall be entitled to request pursuant to Section 1(a) up to two Long-Form Registrations. The Company shall pay all Registration Expenses (as defined in Section 5) of each such Long-Form Registration
requested, whether or not, except as provided below, any such registration is consummated. 
 (c) Investor Short-Form
Registrations. In addition to the Long-Form Registrations provided pursuant to Section 1(b), the holders of Investor Registrable Securities shall be entitled to request pursuant to Section 1(a) up to four (4) Short-Form
Registrations. The Company shall pay all Registration Expenses, of each such Short-Form Registration requested, whether or not, except as provided below, any such registration is consummated. Demand Registrations shall be Short-Form Registrations
whenever the Company is permitted to use any applicable short form. After the Company has become subject to the reporting requirements of the Securities Exchange Act, the Company shall use best efforts to make Short-Form Registrations on Form S-3
available for the sale of Registrable Securities. If the Company, pursuant to the request of the holder(s) of a majority of Investor Registrable Securities, is qualified to and has filed with the Securities Exchange Commission a registration
statement under the Securities Act on Form S-3 pursuant to Rule 415 under the Securities Act (the “Required Registration”), then the Company shall use best efforts to cause the Required Registration to be declared effective under
the Securities Act as soon as practicable after filing, and, once effective, the Company shall cause such Required Registration to remain effective for a period ending on the earlier of (i) the date on which all Investor Registrable Securities
included in such registration have been sold pursuant to the Required Registration, or (ii) the date as of which the holder(s) of Investor Registrable Securities included in such registration (assuming such holder(s) are affiliates of the
Company) are able to sell all of their Investor Registrable Securities included in such registration within a 90-day period in compliance with Rule 144 under the Securities Act. At any time or from time to time after the date hereof, any holder of
Investor Registrable Securities shall have the right to request, by delivery of a written notice to the Company, that the Company effect an underwritten offering of all or a portion of the Registrable Securities included in an existing Required
Registration and, as soon as reasonably practicable after receiving such notice (but in no event later than twenty (20) days after receiving such notice), the Company shall file with the Securities and Exchange Commission such amendments to the
applicable Required Registration and such prospectus supplements or other filings as are necessary in connection with the underwritten offering of the Registrable Securities subject to the Required Registration. 

(d) Non-Effective Demand Registrations. For purposes of the limitations on the number of Demand Registrations that can be made
under this Section 1, a Demand Registration shall not be counted until such time as the registration statement relating thereto has been declared effective under the Securities Act (unless the Investors requesting the Demand Registration
withdraw their request for such registration (other than as a result of information concerning the business or financial condition of the Company which is made known to the Investors after the date on which such registration was requested)) and
elect not to pay the 

  
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Registration Expenses therefor. In addition, for purposes of this Section 1, a Demand Registration shall not be counted if, as a result of an exercise of an underwriter’s cut-back
provisions, less than 30% of the total number of Registrable Securities that Investors have requested to be included in such Registration Statement are so included. 
 (e) Priority on Demand Registrations. The Company shall be permitted to give holders (“Other Holders”) of Common Stock or of securities convertible into Common Stock that are not
Investors the right to include some or all of their Common Stock in a Demand Registration, regardless of whether those holders have contractual registration rights, without the prior written consent of the holders of a majority of Investor
Registrable Securities included in such registration. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that, in their opinion, the number of Registrable Securities and other securities
requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, that can be sold in an orderly manner in such offering within a price range acceptable to the holders of a majority of Investor
Registrable Securities to be included in such registration, then, subject to that certain Securities Purchase Agreement (the “TARP Agreement”), dated as of February 27, 2009, by and between the United States Department of the
Treasury and the Company, the Company shall include in such registration, prior to the inclusion of any securities that are not Registrable Securities, first, the number of Investor Registrable Securities requested to be included that, in the
opinion of such underwriters, can be sold in an orderly manner within the price range of such offering, pro rata among the respective holders thereof on the basis of the amount of Registrable Securities owned by each such holder, and
thereafter, the securities of Other Holders, if any. 
 (f) Restrictions on Demand Registrations. The Company shall not be
obligated to effect any Long-Form Registration within 180 days after the effective date of a previous Long-Form Registration or a previous registration in which the holders of Registrable Securities were given piggyback rights pursuant to
Section 2; provided however that the foregoing limitation shall not be effective in the case of piggyback rights, other than in the case of the Company’s initial Public Offering, unless in connection with the piggyback rights there
was no reduction in the number of Registrable Securities requested to be included. In addition, the Company shall not be obligated to effect more than two (2) Short Form Registrations in any one twelve (12) month period. The Company may
postpone for up to 180 days the filing or the effectiveness of a registration statement for a Demand Registration if the Company and the holders of a majority of Investor Registrable Securities agree that such Demand Registration would reasonably be
expected to have a material adverse effect on any proposal or plan by the Company or any of its Subsidiaries to acquire financing, engage in any acquisition of assets (other than in the ordinary course of business), or engage in any merger,
consolidation, tender offer, reorganization, or similar transaction; provided that, in such event, the holders of Investor Registrable Securities initially requesting such Demand Registration shall be entitled to withdraw such request and the
Company shall pay all Registration Expenses in connection with such registration. The Company may delay a Demand Registration hereunder only once in any 12-month period. 
 (g) Selection of Underwriters. Except to the extent otherwise provided in this Section 1(g), the holders of a majority of the Investor Registrable Securities included in any


  
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Demand Registration shall have the right to select the investment banker(s) and manager(s) to administer the offering. 
 (h) Other Registration Rights. Except as provided in this Agreement and the TARP Agreement, the Company may, without the consent of the Investors, grant Other Holders the right to request that the
Company include the Other Holders’ securities in Demand Registrations or Company Registrations so long as the agreements relating to such grants specifically provide that, for so long as there are any Registrable Securities outstanding and this
Agreement is in force and effect, they (i) are specifically subject to this Agreement and the priorities established in this Agreement and (ii) do not give the Other Holders any right to initiate any registrations of securities of the
Company under the Securities Act. 
 (i) Obligations of Holders of Registrable Securities. Subject to the Company’s
obligations under Section 4(e) hereof, each holder of Registrable Securities shall promptly cease using any prospectus after receipt of written notice from the Company of the happening of any event as a result of which such prospectus
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made or is otherwise not legally available to support sales of Registrable
Securities. 
 (j) Termination of Rights. The right of any holder of Registrable Securities to request Demand
Registrations or to request inclusion in Piggyback Registrations under Section 2 of this Agreement shall terminate upon the earliest time after an initial Public Offering at which such holder of Registrable Securities (i) can sell all
shares held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such holder (together with any Affiliate of the holder
with whom such holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144. 
 2. Piggyback Registrations. 
 (a) Right to Piggyback. Whenever the
Company proposes to register any of its equity securities (including any proposed registration of the Company’s securities by any third-party) under the Securities Act (other than (i) pursuant to a Demand Registration, which is addressed
by Section 1, or (ii) in connection with registrations on Form S-4 or Form S-8 or any successor or similar forms) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback
Registration”), the Company shall give prompt written notice (and in any event within three business days after its receipt of notice of any exercise of demand registration rights other than under this Agreement) to all holders of
Registrable Securities of its intention to effect such a registration and shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 20 days after the
receipt of the Company’s notice. 
 (b) Piggyback Expenses. The Registration Expenses of the holders of Registrable
Securities shall be paid by the Company in all Piggyback Registrations, whether or not any such registration is consummated. 

  
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 (c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be sold in an
orderly manner in such offering within a price range acceptable to the Company, then, subject to the TARP Agreement, the Company shall include in such registration, (i) first, the securities the Company proposes to sell that, in the opinion of
such underwriters, can be sold in an orderly manner within the price range of such offering, (ii) second, the Registrable Securities requested to be included in such registration that, in the opinion of such underwriters, can be sold in an
orderly manner within the price range of such offering (if any), pro rata among the respective holders thereof on the basis of the amount of Registrable Securities owned by each such holder, and (iii) third, the other securities
requested to be included in such registration that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such offering (if any). 
 (d) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities other than holders of
Registrable Securities (it being understood that secondary registrations on behalf of holders of Registrable Securities are addressed in Section 1 above rather than this Section 2(d)), and the managing underwriters advise the
Company in writing that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the holders of a majority
of the Registrable Securities to be included in such registration, then, subject to the TARP Agreement, the Company shall include in such registration, (i) first, the securities requested to be included therein by the holders requesting such
registration and the Registrable Securities requested to be included in such registration, in each case that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such offering (if any), pro rata
among the holders of such securities and the holders of such Registrable Securities on the basis of the number of shares of Common Stock owned by each such holder, and (ii) second, the other securities requested to be included in such
registration that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such offering (if any). 
 (e) Selection of Underwriters. If any Piggyback Registration is an underwritten offering, then the Company shall select the investment banker(s) and manager(s) to administer the offering.

 (f) Other Registrations. If the Company has previously filed a registration statement with respect to Registrable
Securities pursuant to Section 1 or pursuant to this Section 2, and if such previous registration has not been withdrawn or abandoned, then, unless such previous registration is a Required Registration, the Company shall not
file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-4 or Form S-8 or any successor
form), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least 180 days has elapsed from the effective date of such previous registration. 

  
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 3. Lockup Agreements; Transfers; Legend. 

(a) Each holder of Registrable Securities agrees that in connection with the Company’s initial public offering and any Demand
Registration or Piggyback Registration that is an underwritten public offering of the Company’s equity securities, he, she or it shall not (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule
144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed to be owned beneficially by such holder in accordance with the rules and regulations of the Securities and Exchange
Commission) (collectively, the “Securities”), or any securities, options, or rights convertible into or exchangeable or exercisable for Securities (the “Other Securities”), (ii) enter into a transaction which
would have the same effect as described in clause (i) of this section, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or
Other Securities, whether such transaction is to be settled by delivery of such Securities, Other Securities, in cash or otherwise, or (iv) publicly disclose the intention to enter into any transaction described in clauses (i),
(ii) or (iii) above, from the date on which the Company gives notice to the holders of Registrable Securities that a preliminary prospectus has been circulated for such underwritten public offering to the date that is 180
days following the date of the final prospectus for such underwritten public offering (or such shorter period as agreed to by the underwriters designated as “book-runners” managing such registered public offering), unless such book-runners
otherwise agree in writing (such period, the “Holdback Period”). If (x) the Company issues an earnings release or other material news or a material event relating to the Company and its Subsidiaries occurs during the last 17
days of the Holdback Period or (y) prior to the expiration of the Holdback Period, the Company announces that it will release earnings results during the 16-day period beginning upon the expiration of the Holdback Period, then to the extent
necessary for a managing or co-managing underwriter of a registered offering required hereunder to comply with NASD Rule 2711(f)(4), the Holdback Period shall be extended until 18 days after the earnings release or the occurrence of the material
news or event, as the case may be (such period referred to herein as the “Holdback Extension Period”). The Company may impose stop-transfer instructions with respect to its securities that are subject to the foregoing restriction
until the end of such period, including any period of Holdback Extension. 
 (b) In connection with any underwritten public
offering of the Company’s equity securities, each holder of Registrable Securities agrees to enter into any holdback, lockup or similar agreement requested by the underwriters managing such registered public offering that the holders of a
majority of Investor Registrable Securities agree to enter into. In addition, notwithstanding any other provision contained in this Agreement, the Company shall not include in any underwritten Demand Registration or Piggyback Registration any
portion of the Registrable Securities held by any members of management of the Company which the underwriter of such Demand Registration or Piggyback Registration reasonably believes is likely to adversely affect such offering. 

(c) The Company (i) shall not effect any public sale or distribution of its equity securities, or any securities, options, or rights
convertible into or exchangeable or exercisable for such securities, during the seven days prior to and during the 90-day period beginning on the effective date of any underwritten Demand Registration or any underwritten


  
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Piggyback Registration, in the case of the Company’s initial public offering, and during the 180-day period beginning on the effective date of any other underwritten Demand Registration or
any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-4 or Form S-8 or any successor form) or, in the event of a Holdback Extension, for such longer period until the end of
such Holdback Extension Period, unless the underwriters managing the registered public offering otherwise agree, and (ii) to the extent not inconsistent with applicable law, except as otherwise permitted by the holders of a majority of Investor
Registrable Securities, shall cause each holder of its equity securities, or any securities convertible into or exchangeable or exercisable for equity securities, purchased from the Company at any time after the date of this Agreement (other than in
a registered public offering) to agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted), unless
the underwriters managing the registered public offering otherwise agree. 
 (d) Notwithstanding anything to the contrary herein,
except in the case of (i) a transfer to the Company, (ii) a transfer by an Investor to its partners or members in connection with a pro rata in-kind distribution thereto or (iii) a Public Sale permitted hereunder (clauses
(i) through (iii), a “Permitted Transfer”), prior to transferring any Registrable Securities to any Person (including by operation of law), the transferring securityholder shall cause the prospective transferee to
execute and deliver to the Company a counterpart of this Agreement thereby agreeing to be bound by the terms hereof; provided, however, that in the case of a transfer described in clause (ii), if following the transfer the transferee will hold at
least 1% of the then issued and outstanding Common Stock of the Company (determined on an as converted basis), the transferring Securityholder shall in any case cause the prospective transferee to execute and deliver to the Company a written
agreement in form reasonably satisfactory to the Company under which the transferee agrees to be bound by this Section of the Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement
shall be void, and the Company shall not record such transfer on its books or treat any purported transferee of such securities as the owner of such securities for any purpose. Other than in the case of a Permitted Transfer, whether or not any such
transferee has executed a counterpart hereto, such transferee shall be subject to the obligations of the transferor hereunder. 

(e) Each certificate evidencing any Securities or Other Securities held by a securityholder and each certificate issued in exchange for or
upon the transfer of any such securities (unless such securities are permitted to be transferred pursuant to this Agreement and, if such securities were Registrable Securities, would no longer be Registrable Securities after such transfer) shall be
stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF
                    , 2012 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S SECURITYHOLDERS, AS
AMENDED. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

  
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 The Company shall imprint such legend on certificates evidencing Securities and Other Securities outstanding
prior to the date hereof. The legend set forth above shall be removed from the certificates evidencing any securities which are transferred pursuant to a Permitted Transfer. 
 4. Registration Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use best
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a) prepare and, within 60 days after the end of the period within which requests for registration may be given to the Company, file with
the Securities and Exchange Commission a registration statement with respect to such Registrable Securities and use best efforts to cause such registration statement to become effective as soon as practicable thereafter, in each case in accordance
with the Securities Act and all applicable rules and regulations promulgated thereunder; provided that, before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel
selected pursuant to Section 5(b) by the holders of a majority of Investor Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents shall be subject to the review
and comment of such counsel; 
 (b) notify in writing each holder of Registrable Securities of the effectiveness of each
registration statement filed hereunder and prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than (x) the period set forth in Section 1(c), with respect to Required Registrations and (y) with respect to all other registration statements, 180 days (or, if such
registration statement relates to an underwritten offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or
dealer), and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof
set forth in such registration statement; 
 (c) furnish to each seller of Registrable Securities such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (d) use best efforts to
register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable
such seller of Registrable Securities to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller of Registrable Securities, provided that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it would not 

  
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otherwise be required to qualify but for this Section 4(d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any
such jurisdiction; 
 (e) promptly notify in writing each seller of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement (i) contains an untrue statement of a material fact or omits any
fact necessary to make the statements therein not misleading in light of the circumstances under which they were made or (ii) is otherwise not legally available to support sales of Registrable Securities, and, at the request of the holders of a
majority of Investor Registrable Securities covered by such registration statement, the Company shall promptly prepare and furnish to each such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made; 
 (f) cause all such Registrable Securities to be listed on each securities exchange
on which similar securities issued by the Company are then listed; 
 (g) provide a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such registration statement; 
 (h) enter into and perform such
customary agreements (including underwriting agreements in customary form) and take all such other actions as the holders of a majority of Investor Registrable Securities being sold or the underwriters, if any, reasonably request in order to
expedite or facilitate the disposition of Registrable Securities (including participation in “road shows,” investor presentations and marketing events, and effecting a share split or a combination of shares); 

(i) make available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any
attorney, accountant, or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees, and independent
accountants to supply all information reasonably requested by any such underwriter, attorney, accountant, or agent in connection with such registration statement and assist and, at the request of any participating underwriter, use reasonable best
efforts to cause such officers or directors to participate in presentations to prospective purchasers; 
 (j) otherwise use best
efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; 
 (k) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of
any order suspending or preventing the use of any related 

  
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prospectus or suspending the qualification of any equity securities included in such registration statement for sale in any jurisdiction, the Company shall use reasonable best efforts promptly to
obtain the withdrawal of such order; 
 (l) use best efforts to cause such Registrable Securities covered by such registration
statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(m) take all reasonable actions to ensure that any Free Writing Prospectus utilized in connection with any Demand Registration or
Piggyback Registration hereunder complies with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 (n) obtain one or more cold comfort letters, dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters), from the Company’s independent public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters as the holders of a majority of Investor Registrable Securities being sold in such registered offering reasonably request; and 

(o) provide a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement (or, if such
registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters), with respect to the registration statement, each amendment and supplement thereto, the
prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature. 

5. Registration Expenses. 
 (a) Subject to Section 5(b) below, all expenses incident to the Company’s performance of or compliance with this Agreement, including all registration and filing fees, fees and expenses
of compliance with securities or blue sky laws, printing expenses, travel expenses, filing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company, and fees and
disbursements of all independent certified ·public accountants, underwriters including, if necessary, a “qualified independent underwriter” within the meaning of the rules of the National Association of Securities Dealers, Inc. (in
each case, excluding discounts and commissions), and other Persons retained by the Company or by holders of Investor Registrable Securities or their affiliates on behalf of the Company (all such expenses being herein called “Registration
Expenses”), shall be borne as provided in this Agreement, except that the Company shall, in any event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the
expense of any annual audit or quarterly review, the expense of any 

  
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liability insurance, and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed.
Notwithstanding the foregoing, if a Demand Registration is withdrawn at the request of the Investors requesting the Demand Registration (other than as a result of information concerning the business or financial condition of the Company which is
made known to the Investor after the date on which such registration was requested) and if those Investors elect not to have such registration counted as a registration requested under Section 1, the Investors electing to participate in the
Demand Registration shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Securities included in such registration. 

(b) In connection with each Demand Registration and each Piggyback Registration, the Company shall reimburse the holders of Registrable
Securities included in such registration for up to $100,000 of the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Investor Registrable Securities included in each such registration. 

(c) To the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration
hereunder shall pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable shall be borne by all sellers of securities included in such registration in
proportion to the aggregate selling price of the securities to be so registered. 
 6. Indemnification. 

(a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities, its
officers, directors, agents, and employees, and each Person who controls such holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, and expenses (or actions or proceedings, whether commenced or
threatened, in respect thereof), whether joint and several or several, together with reasonable costs and expenses (including reasonable attorney’s fees) to which any such indemnified party may become subject under the Securities Act or
otherwise (collectively, “Losses”) caused by, resulting from, arising out of, based upon or relating to (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus or
preliminary prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 6, collectively called an “application”) executed by or on behalf of
the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the blue sky or securities laws thereof, (ii) any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation by the Company of any rule or regulation promulgated pursuant to any federal, state or common
law rule or regulation including the Securities Act, applicable to the Company and relating to action or inaction required of the Company in connection with any such registration hereunder, and the Company will reimburse such holder and each such
director, officer and controlling Person for any legal or any other expenses incurred by them in connection with investigating or defending any such Losses; provided that the Company shall not be liable in any such case to the extent that any
such Losses 

  
 11 









 
result from, arise out of, are based upon, or relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus,
or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such holder expressly for use therein or by
such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same. In connection with an
underwritten offering, the Company shall indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the
indemnification of the holders of Registrable Securities. 
 (b) In connection with any registration statement in which a holder
of Registrable Securities is participating, each such holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to
the fullest extent permitted by law, shall indemnify and hold harmless the other holders of Registrable Securities and the Company, and their respective officers, directors, agents and employees, and each other Person who controls the Company
(within the meaning of the Securities Act) against any Losses caused by, resulting from, arising out of, based upon, or relating to (i) any untrue statement of material fact contained in the registration statement, prospectus or preliminary
prospectus, or any amendment thereof or supplement thereto or in any application, or (ii) any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is made in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in each case, in reliance upon and in conformity with written
information prepared and furnished to the Company by such holder expressly for use therein, and such holder will reimburse the Company and each such other indemnified party for any legal or any other expenses incurred by them in connection with
investigating or defending any such Losses; provided that the obligation to indemnify will be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received by such holder from the sale of
Registrable Securities pursuant to such registration statement. 
 (c) Any Person entitled to indemnification hereunder will
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the
extent such failure has not prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, then the indemnifying party will not be subject to any liability for any settlement made by
the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more
than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict 

  
 12 









 
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 
 (d) The indemnification provided for under this Agreement shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract, and
will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities.

 (e) If the indemnification provided for in this Section 6 is unavailable to or is insufficient to hold harmless an
indemnified party under the provisions above in respect to any Losses referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such Losses (i) in such proportion
as is appropriate to reflect the relative fault of the Company on the one hand and the sellers of Registrable Securities and any other sellers participating in the registration statement on the other hand or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, then in such proportion as is appropriate to reflect not only the relative fault referred to in clause (i) above but also the relative benefit of the Company on the one
hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the sellers of Registrable Securities and any other sellers participating in the registration statement on the other shall be deemed to be in the same proportion as
the total net proceeds from the offering (before deducting expenses) to the Company bear to the total net proceeds from the offering (before deducting expenses) to the sellers of Registrable Securities and any other sellers participating in the
registration statement. The relative fault of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other shall be determined by reference to, among other
things, whether the untrue statement or alleged omission to state a material fact relates to information supplied by the Company or by the sellers of Registrable Securities or other sellers participating in the registration statement and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (f) The Company and the sellers of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation
(even if the sellers of Registrable Securities were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in Section 6(e) above. The amount
paid or payable by an indemnified party as a result of the Losses referred to in Section 6(e) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6, no seller of Registrable Securities shall be required to contribute pursuant to this
Section 6 any amount in excess of the sum of (i) any amounts paid pursuant to Section 6(b) above and (ii) the net proceeds received by such seller from the sale of Registrable Securities covered by the registration
statement filed pursuant hereto. No Person guilty of fraudulent misrepresentation (within the meaning of section 11(f) of 

  
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the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

7. Participation in Underwritten Registrations. 
 (a) No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
approved by the Person or Persons entitled hereunder to approve such arrangements (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s), provided that no holder of
Registrable Securities will be required to sell more than the number of Registrable Securities that such holder has requested the Company to include in any registration unless holders of a majority of the Investor Registrable Securities have agreed
in writing to do so) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided that no holder
of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such holder and such
holder’s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section 6 hereof. 

(b) Each Person that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 4(e) above, such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the
copies of a supplemented or amended prospectus as contemplated by Section 4(e). In the event the Company shall give any such notice, the applicable time period mentioned in Section 4(b) during which a Registration Statement
is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 7(b) to and including the date when each seller of a Registrable Security
covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 4(e). 
 8. Additional Securityholders. In connection with the issuance of any additional equity securities of the Company after the date of this Agreement to one or a group of Persons purchasing at least
Fifty Million Dollars ($50,000,000) of securities of the Company in the aggregate, the Company may without the prior consent of the Investors permit such Person or Persons to become a party to this Agreement and to receive all of the rights and
obligations of a holder of any particular category of Registrable Securities under this Agreement by obtaining an executed counterpart signature page to this Agreement, and, upon such execution, such Person or Persons shall for all purposes be a
holder of such category of Registrable Securities and party to this Agreement. In connection with any other issuance of additional equity securities of the Company, the Company, with the consent of the Investors holding at least a majority of the
then outstanding Investor Registrable Securities, which consent may be withheld in such Investors’ sole discretion, may permit such Person to become a party to this Agreement and succeed to all of the rights and obligations of a holder of any
particular category of Registrable Securities under this Agreement by obtaining an executed counterpart signature page to this Agreement, and, 

  
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upon such execution, such Person shall for all purposes be a holder of such category of Registrable Securities and party to this Agreement. 

9. Subsidiary Public Offering. If, after an initial public offering of the equity securities of a Subsidiary of the Company, the
Company distributes securities of such Subsidiary to shareholders of the Company, then the rights and obligations of the Company pursuant to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Company shall cause
such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 
 10. Definitions. 

(a) “Common Stock” means, collectively, (i) the common equity securities of the Company and any other class or
series of authorized capital stock of the Company that is not limited to a fixed sum or percentage of par or stated value in respect of the rights of the holders thereof to participate in dividends or in the distribution of assets upon any
liquidation, dissolution or winding up of the Company, and (ii) any common stock of a Subsidiary of the Company distributed by the Company to its shareholders. 
 (b) “Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405 of the Securities Act. 
 (c) “Investor Registrable Securities” means, (i) any Common Stock issued or distributed in respect of shares of the Company issued to the Investors, (ii) any Common Stock issued
or issuable upon the conversion of any securities issued to Investors, including Series C Preferred Stock issued to Investors pursuant to the Purchase Agreement, (iii) any common equity securities of the Company or a Subsidiary issued or
issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, and (iv) other
Common Stock held by Persons holding securities described in clauses (i), (ii) and (iii) above. 

(d) “Person” means an individual, a partnership, a limited liability company, a corporation, an association, a joint
stock company, a trust, a joint venture, an unincorporated organization, an investment fund, any other business entity and a governmental entity or any department, agency or political subdivision thereof. 

(e) “Public Offering” means the sale in an underwritten public offering registered under the Securities Act of the equity
securities of the Company (or any successor thereto) approved by the Company’s board of directors. 
 (f) “Public
Sale” means any sale of Registrable Securities (i) to the public pursuant to an offering registered under the Securities Act or (ii) to the public through a broker, dealer or market maker pursuant to the provisions of Rule 144
(other than Rule 144(b) prior to a Public Offering) adopted under the Securities Act. 
 (g) “Registrable
Securities” means Investor Registrable Securities. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when they (i) have been distributed to the public pursuant to an offering
registered under the Securities Act or sold to the public through a broker, dealer, or market maker in compliance with Rule 144 

  
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under the Securities Act (or any similar rule then in force), (ii) have been distributed to the partners, members or unit holders of any Investor (unless such Investor elects otherwise),
(iii) have been effectively registered under a registration statement including a registration statement on Form S-8 (or any successor form), or (iv) have been repurchased by the Company. For purposes of this Agreement, a Person shall be
deemed to be a holder of Registrable Securities whenever such Person has the right to acquire such Registrable Securities, whether or not such acquisition has actually been effected. 

(h) “Securities Act” means the Securities Act of 1933, as amended, or any successor federal law then in force, together
with all rules and regulations promulgated thereunder. 
 (i) “Securities Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 
 (j) “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association, or business entity of which (i) 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 (ii) 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 that 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 director or general partner 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.

 (k) Unless otherwise stated, other capitalized terms contained herein have the meanings set forth in the Purchase Agreement.

 11. Miscellaneous. 
 (a) No Inconsistent Agreements; Entire Agreement. The Company will not hereafter enter into any agreement with respect to its securities that is inconsistent with or violates the rights granted to
the holders of Registrable Securities in this Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and
preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 

  
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 (b) Adjustments Affecting Registrable Securities. The Company shall not take any
action, or permit any change to occur, with respect to its securities that would adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or
that would adversely affect the marketability of such Registrable Securities in any such registration (including effecting a share or unit split or a combination of shares or units). 

(c) Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically,
to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order
to enforce or prevent violation of the provisions of this Agreement. Nothing contained in this Agreement shall be construed to confer upon any Person who is not a signatory hereto any rights or benefits, whether as a third-party beneficiary or
otherwise. 
 (d) Amendments and Waivers. 

(i) Subject to Sections 11(d)(ii) and 11(d)(iii), any provision of this Agreement may be amended or modified
if, but only, if such amendment or modification is in writing and is approved in writing by the Company and the holders of a majority of Investor Registrable Securities. 

(ii) Notwithstanding Section 11(d)(i) but subject to Section 11(d)(iii), if an amendment or
modification of this Agreement: 
 (A) would alter or change the special rights hereunder of a holder of
Registrable Securities or group of holders of Registrable Securities specifically granted such special rights by name, such amendment or modification shall not be effective against such holder of Registrable Securities or group of holders of
Registrable Securities (as the case may be) without the prior written consent of such holder of Registrable Securities or, in the case of a group of holders of Registrable Securities, the holders of at least a majority of Registrable Securities held
by such group of holders of Registrable Securities; or 
 (B) would alter or change the powers, preferences or
special rights hereunder of the holders of a class of Registrable Securities (holders of such class, the “Subject Securityholders”) so as to affect them materially and adversely different than the holders of any other class of
Registrable Securities, such amendment or modification shall not be effective against the Subject Securityholders without the prior written consent of the holders of at least a majority of such class of Registrable Securities held by the Subject
Securityholders. 
 (iii) The provisions of Section 11(d)(i) and 11(d)(ii) shall not apply to
any amendments or modifications otherwise expressly permitted by this Agreement 

  
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(including, without limitation, in connection with adding a party hereto pursuant to Section 8 hereof). The failure of any party to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

(e) Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind
and inure to the benefit and detriment of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the
benefit or detriment of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, and for the detriment of, and enforceable against, any subsequent holder of Registrable Securities. 

(f) 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 will not affect
any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(g) Counterparts. This Agreement may be executed simultaneously in two or more counterparts (including by means of facsimile), any
one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 
 (h) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required
by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine, or neuter forms, and the singular form of nouns, pronouns, and verbs shall include the plural and vice versa. The use of the word
“including” in this Agreement shall be, in each case, by way of example and without limitation. The use of the words “or” “either,” and “any” shall not be exclusive. Reference to
any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. 

(i) Governing Law. The Pennsylvania Business Corporation Law, as applicable, shall govern all issues and questions (including any
tort and non-contractual claims) concerning the relative rights of the Company and its securityholders. All other issues and questions concerning the construction, validity, interpretation, and enforcement of this Agreement and the exhibits and
schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

  
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 (j) MUTUAL WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING
BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(k) 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 when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid), mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid or telecopied to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. San Francisco, California time
on a business day, and otherwise on the next business day. Such notices, demands, and other communications shall be sent to each Investor at the addresses indicated on the Schedule of Holders and to the Company at the address of its corporate
headquarters 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. 
 (l) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

(m) Electronic Delivery. 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 photographic, photostatic, facsimile or similar reproduction of such signed writing using a
facsimile machine or electronic mail 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 electronic mail 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 electronic mail as a
defense to the formation or enforceability of a contract and each such party forever waives any such defense. 
 * * * * *


  
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 The parties have executed this Registration Rights Agreement as of the date first above
written. 
  

					
	TRISTATE CAPITAL HOLDINGS, INC.
		
	By:	 	/s/ James F. Getz
	Name:	 	James F. Getz
	Title:	 	Chairman of the Board and CEO
	
	LM III TRISTATE HOLDINGS LLC
		
	By:	 	LOVELL MINNICK EQUITY PARTNERS III LP, its managing member
			
		 	By:	 	Lovell Minnick Equity Advisors III
		 		 	LP, its general partner
			
		 	By:	 	Fund III UGP LLC, its general partner
			
		 	By:	 	Lovell Minnick Partners LLC, its managing member
		
	By:	 	/s/ James E. Minnick
	Name:	 	James E. Minnick
	Title:	 	Managing Director
	
	LM III-A TRISTATE HOLDINGS LLC
		
	By:	 	 LOVELL MINNICK EQUITY
 PARTNERS III-A LP, its managing
 member

			
		 	By:	 	 Lovell Minnick Equity Advisors III
 LP, its general partner

			
		 	By:	 	 Fund III UGP LLC, its general

partner

			
		 	By:	 	Lovell Minnick Partners LLC, its managing member
		
	By:	 	/s/ James E. Minnick
	Name:	 	James E. Minnick
	Title:	 	Managing Director


  

  
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