EX-10.5


 Exhibit 10.5 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of February 5, 2014, by and among
Malibu Boats, Inc., a Delaware corporation (the “Company”), Black Canyon Management LLC, a Delaware limited liability company (“Black Canyon”), Black Canyon Direct Investment Fund L.P., a Delaware limited
partnership, Black Canyon Investments L.P., a Delaware limited partnership, Canyon Value Realization Fund, L.P., a Delaware limited partnership, The Canyon Value Realization Master Fund, L.P., a Cayman Islands limited partnership, and Loudon
Partners, LLC, a Delaware limited liability company. 
 WHEREAS, the Black Canyon Entities (defined below), other than Black Canyon,
are holders of LLC Units (defined below), which, subject to certain restrictions and requirements, are exchangeable at the option of the holder thereof for shares of the Company’s Class A Common Stock, par value $0.01 per share (the
“Class A Common Stock”); and 
 WHEREAS, the Company desires to provide the Black Canyon Entities with registration
rights with respect to shares of Class A Common Stock for which their LLC Units are exchangeable and certain other shares of Class A Common Stock they may otherwise hold from time to time. 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER MATTERS 

1.1 Definitions. Capitalized terms used in this Agreement without other definition shall, unless expressly stated otherwise,
have the meanings specified in this Section 1.1. 
 (a) “Affiliate” means a person that directly, or
indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, the person specified. 
 (b)
“Beneficial Owner” has the meaning set forth in Rule 13d-3 under the Exchange Act. 
 (c) “Black
Canyon” has the meaning ascribed to such term in the introductory paragraph hereof. 
 (d) “Black Canyon
Entities” means Black Canyon, Black Canyon Direct Investment Fund L.P., Black Canyon Investments L.P., Canyon Value Realization Fund, L.P., Loudon Partners, LLC, The Canyon Value Realization Master Fund, L.P. and their respective
successors and Permitted Transferees. 
 (e) “Board” means the board of directors of the Company. 

(f) “Class A Common Stock” has the meaning ascribed to such term in the Recitals. 

(g) “Company” has the meaning ascribed to such term in the introductory paragraph hereof. 

(h) “Control,” “Controlled by” and “under common Control with” means
possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a person. 

  
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 (i) “Covered LLC Units” means, with respect to a Black Canyon Entity,
such Black Canyon Entity’s LLC Units. 
 (j) “Custody Agreement and Power of Attorney” has the meaning ascribed
to such term in Section 2.3(c). 
 (k) “Demand Registration” has the meaning ascribed to such term in
Section 2.2(a). 
 (l) “Demand Right” has the meaning ascribed to such term in
Section 2.2(a). 
 (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 (n) “Exchange Agreement” means the Exchange Agreement, dated as of
or about the date hereof among the Company and the holders of LLC Units from time to time party thereto. 
 (o) “Exchange
Registration” has the meaning ascribed to such term in Section 2.1(a). 
 (p) “FINRA” means
the Financial Industry Regulatory Authority, Inc. 
 (q) “Follow-on Holdback Period” has the meaning ascribed to such
term in Section 2.4(a). 
 (r) “Governmental Authority” means any national, local or foreign (including
U.S. federal, state or local) or supranational (including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or authority of competent jurisdiction.

 (s) “Incidental Registration” has the meaning ascribed to such term in Section 2.3(a). 

(t) “Indemnified Parties” has the meaning ascribed to such term in Section 2.7. 

(u) “LLC” means Malibu Boats Holdings, LLC, a Delaware limited liability company. 

(v) “LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company, dated as of or
about the date hereof. 
 (w) “LLC Unit” means (i) each Unit (as such term is defined in the LLC Agreement)
issued as of the date hereof and (ii) each Unit or other interest in the LLC that may be issued by the LLC in the future that is designated by the Company as a Unit. 

(x) “Other Registration Rights” has the meaning ascribed to such term in Section 2.2(a)(ii). 

(y) “Permitted Transferee” means any transferee of an LLC Unit after the date hereof, the transfer of which is
permitted by the LLC Agreement 

  
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 (z) “Public Offering” means an underwritten public offering, or any
public offering led by underwriters on a best efforts or firm commitment basis, pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or S-8 or any similar or successor
form. As used herein, “underwriter” shall mean any underwriter or agent acting in such capacity in a Public Offering. 
 (aa)
“Registered Black Canyon Entity” has the meaning ascribed to such term in Section 2.6(a). 
 (bb)
“Registrable Securities” means shares of Class A Common Stock that may be delivered in exchange for LLC Units and other shares of Class A Common Stock otherwise held by Black Canyon Entities from time to time. For
purposes of this Agreement, a person shall be deemed to be a holder of Registrable Securities and such Registrable Securities shall be deemed to be in existence whenever such person has the right to acquire such Registrable Securities (upon
conversion, exchange or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right other than vesting), whether or not such acquisition has actually been
effected, and such person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder. For purposes of this Agreement, as to any particular Black Canyon Entity, Registrable Securities shall cease to be Registrable
Securities when and to the extent that (i) such Registrable Securities (A) have been sold in a transaction registered under the Securities Act, (B) have been sold pursuant to Rule 144 under the Securities Act (or any successor
provision then in effect) or (C) in the case of any Registrable Securities that are not “restricted securities” for purposes of Rule 144 under the Securities Act, have been sold by a person who is not an “affiliate” of the
Company for purposes of Rule 144 in reliance upon Section 4(a)(1) of the Securities Act, (ii) the holder of such Registrable Securities is not an “affiliate” of the Company for purposes of Rule 144 and is eligible to sell all
Registrable Securities held by such person pursuant to Rule 144(b)(1) under the Securities Act in any three-month period without limitation under any of the other requirements of Rule 144, (iii) in the case of any Registrable Securities that
are not “restricted securities” for purposes of Rule 144 under the Securities Act, the Black Canyon Entity is not an “affiliate” of the Company for purposes of Rule 144 and is eligible to publicly sell such securities in reliance
upon Section 4(a)(1) of the Securities Act (or any successor provision then in effect); or (iv) such Registrable Securities cease to be outstanding (or issuable upon exchange). 

(cc) “Registration Expenses” means any and all expenses incident to the performance of or compliance with any
registration or marketing of securities, including all (i) SEC and securities exchange registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated
interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the securities
registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto,
(iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of the officers and employees of the Company performing legal or accounting duties), (vi) reasonable fees and
disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by
independent certified public accountants of any comfort letters requested pursuant to Section 2.6(i)), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration,
(viii) reasonable fees, out-of-pocket costs and expenses of the Black Canyon Entities, including one counsel for all of the Black Canyon Entities participating in the offering, (ix) fees and expenses in connection with any review by


  
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FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any
counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (xi) costs
of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the
Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or
investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable
Securities, including expenses relating to any presentations to rating agencies and (xv) all out-of-pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with
Section 2.6(m). 
 (dd) “Registration Notice” has the meaning ascribed to such term in
Section 2.2(a). 
 (ee) “Registration Request” has the meaning ascribed to such term in
Section 2.2(a). 
 (ff) “Requesting Holders” has the meaning ascribed to such term in
Section 2.2(a). 
 (gg) “SEC” means the Securities and Exchange Commission. 

(hh) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 (ii) “Shelf Registration Statement” has the meaning ascribed to such term in
Section 2.2(e)(i). 
 (jj) “Suspension Period” has the meaning ascribed to such term in
Section 2.6(k). 
 1.2 Definitions Generally. Wherever required by the context of this Agreement, the singular
shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time. When used herein: 
 (a) the word “or” is not exclusive; 

(b) the words “including,” “includes,” “included” and “include” are deemed to be followed by the words
“without limitation”; 
 (c) the terms “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
 (d) the word “person”
means any individual, corporation, limited liability company, trust, joint venture, association, company, partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 

(e) all sections, paragraphs or clause references not attributed to a particular document shall be references to such parts of this Agreement,
and all exhibits, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 

  
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 ARTICLE II 

REGISTRATION RIGHTS 

2.1 Exchange Registration. 

(a) Unless an exemption from registration under the Securities Act is available with respect to the Company’s issuance and delivery of
shares of Class A Common Stock in exchange for LLC Units, Black Canyon shall have the right to request that the Company promptly file with the SEC, and use its commercially reasonable efforts to cause to be declared effective under the
Securities Act by the SEC promptly thereafter, one or more registration statements (the “Exchange Registration”) covering (i) the delivery by the Company from time to time to the Black Canyon Entities of all shares of
Class A Common Stock deliverable to the Black Canyon Entities in exchange for LLC Units pursuant to the Exchange Agreement or (ii) if the Company determines that the registration provided for in clause (i) is not available for any
reason, the registration of resale of such shares of Class A Common Stock by the Black Canyon Entities. 
 (b) In connection with any
Exchange Registration, regardless of whether such registration is effected, the Company shall be liable for and pay all Registration Expenses in connection with any Exchange Registration. 

(c) Upon notice to each Black Canyon Entity, the Company may postpone effecting a registration pursuant to this Section 2.1 for a
reasonable time specified in the notice but not exceeding 60 days (which period may not be extended or renewed), if (i) the Board shall determine in good faith that effecting the registration would materially and adversely affect an offering of
securities of the Company the preparation of which had then been commenced or (ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Board believes in good
faith would not be in the best interests of the Company. 
 (d) The Company shall not grant any Exchange Registration rights to any person
that are superior to those granted to the Black Canyon Entities herein without the consent of Black Canyon. 
 2.2 Demand
Registration. 
 (a) Subject to the provisions of this Article II, Black Canyon shall have the right (the “Demand
Right”) to request registration under the Securities Act of all or any portion of the Registrable Securities held by any of the Black Canyon Entities and their respective Affiliates (referred to herein as the “Requesting
Holders”) by delivering a written notice to the principal business office of the Company, which notice identifies the Requesting Holders and specifies the number of Registrable Securities to be included in such registration (the
“Registration Request”). Subject to the restrictions set forth in Section 2.2(d), the Company will thereupon use its best efforts to effect the registration (a “Demand Registration”) under the Securities
Act on any form available to the Company of: 
 (i) the Registrable Securities requested to be registered by the Requesting
Holders; and 
 (ii) any securities of the Company proposed to be included in such registration by the holders of
registration rights granted other than pursuant to this Agreement (the “Other Registration Rights”). 

  
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 (b) At any time prior to the effective date of the registration statement relating to a Demand
Registration, Black Canyon may revoke such Demand Registration request by providing a notice to the Company revoking such request. The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration. Except
as otherwise set forth herein, there shall be no limit to the number of Demand Registrations that Black Canyon may request. 
 (c) If the
sole or managing underwriter of a Demand Registration advises the Company in writing that in its opinion the number of Registrable Securities and other securities requested to be included exceeds the number of Registrable Securities and other
securities that can be sold in such offering without adversely affecting the distribution of the securities being offered, the price that will be paid in such offering or the marketability thereof, the Company will include in such registration the
greatest number of (i) Registrable Securities proposed to be registered by the holders thereof, (ii) securities having Other Registration Rights that are pari passu with the demand rights granted in respect of Registrable Securities
hereunder proposed to be registered by the holders thereof and (iii) securities proposed to be registered by the Company for its own account, which, in the opinion of such underwriters, can be sold in such offering without adversely affecting
the distribution of the securities being offered, the price that will be paid in such offering or the marketability thereof, ratably among the holders of Registrable Securities, the holder of such Other Registration Rights and the Company, based
(A) as between the Company and such holders requesting registration, on the respective amounts of securities requested to be registered, and (B) as among the holders requesting registration (whether the Requesting Holders or otherwise), on
the respective amounts of Registrable Securities (whether requested to be registered pursuant to Sections 2.1, 2.2 or 2.3) and securities subject to such Other Registration Rights, as the case may be, held by each such holder.

 (d) Any Demand Registration requested must be for a firmly underwritten public offering to be managed by an underwriter or underwriters of
recognized national standing selected by Black Canyon and reasonably acceptable to the Company. 
 (e) Shelf Registration Statement.

 (i) The Company shall use all reasonable efforts to cause to become effective a “shelf” registration statement
(the “Shelf Registration Statement”) as soon as practicable after the one-year anniversary of the closing of the IPO on an appropriate form to allow the Black Canyon Entities and their respective Affiliates to sell on a continuous
basis pursuant to Rule 415 under the Securities Act any Registrable Securities that the Black Canyon Entities and their respective Affiliates hold; provided, however, that the Company shall not be obligated to file a Shelf Registration Statement if
Black Canyon provides written notice to the Company waiving the requirements of this Section 2.2(e) prior to the one-year anniversary of the closing of the IPO. 

(ii) Each Black Canyon Entity that has delivered duly completed and executed all questionnaires, powers of attorney and other
documents reasonably required under the terms of this Agreement to the Company on or prior to the date that is ten business days prior to the effectiveness of the Shelf Registration Statement shall be named as a selling securityholder at the time of
such effectiveness in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Black Canyon Entity to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. Subject to
the terms and conditions hereof, after effectiveness of the Shelf Registration Statement, the Company shall file a supplement to such prospectus or amendment to the Shelf Registration Statement not less frequently than once per fiscal quarter as
necessary to name as selling securityholders therein any Black Canyon Entities that provide to the Company duly completed and executed a duly 

  
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completed and executed all questionnaires, powers of attorney and other documents reasonably required under the terms of this Agreement and shall use reasonable efforts to cause any
post-effective amendment to such Shelf Registration Statement filed for such purpose to be declared effective by the SEC as promptly as reasonably practicable after the filing thereof. 

(iii) The Company shall use reasonable efforts to keep a Shelf Registration Statement effective at all times (but subject to
shelf registration limitations under Rule 415 of the Securities Act) from the first anniversary of the closing of the IPO until the eighth anniversary of the closing of the IPO, unless Black Canyon provides written notice to the Company waiving the
requirements of this Section 2.2(e)(iii) prior to such eighth anniversary. 
 (iv) The Company will pay all
Registration Expenses in connection with registrations pursuant to this Section 2.2(e), which Registration Expenses shall in no event be deemed to include brokerage commissions or transfer taxes, or, if applicable, underwriting
commissions and discounts. 
 (f) The Company represents and warrants that neither it nor any of its subsidiaries is a party to, or otherwise
subject to, any other agreement granting registration rights to any other person with respect to any securities of the Company. The Company shall not grant any Incidental Registration rights to any person that are superior to those granted to the
Black Canyon Entities herein without the consent of Black Canyon. 
 2.3 Incidental Registration 

(a) At any time the Company proposes to register any shares of Class A Common Stock under the Securities Act (other than an Exchange
Registration or registrations on such form(s) solely for registration of shares of Class A Common Stock in connection with any employee benefit plan or dividend reinvestment plan or a merger or consolidation), including registrations pursuant
to Section 2.2(a), whether or not for sale for its own account, the Company will give written notice to each holder of Registrable Securities at least 30 days prior to the initial filing of such registration statement with the SEC of its
intent to file such registration statement and of such holder’s rights under this Section 2.3. Upon the written request of any holder of Registrable Securities made within 20 days after any such notice is given (which request shall
specify the Registrable Securities intended to be disposed of by such holder), the Company will use its best efforts to effect the registration (an “Incidental Registration”) under the Securities Act of all Registrable Securities
which the Company, as the case may be, has been so requested to register by the holders thereof; provided, however, that if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the
registration statement filed in connection with such Incidental Registration, the Company shall determine for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such
determination to each holder of Registrable Securities and, thereupon, (a) in the case of a determination not to register, the Company shall be relieved of its obligation to register any Registrable Securities under this Section 2.3
in connection with such registration, and (b) in the case of a determination to delay registration, the Company shall be permitted to delay registering any Registrable Securities under this Section 2.3 during the period that the
registration of such other securities is delayed. 
 (b) If the sole or managing underwriter of a registration advises the Company in writing
that in its opinion the number of Registrable Securities and other securities requested to be included exceeds the number of Registrable Securities and other securities which can be sold in such offering without adversely affecting the distribution
of the securities being offered, the price that will be paid in such offering or the marketability thereof, the Company will include in such registration the Registrable Securities and other securities of the Company in the following order of
priority: 

  
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 (i) first, the greatest number of securities of the Company proposed to be
included in such registration by the Company for its own account and by holders of Other Registration Rights that have priority over the Incidental Registration rights granted to holders of Registrable Securities under this Agreement, which in the
opinion of such underwriters can be so sold; and 
 (ii) second, after all securities that the Company proposes to register
for its own account or for the accounts of holders of Other Registration Rights that have priority over the Incidental Registration rights under this Agreement have been included, the greatest amount of Registrable Securities and securities having
Other Registration Rights that are pari passu with Registrable Securities, in each case requested to be registered by the holders thereof which in the opinion of such underwriters can be sold in such offering without adversely affecting the
distribution of the securities being offered, the price that will be paid in such offering or the marketability thereof, ratably among the holders of Registrable Securities (whether requested or required to be registered pursuant to Sections
2.1, 2.2 or 2.3) and securities subject to such Other Registration Rights based on the respective amounts of Registrable Securities and securities subject to such Other Registration Rights held by each such holder. 

(c) Upon delivering a request under this Section 2.3, a Black Canyon Entity will, if requested by the Company, execute and deliver
a custody agreement and power of attorney in form and substance reasonably satisfactory to the Company with respect to such Black Canyon Entity’s securities to be registered pursuant to this Section 2.3 (a “Custody Agreement
and Power of Attorney”). The Custody Agreement and Power of Attorney will provide, among other things, that the Black Canyon Entity will deliver to and deposit in custody with the custodian and attorney-in-fact named therein a certificate
or certificates representing such securities (duly endorsed in blank by the registered owner or owners thereof or accompanied by duly executed stock powers in blank) and irrevocably appoint said custodian and attorney-in-fact with full power and
authority to act under the Custody Agreement and Power of Attorney on such Black Canyon Entity’s behalf with respect to the matters specified therein. Such Black Canyon Entity also agrees to execute such other agreements as the Company may
reasonably request to further evidence the provisions of this Section 2.3. 
 (d) Notwithstanding anything to the contrary
herein, after the time the Company has caused to become effective an Exchange Registration, covering all shares to be registered pursuant to Section 2.1 hereof, and continuing for so long as such Exchange Registration remains effective
and available for use, any Black Canyon Entity that is not an “affiliate” of the Company for purposes of Rule 144 shall not have the right to participate in any Incidental Registration rights pursuant to this Section 2.3,
except to the extent the shares to be registered and offered pursuant to such Incidental Registration will be an underwritten offering. 

2.4 Holdback Agreement. 

(a) Each Black Canyon Entity agrees that, if requested in writing in connection with an underwritten offering subsequent to the Company’s
initial public offering made pursuant to a registration statement for which such Black Canyon Entity has registration rights pursuant to this Article II by the managing underwriter or underwriters of such underwritten offering, such Black
Canyon Entity will not effect any public sale or distribution of any of the securities being registered or any securities convertible or exchangeable or exercisable for such securities (except as part of such underwritten offering), during the
period beginning seven days prior to, and ending up to 180 days after, the effective date of any such subsequent underwritten registration (the “Follow-On Holdback Period”), except as part of any such underwritten registration (or
for such shorter period as to which the managing underwriter or underwriters may agree, provided that such shorter period applies equally to all Black Canyon Entities). Notwithstanding the foregoing, no Follow-On Holdback Period shall apply to any
Black Canyon Entity that holds, together with its Affiliates, less than 1% of the then-outstanding Class A Common Stock. 

  
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 (b) The Company agrees (i) not to effect any public sale or distribution of its equity
securities, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to and during the 180-day period beginning on the effective date of any underwritten Demand Registration (or for such
shorter period as to which the managing underwriter or underwriters may agree), except as part of such Demand Registration or in connection with an Exchange Registration or any employee benefit or similar plan, any dividend reinvestment plan, or a
business acquisition or combination and (ii) to use all reasonable efforts to cause each holder of at least 5% (on a fully-diluted basis) of its Class A Common Stock, or any securities convertible into or exchangeable or exercisable for
such Class A Common Stock, which are or may be purchased from the Company at any time after the date of this Agreement (other than in a registered offering) to agree not to effect any sale or distribution of any such Class A Common Stock
during such period (except as part of such underwritten offering, if otherwise permitted). 
 2.5 Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Article II with respect to the Registrable Securities of any selling Black Canyon Entity that such Black Canyon Entity shall furnish to the Company
such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall reasonably be required to effect the registration of such Black Canyon Entity’s Registrable Securities.

 2.6 Registration Procedures. In connection with any request by the Requesting Holders that Registrable Securities be
registered pursuant to Section 2.2 or 2.3 or any obligation of the Company to cause to become effective a Shelf Registration Statement pursuant to Section 2.2(e), subject to the provisions of such Sections, the
paragraphs below shall be applicable, and in connection with any Exchange Registration pursuant to Section 2.1, paragraphs (a), (c), (d), (e), (f), (k), (l) and (n) below
shall be applicable: 
 (a) The Company shall as expeditiously as reasonably practicable prepare and file with the SEC a registration
statement on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the registration of the Registrable Securities to be registered thereunder in accordance with the
intended method of distribution thereof, and use its commercially reasonable efforts to cause such filed registration statement to become and remain effective for a period of not less than 40 days, or in the case of an Exchange Registration until
all of the Registrable Securities of the Black Canyon Entities included in any such registration statement (each, a “Registering Black Canyon Entity”) shall have actually been exchanged thereunder. 

(b) Prior to filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to
each Registering Black Canyon Entity and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to such
Registering Black Canyon Entity and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the
prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the Securities Act and such other documents as such Registering
Black Canyon Entity or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering Black Canyon Entity. The Registering Black Canyon


  
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Entity shall have the right to request that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining to such Registering Black
Canyon Entity and the Company shall use its commercially reasonable efforts to comply with such request; provided, however, that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing
would cause the prospectus to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

(c) After the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such
registration statement during the applicable period in accordance with the intended methods of disposition by the Registering Black Canyon Entity thereof set forth in such registration statement or supplement to such prospectus and
(iii) promptly notify each Registering Black Canyon Entity holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC suspending the effectiveness of such registration statement or
any state securities commission and take all commercially reasonable efforts to prevent the entry of such stop order or to obtain the withdrawal of such order if entered. 

(d) To the extent any “free writing prospectus” (as defined in Rule 405 under the Securities Act) is used, the Company shall file
with the SEC any free writing prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and retain any free writing prospectus not required to be filed. 

(e) The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering Black Canyon Entity holding such Registrable Securities or each underwriter, if any, reasonably (in light
of such member’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and
operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Registering Black Canyon Entity to consummate the disposition of the Registrable Securities owned by such person,
provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.6(e), (B) subject itself to taxation in any
such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (f) The Company shall immediately notify
each Registering Black Canyon Entity holding such Registrable Securities covered by such registration statement or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the
occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Registering Black Canyon Entity or underwriter, if any, and file
with the SEC any such supplement or amendment. 
 (g) In connection with any Public Offering, the Company shall enter into customary
agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including if
necessary the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA. 

  
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 (h) Subject to the execution of confidentiality agreements satisfactory in form and substance to
the Company in the exercise of its good faith judgment, pursuant to the reasonable request of a Registering Black Canyon Entity or underwriter (if any), the Company will give to each Registering Black Canyon Entity, each underwriter (if any) and
their respective counsel and accountants (i) reasonable and customary access to its books and records and (ii) such opportunities to discuss the business of the Company with its directors, officers, employees, counsel and the independent
public accountants who have certified its financial statements, as shall be appropriate, in the reasonable judgment of counsel to such Registering Black Canyon Entity or underwriter, to enable them to exercise their due diligence responsibility.

 (i) The Company shall use its commercially reasonable efforts to furnish to each Registering Black Canyon Entity and to each such
underwriter, if any, a signed counterpart, addressed to such person or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent public
accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the Registering Black Canyon Entity or underwriter reasonably requests. 

(j) Each Registering Black Canyon Entity registering securities under Section 2.2 or 2.3 shall promptly furnish in writing
to the Company the information set forth in Appendix A and such other information regarding itself, the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally
required or advisable in connection with such registration. 
 (k) Each Registering Black Canyon Entity and each underwriter, if any, agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.6(f), such Registering Black Canyon Entity or underwriter shall forthwith discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Registering Black Canyon Entity’s or underwriter’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.6(f); provided, however, that, upon written notice to each Registering Black Canyon Entity and each underwriter, if any, and for a reasonable time specified in the notice but not exceeding 60 days thereafter or 90 days in any
365-day period (the “Suspension Period”), the Company may suspend the use or effectiveness of any registration statement if the Board reasonably believes that the Company is in possession of material non-public information, the
failure of which to be disclosed in the prospectus included in the registration statement could constitute a material misstatement or omission; and, if so directed by the Company, such Registering Black Canyon Entity or underwriter shall deliver to
the Company all copies, other than any permanent file copies then in such Registering Black Canyon Entity’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company
shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period referred to in Section 2.6(a)) by the number of days during the period from and
including the date of the giving of notice pursuant to Section 2.6(f) to the date when the Company shall make available to such Registering Black Canyon Entity a prospectus supplemented or amended to conform with the requirements of
Section 2.6(f). 
 (l) The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by
such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 

  
 11 







 (m) The Company shall cause appropriate officers of the Company or the LLC to (i) prepare
and make presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their commercially
reasonable efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 

(n) The Company shall cooperate with the Registering Black Canyon Entities to facilitate the timely delivery of Registrable Securities to be
sold, which shall not bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations and registered in such names as such Registering Black Canyon Entities may reasonably request at least two business days
prior to the closing of any sale of Registrable Securities. 
 2.7 Indemnification by the Company. In the event of any
registration of any Registrable Securities of the Company under the Securities Act pursuant to this Article II, the Company will, and it hereby does, indemnify and hold harmless, to the extent permitted by law, a Registering Black Canyon
Entity, each affiliate of such Registering Black Canyon Entity and their respective directors and officers or general and limited partners or members and managing members (including any director, officer, affiliate, employee, agent and controlling
person of any of the foregoing) and each other person, if any, who controls such seller within the meaning of the Securities Act (collectively, the “Indemnified Parties”), from and against any and all losses, claims, damages and
liabilities (including legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (a) any
untrue statement or alleged untrue statement of a material fact contained in any registration statement or amendment or supplement thereto under which such Registrable Securities were registered or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (b) any untrue statement or alleged untrue statement of a material fact contained in any prospectus, any free writing prospectus
or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, or any omission or alleged omission to state therein a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company shall not be liable to any Indemnified Party in any such case to the extent
that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement,
prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, in reliance
upon and in conformity with written information furnished to the Company with respect to such seller or any underwriter specifically for use in the preparation thereof. 

2.8 Indemnification by Registering Black Canyon Entities. Each Registering Black Canyon Entity hereby severally and not jointly
indemnifies and holds harmless, and the Company may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Article II, that the Company shall have received an undertaking
reasonably satisfactory to it from any underwriter to indemnify and hold harmless, the Company and all other prospective sellers of Registrable Securities, each officer of the Company who signed the registration statement and each person, if any,
who controls the Company and all other prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in
Section 2.7 above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with written information furnished to the Company with respect to such seller or any underwriter specifically for use 

  
 12 







 
in the preparation of such registration statement, prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the
Securities Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company, any of the Registering Black
Canyon Entities or any underwriter, or any of their respective affiliates, directors, officers or controlling persons and shall survive the transfer of such securities by such person. In no event shall any such indemnification liability of any
Registering Black Canyon Entity be greater in amount than the dollar amount of the proceeds received by such Registering Black Canyon Entity upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

2.9 Conduct of Indemnification Proceedings. Promptly after receipt by an Indemnified Party hereunder of written notice of
the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article II, such Indemnified Party will, if a claim in respect thereof is to be made against an indemnifying party,
give written notice to the latter of the commencement of such action; provided, that the failure of the Indemnified Party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Article II,
except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. 
 In case any such action is
brought against an Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified Party and indemnifying parties may exist in respect of such claim, the indemnifying party will be
entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the
indemnifying party to such Indemnified Party of its election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with
the defense thereof other than reasonable costs of investigation. It is understood and agreed that the indemnifying person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for any Black Canyon Entity, its
affiliates, directors and officers and any control persons of such Indemnified Party shall be designated in writing by such Cover Person, (y) in all other cases shall be designated in writing by the Board. The indemnifying person shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify each Indemnified Party from and against
any loss or liability by reason of such settlement or judgment. No indemnifying person shall, without the written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified
Party is or could have been a party and indemnification could have been sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional release of such Indemnified Party, in form and substance reasonably
satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any
Indemnified Party. 
 2.10 Contribution. If the indemnification provided for in this Article II from the indemnifying
party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and Indemnified Parties in connection with
the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Parties shall be determined


  
 13 







 
by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
has been made by, or relates to information supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or
payable by a party under this Section 2.10 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in
connection with any investigation or proceeding. 
 The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 2.10 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

2.11 Participation in Public Offering. No Black Canyon Entity may participate in any Public Offering hereunder unless such Black
Canyon Entity (a) agrees to sell such Black Canyon Entity’s securities on the basis provided in any underwriting arrangements approved by the Black Canyon Entities entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

 2.12 Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall be given
by the Company and the Registering Black Canyon Entity participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or Governmental Authority other than the
Securities Act. 
 2.13 Rule 144. At all times after the Company effects the initial public offering of the Class A Common
Stock, the Company shall use its commercially reasonable efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder (or, if the Company is not required to
file such reports, upon the request of any Black Canyon Entity, to make publicly available such information as may be required to be provided under Rule 144 under the Securities Act), and will use commercially reasonable efforts to take such further
action as any Black Canyon Entity may reasonably request, all to the extent required from time to time to enable such Black Canyon Entity to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Black Canyon Entity, the Company
shall deliver to such Black Canyon Entity a written statement as to whether it has complied with such requirements. Notwithstanding anything contained in this Section 2.13, the Company may deregister of its securities any under
Section 12 of the Exchange Act if it then is permitted to do so pursuant to the Exchange Act and the rules and regulations thereunder. 

2.14 Parties in Interest. Each Black Canyon Entity shall be entitled to receive the benefits of this Agreement and shall be bound
by the terms and provisions of this Agreement by reason of such Black Canyon Entity’s election to participate in a registration under this Article II. To the extent LLC Units are effectively transferred in accordance with the terms of
the LLC Agreement, the Permitted Transferee of such LLC Units shall be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement upon becoming bound hereby pursuant to
Section 3.1(c). 

  
 14 







 2.15 Acknowledgement Regarding the Company. All determinations necessary or
advisable under this Article II shall be made by the Board, the determinations of which shall be final and binding. 
 2.16
Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities. The provisions of this Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities, to any and all
securities or units of the Company or any successor or assign of any such person (whether by merger, amalgamation, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable
Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization, reclassification, merger, amalgamation, consolidation or otherwise. 

2.17 Blackouts. Notwithstanding the foregoing, (a) the Company may delay the filing of any registration statement, any
amendment thereof or any supplement to the related prospectus, and may withhold efforts to cause any registration statement to become effective, and (b) the Company may prohibit offers and sales of Registrable Securities pursuant to a
registration statement at any time, if (i)(A) the Company is in possession of material non-public information, (B) an executive officer of the Company, after consultation with the Board, reasonably determines that such prohibition is necessary
in order to avoid an obligation to disclose such information, and (C) the executive officer, after consultation with the Board, determines in good faith that disclosure of such information would not be in the best interest of the Company or its
stockholders or (ii) the Company has made a public announcement relating to an acquisition or business combination transaction including the Company and/or one or more of its subsidiaries for which the executive officer, after consultation with
the Board, determines in good faith that offers and sales of Registrable Securities pursuant to a registration statement prior to the consummation of such transaction (or such earlier date as the executive officer, after consultation with the Board,
shall determine) would not be in the best interest of the Company or its stockholders; provided, however, that the duration of all such delays or periods in which shares of Registrable Securities may not be sold pursuant to an effective registration
statement shall not exceed 90 days in any 12-month period in the aggregate; provided, further, that the Company shall be required to keep such registration statement effective for an additional period of time beyond the first anniversary of the date
hereof equal to the number of days the effectiveness thereof is suspended pursuant to this proviso. 
 ARTICLE III 

MISCELLANEOUS 
 3.1
Term of the Agreement; Termination of Certain Provisions. 
 (a) The term of this Agreement shall continue until the first to
occur of (i) the eighth anniversary of the closing of the IPO, and (ii) such time as the Agreement is terminated by both Black Canyon and holders of two-thirds of the outstanding Covered LLC Units. This Agreement may be amended only with
the consent of the Company and the holders of Covered LLC Units required to terminate this Agreement. 
 (b) Unless this Agreement is
theretofore terminated pursuant to Section 3.1(a) hereof, a Black Canyon Entity shall be bound by the provisions of this Agreement with respect to any Covered LLC Units or Registrable Securities until such time as such Black Canyon
Entity ceases to hold any Covered LLC Units or Registrable Securities. Thereafter, such Black Canyon Entity shall no longer be bound by the provisions of this Agreement other than Sections 2.8, 2.9, 2.10 and 2.12 and this
Article III. 

  
 15 







 (c) Any Permitted Transferee of a Black Canyon Entity shall be entitled to become a party to this
Agreement as a Black Canyon Entity; provided, that, such Permitted Transferee shall first sign an agreement in the form approved by the Company acknowledging that such Permitted Transferee is bound by the terms and provisions of the Agreement. 

3.2 Assignment; Successors. This Agreement shall be binding upon and inure to the benefit of the respective legatees, legal
representatives, successors and assigns of the Black Canyon Entities; provided, however, that a Black Canyon Entity may not assign this Agreement or any of its rights or obligations hereunder, and any purported assignment in breach hereof by a Black
Canyon Entity shall be void except for any transfer to a Permitted Transferee in accordance with this Agreement; provided, further, that no assignment of this Agreement by the Company or to a successor of the Company (by operation of law or
otherwise) shall be valid unless such assignment is made to a person which succeeds to the business of such person substantially as an entirety. 

3.3 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of California.

 3.4 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. 

3.5 Entire Agreement. Except as otherwise expressly set forth herein, this document embodies the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject
matter hereof in any way. 
 3.6 Successors and Assigns; Certain Transferees Bound Hereby. Except as otherwise provided herein,
this Agreement shall bind and inure to the benefit of and be enforceable by each of the Company and its successors and assigns, and by the Black Canyon Entities and their respective successors and assigns so long as they hold shares of Class A
Common Stock or LLC Units. 
 3.7 Counterparts. This Agreement may be executed in separate counterparts each of which shall be
an original and all of which taken together shall constitute one and the same agreement. 
 3.8 Remedies. The Company and the
Black Canyon Entities shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement (including costs of enforcement) and to exercise all other rights
existing in their favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies existing in its favor, the
Company or any Black Canyon Entity may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or other injunctive relief (without posting a bond or other security) in order to enforce or
prevent any violation of the provisions of this Agreement. 
 3.9 Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 3.9): 

  
 16 








	 	(a)	If to the Company: 

 Malibu Boats, Inc. 

5075 Kimberly Way 
 Loudon,
Tennessee 37774 
 Attention: Jack Springer 

With a copy to: 
 Waller Lansden
Dortch & Davis, LLP 
 511 Union Street, Suite 2700 

Nashville, Tennessee 37219 

Attention: J. Chase Cole, Esq. 

(b) If to any Black Canyon Entity, the address and other contact information set forth in records of the Company from time to time. 

3.10 Specific Performance. Each party hereto acknowledges that the remedies at law of the other parties for a breach or
threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable
relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may be then available. 

3.11 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
part of this Agreement. 
 [Signature Page Follows] 

  
 17 







 IN WITNESS WHEREOF, the parties hereto have duly executed or cause to be duly executed this
Agreement as of the date first above written. 
  

					
	MALIBU BOATS, INC.
		
	By:	 	 /s/ Jack Springer

		
	Name:	 	 Jack Springer

		
	Title:	 	 CEO

	
	BLACK CANYON MANAGEMENT LLC
		
	By:	 	 /s/ Michael Hooks

		
	Name:	 	 Michael Hooks

		
	Title:	 	 Managing Member

	
	BLACK CANYON DIRECT INVESTMENT FUND, L.P.
			
		 	By:	 	Black Canyon Investments, L.P., its general partner
			
		 	By:	 	Black Canyon Investments, LLC, its general partner
			
		 	By:	 	Black Canyon Capital LLC, its managing member
			
		 	By:	 	 /s/ Michael Hooks

			
		 	Name:	 	 Michael Hooks

			
		 	Title:	 	 Managing Director

	
	BLACK CANYON INVESTMENTS, L.P.
			
		 	By:	 	Black Canyon Investments, LLC, its general partner
			
		 	By:	 	Black Canyon Capital LLC, its managing member
			
		 	By:	 	 /s/ Michael Hooks

			
		 	Name:	 	 Michael Hooks

			
		 	Title:	 	 Managing Director



 [Signature Pages Continue on Next Page] 

[SIGNATURE PAGE OF REGISTRATION RIGHTS AGREEMENT] 






 
					
	CANYON VALUE REALIZATION FUND, L.P.
			
		 	By:	 	Canyon Capital Advisors LLC, its Investment Advisor
			
		 	By:	 	 /s/ John Plaga

			
		 	Name:	 	 John Plaga

			
		 	Title:	 	 Authorized Signatory

	
	THE CANYON VALUE REALIZATION MASTER FUND, L.P.
			
		 	By:	 	The Canyon Value Realization General Partner Company, LLC, its general partner
			
		 	By:	 	Canyon Capital Advisors LLC, its Manager
			
		 	By:	 	 /s/ John Plaga

			
		 	Name:	 	 John Plaga

			
		 	Title:	 	 Authorized Signatory

	
	LOUDON PARTNERS, LLC
		
	By:	 	 /s/ Bradley Spencer

		
	Name:	 	 Bradley Spencer

		
	Title:	 	 Manager




  
 [SIGNATURE PAGE OF
REGISTRATION RIGHTS AGREEMENT] 







 Appendix A 

MALIBU BOATS, INC. 
 Black Canyon
Entity Questionnaire 
 The undersigned Black Canyon Entity understands that the Company has filed or intends to file with the SEC a
registration statement for the registration of the shares of Class A Common Stock (as such may be amended, the “Registration Statement”), in accordance with Section 2.2 or 2.3 of the Registration Rights Agreement, dated as
of             , 20     (the “Registration Rights Agreement”), among the Company and the Black Canyon Entities referred to therein. A copy of the
Agreement is available from the Company upon request at the address set forth below. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 

NOTICE 
 The undersigned
Black Canyon Entity hereby gives notice to the Company of its intention to register Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3) pursuant to the Registration
Statement. The undersigned, by signing and returning this Questionnaire, understands that it will be bound by the terms and conditions of this Questionnaire and the Registration Rights Agreement. 

Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company and all other prospective
sellers of Registrable Securities, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company and all other prospective sellers of Registrable Securities within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities arising in connection with statements made or omissions concerning the undersigned in the Registration Statement,
prospectus, any free writing prospectus or any “issuer information” in reliance upon the information provided in this Questionnaire. 

The undersigned Black Canyon Entity hereby provides the following information to the Company and represents and warrants that such information
is accurate and complete: 
 QUESTIONNAIRE 
  

	1.	Name. 

 (a) Full Legal Name of Black Canyon Entity: 

(b) Full Legal Name of Black Canyon Entity (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below
are held: 
 (c) Full Legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable
Securities listed in Item 3 below are held: 
 (d) Full Legal Name of natural control person (which means a natural person who directly
or indirectly alone or with others has power to vote or dispose of the Registrable Securities listed in Item 3 below): 

  
 1 








	2.	Address for Notices to Black Canyon Entity: 

 Telephone: 

Fax: 
 Email: 

Contact Person: 
  

	3.	Beneficial Ownership of Registrable Securities: 

 Number of Registrable Securities beneficially
owned: 
  

	4.	Broker-Dealer Status: 

 (a) Are you a broker-dealer? 

Yes   ̈    No  
 ̈ 
 Note: If yes, the SEC’s staff has indicated that you should be identified as an
underwriter in the Registration Statement. 
 (b) Are you an affiliate of a broker-dealer? 

Yes   ̈    No  
 ̈ 
 If yes, please identify the broker-dealer with whom the Black Canyon Entity is
affiliated and the nature of the affiliation: 
 (c) If you are an affiliate of a broker-dealer, do you certify that you bought the
Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities? 
 Yes   ̈    No   ̈ 
 Note: If no, the SEC’s staff has indicated that you should be identified as an
underwriter in the Registration Statement. 
 (d) If you are (1) a broker-dealer or (2) an affiliate of a broker-dealer and
answered “no” to Question 4(c), do you consent to being named as an underwriter in the Registration Statement? 
 Yes   ̈    No   ̈ 

  
 2 








	5.	Beneficial Ownership of Other Securities of the Company Owned by the Black Canyon Entity. 


Except as set forth below in this Item 5, the undersigned Black Canyon Entity is not the beneficial or registered owner of any securities
of the Company other than the Registrable Securities listed above in Item 3. 
 Type and Amount of Other Securities beneficially owned
by the Black Canyon Entity: 
  

	6.	Relationships with the Company: 

 Except as set forth below, neither the undersigned Black
Canyon Entity nor any of its affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years. 
 State any exceptions here: 

The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur
subsequent to the date hereof and at any time while the Registration Statement remains in effect. 
 By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers to Items 1 through 7 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such information will
be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by
its duly authorized agent. 
  

					
	
Dated:                        
              
	 	Beneficial
Owner:                                        
                          
			
		 	By:	 	  

		 	Name:
		 	Title:


  
 3 







 PLEASE SEND A COPY OF THE COMPLETED AND EXECUTED QUESTIONNAIRE BY FAX OR ELECTRONIC MAIL, AND RETURN THE ORIGINAL
BY OVERNIGHT MAIL, TO: 
 Malibu Boats, Inc. 

5075 Kimberly Way 
 Loudon,
Tennessee 37774 
 Attention: [            ] 

Fax: [            ] 

Electronic Mail: [            ] 

  
 4