EX-4.2





 Exhibit 4.2 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 

MEDIAALPHA, INC. 
 AND

 CERTAIN STOCKHOLDERS 

DATED AS OF [                ], 2020 

 
  












 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	ARTICLE I	  			
		
	Effectiveness	  			
			
	Section 1.1.	  	Effectiveness	  	 	2	 
		
	ARTICLE II	  			
		
	Definitions	  			
			
	Section 2.1.	  	Definitions	  	 	2	 
			
	Section 2.2.	  	Other Interpretive Provisions	  	 	8	 
		
	ARTICLE III	  			
		
	Registration Rights	  			
			
	Section 3.1.	  	Demand Registration	  	 	8	 
			
	Section 3.2.	  	Shelf Registration	  	 	12	 
			
	Section 3.3.	  	Piggyback Registration	  	 	16	 
			
	Section 3.4.	  	Lock-Up Agreements	  	 	17	 
			
	Section 3.5.	  	Registration Procedures	  	 	18	 
			
	Section 3.6.	  	Underwritten Offerings	  	 	24	 
			
	Section 3.7.	  	No Inconsistent Agreements; Additional Rights	  	 	25	 
			
	Section 3.8.	  	Registration Expenses	  	 	26	 
			
	Section 3.9.	  	Indemnification	  	 	26	 
			
	Section 3.10.	  	Rules 144 and 144A and Regulation S	  	 	30	 
			
	Section 3.11.	  	Existing Registration Statements	  	 	30	 
		
	ARTICLE IV	  			
		
	Miscellaneous	  			
			
	Section 4.1.	  	Authority: Effect	  	 	30	 
			
	Section 4.2.	  	Notices	  	 	31	 
			
	Section 4.3.	  	Termination and Effect of Termination	  	 	33	 
			
	Section 4.4.	  	Permitted Transferees	  	 	33	 
			
	Section 4.5.	  	Remedies	  	 	34	 
			
	Section 4.6.	  	Amendments	  	 	34	 














							
			
	Section 4.7.	  	Governing Law	  	 	34	 
			
	Section 4.8.	  	Consent to Jurisdiction	  	 	34	 
			
	Section 4.9.	  	WAIVER OF JURY TRIAL	  	 	35	 
			
	Section 4.10.	  	Merger; Binding Effect, Etc	  	 	35	 
			
	Section 4.11.	  	Counterparts	  	 	36	 
			
	Section 4.12.	  	Severability	  	 	36	 
			
	Section 4.13.	  	No Recourse	  	 	36	 


  
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 This REGISTRATION RIGHTS AGREEMENT (the “Agreement”),
dated as of [                ], 2020, is made by and among: 

i. MediaAlpha, Inc., a Delaware corporation (the “Company”); 

ii. White Mountains Investments (Luxembourg) S.à r.l, a Luxembourg private limited liability company (société à
responsabilité limitée) (together with its Permitted Transferees (as defined herein) that become party hereto, the “WTM Investor”); 

iii. Insignia QL Holdings, LLC, a Delaware limited liability company, and Insignia A QL Holdings, LLC, a Delaware limited liability company
(together with their respective Permitted Transferees that become party hereto, collectively as a single Holder, the “Insignia Investor”); 

iv. Steven Yi, Eugene Nonko and Ambrose Wang (together with their respective Founder Holding Vehicles (as defined below) signatories hereto
and their respective Permitted Transferees that become party hereto, collectively as a single Holder, the “Founder Investor” and, together with the WTM Investor and the Insignia Investor, the “Principal Investors”);

 v. the Persons listed on Schedule I hereto (together with their respective Permitted Transferees that become party hereto, the
“Non-Founder Management Investor” and, together with the Founder Investor, the “Management Investors” and a Holder (as defined herein) for the purposes of this Agreement); and

 vi. such other Persons, if any, that from time to time become party hereto as holders of Registrable Securities (as defined herein)
pursuant to Section 4.4 in their capacity as Permitted Transferees. 
 RECITALS 

WHEREAS, pursuant to a Reorganization Agreement, dated as of the date hereof, the Company, QL Holdings LLC, the Principal Investors and
certain other Persons have effected a series of reorganization transactions (collectively, the “Reorganization Transactions”); 

WHEREAS, after giving effect to the Reorganization Transactions, the Insignia Investor and the Management Investors own Class B-1 units in QL Holdings LLC (“Class B-1 Units”), together with an equivalent number of shares of the Company’s
Class B common stock, par value $0.01 per share (the “Class B Common Stock”), which, subject to certain restrictions, are exchangeable from time to time 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, together with the Class B Common Stock, the “Common Stock”), or, at the Company’s
election, cash of an equivalent value, pursuant to an Exchange Agreement dated as of the date hereof (the “Exchange Agreement”); 












 WHEREAS, after giving effect to the Reorganization Transactions, the WTM Investor owns
shares of Class A Common Stock; 
 WHEREAS, on the date hereof, the Company has priced an initial public offering (the
“IPO”) of shares of its Class A Common Stock pursuant to an Underwriting Agreement dated as of the date hereof (the “Underwriting Agreement”); and 

WHEREAS, the parties believe that it is in the best interests of the Company and the other parties hereto to set forth their agreements
regarding registration rights and certain other matters following the IPO. 
 NOW, THEREFORE, in consideration of the foregoing and the
mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 Effectiveness

 Section 1.1.    Effectiveness. This Agreement shall become effective upon the Closing. 

ARTICLE II 
 Definitions

 Section 2.1.    Definitions. As used in this Agreement, the following terms shall have the following
meanings: 
 “Adverse Disclosure” means public disclosure of material non-public
information that, in the good faith judgment of the Board of Directors of the Company, after consultation with outside counsel to the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so
that such Registration Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” means, with respect to any specified Person, any Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of the WTM Investor, the Insignia Investor or
the Management Investors. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of


  
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voting securities, by contract or otherwise. For purposes of this Agreement, each of the WTM Investor, the Insignia Investor and the Management Investors shall not be deemed to be Affiliates of
each other solely as a result of entering into this Agreement or the Stockholders Agreement. 
 “Agreement” shall have the
meaning set forth in the Preamble. 
 “Block Trade Offering” means any bought deal or block sale to a financial institution
conducted as an underwritten Public Offering. 
 “Block Trade Participation Conditions” shall have the meaning set forth in
Section 3.2.9. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are
required or authorized by law to be closed in the City of New York. 
 “Class A Common Stock” shall have
the meaning set forth in the Recitals. 
 “Class B Common Stock” shall have the meaning set forth in the
Recitals. 
 “Class B-1 Unit” shall have the meaning set forth
in the Recitals. 
 “Closing” means the closing of the IPO. 

“Common Stock” shall have the meaning set forth in the Recitals. 

“Demand Notice” shall have the meaning set forth in Section 3.1.3. 

“Demand Registration” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1(c). 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6. 

“Demanding Holder” means any Principal Investor that exercises a right to request a Demand Registration pursuant to
Section 3.1. 
 “Effective Date” means the date of the Closing. 

“Exchange” means the exchange of shares of Class B Common Stock (together with an equivalent number of Class B-1 Units) for shares of Class A Common Stock, or, at the Company’s election, cash of an equivalent value, pursuant to the Exchange Agreement. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Exchange Agreement” shall have the meaning set forth in the Recitals. 

“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a
subsidiary pursuant to a stock option, stock purchase, or similar plan on Form S-8 or its successor form approved by the Board of Directors of the Company or (ii) a registration statement on Form S-4 or its successor form. 
 “FINRA” means the Financial Industry Regulatory Authority.

 “Founder Holding Vehicles” means, collectively, the Founder Trusts and QuoteLab Holdings, Inc., a Delaware corporation
classified as an S-corporation for U.S. federal income tax purposes. 
 “Founder
Investor” shall have the meaning set forth in the Preamble. 
 “Founder Trusts” means, collectively, OBF
Investments, LLC, a Nevada limited liability company, O.N.E. Holdings, LLC, a Washington limited liability company, and Wang Family Investments LLC, a Washington limited liability company. 

“Holders” means holders of Registrable Securities under this Agreement. 

“Insignia Investor” shall have the meaning set forth in the Preamble. 

“IPO” shall have the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of the Registrable Securities. 
 “Issuer Shares” means the shares of Common Stock or other equity
securities of the Company, and any securities into which such shares of Common Stock or other equity securities shall have been changed or any securities resulting from any reclassification or recapitalization of such shares of Common Stock or other
equity securities. 
 “Loss” shall have the meaning set forth in Section 3.9.1. 

“Management Investors” shall have the meaning set forth in the Preamble. 

“Non-Founder Management Investor” shall have the meaning set forth in the Preamble.


  
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 “Permitted Transferee” means, with respect to any Holder, as applicable,
(i) the spouse of, or any Person related by blood or adoption to, such Holder, (ii) any trust, or family partnership or family limited liability company, the sole beneficiary of which is such Holder, the spouse of, or any Person related by
blood or adoption to, such Holder, (iii) an Affiliate of such Holder, (iv) in the context of a distribution by a Holder that is a Founder Holding Vehicle to its direct or indirect equity owners substantially in proportion to such
ownership, the partners, members or stockholders of such Holder, or the partners, members or stockholders of such partners, members or stockholders and (v) any other Holder. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1. 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.2.5(b). 

“Principal Investors” or “Principal Investor” shall have the meaning set forth in the Preamble. 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered pursuant to a Demand
Registration or Shelf Registration or sold in a Public Offering, a number of such shares equal to the aggregate number of Registrable Securities requested to be registered in such Demand Registration or Shelf Registration or sold in such Public
Offering (excluding any shares to be registered or sold for the account of the Company), subject to any limit specified by the managing underwriter or underwriters pursuant to Section 3.1.7 or Section 3.2.6, as applicable, multiplied by a
fraction, the numerator of which is the aggregate number of shares of Common Stock held by such Holder immediately prior to the IPO after giving effect to the Reorganization Transactions, and the denominator of which is the aggregate number of
shares of Common Stock held by all Holders immediately prior to the IPO after giving effect to the Reorganization Transactions. 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

  
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 “Registrable Securities” means (i) all shares of Class A Common
Stock held by the Persons who are party to this Agreement as of the Closing, (ii) all shares of Class A Common Stock issuable upon Exchange to the Persons who are party to this Agreement and (iii) all shares of Class A Common
Stock directly or indirectly issued or issuable with respect to the securities referred to in clause (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares,
recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (x) such securities shall have been Transferred to the public pursuant to Rule 144 and the
restrictive legend and any stop transfer restrictions have been removed, (y) the holder of such securities is able to immediately distribute such securities publicly without any restrictions on transfer (including without application of
paragraphs (c), (d), (e), (f) and (h) of Rule 144) or (z) such securities shall have ceased to be outstanding. 

“Registration” means registration under the Securities Act of the offer and sale to the public of any Issuer Shares under a
Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto. 

“Reorganization Transactions” shall have the meaning set forth in the Recitals. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

“SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 

  
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 “Shelf Period” shall have the meaning set forth in Section 3.2.3. 

“Shelf Registration” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Registration Notice” shall have the meaning set forth in Section 3.2.2. 

“Shelf Registration Request” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Registration Statement” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Suspension” shall have the meaning set forth in Section 3.2.4. 

“Shelf Takedown Notice” shall have the meaning set forth in Section 3.2.5(b). 

“Shelf Takedown Request” shall have the meaning set forth in Section 3.2.5(a). 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, by and among Pubco, the WTM Investor,
the Insignia Investor and the Founder Investor. 
 “Transfer” means, with respect to any Registrable Security, any interest
therein, or any other securities or equity interests, a direct or indirect transfer, sale, exchange, assignment or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily,
involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwriting Agreement” shall have the meaning set forth in the Recitals. 

“Underwritten Public Offering” means an underwritten Public Offering, including any Block Trade Offering. 

“Underwritten Shelf Takedown” means an Underwritten Public Offering pursuant to an effective Shelf Registration Statement.

 “WKSI” means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the
Securities Act (or any successor rule) at the most recent eligibility determination date specified in paragraph (2) of that definition. 

“WTM Investor” shall have the meaning set forth in the Preamble. 

  
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 Section 2.2.    Other Interpretive Provisions. (a) The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b)    The words “hereof”, “herein”, “hereunder” and similar words refer to
this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified. 

(c)    The term “including” is not limiting and means “including without limitation.”

 (d)    The captions and headings of this Agreement are for convenience of reference only and shall not
affect the interpretation of this Agreement. 
 (e)    Whenever the context requires, any pronouns used
herein shall include the corresponding masculine, feminine or neuter forms. 
 (f)    References to
Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement unless otherwise specified. 

(g)    References to any agreement or contract are to that agreement or contract as amended, restated,
modified or supplemented from time to time in accordance with the terms thereof. 
 ARTICLE III 

Registration Rights 
 The
Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 Section 3.1.    Demand Registration. 

Section 3.1.1. Request for Demand Registration. 

(a)    Following the Effective Date, each of the Principal Investors shall have the right to make a written
request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by such Principal Investor. Any such Registration pursuant to a Demand Registration
Request shall hereinafter be referred to as a “Demand Registration”. Subject to Section 3.2.8, (i) the Insignia Investor and the Founder Investor shall each be limited to no more than two Demand Registration Requests and
(ii) the WTM Investor shall be limited to no more than four Demand Registration 

  
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Requests, in each case on Form S-1 or any similar long-form registration statement (provided that delivery of a written notice pursuant to
Section 3.1.3 shall not constitute a Demand Registration Request), and each such demand shall be required to be in respect of at least $50 million in anticipated aggregate net proceeds from all shares sold pursuant to such Registration
(including after giving effect to net proceeds expected to be received by any Holder that participates in such offering after delivering written notice pursuant to Section 3.1.3 or otherwise); provided, that a Demand Registration shall
not be counted for purposes of the number of Demand Registration Requests made by the Demanding Holder that had submitted such Demand Registration Request unless and until the Demand Registration has become effective and the Demanding Holders
register and sell at least 90% of the Registrable Securities requested to be included in such Registration. 

(b)    Each Demand Registration Request shall specify (x) the aggregate amount of Registrable
Securities to be registered, and (y) the intended method or methods of disposition thereof. 

(c)    Upon receipt of the Demand Registration Request, the Company shall as promptly as reasonably
practicable file a Registration Statement (a “Demand Registration Statement”), as specified in the Demand Registration Request for such Demand Registration, relating to such Demand Registration. The Company shall use its reasonable
best efforts to cause such Demand Registration Statement to be declared effective under the Securities Act as promptly as practicable, and in any event within 60 days after receipt of the Demand Registration Request; provided that in the
event that the SEC notifies the Company that it will not review a Demand Registration Statement, the Company shall cause such Demand Registration Statement to become effective no later than five Business Days after receiving such notification. 

Section 3.1.2. Limitation on Demand Registrations. The Company shall not be obligated to take any action to effect
any Demand Registration if a Demand Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding 60 days (unless otherwise consented to by the Board of Directors of the Company); provided,
however, that if a prior Underwritten Shelf Takedown was executed as a Block Trade Offering, no such limitation shall apply. 

Section 3.1.3. Demand Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1
(but in no event more than three Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all other Holders and the Demand Notice shall offer each such
Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to Section 3.1.7, the Company shall include in the


  
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Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three Business Days after the date that the Demand
Notice was delivered. 
 Section 3.1.4. Demand Withdrawal. A Demanding Holder and any other Holder that has
requested its Registrable Securities be included in a Demand Registration pursuant to Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior
to the execution of the underwriting agreement related to such Demand Registration. Upon receipt of a notice to such effect from a Demanding Holder (or if there is more than one Demanding Holder, from all such Demanding Holders) with respect to all
of the Registrable Securities included by such Demanding Holder(s) in such Demand Registration, the Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement; provided that, for the avoidance of
doubt, in the event of a request for a Demand Registration by more than one Holder, the Company shall continue all efforts to secure effectiveness of the applicable Demand Registration Statement with respect to the Registrable Securities requested
to be included by each of the Holders that has not withdrawn its Registrable Securities. Notwithstanding any withdrawal of Registrable Securities from a Demand Registration pursuant to this Section 3.1.4, the Demand Registration with respect to
which the withdrawal was made shall be counted for purposes of the number of Demand Registration Requests made by the Demanding Holder that had submitted the Demand Registration Request pursuant to Section 3.1.1(a) unless (a) such
Demanding Holder reimburses the Company for all documented out-of-pocket expenses incurred in connection with the Demand Registration with respect to which the
withdrawal was made, (b) the withdrawal is made as a result of an event that has had a material adverse effect on the business, assets, condition (financial or otherwise) or results of operations of the Company or (c) the withdrawal is
made in response to a Demand Suspension pursuant to Section 3.1.6. 
 Section 3.1.5. Effective Registration.
The Company shall use reasonable best efforts to cause the Demand Registration Statement to become effective and remain effective for not less than 180 days plus the duration of any suspension period (or such shorter period as will terminate when
all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the
underwriter or underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer. 

Section 3.1.6. Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use
of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders (provided that the Company shall not disclose any
material non-public information that is 

  
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the basis for such notice to any Holder without the express consent of such Holder), delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a
“Demand Suspension”); provided, however, that the Company shall not be permitted to exercise a Demand Suspension (i) more than once during any 12-month period or
(ii) for a period exceeding 60 days on any one occasion. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable
Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon (a) the Company’s decision to file or seek effectiveness of such Demand Registration Statement following such Demand
Suspension and (b) the effectiveness of such Demand Registration Statement. Notwithstanding the provisions of this Section 3.1.6, the Company may not postpone the filing or effectiveness of, or suspend use of, a Demand Registration
Statement past the date upon which the applicable Adverse Disclosure is disclosed to the public or otherwise ceases to be Adverse Disclosure. During a Demand Suspension, the Company shall be prohibited from filing a registration statement for its
own account or for the account of any other Holder or holder of its securities and, upon termination of any Demand Suspension, the Company shall promptly amend or supplement the applicable Prospectus, if necessary, so it does 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 and furnish to the Holders such numbers of copies of the Prospectus as
so amended or supplemented as the Holders may reasonably request. 
 Section 3.1.7. Priority of Securities Registered
Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their opinion,
the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the
market for the securities offered, then the securities to be included in such Registration shall be in the case of any Demand Registration (x) first, for each Holder that has requested to participate in such Demand Registration an amount equal
to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the
securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect. 

Section 3.1.8. Resale Rights. In the event that a Principal Investor elects to request a Registration pursuant to
this Section 3.1 in connection with a distribution of Registrable Securities to its partners, members or stockholders, the Registration shall provide for resale by such partners, members or stockholders, if requested by such Principal Investor.


  
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 Section 3.2.    Shelf Registration. 

Section 3.2.1. Request for Shelf Registration. 

(a)    Upon the written request of any Principal Investor from time to time following the date on which the
Company becomes eligible to use Form S-3 or any similar short-form registration statement (a “Shelf Registration Request”), the Company shall promptly file with the SEC a shelf Registration
Statement pursuant to Rule 415 (or any successor rule) under the Securities Act (“Shelf Registration Statement”) (and, if the Company is a WKSI on the date of the Shelf Registration Request or will become one by the time of filing
such Shelf Registration Statement, then such Shelf Registration Statement shall be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act, an “Automatic Shelf Registration Statement”)) relating to
the offer and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in the Shelf Registration Statement and the Company shall use its reasonable
best efforts to cause such Shelf Registration Statement to become effective under the Securities Act as promptly as practicable, and in any event within 45 days following receipt of such Shelf Registration Request; provided that in the event
that the SEC notifies the Company that it will not review a Shelf Registration Statement, the Company shall cause such Shelf Registration Statement to become effective no later than five Business Days after receiving such notification. Any such
Registration pursuant to a Shelf Registration Request shall hereinafter be referred to as a “Shelf Registration.” 

(b)    If on the date of the Shelf Registration Request: (i) the Company is a WKSI, then the Shelf
Registration Request may request Registration of an unspecified amount of Registrable Securities; and (ii) the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be
registered. 
 Section 3.2.2. Shelf Registration Notice. Promptly upon receipt of a Shelf Registration Request
(but in no event more than three Business Days thereafter), the Company shall deliver a written notice (a “Shelf Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount
of Registrable Securities to be registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing. Subject
to Section 3.2.6, the Company shall include in such Shelf Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three Business Days after the date that the
Shelf Registration Notice has been delivered. 

  
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 Section 3.2.3. Continued Effectiveness. The Company shall use
its reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of:
(i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in
Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). 

Section 3.2.4. Suspension of Registration. If the continued use of such Shelf Registration Statement at any time
would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders (provided that the Company shall not disclose any material
non-public information that is the basis for such notice to any Holder without the express consent of such Holder), suspend use of the Shelf Registration Statement (a “Shelf Suspension”);
provided, however, that the Company shall not be permitted to exercise a Shelf Suspension (i) more than one time during any 12-month period, or (ii) for a period exceeding 60 days on
any one occasion. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus and in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice
referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Shelf Suspension, and upon such termination, promptly amend or supplement the applicable Prospectus, if necessary, so it does 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 and furnish to the Holders such numbers of copies of the
Prospectus as so amended or supplemented as the Holders may reasonably request. Notwithstanding the provisions of this Section 3.2.4, the Company may not postpone the filing or effectiveness of, or suspend use of, a Shelf Registration Statement
past the date upon which the applicable Adverse Disclosure is disclosed to the public or otherwise ceases to be Adverse Disclosure. During a Shelf Suspension, the Company shall be prohibited from filing a registration statement for its own account
or for the account of any other Holder or holder of its securities. 
 Section 3.2.5. Shelf Takedown. 

(a)    At any time during which the Company has an effective Shelf Registration Statement with respect to a
Principal Investor’s Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, such Principal Investor may make a written request (a “Shelf Takedown Request”) to the
Company to effect a Public Offering, including an Underwritten Shelf Takedown, of all or a portion of such Holder’s Registrable Securities that are covered by 

  
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such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the Shelf Registration Statement for such purpose; provided that any Shelf Takedown
Request to effect an Underwritten Shelf Takedown shall be required to be in respect of at least $25 million in anticipated net proceeds in the aggregate (including after giving effect to net proceeds expected to be received by any Holder that
participates in such offering after delivering a written notice pursuant to Section 3.2.5(b)), unless a lesser amount is then held by the Principal Investors requesting to participate in such offering. 

(b)    Promptly upon receipt of a Shelf Takedown Request (but in no event more than three Business Days
thereafter) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement (each a
“Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown that number of Registrable Securities as each such
Potential Takedown Participant may request in writing. Subject to Section 3.2.6, the Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for
inclusion therein within three Business Days after the date that the Shelf Takedown Notice has been delivered. Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Block Trade Participation Conditions (as defined below), all
determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.5 shall be determined by the initiating Principal
Investor(s); provided that if such Underwritten Shelf Takedown is to be completed and subject to the Block Trade Participation Conditions and subject to Section 3.2.6, each Potential Takedown Participant’s Pro Rata Portion shall be
included in such Underwritten Shelf Takedown if such Potential Takedown Participant has complied with the requirements set forth in this Section 3.2.5. For any Underwritten Shelf Takedown that is not a Block Trade Offering, any Principal
Investor that has requested its Registrable Securities be included in such Underwritten Shelf Takedown pursuant to this Section 3.2.5 may withdraw all or any portion of its Registrable Securities included in an Underwritten Shelf Takedown from
such Underwritten Shelf Takedown at any time prior to the execution of the underwriting agreement related to such Underwritten Shelf Takedown. 

(c)    The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a
Demand Registration or an Underwritten Shelf Takedown was consummated within the preceding 60 days (unless otherwise consented to by the Board of Directors of the Company); provided, however, that if a prior Underwritten Shelf Takedown
was executed as a Block Trade Offering, no such limitation shall apply. 

  
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 Section 3.2.6. Priority of Securities Sold Pursuant to Shelf
Takedowns. If the managing underwriter or underwriters of a proposed Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the
proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the
securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, for each Holder that has requested to participate in such Underwritten Shelf Takedown an amount equal to the lesser of (i) the
number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause
(x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect. 

Section 3.2.7. Resale Rights. In the event that a Principal Investor elects to request a Registration pursuant to
this Section 3.2 in connection with a distribution of Registrable Securities to its partners, members or stockholders, the Registration shall provide for resale by such partners, members or stockholders, if requested by such Principal Investor.

 Section 3.2.8. S-3 Eligibility. Notwithstanding the foregoing, if, at
any time following the period of 12 calendar months after the Closing, the Company is not eligible to register securities on Form S-3, until the Company is eligible the Company shall be obligated to file such
additional Demand Registration Statements on Form S-1 or any similar long-form registration statements as may be necessary to effect the registration of all Registrable Securities held by the Principal
Investors, in a manner to allow sales consistent with the terms of this Section 3.2. Any such Demand Registration Statement filed pursuant to this Section 3.2.8 shall not be counted for purposes of the number of Demand Registration
Requests made by the Demanding Holder that had submitted such Demand Registration Request pursuant to Section 3.1.1(a). The meaning of the phrase “period of 12 calendar months” is intended to be consistent with the way in which the
phrase “12 calendar months” is used for purposes of the registrant eligibility requirements in Form S-3. 

Section 3.2.9. Block Trades. If a Principal Investor wishes to engage in a Block Trade Offering (either through
filing an Automatic Shelf Registration Statement or through a Shelf Takedown Request), then notwithstanding the time periods set forth in Section 3.2.1, Section 3.2.2 or Section 3.2.4, such Principal Investor will notify the Company
not less than two (2) Business Days prior to the day such Block Trade Offering is first anticipated to commence and the Company will promptly notify other Holders of such Block Trade Offering and such


  
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notified Holders (each, a “Potential Bock Trade Participant”) may elect whether or not to participate no later than the next Business Day (i.e., one (1) Business Day prior
to the day such offering is to commence) (unless a longer period is agreed to by the Principal Investor), and the Company will as expeditiously as possible use its reasonable best efforts to facilitate such Block Trade (which may close as early as
two (2) Business Days after the date it commences). Any Potential Block Trade Participant’s request to participate in a Block Trade shall be binding on the Potential Block Trade Participant; provided that each such Potential Block
Trade Participant may condition its participation on such Block Trade Offering being completed within 10 Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential
Block Trade Participant of not less than 90% (or such lesser percentage specified by such Potential Block Trade Participant in writing) of the closing price for the shares on their principal trading market on the Business Day immediately prior to
such Potential Takedown Participant’s election to participate (“Block Trade Participation Conditions”). 

Section 3.3.    Piggyback Registration. 

Section 3.3.1. Participation. If the Company at any time proposes to file a Registration Statement under the
Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2 or (ii) an
Excluded Registration), then, as soon as practicable (but in no event less than five Business Days prior to the proposed date of filing of such Registration Statement or, in the case of any such Public Offering, the anticipated pricing or trade
date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration
Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 3.3.2, the Company shall include in such
Registration Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be included therein within three Business Days after the receipt by such Holder of any such notice; provided,
however, that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or trade
date of such Public Offering, the Company shall determine for any reason not to register or sell or to delay Registration or the sale of such securities, the Company shall promptly give written notice of such determination to each Holder and,
thereupon, (i) in the case of a determination not to register or sell, the Company shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its
obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or an
Underwritten Shelf Takedown 

  
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under Section 3.2, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten
Shelf Takedown, as the case may be, the Company shall be permitted to delay registering or selling any Registrable Securities, for the same period as the delay in registering or selling such other securities. If the offering pursuant to such
Registration Statement or Public Offering is to be an Underwritten Public Offering, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall, make such arrangements with the
managing underwriter or underwriters so that each such Holder may, participate in such underwritten offering. If the offering pursuant to such Registration Statement or Public Offering is to be on any other basis, then each Holder making a request
for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall, make such arrangements so that each such Holder may, participate in such offering on such basis. Any Holder shall have the right to withdraw all or part
of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided that such request must be made in writing prior to the execution of the
underwriting agreement. 
 Section 3.3.2. Priority of Piggyback Registration. If the managing underwriter or
underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such Holders and any other
Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered,
then the securities to be included in such Registration shall be (x) first, 100% of the securities that the Company or (subject to Section 3.7) any Person (other than a Holder) exercising a contractual right to demand Registration, as the
case may be, proposes to sell, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold
without having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (A) the number of such Registrable Securities requested to
be sold by such Holder, and (B) a number of such shares equal to such Holder’s Pro Rata Portion and (z) third, and only if all of the Registrable Securities referred to in clause (y) have been included in such Registration, any
other securities eligible for inclusion in such Registration. 
 Section 3.3.3. No Effect on Other Registrations.
No Registration of Registrable Securities effected pursuant to a request under this Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1
and 3.2. 
 Section 3.4.    Lock-Up Agreements. In connection with
each Registration or sale of Registrable Securities pursuant to Section 3.1, 3.2 or 3.3 

  
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conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute and deliver such lock-up agreement with
the underwriter(s) of such Public Offering restricting such Holder’s right to (a) Transfer, directly or indirectly, any Registrable Securities or (b) enter into any swap or other arrangement that transfers to another any of the
economic consequences of ownership of Registrable Securities, as is entered into by any Principal Investor with the underwriter(s) of such Public Offering; provided, however, that no Holder shall be required to enter into a lock-up agreement covering a period of greater than 90 days after the date of the final Prospectus relating to such offering or such longer period as is agreed to by each of the Principal Investors; provided,
further, that in no event shall such lock-up period be greater than the period agreed to by the Company, its directors or officers or any other Principal Investors. Notwithstanding the foregoing, such lock-up agreement shall not apply to (i) distributions-in-kind to a Principal Investor’s partners, members or stockholders;
(ii) Transfers to Permitted Transferees of such Holder in accordance with the terms of this Agreement, in each case, only if such distributees and transferees agree to be bound by the restrictions herein; or (iii) other customary
exceptions that the underwriter(s) of such Underwritten Public Offering may agree to. 

Section 3.5.    Registration Procedures. 

Section 3.5.1. Requirements. In connection with the Company’s obligations under Sections 3.1, 3.2 and
3.3, the Company shall use its reasonable best efforts to effect any applicable Registration and to facilitate the sale of any applicable Registrable Securities in accordance with the intended method or methods of distribution thereof as
expeditiously as reasonably practicable, and in connection therewith the Company shall: 
 (a)    as
promptly as is reasonably practicable prepare and file the required Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith, and, before filing a Registration Statement or
Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents
shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) subject to applicable law, make such changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their
counsel, may reasonably request and (z) subject to applicable law, except in the case of a Registration under Section 3.3, not file any Registration Statement or Prospectus or amendments or supplements thereto to which any participating
Principal Investor, or the underwriters, if any, shall reasonably object; 
 (b)    as promptly as is
reasonably practicable prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested by any Principal Investor with Registrable
Securities 

  
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covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such Holder), or
(z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered
by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

(c)    notify the participating Holders and the managing underwriter or underwriters, if any, and (if
requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (i) when the applicable Registration Statement or any amendment thereto
has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (ii) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority
for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which
may affect, the Registration, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any
preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (iv) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct
in all material respects and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose; 
 (d)    promptly notify each selling Holder and the managing
underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any
untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading,
when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such
Registration Statement or Prospectus in order to comply with the Securities Act and, as promptly as reasonably practicable 

  
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thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration
Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 

(e)    to the extent the Company is eligible under the relevant provisions of Rule 430B under the
Securities Act, if the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling
security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus
supplement rather than a post-effective amendment; 
 (f)    use its reasonable best efforts to prevent,
or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus; 

(g)    promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment such information as the managing underwriter or underwriters and the Holders of a majority of the Registrable Securities being sold agree should be included therein relating to the plan of distribution with respect to such Registrable
Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment; 
 (h)    furnish to each selling
Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto,
including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

(i)    deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the
applicable Prospectus (including each preliminary prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities
by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and
sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

  
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 (j)    on or prior to the date on which the applicable
Registration Statement becomes effective, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the
Registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or
their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or
Section 3.2, as applicable; provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general
service of process in any such jurisdiction where it is not then so subject; 
 (k)    cooperate with the
selling Holders and the managing underwriter or underwriters, if any, to enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least three Business Days prior to any
sale of Registrable Securities to the underwriters; 
 (l)    use its reasonable best efforts to cause
the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or
underwriters, if any, to consummate the disposition of such Registrable Securities; 
 (m)    not later
than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities if other than the CUSIP for the publicly traded Class A Common Stock; 

(n)    make such representations and warranties to the Holders of Registrable Securities being registered,
and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

(o)    enter into such customary agreements (including underwriting and indemnification agreements) and
take all such other actions as any participating Principal Investor or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities; 

  
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 (p)    obtain for delivery to the Holders of Registrable
Securities being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering,
the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

(q)    in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing
underwriter or underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent
certified public accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in
customary form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing
under the underwriting agreement; 
 (r)    cooperate with each seller of Registrable Securities and each
underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(s)    use its reasonable best efforts to comply with all applicable securities laws and, if a Registration
Statement was filed, make available, including through the SEC’s EDGAR filing system or any successor system, to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of
the Securities Act and the rules and regulations promulgated thereunder; 
 (t)    provide and cause to
be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(u)    use its reasonable best efforts to cause all Registrable Securities covered by the applicable
Registration Statement to be listed on the securities exchange on which the Company’s Class A Common Stock is then listed or quoted and on each inter-dealer quotation system on which the Company’s Class A Common Stock is then
quoted; 

  
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 (v)    make available upon reasonable notice at
reasonable times and for reasonable periods for inspection by any Principal Investor with Registrable Securities covered by the applicable Registration Statement, by a representative appointed by the Holders of a majority of the Registrable
Securities covered by the applicable Registration Statement, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any
such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have
certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement; 

(w)    in the case of a marketed Public Offering, cause the senior executive officers of the Company to
participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering
contemplated herein and customary selling efforts related thereto; 
 (x)    take no direct or indirect
action prohibited by Regulation M under the Exchange Act; 
 (y)    take all reasonable action to ensure
that any Issuer Free Writing Prospectus utilized in connection with any Registration complies in all material respects 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; and 
 (z)    take all such other
reasonable actions as are necessary or advisable in order to expedite or facilitate the Registration and disposition of such Registrable Securities in accordance with the terms of this Agreement. 

Section 3.5.2. Company Information Requests. The Company may require each seller of Registrable Securities as to
which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company
may from time to time reasonably request in writing and the Company may exclude from such 

  
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Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. Each Holder agrees to
furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

Section 3.5.3. Discontinuing Registration. Each Holder agrees that, as promptly as possible after receipt of any
notice from the Company of the happening of any event of the kind described in Section 3.5.1(d), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional
or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other
than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the
applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable
Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d) or is advised in writing by the Company that the use of the Prospectus may be resumed. 

Section 3.6.    Underwritten Offerings. 

Section 3.6.1. Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Public
Offering, pursuant to a Registration or sale under Section 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company,
each Principal Investor seeking to participate in such offering and the underwriters, and to contain such representations and warranties by the Company and such other terms as are customary in agreements of that type. The Holders of the Registrable
Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof. Such
Holders shall be parties to such underwriting agreement, which underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Holders as are
customarily made by issuers to selling stockholders in public offerings similar to the applicable offering. Any such Holder shall be required to make representations and warranties and other agreements, deliver an opinion or opinions from its
counsel and provide indemnities, in each case as are customarily made by selling stockholders in secondary public offerings. 

  
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 Section 3.6.2. Piggyback Registrations. If the Company proposes
to register or sell any of its securities under the Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to
Section 3.3 and, subject to the provisions of Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the
Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such underwriters shall
be parties to the underwriting agreement between the Company and such underwriters, which underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of
such Holders as are customarily made by issuers to selling stockholders in secondary public offerings. Any such Holder shall be required to make representations and warranties and other agreements, deliver an opinion or opinions from its counsel and
provide indemnities, in each case as are customarily made by selling stockholders in secondary public offerings. 

Section 3.6.3. Participation in Underwritten Registrations. Subject to the provisions of Section 3.6.1 and
Section 3.6.2 above, no Person may participate in any Underwritten Public Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons
entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements; provided
that any such Holder shall not be required to make any representations or warranties to or agreements with the Company other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable
Securities, such Holder’s intended method of distribution and any other representations, warranties or agreements as are customary in agreements of that type. 

Section 3.6.4. Selection of Underwriters. In the case of an Underwritten Public Offering under Section 3.1 or
3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Holders of a majority of Registrable Securities to be included in such Underwritten Public Offering; provided that such managing underwriter
or underwriters shall be reasonably acceptable to the Company. 
 Section 3.7.    No Inconsistent Agreements;
Additional Rights. Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with
the rights granted to the Holders by this Agreement. 

  
 25 













 
Without the prior written consent of each Principal Investor, neither the Company nor any of its subsidiaries shall enter into any agreement granting registration or similar rights to any Person
that are prior in right, pari passu or inconsistent with the rights under this Agreement. 

Section 3.8.    Registration Expenses. All expenses incident to the Company’s performance of or
compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in
connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing,
duplicating, word processing, messenger, telephone, facsimile and delivery expenses of the Company (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of
printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special
audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires, (vi) all fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all reasonable fees and
disbursements of one counsel for each Principal Investor to the extent that they participate in such Registration or sale, (ix) all fees and expenses of any special experts or other Persons retained by the Company in connection with any
Registration or sale, (x) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xi) all expenses of the Company related to the
“road-show” for any Underwritten Public Offering. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be required to pay any fees and disbursements to underwriters not customarily
paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities, which shall be paid by the
participating Holders in proportion to the number of Registrable Securities offered and sold by or on behalf of each such Holder. 

Section 3.9.    Indemnification. 

Section 3.9.1. Indemnification by the Company. The Company shall, and it hereby does, indemnify and hold harmless,
to the fullest extent permitted by law, each Holder, its officers, directors, partners, members, managers, stockholders and employees and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons from and
against any and all losses, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and reasonable legal expenses or other reasonable expenses actually incurred thereby in connection with
investigating or 

  
 26 













 
defending any claim or proceeding resulting therefrom) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged
untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any
amendment thereof or supplement thereto or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report and other document filed under the
Exchange Act, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances
under which they were made) not misleading; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any information furnished in
writing by such selling Holder to the Company specifically for inclusion in a Registration Statement that has not been corrected in a subsequent writing prior to the sale of the Registrable Securities to the Person asserting the claim or
(iii) any violation or alleged violation by the Company (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or
any state securities law. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any
indemnified party and shall survive the Transfer of such securities by such Holder. 
 Section 3.9.2. Indemnification
by the Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its officers, directors, partners, members, managers, stockholders and employees
and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such
Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or
(ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not
misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in any information about such Holder furnished in writing by such selling Holder to the Company specifically for inclusion in such
Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. In no event shall the liability of any selling Holder hereunder be
greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such indemnification obligation 

  
 27 













 
less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to
such sale. 
 Section 3.9.3. Conduct of Indemnification Proceedings. Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying
party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but
the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such
claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based
upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person
(based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ
separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not
have the right to settle such action without the prior written consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party. If such defense is not assumed by the
indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld or delayed. Notwithstanding the foregoing, if at any time an
indemnified party shall have requested that an indemnifying party reimburse the indemnified party for reasonable fees and expenses of counsel as contemplated by this paragraph, the indemnifying party shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into in good faith more than 60 days after receipt by the indemnifying party of such request and more than 30 days after receipt of the proposed terms of such
settlement and (ii) the indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. It is understood that the indemnifying party or


  
 28 













 
parties shall not, except as specifically set forth in this Section 3.9.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable
fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction. 

Section 3.9.4. Contribution. If for any reason the indemnification provided for in Section 3.9.1 and
Section 3.9.2 is unavailable to an indemnified party (other than as a result of exceptions contained in Section 3.9.1 and Section 3.9.2) or insufficient in respect of any Losses referred to therein, then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other
hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of
the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this Section 3.9.4. 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. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9.1 and 3.9.2 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. If indemnification is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified
party to the fullest extent provided in Sections 3.9.1 and 3.9.2 hereof without regard to the provisions of this Section 3.9.4. The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any indemnified party at law or in equity. Notwithstanding the provisions of this Section 3.9.4, in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to
contribute any amount in excess of the dollar amount of the net proceeds received by such holder under the sale of Registrable Securities giving rise to such contribution obligation less any amounts paid by such Holder pursuant to Section 3.9.2
and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. 

  
 29 













 Section 3.10.    Rules 144 and 144A and Regulation S. The
Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request
of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules
may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, including the delivery of customary opinions requested to effectuate such
sales pursuant to Rule 144, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and
within the limitation of the exemptions provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the
request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

Section 3.11.    Existing Registration Statements. Notwithstanding anything herein to the contrary and subject
to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the Holders, a Registration
Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed
accordingly; provided that such previously filed Registration Statement may be amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify as selling
stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time and
the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes,
in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended. 

ARTICLE IV 
 Miscellaneous

 Section 4.1.    Authority; Effect. Each party hereto represents and warrants to and agrees with each
other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such
party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among 

  
 30 













 
any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all
obligations of each such party pursuant to this Agreement. 
 Section 4.2.    Notices. Any notices,
requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent
by overnight courier, in each case, addressed as follows: 
 if to the Company, to: 

MediaAlpha, Inc. 
 700 South
Flower Street, Suite 640 
 Los Angeles, California 90017 

Attention:    Lance Martinez 

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

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: C. Daniel Haaren 

  
 31 













 if to the WTM Investor, to: 

White Mountains Investments (Luxembourg) S.à r.l. 

Société à responsabilité limitée 

1, rue Hildegard von Bingen 

Luxembourg, L-1282 

R.C.S. Luxembourg: B 167.137 

Attention: Manfred Schneider 

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

White Mountains Insurance Group, Ltd. 

23 S. Main St, Suite 3B 

Hanover, NH 03755 
 Attention:
Robert Seelig, EVP & GC 
 and 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: David J. Perkins 

if to Insignia Investor, to: 

Insignia Capital Group 
 1333
California Blvd, Suite 520 
 Walnut Creek, CA 94596 

Attention: Tony Broglio 

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

Kirkland & Ellis LLP 

300 N. LaSalle Street 
 Chicago,
IL 60654 
 Attention: Robert Wilson, P.C. 

  
 32 













 if to the Founder Investor or the
Non-Founder Management Investor, to: 
 700 S. Flower St., Suite 640 

Los Angeles, CA 90017 

Attention: Steven Yi 

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

Kirkland & Ellis LLP 

2049 Century Park East, Suite 3700 

Los Angeles, CA 90067 

Attention: Hamed Meshki, P.C. 

and 
 Kirkland & Ellis
LLP 
 601 Lexington Avenue, New York, NY 10022 

Attention: Timothy Cruickshank, P.C. 

Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes
hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received,
if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two
Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.3.    Termination and Effect of Termination. This Agreement shall terminate upon the date on which
no Holder holds any Registrable Securities, except for the provisions of Sections 3.9, 4.2, 4.7, 4.8, 4.9 and 4.13 and this Section 4.3, which shall survive any such termination. No termination under this Agreement shall relieve any Person
of liability for breach prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with respect to any matter that
(i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 

Section 4.4.    Permitted Transferees. The rights of a Holder hereunder may be assigned (but only with all
related obligations as set forth below) in connection with a Transfer of Class B-1 Units, shares of Class B Common Stock or Registrable Securities effected in accordance with the terms of the Fourth
Amended and Restated Limited Liability Company Agreement of QL Holdings LLC (to the extent applicable) 

  
 33 













 
and this Agreement to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted
under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably
satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any
other Permitted Transferee, other than as provided in this Section 4.4. 
 Section 4.5.    Remedies.
The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of
this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies
(including preliminary or temporary relief) as may be appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this
Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any
single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

Section 4.6.    Amendments. This Agreement may not be orally amended, modified, extended or terminated, nor
shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and each of the Principal
Investors. Each such amendment, modification, extension or termination shall be binding upon each party hereto and each other Holder; provided that no such amendment, modification, extension or termination that disproportionately and
adversely affects any party hereto shall be binding upon such party unless agreed to in writing by such party. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

Section 4.7.    Governing Law. This Agreement and all claims arising out of or based upon this Agreement or
relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the
application of the domestic substantive laws of any other jurisdiction. 
 Section 4.8.    Consent to
Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the purpose of any action, claim, cause
of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law,
and agrees not to 

  
 34 













 
assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be
enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or
relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit
(in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party
hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above.
Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in
any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give
actual notice. 
 Section 4.9.    WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH
CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN
CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO
THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 4.10.    Merger; Binding Effect, Etc. This Agreement (along with the Exchange Agreement) constitutes
the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the
parties hereto and thereto and their respective heirs, representatives, 

  
 35 













 
successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective
obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

Section 4.11.    Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one instrument. 

Section 4.12.    Severability. In the event that any provision hereof would, under applicable law, be invalid
or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in
the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

Section 4.13.    No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the
Company and each Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general
or limited partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or
any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with
this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
 [Signature pages follow]


  
 36 













 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or
caused this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) as of the date first above written. 
  

			
	MEDIAALPHA, INC.


 
			
		
	By:	 	  

		 	Name:
		 	Title:



  
 [Signature Page to
Registration Rights Agreement] 













 
			
	WHITE MOUNTAINS INVESTMENTS (LUXEMBOURG) S.A. R.L.


 
			
		
	By:	 	  

		 	Name:
		 	Title:



  
 [Signature Page to
Registration Rights Agreement] 













 
			
	INSIGNIA QL HOLDINGS, LLC


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	


 
			
	
	INSIGNIA A QL HOLDINGS, LLC


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	



  
 [Signature Page to
Registration Rights Agreement] 













 
			
	STEVEN YI


 
			
		
	By:	 	  



 
			
	
	EUGENE NONKO


 
			
		
	By:	 	  



 
			
	
	AMBROSE WANG


 
			
		
	By:	 	  



 
			
	
	OBF INVESTMENTS, LLC


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	
	
	O.N.E. HOLDINGS LLC


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	
	
	WANG FAMILY INVESTMENTS LLC


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	



  
 [Signature Page to
Registration Rights Agreement] 














			
	QUOTELAB HOLDINGS, INC.


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	
	
	KEITH CRAMER


 
			
		
	By:	 	  



 
			
	
	TIGRAN SINANYAN


 
			
		
	By:	 	  



 
			
	
	LANCE MARTINEZ


 
			
		
	By:	 	  



 
			
	
	BRIAN MIKALIS


 
			
		
	By:	 	  



 
			
	
	ROBERT PERINE


 
			
		
	By:	 	  



 
			
	
	JEFFREY SWEETSER


 
			
		
	By:	 	  



 
			
	
	SERGE TOPJIAN
		
	By:	 	  

	
	AMY YEH
		
	By:	 	  




  
 [Signature Page to
Registration Rights Agreement] 













 SCHEDULE I 

 

	 	1.	 Keith Cramer 



	 	2.	 Tigran Sinanyan 



	 	3.	 Lance Martinez 



	 	4.	 Brian Mikalis 



	 	5.	 Robert Perine 



	 	6.	 Jeffrey Sweetser 



	 	7.	 Serge Topjian 



	 	8.	 Amy Yeh