EX-10.3





 Exhibit 10.3 

RYAN SPECIALTY GROUP, LLC 

SIXTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of            , 2021 

THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED BY THIS SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER
SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 
  












 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	14	 
	 Section 2.01
	 	Formation of Company	  	 	14	 
	 Section 2.02
	 	Sixth Amended and Restated Limited Liability Company Agreement	  	 	14	 
	 Section 2.03
	 	Name	  	 	14	 
	 Section 2.04
	 	Purpose; Powers	  	 	15	 
	 Section 2.05
	 	Principal Office; Registered Office	  	 	15	 
	 Section 2.06
	 	Term	  	 	15	 
	 Section 2.07
	 	No State-Law Partnership	  	 	15	 
		
	 ARTICLE III MEMBERS; UNITS; CAPITALIZATION
	  	 	15	 
	 Section 3.01
	 	Members	  	 	15	 
	 Section 3.02
	 	Units	  	 	16	 
	 Section 3.03
	 	Recapitalization; the Corporation’s Capital Contribution; the IPO Unit Acquisition	  	 	17	 
	 Section 3.04
	 	Authorization and Issuance of Additional Units	  	 	18	 
	 Section 3.05
	 	Repurchase or Redemption of shares of Class A Common Stock	  	 	19	 
	 Section 3.06
	 	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	  	 	20	 
	 Section 3.07
	 	Negative Capital Accounts	  	 	20	 
	 Section 3.08
	 	No Withdrawal	  	 	20	 
	 Section 3.09
	 	Loans From Members	  	 	20	 
	 Section 3.10
	 	Corporate Equity Plans	  	 	20	 
	 Section 3.11
	 	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	  	 	23	 
		
	 ARTICLE IV DISTRIBUTIONS
	  	 	23	 
	 Section 4.01
	 	Distributions	  	 	23	 
		
	 ARTICLE V CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS
	  	 	27	 
	 Section 5.01
	 	Capital Accounts	  	 	27	 
	 Section 5.02
	 	Allocations	  	 	28	 
	 Section 5.03
	 	Regulatory Allocations	  	 	28	 
	 Section 5.04
	 	Final Allocations	  	 	30	 
	 Section 5.05
	 	Tax Allocations	  	 	30	 
	 Section 5.06
	 	Indemnification and Reimbursement for Payments on Behalf of a Member	  	 	31	 
		
	 ARTICLE VI MANAGEMENT
	  	 	32	 
	 Section 6.01
	 	Authority of Manager; Officer Delegation	  	 	32	 
	 Section 6.02
	 	Actions of the Manager	  	 	33	 
	 Section 6.03
	 	Resignation; No Removal	  	 	33	 














							
	 Section 6.04
	 	Vacancies	  	 	33	 
	 Section 6.05
	 	Transactions Between the Company and the Manager	  	 	33	 
	 Section 6.06
	 	Reimbursement for Expenses	  	 	33	 
	 Section 6.07
	 	Delegation of Authority	  	 	34	 
	 Section 6.08
	 	Limitation of Liability of Manager	  	 	34	 
	 Section 6.09
	 	Investment Company Act	  	 	35	 
		
	 ARTICLE VII RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER
	  	 	35	 
	 Section 7.01
	 	Limitation of Liability and Duties of Members	  	 	35	 
	 Section 7.02
	 	Lack of Authority	  	 	37	 
	 Section 7.03
	 	No Right of Partition	  	 	37	 
	 Section 7.04
	 	Indemnification	  	 	37	 
	 Section 7.05
	 	Inspection Rights	  	 	38	 
		
	 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE
COVENANTS
	  	 	38	 
	 Section 8.01
	 	Records and Accounting	  	 	38	 
	 Section 8.02
	 	Fiscal Year	  	 	38	 
		
	 ARTICLE IX TAX MATTERS
	  	 	39	 
	 Section 9.01
	 	Preparation of Tax Returns	  	 	39	 
	 Section 9.02
	 	Tax Elections	  	 	39	 
	 Section 9.03
	 	Tax Controversies	  	 	39	 
		
	 ARTICLE X RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS
	  	 	40	 
	 Section 10.01
	 	Transfers by Members	  	 	40	 
	 Section 10.02
	 	Permitted Transfers	  	 	40	 
	 Section 10.03
	 	Restricted Units Legend	  	 	40	 
	 Section 10.04
	 	Transfer	  	 	41	 
	 Section 10.05
	 	Assignee’s Rights	  	 	41	 
	 Section 10.06
	 	Assignor’s Rights and Obligations	  	 	42	 
	 Section 10.07
	 	Overriding Provisions	  	 	42	 
	 Section 10.08
	 	Spousal Consent	  	 	44	 
	 Section 10.09
	 	Certain Transactions with respect to the Corporation	  	 	44	 
	 Section 10.10
	 	Unvested Common Units	  	 	46	 
		
	 ARTICLE XI REDEMPTION AND DIRECT EXCHANGE RIGHTS
	  	 	46	 
	 Section 11.01
	 	Redemption Right of a Member	  	 	46	 
	 Section 11.02
	 	Election and Contribution of the Corporation	  	 	50	 
	 Section 11.03
	 	Direct Exchange Right of the Corporation	  	 	50	 
	 Section 11.04
	 	Reservation of shares of Class A Common Stock; Listing; Certificate of the Corporation	  	 	51	 
	 Section 11.05
	 	Exchange of Class C Common Incentive Units	  	 	52	 
	 Section 11.06
	 	Effect of Exercise of Redemption or Direct Exchange	  	 	53	 
	 Section 11.07
	 	Tax Treatment	  	 	53	 


  
 3 














							
	 ARTICLE XII ADMISSION OF MEMBERS
	  	 	53	 
	 Section 12.01
	 	Substituted Members	  	 	53	 
	 Section 12.02
	 	Additional Members	  	 	53	 
		
	 ARTICLE XIII WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS
	  	 	54	 
	 Section 13.01
	 	Withdrawal and Resignation of Members	  	 	54	 
		
	 ARTICLE XIV DISSOLUTION AND LIQUIDATION
	  	 	54	 
	 Section 14.01
	 	Dissolution	  	 	54	 
	 Section 14.02
	 	Winding up	  	 	55	 
	 Section 14.03
	 	Deferment; Distribution in Kind	  	 	55	 
	 Section 14.04
	 	Cancellation of Certificate	  	 	56	 
	 Section 14.05
	 	Reasonable Time for Winding Up	  	 	56	 
	 Section 14.06
	 	Return of Capital	  	 	56	 
		
	 ARTICLE XV GENERAL PROVISIONS
	  	 	56	 
	 Section 15.01
	 	Power of Attorney	  	 	56	 
	 Section 15.02
	 	Confidentiality	  	 	57	 
	 Section 15.03
	 	Amendments	  	 	58	 
	 Section 15.04
	 	Title to Company Assets	  	 	59	 
	 Section 15.05
	 	Addresses and Notices	  	 	59	 
	 Section 15.06
	 	Binding Effect; Intended Beneficiaries	  	 	60	 
	 Section 15.07
	 	Creditors	  	 	60	 
	 Section 15.08
	 	Waiver	  	 	60	 
	 Section 15.09
	 	Counterparts	  	 	60	 
	 Section 15.10
	 	Applicable Law	  	 	60	 
	 Section 15.11
	 	Severability	  	 	61	 
	 Section 15.12
	 	Further Action	  	 	61	 
	 Section 15.13
	 	Execution and Delivery by Electronic Signature and Electronic Transmission	  	 	61	 
	 Section 15.14
	 	Right of Offset	  	 	61	 
	 Section 15.15
	 	Entire Agreement	  	 	61	 
	 Section 15.16
	 	Remedies	  	 	61	 
	 Section 15.17
	 	Descriptive Headings; Interpretation	  	 	62	 
	 Section 15.18
	 	Formation of Management Holdings	  	 	62	 

  

	
	 Schedules

	 Schedule 1 - Schedule of Pre-IPO Members

	 Schedule 2 - Schedule of Members

	 Schedule 3 - Initial Officers

	
	 Exhibits

	 Exhibit A – Form of Joinder Agreement

	 Exhibit B-1 – Form of Agreement and Consent of
Spouse

	 Exhibit B-2 – Form of Spouse’s Confirmation of
Separate Property


  

  
 4 













 RYAN SPECIALTY GROUP, LLC 

SIXTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

This SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, this “Agreement”) of Ryan Specialty Group, LLC, a Delaware limited liability company (the “Company”), dated as
of                , 2021 (the “Effective Date”), is entered into by and among the Company, Ryan Specialty Group Holdings, Inc., a
Delaware corporation (the “Corporation”), as the managing member of the Company, and each of the other Members (as defined herein). 

RECITALS 
 WHEREAS, unless
the context otherwise requires, capitalized terms used herein have the respective meaning ascribed to them in Article I; 
 WHEREAS,
the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Act by the filing of the Certificate with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware Act on
December 2, 2009; 
 WHEREAS, prior to the IPO (as defined below), the Company was governed by that certain Fifth Amended and Restated
Limited Liability Company Agreement of the Company, effective as of April 2, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, together with all schedules, exhibits and annexes thereto, the
“Previous LLC Agreement”), which the parties listed on Schedule 1 hereto executed in their capacity as members (including pursuant to consents and joinders thereto) (collectively, the “Pre-IPO Members”), 
 WHEREAS, in connection with the IPO, the Company was a party to
a series of reorganization transactions with the Corporation and various other parties, pursuant to which, among other matters, the Corporation and certain of its Subsidiaries were admitted as a Pre-IPO
Members; 
 WHEREAS, in connection with the IPO, the Company, the Corporation, the Corporation’s applicable Subsidiaries, and the Pre-IPO Members desire to convert all of the Original Units (as defined below) into Common Units and Class C Common Incentive Units (as defined below) (the
“Recapitalization”) as provided herein; 
 WHEREAS, the Corporation may issue additional shares of
Class A Common Stock in connection with the IPO as a result of the exercise by the underwriters of their over-allotment option (the “Over-Allotment Option”); 

WHEREAS, the Corporation will sell shares of Class A Common Stock to public investors in the IPO and will use the net proceeds received
from the IPO (the “IPO Net Proceeds”) (A) to fund the acquisition of certain Units held directly or indirectly by the Members and (B) to acquire newly-issued Common Units of the Company (collectively, the
“IPO Unit Acquisition”); and 












 WHEREAS, in connection with the foregoing matters, the Company and the Members desire to
continue the Company without dissolution and amend and restate the Previous LLC Agreement in its entirety as of the Effective Date to reflect, among other things, (a) the Recapitalization, (b) the addition of the Corporation as a Member
and its designation as sole Manager of the Company and (c) the other rights and obligations of the Members, the Company, the Manager and the Corporation, in each case, as provided and agreed upon in the terms of this Agreement as of the
Effective Date, at which time the Previous LLC Agreement shall be superseded entirely by this Agreement and shall be of no further force or effect. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Previous LLC Agreement is hereby amended and restated in its entirety and the Company, the Corporation and the other Members, each intending to be legally bound, each hereby agrees as follows: 

ARTICLE I 
 DEFINITIONS 

The following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the
contrary. 
 “Additional Member” has the meaning set forth in Section 12.02.

 “Adjusted Capital Account Deficit” means, with respect to the Capital Account of any Member as of
the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be: 
  

	 	(a)	 reduced for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); and



  

	 	(b)	 increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute
to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(l) and 1.704-2(i) (relating to minimum gain). 



“Admission Date” has the meaning set forth in Section 10.06. 

“Affiliate” (and, with a correlative meaning, “Affiliated”) means,
with respect to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition,
“control” (including with correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether
through ownership of voting securities or by contract or other agreement). 
 “Agreement” has the
meaning set forth in the Preamble. 

  
 2 













 “Assignee” means a Person to whom a Unit has been
transferred but who has not become a Member pursuant to Article XII. 
 “Assumed Tax Liability”
means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for
federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full
or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to
such Member after the closing date of the IPO pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to Section 4.1(a) of the
Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b)
of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax
Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including
“reverse” 704(c) allocations) to the Member. 
 “Award Agreement” means one or more agreements, notices or
other governing documents (including adjustment agreements or notices, subscription agreements, Equity Plans and investment plans) between a Service Provider Member and/or any of his, her or its Affiliates, as applicable, on the one hand, and the
Company, on the other hand (in each case, as amended from time to time), governing the issuance or other terms of any Units (or any interests which were converted into or exchanged for such Units). 

“Base Rate” means a per annum rate of the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points.

 “Black-Out Period” means any
“black-out” or similar period under the Corporation’s policies covering trading in the Corporation’s securities to which the applicable Redeeming Member is subject (or will be subject at
such time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement.
For the avoidance of doubt, such policies shall not impose restrictions on trading by passive institutional investors. 

“Book Value” means, with respect to any property of the Company, the Company’s adjusted basis for
U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g). 

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

  
 3 













 “Capital Account” means the capital account maintained
for a Member in accordance with Section 5.01. 
 “Capital Contribution”
means, with respect to any Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Member (or such Member’s predecessor) contributes (or is deemed to contribute) to the
Company pursuant to Article III hereof. 
 “Cash Settlement” means immediately available funds in U.S.
dollars which are proceeds received pursuant to a Secondary Offering in an amount equal to the Redeemed Units Equivalent; provided, that such proceeds shall be net of any Discount; provided further, that the Corporation’s
Capital Account shall be increased by an amount equal to any such Discounts relating to such sale of shares of Class A Common Stock in accordance with Section 6.06. 

“Certificate” means the Company’s Certificate of Formation as filed with the Secretary of State of
the State of Delaware, as amended or amended and restated from time to time. 
 “Change of Control”
means the occurrence of any of the following events: 
 (1) any Person or any “group” of Persons acting together
that would constitute a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended or any successor provisions thereto (excluding (a) a corporation or other entity owned, directly or indirectly, by
the stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer or (b) a group of Persons in which one or more members of the Founder Group or any of their Affiliates,
directly or indirectly hold Beneficial Ownership of securities representing more than 50% of the total voting power held by such group) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing
more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or 
 (2) the
following individuals cease for any reason to constitute a majority of the number of directors of the Corporate Taxpayer then serving: individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the
Board or nomination for election by the Corporate Taxpayer’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors
on the IPO Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or 

(3) there is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and,
immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or
consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to represent or are not converted
into more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

  
 4 













 (4) the stockholders of the Corporate Taxpayer approve a plan of complete
liquidation or dissolution of the Corporate Taxpayer or there is consummated an agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the
Corporate Taxpayer’s assets, other than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity at least 50% of the combined voting power of the voting securities
of which are owned by stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale or other disposition. 

Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in, and voting control over, and own substantially all of the shares of, an entity which owns, directly or indirectly, all or substantially all of the assets of the Corporate Taxpayer
immediately following such transaction or series of transactions. 
 “Change of Control Date” has the
meaning set forth in Section 10.09(a). 
 “Change of Control Transaction”
means any Change of Control that was approved by the Corporate Board prior to such Change of Control. 

“Class A Common Stock” means, as applicable, (a) the shares of
Class A common stock, par value $0.001 per share, of the Corporation or (b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities of the Corporation or any
other Person or cash or other property that become payable in consideration for the Class A common stock, $0.001 par value per share, of the Corporation or into which the Class A common stock, $0.001 par value per share, of the Corporation
is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

“Class B Common Stock” means, as applicable, (a) the shares of
Class B Common Stock, par value $0.001 per share, of the Corporation or (b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities of the Corporation or any
other Person or cash or other property that become payable in consideration for the Class B common stock, $0.001 par value per share, of the Corporation or into which the Class B common stock, $0.001 par value per share, of the Corporation
is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

“Class C Common Incentive Unit” means a Unit designated as a
“Class C Common Incentive Unit” and having the rights and obligations specified with respect to the Class C Common Incentive Units in this Agreement. 

  
 5 













 “Class C Common Incentive
Unitholder” means a Member who is the registered holder of Class C Common Incentive Units. 

“Class C Common Incentive Unit Return Threshold” has the meaning set
forth in Section 3.02(d). 
 “Code” means the United States Internal Revenue
Code of 1986, as amended. Unless the context requires otherwise, any reference herein to a specific section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period. 

“Common Unit” means a Unit designated as a “Common Unit” and having the rights and obligations
specified with respect to the Common Units in this Agreement. 
 “Common Unit Redemption Price” means,
with respect to any Redemption, the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the Stock Exchange, or any other exchange or automated or electronic quotation system on which the Class A
Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the twenty (20) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the applicable Redemption Date, subject to
appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on the Stock Exchange or any other securities
exchange or automated or electronic quotation system as of any particular Redemption Date, then the Manager (through a majority of its directors who are disinterested) shall determine the Common Unit Redemption Price in good faith. 

“Common Unitholder” means a Member who is the registered holder of Common Units. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Confidential Information” has the meaning set forth in Section 15.02(a). 

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

“Corporate Incentive Award Plan” means the 2021 Omnibus Incentive Plan of the Corporation, as the same
may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Corporation” has the meaning set forth in the recitals to this Agreement, together with its successors
and assigns. 
 “Corresponding Rights” means any rights issued with respect to a share of Class A
Common Stock or Class B Common Stock pursuant to a “poison pill” or similar stockholder rights plan approved by the Corporate Board. 

“Credit Agreements” means any promissory note, mortgage, loan agreement, indenture or similar instrument
or agreement to which the Company or any of its Subsidiaries is or becomes a borrower, as such instruments or agreements may be amended, restated, supplemented or otherwise modified from time to time and including any one or more refinancing or
replacements thereof, in whole or in part, with any other debt facility or debt obligation, for as long as the payee or creditor to whom the Company or any of its Subsidiaries owes such obligation is not an Affiliate of the Company. 

  
 6 













 “Delaware Act” means the Delaware Limited Liability
Company Act, 6 Del. C. § 18-101, et seq., as it may be amended from time to time, and any successor thereto. 

“Direct Exchange” has the meaning set forth in Section 11.03(a). 

“Discount” has the meaning set forth in Section 6.06. 

“Distributable Cash” means, as of any relevant date on which a determination is being made by the
Manager regarding a potential distribution pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in accordance with the Credit Agreements (and without otherwise violating
any applicable provisions of any of the Credit Agreements). 
 “Distribution” (and, with a correlative
meaning, “Distribute”) means each distribution made by the Company to a Member with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating
distribution or otherwise; provided, however, that any recapitalization that does not result in the distribution of cash or property to Members or any exchange of securities of the Company, and any subdivision (by Unit split or otherwise) or
any combination (by reverse Unit split or otherwise) of any outstanding Units shall not be a Distribution. 

“Distribution Tax Rate” means a rate reasonably determined by the Manager, which rate shall be no
greater than to the highest effective marginal combined federal, state and local income tax rate for a Fiscal Year applicable to corporate or individual taxpayers (whichever is higher) that may potentially apply to any Member (or, except in the case
of the Corporation, its applicable direct or indirect beneficial owners) for such Fiscal Year, taking into account the character of the relevant tax items (e.g., ordinary or capital) and the deductibility of state and local income taxes for
federal income tax purposes (but only to the extent such taxes are deductible under the Code). 
 “Effective
Date” has the meaning set forth in the Preamble. 
 “Election Notice” has the
meaning set forth in Section 11.01(b). 
 “Equity Plan” means any stock or
equity purchase plan, restricted stock or equity plan, stock option plan, or other similar equity compensation plan now or hereafter adopted by the Company or the Corporation, including the Corporate Incentive Award Plan. 

“Equity Securities” means (a) Units or other equity interests in the Company or any Subsidiary of
the Company (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the provisions of this Agreement, including rights, powers and/or duties senior
to existing classes and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (b) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units or other equity
interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests in the Company or any Subsidiary of the Company. 

  
 7 













 “Event of Withdrawal” means the bankruptcy or
dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member in the Company. “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and
any applicable rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations. 

“Exchange Election Notice” has the meaning set forth in Section 11.03(b). 

“Fair Market Value” of a specific asset of the Company will mean the amount which the Company would
receive in an all-cash sale of such asset in an arms-length transaction with a willing unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day immediately
preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale), as such amount is determined by the Manager (or, if
pursuant to Section 14.02, the Liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent. 

“Family Group” means (i) in the case of a Member or LLC Employee who is an individual, such
individual’s spouse, parents and descendants (whether natural or adopted) and any trust or estate planning vehicle or entity solely for the benefit of such individual and/or the individual’s spouse, parents, descendants and/or other
relatives, and (ii) in the case of a Member or LLC Employee that is a trust, the beneficiary of such trust. 

“Fiscal Period” means any interim accounting period within a Taxable Year established by the Manager and
which is permitted or required by Section 706 of the Code. 
 “Fiscal Year” means the
Company’s annual accounting period established pursuant to Section 8.02. 
 “Governmental
Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including, but not
limited to, any county, municipal or other local subdivision of the foregoing, or (d) any agency, arbitrator or arbitral body, authority, board, body, bureau, commission, court, department, entity, instrumentality, organization or tribunal
exercising executive, legislative, judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition. 

“Indemnified Person” has the meaning set forth in Section 7.04(a). 

“Investment Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time.

 “IPO” means the initial underwritten public offering of shares of the Corporation’s
Class A Common Stock. 

  
 8 













 “IPO Common Unit Subscription Agreement” means that
certain Common Unit Subscription Agreement, dated as of the Effective Date, by and between the Corporation and the Company. 

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

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

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit
A to this Agreement. 
 “Law” means all laws, statutes, ordinances, rules and regulations of any
Governmental Entity. 
 “Liquidator” has the meaning set forth in
Section 14.02. 
 “LLC Employee” means an employee of, or other service
provider (including, without limitation, any management member whether or not treated as an employee for the purposes of U.S. federal income tax) to the Company or any of its Subsidiaries, in each case acting in such capacity. 

“Losses” means items of loss or deduction of the Company determined according to
Section 5.01(b). 
 “Manager” has the meaning set forth in
Section 6.01. 
 “Market Price” means, with respect to a share of
Class A Common Stock as of a specified date, the last sale price per share of Class A Common Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class A Common
Stock, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the Stock Exchange or, if the Class A Common Stock is not listed or admitted
to trading on the Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Class A Common Stock is listed or admitted to
trading or, if the Class A Common Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal
other automated quotation system that may then be in use or, if the Class A Common Stock is not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker making a market in shares of
Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by
the Corporate Board. 
 “Member” means, as of any date of determination, (a) each of the members
named on the Schedule of Members and (b) any Person admitted to the Company as a Substituted Member or Additional Member in accordance with Article XII but in each case only so long as such Person is shown on the Company’s books and
records as the owner of one or more Units, each in its capacity as a member of the Company. 

  
 9 













 “Member Nonrecourse Debt Minimum Gain” means an amount
with respect to each “partner nonrecourse debt” (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Minimum Gain that would result if such partner nonrecourse debt were
treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations
Section 1.704-2(i)(3). 
 “Minimum Gain” means
“partnership minimum gain” determined pursuant to Treasury Regulation Section 1.704-2(d). 
 “Net
Loss” means, with respect to a Fiscal Year, the excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Sections 5.03 and
Section 5.04). 
 “Net Profit” means, with respect to a Fiscal Year, the
excess if any, of Profits for such Fiscal Year over Losses for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Sections 5.03 and Section 5.04). 

“New Common Units” means, with respect to any Exchanged Class C Common Incentive Unit, a number of Common
Units equal to the quotient of (a) the difference between the Common Unit Redemption Price on the date of the Exchange and the then unsatisfied Common Incentive Return Threshold applicable to such Exchanged Class C Common Incentive Unit
divided by (b) the Common Unit Redemption Price; provided that if the number of New Common Units determined by the foregoing calculation is negative, it shall be deemed to be zero. 

“Officer” has the meaning set forth in Section 6.01(b). 

“Optionee” means a Person to whom a stock option is granted under any Stock Option Plan. 

“Original Units” means the Class A Common Units and Class B Common Units (each as defined in
the Previous LLC Agreement) of the Company. 
 “Other Agreements” has the meaning set forth in
Section 10.04. 
 “Over-Allotment Contribution” has the meaning set forth in
Section 3.03(b). 
 “Over-Allotment Option” has the meaning set forth in the
Recitals. 
 “Partnership Representative” has the meaning set forth in
Section 9.03. 
 “Percentage Interest” means (i) as among an individual
class of Units and with respect to a Member at a particular time, such Member’s percentage interest in the Company determined by dividing the number of such Member’s Units of such class by the total number of Units of all Members of such
class at such time and (ii) as among all Units and with respect to a Member at a particular time, such Member’s percentage interest in the Company determined by dividing the number of such Member’s Units by the total number of Units
of all Members at such time, determined as if all Class C Common Incentive Units were exchanged for New Common Units in accordance with the terms of this Agreement. The Percentage Interest of each Member shall be calculated to the fourth
decimal place. 

  
 10 













 “Permitted Transfer” has the meaning set forth in
Section 10.02. 
 “Permitted Transferee” has the meaning set forth in
Section 10.02. 
 “Person” means an individual or any corporation,
partnership, limited liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity. 

“Previous LLC Agreement” has the meaning set forth in the Recitals. 

“Pre-IPO Members” has the meaning set forth in the recitals to
this Agreement. 
 “Pro rata” “pro rata portion” “according
to their interests” “ratably” “proportionately” “proportional” “in proportion to” “based on
the number of Units held” “based upon the percentage of Units held” “based upon the number of Units outstanding” and other terms with similar meanings, when used in
the context of a number of Units of the Company relative to other Units, means as amongst an individual class of Units, pro rata based upon the number of such Units within such class of Units. 

“Profits” means items of income and gain of the Company determined according to
Section 5.01(b). 
 “Profits Interest” means an interest in the Company that
is intended to be classified as a profits interest within the meaning of Internal Revenue Service Revenue Procedure 93-27 and 2001-43 (or the corresponding requirements
of any subsequent guidance promulgated by the Internal Revenue Service or other Law) for U.S. federal income tax purposes, including the Class C Common Incentive Units. 

“Pubco Offer” has the meaning set forth in Section 10.09(b). 

“Quarterly Tax Distribution” has the meaning set forth in Section 4.01(b)(i).

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

“Redeemed Units” has the meaning set forth in Section 11.01(a). 

“Redeemed Units Equivalent” means the product of (a) the applicable number of Redeemed Units,
multiplied by (b) the Common Unit Redemption Price. 
 “Redeeming Member” has the meaning
set forth in Section 11.01(a). 
 “Redemption” has the meaning set forth in
Section 11.01(a). 
 “Redemption Date” has the meaning set forth in
Section 11.01(a). 

  
 11 













 “Redemption Notice” has the meaning set forth in
Section 11.01(a). 
 “Redemption Right” has the meaning set forth in
Section 11.01(a). 
 “Registration Rights Agreement” means that certain
Registration Rights Agreement, dated as of the Effective Date, by and among the Corporation, certain of the Members as of the Effective Date and certain other Persons whose signatures are affixed thereto (together with any joinder thereto from time
to time by any successor or assign to any party to such agreement) (as it may be amended from time to time in accordance with its terms). 

“Retraction Notice” has the meaning set forth in Section 11.01(c). 

“Revised Partnership Audit Provisions” means Code Sections 6221 through 6241, together with any guidance
issued thereunder or successor provisions and any similar provision of state, provincial or local laws. 
 “Schedule of
Members” has the meaning set forth in Section 3.01(b). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency
succeeding to the functions thereof. 
 “Secondary Offering” means a
follow-on or secondary public offering of shares of Class A Common Stock by the Corporation following the IPO. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

“Service Provider Member” means any Member that holds Units that were issued in connection with the performance
of services as an employee or other service provider to Corporation, the Company or any of their respective Subsidiaries (including, for the avoidance of doubt, Common Units that were purchased pursuant to the terms of an Award Agreement with an
employee or other service provider), whether or not such Member continues to provide services on or after the date hereof. 

“Share Settlement” means a number of shares of Class A Common Stock (together with any
Corresponding Rights) equal to the number of Redeemed Units. 
 “Stock Exchange” means the New York
Stock Exchange. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership,
association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof, references to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a
Subsidiary of the Company. 

  
 12 













 “Substituted Member” means a Person that is admitted
as a Member to the Company pursuant to Section 12.01. 
 “Tax Distributions”
has the meaning set forth in Section 4.01(b)(i). 
 “Tax Receivable
Agreement” means that certain Tax Receivable Agreement, dated as the date of the Effective Date, by and among the Corporation and the Company, on the one hand, and each of the other Members whose signatures are affixed thereto
(together with any joinder thereto from time to time by any successor or assign to any party to such agreement), as the TRA Holders (as such term is defined in the Tax Receivable Agreement), on the other hand (together with any joinder thereto from
time to time by any successor or assign to any party to such agreement) (as it may be amended from time to time in accordance with its terms). 

“Taxable Year” means the Company’s accounting period for U.S. federal income tax purposes
determined pursuant to Section 9.02. 
 “Trading Day” means a day on which
the Stock Exchange or such other principal United States securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the
entire day). 
 “Transfer” (and, with a correlative meaning,
“Transferring”) means any sale, transfer, assignment, redemption, pledge, encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or
involuntarily or by operation of Law) (a) any interest (legal or beneficial) in any Equity Securities or (b) any direct or indirect equity or other interest (legal or beneficial) in any Member if substantially all of the value of such
equity or other interest is attributable (directly or indirectly) to the Units. 
 “Treasury
Regulations” means the final, temporary and (to the extent they can be relied upon) proposed regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect
for the relevant taxable period. 
 “Unit” means the fractional interest of a Member in Profits,
Losses and Distributions of the Company represented by Common Units, Class C Common Incentive Units and any other class, series or type of interests of the Company, and otherwise having the rights and obligations specified with respect to
“Units” in this Agreement; provided, however, that any class or group of Units issued shall have the relative rights, powers and duties set forth in this Agreement applicable to such class or group of Units. 

“Unvested Class C Common Incentive Units” means Class C Common Incentive Units
that are not Vested Class C Common Incentive Units. 
 “Unvested Common Units” means Common Units that are not
Vested Common Units. 

  
 13 













 “Unvested Corporate Shares” means shares of
Class A Common Stock issuable pursuant to awards of any type granted under the Corporate Incentive Award Plan that are not Vested Corporate Shares. 

“Value” means (a) for any stock option, the Market Price for the Trading Day immediately preceding
the date of exercise of a stock option and (b) for any award other than a stock option, the Market Price for the Trading Day immediately preceding the Vesting Date. 

“Vested Class C Common Incentive Units” means the Class C Common Incentive Units
that are vested pursuant to the terms thereof or any Award Agreement relating thereto. 
 “Vested Common Units”
means the Common Units that are vested pursuant to the terms of any Award Agreement relating thereto. 
 “Vested
Corporate Shares” means the shares of Class A Common Stock issued pursuant to awards of any type granted under the Corporate Incentive Award Plan that are vested pursuant to the terms thereof or any Award Agreement relating
thereto. 
 “Vesting Date” has the meaning set forth in Section 3.10(c)(ii).

 ARTICLE II 
 ORGANIZATIONAL
MATTERS 
 Section 2.01 Formation of Company. The Company was formed on December 2, 2009 pursuant to the provisions of the
Delaware Act. The filing of the Certificate of Formation of the Company, and the Certificate of Amendment, with the Secretary of State of the State of Delaware are hereby ratified and confirmed in all respects. 

Section 2.02 Sixth Amended and Restated Limited Liability Company Agreement. The Members hereby execute this Agreement for the
purpose of amending, restating and superseding the Previous LLC Agreement in its entirety and otherwise establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby
agree that during the term of the Company set forth in Section 2.06 the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and
the Delaware Act. No provision of this Agreement shall be in violation of the Delaware Act and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no effect to the extent of such
violation without affecting the validity of the other provisions of this Agreement. Neither any Member nor the Manager nor any other Person shall have appraisal rights with respect to any Units. 

Section 2.03 Name. The name of the Company is “Ryan Specialty Group, LLC”. The Manager, in its sole discretion, may
change the name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members. The Company’s business may be conducted under its name and/or any other name or names deemed advisable by
the Manager. 

  
 14 













 Section 2.04 Purpose; Powers. The primary business and purpose of the Company
shall be to engage in such activities as are permitted under the Delaware Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement. The Company shall have the power and authority to take
(directly or indirectly through its Subsidiaries) any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to accomplish the foregoing purpose. 

Section 2.05 Principal Office; Registered Office. The principal office of the Company shall be located at such place or places as
the Manager may from time to time designate, each of which may be within or outside the State of Delaware. The Company may have such other offices as the Manager may designate from time to time. The registered office of the Company required by the
Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Manager may designate from time to time in
the manner provided by law. 
 Section 2.06 Term. The term of the Company commenced upon the filing of the Certificate in
accordance with the Delaware Act and shall continue in perpetuity unless dissolved in accordance with the provisions of Article XIV. 

Section 2.07 No State-Law Partnership. The Members intend that the Company not be a
partnership (including, without limitation, a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes other than as set forth in the last sentence of
this Section 2.07, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest otherwise. The Members intend that the
Company shall be treated as a partnership for U.S. federal and, if applicable, state or local income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in
a manner consistent with such treatment. 
 ARTICLE III 

MEMBERS; UNITS; CAPITALIZATION 

Section 3.01 Members. 

(a) In connection with the reorganization transactions (as described in the Recitals), the Corporation acquired Original Units
(which will be converted into Common Units pursuant to the Recapitalization in accordance with Section 3.03) and was admitted as a Member. 

(b) The Company shall maintain a schedule setting forth: (i) the name and address of each Member, (ii) the aggregate
number of outstanding Units and the number and class of Units held by each Member and (iii) the Class C Common Incentive Unit Return Threshold applicable to each Class C Common Incentive Unit which is outstanding (such schedule, the
“Schedule of Members”). The applicable Schedule of Members in effect as of the Effective Date and after giving effect to the Recapitalization is set forth as Schedule 2 to this Agreement. The Company
shall also maintain a record of (1) the aggregate amount of cash Capital Contributions that has been made by the Members with 

  
 15 













 
respect to their Units and (2) the Fair Market Value of any property other than cash contributed by the Members with respect to their Units (including, if applicable, a description and the
amount of any liability assumed by the Company or to which contributed property is subject) in its books and records. The Schedule of Members may be updated by the Manager in the Company’s books and records from time to time, and as so updated,
it shall be the definitive record of ownership of each Unit of the Company and all relevant information with respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of
Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the
Delaware Act. 
 (c) No Member shall be required or, except as approved by the Manager pursuant to
Section 6.01 and in accordance with the other provisions of this Agreement, permitted to (i) loan any money or property to the Company, (ii) borrow any money or property from the Company or (iii) make any
additional Capital Contributions. 
 Section 3.02 Units. 

(a) Interests in the Company shall be represented by Units, or such other securities of the Company, in each case as the
Manager may establish in its discretion in accordance with the terms and subject to the restrictions hereof. At the Effective Date, the Units will be comprised of Common Units and Class C Common Incentive Units. 

(b) Subject to Section 3.04(a), the Manager may (i) issue additional Common Units and/or
Class C Common Incentive Units at any time in its sole discretion and (ii) create one or more new classes or series of Units or preferred Units solely to the extent such new class or series of Units or preferred Units are substantially
economically equivalent to a class of common or other stock of the Corporation or class or series of preferred stock of the Corporation, respectively; provided, that as long as there are any Members (other than the Corporation and its
Subsidiaries) (i) no such new class or series of Units may deprive such Members of, or dilute or reduce, the allocations and distributions they would have received, and the other rights and benefits to which they would have been entitled, in
respect of their Units if such new class or series of Units had not been created and (ii) no such new class or series of Units may be issued, in each case, except to the extent (and solely to the extent) the Company actually receives cash in an
aggregate amount, or other property with a Fair Market Value in an aggregate amount, equal to the aggregate distributions that would be made in respect of such new class or series of Units if the Company were liquidated immediately after the
issuance of such new class or series of Units. 
 (c) Subject to Sections 15.03(b) and 15.03(c), the Manager
may amend this Agreement, without the consent of any Member or any other Person, in connection with the creation and issuance of such classes or series of Units, pursuant to Sections 3.02(b), 3.04(a) or 3.10. 

  
 16 













 (d) Common Units and Class C Common Incentive Units may be subject to
vesting and other terms and conditions as set forth in an Award Agreement (or Award Agreements). Each Class C Common Incentive Unit shall be subject to a return threshold (the “Class C Common Incentive Unit Return Threshold”),
which shall be, for each Class C Common Incentive Unit that is intended to constitute a Profits Interest for U.S. federal income tax purposes, an amount not less than the amount determined by the Manager to be necessary to cause such Management
Incentive Unit to constitute a Profits Interest, as set forth on the Member Schedule. Each Class C Common Incentive Unit that is intended to constitute a Profits Interest shall have an initial Capital Account at the time of its issuance equal
to zero dollars ($0.00). 
 (e) Unvested Common Units and Unvested Class C Common Incentive Units shall be subject to
the terms of this Agreement and any applicable Award Agreement(s). Unvested Common Units and Unvested Class C Common Incentive Units that fail to vest and are forfeited by the applicable Member shall be cancelled by the Company (and shares of
Class B Common Stock held by the applicable Member shall be cancelled, in each case for no consideration) and shall not be entitled to any distributions under this Agreement. 

Section 3.03 Recapitalization; the Corporation’s Capital Contribution; the IPO Unit Acquisition. 

(a) In order to effect the Recapitalization, the number of Original Units that were issued and outstanding and held by the Pre-IPO Members prior to the Effective Date as set forth opposite the respective Pre-IPO Member in Schedule 1 are hereby converted, as of the Effective Date, and after
giving effect to such conversion and the other transactions related to the Recapitalization, into the number of Common Units and/or Class C Common Incentive Units set forth opposite the name of the respective Member on the Schedule of Members
attached hereto as Schedule 2 (provided, for the avoidance of doubt, that the number of Common Units set forth on Schedule 2 shall include the effects of the IPO Unit Acquisition), and such Common Units are hereby issued and
outstanding as of the Effective Date and the holders of such Common Units are Members hereunder. In the case of Original Units other than Original Units that were purchased by the holder of such Original Units, the Common Units and/or Class C
Common Incentive Units into which such Original Units are converted under this Section 3.03(a) will be subject to the same vesting conditions as such Original Units. 

(b) To the extent the underwriters in the IPO exercise the Over-Allotment Option in whole or in part, upon the exercise of the
Over-Allotment Option, the Corporation will contribute a portion of the Over-Allotment Option Net Proceeds to the Company in exchange for newly issued Common Units pursuant to the IPO Common Unit Subscription Agreement, and such issuance of
additional Common Units shall be reflected on the Schedule of Members (the “Over-Allotment Contribution”). The number of 

  
 17 













 
Common Units issued in the Over-Allotment Contribution, in the aggregate, shall be equal to the number of shares of Class A Common Stock issued by the Corporation in such exercise of the
Over-Allotment Option. Immediately following the consummation of the IPO, the Corporation shall use the IPO Net Proceeds received from the IPO to effect the IPO Unit Acquisition. For the avoidance of doubt, the Corporation shall be admitted as a
Member with respect to all Common Units it holds from time to time. Such Units that are issued to LLC Employees are being issued pursuant to and subject to the terms and conditions of (i) a Common Unit Grant Agreement and/or (ii) a
Class C Common Incentive Unit Grant Agreement in each case, pursuant to the Corporate Incentive Award Plan. 
 Section 3.04
Authorization and Issuance of Additional Units. 
 (a) Except as otherwise determined by the Manager in connection
with a contribution of cash or other assets by the Corporation to the Company, the Company and the Corporation shall undertake all actions, including, without limitation, an issuance, reclassification, distribution, division or recapitalization,
with respect to the Common Units and the Class A Common Stock or Class B Common Stock, as applicable, to maintain at all times (i) a one-to-one ratio
between the number of Common Units owned by the Corporation, directly or indirectly, and the number of outstanding shares of Class A Common Stock and (ii) a
one-to-one ratio between the number of Common Units owned by Members (other than the Corporation and its Subsidiaries), directly or indirectly, and the number of
outstanding shares of Class B Common Stock owned by such Members, directly or indirectly, in each case, disregarding, for purposes of maintaining the one-to-one
ratio, (A) Unvested Corporate Shares, (B) treasury stock or (C) preferred stock or other debt or equity securities (including, without limitation, warrants, options or rights) issued by the Corporation that are convertible into or
exercisable or exchangeable for Class A Common Stock or Class B Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon conversion, exercise or exchange thereof,
has been contributed by the Corporation to the equity capital of the Company). Except as otherwise determined by the Manager in connection with a contribution of cash or other assets by the Corporation to the Company, in the event the Corporation
issues, transfers or delivers from treasury stock or repurchases Class A Common Stock in a transaction not contemplated in this Agreement, the Manager and the Corporation shall take all actions such that, after giving effect to all such
issuances, transfers, deliveries or repurchases, the number of outstanding Common Units owned, directly or indirectly, by the Corporation will equal on a one-for-one
basis the number of outstanding shares of Class A Common Stock. Except as otherwise determined by the Manager in connection with a contribution of cash or other assets by the Corporation to the Company, in the event the Corporation issues,
transfers or delivers from treasury stock or repurchases or redeems the Corporation’s preferred stock in a transaction not contemplated in this Agreement, the Manager and the Corporation shall take all actions such that, after giving effect to
all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation, directly or indirectly, holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) equity
interests in the Company which (in the good faith determination by the Manager) are in the aggregate substantially economically equivalent to the outstanding preferred stock of the Corporation so issued, transferred, delivered, repurchased or
redeemed. Except as otherwise determined 

  
 18 













 
by the Manager in its reasonable discretion, the Company and the Corporation shall not undertake any subdivision (by any Common Unit split, stock split, Common Unit distribution, stock
distribution, reclassification, division, recapitalization or similar event) or combination (by reverse Common Unit split, reverse stock split, reclassification, division, recapitalization or similar event) of the Common Units, Class A Common
Stock or Class B Common Stock, as applicable, that is not accompanied by an identical subdivision or combination of Class A Common Stock, Class B Common Stock or Common Units, respectively, to maintain at all times (x) a one-to-one ratio between the number of Common Units owned, directly or indirectly, by the Corporation and the number of outstanding shares of Class A Common Stock or
(y) a one-to-one ratio between the number of Common Units owned by Members (other than the Corporation and its Subsidiaries) and the number of outstanding shares of
Class B Common Stock, in each case, unless such action is necessary to maintain at all times a one-to-one ratio between either the number of Common Units owned,
directly or indirectly, by the Corporation and the number of outstanding shares of Class A Common Stock or the number of Common Units owned by Members (other than the Corporation and its Subsidiaries) and the number of outstanding shares of
Class B Common Stock as contemplated by the first sentence of this Section 3.04(a). 
 (b) The
Company shall only be permitted to issue additional Common Units and Class C Common Incentive Units, and/or establish other classes or series of Units or other Equity Securities in the Company to the Persons and on the terms and conditions
provided for in Section 3.02, this Section 3.04, Section 3.10 and Section 3.11. Subject to the foregoing, the Manager may cause the Company to
issue additional Common Units and Class C Common Incentive Units authorized under this Agreement and/or establish other classes or series of Units or other Equity Securities in the Company at such times and upon such terms as the Manager shall
determine and the Manager shall amend this Agreement as necessary in connection with the issuance of additional Common Units and admission of additional Members under this Section 3.04 without the requirement of any consent
or acknowledgement of any other Member. 
 Section 3.05 Repurchase or Redemption of shares of Class A Common
Stock. Except as otherwise determined by the Manager in connection with the use of cash or other assets held by the Corporation, if at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or
call, automatically or by means of another arrangement) by the Corporation for cash, then the Manager shall cause the Company, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding number of
Common Units held (directly or indirectly) by the Corporation, at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any
expenses related thereto) and upon such other terms as are the same for the shares of Class A Common Stock being repurchased or redeemed by the Corporation. Notwithstanding any provision to the contrary contained in this Agreement, the Company
shall not make any repurchase or redemption if such repurchase or redemption would violate any applicable Law. 

  
 19 













 Section 3.06 Certificates Representing Units; Lost, Stolen or Destroyed
Certificates; Registration and Transfer of Units. 
 (a) Units shall not be certificated unless otherwise determined by
the Manager. If the Manager determines that one or more Units shall be certificated, each such certificate shall be signed by or in the name of the Company, by any two (2) authorized officers of the Company, representing the number of Units
held by such holder. Such certificate shall be in such form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to
the extent permitted by applicable Law. No Units shall be treated as a “security” within the meaning of Article 8 of the Uniform Commercial Code unless all Units then outstanding are certificated; notwithstanding anything to the contrary
herein, including Section 15.03, the Manager is authorized to amend this Agreement in order for the Company to opt-in to the provisions of Article 8 of the Uniform Commercial Code
without the consent or approval of any Member of any other Person. 
 (b) If Units are certificated, the Manager may direct
that a new certificate representing one or more Units be issued in place of any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an affidavit of the owner or owners of such
certificate, setting forth such allegation. The Manager may require the owner of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify it against any claim that may
be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate. 

(c) To the extent Units are certificated, upon surrender to the Company or the transfer agent of the Company, if any, of a
certificate for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof, the Company shall issue a new certificate representing one or more
Units to the Person entitled thereto, cancel the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe such additional rules and regulations as it may deem appropriate
relating to the issue, Transfer and registration of Units. 
 Section 3.07 Negative Capital Accounts. No Member shall be
required to pay to any other Member or the Company any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company). 

Section 3.08 No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital
Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 
 Section 3.09 Loans From
Members. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions of Section 3.01(c), the amount of any such advances shall be a debt of the Company to such Member and
shall be payable or collectible in accordance with the terms and conditions upon which such advances are made. 
 Section 3.10
Corporate Equity Plans. 

  
 20 













 (a) Options Granted to Persons other than LLC Employee. If at any
time or from time to time, in connection with any Equity Plan, a stock option granted over shares of Class A Common Stock to a Person other than an LLC Employee is duly exercised: 

(i) The Corporation shall, as soon as practicable after such exercise, make a Capital Contribution to the Company in an amount
equal to the exercise price paid to the Corporation by such exercising Person in connection with the exercise of such stock option. 

(ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to
Section 3.10(a)(i), the Corporation shall be deemed to have contributed to the Company as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of additional Common Units, an amount
equal to the Value of a share of Class A Common Stock as of the date of such exercise multiplied by the number of shares of Class A Common Stock then being issued by the Corporation in connection with the exercise of such stock option.

 (iii) The Corporation shall receive in exchange for such Capital Contributions (as deemed made under
Section 3.10(a)(ii)), a number of Common Units equal to the number of shares of Class A Common Stock for which such option was exercised. 

(b) Options Granted to LLC Employees. If at any time or from time to time, in connection with any Equity Plan, a stock
option granted over shares of Class A Common Stock to an LLC Employee is duly exercised: 
 (i) The Corporation shall
sell to the Optionee, and the Optionee shall purchase from the Corporation, for a cash price per share equal to the Value of a share of Class A Common Stock at the time of the exercise, the number of shares of Class A Common Stock equal to
the quotient of (x) the exercise price payable by the Optionee in connection with the exercise of such stock option divided by (y) the Value of a share of Class A Common Stock at the time of such exercise. 

(ii) The Corporation shall sell to the Company (or if the Optionee is an employee of, or other service provider to, a
Subsidiary, the Corporation shall sell to such Subsidiary), and the Company (or such Subsidiary, as applicable) shall purchase from the Corporation, a number of shares of Class A Common Stock equal to the difference between (x) the number
of shares of Class A Common Stock as to which such stock option is being exercised minus (y) the number of shares of Class A Common Stock sold pursuant to Section 3.10(b)(i) hereof. The purchase price per
share of Class A Common Stock for such sale of shares of Class A Common Stock to the Company (or such Subsidiary) shall be the Value of a share of Class A Common Stock as of the date of exercise of such stock option. 

  
 21 













 (iii) The Company shall transfer to the Optionee (or if the Optionee is an
employee of, or other service provider to a Subsidiary, the Subsidiary shall transfer to the Optionee) at no additional cost to such LLC Employee and as additional compensation (and not a distribution) to such LLC Employee, the number of shares of
Class A Common Stock described in Section 3.10(b)(ii). 
 (iv) The Corporation shall, as soon
as practicable after such exercise, make a Capital Contribution to the Company in an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the Corporation in
connection with the exercise of such stock option. The Corporation shall receive for such Capital Contribution, a number of Common Units equal to the number of shares of Class A Common Stock for which such option was exercised. 

(c) Equity Awards Other than Options Granted to LLC Employees. If at any time or from time to time, in connection with
any Equity Plan, any shares of Class A Common Stock are issued to an LLC Employee (including any shares of Class A Common Stock that are subject to forfeiture in the event such LLC Employee terminates his or her employment with the Company
or any Subsidiary) in consideration for services performed for the Company or any Subsidiary: 
 (i) The Corporation shall
issue such number of shares of Class A Common Stock as are to be issued to such LLC Employee in accordance with the Equity Plan; 

(ii) On the date (such date, the “Vesting Date”) that the Value of such shares is includible in taxable
income of such LLC Employee, the following events will occur: (1) the Corporation shall sell such shares of Class A Common Stock to the Company (or if such LLC Employee is an employee of, or other service provider to a Subsidiary, to such
Subsidiary) for a purchase price equal to the Value of such shares of Class A Common Stock, (2) the Corporation shall contribute the purchase price for such shares of Class A Common Stock to the Company as a Capital Contribution, and
(3) in the case where such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount to the capital of the Subsidiary; and 

(iii) The Company shall issue to the Corporation on the Vesting Date a number of Common Units equal to the number of shares of
Class A Common Stock issued under Section 3.10(c)(i) in consideration for a Capital Contribution that the Corporation is deemed to make to the Company pursuant to clause (2) of
Section 3.10(c)(ii) above. 
 (d) Future Stock Incentive Plans. Nothing in this Agreement
shall be construed or applied to preclude or restrain the Corporation from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the Corporation, the Company or any of their
respective Affiliates. The Members acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the Corporation, amendments to this Section 3.10 may become necessary or advisable and
that any approval or consent to any such amendments requested by the Corporation shall be deemed granted by the Manager and the Members, as applicable, without the requirement of any further consent or acknowledgement of any other Member. 

  
 22 













 (e) Anti-dilution Adjustments. For all purposes of this
Section 3.10, the number of shares of Class A Common Stock and the corresponding number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that are applicable, as of the
date of exercise or vesting, to the option, warrant, restricted stock or other equity interest that is being exercised or becomes vested under the applicable Equity Plan and applicable Award Agreement or grant documentation. 

Section 3.11 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be
provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or subscription plan or agreement, either
(a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to such amounts, shall
be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock so
issued. 
 ARTICLE IV 

DISTRIBUTIONS 
 Section 4.01
Distributions. 
 (a) Distributable Cash; Other Distributions. To the extent permitted by applicable Law and
hereunder, Distributions to Members may be declared by the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts, at such time and on such terms (including the payment dates of such Distributions) as
the Manager in its sole discretion shall determine using such record date as the Manager may designate. All Distributions made under this Section 4.01 shall be made to the Members as of the close of business on such record
date on a pro rata basis in accordance with each Member’s Percentage Interest (other than, for the avoidance of doubt, any distributions made pursuant to Section 4.01(b)(v)) as of the close of business on such
record date; provided, however, that the Manager shall have the obligation to make Distributions as set forth in Section 4.01(b) and 14.02; provided, further, subject to
Section 4.01(c), for purposes of this Section 4.01(a) and notwithstanding anything to the contrary set forth herein, a holder of a Class C Common Incentive Unit (or portion thereof) shall be
eligible to participate in distributions (A) only to the extent that the per Unit amount distributed by the Company (after the date of issuance of such Class C Common Incentive Unit) in respect of each Common Unit that is not a
Class C Common Incentive Unit and that was outstanding on the date of issuance of such Class C Common Incentive Unit, excluding Tax Distributions, exceeds the then-unsatisfied Class C Common Incentive Unit Return Threshold applicable
to such Class C Common Incentive Unit and (B) solely from the excess described in the preceding clause (A). Notwithstanding any other provision herein to the contrary, no Distributions shall be made to any Member to the extent such
Distribution would render the Company insolvent or violate the Delaware Act. For 

  
 23 













 
purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. In furtherance of the foregoing, it is intended that the Manager shall,
to the extent permitted by applicable Law and hereunder, have the right in its sole discretion to make Distributions of Distributable Cash to the Members pursuant to this Section 4.01(a) in such amounts as shall enable the
Corporation to meet its obligations, including its obligations pursuant to the Tax Receivable Agreement (to the extent such obligations are not otherwise able to be satisfied as a result of Tax Distributions required to be made pursuant to
Section 4.01(b)). Notwithstanding anything to the contrary in this Section 4.01(a), (i) the Company shall not make a distribution (other than Tax Distributions under
Section 4.01(b)) to any Member in respect of any Unvested Common Units or Unvested Class C Common Incentive Units and (ii) with respect to any amounts that would otherwise have been distributed to a Member but for
the preceding clause (i), such amount shall be set aside by the Company for the benefit of such Member unless and until such time as such Unvested Common Units or Unvested Class C Common Incentive Units have vested in accordance with the
applicable equity plan or individual award agreement, and within five (5) Business Days of such time, the Company shall distribute such amounts to such Member. If any condition to the vesting of Unvested Common Units or Unvested Class C
Common Incentive Units becomes incapable of being satisfied (or if any holder of Common Units or Class C Common Incentive Units is required to return any Distribution in respect thereof as a result of the violation of any employment or
post-employment restrictive covenant), then any amounts that have not been distributed with respect to such Unvested Common Units or Unvested Class C Common Incentive Units may be distributed to all other Members. 

(b) Tax Distributions. 

(i) With respect to each Fiscal Year, to the extent the Company has available cash for distribution by the Company under the
Delaware Act and subject to any applicable agreement to which the Company or any of its Subsidiaries is a party governing the terms of third party indebtedness for borrowed money, and subject to the retention and establishment of reserves, or
payment to third parties, of such funds as the Manager deems necessary or desirable in its sole discretion with respect to the reasonable needs and obligations of the Company or any of its Subsidiaries, the Company shall, to the extent permitted by
applicable Law, make cash distributions (“Tax Distributions”) to each Member in accordance with, and to the extent of, such Member’s Assumed Tax Liability. Tax Distributions pursuant to this
Section 4.01(b)(i) shall be estimated by the Company on a quarterly basis and, to the extent feasible, shall be distributed to the Members on a quarterly basis on or prior to April 15th, June 15th, September 15th and
January 15th (of the succeeding year) (or such other dates for which individuals or corporations (whichever is earlier) are required to make quarterly estimated tax payments for U.S. federal income tax purposes) (each, a “Quarterly
Tax Distribution”), provided, that the foregoing shall not restrict the Company from making a Tax Distribution on any other date. Quarterly Tax Distributions shall take into account the estimated taxable income or
loss of the Company for the Fiscal Year through the end of the relevant quarterly period. A final accounting for Tax Distributions shall be made for each Fiscal Year after the allocation of the Company’s actual net taxable income or loss has
been determined and any shortfall in the amount of Tax Distributions a Member received for such Fiscal Year based on such final accounting shall promptly be distributed to such Member. 

  
 24 













 (ii) To the extent a Member otherwise would be entitled to receive less than
its Percentage Interest of the aggregate Tax Distributions to be paid pursuant to this Section 4.01(b) (other than any distributions made pursuant to Section 4.01(b)(v)) on any given date, the Tax
Distributions to such Member shall be increased to ensure that all Distributions made pursuant to this Section 4.01(b) are made pro rata in accordance with the Members’ respective Percentage Interests. If, on
the date of a Tax Distribution, there are insufficient funds on hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled, Distributions pursuant to this
Section 4.01(b) shall be made to the Members to the extent of available funds in accordance with their Percentage Interests and the Company shall make future Tax Distributions (pro rata in accordance with the Members’
respective Percentage Interests) as soon as funds become available sufficient to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled. 

(iii) In the event of any audit by, or similar event with, a taxing authority that affects the calculation of any Member’s
Assumed Tax Liability for any Taxable Year (other than an audit conducted pursuant to the Revised Partnership Audit Provisions for which no election is made pursuant to Section 6226 thereof and the Treasury Regulations promulgated thereunder),
or in the event the Company files an amended tax return, each Member’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to such event (for the avoidance of doubt, taking into account interest or penalties).
Any shortfall in the amount of Tax Distributions the Members and former Members received for the relevant Taxable Years based on such recalculated Assumed Tax Liability promptly shall be distributed to such Members and the successors of such former
Members, except, for the avoidance of doubt, to the extent Distributions were made to such Members and former Members pursuant to Section 4.01(a) and this Section 4.01(b) in the relevant Taxable
Years sufficient to cover such shortfall. 
 (iv) Notwithstanding the foregoing, Tax Distributions pursuant to this
Section 4.01(b) (other than, for the avoidance of doubt, any distributions made pursuant to Section 4.01(b)(v)), if any, shall be made to a Member only to the extent all previous Tax
Distributions to such Member pursuant to Section 4.01(b) with respect to the Fiscal Year are less than the Tax Distributions such Member otherwise would have been entitled to receive with respect to such Fiscal Year
pursuant to this Section 4.01(b). 
 (v) Notwithstanding the foregoing and anything to the contrary
in this Agreement, following the Effective Date, no Member shall have any further right to any Tax Distributions (as defined in the Previous LLC Agreement) pursuant to Section 4.1(a) of the Previous LLC Agreement. 

  
 25 













 (vi) For the avoidance of doubt, Tax Distributions shall be treated for all
purposes of this Agreement as an entitlement separate from and in addition to any other entitlement of any Member pursuant to this Agreement, including any distributions to which a Member is entitled pursuant to Section 4.01(a). 

(c) Limitations in Respect of Profits Interests 

(i) It is the intention of the Members that distributions with respect to each Profits Interest be limited to the extent
necessary so that each Profits Interest qualifies at the time of grant as a “profits interest” for U.S. federal income tax purposes, and this Agreement shall be interpreted accordingly. In the event that distributions to which a Member
would otherwise be entitled are inconsistent with the preceding sentence, the Manager is authorized to adjust future distributions to the Members in whatever manner it deems appropriate (to the extent consistent with the intended treatment of each
Profits Interest as a “profits interest” for U.S. federal income tax purposes) so that, after such adjustments are made, each Member receives, to the maximum extent possible, an amount of distributions equal to the amount of distributions
such Member would have received were such sentence not part of this Agreement. Additionally, the Company intends to treat a Member holding a Profits Interest as the owner of such Interest for tax reporting purposes from the date it is granted, and
the Company intends to file its IRS Form 1065, and the Company intends to issue appropriate Schedule K-1s, if any, to such Member, allocating to such Member its distributive share of all items of income, gain,
loss, deduction and credit associated with such Class C Common Incentive Unit (or portion thereof) as if no time-based vesting restrictions applied. Each holder of Class C Common Incentive Units agrees to take into account such
distributive share in computing its U.S. federal income tax liability for the entire period during which it holds any Class C Common Incentive Unit (or portion thereof). The undertakings contained in this
Section 4.01(c)(i) shall be construed in accordance with the treatment of each Profits Interest as a “profits interest” for U.S. federal income tax purposes. Each recipient of a Profits Interest whether issued on
or after the date hereof that is subject to vesting agrees to timely and properly file an election under Section 83(b) of the Code with respect to each Profits Interest and provide the Company with a copy of such election. Each holder of
Profits Interests acknowledges and agrees that such holder will consult with such holder’s tax advisor to determine the tax consequences of filing an election under Section 83(b) of the Code. Each such holder acknowledges that it is the
sole responsibility of such holder, and not the Company, to file a timely election under Section 83(b) of the Code even if such holder requests the Company or its representatives to make such filing on behalf of such holder. 

(ii) By executing this Agreement, each Member authorizes the Company, at the election of the Manager, to elect to have the
“Safe Harbor” described in the proposed Revenue Procedure (“Revenue Procedure” ) set forth in the IRS Notice 2005-43 (the “Notice”) apply to any Interest Transferred to a service
provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company or any Subsidiary of the 

  
 26 













 
Company. For purposes of making such “Safe Harbor” election, the Manager is hereby designated as the “partner who has responsibility for U.S. federal income tax reporting” by
the Company and, accordingly, execution of such “Safe Harbor” election by the Manager shall constitute execution of a “Safe Harbor Election” in accordance with Section 3.03 of the Notice. The Company and each Member hereby
agree to comply with all requirements of the “Safe Harbor” described in the Notice, to the extent such requirements are imposed in the Revenue Procedure, including the requirement that each Member shall prepare and file all U.S. federal
income tax returns reporting the income tax effects of each interest in the Company issued by the Company covered by the “Safe Harbor” in a manner consistent with the requirements of the Revenue Procedure. 

(iii) Each Member authorizes the Manager to amend this Section 4.01(c) to the extent necessary and
advisable as determined by the Manager to comply with the requirements of the Revenue Procedure as issued; provided, that such amendment is not materially and disproportionally adverse to such Member (as compared with the after-tax consequences that would result if the provisions of the Notice applied to all Interests in the Company Transferred to a service provider by the Company in connection with services provided to the Company
or any Subsidiary of the Company). A Member’s obligations to comply with the requirements of this Section 4.01(c) shall survive such Member’s ceasing to be a Member of the Company and/or the winding up and
dissolution of the Company, and, for purposes of this Section 4.01(c), the Company shall be treated as continuing in existence. 

ARTICLE V 
 CAPITAL ACCOUNTS;
ALLOCATIONS; TAX MATTERS 
 Section 5.01 Capital Accounts. 

(a) The Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulation
Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in
accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company’s property. 

(b) For purposes of computing the amount of any item of income, gain, loss or deduction with respect to the Company to be
allocated pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for
U.S. federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided, however, that: 

  
 27 













 (i) The computation of all items of income, gain, loss and deduction shall
include those items described in Code Section 705(a)(1)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includible in gross income or are not
deductible for U.S. federal income tax purposes. 
 (ii) If the Book Value of any property of the Company is adjusted
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. 

(iii) Items of income, gain, loss or deduction attributable to the disposition of property of the Company having a Book Value
that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. 

(iv) Items of depreciation, amortization and other cost recovery deductions with respect to property of the Company having a
Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g). 

(v) To the extent an adjustment to the adjusted tax basis of any asset of the Company pursuant to Code Sections 732(d), 734(b)
or 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis). 
 Section 5.02 Allocations.
Except as otherwise provided in Section 5.03 and Section 5.04, Net Profits and Net Losses for any Fiscal Year or Fiscal Period shall be allocated among the Capital Accounts of the Members in a
manner such that the Capital Account of each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the distributions that would be made to such Member pursuant to Section 4.01(a) if
the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Book Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Book Value of the assets securing such
liability), and the net assets of the Company were distributed, in accordance with Section 4.01(a), to the Members immediately after making such allocation, assuming for this purpose that any Common Units or Class C
Common Incentive Units which are subject to vesting conditions in accordance with any applicable equity plan or individual award agreement are fully vested, minus (ii) such Member’s share of Minimum Gain and Member Nonrecourse Debt Minimum
Gain, computed immediately prior to the hypothetical sale of assets. 
 Section 5.03 Regulatory Allocations. 

(a) Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be
allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for
such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

  
 28 













 (b) Nonrecourse deductions (as determined according to Treasury Regulation
Section 1.704-2(b)(l)) for any Taxable Year shall be allocated pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a), if there is a net decrease in
the Minimum Gain during any Taxable Year, each Member shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation
Section 1.704-2(f). This Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner
consistent therewith. 
 (c) If any Member that unexpectedly receives an adjustment, allocation or Distribution described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d) (4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Section 5.03(a) and 5.03(b) but
before the application of any other provision of this Article V, then Profits for such Taxable Year shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This
Section 5.03(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 

(d) If the allocation of Net Losses to a Member as provided in Section 5.02 would create or increase
an Adjusted Capital Account Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Net Losses that would, absent the application of the preceding sentence,
otherwise be allocated to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d). 

(e) Profits and Losses described in Section 5.01(b)(v) shall be allocated in a manner consistent with
the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

(f) The allocations set forth in Section 5.03(a) through and including
Section 5.03(e) (the “Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory
Allocations may not be consistent with the manner in which the Members intend to allocate Profit and Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject to the Regulatory
Allocations, income, gain, deduction and loss with respect to the Company shall be reallocated among the Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be in
the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate
that this will be accomplished by specially allocating other Profit and 

  
 29 













 
Loss (and such other items of income, gain, deduction and loss) among the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is zero. In
addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership minimum gain, or in partner nonrecourse debt minimum gain, and application of the minimum gain chargeback requirements set forth in
Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement among the Members, the Members may, if they do not expect that the Company will have sufficient other income
to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such minimum
gain chargeback requirement. 
 Section 5.04 Final Allocations. 

(a) Notwithstanding any contrary provision in this Agreement except Section 5.03, the Manager shall
make appropriate adjustments to allocations of Profits and Losses to (or, if necessary, allocate items of gross income, gain, loss or deduction of the Company among) the Members upon the liquidation of the Company (within the meaning of
Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially all the Units (whether by sale or exchange or merger) or sale of all or substantially all the assets of the Company, such that, to the maximum extent
possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments or allocations shall occur, to the maximum extent possible, in the Fiscal Year of the event requiring such adjustments or
allocations. 
 (b) If any holder of Common Units or Class C Common Incentive Units which are subject to vesting
conditions forfeits (or the Company has repurchased at less than fair market value) all or a portion of such holder’s unvested Common Units or Class C Common Incentive Units, the Company shall make forfeiture allocations in respect of such
unvested Common Units or Class C Common Incentive Units in the manner and to the extent required by Proposed Treasury Regulations Section 1.704-1(b)(4)(xii) (as such Proposed Treasury Regulations may be amended or modified, including upon
the issuance of temporary or final Treasury Regulations). 
 Section 5.05 Tax Allocations. 

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

(b) Items of taxable income, gain, loss and deduction of the Company with respect to any property contributed to the capital of
the Company shall be allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value as
determined by the Manager in good faith. 

  
 30 













 (c) If the Book Value of any asset of the Company is adjusted pursuant to
Section 5.01(b), including adjustments to the Book Value of any asset of the Company in connection with the execution of this Agreement, subsequent allocations of items of taxable income, gain, loss and deduction with
respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value using the traditional method set forth in Treasury Regulations Section 1.704-3(b). 

(d) Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members as
determined by the Manager taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii). 
 (e)
Allocations pursuant to this Section 5.05 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of
Profits, Losses, Distributions or other items of the Company pursuant to any provision of this Agreement. 
 Section 5.06
Indemnification and Reimbursement for Payments on Behalf of a Member. If the Company is obligated to pay any amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member
or a Member’s status as such (including federal income taxes, additions to tax, interest and penalties as a result of obligations of the Company pursuant to the Revised Partnership Audit Provisions, federal withholding taxes, state personal
property taxes and state unincorporated business taxes), then such Member shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses). The Manager may offset Distributions to which a Member is
otherwise entitled under this Agreement against such Member’s obligation to indemnify the Company under this Section 5.06. In addition, notwithstanding anything to the contrary, each Member agrees that any Cash
Settlement such Member is entitled to receive pursuant to Article XI may be offset by an amount equal to such Member’s obligation to indemnify the Company under this Section 5.06 and that such Member shall be
treated as receiving the full amount of such Cash Settlement and paying to the Company an amount equal to such obligation. A Member’s obligation to make payments to the Company under this Section 5.06 shall survive the
transfer or termination of any Member’s interest in any Units of the Company, the termination of this Agreement and the dissolution, liquidation, winding up and termination of the Company. In the event that the Company has been terminated prior
to the date such payment is due, such Member shall make such payment to the Manager (or its designee), which shall distribute such funds in accordance with this Agreement. The Company may pursue and enforce all rights and remedies it may have
against each Member under this Section 5.06, including instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in
excess of the highest rate per annum permitted by Law). Each Member hereby agrees to furnish to the Company such information and forms as required or reasonably requested in order to comply with any Laws and regulations governing withholding of tax
or in order to claim any reduced rate of, or exemption from, withholding to which the Member is legally entitled. The Company may withhold any amount that it determines is required to be withheld from any amount otherwise payable to any Member
hereunder, and any such withheld amount shall be deemed to have been paid to such Member for purposes of this Agreement. 

  
 31 













 ARTICLE VI 

MANAGEMENT 
 Section 6.01
Authority of Manager; Officer Delegation. 
 (a) Except for situations in which the approval of any Member(s) is
specifically required by this Agreement, (i) all management powers over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole managing member of the Company (the Corporation, in such capacity, the
“Manager”), (ii) the Manager shall conduct, direct and exercise full control over all activities of the Company and (iii) no other Member shall have any right, authority or power to vote, consent or approve any matter,
whether under the Delaware Act, this Agreement or otherwise. The Manager shall be the “manager” of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the other provisions of
this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by the Delaware Act with respect to the management and control of the Company. Any vacancies in the position of Manager
shall be filled in accordance with Section 6.04. 
 (b) Without limiting the authority of the
Manager to act on behalf of the Company, the day-to-day business and operations of the Company may be overseen and implemented by officers of the Company (each, an
“Officer” and collectively, the “Officers”), subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer shall be appointed by
the Manager, with the initial Officers of the Company hereby appointed in such roles as set forth on Schedule 3 attached hereto, and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her
death or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than one office. Subject to the other provisions of this Agreement (including in Section 6.07
below), the salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Manager. The authority and responsibility of the Officers shall be limited to such duties as the Manager may, from time to
time, delegate to them. Unless the Manager decides otherwise, if the title is one commonly used for officers of a business corporation formed under the General Corporation Law of the State of Delaware, the assignment of such title shall constitute
the delegation to such person of the authorities and duties that are normally associated with that office. All Officers shall be, and shall be deemed to be, officers and employees of the Company. An Officer may also perform one or more roles as an
officer of the Manager. Any Officer may be removed at any time, with or without cause, by the Manager. 

  
 32 













 (c) Subject to the other provisions of this Agreement, the Manager shall
have the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription
right or any other right available in connection with any assets at any time held by the Company) or the merger, consolidation, conversion, division, reorganization or other combination of the Company with or into another entity, for the avoidance
of doubt, without the prior consent of any Member or any other Person being required. The Manager shall have the power and authority to cash out fractional Units on such terms and at such times as it determines. 

Section 6.02 Actions of the Manager. The Manager may act through any Officer or through any other Person or Persons to whom
authority and duties have been delegated pursuant to Section 6.07. 
 Section 6.03 Resignation; No
Removal. The Manager may resign at any time by giving written notice to the Members. Unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not
be necessary to make it effective. For the avoidance of doubt, the Members have no right under this Agreement to remove or replace the Manager. 

Section 6.04 Vacancies. Vacancies in the position of Manager occurring for any reason shall be filled by the Corporation (or, if
the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation immediately prior to such cessation). For the avoidance of doubt, the Members (other
than the Corporation) have no right under this Agreement to fill any vacancy in the position of Manager. 
 Section 6.05
Transactions Between the Company and the Manager. The Manager may cause the Company to contract and deal with the Manager, or any Affiliate of the Manager, provided, that such contracts and dealings (other than contracts and dealings
between the Company and its Subsidiaries) are on terms comparable to and competitive with those available to the Company from others dealing at arm’s length or are approved by the Members and otherwise are permitted by the Credit Agreements;
provided that the foregoing shall in no way limit the Manager’s rights under Section 3.02, 3.04, 3.05 or 3.10. The Members hereby approve each of the contracts or agreements between or among
the Manager, the Company and their respective Affiliates entered into on or prior to the date of this Agreement in accordance with the Previous LLC Agreement or that the board of managers of the Company or the Corporate Board has approved in
connection with the Recapitalization or the IPO as of the date of this Agreement, including, but not limited to, the IPO Common Unit Subscription Agreement. 

Section 6.06 Reimbursement for Expenses. The Manager shall not be compensated for its services as Manager of the Company except as
expressly provided in this Agreement. The Members acknowledge and agree that, upon consummation of the IPO, the Manager’s Class A Common Stock will be publicly traded and, therefore, the Manager will have access to the public capital
markets and that such status and the services performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be reimbursed by the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including without limitation all fees, expenses and costs associated with the IPO and all fees, expenses and costs of being a public company
(including without limitation public reporting obligations, proxy statements, stockholder meetings, Stock Exchange fees, transfer agent fees, legal fees, accounting fees, SEC and FINRA filing fees and offering expenses, and other related fees) and
maintaining its corporate existence. In the event that shares of Class A Common Stock are sold to underwriters 

  
 33 













 
in the IPO (or in any subsequent public offering) at a price per share that is lower than the price per share for which such shares of Class A Common Stock are sold to the public in the IPO
(or in such subsequent public offering, as applicable) after taking into account underwriters’ discounts or commissions and brokers’ fees or commissions (such difference, the “Discount”) (i) the Manager shall
be deemed to have contributed to the Company in exchange for newly issued Common Units the full amount for which such shares of Class A Common Stock were sold to the public and (ii) the Company shall be deemed to have paid the Discount as
an expense. To the extent practicable, expenses incurred by the Manager on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the Manager or any of its
Affiliates by the Company pursuant to this Section 6.06 constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated as
“guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Members’ Capital Accounts. Notwithstanding the foregoing, the Company shall not bear any
income tax obligations of the Manager or any payments made pursuant to the Tax Receivable Agreement. 
 Section 6.07 Delegation of
Authority. The Manager (a) may, from time to time, delegate to one or more Persons such authority and duties as the Manager may deem advisable, and (b) may assign titles (including, without limitation, chief executive officer,
president, chief financial officer, chief operating officer, general counsel, senior vice president, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate certain authority and duties to such Persons which
may be amended, restated or otherwise modified from time to time. Any number of titles may be held by the same individual. The salaries or other compensation, if any, of such agents of the Company shall be fixed from time to time by the Manager,
subject to the other provisions in this Agreement. 
 Section 6.08 Limitation of Liability of Manager. 

(a) Except as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the Manager nor
any of the Manager’s Affiliates or Manager’s officers, employees or other agents shall be liable to the Company, to any Member that is not the Manager or to any other Person bound by this Agreement for any act or omission performed or
omitted by the Manager in its capacity as the sole managing member of the Company pursuant to authority granted to the Manager by this Agreement; provided, however, that, except as otherwise provided herein, such limitation of liability shall
not apply to the extent the act or omission was attributable to the Manager’s willful misconduct or knowing violation of Law or for any present or future material breaches of any representations, warranties or covenants by the Manager or its
Affiliates contained herein or in the Other Agreements with the Company. The Manager may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents,
and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected in good faith and with reasonable care). The Manager shall be entitled to rely upon the advice of legal counsel,
independent public accountants and other experts, including financial advisors, and any act of or failure to act by the Manager in good faith reliance on such advice shall in no event subject the Manager to liability to the Company or any Member
that is not the Manager. 

  
 34 













 (b) To the fullest extent permitted by applicable Law, whenever this
Agreement or any other agreement contemplated herein provides that the Manager shall act in a manner which is, or provide terms which are, “fair and reasonable” to the Company or any Member that is not the Manager, the Manager shall
determine such appropriate action or provide such terms considering, in each case, the relative interests of each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted
industry practices, and any applicable United States generally accepted accounting practices or principles, notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or
otherwise. 
 (c) To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement
or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise, whenever in this Agreement or any other agreement contemplated herein, the Manager is permitted or required to take any action or to make a decision in
its “sole discretion” or “discretion,” with “complete discretion” or under a grant of similar authority or latitude, the Manager shall be entitled to consider such interests and factors as it desires, including its own
interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company, other Members or any other Person. 

(d) To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any
agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the Manager is permitted or required to take any action or to make a decision in its “good faith” or under another express
standard, the Manager shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein, notwithstanding any provision of this Agreement or duty
otherwise, existing at Law or in equity, and, notwithstanding anything contained herein to the contrary, so long as the Manager acts in good faith or in accordance with such other express standard, the resolution, action or terms so made, taken or
provided by the Manager shall not constitute a breach of this Agreement or impose liability upon the Manager or any of the Manager’s Affiliates and shall be deemed approved by all Members. 

Section 6.09 Investment Company Act. The Manager shall use its best efforts to ensure that the Company shall not be subject to
registration as an investment company pursuant to the Investment Company Act. 
 ARTICLE VII 

RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER 

Section 7.01 Limitation of Liability and Duties of Members. 

  
 35 













 (a) Except as provided in this Agreement or in the Delaware Act, the debts,
obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and no Member or Manager shall be obligated personally for any such debts, obligations,
contracts or liabilities of the Company solely by reason of being a Member or the Manager (except to the extent and under the circumstances set forth in any non-waivable provision of the Delaware Act).
Notwithstanding anything contained herein to the contrary, to the fullest extent permitted by applicable Law, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business
and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company. 

(b) In accordance with the Delaware Act and the laws of the State of Delaware, a Member may, under certain circumstances, be
required to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Articles IV or XIV shall be deemed a return of money or other property paid or distributed
in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Delaware Act, and, to the fullest extent
permitted by Law, any Member receiving any such money or property shall not be required to return any such money or property to the Company or any other Person, unless such distribution was made by the Company to its Members in clerical error.
However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member. 

(c) To the fullest extent permitted by applicable Law, including Section 18-1101(c) of the Delaware Act, and
notwithstanding any other provision of this Agreement (but subject, and without limitation, to Section 6.08 with respect to the Manager) or in any agreement contemplated herein or applicable provisions of Law or equity or
otherwise, the parties hereto hereby agree that to the extent that any Member (other than the Manager in its capacity as such) (or any Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent,
fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary duties) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Unit or to any other Person bound by this
Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and replaced with the duties or standards expressly set forth herein, if any; provided, however, that the foregoing shall not
eliminate the implied contractual covenant of good faith and fair dealing. The elimination of duties (including fiduciary duties) to the Company, the Manager, each of the Members, each other Person who acquires an interest in a Unit and each other
Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, the Manager, each of the Members, each other Person who acquires an interest in a Unit and each
other Person bound by this Agreement. 

  
 36 













 Section 7.02 Lack of Authority. No Member, other than the Manager or a duly
appointed Officer, in each case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf of the Company. The Members hereby
consent to the exercise by the Manager of the powers conferred on them by Law and this Agreement. 
 Section 7.03 No Right of
Partition. No Member, other than the Manager, shall have the right to seek or obtain partition by court decree or operation of Law of any property of the Company, or the right to own or use particular or individual assets of the Company. 

Section 7.04 Indemnification. 

(a) Subject to Section 5.06, the Company hereby agrees to indemnify and hold harmless any Person
(each an “Indemnified Person”) to the fullest extent permitted under applicable Law, as the same now exists or may hereafter be amended, substituted or replaced (but, to the fullest extent permitted by
Law, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to
such amendment), against all expenses, liabilities and losses (including attorneys’ fees, judgments, fines, excise taxes or penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s Affiliates) by reason of
the fact that such Person is or was a Member or an Affiliate thereof (other than as a result of an ownership interest in the Corporation) or is or was serving as the Manager or a director, officer, employee or other agent of the Manager, or a
director, manager, Officer, employee or other agent of the Company or is or was serving at the request of the Company as a manager, officer, director, principal, member, employee or agent of another corporation, partnership, joint venture, limited
liability company, trust or other enterprise; provided, however, that no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable to such Indemnified Person’s or its Affiliates’
willful misconduct or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants by such Indemnified Person or its Affiliates contained herein or in Other Agreements with the Company. Reasonable
expenses, including out-of-pocket attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the Company in advance of the
final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to
be indemnified by the Company. 
 (b) The right to indemnification and the advancement of expenses conferred in this
Section 7.04 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise. 

(c) The Company shall maintain directors’ and officers’ liability insurance, or substantially equivalent insurance,
at its expense, to protect any Indemnified Person against any expense, liability or loss described in Section 7.04(a) whether or not the Company would have the power to indemnify such Indemnified Person against such
expense, liability or loss under the provisions of this Section 7.04. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance in


  
 37 













 
types and at levels customary for companies of similar size engaged in similar lines of business, as determined in good faith by the Manager, and the Company shall use its commercially reasonable
efforts to purchase directors’ and officers’ liability insurance (including employment practices coverage) with a carrier and in an amount determined necessary or desirable as determined in good faith by the Manager. 

(d) The indemnification and advancement of expenses provided for in this Section 7.04 shall be
provided out of and to the extent of Company assets only. No Member (unless such Member otherwise agrees in writing or is found in a non-appealable decision by a court of competent jurisdiction to have
personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional Capital Contributions to help satisfy such indemnity of the Company. The Company (i) shall be the primary indemnitor
of first resort for such Indemnified Person pursuant to this Section 7.04 and (ii) shall be fully responsible for the advancement of all expenses and the payment of all damages or liabilities with respect to such
Indemnified Person which are addressed by this Section 7.04. 
 (e) If this
Section 7.04 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this
Section 7.04 to the fullest extent permitted by any applicable portion of this Section 7.04 that shall not have been invalidated and to the fullest extent permitted by applicable Law. 

Section 7.05 Inspection Rights. Section 18-305(a) of the Delaware Act (entitled
“Access to and Confidentiality of Information; Records”) shall not apply to or be incorporated into this Agreement and each Unitholder hereby expressly waives any and all rights under such Section of the Delaware Act. 

ARTICLE VIII 
 BOOKS, RECORDS,
ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS 
 Section 8.01 Records and Accounting. The Company shall keep, or cause to be
kept, appropriate books and records with respect to the Company’s business, including all books and records necessary to provide any information, lists and copies of documents required pursuant to applicable Laws. All matters concerning
(a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles IV and V and (b) accounting procedures and determinations, and other determinations not specifically and
expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination shall be final and conclusive as to all of the Members absent manifest clerical error. 

Section 8.02 Fiscal Year. The Fiscal Year of the Company shall end on December 31 of each year or such other date as may be
required by the established by the Manager. 

  
 38 













 ARTICLE IX 

TAX MATTERS 
 Section 9.01
Preparation of Tax Returns. The Manager shall arrange for the preparation and timely filing of all tax returns required to be filed by the Company. The Manager shall use reasonable efforts to furnish, within one hundred and eighty
(180) days of the close of each Taxable Year, to each Member a completed IRS Schedule K-l (and any comparable state income tax form) and such other information as is reasonably requested by such Member relating to the Company that is necessary
for such Member to comply with its tax reporting obligations. Subject to the terms and conditions of this Agreement and except as otherwise provided in this Agreement, in its capacity as Partnership Representative, the Corporation shall have the
authority to prepare the tax returns of the Company using such permissible methods and elections as it determines in its reasonable discretion, including without limitation the use of any permissible method under Section 706 of the Code for
purposes of determining the varying Units of its Members. 
 Section 9.02 Tax Elections. The Taxable Year shall be the Fiscal
Year set forth in Section 8.02, unless otherwise required by Section 706 of the Code. The Manager shall cause the Company and each of its Subsidiaries that is treated as a partnership for U.S. federal income tax
purposes to have in effect an election pursuant to Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for each Taxable Year. The Manager shall take commercially reasonable efforts to cause each
Person in which the Company owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year. Each Member will upon request supply any information
reasonably necessary to give proper effect to any such elections. 
 Section 9.03 Tax Controversies. The Manager shall cause the
Company to take all necessary actions required by Law to designate the Corporation as the “tax matters partner” of the Company within the meaning of Section 6231 of the Code (as in effect prior to repeal of such section pursuant to
the Revised Partnership Audit Provisions) with respect any Taxable Year beginning on or before December 31, 2017. The Manager shall further cause the Company to take all necessary actions required by Law to designate the Corporation as the
“partnership representative” of the Company as provided in Section 6223(a) of the Code with respect to any Taxable Year of the Company beginning after December 31, 2017, and if the “partnership representative” is an
entity, the Corporation is hereby authorized to designate an individual to be the sole individual through which such entity “partnership representative” will act (in such capacities, collectively, the “Partnership
Representative”). The Company and the Members shall cooperate fully with each other and shall use reasonable best efforts to cause the Corporation (or its designated individual, as applicable) to become the Partnership
Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired (and causing any tax matters partner, partnership representative or designated individual designated prior to the
Effective Date to resign, be revoked or replaced, as applicable). The Partnership Representative shall have the right and obligation to take all actions authorized and required, by the Code for the Partnership Representative and is authorized and
required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including any resulting administrative and judicial proceedings, and to expend Company funds for
professional services reasonably incurred in connection therewith. Each Member agrees to cooperate with the Company and the Partnership Representative and to do or refrain from doing any or all things reasonably requested by the Company or the
Partnership Representative with respect to the conduct of such proceedings. Without limiting the generality of the foregoing, with respect to any audit or other proceeding, the Partnership Representative shall be entitled to cause the Company (and
any of its Subsidiaries) to make any available elections pursuant to Section 6226 of the Code (and similar provisions of state, local and other Law), and 

  
 39 













 
the Members shall cooperate to the extent reasonably requested by the Company in connection therewith. The Company shall reimburse the Partnership Representative for all reasonable out-of-pocket expenses incurred by the Partnership Representative, including reasonable fees of any professional attorneys, in carrying out its duties as the Partnership
Representative. The provisions of this Section 9.03 shall survive the transfer or termination of any Member’s interest in any Units of the Company, the termination of this Agreement and the termination of the Company,
and shall remain binding on each Member for the period of time necessary to resolve all tax matters relating to the Company, and shall be subject to the provisions of the Tax Receivable Agreement, as applicable. 

ARTICLE X 
 RESTRICTIONS ON
TRANSFER OF UNITS; CERTAIN TRANSACTIONS 
 Section 10.01 Transfers by Members. No holder of Units shall Transfer any interest in
any Units, except Transfers (a) pursuant to and in accordance with Sections 10.02 and 10.09 or (b) approved in advance and in writing by the Manager, in the case of Transfers by any Member other than the Manager, or
(c) in the case of Transfers by the Manager, to any Person who succeeds to the Manager in accordance with Section 6.04. Notwithstanding the foregoing, “Transfer” shall not include any indirect
Transfer of Units held by the Manager by virtue of any Transfer of Equity Securities in the Corporation. 
 Section 10.02 Permitted
Transfers. The restrictions contained in Section 10.01 shall not apply to any of the following Transfers (each, a “Permitted Transfer” and each transferee, a “Permitted
Transferee”): (i)(A) a Transfer pursuant to a Redemption or Direct Exchange in accordance with Article XI hereof or (B) a Transfer by a Member to the Corporation or any of its Subsidiaries, (ii) a Transfer to an
Affiliate of such Member or pursuant to applicable laws of descent and distribution or among such Member’s Family Group (provided that (x) Units may not be Transferred to a Member’s spouse in connection with a divorce proceeding,
(y) Unvested Common Units and Unvested Class C Common Incentive Units may not be Transferred without the written consent of the Manager and (z) such Member retains exclusive voting control of the Units Transferred); provided,
however, that (x) the restrictions contained in this Agreement will continue to apply to Units after any Permitted Transfer of such Units, and (y) in the case of the foregoing clause (ii), the Permitted Transferees of the Units so
Transferred shall agree in writing to be bound by the provisions of this Agreement, and prior to such Transfer the transferor will deliver a written notice to the Company and the Members, which notice will disclose in reasonable detail the identity
of the proposed Permitted Transferee. In the case of a Permitted Transfer of any Common Units by any Member that is authorized to hold Class B Common Stock in accordance with the Corporation’s certificate of incorporation to a Permitted
Transferee in accordance with this Section 10.02, such Member (or any subsequent Permitted Transferee of such Member) shall also transfer a number of shares of Class B Common Stock equal to the number of Common Units
that were transferred by such Member (or subsequent Permitted Transferee) in the transaction to such Permitted Transferee. All Permitted Transfers are subject to the additional limitations set forth in Section 10.07(b).

  

  
 40 













 Section 10.03 Restricted Units Legend. The Units have not been registered under
the Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or if an exemption from such registration is then available with
respect to such sale. To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units shall be stamped or otherwise imprinted with a legend in
substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED
ON                , 2021, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE
SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF RYAN SPECIALTY GROUP, LLC, AS IT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED, OR OTHERWISE MODIFIED FROM TIME TO TIME, AND RYAN SPECIALTY GROUP, LLC RESERVES THE RIGHT TO REFUSE
THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY RYAN SPECIALTY GROUP, LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”

 The Company shall imprint such legend on certificates (if any) evidencing Units. The legend set forth above shall be removed from the certificates (if
any) evidencing any Units which cease to be Units in accordance with the definition thereof. 
 Section 10.04 Transfer. Prior to
Transferring any Units, the Transferring holder of Units shall cause the prospective Permitted Transferee to be bound by this Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate to which
the transferor was a party (collectively, the “Other Agreements”) by executing and delivering to the Company counterparts of this Agreement and any applicable Other Agreements. 

Section 10.05 Assignee’s Rights. 

(a) The Transfer of a Unit in accordance with this Agreement shall be effective as of the date of such Transfer (assuming
compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits, Losses and other items of the Company shall be allocated between the transferor and the
transferee according to Code Section 706, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date of such Transfer shall be paid to the transferor, and Distributions
made on or after such date shall be paid to the Assignee. 
 (b) Unless and until an Assignee becomes a Member pursuant to
Article XII, the Assignee shall not be entitled to any of the rights granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; provided, however, that,
without relieving the Transferring Member from any such limitations or obligations as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member contained herein by
which a Member would be bound on account of the Assignee’s Units (including the obligation to make Capital Contributions on account of such Units). 

  
 41 













 Section 10.06 Assignor’s Rights and Obligations. Any Member
who shall Transfer any Unit in a manner in accordance with this Agreement shall cease to be a Member with respect to such Units and shall no longer have any rights or privileges, or, except as set forth in this
Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable provisions of Sections 6.08 and 7.04 shall
continue to inure to such Person’s benefit), except that unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions of Article XII (the “Admission
Date”), (i) such Transferring Member shall retain all of the duties, liabilities and obligations of a Member with respect to such Units, and (ii) the Manager may, in its sole discretion, reinstate all or any portion of the
rights and privileges of such Member with respect to such Units for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers any Units in the Company from any liability of such Member to the
Company with respect to such Units that may exist as of the Admission Date or that is otherwise specified in the Delaware Act or for any liability to the Company or any other Person for any materially false statement made by such Member (in its
capacity as such) or for any present or future breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the Other Agreements with the Company. 

Section 10.07 Overriding Provisions. 

(a) Any Transfer or attempted Transfer of any Units in violation of this Agreement (including any prohibited indirect
Transfers) shall be, to the fullest extent permitted by applicable law, null and void ab initio, and the provisions of Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any Person to
whom a Transfer is made or attempted in violation of this Agreement shall not become a Member and shall not have any other rights in or with respect to any rights of a Member of the Company with respect to the applicable Units. The approval of any
Transfer in any one or more instances shall not limit or waive the requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Permitted Transfer pursuant to this Article
X. 
 (b) Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the
provisions of Section 10.01 and Article XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would: 

(i) result in the violation of the Securities Act, or any other applicable federal, state or foreign Laws; 

(ii) cause an assignment under the Investment Company Act; 

(iii) in the reasonable determination of the Manager, be a violation of or a default (or an event that, with notice or the
lapse of time or both, would constitute a default) under, or result in an acceleration of any obligation under any Credit Agreement to which the Company or the Manager is a party; provided that the payee or creditor to whom the Company or the
Manager owes such obligation is not an Affiliate of the Company or the Manager; 

  
 42 













 (iv) be a Transfer to a Person who is not legally competent or who has not
achieved his or her majority of age under applicable Law (excluding trusts for the benefit of minors); 
 (v) reasonably be
expected to create a material risk that the Company could be treated as a “publicly traded partnership” or could be taxed as a corporation pursuant to Section 7704 of the Code or any successor provision thereto under the Code (as
determined in the sole discretion of the Manager); or 
 (vi) reasonably be expected to create a material risk that the
Company would have more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)) (as determined in the sole discretion of the Manager); provided, for the avoidance of doubt, that in determining whether a Transfer creates a material risk that the Company would
have more than one hundred (100) partners, the Manager may assume in its sole discretion the admission of any number of future additional Members. 

(c) Notwithstanding anything contained herein to the contrary, in no event shall any Member that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code Transfer any Units, unless such Member and the transferee have delivered to the Company, in respect of the relevant Transfer, written evidence that all required withholding
under Section 1446(f) of the Code will have been done and duly remitted to the applicable taxing authority or duly executed certifications (prepared in accordance with the applicable Treasury Regulations or other authorities) of an exemption
from such withholding. 
 (d) Without limiting any of the foregoing, and notwithstanding any other provision of this
Agreement to the contrary, no Member shall Transfer any Units during the 2021 taxable year of the Company unless such Transfer either (x) qualifies as a “block transfer” under Treasury Regulations
Section 1.7704-1(e)(2), or (y) is disregarded pursuant to Treasury Regulations Sections 1.7704-1(e)(1)(ii). 

(e) For the avoidance of doubt, in the event that a Member (or such Member’s estate) attempts to Transfer any Units in
connection with the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of such Member, such Transfer shall, to the extent it is in violation of this Agreement (unless otherwise waived by the Manager), be void ab
initio and the provisions of Sections 10.05 and 10.06 shall not apply to any such Transfers, such that such Member (or such Member’s estate) remains the owner of the applicable Units. 

(f) In the event that, notwithstanding this Section 10.07 or any other provision in this Agreement, a Transfer is required
pursuant to applicable Law, immediately prior to such Transfer, the Units subject to such Transfer shall be redeemed in accordance with the provisions of Section 11.01 and Section 11.05, as applicable, such that in no event shall the
transferee in respect of such Transfer become a Member of the Company at any time. 

  
 43 













 Section 10.08 Spousal Consent. In connection with the execution and delivery of
this Agreement, any Member who is a natural person will deliver to the Company an executed consent from such Member’s spouse (if any) in the form of Exhibit B-l attached hereto or a Member’s
spouse confirmation of separate property in the form of Exhibit B-2 attached hereto. If, at any time subsequent to the date of this Agreement such Member becomes legally married (whether in the first
instance or to a different spouse), such Member shall cause his or her spouse to execute and deliver to the Company a consent in the form of Exhibit B-l or Exhibit
B-2 attached hereto. Such Member’s non-delivery to the Company of an executed consent in the form of Exhibit B-l
or Exhibit B-2 at any time shall constitute such Member’s continuing representation and warranty that such Member is not legally married as of such date. 

Section 10.09 Certain Transactions with respect to the Corporation. 

(a) In connection with a Change of Control Transaction, the Manager shall have the right, in its sole discretion, to require
each Member to effect (x) an Exchange of all of such Member’s Vested and Unvested Class C Common Incentive Units (if any) pursuant to Section 11.05 and thereafter (y) a Redemption of all or a portion of
such Member’s Units together with an equal number of shares of Class B Common Stock, pursuant to which such Units and such shares of Class B Common Stock will be exchanged for shares of Class A Common Stock (or economically
equivalent cash or securities of a successor entity), mutatis mutandis, in accordance with the Redemption provisions of Article XI (applied for this purpose as if the Corporation had delivered an Election Notice that specified a Share
Settlement with respect to such Redemption) and otherwise in accordance with this Section 10.09(a). Any such Redemption pursuant to this Section 10.09(a) shall be effective immediately prior to the
consummation of such Change of Control Transaction (and, for the avoidance of doubt, shall be contingent upon the consummation of such Change of Control Transaction and shall not be effective if such Change of Control Transaction is not consummated)
(the date of such Redemption pursuant to this Section 10.09(a), the “Change of Control Date”). From and after the Change of Control Date, (i) the Units and any shares of
Class B Common Stock subject to such Redemption shall be deemed to be transferred to the Corporation on the Change of Control Date and (ii) each such Member shall cease to have any rights with respect to the Units and any shares of
Class B Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock (or economically equivalent cash or equity securities in a successor entity) pursuant to such Redemption). In the event the
Manager desires to initiate the provisions of this Section 10.09, the Manager shall provide written notice of an expected Change of Control Transaction to all Members within the earlier of (x) five (5) Business Days
following the execution of an agreement with respect to such Change of Control Transaction and (y) ten (10) Business Days before the proposed date upon which the contemplated Change of Control Transaction is to be effected, including in such
notice such information as may reasonably describe the Change of Control Transaction, subject to Law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid
for shares of Class A Common Stock in the Change of Control Transaction and any election with respect to types 

  
 44 













 
of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with a Change of Control Transaction (which election shall be
available to each Member on the same terms as holders of shares of Class A Common Stock). Following delivery of such notice and on or prior to the Change of Control Date, the Members shall take all actions reasonably requested by the
Corporation to effect such Redemption in accordance with the terms of Article XI, including taking any action and delivering any document required pursuant to this Section 10.09(a) to effect such Redemption.
Notwithstanding the foregoing, in the event the Manager requires the Members to exchange less than all of their outstanding Units (and to surrender a corresponding number of shares of Class B Common Stock for cancellation), each Member’s
participation in the Change of Control Transaction shall be reduced pro rata. 
 (b) In the event that a tender offer,
share exchange offer, issuer bid, take-over bid, recapitalization, or similar transaction with respect to Class A Common Stock (a “Pubco Offer”) is proposed by the Corporation or is proposed to the
Corporation or its stockholders and approved by the Corporate Board or is otherwise effected or to be effected with the consent or approval of the Corporate Board, the Manager shall provide written notice of the Pubco Offer to all Members within the
earlier of (i) five (5) Business Days following the execution of an agreement (if applicable) with respect to, or the commencement of (if applicable), such Pubco Offer and (ii) ten (10) Business Days before the proposed date upon which the
Pubco Offer is to be effected, including in such notice such information as may reasonably describe the Pubco Offer, subject to Law, including the date of execution of such agreement (if applicable) or of such commencement (if applicable), the
material terms of such Pubco Offer, including the amount and types of consideration to be received by holders of shares of Class A Common Stock in the Pubco Offer, any election with respect to types of consideration that a holder of shares of
Class A Common Stock, as applicable, shall be entitled to make in connection with such Pubco Offer, and the number of Units (and the corresponding shares of Class B Common Stock) held by such Member that is applicable to such Pubco Offer.
The Members (other than the Manager) shall be permitted to participate in such Pubco Offer by delivering a written notice of participation that is effective immediately prior to the consummation of such Pubco Offer (and that is contingent upon
consummation of such offer), and shall include such information necessary for consummation of such offer as requested by the Corporation. In the case of any Pubco Offer that was initially proposed by the Corporation, the Corporation shall use
reasonable best efforts to enable and permit the Members (other than the Manager) to participate in such transaction to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock, and to enable such
Members to participate in such transaction without being required to exchange Units or shares of Class B Common Stock prior to the consummation of such transaction. For the avoidance of doubt, in no event shall Members be entitled to receive in
such Pubco Offer aggregate consideration for each Common Unit that is greater than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco Offer (it being understood that payments under or in
respect of the Tax Receivable Agreement shall not be considered part of any such consideration). 

  
 45 













 (c) In the event that a transaction or proposed transaction constitutes both
a Change of Control Transaction and a Pubco Offer, the provisions of Section 10.09(a) shall take precedence over the provisions of Section 10.09(b) with respect to such transaction, and the
provisions of Section 10.09(b) shall be subordinate to provisions of Section 10.09(a), and may only be triggered if the Manager elects to waive the provisions of
Section 10.09(a). 
 Section 10.10 Unvested Common Units. With respect to any shares of Class B
Common Stock corresponding to Unvested Common Units, the Member holding such shares of Class B Common Stock shall abstain from voting any such shares of Class B Common Stock with respect to any matter to be voted on or considered by the
stockholders of the Corporation at any annual or special meeting of the stockholders of the Corporation or action by written consent of the stockholders of the Corporation unless and until such time as such Common Units have vested in accordance
with the applicable Equity Plan or Individual Award Agreement. 
 ARTICLE XI 

REDEMPTION AND DIRECT EXCHANGE RIGHTS 

Section 11.01 Redemption Right of a Member. 

(a) At any time and from time to time from and after the date of the IPO, and subject to (A) in the case of Service
Provider Members, the terms of any applicable Award Agreement and any Black-Out Period and (B) the waiver or expiration of the lock-up period in the
Corporation’s IPO or any other contractual lock-up period relating to the shares of the Corporation (or any corresponding Units) that may be applicable to such Member, each Member (other than the
Corporation and its Subsidiaries) shall be entitled to cause the Company to redeem (a “Redemption”) all or any portion of its Common Units (excluding, for the avoidance of doubt, any Common Units that are
subject to vesting conditions or the Transfer of which is prohibited pursuant to Sections 10.07(b), 10.07(c) or 10.07(d) of this Agreement) in whole or in part (the “Redemption Right”). A Member
desiring to exercise its Redemption Right (each, a “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption Notice”) to the Company
with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units (the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem and a date, not less than three
(3) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager in its sole discretion agrees in writing to waive such time periods), on which exercise of the
Redemption Right shall be completed (the “Redemption Date”), provided, that the Company, the Corporation and the Redeeming Member may change the number of Redeemed Units and/or the Redemption Date
specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided, further, that in the event the Corporation elects a Share Settlement, the Redemption may be conditioned
(including as to timing) by the Redeeming Member on the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption. Subject to
Section 11.03 and unless the Redeeming Member timely has delivered a Retraction Notice as provided in Section 11.01(c) or has revoked or delayed a Redemption as provided in
Section 11.01(d), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date): 

  
 46 













 (i) the Redeeming Member shall Transfer and surrender, free and clear of all
liens and encumbrances (x) the Redeemed Units to the Company (including any certificates representing the Redeemed Units if they are certificated), and (y) a number of shares of Class B Common Stock (together with any Corresponding
Rights) equal to the number of Redeemed Units to the Corporation, to the extent applicable; 
 (ii) the Company shall
(x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member is entitled under Section 11.01(b), and (z) if the Units are certificated, issue to the
Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (i) of this
Section 11.01(a) and the Redeemed Units; and 
 (iii) the Corporation shall cancel and retire for
no consideration the shares of Class B Common Stock (together with any Corresponding Rights) that were Transferred to the Corporation pursuant to Section 11.01(a)(i)(y) above. 

(b) The Corporation shall have the option (as determined solely by a majority of its directors who are disinterested) as
provided in Section 11.02 to elect to have the Redeemed Units be redeemed in consideration for either a Share Settlement or a Cash Settlement; provided, for the avoidance of doubt, that the Corporation may elect to
have the Redeemed Units be redeemed in consideration for a Cash Settlement only to the extent that the Corporation has cash available in an amount equal to at least the Redeemed Units Equivalent which was received pursuant to a Secondary Offering.
The Corporation shall give written notice (the “Election Notice”) to the Company (with a copy to the applicable Redeeming Member) of such election within two (2) Business Days of receiving the Redemption
Notice; provided, that if the Corporation does not timely deliver an Election Notice, the Corporation shall be deemed to have elected the Share Settlement method. If the Corporation elects a Share Settlement (including in connection with a
Direct Exchange pursuant to Section 11.03), the Corporation shall deliver or cause to be delivered the number of shares of Class A Common Stock deliverable upon such Share Settlement as promptly as practicable
(but not later than three (3) Business Days) after the Redemption Date, at the offices of the then-acting registrar and transfer agent of the shares of Class A Common Stock (or, if there is no then-acting registrar and transfer agent of
Class A Common Stock, at the principal executive offices of the Corporation), registered in the name of the relevant Redeeming Member (or in such other name as is requested in writing by the Redeeming Member), in certificated or uncertificated
form, as determined by the Corporation; provided, that to the extent the shares of Class A Common Stock are settled through the facilities of The Depository Trust Company, upon the written instruction of the Redeeming Member set forth in
the Redemption Notice, the Corporation shall use its commercially reasonable efforts to deliver the shares of Class A Common Stock deliverable to such Redeeming Member through the facilities of The Depository Trust Company, to the account of
the participant of The Depository Trust Company designated by such Redeeming Member by no later than the close of business on the Business Day immediately following the Redemption Date. Notwithstanding anything to the contrary in this Agreement or
any Award Agreement, in no event may the Company and the Corporation effect a Cash Settlement unless the Redeemed Units have been outstanding and Vested for at least six (6) months prior to the date of the Redemption Notice. 

  
 47 













 (c) In the event the Corporation elects the Cash Settlement in connection
with a Redemption, the Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to the Corporation) within three (3) Business Days of
delivery of the Election Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the Company’s and the Corporation’s rights and obligations under this Section 11.01
arising from the Redemption Notice. 
 (d) In the event the Corporation elects a Share Settlement in connection with a
Redemption, a Redeeming Member shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: 

(i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such
Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective; 

(ii) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement
necessary to effect such Redemption; 
 (iii) the Corporation shall have exercised its right to defer, delay or suspend the
filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of the
Redemption; 
 (iv) the Redeeming Member is in possession of any material non-public
information concerning the Corporation, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information
(and the Corporation does not permit disclosure of such information); 
 (v) any stop order relating to the registration
statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; 

(vi) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which
the Class A Common Stock is then traded; 

  
 48 













 (vii) there shall be in effect an injunction, a restraining order or a
decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; or 
 (viii) the Corporation
shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be
received upon such Redemption pursuant to an effective registration statement. 
 If a Redeeming Member delays the consummation of a
Redemption pursuant to this Section 11.01(d), the Redemption Date shall occur on the fifth (5th) Business Day following the date on which the condition(s) giving rise to such delay cease to exist (or such earlier day as the
Corporation, the Company and such Redeeming Member may agree in writing). 
 (e) The number of shares of Class A Common
Stock (or Redeemed Units Equivalent, if applicable) (together with any Corresponding Rights) applicable to any Share Settlement or Cash Settlement shall not be adjusted on account of any Distributions previously made with respect to the Redeemed
Units or dividends previously paid with respect to Class A Common Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any
Distribution with respect to the Redeemed Units but prior to payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the
Redeeming Member Transferred and surrendered the Redeemed Units to the Company prior to such date. 
 (f) In the case of a
Share Settlement, in the event a reclassification or other similar transaction occurs following delivery of a Redemption Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another
security, then a Redeeming Member shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding Rights) that the Redeeming Member would have received if such Redemption Right had been exercised and the
Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction. 

(g) Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall be obligated to
effectuate a Redemption if such Redemption could reasonably be expected to create a material risk (as determined in the sole discretion of the Manager) of the Company being treated as a “publicly traded partnership” or to be taxed as a
corporation pursuant to Section 7704 of the Code or successor provisions of the Code. 

  
 49 













 Section 11.02 Election and Contribution of the Corporation. Unless the Redeeming
Member has timely delivered a Retraction Notice as provided in Section 11.01(c), or has revoked or delayed a Redemption as provided in Section 11.01(d), subject to
Section 11.03 on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall make a Capital Contribution to the Company (in the form of the Share
Settlement or the Cash Settlement, as determined by the Corporation in accordance with Section 11.01(b)). and (ii) in the event of a Share Settlement, the Company shall issue to the Corporation a number of Common Units
equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, but subject to Section 11.03, in the event that the Corporation elects a
Cash Settlement, the Corporation shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the Redeemed Units Equivalent with respect to such Cash Settlement, which in no event shall exceed the amount
actually paid by the Company to the Redeeming Member as the Cash Settlement. The timely delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’s rights and obligations under this
Section 11.02 arising from the Redemption Notice. 
 Section 11.03 Direct Exchange Right of the
Corporation. 
 (a) Notwithstanding anything to the contrary in this Article XI (save for the limitations set
forth in Section 11.01(b) regarding the Corporation’s option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of the Members under Section 11.01,
including the right to revoke a Redemption Notice), the Corporation may, in its sole and absolute discretion (as determined solely by a majority of its directors who are disinterested) (subject to the timing limitations set forth on such discretion
in Section 11.01(b)), elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or the Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and the Share
Settlement or the Cash Settlement, as applicable, between the Redeeming Member and the Corporation (a “Direct Exchange”) (rather than contributing the Share Settlement or the Cash Settlement, as the case may be,
to the Company in accordance with Section 11.02 for purposes of the Company redeeming the Redeemed Units from the Redeeming Member in consideration of the Share Settlement or the Cash Settlement, as applicable). Upon such
Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units. 

(b) The Corporation may, at any time prior to a Redemption Date (including after delivery of an Election Notice pursuant to
Section 11.01(b)), deliver written notice (an “Exchange Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its right to consummate a Direct
Exchange; provided, that such election is subject to the limitations set forth in Section 11.01(b) and does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the
Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time; provided, that any such revocation does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the
Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all of the Redeemed Units that would have otherwise been subject to a Redemption. 

(c) Except as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated
pursuant to the same timeframe as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows: 

  
 50 













 (i) the Redeeming Member shall transfer and surrender, free and clear of all
liens and encumbrances (x) the Redeemed Units and (y) a number of shares of Class B Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units, to the extent applicable, in each case, to the
Corporation; 
 (ii) the Corporation shall (x) issue or pay to the Redeeming Member the Share Settlement or the Cash
Settlement, as applicable, and (y) cancel and retire for no consideration the shares of Class B Common Stock (together with any Corresponding Rights) that were Transferred to the Corporation pursuant to
Section 11.03(c)(i)(y) above; and 
 (iii) the Company shall (x) register the
Corporation as the owner of the Redeemed Units and (y) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the
certificate surrendered by the Redeeming Member pursuant to Section 11.03(c)(i)(x) and the Redeemed Units, and issue to the Corporation a certificate for the number of Redeemed Units. 

Section 11.04 Reservation of shares of Class A Common Stock; Listing; Certificate of the Corporation. 

(a) At all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock,
solely for the purpose of issuance upon a Share Settlement in connection with a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Share Settlement pursuant to a Redemption or Direct
Exchange; provided, that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Share Settlement pursuant to a Redemption or Direct Exchange by delivery of purchased
Class A Common Stock (which may or may not be held in the treasury of the Corporation) or by way of Cash Settlement. The Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any
Share Settlement pursuant to a Redemption or Direct Exchange to the extent a registration statement is effective and available with respect to such shares; provided, all such unregistered shares of Class A Common Stock (if any) shall be
entitled to the registration rights set forth in the Registration Rights Agreement if the holders thereof are party to the Registration Rights Agreement and have such rights thereunder. The Corporation shall use its commercially reasonable efforts
to list the Class A Common Stock required to be delivered upon any such Share Settlement pursuant to a Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which the outstanding shares of Class A
Common Stock are listed at the time of such Share Settlement pursuant to a Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation covenants
that all shares of Class A Common Stock issued in connection with a Share Settlement pursuant to a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The
provisions of this Article XI shall be interpreted and applied in a manner consistent with any corresponding provisions of the Corporation’s certificate of incorporation (if any). 

  
 51 













 (b) Prior to any Redemption or Direct Exchange effected pursuant to this
Agreement, the Corporation shall take all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of
Section 16(b) under the Exchange Act, any acquisitions from, or dispositions to, the Corporation of equity securities of the Corporation (including derivative securities with respect thereto) and any securities that may be deemed to be equity
securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each officer or director of the Corporation, including any director by deputization. The authorizing
resolutions shall be approved by either the Corporate Board or a committee thereof composed solely of two or more Non-Employee Directors (as defined in Rule 16b-3) of
the Corporation with the authorizing resolutions specifying the name of each such director whose acquisition or disposition of securities is to be exempted and the number of securities that may be acquired and disposed of by each such Person
pursuant to this Agreement. 
 Section 11.05 Exchange of Class C Common Incentive Units. From and after the
date of the IPO, and subject to (A) in the case of Service Provider Members, the terms of any applicable Award Agreement and any Black-Out Period and (B) the waiver or expiration of the lock-up period in the Corporation’s IPO or any other contractual lock-up period relating to the shares of the Corporation (or any corresponding Units) that may be
applicable to such Member, each Member (other than the Manager) shall be entitled to cause the Company to exchange (an “Exchange”) its vested Class C Common Incentive Units, in whole or in part (the
“Exchange Right”) at any time and from time to time for a number of New Common Units determined with respect to such vested Class C Common Incentive Units and in accordance with the terms set
forth below; provided, that such Exchange shall not be permitted if such Class C Common Incentive Units would be entitled to zero New Common Units pursuant to this Section 11.05. A Member desiring to exercise its
Exchange Right (an “Exchanging Member”) shall exercise such right by giving written notice (including, if permitted by the Company, in electronic form) (the “Exchange Notice”) to the Company and the Corporation. The Exchange
Notice shall specify the number and identity (including the relevant then-unsatisfied Class C Common Incentive Unit Return Threshold) of Class C Common Incentive Units (the “Exchanged
Class C Common Incentive Units”) that the Exchanging Member intends to have the Company exchange and a date, not less than two (2) Business Days nor more than ten (10) Business Days
after delivery of such Exchange Notice (unless and to the extent that the Manager in its sole discretion agrees in writing to waive such time periods), on which exercise of the Exchange Right shall be completed (the
“Exchange Date”); provided, that the Company and the Exchanging Member may change the number of Exchanged Class C Common Incentive Units and/or the Exchange Date specified in such Exchange
Notice to another number and/or date by mutual agreement signed in writing (including, if permitted by the Company, in electronic form) by each of the Company and PubCo. On the Exchange Date (to be effective immediately prior to the close of
business on the Exchange Date): (a) the Exchanging Member shall Transfer and surrender, free and clear of all liens and encumbrances, the Exchanged Class C Common Incentive Units to the Company and (b) the


  
 52 













 
Company shall (i) cancel the Exchanged Class C Common Incentive Units, (ii) issue to the Exchanging Member the New Common Units applicable to the Exchanged Class C Common
Incentive Units and (iii) if the Exchanged Class C Common Incentive Units are certificated, issue to the Exchanging Member a certificate for a number of Class C Common Incentive Units equal to the difference (if any) between the
number of Class C Common Incentive Units evidenced by the certificate surrendered by the Exchanging Member and the Exchanged Class C Common Incentive Units. Upon issuance of the New Common Units, such New Common Units shall immediately be
subject to all of the provisions herein applicable to Common Units, including the Redemption provisions contained in this Article XI, and notwithstanding anything herein to the contrary, immediately upon consummation of any Exchange, the
Exchanging Member shall be required to initiate its Redemption Right with respect to the New Common Units received in such Exchange, and therefore the provisions of the foregoing Section 11.01 shall be deemed to apply as
though the applicable Member had sent a Redemption Notice thereunder on the date that it sent the Exchange Notice under this Section 11.05, such that the Redemption occurs on the same day as, and immediately following, the
Exchange. 
 Section 11.06 Effect of Exercise of Redemption or Direct Exchange. This Agreement shall continue notwithstanding
the consummation of a Redemption or Direct Exchange by a Member and all rights set forth herein shall continue in effect with respect to the remaining Members and, to the extent the Redeeming Member has a remaining Unit following such Redemption or
Direct Exchange, the Redeeming Member. No Redemption or Direct Exchange shall relieve a Redeeming Member, the Company or the Corporation of any prior breach of this Agreement by such Redeeming Member, the Company or the Corporation. 

Section 11.07 Tax Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a
Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal and applicable state and local income tax purposes. 

ARTICLE XII 
 ADMISSION OF MEMBERS

 Section 12.01 Substituted Members. Subject to the provisions of Article X hereof, in connection with the Permitted
Transfer of a Unit hereunder, the Permitted Transferee shall become a Substituted Member on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such Transfer, and such
admission shall be shown on the books and records of the Company, including the Schedule of Members. 
 Section 12.02 Additional
Members. Subject to the provisions of Article X hereof, any Person that is not a Member as of the Effective Date may be admitted to the Company as an additional Member (any such Person, an “Additional
Member”) only upon furnishing to the Manager (a) duly executed Joinder and counterparts to any applicable Other Agreements and (b) such other documents or instruments as may be reasonably necessary or appropriate to
effect such Person’s admission as a Member (including entering into such documents as may reasonably be requested by the Manager). Such admission shall become effective on the date on which the Manager determines in its sole discretion that
such conditions have been satisfied and when any such admission is shown on the books and records of the Company, including the Schedule of Members. 

  
 53 













 ARTICLE XIII 

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS 

Section 13.01 Withdrawal and Resignation of Members. Except in the event of Transfers pursuant to
Section 10.06 and the Manager’s right to resign pursuant to Section 6.03, no Member shall have the power or right to withdraw or otherwise resign as a Member from the Company prior to the
dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts to withdraw or otherwise resign as a Member from the Company without the prior written consent of the Manager upon or following the
dissolution and winding up of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from the Company to which such Member is entitled pursuant to Article XIV, shall be liable to the
Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Member. Upon a Transfer of all of a Member’s Units in a Transfer
permitted by this Agreement, subject to the provisions of Section 10.06, such Member shall cease to be a Member. 

ARTICLE XIV 
 DISSOLUTION AND
LIQUIDATION 
 Section 14.01 Dissolution. The Company shall not be dissolved by the admission of Additional Members or
Substituted Members or the attempted withdrawal, removal, dissolution, bankruptcy or resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon: 

(a) the decision of the Manager together with the written approval of the Members holding a majority of the Common Units to
dissolve the Company (excluding for purposes of such calculation the Corporation and all Common Units held directly or indirectly by it); 

(b) a dissolution of the Company under Section 18-801(4) of the Delaware Act, unless the Company is continued without
dissolution pursuant thereto; 
 (c) the entry of a decree of judicial dissolution of the Company under Section 18-802
of the Delaware Act; or 
 (d) the termination of the legal existence of the last remaining Member of the Company or the
occurrence of any other event which terminates the continued membership of the last remaining Member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act. 

Except as otherwise set forth in this Article XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall not in and of
itself cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

  
 54 













 Section 14.02 Winding up. Subject to Section 14.05, on
dissolution of the Company, the Manager shall act as liquidating trustee or may appoint one or more Persons as liquidating trustee (each such Person, a “Liquidator”). The Liquidators shall proceed diligently to
wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be borne as an expense of the Company. Until final distribution, the Liquidators shall, to the fullest extent
permitted by applicable Law, continue to operate the properties of the Company with all of the power and authority of the Manager. The steps to be accomplished by the Liquidators are as follows: 

(a) as promptly as possible after dissolution and again after final liquidation, the Liquidators shall cause a proper
accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as
applicable; 
 (b) the Liquidators shall pay, satisfy or discharge from the Company’s funds, or otherwise make adequate
provision for payment and discharge thereof (including, without limitation, the establishment of a cash fund for contingent, conditional and unmatured liabilities in such amount and for such term as the liquidators may reasonably determine) the
following: first, all of the debts, liabilities and obligations of the Company owed to creditors other than the Members in satisfaction of the liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof),
including all expenses incurred in connection with the liquidations; and second, all of the debts, liabilities and obligations of the Company owed to the Members (other than any payments or distributions owed to such Members in their capacity as
Members pursuant to this Agreement); and 
 (c) following any payments pursuant to the foregoing
Section 14.02(b), all remaining assets of the Company shall be distributed to the Members in accordance with Section 4.01(a) by the end of the Taxable Year during which the liquidation of the
Company occurs (or, if later, by ninety (90) days after the date of the liquidation). 
 The distribution of cash and/or property to
the Members in accordance with the provisions of this Section 14.02 and Section 14.03 below shall constitute a complete return to the Members of their Capital Contributions, a complete distribution
to the Members of their interest in the Company and all of the Company’s property and shall constitute a compromise to which all Members have consented within the meaning of the Delaware Act. To the extent that a Member returns funds to the
Company, it has no claim against any other Member for those funds. 
 Section 14.03 Deferment; Distribution in Kind.
Notwithstanding the provisions of Section 14.02, but subject to the order of priorities set forth therein, if upon dissolution of the Company the Liquidators determine that an immediate sale of part or all of the
Company’s assets would be impractical or would cause undue loss (or would otherwise not be beneficial) to the Members, the Liquidators may, in their sole discretion and the fullest extent permitted by applicable Law, defer for a reasonable time
the liquidation of any assets except those necessary to satisfy the Company’s liabilities (other than loans to the Company by any Member(s)) and reserves. Subject to the order of priorities set forth in Section 14.02,
the Liquidators may, in their sole discretion, distribute to 

  
 55 













 
the Members, in lieu of cash, either (a) all or any portion of such remaining assets in-kind of the Company in accordance with the provisions of
Section 14.02(c), (b) as tenants in common and in accordance with the provisions of Section 14.02(c), undivided interests in all or any portion of such assets of the Company or (c) a
combination of the foregoing. Any such Distributions in-kind shall be subject to (y) such conditions relating to the disposition and management of such assets as the Liquidators deem reasonable and
equitable and (z) the terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time. Any assets of the Company distributed in kind will first be written up or down to their Fair
Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Article V. The Liquidators shall determine the Fair Market Value of any property distributed. 

Section 14.04 Cancellation of Certificate. On completion of the winding up of the Company as provided herein, the Manager (or such
other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation of the Certificate with the Secretary of State of Delaware, cancel any other filings made pursuant to this Agreement that should be canceled
and take such other actions as may be necessary to terminate the existence of the Company. The Company shall continue in existence for all purposes of this Agreement until it is terminated pursuant to this Section 14.04.

 Section 14.05 Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business
and affairs of the Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant upon such winding up. 

Section 14.06 Return of Capital. The Liquidators shall not be personally liable for the return of Capital Contributions or any
portion thereof to the Members (it being understood that any such return shall be made solely from assets of the Company). 
 ARTICLE XV 

GENERAL PROVISIONS 

Section 15.01 Power of Attorney. 

(a) Each Member hereby constitutes and appoints the Manager (or the Liquidator, if applicable) with full power of substitution,
as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to: 

(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all
certificates and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other
jurisdictions in which the Company may conduct business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its
terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate or necessary to reflect the dissolution, winding up and termination of the Company pursuant to the terms of this Agreement, including a
certificate of cancellation; and (D) all instruments relating to the admission, substitution or resignation of any Member pursuant to Article XII or Article XIII; and 

  
 56 













 (ii) sign, execute, swear to and acknowledge all ballots, consents,
approvals, waivers, certificates and other instruments appropriate or necessary, in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Members
hereunder or is consistent with the terms of this Agreement, in the reasonable judgment of the Manager, to effectuate the terms of this Agreement. 

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

Section 15.02 Confidentiality. 

Each of the Members (other than the Corporation) agrees that, without limiting the applicability of any other agreement to which any Member may
be subject, no Member shall directly or indirectly disclose or use (other than solely for the purpose of such Member monitoring and analyzing such Member’s investment made herein) at any time, including without limitation use for commercial or
proprietary advantage or profit, either during his, her or its association or employment with the Company or thereafter, any Confidential Information of which such Member is or becomes aware. Each Member in possession of Confidential Information
shall take all appropriate steps to safeguard such information and to protect it against disclosure, misuse, espionage, loss and theft. “Confidential Information” as used herein includes all nonpublic
information concerning the Company or its Subsidiaries including, but not limited to, ideas, business strategies, innovations and materials, all aspects of the Company’s business plan, proposed operation and products, operating practices and
methods, corporate structure, financial and organizational information, analyses, expansion plans, strategic plans, marketing plans, contracts, customer lists or other business documents which the Company treats as confidential, designs, employees
and their identities, equity ownership, the methods and means by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company’s business. With respect to
each Member, Confidential Information does not include information or material that: 
 (a) (i) is rightfully in the
possession of such Member at the time of disclosure by the Company; (ii) before or after it has been disclosed to such Member by the Company, becomes part of public knowledge, not as a result of any action or inaction of such Member in
violation of this Agreement; or (iii) is approved for release by written authorization of the Corporate Board or the Manager, or any other officer designated by the Manager. 

  
 57 













 (b) Notwithstanding the foregoing, a Member may disclose Confidential
Information to the extent (i) the disclosure is necessary for the Member and/or the Company’s employees, agents, representatives and advisors to fulfill their duties to the Company pursuant to this Agreement and/or other written agreements
or (ii) the disclosure is required by Law, court order, subpoena or legal process or to comply with the requirements of a state or federal regulatory authority. 

(c) Upon expiration or other termination of a Member’s interest in the Company, that Member may not take any of the
Confidential Information, and that Member shall promptly return to the Company all Confidential Information in that Member’s possession or control. 

Section 15.03 Amendments. Except as otherwise contemplated by this Agreement, this Agreement may be amended or modified upon the
written consent of the Manager, together with the written consent of the holders of a majority of the Common Units then outstanding (excluding all Common Units held directly or indirectly by the Corporation). Notwithstanding the foregoing, no
amendment or modification: 
 (a) to this Section 15.03 may be made without the prior written
consent of the Manager and the holders of a majority of the Units; 
 (b) to any of the terms and conditions of this
Agreement which terms and conditions expressly require the approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on
such matter; and 
 (c) to any of the terms and conditions of this Agreement which would (A) reduce the amounts
distributable to a Member pursuant to Articles IV and XIV in a manner that is not pro rata with respect to all Members, (B) increase the liabilities of such Member hereunder, (C) otherwise materially and adversely
affect a holder of Units (with respect to such Units) in a manner materially disproportionate to any other holder of Units of the same class or series (with respect to such Units) (other than amendments, modifications and waivers necessary to
implement the provisions of Article XII) or (D) materially and adversely affect the rights of any Member under Section 3.04, Section 3.05, Section 7.01,
Section 7.04, Article X or Article XI, shall be effective against such affected Member or holder of Units, as the case may be, without the prior written consent of the holders a majority of such affected
Units, as the case may be. 
 Notwithstanding any of the foregoing, the Manager may make any amendment (i) of an administrative nature
that is necessary in order to implement the substantive provisions hereof, without the consent of any other Member; provided, that any such amendment does not adversely change the rights of the Members hereunder in any respect, or
(ii) to reflect any changes to the Class A Common Stock or Class B Common Stock or the issuance of any other capital stock of the Corporation; provided, that in each case of the foregoing clauses and notwithstanding anything
herein to the contrary, so long as the Tax Receivable Agreement remains outstanding and in effect, no amendment or modification may be made to this Agreement that is adverse to the TRA Holders without the prior written consent of a majority of the
TRA Holder Representative (as defined in the Tax Receivable Agreement). 

  
 58 













 Section 15.04 Title to Company Assets. Company assets shall be owned by the
Company as an entity, and no Member, individually or collectively, shall have any ownership interest in such assets of the Company or any portion thereof. The Company shall hold title to all of its property in the name of the Company and not in the
name of any Member. All assets of the Company shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such assets is held. The Company’s credit and assets shall be used solely
for the benefit of the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member. 

Section 15.05 Addresses and Notices. All notices and other communications to be given to any party hereunder shall be sufficiently
given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or when received in the form of an electronic transmission (receipt confirmation requested), and shall be directed to the address set forth,
or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the Company or the sending party. 

To the Company: 
 Ryan Specialty Group, LLC 

Two Prudential Plaza 
 180 N.
Stetson 
 Suite 4600 
 Chicago,
IL 60601 
 Attn: 
 Email: 

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

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

 [****] 
 [****] 

To the Corporation: 
 Ryan Specialty Group
Holdings, Inc. 
 Two Prudential Plaza 

180 N. Stetson 
 Suite 4600 

Chicago, IL 60601 
 [****] 

[****] 
 with a copy (which copy shall not
constitute notice) to: 
 Kirkland & Ellis LLP 

300 N. LaSalle 

  
 59 













 Chicago, IL 60654 

[****] 
 [****] 

To the Members, as set forth on Schedule 2. 

Section 15.06 Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 Section 15.07
Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or
acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Profits, Losses, Distributions, capital or property of the
Company other than as a secured creditor. 
 Section 15.08 Waiver. No failure by any party to insist upon the strict performance
of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 15.09 Counterparts. This Agreement may be executed in separate counterparts, each of which will be an original and all of
which together shall constitute one and the same agreement binding on all the parties hereto. 
 Section 15.10 Applicable Law.
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any suit, dispute, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this
Agreement shall be heard in the state or federal courts of the State of Delaware, and the parties hereby consent to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives
any objection to venue laid therein. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD, WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY SUCH COURT
(INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT) AND SHALL HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE. WITHOUT LIMITING THE FOREGOING, TO THE FULLEST
EXTENT PERMITTED BY LAW, THE PARTIES AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT THE ADDRESS REFERRED TO IN SECTION 15.05 (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT), TOGETHER WITH WRITTEN NOTICE OF
SUCH SERVICE TO SUCH PARTY, SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY. 

  
 60 













 Section 15.11 Severability. Whenever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 Section 15.12 Further Action. The parties shall
execute and deliver all documents, provide all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 15.13 Execution and Delivery by Electronic Signature and Electronic Transmission. This Agreement and any signed agreement
or instrument entered into in connection with this Agreement or contemplated hereby or entered into by the Company in accordance herewith, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic signature
and/or electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and
deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic signature or electronic transmission to execute and/or deliver a document or the fact that any signature or agreement or
instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a contract and each such party forever waives any such defense. 

Section 15.14 Right of Offset. Whenever the Company or the Corporation is to pay any sum (other than pursuant to Article
IV) to any Member, any amounts that such Member owes to the Company or the Corporation which are not the subject of a good faith dispute may be deducted from that sum before payment. For the avoidance of doubt, the distribution of Units to the
Corporation shall not be subject to this Section 15.14. 
 Section 15.15 Entire Agreement. This
Agreement, those documents expressly referred to herein (including the Registration Rights Agreement and the Tax Receivable Agreement), any indemnity agreements entered into in connection with the Previous LLC Agreement with any member of the board
of directors at that time and other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Previous LLC Agreement is superseded by this Agreement as of the Effective Date and shall be of no further force and effect thereafter. 

Section 15.16 Remedies. Each Member shall have all rights and remedies set forth in this Agreement and all rights and remedies
which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated
hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by Law. 

  
 61 













 Section 15.17 Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or
instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no
amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented in
writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall not be exclusive. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

Section 15.18 Formation of New RSG Holdings. New RSG Holdings, LLC (“New RSG Holdings”) has been formed prior the
Effective Date for the purpose of receiving contributions of and then holding all outstanding Units after receipt of certain regulatory approvals which are expected following the Effective Date, including all Units held by the Corporation and its
Subsidiaries, except as otherwise determined by the Manager. The Manager (both as the Manager of the Company and as the manager of New RSG Holdings) shall have the power to require all holders of outstanding Units to contribute their Units to New
RSG Holdings on such terms as the Manager may determine in good faith (and such holders shall take any and all actions reasonably necessary to implement and give effect to such contributions and become bound by the New RSG Holdings LLC Agreement),
with the intention that units received by Members in New RSG Holdings have substantially the same terms, rights and obligations as the Units that are contributed to New RSG Holdings pursuant to this Section 15.18 (as
determined by the Manager, acting in good faith). In connection with such contributions, the Manager will amend the transfer restriction, redemption, exchange and other provisions of this Agreement as necessary in order to reflect the formation of
Holdings and the contribution of such Units. 
 *     *     *     *
    * 

  
 62 













 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Third Amended and Restated Limited Liability Company Agreement as of the date first written above. 
  

	
	COMPANY:
	
	    RYAN SPECIALTY GROUP, LLC
	
	    By:                                 
                                 
	    Name:
	    Title:
	
	MEMBERS:



  













 SCHEDULE 1 

SCHEDULE OF PRE-IPO MEMBERS 

 

					
	 Member
	  	 Class A Common Units
	  	 Class B Common Units



  
 64 













 SCHEDULE 2 

SCHEDULE OF MEMBERS 
  

							
	 Member
	  	 Common Units
	  	 Cash Received in the
Recapitalization
	  	 Contact Information for

Notice


  

	*	 This Schedule of Members shall be updated from time to time to reflect any adjustment with respect to any
subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Common Units, or to reflect any additional issuances of Common Units pursuant to this Agreement. 



  













 SCHEDULE 3 

INITIAL OFFICERS 
  

			
	 Name
	  	 Position

		
	Patrick G. Ryan	  	Chairman and Chief Executive Officer
		
	Timothy W. Turner	  	President
		
	Shirley W. Ryan	  	Vice President
		
	Jeremiah R. Bickham	  	Executive Vice President and Chief Financial Officer
		
	Michael T. VanAcker	  	Executive Vice President and Chief Operating Officer
		
	Brendan M. Mulshine	  	Executive Vice President and Chief Revenue Officer
		
	Mark S. Katz	  	Executive Vice President, General Counsel and Secretary
		
	Janice M. Hamilton	  	Senior Vice President, Controller and Chief Accounting Officer
		
	Lisa J. Paschal	  	Senior Vice President and Chief HR Officer
		
	Noah S. Angeletti	  	Senior Vice President and Treasurer


  













 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of [_________], 20[__] (this “Joinder”), is delivered pursuant to that certain Sixth Amended
and Restated Limited Liability Company Agreement, dated as of [•], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “LLC Agreement”) of Ryan Specialty
Group, LLC, a Delaware limited liability company (the “Company”), by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation and the managing member of the Company (the “Corporation”), and
each of the Members from time to time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LLC Agreement. 
  

	1.	 Joinder to the LLC Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof
to the Corporation, the undersigned hereby is admitted as and hereafter will be a Member under the LLC Agreement and a party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it
shall comply with and be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the date thereof. 


  

	2.	 Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated by
reference in this Joinder as if set forth herein in full. 


  

	3.	 Address. All notices under the LLC Agreement to the undersigned shall be direct to:



 [Name] 

[Address] 
 [City, State, Zip
Code] 
 Attn: 
 Facsimile:

 E-mail: 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written. 

 

			
	[NAME OF NEW MEMBER]


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	



			
	
	Acknowledged and agreed as of the date first set forth above:
	
	RYAN SPECIALTY GROUP, LLC
	
	By: RYAN SPECIALTY GROUP HOLDINGS, INC., its Manager


			
		
	By:	 	  



			
	Name:
	Title:


  













 EXHIBIT B-1 

FORM OF AGREEMENT AND CONSENT OF SPOUSE 

The undersigned spouse of [________] (the “Member”), a party to that certain Sixth Amended and Restated Limited Liability
Company Agreement, dated as of [•], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”) of Ryan Specialty Group, LLC, a Delaware limited
liability company (the “Company”), by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation and the managing member of the Company, and each of the Members from time to time party thereto (capitalized
terms used but not otherwise defined herein have the respective meanings set forth in the Agreement), acknowledges on his or her own behalf that: 

I have read the Agreement and understand its contents. I acknowledge and understand that under the Agreement, any interest I may have,
community property or otherwise, in the Units owned by the Member is subject to the terms of the Agreement which include certain restrictions on Transfer. 

I hereby consent to and approve the Agreement. I agree that said Units and any interest I may have, community property or otherwise, in such
Units are subject to the provisions of the Agreement and that I will take no action at any time to hinder operation of the Agreement on said Units or any interest I may have, community property or otherwise, in said Units. 

I hereby acknowledge that the meaning and legal consequences of the Agreement have been explained fully to me and are understood by me, and
that I am signing this Agreement and consent without any duress and of free will. 
 Dated: 

 

			
	[NAME OF SPOUSE]


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title:	 	



  













 EXHIBIT B-2 

FORM OF SPOUSE’S CONFIRMATION OF SEPARATE PROPERTY 

I, the undersigned, the spouse of [_________] (the “Member”), who is a party to that certain Sixth Amended and Restated
Limited Liability Company Agreement, dated as of [•], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”) of Ryan Specialty Group, LLC, a
Delaware limited liability company (the “Company”), by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation and the managing member of the Company, and each of the Members from time to time party
thereto (capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Agreement), acknowledge and confirm on that the Units owned by said Member are the sole and separate property of said Member, and I hereby
disclaim any interest in same. 
 I hereby acknowledge that the meaning and legal consequences of this Member’s spouse’s
confirmation of separate property have been fully explained to me and are understood by me, and that I am signing this Member’s spouse’s confirmation of separate property without any duress and of free will. 

Dated: 
  

			
	[NAME OF NEW MEMBER]


 
			
		
	By:	 	  



 
			
	Name:	 	
	Title: