# EDGAR Filing Document

**Accession Number:** 0002110117
**File Stem:** 0001193125-26-276672
**Filing Date:** 2026-6
**Character Count:** 1677091
**Document Hash:** 9eb93184ed6fb7dcb365814017455a9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-276672.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001193125-26-276672

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ITG, Inc./DE/
- **CENTRAL INDEX KEY:** 0002110117
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296557
- **FILM NUMBER:** 261104855

**BUSINESS ADDRESS:**
- **STREET 1:** 2400 E COMMERCIAL BLVD, STE. 1000
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33308
- **BUSINESS PHONE:** 615-447-5347

**MAIL ADDRESS:**
- **STREET 1:** 2400 E COMMERCIAL BLVD, STE. 1000
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33308

**As filed with the Securities and Exchange Commission on June 22, 2026.** 

**No. 333-296557** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 1** 

**to** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## ITG, Inc.
**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **1623** | **30-1479306** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Primary Standard Industrial**<br>**Classification Code Number)** | **(I.R.S. Employer<br>Identification No.)** |

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**2400 E Commercial Blvd Ste 1000** 

**Fort Lauderdale, FL 33308** 

**(615) 447-5347** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Andrew D. Parrott** 

**Chief Executive Officer** 

**2400 E Commercial Blvd Ste 1000** 

**Fort Lauderdale, FL 33308** 

**(615) 447-5347** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies of all communications, including communications sent to agent for service, should be sent to:***

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| | |
|:---|:---|
| **Joshua N. Korff, P.C.<br>Michael Kim, P.C.<br>Kirkland & Ellis LLP**<br> **601 Lexington Avenue<br>New York, NY 10022<br>(212) 446-4800** | **Christopher D. Lueking**<br> **Jonathan E. Sarna**<br> **Latham & Watkins LLP**<br> **330 North Wabash Avenue, Suite 2800**<br> **Chicago, IL 60611**<br> **(312) 876-7700** |

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**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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**The information in this preliminary prospectus is not complete and may be changed. The securities described herein may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, Dated June 22, 2026** 

**Preliminary Prospectus** 

**19,512,196 Shares**![LOGO](g103576g00x41.jpg)

**Class A Common Stock** 

This is an initial public offering of shares of Class A common stock of ITG, Inc. We are offering 19,512,196 shares of Class A common stock. We intend to use the net proceeds we receive from this offering to repay approximately $120.0 million in aggregate principal amount of borrowings currently outstanding under the Revolving Credit Facility (as defined below) and approximately $241.0 million in aggregate principal amount of borrowings outstanding under the Term Loan Facility (as defined below) and, to the extent of any remaining net proceeds, for general corporate purposes to support the growth of the business.

We and the selling stockholder, Oaktree Blocked Fund (as defined below), have granted the underwriters an option to purchase up to an additional 2,926,829 shares of Class A common stock from us and the selling stockholder to cover over-allotments at the initial price to the public less the underwriting discount within 30 days of the date of this prospectus. We intend to use any net proceeds we receive from such sale to purchase up to 2,168,635 LLC Interests of ITG Parent (each as defined below) from ITG Parent, and ITG Parent intends to use the net proceeds it receives from the sale of such LLC Interests to us to redeem up to 2,168,635 LLC Interests from certain of the Continuing Equity Owners (as defined below). We will not receive any of the proceeds from the sale of 758,194 shares of Class A common stock by the selling stockholder.

Prior to this offering, there has been no public market for our Class A common stock. It is currently estimated that the initial public offering price will be between $19.00 and $22.00 per share of Class A common stock. We have applied to list our Class A common stock on Nasdaq under the symbol "ITG."

We will have two classes of common stock outstanding after this offering: Class A common stock and Class B common stock. Each share of our Class A common stock entitles its holder to one vote per share and each share of our Class B common stock entitles its holder to one vote per share on all matters presented to our stockholders generally. However, holders of shares of our Class B common stock will not have any right to receive distributions or dividends from ITG, Inc.

Following the consummation of this offering and the application of proceeds therefrom, ITG, Inc. will be a holding company in an organizational structure commonly referred to as an "Up-C" structure, and ITG, Inc.'s principal asset will consist of an ownership (both directly and indirectly) of approximately 37.83% of the LLC Interests (or approximately 39.62% of the LLC Interests if the underwriters exercise in full their option to purchase additional shares of Class A common stock) of ITG Parent, which indirectly owns ITG OpCo (as defined below) and its subsidiaries. The remaining 62.17% of the LLC Interests in ITG Parent will be owned by the Continuing Equity Owners. The Continuing Equity Owners and ITG, Inc. each expect to benefit from the "Up-C" structure as a result of certain tax benefits arising from future redemptions or exchanges of the LLC Interests for Class A common stock or cash, and certain other tax benefits described in the Tax Receivable Agreement (as defined below). Under the terms of the Tax Receivable Agreement, among other things, we are required to pay to the TRA Participants (as defined below) approximately 85% of the amount of the tax savings that result (or in some circumstances are deemed to result) from (i) our allocable share of existing tax basis attributable to our acquisition or ownership of LLC Interests in connection with this offering, (ii) certain tax attributes we will acquire from the Blocker in the Blocker Merger (including net operating losses and the Blocker's allocable share of existing tax basis), (iii) increases in our allocable share of then existing tax basis, and certain adjustments to the tax basis of the assets of ITG Parent and its subsidiaries, as a result of actual or deemed sales or exchanges of LLC Interests in connection with this offering, if any, and future redemptions or exchanges of LLC Interests, (iv) imputed interest arising from any payments we make under the Tax Receivable Agreement and (v) certain other tax benefits related to entering into the Tax Receivable Agreement, including certain

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payments made under the Tax Receivable Agreement. Any payments made by us to the TRA Participants under the Tax Receivable Agreement will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us. We expect that the amount of such payments will be substantial. Absent a termination event pursuant to the terms of the Tax Receivable Agreement and assuming no material changes in the relevant tax laws, we expect our obligation to make cash payments under the Tax Receivable Agreement will continue for more than fifteen years after all of the Continuing Equity Owners exchange or redeem all of their LLC Interests. The actual amounts we will be required to pay under the Tax Receivable Agreement and the actual amount of deferred tax assets and related liabilities that we will recognize as a result of any such future exchanges or redemptions will vary based on a number of factors. See "Risk Factors—Risks Related to Our Organizational Structure" and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Immediately following the consummation of this offering and the application of proceeds therefrom, the Continuing Equity Owners will own (i) all of the shares of our Class A common stock not sold in this offering and (ii) all of the outstanding shares of our Class B common stock (along with an equal number of LLC Interests). As a result, upon completion of this offering and the application of proceeds therefrom, the purchasers in this offering will beneficially own approximately 16.10% of the combined voting power of all of our outstanding common stock and approximately 16.10% of the economic interests in ITG Parent (or approximately 18.51% of the combined voting power of all of our outstanding common stock and approximately 18.51% of the economic interests in ITG Parent, respectively, if the underwriters exercise in full their option to purchase additional shares to cover over-allotments), and the Continuing Equity Owners will beneficially own approximately 83.90% of the combined voting power of all of our outstanding common stock and approximately 83.90% of the economic interests in ITG Parent (or approximately 81.49% of the combined voting power of all of our outstanding common stock and approximately 81.49% of the economic interests in ITG Parent, respectively, if the underwriters exercise in full their option to purchase additional shares of our Class A common stock to cover over-allotments). Accordingly, we will be a "controlled company" as defined under the corporate governance rules of Nasdaq, and as a result, we will qualify for, but do not intend to rely on, exemptions from certain corporate governance requirements, but may do so in the future. See "Management— Controlled Company Exemption" and "Principal and Selling Stockholder." Following the consummation of this offering, a wholly owned subsidiary of ITG, Inc. will be the sole managing member of ITG Parent. As the owner of the sole managing member of ITG Parent, ITG, Inc. will operate and control all of the business and affairs of ITG Parent and its direct and indirect subsidiaries, including ITG OpCo, and, through ITG Parent and its direct and indirect subsidiaries, including ITG OpCo, conduct our business.

We are an "emerging growth company" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for this and future filings. See "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our Class A common stock involves risks. See "<u>[Risk Factors](#toc103576_3)</u>" beginning on page 31 to read about factors you should consider before investing in shares of our Class A common stock.** 

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discount<sup>(1)</sup> | $| $|
|  Proceeds to us, before expenses | $| $|

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(1) We have agreed to reimburse the underwriters for certain expenses in connection with this offering. See
"Underwriting (Conflicts of Interest)" for a description of the compensation payable to the underwriters.

The underwriters expect to deliver the shares of Class A common stock on or about , 2026 through the book-entry facilities of the Depositary Trust Company.

***Joint Bookrunners***

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| | | | |
|:---|:---|:---|:---|
| **Morgan Stanley** | **Citigroup** | **UBS Investment Bank** | **Stifel** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **BofA Securities** | **Baird** | **Santander** | **KeyBanc Capital Markets** | **Truist Securities** |

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***Co-Managers*** 

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| | | | |
|:---|:---|:---|:---|
| **Houlihan Lokey** | **BTIG** | **Capital One Securities** | **Regions Securities LLC** |

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**Prospectus dated , 2026.** 

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![LOGO](g103576g00c04.jpg)

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![LOGO](g103576g05x05.jpg)

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![LOGO](g103576g00c06.jpg)

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  [ABOUT THIS PROSPECTUS](#toc103576_1) | ii |
|  [PROSPECTUS SUMMARY](#toc103576_2) | 1 |
|  [RISK FACTORS](#toc103576_3) | 31 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#toc103576_4) | 70 |
|  [USE OF PROCEEDS](#toc103576_5) | 72 |
|  [ORGANIZATIONAL STRUCTURE](#toc103576_6) | 74 |
|  [DIVIDEND POLICY](#toc103576_7) | 79 |
|  [CAPITALIZATION](#toc103576_8) | 80 |
|  [DILUTION](#toc103576_9) | 82 |
|  [UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION](#toc103576_10) | 84 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#toc103576_11) | 95 |
|  [BUSINESS](#toc103576_12) | 111 |
|  [MANAGEMENT](#toc103576_13) | 122 |
|  [EXECUTIVE COMPENSATION](#toc103576_14) | 129 |
|  [PRINCIPAL AND SELLING STOCKHOLDER](#toc103576_15) | 138 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#toc103576_16) | 141 |
|  [DESCRIPTION OF CERTAIN INDEBTEDNESS](#toc103576_17) | 153 |
|  [DESCRIPTION OF CAPITAL STOCK](#toc103576_18) | 156 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#toc103576_19) | 163 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK](#toc103576_20) | 166 |
|  [UNDERWRITING (CONFLICTS OF INTEREST)](#toc103576_21) | 171 |
|  [LEGAL MATTERS](#toc103576_22) | 182 |
|  [EXPERTS](#toc103576_23) | 183 |
|  [CHANGE IN AUDITOR](#toc103576_24) | 184 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#toc103576_25) | 185 |
|  [INDEX TO FINANCIAL STATEMENTS](#toc103576_26) | F-1 |

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**Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

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**ABOUT THIS PROSPECTUS** 

We, the selling stockholder and the underwriters have not authorized anyone to provide you with information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We, the selling stockholder and the underwriters take no responsibility for, and provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of our Class A common stock offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information appearing in this prospectus is accurate as of the date on the front cover of this prospectus only, regardless of the time of delivery of this prospectus or of any sale of shares of our Class A common stock. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: we, the selling stockholder and the underwriters have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of the shares of Class A common stock and the distribution of this prospectus outside the United States.

**Organizational Structure** 

In connection with the closing of this offering, we will undertake certain organizational transactions to reorganize our corporate structure in order to implement an "Up-C" structure. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the organizational transactions described in the section titled "Organizational Structure" and this offering and the application of the proceeds therefrom, which we refer to, collectively, as the "Transactions." See "Organizational Structure" for a diagram depicting our organizational structure after giving effect to the Transactions.

**Presentation of Financial and Operating Data** 

ITG, Inc. is a Delaware corporation that was incorporated for the purpose of effectuating the Transactions, and ITG Parent is a Delaware limited liability company. The historical consolidated financial information presented in this prospectus is that of ITG, Inc.'s accounting predecessor, ITG Parent. Immediately following the Transactions, ITG, Inc. will be a holding company, and its sole material asset will be a controlling equity interest (both directly and indirectly) in ITG Parent. As the owner of the sole managing member of ITG Parent, ITG, Inc. will operate and control all of the business and affairs of ITG Parent, have the obligation to absorb losses and receive benefits from ITG Parent and, through ITG Parent and its subsidiaries, conduct the business of ITG OpCo. The Transactions lack economic substance under GAAP and therefore will be accounted for in a manner consistent with a reorganization of entities under common control. Please see the section titled "Organizational Structure" and the unaudited pro forma consolidated financial information and the related notes to such financial information included elsewhere in this prospectus for additional information.

**Certain Definitions** 

As used in this prospectus, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*2022*" refers to the fiscal year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*2023*" refers to the fiscal year ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*2024*" refers to the fiscal year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*2025*" refers to the fiscal year ended December 31, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*AI*" refers to artificial intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Blocker*" refers to ITG Blocker, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*BTR*" refers to Broadband Technical Resources, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*CAGR*" refers to Compound Annual Growth Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Company*," "*we*," "*us*," "*our*,"
" *ITG*" and similar references refer, (i) following the consummation of the Transactions, including this offering, to ITG, Inc., and, unless otherwise stated, all of its direct and indirect subsidiaries, including ITG Parent,
and (ii) prior to the completion of the Transactions, including this offering, to ITG Parent and, unless otherwise stated, all of its direct and indirect subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Continuing Equity Owners*" refers collectively to (i) Oaktree Blocked Fund; and
(ii) Oaktree Aggregator and Management Holdings, who are the direct holders of LLC Interests and our Class B common stock immediately following consummation of the Transactions (with Management Holdings being the entity through which our
Founders and certain executive officers, employees and their respective permitted transferees indirectly hold LLC Interests), and who may, following the consummation of this offering, exchange, in whole or in part, from time to time, their LLC
Interests (along with an equal number of shares of Class B common stock (and such shares of Class B common stock shall be immediately cancelled)) for cash or newly issued shares of our Class A common stock as described in
"Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*co-ops*" refers to cooperative utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Credit Agreement*" refers to the Credit Agreement, dated as of July 9, 2025, by and among ITG
OpCo, ITG Purchaser, LLC, certain other loan parties thereto, Banco Santander, S.A., New York Branch, as administrative agent, U.S. Bank National Association, as collateral agent, and the lenders and L/C issuers party thereto from time to time,
as amended, supplemented, waived or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*E&M*" refers to our engineering and maintenance service line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Founders*" refers to Peter A. Giacalone, Michael G. Brooks and Christopher Perkins, our
founders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*GAAP*" refers to generally accepted accounting principles in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*HVAC*" refers to heating, ventilation and air conditioning systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Intermediate*" refers to ITG Intermediate, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*ITG Parent*" refers to ITG Parent, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*ITG Parent LLC Agreement*" refers to ITG Parent's second amended and restated limited
liability company agreement, which will become effective substantially concurrently with or prior to the consummation of this offering (as such agreement may be amended pursuant to its terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*ITG OpCo*" refers to ITG Communications, LLC, a Texas limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*ITG Splitter*" refers to ITG Splitter, L.P., a Delaware limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*LLC Interests* "**  refers to the common units of ITG Parent, including those that we
directly or indirectly purchase with a portion of the net proceeds from this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Management Holdings*" refers to ITG Management Holdings, LLC, the manager of which is ITG MH
Manager, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*MSA*" refers to master service agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Nasdaq*" refers to The Nasdaq Global Select Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*NTM Backlog*" refers to the estimated amount of revenue we expect to realize from
services to be performed pursuant to MSAs and other contractual arrangements over the next 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Oaktree* "**  refers to Oaktree Aggregator, Oaktree Main Fund, Oaktree Blocked Fund,
Oaktree GP DE AIF and their affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Oaktree Aggregator*" refers to OCM ITG Aggregator, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Oaktree Blocked Fund*" refers to OCM Power VI AIV Holdings (Delaware), L.P., a Delaware
limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Oaktree GP DE AIF*" refers to Oaktree Fund AIF Series, L.P.—Series W, a Delaware limited
partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Oaktree Main Fund*" refers to Oaktree Power Opportunities Fund VI Master Holdings (Delaware),
L.P., a Delaware limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*PCAOB*" refers to the Public Company Accounting Oversight Board (United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Revolving Credit Facility*" refers to the $185.0 million revolving credit facility provided
for under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*selling stockholder*" refers to Oaktree Blocked Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*TAM*" refers to total addressable market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Tax Receivable Agreement*" refers to the tax receivable agreement, by and among ITG, Inc.,
ITG Parent and the TRA Participants, to be entered into upon the consummation of this offering (as such agreement may be amended pursuant to its terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Term Loan Facility*" refers to the $660.0 million senior secured six-year term loan facility
provided for under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Total Backlog*" refers to the estimated amount of revenue we expect to realize
from services to be performed pursuant to MSAs and other contractual arrangements over their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*TRA Participants*" refers to the Continuing Equity Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Transactions* "**  refers, collectively, to the organizational transactions as described in
"Organizational Structure—Transactions," including this offering and the application of the net proceeds therefrom.

**Trademarks** 

This prospectus contains references to our trademarks, trade names and service marks, which are protected under applicable intellectual property laws and are our property. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the <sup>®</sup>, <sup>™</sup> or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

**Market and Industry Data** 

Unless otherwise indicated, information contained in this prospectus concerning our industry, competitive position and the markets in which we operate, including our general expectations, addressable market size, market position, market share and market opportunity, is based on information from third-party sources, including independent industry publications and other reports, internal data and management estimates. Management estimates are derived from publicly available information released by independent industry analysts, subscription-based publications and other third-party sources, as well as data from our internal research, and are our good faith estimates based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. This prospectus also contains data and estimates derived from a March 2026 industry report commissioned by us and prepared by Altman Solon US, LP, a third-party strategy consulting firm (the "Altman Solon Report"). The Altman Solon Report does not constitute financial, legal or investment advice. Any industry forecasts are based on data (including third-party data), models and experience of various professionals and are based on various assumptions, all of which are subject to change without notice. Data regarding our industry and our market position and market share within our industry are

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inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond our control, and you are cautioned not to place undue reliance on such information or estimates. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate, and our future performance, are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "Risk Factors" and "Special Note Regarding Forward-Looking Statements." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**Non-GAAP Financial Measures** 

This prospectus contains certain financial measures, including, without limitation, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Cost of Revenue, Adjusted SG&A, Free Cash Flow and Free Cash Flow Conversion that are not required by, or prepared in accordance with, GAAP. We refer to these measures as "non-GAAP" financial measures and believe these non-GAAP financial measures are useful in evaluating our performance. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. For more information about these non-GAAP financial measures, including a discussion of the material risks and limitations of these measures as well as a reconciliation of these measures to the most directly comparable GAAP measures, please see the sections titled "Summary Consolidated Financial and Other Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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**PROSPECTUS SUMMARY** 

*This summary highlights selected information contained elsewhere in this prospectus. It does not contain all of the information that may be important to you and your investment decision to purchase shares of our Class A common stock. Before investing in our Class A common stock, you should carefully read this entire prospectus, including the matters set forth under the sections of this prospectus captioned "Risk Factors," "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as our consolidated financial statements and related notes included elsewhere in this prospectus.* 

**Our Company** 

We are a preferred provider of mission critical services to the digital and other utility infrastructure industries throughout the United States. We deliver technology-enabled, end-to-end services supporting the planning, design, construction, operation, maintenance and expansion of the broadband networks that have become critical infrastructure and essential to modern life and economic activity.

We were founded and are led by seasoned industry veterans with backgrounds beginning as field technicians and extending to successful entrepreneurial and corporate leadership, committed to delivering the highest quality services to our customers. We believe that our national footprint, comprehensive end-to-end service offerings, and proprietary FUSE360 technology platform position us as a partner of choice for leading broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities. We also believe that our business operations and intelligence technology platform, FUSE360, delivers real-time visibility into operational and performance metrics and provides our skilled workforce with a comprehensive digital training, safety and operational platform. We complete more than 8,000 average daily work orders across our national footprint, reflecting the scale, density and operational efficiency of our platform. As of December 31, 2025, ITG maintains oversight of a workforce of over 10,000, including approximately 2,900 full-time employees and 7,400 subcontractors, supporting its presence across 49 states and more than 240 field locations.

We operate through two complementary service lines: Engineering & Maintenance and Infrastructure Deployment. Together, these service lines enable us to support the full lifecycle of digital and other utility infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engineering & Maintenance ("E&M")**. Our E&M service line provides
re-occurring, mission-critical services required by network owners to operate, maintain, optimize and expand their infrastructure. Select services include, but are not limited to: (i) planning, design, engineering, site acquisition and
permitting to optimize and upgrade existing broadband networks and to develop new routes, (ii) drop-and-bury placement and installation of fiber cables and supporting infrastructure from main distribution lines to the end-user's home or
business, (iii) installation, upgrades and troubleshooting service calls at residential and commercial locations, and (iv) normal-course coaxial and fiber replacements, pole moves and upgrades, line extensions, utility asset locating
services, and planned and emergency repair work. E&M represented approximately 65% and 59% of our revenue for 2024 and 2025, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Infrastructure Deployment**. Our Infrastructure Deployment service line provides large-scale network
and fiber construction services for incumbent carriers, overbuilders, and data center operators and underground civil construction services for public and private utilities. Select services include, but are not limited to, aerial and underground
builds, directional boring and trenching, conduit installation and wiring services, and fiber backhaul. Infrastructure Deployment expands the installed base of network infrastructure and typically leads to long-duration E&M-related services,
creating a complementary lifecycle revenue flywheel with a multi-decade tail of re-occurring revenue, with approximately 90% incremental revenue "pull-through" over the lifecycle of deployed networks. Infrastructure Deployment
represented approximately 35% and 41% of our revenue for 2024 and 2025, respectively.

We maintain long-standing relationships with a diverse customer base that includes broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities. Our work is typically performed under long-term contractual agreements such as MSAs, which accounted for approximately 94% and 92% of our revenue in 2024 and 2025, respectively. In many of our markets, we believe we are often the exclusive outsourced services provider for each customer's network. These partnerships have supported repeat engagements, increased volumes, geographic expansion, and the addition of new service lines as customer needs evolve. We have historically achieved an approximately 100% renewal rate on our master service agreements, underscoring the strength and durability of our customer relationships. As of December 31, 2024 and December 31, 2025, our Total Backlog was approximately $1.9 billion and $2.9 billion, respectively, providing us with long-term, multi-year revenue visibility. As of December 31, 2025, we expected to complete approximately $1.3 billion of this $2.9 billion Total Backlog within the next fiscal year. See "Risk Factors-Risks Related to our Business-Our backlog is subject to cancellation and unexpected adjustments and may not result in actual revenue or profits."

For the year ended December 31, 2025, we generated approximately $1.2 billion of total revenue, $6.2 million in net income and $148.3 million in Adjusted EBITDA, representing a net income margin of 0.5% and Adjusted EBITDA Margin of 12.8%. See "—Summary Consolidated Financial and Other Data—Non-GAAP Financial Measures" for additional information.

**Our Market Opportunity**

The digital and other utility infrastructure services market is supported by long-term secular growth drivers. High-speed broadband connectivity has become an essential utility, driving robust data consumption growth. To meet this demand, network owners and data center operators are investing at unprecedented levels to expand, modernize, and maintain their infrastructure. Annual investment in the United States in outsourced engineering and construction services for digital and other utility infrastructure increased from approximately $14.8 billion in 2022 to approximately $26.9 billion in 2025, and is forecasted to grow to approximately $33.2 billion in 2029, according to the Altman Solon Report. These investments are expected to be driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continued High-Speed Connectivity Usage and Deployment.** High-speed connectivity has become the backbone of
modern life and commerce, enabling essential activities and an expanding ecosystem of connected devices. According to OpenVault's Broadband Usage Report, data usage per household has grown at a 16% CAGR from 2018 to 2025. We believe that this
growth will be largely independent of specific technology outcomes and will necessitate continued expansion, upgrading and densification of broadband networks to meet rising data consumption and higher-speed connectivity demands.

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<u>Rapid and Consistent Data Consumption Growth</u> 

Weighted Average Data Consumed Per Household Subscriber Per Month (Gigabytes)

![LOGO](g103576g00v01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **FTTH Build-out and Expanding Environment Adoption**. According to RVA Market Research and Consulting
("RVA"), approximately 60.5% of households in the United States are currently served by fiber and an estimated 50 million additional connections will be made through 2029. According to the Altman Solon Report, fiber passings in the
United States are expected to increase from approximately 100 million in 2025 to approximately 150 million by 2029, with an estimated 10-12 million new passings annually. This growth is increasingly focused on overbuilding existing
single-provider markets, contributing to the expansion of multi-provider locations, which will accelerate and increase the addressable market for our services. Today, approximately 16% of premises are served by two or more fiber providers and the
number of households with two- and three-plus fiber providers is forecasted to grow at a CAGR of approximately 9.6% and 8.5% from 2025 to 2029, respectively. In parallel, fiber is expanding beyond residential FTTH into broader environments,
including data centers, enterprise connectivity, and network densification. Together, these dynamics support sustained investment across last-mile and middle-mile networks, reinforcing a long-duration pipeline of fiber infrastructure demand.

<u>Visible Growth in Fiber Home Passings</u> 

Cumulative U.S. Homes Marketed Fiber (in millions)

![LOGO](g103576g37t01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Data Centers and AI-Related Requirements**. The Generative AI ("GenAI") and Internet of Things
("IoT") ecosystems are rapidly evolving, serving as new catalysts for the escalating demand for high-bandwidth connectivity and capacity. With data center capital expenditures projected to exceed
$1.3 trillion from 2025 to 2027, expansive new networks will be deployed to handle surging data

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intensity at each data center, connect data centers to network backbones, and extend and upgrade existing infrastructure closer to end-users at the network's "edge." According to RVA, as data consumption rises and workloads become more latency- and capacity-sensitive, route miles will nearly double from approximately 95,000 to approximately 187,000 by 2029. Similarly, RVA estimates that the number of required fiber miles (including multiple strands of fiber), will more than double from approximately 159 million in 2024 to approximately 373 million by 2029. This is driven primarily by new fiber build activity to address capacity constraints and support expanding data center campuses. This new infrastructure deployment will be followed by mission-critical, re-occurring E&M work. <br>

<u>Accelerating Data Center Fiber Growth</u> 

Miles of U.S. Data Center Fiber In-Place (in millions)

![LOGO](g103576g37t02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Significant and Durable State and Federal Funding Support.** Public funding has been a durable and expanding
catalyst for broadband infrastructure. Over the past two decades, federal and state programs have consistently supported broadband deployment through a mix of universal service subsidies, rural deployment grants, and targeted infrastructure
initiatives, creating a re-occurring source of demand for network construction and related services. The opportunity has expanded materially through the introduction of government-sponsored infrastructure programs such as the Broadband Equity,
Access, and Deployment Program ("BEAD") and the Rural Digital Opportunity Fund ("RDOF"). These programs are further supplementing private investment and expanding the economic viability of fiber deployment in underserved
markets to bridge the digital divide. They are expected to provide approximately $63 billion of public investment to bring high-speed connectivity to an estimated 8 million underserved and unserved households, significantly increasing the
number of viable locations for network expansion. We believe that these funding sources will drive a multi-year wave of new build activity across the United States, creating immediate demand for design, engineering, and construction services and
sustained demand for our re-occurring E&M services.

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<u>Significant Investment in Broadband Infrastructure</u> 

Cumulative Invested in billions, 2026E - 2029E<sup>(1)</sup>

![LOGO](g103576g00k38.jpg)

<sup>(1)</sup> For U.S. Cable and Fiber Infrastructure Deployment and E&M outsourced services that ITG offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expanding Installed Base Generates a Long Tail of Demand for Re-occurring Services.** The substantial growth
of the installed base of digital and other utility infrastructure creates a tail of long duration re-occurring operations and maintenance work. Once constructed, networks require ongoing fulfillment, routine and emergency maintenance work, and
periodic upgrades over their operating lives that often extend multiple decades. Incumbent network owners are also reinvesting in their existing networks to meet end-user demands and to remain competitive. As a result, industry investment in new
builds drives not only near-term deployment demand, but also a growing base of highly visible, re-occurring maintenance work that we believe we are well-positioned to capture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerating Public and Private Investment in Utility Infrastructure:** The utility infrastructure industry
has entered a sustained structural shift that will require multiple decades of increased investment. Decades of underinvestment, compounding regulatory mandates, population migration, climate resilience requirements, reshoring and landmark federal
legislation (such as the Infrastructure Investment and Jobs Act ("IIJA") and Inflation Reduction Act ("IRA")) are converging to create one of the most durable demand environments in the sector's history. Industry
estimates indicate that the United States faces a water and wastewater infrastructure funding gap exceeding $1 trillion over the next two decades, with total projected investment needs—including federal, state, municipal, and private
capital—estimated at up to $1.9 trillion over the next decade. Electrification, data center proliferation, reshoring and renewable generation are among the key drivers of unprecedented load growth, necessitating large scale transmission and
distribution expansion, grid hardening, modernization, and incremental capital expenditure from electric utilities supported by regulated rate base recovery. Collectively, these dynamics underpin non-discretionary demand and create a compelling
opportunity for scaled, well capitalized services providers to capture share across essential infrastructure end-markets. According to the U.S. Department of Transportation's Pipeline and Hazardous
Materials Safety Administration ("PHMSA"), more than 516,000 miles of gas distribution main lines are greater than 55 years old (including of gas distribution main lines of unknown vintage) and in need of repair, rehabilitation or
replacement. Infrastructure modernization, accelerating outsourcing trends, stringent regulatory requirements, and on-site gas generation to support rising industrial activity, including data centers, continue to drive demand for services from gas
utilities.

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We anticipate our addressable market for fiber, data center, cable, wireless, and other utility infrastructure services will grow at a CAGR of 7% from 2025 through 2029 as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continued V endor Consolidation.** Our market is experiencing a structural shift among digital
and other utility infrastructure providers, particularly the larger providers, towards consolidating their vendor lists to fewer and more scaled partners capable of managing the service requirements across the entire lifecycle. By consolidating
services with a single partner, customers achieve standardized quality of service, increased availability across their footprint, and significant operational efficiencies through simplified vendor management. We believe that this change benefits
companies like ours that deliver consistent and high-quality execution on a national scale across a comprehensive portfolio of end-to-end services. Furthermore, the consolidation of vendors has and will continue to encourage M&A activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Greater Outsourcing.** Given in-house shortages of skilled labor and overall cost considerations, incumbent
utility infrastructure providers are reducing internal operations, maintenance and construction teams and outsourcing a larger percentage of mission-critical deployment, maintenance and operations. This shift is evident in a 21% reduction in
employee headcount across the top seven telecommunications companies since 2019. Furthermore, our customers have expanded network builds beyond their historical footprints into markets where they lack internal resources, further increasing reliance
on outsourced partners. New entrants such as electric co-ops, private equity-backed start-ups, and hyperscalers rely heavily (or exclusively) on outside expertise for Infrastructure Deployment services and re-occurring E&M work. As competition
increases, network operators are increasingly favoring partnerships with scaled, end-to-end service providers, such as ITG, to deliver efficient, consistent and accountable project outcomes that support their financial and operational objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Scarcity of Skilled-Craft Labor *.*** We expect labor scarcity to emerge as the major bottleneck
in fiber deployment. According to the Fiber Broadband Association ("FBA") and the Power & Communication Contractors Association ("PCCA"), the market will require approximately 28,000 additional broadband construction
workers and 30,000 additional broadband technicians in order to execute the current pipeline of federally and state-funded broadband projects. The report expects approximately 119,200 workers to exit the industry over the same time period due to
retirement and attrition, implying an approximately 180,000-worker labor shortage by 2032. We believe that the accelerating demand and labor supply mismatch creates a structurally favorable market opportunity for nationally scaled, integrated
solutions providers, such as ITG, given our established recruiting, training and retention capabilities and ability to deploy the scarce skilled-craft labor required to meet customer demand.

**Our Competitive Strengths** 

Our business was founded and is led by successful entrepreneurs who began their careers as field technicians and have since built a commercially focused, purpose-built business model. We operate in the highly fragmented digital and other utility infrastructure services industry, where few providers have national scale and competition spans both large multinational firms and regional specialists focused on select geographies and service offerings. We believe that our differentiated capabilities position us to capitalize on growing demand for digital and other utility infrastructure services, as reflected in our growth and margins relative to both large, scaled providers and smaller regional competitors. Competition is often driven by factors such as incumbent relationships, service quality, local execution, pricing, safety, and execution reliability. We combine national scale with a customer-centric operating model and a strong emphasis on engineering and maintenance. Our proprietary systems, underpinned by FUSE360, are designed to enhance visibility, coordination, and execution to promote tailored customer responsiveness. Compared to regional contractors, we offer broader geographic reach, and more robust operational and technology infrastructure, enabling us to capture growth opportunities in a fragmented market and serve as a partner across the network lifecycle. These competitive strengths have and will continue to enable us to grow in excess of our peers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tailored, End-To-End Services Offering *.*** Our end-to-end suite of services addresses the
entire network lifecycle and creates a "one-stop" solution for engineering, construction, installation, and maintenance services for broadband service providers, fiber providers, wireless carriers, data center operators, and public and
private utilities. Our capabilities extend across fiber and wireless networks and address the full network ecosystem, including last-mile fulfillment, local exchange infrastructure, aerial and underground plant, and commercial and data center fiber
applications. We believe that our breadth and integrated suite of offerings uniquely positions us as the only scaled provider with the capability to execute in complex and underserved areas such as last-mile fulfillment and maintenance. These
services are operationally intensive, requiring local density, regulatory expertise, and deep familiarity with market-specific conditions, and have historically been fragmented among small, regional providers lacking scale and consistency. By
delivering these capabilities through a single, coordinated platform, we simplify vendor management, improve consistency, and accelerate deployment timelines for our customers. We believe that our integrated approach results in higher quality
outcomes and lower total costs of ownership, while supporting higher win rates, strong customer retention, and a growing base of re-occurring, higher-margin revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Comprehensive National Footprint with Deep Local Market Expertise .** We are one of the leading
service providers to the digital and other utility infrastructure industries with revenue generated in 49 states. As of December 31, 2025, our workforce exceeded 10,000, including approximately 2,900 full-time employees and 7,400 subcontractors. Our workforce coupled with our broad footprint enables us to execute across diverse geographies, allocate resources efficiently to meet demand, and reduce
customers' reliance on multiple vendors. Our scale is complemented by deep local market expertise, with established operations across key regions providing insight into regulatory frameworks, permitting processes, and the network and
topographical characteristics that shape deployment strategies. Longstanding relationships with local municipalities, utilities, and other stakeholders allow us to efficiently navigate complex project approvals, mitigate execution risk, and
accelerate deployment timelines. Moreover, our route-density within local markets serves as a meaningful competitive advantage. A crew member completes several stops per route, driving higher technician productivity, faster response times, and
superior unit economics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Longstanding Relationships with Blue-Chip, Repeat Clients and History of Growing Revenues from Existing Clients *.*** We build long-term relationships with our clients from the executive leadership teams to their field-level managers and employees. Over time, we have strategically expanded our capabilities and services across our
customers' geographic footprint to deepen multi-decade relationships with existing blue-chip partners while also capturing business with new customers. We consistently rank at the top of customer performance scorecards, achieving the #1
national ranking in customer satisfaction with Comcast in 2024, 2025, and year-to-date 2026 based on average national provider net promoter scores. We believe that this expansion in both our service scope and our geographic reach, combined with
continued vendor consolidation and outsourcing by our long-term customers, have created significant customer "stickiness" and high switching costs. Our gross and net revenue retention for the years 2023, 2024 and 2025 averaged 98% and
113%, respectively, reflecting our ability to both retain and grow revenues from the same clients over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Focus on Re - occurring Engineering and Maintenance Services with Strong Backlog Visibility Across Service Lines *.*** Our business is underpinned by a highly visible and durable revenue model driven by the ongoing re-occurring nature of our services. Our work is typically performed under long-term contractual agreements such as multi-year MSAs, which accounted for approximately 94% and 92% of our revenue in 2024 and 2025, respectively. We have historically achieved an approximately 100%
renewal rate on our master service agreements, underscoring the strength and durability of our customer relationships. Moreover, approximately 59% of our revenue in 2025 is derived from our E&M service line, representing a durable and growing
base of re-occurring revenue

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that compounds as the build out of digital infrastructure networks drives a multi-decade network lifecycle and creates substantial incremental revenue opportunities. In our experience, approximately 90% of Infrastructure Deployment revenue is pulled through to long-term E&M engagements, creating a self-reinforcing lifecycle revenue flywheel that compounds over time. Through strategic acquisitions, we have expanded our E&M services, including consulting and design and engineering, to provide a holistic end-to-end offering, which our customers desire. By engaging with customers earlier in the process (including pre-deployment feasibility studies, planning and consulting), we are able to capture revenue earlier in the network lifecycle and significantly increase our competitive positioning for additional work, including our Infrastructure Deployment services and re-occurring operations and maintenance services. Additionally, we believe we are often the exclusive outsourced maintenance and fulfillment provider in each region, which enables strong visibility into each customer's needs and increased customer retention. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Purpose-Built FUSE360 Operational Software Enables Scalability and Efficiency *.*** Our

continuous development since 2016, FUSE360 provides real-time visibility into project and work order status, workforce and fleet utilization, and financial performance, enabling concurrent data-driven decision-making and seamless communication
between management, subcontractors, field staff, and customers. The platform integrates critical functions—from recruiting, onboarding, and payroll, to fleet management and quality control, to cost and revenue reporting and billing—into
a single ecosystem that drives significant efficiencies and real-time visibility into our operational performance. FUSE360 underpins our ability to scale seamlessly as customer needs and the business continue to evolve while delivering flexible,
transferable operational capabilities that enable rapid expansion of new services and markets, including data centers and utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exceptional Operational Execution and Service Quality**. We emphasize consistent execution, service quality,
and customer responsiveness across our operations, which drives our market leadership and customer satisfaction. Our over 10,000 person workforce provides us with the scale, geographic coverage, and operational flexibility required to address
customer demand and enables us to mobilize and deploy crews efficiently across markets, execute projects at scale, and deliver an end-to-end service suite to our customers. We have a flexible workforce model that combines comprehensive recruitment,
extensive technical and safety training and efficient onboarding to ensure rapid mobilization and consistent service delivery. This approach allows us to scale up or down to meet the resource requirements and rigorous standards of our customers
while optimizing the utilization of our employees. We maintain a strong safety culture, with a lost time incident rate (LTIR) of 0.84, reflecting our disciplined training programs and operational rigor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leading Management Team Comprised of Industry Veterans.** Our management team has an average of more than 20
years of experience in the digital and other utility infrastructure industry with deep operational expertise and extensive customer, subcontractor and supplier relationships. Many of our executives began their careers as field technicians, extending
to successful entrepreneurial and corporate leadership roles, and possess a unique "bottom-up" perspective of the business. This career trajectory within our management team has helped form our organizational culture centered around
operational excellence and providing our technicians with the training, tools and resources to deliver high quality services. We have proven our ability to identify market trends, expand our service capabilities and geographic reach, cultivate long-term customer partnerships, scale significantly operationally, recruit and retain talent, and integrate strategic acquisitions—all of which has been instrumental in executing our strategic vision,
delivering financial results consistently ahead of peers and positioning us for continued growth.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proven, Targeted Acquisition Strategy and Integration Capability**. We have a successful track record of
acquiring and integrating businesses to expand our service offerings and geographic reach. We have completed 22 acquisitions since 2019, the majority of which were completed on a bilateral basis rather than through a competitive process. We believe
that we are recognized as an "acquiror of choice" for sellers within the industry based on our history of transacting professionally and transparently, track record of driving substantial growth for the acquired companies, and creating
new opportunities for our acquired employees. Based on our experience, these companies are often interested in selling to us specifically because of our culture, track record of success, national scale and offerings. We have established a
disciplined and repeatable integration playbook, which migrates the target company's operations onto FUSE360 quickly following the closing of the acquisition. As a result, we are able to immediately achieve certain cost synergies such as IT
systems, fleet, insurance and benefits. Since 2019 and across 22 acquisitions, these cost synergies have represented approximately 598 basis points of target company's last twelve months of revenues, contributing to an average synergized
acquisition multiple of less than 3x LTM Adjusted EBITDA. This process also enables the acquired business to quickly leverage the power of the broader ITG platform to drive growth initiatives and realize additional margin expansion.

**Our Growth Strategies** 

Our growth strategy is focused on expanding our role as a digital and other utility infrastructure services platform by increasing lifecycle attachment with existing customers, broadening our customer base, and selectively extending our service capabilities. In addition, we are expanding into high-growth adjacent infrastructure end-markets, including data center connectivity, wireless infrastructure and utility distribution services. We are committed to operational excellence and are focused on driving superior execution across the entire infrastructure lifecycle while deepening our integration with customers to ensure long-term relationships. The key elements of our growth strategy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Execute On Our Backlog and Increase Our Wallet Share With Existing Customers.** We intend to drive continued
growth by leveraging our record Total Backlog of approximately $2.9 billion, as of December 31, 2025, and capitalizing on deep-seated relationships with our blue-chip customer base. Our end-to-end service model focuses on increasing wallet share
through a proven cross-selling strategy, converting initial Infrastructure Deployment work into long-term, re-occurring E&M revenue streams and vice versa. By utilizing our integrated service capabilities and national scale, we are well-positioned to provide a comprehensive end-user experience, and network densification and expansion initiatives—while ensuring we capture revenue across the entire digital and other utility infrastructure
lifecycle. We intend to continue scaling our comprehensive portfolio of services nationally, capitalizing on the fragmentation within the current vendor landscape to become the preferred provider across our existing footprint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Win New Customers**. We are actively diversifying our customer base by leveraging our national scale and
end-to-end capabilities to win new customers. Since 2021, we have repeatedly won new contracts and have more than doubled our customer base. As BEAD and other government funding for underserved markets accelerates, we are strategically positioned to
target and serve rural operators and regional providers that would benefit from our full lifecycle services. We also plan on expanding our municipal intelligent transportation systems ("ITS") and wireless infrastructure clients, which
would add attractive re-occurring E&M revenues. According to the Altman Solon Report, the market for wireless infrastructure engineering and maintenance services in 2025 is estimated to be approximately $5.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand Data Center Services in Scope**. We are capitalizing on secular tailwinds in data consumption and
GenAI by expanding our service footprint within the data center end-market. Leveraging established relationships with fiber operators who are building metro and long-haul fiber, and with hyperscale operators,
we are expanding services across fiber-to-the-data center ("FTTDC") construction, campus interconnectivity, and re-occurring maintenance. The scope of work required for

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FTTDC deployment, including engineering, conduit placement, cabling, route-engineering, and splicing is highly transferable from our established capabilities supporting broadband and last-mile

fiber networks. Leveraging this overlap in labor skills, equipment, and project management processes will enable us to continue capturing opportunities in the rapidly expanding FTTDC market. According to the Altman Solon Report, annual investment in data center wireline infrastructure is forecasted to grow from approximately $4.7 billion in 2025 to approximately $6.8 billion in 2029. Additionally, we are continuously evaluating service line expansion opportunities to include other critical inside-the-data-center services such as low and medium voltage power distribution, low voltage signaling, monitoring and management systems, fiber splicing, mechanical construction, building automation, back-up power, uninterruptable power systems, and HVAC solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Further Expand into Power, Gas, Water, and Other Utility Markets**. We believe that our core operational
capabilities, competitive strengths and value proposition would be attractive and transferable to other utility asset owners, including, but not limited to, power, gas and water utilities. We currently provide certain infrastructure deployment
services to both power and water utilities or asset owners and are currently pursuing a robust pipeline of opportunities within the utility infrastructure space, which includes the design, construction, and maintenance of underground utility assets.
We plan to expand organically and through acquisition to other end-markets over time. According to the Altman Solon Report, these adjacencies include in 2025 approximately $4.0 billion of water and gas utility infrastructure services and
approximately $14.0 billion of electric utility distribution contracting. We believe these markets leverage similar service capabilities and benefit from our existing customer relationships and scalable operating platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continue Strategic and Synergistic M&A. ** ** Since 2019 we have completed and
integrated 22 acquisitions into our platform. Strategic acquisitions benefit our existing business by accelerating growth, deepening and expanding customer relationships, expanding service capabilities, and complementing our operations; this has
been and remains a core pillar of our growth. Our strategy is to acquire companies that have a reputation for service quality, are operated by seasoned professionals, and would benefit from our operating platform, including expanded services, added
customers and FUSE360. We continue to advance a robust pipeline of strategic acquisition opportunities representing approximately $500 million of potential acquired revenue.

**Summary Risk Factors** 

Our business and our ability to execute our strategy are subject to many risks. Before making a decision to invest in our Class A common stock, you should carefully consider all of the risks and uncertainties described in the section of this prospectus captioned "Risk Factors" and all of the other information in this prospectus. If risks or uncertainties materialize, our business, results of operations, financial condition or prospects could be adversely affected, potentially in a material way which could result in a partial or complete loss of your investment. These risks include, but are not limited to, the following:

***Risks Related to our Business***

• We operate in a highly competitive industry, and competitive pressures could materially and adversely affect our
business.

• We derived 68% and 60% of our total revenues from our top two customers for 2024 and 2025, respectively, and the
loss of either or both of these customers, or the impairment of the financial condition of one or more of our customers affecting their ability to pay us on a timely basis, could adversely affect our revenues, results of operations, and liquidity.

• Unfavorable market conditions, including rising or elevated levels of inflation or interest rates, enacted or
threatened changes to tariffs and/or trade policies affecting macroeconomic conditions, as well as the

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industries we serve and related projects and expenditures, access to capital, material and costs, supply chain disruptions or political, regulatory or market uncertainty, including economic downturns and heightened geopolitical tensions and conflicts, could reduce capital expenditures in the industries we serve or could adversely affect our customers and result in decreased demand for our services. <br>

• Seasonality and adverse weather conditions affect demand for our services.

• Our backlog is subject to cancellation and unexpected adjustments and may not result in actual revenue or
profits.

• Inaccurate cost estimates on our contracts or cost overruns caused by a variety of circumstances could reduce our
profit margins, cause us to incur losses under such contracts or harm our reputation, any of which could adversely affect our profitability, results of operations and cash flows.

***Risks Related to Growth and Acquisitions***

• As a growing company with a relatively limited operating history at our current scale, we face various risks,
uncertainties, expenses and difficulties. Our business is dependent on our ability to effectively develop, maintain and scale our platform.

• We may be unsuccessful at generating internal growth, which may materially and adversely affect our ability to
expand our operations or grow our business.

• We may pursue acquisitions and strategic investments which involve risks, including the diversion of financial
and management resources and the integration of acquired businesses into our operations, which, if unsuccessful, could cause us to experience operational challenges and/or negatively affect our operating results, cash flows and liquidity and may not
enhance stockholder value.

***Risks Related to Indebtedness***

• As of December 31, 2025, we had $690.0 million of borrowings outstanding, excluding approximately
$88.3 million of equipment loans. Our outstanding debt and debt service requirements could adversely affect our business, financial condition and results of operations or could affect our ability to access capital markets in the future. In
addition, our debt contains restrictive covenants that may prevent us from engaging in transactions that might benefit us.

***Risks Related to Legal, Compliance and Regulatory Matters***

• Project performance issues, including those caused by third parties, or certain contractual obligations may
result in additional costs to us, reductions or delays in revenues or the payment of penalties, including liquidated damages.

• Our failure to comply with various laws and regulations related to the construction and operation of utilities,
employment licensing and the operation of our fleet of commercial motor vehicles could result in significant liabilities.

• If we fail to implement and maintain effective internal controls over financial reporting, we may be unable to
accurately or timely report our financial condition or results of operations, which may adversely affect our business.

***Risks Related to Intellectual Property***

• If we fail to adequately protect our intellectual property or technology (including any later developed or
acquired intellectual property or technology), our competitive position could be impaired and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights.

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***Risks Related to Our Organizational Structure***

• We will be a holding company and our principal asset after completion of the Transactions will be direct and
indirect ownership of the LLC Interests and, accordingly, we will be dependent upon ITG Parent and its consolidated subsidiaries for our results of operations, cash flows and distributions.

• Conflicts of interest could arise between our stockholders and the Continuing Equity Owners, which may impede
business decisions that could benefit our stockholders.

• We will be required to make payments under the Tax Receivable Agreement to the TRA Participants and the amounts
of such payments could be significant. Other holders of our Class A common stock will not receive such payments. We expect that the amount of the cash payments we will be required to make under the Tax Receivable Agreement will be substantial.
Assuming there are no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, and assuming all exchanges or redemptions would occur
immediately after the initial public offering, based on the assumed initial public offering price of $20.50 per share of Class A common stock, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, we
would be required to pay approximately $346.2 million over the fifteen-year period from the date of this offering.

***Risks Related to This Offering and Our Class A Common Stock***

• The Continuing Equity Owners will continue to have significant influence over us after this offering, including
control over decisions that require the approval of stockholders, which could limit your ability to influence the outcome of matters submitted to stockholders for a vote.

• Following the offering, we will be classified as a "controlled company," and as a result, we will
qualify for, but do not intend to rely on, exemptions from certain corporate governance requirements, including the requirement that a majority of our board of directors consist of independent directors, the requirement that our board of directors
have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, the requirement that our board of directors have a nominating and corporate
governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and the requirement that we perform annual performance evaluations of the nominating and
corporate governance and compensation committees. In the event that we elect to rely on these exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to such requirements. In addition,
the Continuing Equity Owners' interests may conflict with our interests and the interests of other stockholders.

• The requirements of being a public company may strain our resources, divert management's attention and
affect our ability to attract and retain qualified board members and officers.

• We cannot assure you that the price of our Class A common stock will not decline or not be subject to
significant volatility after this offering.

**Summary of the Transactions** 

ITG, Inc., a Delaware corporation, was incorporated on January 15, 2026 and is the issuer of the Class A common stock offered by this prospectus.

Prior to this offering, all of our business operations were conducted through ITG Parent and its direct and indirect subsidiaries.

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Prior to the consummation of the Transactions, we expect there will initially be one holder of common stock of ITG, Inc. We will consummate the following organizational transactions in connection with this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Splitter, L.P., a Delaware limited partnership ("ITG Splitter") (which, prior to the consummation
of the Transactions, is the entity through which Blocker, Oaktree GP DE AIF and Oaktree Main Fund hold their equity interests in ITG Parent), will distribute its LLC Interests in ITG Parent to Blocker, Oaktree GP DE AIF and Oaktree Main Fund (as
well as an affiliate of Oaktree Main Fund, which would in turn contribute the LLC Interests that it receives to Oaktree Main Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oaktree GP DE AIF and Oaktree Main Fund will in turn contribute the LLC Interests that they receive to Oaktree
Aggregator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocker, Oaktree Aggregator and Management Holdings will enter into the ITG Parent LLC Agreement, which will
become effective substantially concurrently with or prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests in ITG Parent into 101,718,194 LLC Interests, (2) appoint Blocker as
the sole managing member of ITG Parent and (3) provide that the holders of LLC Interests and our Class B common stock immediately following consummation of the Transactions, including certain of the Continuing Equity Owners, are entitled
to exchange their LLC Interests, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or,
at our election, for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will amend and restate ITG, Inc.'s certificate of incorporation to, among other things, provide
(1) for Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to our stockholders generally, and (2) for Class B common stock, with each share
of our Class B common stock entitling its holder to one vote per share on all matters presented to our stockholders generally but without economic rights, and that shares of our Class B common stock may only be held by the Continuing
Equity Owners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will acquire an indirect interest in the LLC Interests held by Blocker, by means of one or more mergers
(the "Blocker Merger") involving Blocker and wholly owned subsidiaries of ITG, Inc. (including Intermediate), and will issue to Oaktree Blocked Fund 26,350,046 shares of our Class A common stock and rights under the Tax Receivable
Agreement as consideration in the Blocker Merger, and, as a result of the Blocker Merger, Intermediate will inherit Blocker's status as the sole managing member of ITG Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue 75,368,148 shares of our Class B common stock to certain of the Continuing Equity Owners,
which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue 19,512,196 shares of our Class A common stock to the purchasers in this offering in exchange
for net proceeds of approximately $361.0 million (or approximately $417.4 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments) based upon an assumed
initial public offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discounts and commissions and estimated offering expenses payable by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will contribute the net proceeds from this offering to Intermediate, which will use such net proceeds
to purchase 19,512,196 LLC Interests from ITG Parent at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discounts and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Parent will use the net proceeds it receives from the sale of LLC Interests to Intermediate to repay
approximately $120.0 million in aggregate principal amount of borrowings currently outstanding under

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the Revolving Credit Facility and approximately $241.0 million in aggregate principal amount of borrowings outstanding under the Term Loan Facility and, to the extent of any remaining net proceeds, for general corporate purposes to support the growth of the business, as described in "Use of Proceeds"; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the underwriters exercise their option to purchase additional shares of Class A common
stock to cover over-allotments, ITG, Inc. will use the net proceeds it receives from such sale to purchase up to 2,168,635 LLC Interests directly from ITG Parent at a price per unit equal to the initial public offering price per share of
Class A common stock in this offering less the underwriting discounts and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Parent will use the net proceeds it receives from the sale of LLC Interests directly to ITG, Inc. to redeem
2,168,635 LLC Interests from certain of the Continuing Equity Owners at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less applicable underwriting discounts and commissions
(and ITG, Inc. will cancel a corresponding number of shares of Class B common stock held by the Continuing Equity Owners) as described in "Use of Proceeds"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will enter into (1) the Stockholders Agreement (as defined below) with the Continuing Equity
Owners, (2) the Registration Rights Agreement (as defined below) with the Continuing Equity Owners and (3) the Tax Receivable Agreement with the TRA Participants. For a description of the terms of the Stockholders Agreement, the
Registration Rights Agreement and the Tax Receivable Agreement, see "Certain Relationships and Related Party Transactions."

Prior to the consummation of the organizational transactions described above, we expect that our board of directors will determine that the Class D units and Class X units issued prior to December 31, 2025 will be deemed to have vested. As a result of this determination, 8,570,653 Class D units and 3,500,000 Class X units issued to various directors, officers, and employees of ITG Parent will be deemed to have vested.

Immediately following the consummation of the Transactions (including this offering):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will be a holding company and its principal assets will consist of all of the limited liability company
interests of Intermediate. Intermediate will directly own LLC Interests it acquires as a result of the Blocker Merger and from ITG Parent with the net proceeds from this offering. ITG, Inc. will directly or indirectly own approximately 45,862,242
LLC Interests of ITG Parent, representing approximately 37.83% of the economic interest in ITG Parent (or approximately 48,030,877 LLC Interests of ITG Parent, representing approximately 39.62% of the economic interest in ITG Parent, if the
underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the underwriters exercise their option to purchase additional shares of Class A common stock to
cover over-allotments, ITG, Inc. will also own the LLC Interests it acquires from ITG Parent (in connection with the redemption of LLC Interests from certain of the Continuing Equity Owners with the net proceeds therefrom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intermediate will be the sole managing member of ITG Parent and will control the business and affairs of ITG
Parent and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Continuing Equity Owners (other than Oaktree Blocked Fund) will own (1) 75,368,148 LLC Interests of ITG
Parent, representing approximately 62.17% of the economic interest in ITG Parent and (2) 75,368,148 shares of Class B common stock of ITG, Inc., representing approximately 62.17% of the combined voting power of all of ITG,
Inc.'s common stock (or (1) 73,199,513 LLC Interests of ITG Parent, representing approximately 60.38% of the economic interest in ITG Parent and (2) 73,199,513 shares of Class B common stock of ITG, Inc., representing
approximately 60.38% of

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the combined voting power of all of ITG, Inc.'s common stock, if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oaktree Blocked Fund (1) will own 26,350,046 shares of Class A common stock of ITG, Inc. (or
25,591,852 shares of Class A common stock of ITG, Inc. if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), representing approximately 21.74% of the
combined voting power of all of ITG, Inc.'s common stock and approximately 21.74% of the economic interest in ITG, Inc. (or approximately 21.11% of the combined voting power and approximately 21.11% of the economic interest if the underwriters
exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), and (2) through ITG, Inc.'s direct and/or indirect ownership of LLC Interests, indirectly will hold approximately 21.74%
of the economic interest in ITG Parent (or approximately 21.11% of the economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchasers in this offering (1) will own 19,512,196 shares of Class A common stock of ITG, Inc. (or
22,439,025 shares of Class A common stock of ITG, Inc. if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), representing approximately 16.10% of the combined
voting power of all of ITG, Inc.'s common stock and approximately 16.10% of the economic interest in ITG, Inc. (or approximately 18.51% of the combined voting power and approximately 18.51% of the economic interest if the underwriters exercise
in full their option to purchase additional shares of Class A common stock to cover over-allotments), and (2) through ITG, Inc.'s direct and/or indirect ownership of LLC Interests, indirectly will hold approximately 16.10% of the
economic interest in ITG Parent (or approximately 18.51% of the economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments).

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**Ownership Structure** 

The diagram below depicts our organizational structure after giving effect to the Transactions, including this offering, assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

![LOGO](g103576g21u21.jpg)

**Oaktree** 

Oaktree is a leader among global investment managers specializing in alternative investments, with $224 billion in assets under management as of March 31, 2026. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, equity and real estate. The firm has more than 1,500 employees and offices in 26 cities worldwide.

**Corporate Information** 

ITG, Inc., the issuer of the Class A common stock in this offering, was incorporated as a Delaware corporation on January 15, 2026. Our principal executive offices are located at 2400 E Commercial Blvd

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Ste 1000, Fort Lauderdale, Florida 33308 and our telephone number is (615) 447-5347. Our principal website address is *www.itgcomm.com*. **We have included our website address in this prospectus solely as an inactive textual reference and information contained in, or accessible through, our website is not a part of, and is not incorporated into, this prospectus.**

**Implications of Being an Emerging Growth Company** 

We qualify as an "emerging growth company" as defined in the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. In particular, an emerging growth company is not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide an auditor's attestation report on management's assessment of the effectiveness of our system
of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide more than two years of audited financial statements and related management's discussion and
analysis of financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with any new requirements adopted by the Public Company Accounting Oversight Board requiring mandatory
audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide certain disclosures regarding executive compensation required of larger public companies or hold
stockholder advisory votes on executive compensation required by the Dodd-Frank Wall Street Reform and Consumer Protection Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain stockholder approval of any golden parachute payments not previously approved.

In addition, under Section 107 of the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. As a result, our consolidated financial statements may not be comparable to companies that elect not to opt out of this exemption and therefore do not comply with new or revised accounting pronouncements as of public company effective dates.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; and (iv) the date on which we are deemed to be a large accelerated filer under the rules of the Securities and Exchange Commission (the "SEC"). We may choose to take advantage of some but not all of these reduced reporting burdens.

**Implications of Being a Controlled Company** 

Upon completion of this offering, Continuing Equity Owners will continue to beneficially own more than 50% of the voting power of our outstanding common stock. As a result, we qualify for, but do not intend to rely on, the "controlled company" exemptions under the rules of Nasdaq, including exemptions from certain of the corporate governance listing requirements, but may do so in the future. A controlled company is not required to have a majority of independent directors or form an independent compensation or nominating and corporate governance committee. As a controlled company, we will remain subject to rules that require us to have an audit

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committee composed entirely of independent directors, subject to the "phase-in" rules applicable to newly public companies. Under the "phase-in" rules, we are required to have at least three independent directors on our audit committee within one year of the effectiveness of the registration statement of which this prospectus forms a part. We expect to have six independent directors upon the completion of this offering. See "Management—Controlled Company Exemption," "Principal and Selling Stockholder" and "Certain Relationships and Related Party Transactions."

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**THE OFFERING** 

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| | |
|:---|:---|
| **Issuer**  | ITG, Inc. |

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|:---|:---|
| **Class A Common Stock Offered by Us**  | 19,512,196 shares. |

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|:---|:---|
| **Underwriters' Option to Purchase Additional Shares of Class A Common Stock from Us**  | 2,168,635 shares. |

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| | |
|:---|:---|
| **Underwriters' Option to Purchase Additional<br> Shares of Class A Common Stock from the Selling Stockholder**  | 758,194 shares. |

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| | |
|:---|:---|
| **Shares of Class A Common Stock to be<br> Outstanding Immediately After This Offering**  | 45,862,242 shares (or 48,030,877 shares if the underwriters exercise in full their option to purchase additional shares to cover over-allotments), representing approximately 37.83% of the combined voting power of all of ITG, Inc.'s common stock, 100.0 % of the economic interest in ITG, Inc. and 37.83% of the indirect economic interest in ITG Parent (or approximately 39.62% of the indirect economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments). |

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|:---|:---|
| **Shares of Class B Common Stock to be<br> Outstanding Immediately After This Offering**  | 75,368,148 shares, representing approximately 62.17% of the combined voting power of all of ITG, Inc.'s common stock (or approximately 60.38% if the underwriters exercise in full their option to purchase additional shares to cover over-allotments) and no economic interest in ITG, Inc. |

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| | |
|:---|:---|
| **LLC Interests to be Held Directly or Indirectly by Us Immediately After This Offering**  | 45,862,242 LLC Interests, representing approximately 37.83% of the economic interest in ITG Parent (or approximately 39.62% if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments). |

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| | |
|:---|:---|
| **LLC Interests to be Held Indirectly by the Selling Stockholder Immediately After This Offering**  | 26,350,046 LLC Interests, representing approximately 21.74% of the economic interest in ITG Parent (or approximately 21.11% of the economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments). |

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| | |
|:---|:---|
| **LLC Interests to be Held Directly or Indirectly by the Continuing Equity Owners Immediately After This Offering**  | 101,718,194 LLC Interests, representing approximately 83.90% of the economic interest in ITG Parent (or approximately 81.49% if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments). |

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|:---|:---|
| **Ratio of Shares of Class A Common Stock to LLC Interests**  | Our amended and restated certificate of incorporation and the ITG Parent LLC Agreement will require that we and ITG Parent at all times  |

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maintain a one-to-one ratio between the number of shares of Class A common stock issued by us and the number of LLC Interests directly or indirectly owned by us, except as otherwise determined by us. <br>

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| | |
|:---|:---|
| **Ratio of Shares of Class B Common Stock to LLC Interests**  | Our amended and restated certificate of incorporation and the ITG Parent LLC Agreement will require that we and ITG Parent at all times maintain a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and their respective permitted transferees and the number of LLC Interests owned by the Continuing Equity Owners and their respective permitted transferees, except as otherwise determined by us. Immediately after the Transactions, the Continuing Equity Owners will together own 100% of the outstanding shares of our Class B common stock. |

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| | |
|:---|:---|
| **Permitted Holders of Shares of Class B Common Stock**  | Only the Continuing Equity Owners and their respective permitted transferees of Class B common stock as described in this prospectus will be permitted to hold shares of our Class B common stock. Shares of Class B common stock are transferable for shares of Class A common stock only together with an equal number of LLC Interests. See "Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement." |

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| | |
|:---|:---|
| **Voting Rights**  | Holders of shares of our Class A common stock and our Class B common stock will vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by law or our amended and restated certificate of incorporation. Each share of our Class A common stock entitles its holders to one vote per share, and each share of our Class B common stock entitles its holders to one vote per share on all matters presented to our stockholders generally. See "Description of Capital Stock." |

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| | |
|:---|:---|
| **Redemption Rights of Holders of LLC Interests**  | The Continuing Equity Owners may, subject to certain exceptions, from time to time at each of their options, require ITG Parent to redeem all or a portion of their LLC Interests in exchange for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis or a cash payment equal to a volume-weighted average market price of one share of our Class A common stock for each LLC Interest so redeemed, in each case, in accordance with the terms of the ITG Parent LLC Agreement; provided that, at our election (determined solely by a majority of our directors who are disinterested), we may effect a direct exchange by ITG, Inc. of such Class A common stock or such cash, as applicable, for such LLC Interests. The Continuing Equity Owners may, subject to certain exceptions, exercise such redemption right for as long as their LLC Interests remain outstanding. See "Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement." Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of LLC  |

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Interests pursuant to the terms of the ITG Parent LLC Agreement, a number of shares of our Class B common stock registered in the name of the redeeming or exchanging Continuing Equity Owner will automatically be transferred to the Company and will be cancelled for no consideration on a one-for-one basis with the number of LLC Interests so redeemed or exchanged. <br>

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| | |
|:---|:---|
| **Tax Receivable Agreement**  | We intend to enter into the Tax Receivable Agreement with the TRA Participants substantially concurrently with or prior to the consummation of this offering. Under the Tax Receivable Agreement, we generally will be required to make cash payments to the TRA Participants equal to, in the aggregate, 85% of the amount of tax savings that we actually realize, or in certain circumstances are deemed to realize, as a result of (i) our allocable share of existing tax basis attributable to our acquisition or ownership of LLC Interests in connection with this offering, (ii) certain tax attributes we will acquire from the Blocker in the Blocker Merger (including net operating losses and the Blocker's allocable share of existing tax basis), (iii) increases in our allocable share of then existing tax basis, and certain adjustments to the tax basis of the assets of ITG Parent and its subsidiaries, as a result of actual or deemed sales or exchanges of LLC Interests in connection with this offering, if any, and future redemptions or exchanges of LLC Interests, (iv) imputed interest arising from any payments we make under the Tax Receivable Agreement and (v) certain other tax benefits related to entering into the Tax Receivable Agreement, including certain payments made under the Tax Receivable Agreement. Our payment obligations under the Tax Receivable Agreement are not conditioned upon any of the TRA Participants maintaining a continued ownership interest in us or ITG Parent and the rights of the TRA Participants under the Tax Receivable Agreement will be assignable. The actual amount of the tax attributes, as well as any amounts paid to the TRA Participants under the Tax Receivable Agreement, will vary depending on a number of factors, including the timing of any future redemptions or exchanges, the price of shares of our Class A common stock at the time of any future redemptions or exchanges, the extent to which such redemptions and exchanges are taxable, the amount of Blocker tax attributes and timing of our income and applicable tax rates. The payment obligations under the Tax Receivable Agreement are obligations of ITG, Inc. and not of ITG Parent. We expect that the aggregate payments that we will be required to make to the TRA Participants under the Tax Receivable Agreement will be substantial. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." |

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|:---|:---|
| **Conflicts of Interest**  | Because affiliates of Santander US Capital Markets LLC, Truist Securities, Inc. and Capital One Securities, Inc. are lenders under our Revolving Credit Facility and/or Term Loan Facility and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the Revolving Credit Facility and/or Term Loan Facility, each of Santander US Capital Markets LLC, Truist Securities, Inc. and Capital One Securities, Inc. is deemed to have a  |

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"conflict of interest" under Rule 5121 ("Rule 5121") of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Accordingly, this offering is being made in compliance with the requirements of FINRA Rule 5121. Pursuant to that rule, the appointment of a "qualified independent underwriter" is not required in connection with this offering as the members primarily responsible for managing the public offering do not have a conflict of interest. See "Underwriting (Conflicts of Interest). <br>

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| | |
|:---|:---|
| **Use of Proceeds**  | We expect to receive approximately $361.0 million based on an assumed initial public offering price of $20.50 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and offering expenses payable by us. |

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ITG, Inc. intends to use the net proceeds from this offering to repay approximately $120.0 million in aggregate principal amount of borrowings currently outstanding under the Revolving Credit Facility and approximately $241.0 million in aggregate principal amount of borrowings outstanding under the Term Loan Facility and, to the extent of any remaining net proceeds, for general corporate purposes to support the growth of the business.

In the event that the underwriters exercise their option to purchase additional shares of Class A common stock to cover over-allotments, ITG, Inc. intends to use any net proceeds it receives from such sale to purchase up to 2,168,635 LLC Interests of ITG Parent, at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less applicable underwriting discounts and commissions, and ITG Parent intends to use the net proceeds it receives from the sale of such LLC Interests to ITG, Inc. to redeem up to 2,168,635 LLC Interests from certain of the Continuing Equity Owners.

We will not receive any proceeds from the sale of our Class A common stock by the selling stockholder. We will, however, bear the costs associated with the sale of shares of Class A common stock by the selling stockholder, other than underwriting discounts and commissions.

ITG Parent will bear or reimburse ITG, Inc. for all of the expenses of this offering.

See "Use of Proceeds."

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| | |
|:---|:---|
| **Controlled Company**  | Upon completion of this offering, the Continuing Equity Owners will continue to beneficially own more than 50.0% of the voting power of our outstanding common stock. As a result, we qualify for, but do not intend to rely on, the "controlled company" exemptions under the rules of Nasdaq, but may do so in the future, including exemptions from certain of the corporate governance listing requirements  |

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including the requirement that a majority of our board of directors consist of independent directors, the requirement that our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, the requirement that our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and the requirement that we perform annual performance evaluations of the nominating and corporate governance and compensation committees. See "Management—Controlled Company Exemption," "Principal and Selling Stockholder" and "Certain Relationships and Related Party Transactions." <br>

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| | |
|:---|:---|
| **Dividend Policy**  | We did not declare any dividends in 2024. In 2025, we made one special distribution of $226.1 million to members of ITG Parent. We currently do not anticipate paying any cash dividends after this offering and for the foreseeable future. Instead, we anticipate that all of our earnings in the foreseeable future will be used to make payments under the Tax Receivable Agreement, repay debt, for working capital, to support our operations and to finance the growth and development of our business. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including our obligations under the Tax Receivable Agreement, restrictions in our and our subsidiaries' organizational documents, our current and future debt instruments, our future earnings, capital requirements, financial condition, prospects, and applicable Delaware law, which provides that dividends are only payable out of surplus or current net profits. The shares of Class B common stock shall not be entitled to any cash distributions or dividends. See "Dividend Policy." |

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| | |
|:---|:---|
| **Listing**  | We have applied to list our Class A common stock on Nasdaq under the symbol "ITG." |

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| | |
|:---|:---|
| **Directed Share Program**  | At our request, Morgan Stanley & Co. LLC (the "DSP Underwriter") has reserved up to 5% of the shares of Class A common stock to be issued by us and offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase from us and the selling stockholder to cover over-allotments, at the initial public offering price, to certain friends and family of our Continuing Equity Owners, officers, directors, employees and certain related persons. The DSP Underwriter will receive the same underwriting discount on any shares purchased pursuant to this program as they will on any other shares sold to the public in this offering. The number of shares of Class A common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any directed shares not purchased will be offered by the DSP Underwriter to the general public on the same basis as all other shares offered by this prospectus.  |

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Shares purchased through the directed share program will not be subject to lock-up restrictions with the underwriters, except in the case of shares purchased by any of our directors or executive officers. We have agreed to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with the sales of the directed shares. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to the shares of Class A common stock sold pursuant to the directed share program. <br>

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| | |
|:---|:---|
| **Risk Factors**  | See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in shares of our Class A common stock. |

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Unless we specifically state otherwise or the context otherwise requires, the share information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes an initial public offering price of $20.50 per share, the midpoint of the estimated price range set forth
on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes no exercise of the underwriters' option to purchase up to an additional 2,168,635 shares of
Class A common stock from us and an additional 758,194 shares of Class A common stock from the selling stockholder in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes no purchase of shares of Class A common stock in this offering by directors, officers or existing
stockholders (including pursuant to such person's participation in our directed share program); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not reflect the issuance of any shares of Class A common stock outstanding at the closing of this
offering (on a fully diluted basis) that are reserved for future grants or sale under our new Incentive Plan (as defined below).

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**SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA** 

The following tables present summary historical consolidated financial data for ITG Parent and its subsidiaries as of the dates and for the periods indicated, as well as certain pro forma financial data of ITG Parent and ITG, Inc. The summary consolidated statements of operations data and statements of cash flows data for the three months ended March 31, 2026 and 2025 and the summary consolidated balance sheet data as of March 31, 2026 are derived from the unaudited condensed consolidated financial statements of ITG Parent included elsewhere in this prospectus. The summary consolidated statements of operations data and statements of cash flows data for the years ended December 31, 2024 and 2025 and the summary consolidated balance sheet data as of December 31, 2024 and 2025 are derived from the audited consolidated financial statements of ITG Parent included elsewhere in this prospectus. The summary financial data for the years ended December 31, 2022 and 2023 were derived from financial statements prepared by the management of ITG Parent and not subject to an audit under the standards of the PCAOB.

Historically, our business has been operated through ITG Parent, together with its subsidiaries. ITG, Inc. was formed for the purpose of this offering and has engaged to date only in activities in contemplation of this offering. Upon the completion of this offering, all of our business will continue to be conducted through ITG Parent, together with its subsidiaries, and the financial results of ITG Parent will be consolidated in our financial statements. ITG, Inc. will be a holding company whose sole material asset will be direct and indirect ownership of the LLC Interests in ITG Parent, which indirectly owns ITG OpCo. For more information regarding the organizational transactions and holding company structure, see "Organizational Structure."

The summary unaudited pro forma consolidated balance sheet as of March 31, 2026 presents the consolidated financial position of ITG, Inc. after giving pro forma effect to the Transactions as if such transactions had occurred as of March 31, 2026. The unaudited pro forma consolidated statement of operations for the year ended December 31, 2025 and the three months ended March 31, 2026 presents the consolidated results of operations of ITG, Inc. after giving pro forma effect to the Transactions as if such transactions had occurred on January 1, 2025. The pro forma adjustments are based on available information and upon assumptions that our management believes are reasonable in order to reflect, on a pro forma basis, the impact of the Transactions, excluding this offering, and as further adjusted for this offering, on the historical financial information of ITG Parent. The unaudited pro forma consolidated financial information is subject to change based on the actual initial public offering price, the number of shares of Class A common stock sold in this offering, and other terms of this offering determined at pricing. The unaudited pro forma consolidated financial information is included for informational purposes only and does not purport to reflect the results of operations or financial position of ITG, Inc. that would have occurred had it operated according to the organizational structure set forth herein to be in place post-offering as a standalone public company during the periods presented.

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The summary of our consolidated financial data set forth below and the pro forma financial data should be read together with our consolidated financial statements and the related notes, as well as the sections captioned "Unaudited Pro Forma Consolidated Financial Information" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" appearing elsewhere in this prospectus.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG, Inc.**<br>**Pro Forma** | **ITG, Inc.**<br>**Pro Forma** |
| ***(in thousands)*** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  **Consolidated Statement of Operations Data:** |  |  |  |  |  |  |
|  Revenue | $997996 | $1154857 | $225387 | $333922 | $1154857 | $333922 |
|  Cost of revenue, excluding depreciation and amortization | 805974 | 953119 | 186605 | 281066 | 953119 | 281066 |
|  Selling, general and administrative expenses | 52282 | 75870 | 14782 | 25572 | 92708 | 24559 |
|  Depreciation and amortization | 50959 | 60553 | 13257 | 20425 | 60553 | 20425 |
|  Change in fair value of contingent liabilities | 21134 | 3053 | 167 | 1886 | 3053 | 1886 |
|  Total | 930349 | 1092595 | 214811 | 328949 | 1109433 | 327936 |
|  Interest expense | (30466) | (47905) | (6826) | (18225) | (34044) | (8768) |
|  Other expense, net | (1467) | (4049) | (988) | (919) | (4049) | (919) |
|  Income (loss) before provision for income taxes | 35714 | 10308 | 2762 | (14171) | 7331 | (3701) |
|  Provision for income taxes | 7434 | 4094 | 1184 | (1013) | 1163 | (587) |
|  Net income (loss) | $28280 | $6214 | $1578 | $(13158) | $6168 | $(3114) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG, Inc.** | **ITG, Inc.<br>Pro Forma** |
| ***(in thousands)*** | **As of December 31,** | **As of December 31,** | **As of<br>March 31,** | **As of<br>March 31,** |
|  | **2024** | **2025** | **2026** | **2026** |
|  **Consolidated Balance Sheet Data:** |  |  |  |  |
|  Cash and cash equivalents | $7367 | $3719 | $1626 | $1626 |
|  Total assets | $721903 | $975837 | $1003340 | $1006116 |
|  Total liabilities | $454534 | $932092 | $971785 | $638664 |
|  Members' equity | $267369 | $43745 | $31555 | $367452 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| **(in thousands)** | **For the<br>Year Ended**<br>**December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the**<br>**Three Months<br>Ended<br>March 31,<br>2025** | **For the**<br>**Three Months<br>Ended<br>March 31,<br>2026** |
|  **Statement of Cash Flows Data:** |  |  |  |  |
|  Net cash provided by (used in) operating activities | $39608 | $12292 | $31803 | $(18792) |
|  Net cash used in investing activities | $(114015) | $(163378) | $(15928) | $(8227) |
|  Net cash provided by financing activities | $67084 | $147438 | $2398 | $24926 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| ***(in thousands, except for percentages)*** | **For the<br>Year Ended<br>December 31,**<br>**2022** | **For the<br>Year Ended<br>December 31,**<br>**2023** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  | **(unaudited)** | **(unaudited)** | | | | |
|  **Other Financial Data:** |  |  |  |  |  |  |
|  Adjusted EBITDA<sup>(1)</sup> | $62567 | $90640 | $144435 | $148341 | $27408 | $36221 |
|  Adjusted EBITDA Margin<sup>(2)</sup> | 13.0% | 13.7% | 14.5% | 12.8% | 12.2% | 10.8% |
|  Free Cash Flow<sup>(3)</sup> | $45746 | $64680 | $114426 | $91093 | $14944 | $27692 |
|  Free Cash Flow Conversion<sup>(4)</sup> | 73.1% | 71.4% | 79.2% | 61.4% | 54.5% | 76.5% |
|  Adjusted Gross Profit<sup>(5)</sup> | $87781 | $122945 | $192022 | $210161 | $39644 | $58325 |
|  Adjusted Gross Profit Margin<sup>(6)</sup> | 18.2% | 18.6% | 19.2% | 18.2% | 17.6% | 17.5% |
|  Adjusted Cost of Revenue<sup>(7)</sup> |  | $536491 | $805974 | $944696 | $185743 | $275597 |
|  Adjusted SG&A<sup>(8)</sup> |  | $32305 | $47587 | $61820 | $12236 | $22104 |

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(1) We define Adjusted EBITDA as net income plus or minus (i) interest expense, (ii) interest income,
(iii) income tax (benefit) expense, (iv) depreciation expense, (v) amortization of intangibles, (vi) other expense, net, (vii) equity-based compensation, (viii) transaction costs, (ix) restructuring, integration and
business optimization costs, and (x) change in fair value of contingent liabilities.

(2) We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

(3) We define Free Cash Flow as Adjusted EBITDA minus capital expenditures. For the periods presented, such capital
expenditures refer to expenditures on real property and equipment.

(4) We define Free Cash Flow Conversion as Free Cash Flow divided by Adjusted EBITDA.

(5) We define Adjusted Gross Profit as net revenue minus cost of revenue, excluding depreciation and amortization,
and adjusted for start-up profit centers, closed profit centers and restructuring, integration and business optimization costs.

(6) We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by revenue.

(7) We define Adjusted Cost of Revenue as cost of revenue, excluding depreciation and amortization minus
restructuring, integration and business optimization costs.

(8) We define Adjusted SG&A as selling, general and administrative expenses minus (i) equity-based compensation,
(ii) transaction costs, (iii) restructuring, integration and business optimization costs, and (iv) change in fair value of contingent liabilities in selling, general and administrative expenses.

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The following table reconciles net income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA and Free Cash Flow, and calculations of Adjusted EBITDA Margin and Free Cash Flow Conversion for the years ended December 31, 2022, 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| ***(in thousands, except for percentages)*** | **For the<br>Year Ended<br>December 31,**<br>**2022** | **For the<br>Year Ended<br>December 31,**<br>**2023** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  | **(unaudited)** | **(unaudited)** | | | | |
|  Net income (loss) | $8996 | $16255 | $28280 | $6214 | $1578 | $(13158) |
|  Interest expense | 12148 | 25941 | 30466 | 47905 | 6826 | 18225 |
|  Income tax expense | 3377 | 5992 | 7434 | 4094 | 1184 | (1013) |
|  Depreciation expense | 11740 | 16006 | 23272 | 31418 | 6155 | 12178 |
|  Amortization of intangibles | 22549 | 23946 | 27687 | 29135 | 7102 | 8247 |
|  Other expense, net |  |  | 1467 | 4049 | 988 | 919 |
|  Equity-based compensation | 641 | 662 | 1911 | 3763 | 645 | 1169 |
|  Transaction costs<sup>(1)</sup> | 2460 | 191 | 2784 | 5063 | 906 | 1458 |
|  Restructuring, integration, and business optimization costs<sup>(2)</sup> |  |  |  | 13647 | 1857 | 6310 |
|  Change in fair value of contingent liabilities<sup>(3)</sup> | 656 | 1647 | 21134 | 3053 | 167 | 1886 |
|  **Adjusted EBITDA** | $**62567** | $**90640** | $**144435** | $**148341** | $**27408** | $**36221** |
|  **Adjusted EBITDA Margin** | **13.0%** | **13.7%** | **14.5%** | **12.8%** | **12.2%** | **10.8%** |
|  Purchase of property and equipment | $16821 | $25960 | $30009 | $57248 | $12464 | $8529 |
|  **Free Cash Flow** | $**45746** | $**64680** | $**114426** | $**91093** | $**14944** | $**27692** |
|  **Free Cash Flow Conversion** | **73.1%** | **71.4%** | **79.2%** | **61.4%** | **54.5%** | **76.5%** |

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(1) Represents professional, legal and advisory fees incurred in connection with acquisitions completed during the
presented period.

(2) Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for
new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.

(3) Represents non-recurring earnout amounts accrued to certain sellers in
connection with the acquisitions completed during the presented period.

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The following table reconciles revenue, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted Gross Profit, and a calculation of Adjusted Gross Profit Margin for the years ended December 31, 2022, 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| ***(in thousands, except for percentages)*** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  | **(unaudited)** | **(unaudited)** | | | | |
|  Revenue | $483063 | $659436 | $997996 | $1154857 | $225387 | $333922 |
|  Cost of revenue, excluding depreciation and amortization | 395282 | 536491 | 805974 | 953119 | 186605 | 281066 |
|  Gross Profit | $87781 | $122945 | $192022 | $201738 | $38782 | $52856 |
|  Restructuring, integration and business optimization costs<sup>(1)</sup> |  |  |  | 8423 | 862 | 5469 |
|  **Adjusted Gross Profit** | $**87781** | $**122945** | $**192022** | $**210161** | $**39644** | $**58325** |
|  **Adjusted Gross Profit Margin** | **18.2%** | **18.6%** | **19.2%** | **18.2%** | **17.6%** | **17.5%** |

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(1) Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for
new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.

The following table reconciles cost of revenue, excluding depreciation and amortization, the most directly comparable financial measure presented in accordance with GAAP to Adjusted Cost of Revenue for the years ended December 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| ***(in thousands)*** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  | **(unaudited)** | | | | |
|  Cost of revenue, excluding depreciation and amortization | $536491 | $805974 | $953119 | $186605 | $281066 |
|  Restructuring, integration and business optimization costs<sup>(1)</sup> |  |  | 8423 | 862 | 5469 |
|  **Adjusted Cost of Revenue** | $**536491** | $**805974** | $**944696** | $**185743** | $**275597** |

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(1) Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for
new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.

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The following table reconciles selling, general and administrative expenses, the most directly comparable financial measure presented in accordance with GAAP to Adjusted SG&A for the years ended December 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| ***(in thousands)*** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  | **(unaudited)** | | | | |
|  Selling, general and administrative expenses | $33158 | $52282 | $75870 | $14782 | $25572 |
|  Equity-based compensation | 662 | 1911 | 3763 | 645 | 1169 |
|  Transaction costs<sup>(1)</sup> | 191 | 2784 | 5063 | 906 | 1458 |
|  Restructuring, integration and business optimization costs<sup>(2)</sup> |  |  | 5224 | 995 | 841 |
|  **Adjusted SG&A** | $**32305** | $**47587** | $**61820** | $**12236** | $**22104** |

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(1) Represents professional, legal and advisory fees incurred in connection with acquisitions completed during the
presented period.

(2) Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for
new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.

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**RISK FACTORS** 

*Investing in our Class A common stock involves a substantial risk of loss. You should carefully consider these risk factors, together with all of the other information included in this prospectus, before you decide to purchase shares of our Class A common stock. If any of the following risks occur, it could have a material adverse effect on our business, financial condition or results of operations. In that case, the trading price of our Class A common stock could decline, and you could lose part or all of your investment. Additional risks not known to us or that we believe are immaterial may also adversely affect our business, financial condition, results of operations and the value of an investment in our securities. These disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect us and our securities in the future. References to past or current events are provided by way of example only and should not be relied on as a complete listing or a representation as to whether or not such factors have occurred in the past, are occurring in the present, or their likelihood of occurring in the future. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. See the section of this prospectus captioned "Special Note Regarding Forward-Looking Statements."* 

**Risks Related to our Business** 

***We operate in a highly competitive industry, and competitive pressures could materially and adversely affect our business.***

The markets in which we compete are highly competitive, with many companies of varying size and business models competing for the same business as we do. Relatively few barriers prevent entry into some areas of our business, and as a result, any organization that has adequate financial resources and access to technical expertise may enter our markets and become one of our competitors. Some of our competitors may have greater resources than us and could focus their substantial financial resources to develop a competitive advantage; others may be smaller, have a lower cost structure or be able to adapt to the constantly changing demand of the market more quickly. Our competitors may also offer services at prices below cost, devote a significant sales force to competing with us or attempt to recruit our key personnel by increasing compensation, any of which could improve their competitive positions. If our work processes become obsolete, through technological advancements, including artificial intelligence and automation, or otherwise, we may not be able to differentiate our service offerings from our competitors. We also encounter competition in the form of potential customers electing to develop solutions or perform services internally rather than engaging an outside provider such as us. For example, we face competition from the in-house service organizations of our customers whose personnel perform many of the services that we provide. These customers may also face pressure or be compelled by regulatory or other requirements to self-perform an increasing number of the services we currently perform for them, thereby reducing the services they outsource to us in the future.

Any of these competitive factors could make it more difficult for us to attract and retain customers, cause us to lower our prices in order to compete, and reduce our market share and revenues, any of which could have a material adverse impact on our business, financial condition and results of operations. We cannot be certain that we will maintain or enhance our competitive position or maintain our current customer base. In addition, some of our competitors have significant financial, technical and marketing resources, and may have or develop expertise, experience and resources to provide services that are superior in either or both price and quality. Certain of our competitors may also have lower overhead cost structures and therefore may be able to provide services at lower pricing than us.

Furthermore, a portion of our revenues is directly or indirectly dependent upon obtaining new contracts, which is highly competitive, unpredictable and often involves complex and lengthy negotiations and bidding processes that are impacted by a wide variety of factors, including, among other things, price, governmental approvals, financing contingencies, commodity prices, environmental conditions, overall market and economic conditions, and a potential customer's perception of our ability to perform the work or the technological advantages held by our competitors. We compete with other general and specialty contractors, both regional and

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national, as well as small local contractors. The strong competition in our markets requires maintaining skilled personnel and investing in technology and puts pressure on profit margins. We do not obtain contracts from all of our bids and our inability to win bids at acceptable profit margins would adversely affect our results of operations. The competitive environment in which we operate can also affect the timing of contract awards and the commencement or progress of work under awarded contracts. For example, based on rapidly changing competition dynamics, we have recently experienced, and may in the future experience, more competitive pricing for smaller scale projects. Additionally, changing competitive pressures present difficulties in matching workforce size with available contract awards. As a result, changes in the competitive environment in which we operate could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We derived 68% and 60% of our total revenues from our top two customers for 2024 and 2025, respectively, and the loss of either or both of these customers, or the impairment of the financial condition of one or more of our customers affecting their ability to pay us on a timely basis, could adversely affect our revenues, results of operations, and liquidity.***

Our customer base is highly concentrated, with our top two customers during 2024 and 2025 accounting for approximately 68% and 60% of our total revenues, respectively. Our industry is highly competitive and the revenue we expect from an existing customer in any market could fail to be realized if competitors who offer comparable services to our customers do so on more favorable terms or have a better relationship with a customer. Additionally, the continued consolidation of the digital and other utility infrastructure services industry could result in the loss of a customer if, as a result of a merger or acquisition involving one or more of our customers, the surviving entity chooses to use one of our competitors for the services we currently provide.

***Unfavorable market conditions, including rising or elevated levels of inflation or interest rates, enacted or threatened changes to tariffs and/or trade policies affecting macroeconomic conditions, as well as the industries we serve and related projects and expenditures, access to capital, material and costs, supply chain disruptions or political, regulatory or market uncertainty, including economic downturns and heightened geopolitical tensions and conflicts, could reduce capital expenditures in the industries we serve or could adversely affect our customers and result in decreased demand for our services.***

The demand for our services is dependent upon service requirements within the markets in which we operate. Demand for our services has been, and will likely continue to be, cyclical in nature and vulnerable to unfavorable market conditions and/or downturns in the economy. Unfavorable market conditions, including rising or elevated levels of inflation and/or interest rates, supply chain disruptions, enacted or threatened changes to tariffs or trade policies, affecting macroeconomic conditions as well as the industries we serve and related projects and expenditures, access to capital, material and costs, political, regulatory or market uncertainty or public health matters could have a negative effect on demand for, or the profitability of, our customers' services, which could have a material adverse effect on our business, financial condition and results of operations.

Recent inflationary conditions and general labor shortages have resulted in wage inflation as well as increased competition for skilled labor. Even if inflationary pressures moderate, we expect our labor and materials costs, in particular, to remain elevated if we continue to expand our operations and volume of work. We may not be able to fully adjust our contract pricing to compensate for these cost increases, which may affect our profitability and cash flows. Inflationary pressures and the related elevated levels of market interest rates have caused, and could continue to cause, uncertainty for our customers, which has negatively affected, and could continue to negatively affect, their capital expenditure and maintenance budgets.

Should inflation persist or increase, interest rates could remain at elevated levels or increase, which, together with inflation, could have a significant negative effect on the economy in general, and on the construction industry in particular, as well as create volatility in the capital markets, which could adversely affect demand for our services, as well as our profitability, liquidity, cash flows and/or financial condition. We continually monitor

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general economic conditions and the market conditions of the industries our customers serve, and their relative health compared to the economy as a whole. Uncertain or adverse economic or political conditions, limited or lack of availability of debt or equity financing and/or higher interest rates could cause our customers to reduce their capital spending or seek more favorable pricing and other contract terms and/or cause project cancellations or deferrals.

Our operations and/or our customers could be negatively affected by market-related supply chain disruptions caused by delays, shortages of, and increased costs for, the materials necessary to perform projects.

In recent years, increased tariffs were implemented on goods imported into the United States, particularly from China, Canada, and Mexico. These and similar types of trade policies could lead to a material adverse effect on our results of operations if our customers' businesses are impacted by a response to such policies, including changes in spending behavior. In addition, although the Federal Reserve has periodically lowered short-term interest rates since September 2024, interest rates, particularly long-term rates, remain elevated along with levels of inflation, and we have been subject to, and may continue to be subject to, the general effect of such inflationary market pressures on our business, particularly with respect to interest expense and labor and materials costs.

***Seasonality and adverse weather conditions affect demand for our services.***

Our revenues and results of operations exhibit seasonality and are impacted by adverse weather changes as we perform a significant portion of our work outdoors. Consequently, adverse weather, which is more likely to occur with greater frequency, severity, and duration during the winter, as well as reduced daylight hours, impact our operations during the fiscal quarters ending in March and December. Additionally, extreme weather conditions such as major or extended winter storms, droughts and tornados, wildfires, and natural disasters, such as floods, hurricanes, tropical storms, whether as a result of climate change or otherwise, could also impact the demand for our services, or impact our ability to perform our services. Also, several holidays fall within the fiscal quarter ending in December, which decreases the number of available workdays in this fiscal quarter. Because of these factors, we are most likely to experience reduced revenue and profitability or losses during the fiscal quarters ending in March and December compared to the fiscal quarters ending in June and September.

***Our backlog is subject to cancellation and unexpected adjustments and may not result in actual revenue or profits.***

Our Total Backlog represents the estimated amount of revenue we expect to realize from services to be performed pursuant to MSAs and other contractual arrangements over their terms. Our NTM Backlog represents the estimated amount of revenue we expect to realize from services to be performed pursuant to MSAs and other contractual arrangements over the next 12 months. Our management estimates of NTM Backlog are based on contract values, customer-provided schedules / general timing guidelines, historical activity levels, and management's understanding of the scope and timing of expected work. A significant portion of our Total Backlog and NTM Backlog is attributable to MSAs and other service agreements, none of which require our customers to purchase a minimum amount of services and are cancelable on short or no advance notice. The balance of our Total Backlog and NTM Backlog is our estimate of work to be completed under contracts for specific projects. Estimated backlog for work under MSAs and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communication with our customers, which estimates may prove inaccurate. Timing of revenue for construction and installation projects included in our Total Backlog and NTM Backlog can be subject to change as a result of customer, regulatory or other delays or cancellations. These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all. From time to time, we experience postponements, cancellations and reductions in expected future work due to changes in our customers' spending plans, changes or delays in customers' obtaining funding either from capital markets and/or government programs, market volatility, changes in governmental permitting, regulatory delays and/or other factors. In addition, contract revenues reflected in our Total Backlog and NTM Backlog may be realized in different periods from those previously anticipated due to these factors as well as project accelerations or delays due to various reasons, including, but not limited to, scheduling changes, commercial issues, such as permitting, engineering revisions, job site conditions and adverse weather.

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There can be no assurance as to our customers' requirements or that actual results will be consistent with the estimates included in our forecasts. As a result, our Total Backlog and NTM Backlog as of any particular date is an uncertain indicator of future revenue and earnings. In addition, contracts included in our Total Backlog and NTM Backlog may not be profitable. If our Total Backlog or NTM Backlog fails to materialize, or if amounts in our Total Backlog or NTM Backlog are unprofitable, our results of operations, cash flows, liquidity and financial condition could be materially and adversely affected.

***We derive a significant portion of our revenues from multi-year master service agreements and other contracts which our customers may cancel at any time or may reschedule or modify previously assigned work.***

The majority of our long-term contracts are cancellable by our customers with little advance notice and for any, or no, reason. Our customers may also have the right to cancel or remove assigned work without canceling the contract or to reschedule or modify previously assigned work. We may also experience difficulty in managing and timely executing on long-term contracts due to the complex nature of the projects and changes in customer needs and priorities may adversely impact the profitability of these contracts. In addition, we may be unsuccessful in securing contracts when their fixed terms expire. The potential loss of work under master service agreements and other long-term contracts, or the rescheduling or modification of previously assigned work by a customer, could adversely affect our business, financial condition, results of operations and cash flows.

***If we fail to complete a project in a timely manner, miss a required performance standard or otherwise fail to adequately perform on a project, then we may incur a loss on that project, which may reduce or eliminate our overall profitability or subject us to liquidated or other damages.***

Our engagements may involve large-scale, complex projects. The quality of our performance on such projects depends in large part upon our ability to manage the relationship with our clients and our ability to effectively manage the project and deploy appropriate resources, including third parties and our own personnel, in a timely manner. We may commit to a client that we will complete a project by a scheduled date. We may also commit that a project, when completed, will achieve specified performance standards. If the project is not completed by the scheduled date or fails to meet required performance standards, we may either incur significant additional costs or be held responsible for the costs incurred by the client to rectify damages due to late completion or failure to achieve the required performance standards. The uncertainty of the timing of a project can present difficulties in planning the amount of personnel needed for the project. If the project is delayed or canceled, we may bear the cost of underutilizing our workforce that was dedicated to fulfilling the project. In addition, performance of projects can be affected by a number of factors beyond our control, including, among other things, unavoidable delays from government inaction, power, water or other resource availability, public opposition or negative press, inability to obtain financing, weather conditions, unavailability of materials or required services, unavailability of technical or specialized labor, changes in the project scope of services requested by our clients, workplace and industrial accidents, denial of or delay in securing required permits, environmental hazards and labor disruptions. To the extent these events occur, the total costs of the project could exceed our estimates, and we could experience reduced profits or, in some cases, incur a loss on a project, which may reduce or eliminate our overall profitability. Further, any defects or errors, or failures to meet our clients' expectations, could result in claims for damages against us. Failure to meet performance standards or complete performance on a timely basis could also adversely affect our reputation and client base. Any such circumstances could have a material adverse impact on our business, financial condition, results of operations and cash flows.

***Inaccurate cost estimates on our contracts or cost overruns caused by a variety of circumstances could reduce our profit margins, cause us to incur losses under such contracts or harm our reputation, any of which could adversely affect our profitability, results of operations and cash flows.***

A significant portion of our services are provided under unit-based contracts and MSAs. We bear the risk of cost overruns in connection with the services provided under these contracts and MSAs and our profitability could decline if our actual cost (for labor, subcontractors, fuel, equipment or other operational costs) to complete

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each unit or project exceeds our original estimates, as our long-term contracts do not cover all the types of costs that may be incurred in the process of completing our customers' projects. A variety of factors could negatively impact the actual costs we incur in performing our work, such as changes made by our customers to the scope and extent of the services that we are to provide under a contract, delays resulting from weather, natural disasters, public health emergencies and other similar factors, conditions at work sites differing materially from those anticipated at the time we bid on the contract, higher than expected costs of materials, including as a result of increased tariffs, and labor, delays in obtaining necessary permits, under-absorbed costs, and lower than anticipated productivity. An increase in costs due to any of these factors, or for other reasons, could reduce our profit margins, cause us to incur losses under such contracts or harm our reputation, any of which could adversely affect our profitability, results of operations and cash flows.

In addition, we also recognize revenue over time using the output method, which relies on the accuracy of management's estimates of the cost to complete each project. Revenue and total contract cost estimates are reviewed and revised on an ongoing basis as the work progresses. Adjustments arising from changes in the estimates of revenue or costs are reflected in the fiscal period in which such estimates are revised, including the full amount of any expected project losses. Estimates are based on management's reasonable assumptions, judgment and experience, but are subject to the risks inherent in estimates, including unanticipated delays or technical complications, changes in job performance, job conditions and management's assessment of expected variable consideration. Variances in actual results from related estimates on a single large project, or concurrently on several smaller projects, could be material. Any such adjustments could result in reduced profitability and negatively affect our profitability, results of operations and cash flows.

***Cost overruns, inflation, delays and other risks could significantly impact our results, particularly with respect to our fixed-price contracts.***

It is important for us to accurately estimate and control our contract costs, so that we can maintain positive operating margins and profitability. We could experience cost overruns if our initial estimates are inaccurate as a result of errors or ambiguities in the contract specifications or become inaccurate as a result of a change in circumstances following the submission of the estimate due to, among other things, unanticipated technical or equipment problems, difficulties in obtaining permits or approvals, changes in local laws or labor conditions, weather delays, changes in the costs of raw materials or the inability of our vendors or subcontractors to perform their obligations within budget. If cost overruns occur, we could experience reduced profits or, in some cases, a loss for that project. If a project is significant, or if there are one or more common issues that impact multiple projects, costs overruns could increase the unpredictability of our earnings, as well as have a material adverse impact on our business, financial condition and results of operations. When cost overruns occur due to factors outside of our control, we may be able to recoup our revenues through change order; however, this process is subject to negotiations with the relevant client or customer.

Certain of our contracts require us to satisfy specific milestones in order to receive payment for the work completed or equipment or supplies procured prior to achievement of the applicable milestone. As a result, under these types of arrangements, we may incur significant costs or perform significant amounts of services prior to receipt of payment. If a client determines not to proceed with the completion of the project or if the client defaults on its payment obligations, we may face difficulties in collecting payment of amounts due to us for the costs previously incurred or for the amounts previously expended to purchase equipment or supplies.

Accounting for a contract requires judgments relative to assessing the contract's estimated risks, revenue, costs and other technical issues. Due to the size and nature of many of our contracts, the estimation of overall risk, revenue and cost at completion is complicated and subject to many variables. Changes in underlying assumptions, circumstances or estimates may also adversely affect future period financial performance. If we are unable to accurately estimate the overall revenue or costs on a contract, then we may experience a lower profit or incur a loss on the contract.

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***Our business is labor-intensive, and we may be unable to attract, retain and ensure the productivity of qualified members of our workforce or to pass increased labor and training costs to our customers. Members of our workforce, including any subcontractors, may fail to satisfy their obligations to us, which may adversely affect our relationships with our customers or cause us to incur additional costs.***

We are highly dependent upon our ability to employ, train, retain, and ensure the productivity of the skilled personnel needed to operate our business. Given the highly specialized work we perform, many of our workers receive training in, and possess, specialized technical skills that are necessary to operate our business and maintain productivity and profitability. We cannot be certain that we will be able to maintain and ensure the productivity of the skilled workforce necessary to operate our business. Our ability to do so depends on a number of factors, such as the general rate of employment, fluctuations in economic and industry conditions, changes in U.S. immigration policies, regulatory changes, competition for workers possessing the skills we need and the general health and welfare of our workforce. Additionally, factors such as corporate culture, organizational changes, remote working opportunities and our compensation programs may impact our ability to effectively attract, retain and manage our workforce. In addition, the uncertainty of contract awards and project delays can also present difficulties in appropriately sizing our skilled workforce. Furthermore, we may be unable to pass increases in labor and training costs on to our customers. If we are unable to attract or retain qualified personnel or incur additional workforce and training costs, we may be unable to maintain or improve our competitive position and our results of operations could be adversely affected.

In addition, we contract with subcontractors to hire the employees of such subcontractors for our projects, in order to manage fluctuations in work volumes and reduce the amounts that we would otherwise expend on fixed assets and working capital. If we are unable to secure qualified subcontractors who can provide adequate labor resources at a reasonable cost, we may be delayed or unable to complete our work under a contract on a timely basis. In addition, subcontractors may not meet performance expectations, fail to meet regulatory or contractual requirements, or experience financial instability that could result in disputes or litigation and adversely impact, among other things, the quality and timeliness of the work they have performed. We may incur additional costs to correct such shortfalls in the work performed by the employees of our subcontractors. Any of these factors could negatively impact the quality of our service, our ability to perform under certain customer contracts, and our relationships with our customers, which could adversely affect our results of operations.

***If we fail to retain our key personnel or if we fail to attract additional qualified personnel, we may not be able to achieve our anticipated level of growth and our business could suffer.***

Our future success and ability to implement our business strategy depends, in part, on our ability to attract and retain key personnel, and on the continued contributions of members of our senior management team and key technical personnel, each of whom would be difficult to replace. All of our employees, including our senior management, are free to terminate their employment relationships with us at any time. Competition for highly skilled individuals with technical expertise is extremely intense, and we face challenges in identifying, hiring and retaining qualified personnel in many areas of our business. Integrating new employees into our team could prove disruptive to our operations, require substantial resources and management attention and ultimately prove unsuccessful. An inability to retain our senior management and other key personnel or to attract additional qualified personnel could limit or delay our strategic efforts, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Our profitability could suffer if we are not able to maintain adequate utilization of our workforce.***

The cost of providing our services, including the extent to which we utilize our workforce, affects our profitability. The rate at which we utilize our workforce is affected by a number of factors, including our ability to transition members of our workforce from completed projects to new assignments and to hire and assimilate new workers; our ability to forecast demand for our services and thereby maintain an appropriate headcount in each of our geographies and operating units; and our ability to manage attrition. If we underutilize our workforce, our profit margin and profitability could suffer, which could in turn have a material adverse impact on our business, financial condition and results of operations.

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***We rely on subcontractors and their failure to perform or any challenges maintaining our relations with our subcontractors may adversely impact our operations.***

Our subcontractor network, and employees working for such subcontractors, work on many of our services. Our subcontractors are contractually obligated to operate their businesses in accordance with the agreements we enter into with them and applicable laws and regulations. However, they are third-party independent contractors that we do not control, and they own, operate and oversee the daily operations of their own businesses. In addition, while our managers regularly and routinely oversee the work performed by our subcontractors' employees, such employees of our subcontractors are not directly employed by us. As a result, we are limited in our ability to control their work product and we do not have direct contact with them as we do with our in-house employees. If any of our subcontractors fail to fulfill their contractual obligations to deliver services on time, either because of poor management by such subcontractors or due to the failure of their individual employees, our business, financial condition and results of operations could be adversely affected. If such subcontractors do not perform their obligations to us, our customers or any relevant third parties, we may be adversely impacted by claims from our customers and others.

Additionally, if such subcontractors do not successfully operate their businesses in a manner consistent with required laws, standards or regulations, we could be subject to claims from regulators or legal claims for the actions or omissions of such subcontractors. In addition, our relationship with our subcontractors and their employees could become strained (including resulting in litigation) as we impose new standards or assert more rigorous enforcement practices relating to the existing required standards. Any such strain in our relationships or claims arising out of litigation could have a material adverse effect on our reputation, business, financial condition and results of operations.

***An increase in the prices or availability of materials and equipment used in our business, including certain customer-provided materials and commodities, could materially and adversely affect our business, results of operations and cash flows.***

A significant portion of our contracts are also performed utilizing our own construction and field services equipment rather than rented equipment. We sometimes bid for work knowing that we will have to rent equipment on a short-term basis, in which case we include the equipment rental rates in our bid. If market rates for either new equipment purchases or rental equipment increase between the time of bid submission and project execution, our operating margins and/or cash flow for the project may be reduced. If we are unable to buy or lease equipment necessary for a project or maintain the equipment in our fleet, we may be forced to incur unexpected costs, including costs in connection with renting equipment on a short-term basis, obtaining additional third-party repair services at a higher cost, or be unable to bid on additional contracts, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

For a majority of the contract services we perform, customers provide the necessary materials. Increases in certain commodity prices, including copper and steel, which are inputs into components utilized in our operations, may expose us to market risk as our customers can experience difficulty supplying such materials on a timely basis or may be unable to supply such materials. In addition, our customers' capital budgets may be impacted by the prices of certain materials, and reduced customer spending could lead to fewer project awards and more competition. These prices could be materially impacted by general market conditions, inflationary pressures, and other factors, including U.S. trade relationships with other countries or the imposition of tariffs or other trading restrictions. We and our customers are also exposed to the availability of these materials which have been impacted by the supply-chain disruption from the imposition of tariffs, inflationary pressures, and a changing regulatory landscape. If we, or our customers, are unable to procure the materials necessary to the contract services we perform, or if those materials are only available at prices that make our work unprofitable under our existing contracts, our revenues and results of operations could be adversely affected.

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***Changes in fuel prices may increase our costs, and we may not be able to pass along increased fuel costs to our customers.***

Fuel prices fluctuate based on events outside of our control, including as the result of global economic conditions, market volatility, import and export restrictions, sanctions or trade regulations and the imposition of tariffs. Some of our contracts may not allow us to adjust our pricing for higher fuel costs during a contract term. In addition, we may be unable to secure prices that reflect rising costs when renewing or bidding contracts. We do not currently engage in fuel hedging transactions or purchase gasoline or fuel future contracts in an effort to mitigate the risk of future fuel price increases. Changes in fuel prices may adversely affect our results of operations.

***Our operations involve activities that are inherently dangerous. If our activities result in, or if it is alleged that our activities have resulted in, damage or destruction to the property of others, or in injury or death to others, we could be exposed to significant financial losses, reputational harm and civil and criminal liabilities.***

From time to time, our operations involve dangerous activities that could result in, or be alleged to have resulted in, damage to the real and personal property of others, and cause personal injury or death to third parties or our workforce. In many instances, our activities are performed in close proximity to other utilities which, if damaged, may result in the occurrence of catastrophic events. Additionally, we may perform our activities in environmentally sensitive locations or in locations that may be susceptible to catastrophic events. If our activities cause or contribute to, or are alleged to have caused or contributed to, a catastrophic event, we could be exposed to severe financial losses and reputational harm. We procure insurance coverage to cover many of these risks; however, there can be no assurance that coverage will continue to be available to us on commercially reasonable terms, or at all, or that our coverage will be adequate in scope or amount to address financial losses from these risks. As a result, we could incur significant costs to defend any such allegations, defend and indemnify our customers, repair and replace assets, or to compensate third parties; reputational harm could result in the loss of future revenue-generating opportunities; or we may be subject to civil and, in certain situations, criminal liabilities.

***The capital and operating expenditure budgets and spending patterns of our customers affect demand for our services and the addition of new customers with differing behaviors may adversely impact our business.***

Generally, our customers have no obligation to assign specific amounts of work to us. Customers decide to engage us to provide services based on, among other things, the amount of capital they have available and their spending priorities. Our customers' capital budgets may change for reasons over which we have no control. These changes may occur quickly and without advance notice. Any fluctuation in the capital or operating expenditure budgets and priorities of our customers could adversely affect our business, financial condition, results of operations and cash flows. Further, if we continue to broaden our customer base, we may become subject to different customer requirements or characteristics, including less advantageous contractual requirements, customers with financial or operational instability or increased contract terminations or project cancellations. Our failure or inability to anticipate or adapt to a changing customer base and shifting business models could have an adverse effect on our competitive position, business or results of operations.

***If we experience delays and/or defaults in client payments, we could be unable to recover all expenditures.***

Because of the nature of our contracts, at times we commit resources to projects prior to receiving payments from the client in amounts sufficient to cover expenditures on projects as they are incurred. Delays in client payments may require us to make a working capital investment. While we historically have had low levels of credit loss, if a client defaults in making their payments on a project to which we have devoted resources, it could have a material adverse impact on our business, financial condition and results of operations.

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***The industries we serve are subject to rapid technological changes, regulatory changes and requirements associated with government funding as well as customer consolidation, any of which could result in decreased demand for our services and adversely affect our business, financial condition, results of operations and cash flows.***

We derive a substantial portion of our revenue from customers in industries that are subject to rapid changes in technology, government regulation, changing consumer demands and consolidation, and our business performance is therefore highly dependent on conditions affecting those industries. Technological advances in the markets we serve, including from climate-related initiatives and use of AI, could render existing projects or technologies uncompetitive or obsolete, and/or alter our customers' existing operating models or materially and adversely affect our customers' willingness or ability to purchase, or continue purchasing, our services (including if customers reallocate spending toward new or alternative technologies). Technological change occurs frequently, often in ways that are difficult to predict, and may require us and our customers to make significant investments to remain competitive. Our failure to rapidly adopt and master new technologies as they are developed or adapt to changing customer requirements could reduce demand for our services. If we fail to anticipate, identify or respond effectively to technological developments, or if our technology or services fail to keep pace with evolving customer needs and industry standards, our competitive position could be materially and adversely affected. New and evolving technologies can materially impact our business in a number of ways, including by affecting the costs, speed and efficiency with which we can provide our services to our customers and our ability to differentiate ourselves from our competitors' offerings. In addition, increased adoption of AI and other advanced technologies by us, our competitors or our customers may increase competitive pressures, accelerate innovation cycles and reduce barriers to entry, which could result in pricing pressure or loss of market share. Technological change in the industries we operate in that are not directly related to the services we provide may also impair the competitive or financial position of one or more of our customers, which could result in a reduction, delay or elimination of their use and purchase of our services. Any reduction, delay, reallocation of spending priorities or elimination of spending by one of our customers on the services we provide could materially and adversely affect our business, financial condition, results of operations and cash flows. There can be no assurance that our investments in new technologies, including AI, will achieve their intended benefits, or that we will be able to do so on a timely or cost-effective basis.

In addition, our customers operate in regulated industries and are subject to laws and regulations that can change frequently. Where our customers utilize governmental funding sources in connection with the work they contract us to perform, such work may be subject to new or enhanced regulatory requirements and compliance obligations. The application of new or enhanced regulatory requirements or obligations, or changes to the enforcement or interpretation of existing laws or regulations, may delay or constrain our ability to perform our work, increase our costs to perform our work without a corresponding increase in payment from our customers, and could cause our customers to reduce or delay spending on the services we provide, which could adversely affect our business, financial condition, results of operations and cash flows.

Additionally, consolidation among our customers could result in the loss of customer revenue or could materially and adversely affect customer demand and have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Our business is subject to the risks of earthquakes, fire, power outages, floods, pandemics, public health emergencies and other catastrophic events, and to interruption by man-made problems such as political disruption, strikes and terrorism. In addition, climate change and related environmental issues could have an adverse impact on our business.***

Force majeure or extraordinary events beyond the control of the contracting parties, such as natural and man-made disasters, as well as outbreaks of infectious disease, acts of sabotage and terrorist actions, could negatively impact us. We typically negotiate contract language intended to grant us certain relief from force majeure events in our contracts and review and attempt to mitigate force majeure events in our contracts. Even if

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a force majeure clause is available to us, in the event that relief from force majeure events is not provided or is denied, we remain obligated to perform our services. If we are not able to react quickly to force majeure events, our operations may be affected significantly, which would have a material adverse impact on our business, financial condition and results of operations and could also negatively affect our reputation in the marketplace.

***We may be subject to warranty claims, which could result in significant liabilities and adversely impact our financial results.***

We typically warrant the services we provide by guaranteeing the work performed against defects in workmanship and materials or where our services are not provided in a manner consistent with applicable requirements. When these claims occur, we may be required to repair or replace our work without receiving any additional compensation and we may be liable to our customers for significant monetary claims. Our performance of warranty services requires us to allocate resources that otherwise might be engaged in the provision of services that generate revenue. In addition, our customers often have the right to repair or replace items under warranty using the services of another provider and to charge the cost of the repair or replacement to us. Costs incurred for warranty claims, or reductions to revenue-generating activities arising from the allocation of resources to resolve warranty claims, could adversely affect our results of operations and financial position.

***The nature of our business exposes us to potential liability for warranty, engineering and other related claims. Our insurance policies may not provide coverage for such claims.***

We typically provide contractual warranties for our services and materials, guaranteeing the work performed against, among other things, defects in workmanship, and we may agree to indemnify our customers for losses related to our services. While our standard warranty period lasts 12 months, the length of these warranty periods varies, and certain projects can have longer warranty periods and include facility performance warranties that are broader than the warranties we typically provide. Warranties generally require us to re-perform the services and/or repair or replace any items under warranty and any other facilities impacted thereby, at our sole expense, and we could also be responsible for other damages if we are not able to adequately satisfy our warranty obligations. In addition, we can be required under contractual arrangements with our customers to provide a warranty for any defects or failures in materials we provide. While we generally require materials suppliers to provide us warranties that are consistent with those we provide to customers, if any of these suppliers default on their warranty obligations to us, we may incur costs to repair or replace the defective materials.

Furthermore, our business involves professional judgments regarding the planning, design, development, construction, operations and management of telecom, cable, fiber, and related networks and critical infrastructure. Because our projects are often technically complex, our failure to make judgments and recommendations in accordance with applicable professional standards, including engineering standards, could result in damages. An accident or other adverse event at a project site or completed project resulting from the services we performed could result in professional or product liability, personal injury (including claims for loss of life) or property damage claims or other claims against us, as well as reputational harm. Although we have adopted a range of insurance, risk management and risk avoidance programs designed to reduce potential liabilities, we may be deemed to be responsible for these professional judgments, recommendations or opinions if they are later determined to be inaccurate, or if an accident or other adverse event or failure occurs at one of our project sites or completed projects. These liabilities could exceed our insurance limits or impact our ability to obtain third-party insurance in the future, and customers, workforce or suppliers who have agreed to indemnify us against any such liabilities or losses might refuse or be unable to pay us. In addition, our insurance policies do not cover warranty periods. We could also be liable to third parties, including through class actions, even if we are not contractually bound to those third parties. These liabilities could exceed our insurance limits or the fees we generate, may not be covered by insurance at all due to various exclusions in our coverage and could impact our ability to obtain insurance in the future. Further, any such incident may lead to reputational harm. Any unfavorable legal ruling against us could result in substantial monetary damages, disqualification to perform services in the future or even criminal violations. As a result, warranty, engineering and other related claims could have a material adverse impact on our business, financial condition and results of operations.

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Furthermore, certain of our services are designed to support critical infrastructure and any failure of such workmanship could result in significant liability and warranty claims, as well as damage to our reputation in the marketplace. Our quality control processes and testing may be inadequate to detect all defects, errors, failures and quality issues, which could impact customer satisfaction or result in claims against us. As a result, we may have, and from time to time have had, to replace certain components and/or provide remediation in response to the discovery of defects in our workmanship, and the occurrence of any defect, error, failure or quality issue could result in cancellation of orders, damage to our reputation, diversion of our resources, lawsuits or claims by our customers or other third parties and other losses to us or to any of our customers or third parties, which could have a material adverse impact on our business, financial condition and results of operations.

***Unavailability or cancellation of third-party insurance coverage would increase our overall risk exposure as well as disrupt the management of our business operations.***

Our services involve significant risks of professional and other liabilities, which may substantially exceed the fees that we derive from our services. We maintain insurance coverage from third-party insurers as part of our overall risk management strategy and because some of our contracts require us to maintain specific insurance coverage limits. From time to time, we assume liabilities as a result of indemnification provisions contained in our service contracts. We cannot predict the magnitude of these potential liabilities.

We are liable to pay such liabilities from our assets if and when the aggregate settlement or judgment amount exceeds our insurance policy limits. Further, our insurance may not protect us against liability because our policies typically have various exceptions to the claims covered and also require us to assume some costs of the claim even though a portion of the claim may be covered. A partially or completely uninsured claim, if successful and of significant magnitude, could have a material adverse impact on our liquidity.

If any of our third-party insurers fail, suddenly cancel our coverage or otherwise are unable to provide us with adequate insurance coverage, then our overall risk exposure and our operational expenses would increase, and the management of our business operations would be disrupted. In addition, if we expand into new markets, we may not be able to obtain insurance coverage for these new activities or, if insurance is obtained, the dollar amount of any liabilities incurred could exceed our insurance coverage. There can be no assurance that any of our existing insurance coverage will be renewable upon the expiration of the coverage period or that future coverage will be affordable at the required limits. Any uninsured claim, either in whole or in part, as well as any claim covered by insurance but subject to a policy limit, high deductible and/or retention, if successful and of material magnitude, could have a material adverse impact on our business, financial condition and results of operations.

***A failure in our information technology systems could significantly disrupt and negatively impact our business and operations.***

We rely on information technology systems to record and process transactions, manage our business, and maintain the financial accuracy of our records. Our information technology systems may be adversely impacted by various factors, including power outages, software and hardware failures, connectivity outages, catastrophic events, and human error. Interruptions to our information systems could disrupt our business, delay our financial reporting, and could result in the loss of revenue, and cause us to incur additional expense. We utilize FUSE360, our proprietary business intelligence system, to standardize our operations and information technology systems, with the goal of fully integrating new acquisitions into our existing platform as such acquisitions are completed. Any delays or failures in such business intelligence system, or integrating new acquisitions on a timely basis, may adversely impact our financial results. In addition, the failure to adequately address the necessary readiness and training needs of our personnel could lead to business disruption, negatively affect our customer relationships, and restrict our ability to execute our business strategy, which could adversely affect our business.

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***A cybersecurity breach of our technology systems or those of third-party providers may adversely affect our operations and financial results.***

We are dependent on information technology systems ("IT Systems") to operate our business, to engage with our customers and other third parties, and to increase the efficiency and effectiveness of the services we offer our customers. We own and manage some of these IT Systems but also rely on third parties for a range of IT Systems and related products and services. Additionally, we and certain of our third-party providers collect, maintain and process data about customers, employees, business partners and others, including information about individuals, as well as proprietary information belonging to our business such as trade secrets (collectively, "Confidential Information").

We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems and Confidential Information, as cybersecurity incidents are evolving and are increasing in frequency and magnitude across all business types. We have experienced, and may continue to experience, cybersecurity threats. While we have implemented certain security measures that are designed to detect and protect against cyberattacks, no security measure is infallible, and further, we may not be able to timely deploy and monitor effective measures and protocols at our brands.

Despite our security measures and any additional measures we may implement or adopt in the future, our IT Systems, and those of our third-party service providers, and our Confidential Information have been and continue to be vulnerable to cyber incidents, such as security breaches, computer viruses, other malicious or destructive software, attacks designed or enhanced by artificial intelligence, ransomware, denial-of-service attacks, lost or misplaced data, programming errors, scams, hacking, burglary, human errors, misdirected wire transfers, damage by individuals (which may include our and our third party providers' employees), groups or nation states or state-sponsored threats and other adverse events, including threats to our critical operations technologies. Moreover, we may acquire companies with cybersecurity vulnerabilities and/or unsophisticated security measures, which exposes us to significant cybersecurity, operational and financial risks until they are fully integrated into our IT Systems. Additionally, the increased use of remote working arrangements by employees, vendors and other third parties has increased the exposure to possible attacks, thereby increasing the risk of a data security compromise. Third-party systems on which we rely could also suffer such cybersecurity incidents or operational system failures.

Any adverse impact to the availability, integrity, or confidentiality of our IT Systems or Confidential Information could result in material harm to our business, including disruption of our business plans; ransom payments; significant remediation and cybersecurity protection costs; loss of Confidential Information; litigation (including class-actions) and legal risks, including regulatory actions; potential liability; damage to our reputation or customer relationships; or damage to the Company's competitiveness, stock price and long-term stockholder value, or otherwise have a material adverse impact on our business, financial condition and results of operations. An attack could also cause service disruptions to our IT Systems or, in extreme circumstances, infiltration into, damage to or loss of control of our customers' systems. While we maintain insurance coverage intended to address these types of cybersecurity incidents, such insurance policies may not completely provide coverage for, or completely offset, the costs associated with such incidents, including losses from reputational harm or the costs to improve security against future similar threats. Additionally, because the techniques used to obtain unauthorized access or sabotage information technology systems change frequently and are generally not identifiable until they are launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. As a result, we may be required to expend significant resources to protect against the threat of system disruptions and security breaches or to alleviate problems caused by these disruptions and breaches.

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***If we fail to promote, maintain or enhance our brand in a cost-effective manner, we may lose market share and our revenue may decrease.***

Our brand, reputation and relationships with customers are among our most important assets, and our ability to attract and retain customers and workers depends on brand recognition and reputation. Such dependence makes our business susceptible to reputational damage and to competition from other companies. A variety of events could result in damage to our reputation or brand, some of which are outside of our control, including: acts or omissions that adversely affect our business such as a crime, scandal, cyber-related incident, litigation or other negative publicity; failure to successfully perform, or negative publicity related to, a high-profile project; misconduct, fraud or other improper activities caused by our workers', partners' or consultants' failure to comply with laws or regulations; engagements in or perceived connections to politically or socially sensitive activities; infringement of our trademarks or other intellectual property by third parties or accusations that our operations infringe the intellectual property rights of third parties; actual or potential involvement in a catastrophic fire, explosion or similar event; or actual or perceived responsibility for a serious accident or injury.

Increased media coverage and interest in many of the industries that we serve, along with the intensification of media coverage generally, including through the considerable expansion in the use of social media, have increased the volume and speed at which negative publicity arising from any such events can be generated and spread, and we may be unable to timely respond to, correct any inaccuracies in, or adequately address negative perceptions arising from such media coverage. If the reputation or perceived quality of our brand declines or customers lose confidence in us, our business, financial condition and results of operations could be adversely affected.

***We may use AI in our business, and challenges with properly managing its use, as well as uncertainty regarding the legal and regulatory landscape surrounding the use of AI, could result in reputational harm, competitive harm and legal liability, and adversely affect our business.***

We utilize AI, data analytics and related tools to collect, aggregate and analyze data. We may incorporate AI and related solutions into our business and services, and these applications may increase over time. However, there are significant risks involved in utilizing AI and no assurance can be provided that our use will enhance our business or operations or result in our business or operations being more efficient or profitable. For example, AI algorithms may be flawed, insufficient, of poor quality, reflect unwanted forms of bias or contain other errors or inadequacies, any of which may not be easily detectable; AI has been known to produce false or "hallucinatory" inferences or outputs; AI can present ethical issues and may subject us to new or heightened legal, regulatory, ethical or other challenges; and inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our services. If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm or other adverse impacts on our business, operating results and financial conditions. If we do not have sufficient rights to use the data or other material or content on which our AI solutions or other AI tools we use rely, we also may incur liability through the violation of applicable laws, third-party intellectual property, privacy or other rights or contracts to which we are a party.

In addition, regulation of AI is rapidly evolving as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying AI and its uses are subject to a variety of laws, including intellectual property, privacy, data protection and cybersecurity, consumer protection, competition and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states are applying, or are considering applying, their platform moderation, cybersecurity and data protection laws to AI or are considering general legal frameworks for AI. We may not be able to anticipate how to respond to these rapidly evolving frameworks, and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.

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***We may incur goodwill and other intangible impairment charges in the future which could reduce our profitability and adversely affect our stockholders' equity.***

Because we have grown in part through acquisitions, we have a significant amount of goodwill and intangible assets. Under GAAP, we are required to test goodwill and intangible assets carried in our consolidated balance sheets for possible impairment on an annual basis based upon a fair value approach and whenever events occur that indicate impairment could exist. We examine relevant events and circumstances, such as: macroeconomic conditions, including levels of inflation, market interest rates and supply chain disruptions; any adverse effects of industry and/or market conditions, including the potential effects of regulatory and other uncertainty; uncertainty related to the implementation and pace of spending under governmental infrastructure programs and initiatives; project permitting uncertainty; financial, competitive and other conditions, including declines in the operating performance of our reporting units; entity-specific events; the rates of success on new project awards; the potential effects of longer-term changes in consumer behavior from regulatory, climate-related or other factors; and other adverse changes in the key valuation assumptions contributing to the estimated fair value of our reporting units. These events and circumstances could adversely affect the estimated fair values of the related reporting units and result in an impairment of the recorded balances of goodwill or intangible assets, which could materially and adversely affect our business, results of operations and financial condition.

***Fluctuations in our effective tax rate and tax liabilities may cause volatility in our financial results.***

We determine and provide for income taxes based on the tax laws of each of the jurisdictions in which we operate. Changes in the mix and level of earnings among jurisdictions could materially impact our effective tax rate in any given financial statement period. Our effective tax rate may also be affected by changes in tax laws and regulations at the federal, state, and local level, or by new interpretations of existing tax laws and regulations. We are also subject to audits by various taxing authorities. An adverse outcome from an audit could unfavorably impact our effective tax rate and increase our tax liabilities.

***Our financial results are based, in part, upon estimates and assumptions that may differ from actual results.***

In preparing our consolidated financial statements in conformity with GAAP, management makes a number of estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. These estimates and assumptions must be made because certain information used in the preparation of our consolidated financial statements is either dependent on future events or cannot be calculated with a high degree of precision from data available. In some cases, these estimates are particularly uncertain and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use, which could have a material adverse effect on our results of operations, cash flows and liquidity.

***Changes in accounting rules and regulations could adversely affect our financial results.***

Accounting rules and regulations are subject to review and interpretation by the Financial Accounting Standards Board (the "FASB"), the SEC and various other governing bodies. A change in accounting rules and regulations pursuant to FASB or SEC guidance or a change in GAAP could have a significant effect on our reported financial results. Additionally, the adoption of new or revised accounting principles could require that we make significant changes to our systems, processes and controls. We cannot predict the effect of future changes to accounting principles, which could have a significant effect on our reported financial results and/or our business, financial condition and results of operations.

**Risks Related to Growth and Acquisitions** 

***As a growing company with a relatively limited operating history at our current scale, we face various risks, uncertainties, expenses and difficulties. Our business is dependent on our ability to effectively develop, maintain and scale our platform.***

Our expected future growth presents numerous managerial, administrative, operational and other challenges. Our ability to manage the growth of our platform will require us to continue to develop, improve and maintain

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the quality of our management information systems and our other internal systems and controls. In addition, our growth will increase our need to attract, develop, motivate and retain both our management and our workforce. The inability to effectively manage our growth or the inability of our workforce to achieve anticipated performance could have a material adverse impact on our business, financial condition and results of operations.

***We may be unsuccessful at generating internal growth, which may materially and adversely affect our ability to expand our operations or grow our business.***

Our ability to generate internal growth may be adversely affected if, among other factors, we are unable to: attract new customers and retain our existing customers; successfully complete work for existing customers and increase the number of projects or amount of work performed for existing customers; hire and retain qualified personnel; secure appropriate levels of equipment; efficiently allocate our resources; successfully bid for new projects; or adapt the range of services we offer to address our customers' evolving needs.

In addition, our customers may reduce the number or size of projects available to us due to their inability to obtain capital. Our customers may also reduce projects in response to economic conditions.

Many of the factors affecting our ability to generate internal growth are beyond our control, and we cannot be certain that our strategies will be successful or that we will be able to generate cash flow sufficient to fund our operations and to support internal growth. If we are unsuccessful, we may not be able to achieve internal growth, expand our operations or grow our business, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We may pursue acquisitions and strategic investments which involve risks, including the diversion of financial and management resources and the integration of acquired businesses into our operations, which, if unsuccessful, could cause us to experience operational challenges and/or negatively affect our operating results, cash flows and liquidity and may not enhance stockholder value.***

As part of our growth strategy, we have made, and may continue to make, strategic acquisitions and investments. For example, in 2025, we completed seven acquisitions. In the future, we may be unsuccessful in completing acquisition opportunities that we pursue, which would cause us to incur pursuit costs without the commensurate benefit of completing the acquisition. Our competitors may be more effective than us in executing and closing acquisitions in competitive auctions. Our ability to enter into and complete acquisitions may be restricted by, or subject to, various approvals under state or federal law or may not otherwise be possible, may result in a possible dilutive issuance of our securities, or may require us to seek additional financing.

In addition, strategic acquisitions and investments may expose us to operational challenges and risks, including: (i) the ability to profitably manage the acquired business or successfully integrate the operations, information, internal controls, procedures, sales, billing, payroll and regulatory compliance systems and financial reporting and accounting systems of the businesses we acquire into our business operations; (ii) the ability to realize the anticipated benefits from successful integration of the acquired businesses; (iii) increased indebtedness, contingent earn-out obligations and/or other liabilities including the assumption of liabilities of the acquired business for which there are inadequate reserves; (iv) the ability to fund cash flow shortages that may occur if anticipated revenue, profits and/or cash flows are not realized or are delayed, whether by general economic or market conditions, or other unforeseen difficulties; (v) the expense of integrating acquired businesses; (vi) the ability to retain or hire the personnel required for the successful operation of the acquired business and expanded business operations, in general; (vii) the assimilation of new workforce and the integration of business cultures; (viii) challenges in keeping existing customers and obtaining new customers; (ix) challenges in combining services offerings and sales and marketing activities; (x) the potential impairment of acquired goodwill and intangible assets; (xi) the inability to enforce covenants not to compete; (xii) training; (xiii) the ability to retain the business relationships of the acquired businesses; (xiv) diversion of management's attention; (xv) managing a larger company than before the completion of an acquisition; and (xvi) the availability of funding sufficient to meet increased capital needs, among others.

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Acquired companies may have liabilities that we failed or were unable to discover in the course of performing due diligence reviews. We cannot assure you that the indemnifications granted to us by sellers of acquired companies will be sufficient in amount, scope or duration to fully offset potential liabilities associated with such acquired businesses. Additionally, purchase agreements for certain acquisitions may not contain indemnification provisions, which would fully expose us to legacy liabilities of the related acquired business. We may learn additional information about the businesses we have acquired that could materially adversely affect us, such as unknown or contingent liabilities, unprofitable projects, litigation-related liabilities and liabilities related to compliance with applicable laws. Any such liabilities, individually or in the aggregate, could have a material adverse effect on our business. We generally require that key management and former principals of the businesses we acquire enter into non-competition agreements in our favor. If we are unable, and the courts refuse to enforce the non-competition agreement entered into by such person or persons, we might be subject to increased competition. Failure to successfully manage the operational challenges and risks associated with, or resulting from, our acquisitions could adversely affect our results of operations, cash flows and liquidity.

We may pay for acquisitions or strategic investments with increased borrowings under our credit facility or through the issuance of debt instruments, which could result in higher levels of indebtedness and negatively affect our ability to service our debt within the scheduled repayment terms, or our ability to remain in compliance with our debt covenants. Additionally, from time to time, we may pay for acquisitions with shares of our common stock, which could dilute the ownership interests of our common stockholders. In addition, in connection with certain of our future acquisitions, we may agree to future earn-out arrangements. To the extent we defer payment of an acquisition's purchase price through a cash earn-out arrangement, it will reduce our cash flows in subsequent periods. We may decide to pursue acquisitions with which our stockholders may not agree. In addition, we may not be able to identify suitable acquisition or strategic investment opportunities or may be unable to obtain the required consent of our lenders and therefore, may not be able to complete such acquisitions or strategic investments. We have incurred substantial expenses in connection with the integration of the operations, practices, policies and procedures of past acquisitions that required significant acquisition and integration efforts, which negatively affected our results of operations, cash flows and liquidity. Our results of operations and cash flows could be negatively affected in the future if we continue to acquire additional businesses requiring significant acquisition and integration efforts.

We may be exposed to a unionized workforce as a result of future acquisitions. Strikes or work stoppages caused by any unions have the potential to adversely affect our relationships with our customers and cause us to lose business. If we do become exposed to a unionized workforce in the future, we cannot assure you that agreements will be reached with such unions, or on desirable terms. Additionally, the labor unions may not be able to negotiate extensions or replacements on terms favorable to their members, or at all, or avoid strikes, lockouts or other labor actions that could affect their members. Any action against us relating to any unionized workforce we employ could have a material adverse effect on our business operations, financial results, liquidity and cash flows.

**Risks Related to Indebtedness** 

***As of December 31, 2025, we had $690.0 million of borrowings outstanding, excluding approximately $88.3 million of equipment loans. Our outstanding debt and debt service requirements could adversely affect our business, financial condition and results of operations or could affect our ability to access capital markets in the future. In addition, our debt contains restrictive covenants that may prevent us from engaging in transactions that might benefit us.***

As of December 31, 2025, we had $690.0 million of borrowings outstanding, excluding approximately $88.3 million of equipment loans. Our outstanding debt and debt service requirements could have significant consequences on our future operations, including: making it more difficult for us to meet our debt-related payment and other obligations; an event of default if we fail to comply with the financial and other restrictive covenants contained in our debt agreements, which could result in all of our debt becoming immediately due and

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payable; reducing the availability of our cash flows to fund working capital, capital expenditures, acquisitions or strategic investments, and limiting our ability to obtain additional financing for these purposes; exposing us to interest rate risk on variable rate indebtedness, in particular, during periods of elevated interest rates; limiting our flexibility in planning for, or reacting to changes in our business, the industries in which we operate and the general economy; and placing us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged.

If our credit rating is downgraded, it could increase borrowing costs on our variable rate indebtedness, and/or increase the cost of renewing or obtaining new debt financing or make it more difficult to renew, obtain or issue new debt financing in the future.

The terms of our indebtedness contain customary events of default and covenants that prohibit us from taking certain actions without satisfying certain financial tests or obtaining the consent of the lenders. Should we be unable to comply with the terms and covenants of our indebtedness, including our credit facility, we would be required to obtain consents from our lenders, modify our credit facility or other debt instruments or secure another source of financing to continue to operate our business, none of which may be available to us on reasonable terms or at all. A default could also result in the acceleration of our obligations. In addition, these covenants may prevent us from engaging in transactions that benefit us, including responding to changing business and economic conditions or securing additional financing, if needed.

Any of these factors could have an adverse effect on our business, financial condition and results of operations. Our ability to meet our payment and other obligations under our debt instruments depends on our ability to generate significant cash flow in the future, which can be subject to many factors, some of which are beyond our control. We cannot assure you that our business will generate future cash flow from operations, or that future borrowings will be available to us in an amount sufficient to enable us to meet our payment obligations and fund other liquidity needs. Our business is capital intensive, and if we are not able to generate sufficient cash flow to service our debt obligations, we may need to refinance or restructure our debt, sell assets, reduce or delay capital investments, or seek to raise additional capital, and some of these activities could have terms that are unfavorable or could be highly dilutive. Our ability to obtain additional financing or to refinance our existing indebtedness will depend on the capital markets and our financial condition at such time. Any of the above factors could adversely affect our results of operations, cash flows and liquidity.

***Our level of indebtedness requires us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness and could adversely affect our financial flexibility and our competitive position.***

Our level of indebtedness increases the risk that we may be unable to generate cash sufficient to pay amounts due in respect of our indebtedness. Our indebtedness could have other important consequences to you and significant effects on our business. For example, it could: require us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes; restrict us from exploiting business opportunities, make it more difficult to satisfy our financial obligations, including payments on our indebtedness; and limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions, debt service requirements, execution of our business strategy or other general corporate purposes.

***Our variable rate indebtedness subjects us to interest rate risk and could have a material adverse effect on us.***

Borrowings under our credit facility are at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness will increase even if the amount borrowed remains the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease. Our weighted average interest rate on our variable rate debt

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during 2025 was 8.95%. The annual effect on our pre-tax earnings of a hypothetical 50 basis point increase or decrease in variable interest rates would be approximately $3.5 million based on our December 31, 2025 balance of variable rate debt.

***A downgrade in our debt rating could restrict our ability to access the capital markets.***

The terms of our financings are, in part, dependent on the credit ratings assigned to our debt by independent credit rating agencies. We cannot provide assurance that our current credit rating will remain in effect for any given period of time or that it will not be lowered or withdrawn entirely by a rating agency. Factors that may impact our credit rating include, among other things, our debt levels and liquidity, capital structure, financial performance, future acquisitions or strategic investments, planned asset purchases or sales, near- and long-term growth opportunities, client base and market position, geographic diversity, regulatory environment, project performance and risk profile. A downgrade in our credit rating could limit our ability to access the debt capital markets or refinance our existing debt or cause us to refinance or issue debt with less favorable terms and conditions. An increase in the level of our indebtedness and related interest costs may increase our vulnerability to adverse general economic and industry conditions and may affect our ability to obtain additional financing, as well as have a material adverse impact on our business, financial condition and results of operations.

***We may not have access in the future to sufficient capital on favorable terms or at all. We may require additional capital to pursue acquisitions, to fund capital expenditures, for working capital needs, or to respond to changing business conditions.***

Our existing debt agreements include restrictions on our ability to incur additional debt at certain levels. In addition, if we seek to incur more debt, we may be required to agree to additional covenants that further limit our operational and financial flexibility. If we pursue additional debt or equity financings, we cannot be certain that such funding will be available on terms acceptable to us, or at all. Our inability to access additional capital could adversely affect our liquidity and may limit our growth and ability to execute our business strategy.

**Risks Related to Legal, Compliance and Regulatory Matters** 

***We are exposed to risks relating to occupational, health and safety matters and operate at project sites that involve a high degree of operational hazards and risks. In addition, we are subject to regulations including the U.S. Occupational Safety and Health Administration ("OSHA"), compliance for which can be costly. Failure by us or any of our business partners to maintain safe work sites and equipment or to comply with OSHA could have a material adverse impact on our business, financial condition and results of operations.***

Our operations are subject to extensive laws and regulations relating to the maintenance of safe conditions in the workplace, including those under state and local laws. While we have invested, and will continue to invest resources in our occupational, health, and safety programs, many of our businesses involve a high degree of operational hazards and risks, and there can be no assurance that we will avoid significant exposure to such hazards and risks. For example, the project sites at which we operate often put our workers and others in close proximity with mechanized equipment, moving vehicles, and utility infrastructure. These sites and conditions can create numerous safety risks, including but not limited to fall risks, electrocutions, fires, explosions, mechanical failures, transportation accidents and damage to equipment. These hazards and risks and any failure to implement effective safety procedures can cause, among other things, personal injury and loss of life, severe damage to or destruction of property and equipment and other consequential damages, and could lead to fines or penalties, suspension or cessation of operations, claims, costs to remediate occupational hazards, an increase in workforce turnover, insurance premiums, civil litigation or criminal liability. Any of the foregoing could have a material adverse impact on our business, financial condition and results of operations.

Furthermore, poor safety performance by us could also jeopardize our relationships with our customers, negatively impact the morale of our workers and harm our reputation. Our customers seek to minimize safety

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risks on their sites and frequently review the safety records of contractors during bidding processes. Accordingly, if our safety record were to substantially deteriorate over time, we might become ineligible to bid on certain work, and our customers could cancel our contracts and/or decline to award us future business. As a result, failure to maintain adequate safety standards, training and equipment by us, or any of our subcontractors could result in reduced profitability or the loss of projects or clients, and have a material adverse impact on our business, financial condition and results of operations.

In addition, we are subject to regulations promulgated by OSHA, which establishes certain employer responsibilities, including maintenance of a workplace free of recognized hazards likely to cause death or serious injury, compliance with standards promulgated by applicable regulatory authorities and various recordkeeping, disclosure and procedural requirements. OSHA has and may continue to become more stringent over time. Changes to OSHA requirements, or stricter interpretation or enforcement of existing laws or regulations, could result in increased costs. If we fail to comply with applicable OSHA regulations, even if no work-related serious injury or death occurs, we may be subject to civil or criminal enforcement and be required to pay substantial penalties, incur significant capital expenditures or suspend, terminate or limit operations. Any such accidents, citations, violations, injuries or failure to comply with industry best practices may subject us to adverse publicity, damage our reputation and competitive position, impact our ability to maintain and secure new work with customers and have a material adverse effect on our business.

We have incurred, and we will continue to incur, capital and operating expenditures and other costs in the ordinary course of business in complying with OSHA and other state, local and foreign laws and regulations. While we have invested, and we will continue to invest, substantial resources in worker health and safety programs, there can be no assurance that we will avoid significant liability exposure. Personal injury claims for damages, including for bodily injury or loss of life, could result in substantial costs and liabilities, which could materially and adversely affect our financial condition, results of operations or cash flows. In addition, if our safety record were to substantially deteriorate, or if we suffered substantial penalties or criminal prosecution for violation of health and safety regulations, business customers could cancel existing contracts and not award future business to us, which could materially and adversely affect our liquidity, cash flows and results of operations.

***Project performance issues, including those caused by third parties, or certain contractual obligations may result in additional costs to us, reductions or delays in revenues or the payment of penalties, including liquidated damages.***

Many projects involve challenging engineering, procurement and construction phases that may occur over several years. We may encounter difficulties that adversely affect our ability to complete the project in accordance with the original delivery schedule. These difficulties may be the result of delays: in designs; in engineering information or materials provided by the customer or a third party; in equipment and material delivery; due to schedule changes; from our customer's failure to timely obtain permits, rights-of-way or to meet other regulatory requirements; due to weather-related issues; caused by difficult worksite environments; caused by inefficiencies and not achieving expected workforce performance and other factors, some of which are beyond our control; and due to local opposition, which may include injunctive actions as well as public protests, to the siting of electric transmission lines, renewable energy projects, or other facilities.

Any delay or failure by suppliers or by workers in the completion of their portion of the project may result in delays in the overall progress of the project or may cause us to incur additional costs, or both. We may not be able to recover the costs we incur that are caused by delays. Failure to meet any of our schedules or performance requirements could also result in additional costs or penalties, including liquidated damages, loss of revenue related to milestone achievement, and such amounts could reduce project profit. In extreme cases, the above-mentioned factors could cause project cancellations. Delays or cancellations may impact our reputation or relationships with customers and adversely affect our ability to secure new contracts. Larger projects present additional performance risks due to complexity of the work and duration of the project.

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Our customers may change or delay various elements of the project after its commencement. The design, engineering information, equipment or materials that are to be provided by the customer or other parties may be deficient or delivered later than required by the project schedule, resulting in additional direct or indirect costs. Under these circumstances, we generally negotiate with the customer with respect to the amount of additional time required and the compensation to be paid to us. We are subject to the risk that we may be unable to obtain, through negotiation, arbitration, litigation or otherwise, adequate amounts to compensate us for the additional work or expenses incurred by us due to change orders or failure by others to timely deliver items, such as engineering drawings or materials.

We have in the past brought, and may in the future bring, claims against our customers related to, among other things, the payment terms of our contracts and change orders relating to our contracts. These types of claims occur due to, among other things, customer-caused delays or changes in project scope, either of which may result in additional cost, which may not be recovered until the claim is resolved or at all. Additionally, if any of our customers do not proceed with the completion of projects or default on their payment obligations, or if we encounter disputes with our customers with respect to the adequacy of billing support, we may face difficulties in collecting payment of amounts due to us for the costs previously incurred. In some instances, these claims can be the subject of lengthy legal proceedings, and it is difficult to accurately predict when or if they will be fully resolved. A failure to promptly recover on these types of claims in the future could have a negative impact on our business, financial condition, results of operations and cash flows. Additionally, any such claims may harm our future relationships with our customers and could negatively impact our brand.

***Our failure to comply with various laws and regulations related to the construction and operation of utilities, employment licensing and the operation of our fleet of commercial motor vehicles could result in significant liabilities.***

We are subject to a number of state and federal laws and regulations, including those related to the construction and operation of utilities, contractor licensing and the operation of our fleet of commercial motor vehicles. If we are not in compliance with these laws and regulations, we may be unable to perform services for our customers and may also be subject to fines, penalties, and the suspension or revocation of our licenses. Our failure to comply with these laws and regulations may affect our ability to operate and could require us to incur significant costs that adversely affect our results of operations.

***Our business and our clients' businesses are subject to a variety of federal, state and local laws and regulations, which could adversely affect our business, financial condition and results of operations.***

Federal, state and local laws and regulations affecting our clients, including, among other things, environmental, health and safety, and permitting requirements, may have a material effect on our business. These regulations are complex and subject to change both in substance and interpretation, and often regulations across various industries and jurisdictions can differ or conflict, all of which can negatively impact our or our clients' ability to efficiently operate. Furthermore, certain regulatory requirements applicable to our clients are also required of us when we contract with such clients, and our inability to meet those requirements could also result in decreased demand for our services. Increased and changing regulatory requirements applicable to us and our clients have resulted in, among other things, project delays for our services in the past, and may do so in the future, which can adversely affect our business, financial condition and results of operations. Changes in law, regulations or requirements, or a material failure to comply with any of them, could increase our costs and have other negative impacts on our business by, among other things, increasing costs, harming our reputation and, in some instances, causing us to be in violation of our contractual obligations.

Additionally, we collect and retain information about our customers, stockholders, vendors and personnel. Legislation and regulatory requirements, as well as contractual commitments, affect how we must store, use, handle, transmit, transfer and otherwise process the confidential and personal information of our customers, stockholders, vendors and personnel. These laws, as well as other new or changing legislative, regulatory or

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contractual requirements concerning data privacy and protection, could require us to expend significant additional compliance costs, and any failure to comply with such requirements can result in significant liability or harm to our reputation.

***We may be subject to litigation, indemnity claims, and other disputes, which could result in significant liabilities and adversely impact our financial results.***

From time to time, we are subject to lawsuits, arbitration proceedings, and other claims brought or threatened against us by various parties, including our customers. These actions and proceedings may involve claims for, among other things, compensation for personal injury, workers' compensation, wage and hour violations, employment discrimination, harassment, retaliation, and other employment-related damages, breach of contract, property damage, liquidated damages, consequential damages, punitive damages, statutory damages, and civil penalties, other losses, or injunctive or declaratory relief. In addition, we may also be subject to class action lawsuits, including those alleging violations of the Fair Labor Standards Act, state and municipal wage and hour laws, and misclassification of independent contractors. We also indemnify our customers for claims arising out of or related to the services we provide and our actions or omissions under our contracts. In some instances, we may be allocated risk through our contract terms for the actions or omissions of our customers, workforce, or other third parties.

Due to the inherent uncertainties of litigation and other dispute resolution proceedings, we cannot accurately predict the ultimate outcome of these matters. The outcome of litigation, particularly class action lawsuits, is difficult to assess or quantify. Class action lawsuits may seek recovery of very large or indeterminate amounts. Accordingly, the magnitude of the potential loss may remain unknown for substantial periods of time. These proceedings could result in substantial costs and may require us to devote substantial resources to our defense. The ultimate resolution of any litigation or proceeding through settlement, mediation, or a judgment could have a material impact on our reputation and adversely affect our results of operations and financial position.

***Climate change and related risks and environmental issues could have an adverse impact on our business. An earthquake, wildfire or other man-made or natural disaster or resource shortage could disrupt and harm our operations.***

The effects of climate change may increase both the frequency and severity of extreme weather conditions and natural disasters, which may affect our business operations. The occurrence of extreme weather conditions or a man-made or natural disaster, including as a result of climate change, such as an earthquake, drought, hurricanes, freezing conditions, extreme heat, flood, hail, fire, water scarcity, damage to infrastructures, impacts to transportation systems or any critical resource shortages could cause a significant interruption in our or our customers' business, damage or destroy our or our customers' facilities or inventory or cause us to incur significant costs, any of which could harm our business, financial condition and results of operations. The activities of our third-party vendors and other suppliers, manufacturers, business partners and distributors may be similarly disrupted. Our business operations may face risks associated with "transition risks" such as risks related to the impact of climate-related legislation and regulation and risks related to climate-related business trends (such as the process of transitioning to a lower-carbon economy). Any insurance we maintain against such risks may not be adequate to cover losses in any particular case, and such insurance may become increasingly expensive or unavailable.

***Our failure to comply with environmental and other laws and regulations could result in significant liabilities.***

Our past, current and future operations are subject to numerous environmental and other laws and regulations governing our operations, including the use, transport and disposal of non-hazardous and hazardous substances and waste, as well as emissions and discharges into the environment, including discharges to air, surface water, groundwater and soil. We also are subject to laws and regulations that impose liability and cleanup responsibility for releases of hazardous substances into the environment, including asbestos and mercury, and

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workforce exposure to such hazardous substances and waste. We cannot predict future changes to environmental regulations and policies, nor can we predict the effects that any such changes would have on our business, but such effects could be significant.

Under the Comprehensive Environmental Response, Compensation and Liability Act, also known as the "Superfund" law, and comparable state laws and regulations, liabilities can be imposed for cleanup of previously owned or operated properties, or properties to which hazardous substances or waste were discharged by current or former operations at our facilities, regardless of whether we directly caused the contamination or violated any law at the time of discharge or disposal. The presence of contamination from such substances or waste could interfere with ongoing operations or adversely affect our ability to sell, lease or otherwise use our properties in ways such as collateral for possible financing. At times, our operations are conducted in close proximity to pipelines, underground storage tanks, or other equipment that may be used to transport or store hazardous substances. In the event that our operations cause a release of such substances, we could be subject to environmental compliance and/or remediation liabilities, which could materially and adversely affect our financial condition, results of operations or cash flows. We could also be held liable for significant penalties and damages under certain other environmental laws and regulations, which could materially and adversely affect our business, financial condition, results of operations and cash flows. Generally, under our contracts we are responsible for any non-hazardous or hazardous substances and waste we bring on to a jobsite or that we generate secondary to the work we perform, which liabilities could arise from violations of environmental laws and regulations as a result of human error, equipment failure or other causes.

In addition, new laws and regulations, stricter enforcement of existing laws and regulations, the discovery of previously unknown contamination or leaks, or the imposition of new permitting or cleanup requirements could require us to incur significant costs or become the basis for new or increased liabilities that could harm our business, financial condition, results of operations and cash flows. In certain instances, we have obtained indemnification or covenants from third parties (including our predecessor owners or lessors) for some or all of such cleanup and other obligations and liabilities. However, such third-party indemnities or covenants may not cover all of our costs, which could have a material adverse effect on our business, results of operations and cash flows.

Legislative and regulatory proposals to address greenhouse gas emissions could have an adverse effect on our business, financial condition and results of operations, and it is not possible at this time to predict how legislation or regulations adopted to address greenhouse gas emissions would impact our business in the future. Any of these actions could result in increased costs associated with our operations and impact the prices we charge our customers. If new regulations are adopted regulating greenhouse gas emissions from mobile sources such as cars and trucks, we could experience a significant increase in environmental compliance costs due to our large fleet. In addition, if our operations are perceived to result in high greenhouse gas emissions, our reputation could suffer.

We are also subject to laws and regulations protecting endangered species, artifacts and archaeological sites. Future changes to and enforcement of these laws and regulations could adversely impact our operations. We may incur work stoppages to avoid violating these laws and regulations, or we may risk fines or other sanctions for accidentally or willfully violating these laws and regulations. We are also subject to immigration laws and regulations, for which noncompliance by us or our workforce could materially and adversely affect our business, financial condition, results of operations and cash flows.

***Increases in the costs of providing our workforce with medical benefits could adversely affect our financial results.***

The costs of providing medical benefits to our workforce have steadily increased in recent years due to, among other things, rising healthcare costs and legislative requirements. Because of the complex nature of healthcare laws, as well as periodic healthcare reform legislation adopted by Congress, state legislatures, and

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***Any actual or perceived failure to comply with new or existing laws, regulations, and other requirements relating to privacy, data protection, cybersecurity and consumer protection could adversely affect our business, financial condition and results of operations.***

In connection with running our business, we receive, store, use and otherwise process information that relates to individuals and/or constitutes "personal data," "personal information," "personally identifiable information," or similar terms under applicable data privacy laws (collectively, "Personal Information"), including from and about actual and prospective customers, as well as our employees and business contacts. We are therefore subject to various federal, state and foreign laws and regulations governing the privacy, security, and processing of Personal Information. For example, the California Consumer Privacy Act, and other laws in other jurisdictions require us to adhere to certain disclosure restrictions and deletion obligations with respect to the Personal Information of their residents, and allow for penalties for violations and, in some cases, a private right of action. These laws also impose transparency and other obligations with respect to Personal Information of their respective residents and provide residents with similar rights with respect to their Personal Information. We have invested, and continue to invest, human and technology resources in our efforts to comply with such requirements that may be time-intensive and costly.

These laws, regulations, and other requirements, which include evolving privacy, data protection, cybersecurity and consumer protection requirements, continue to develop and may be subject to differing interpretations or inconsistent enforcement across jurisdictions. Changes in applicable laws or regulations, or the interpretation or application of existing requirements, may require us to modify our business practices, information technology systems or security controls, incur additional compliance costs, or limit the manner in which we collect, use or retain Personal Information. Any failure, or perceived failure, by us or by third-party service providers with whom we work to comply with applicable legal or regulatory obligations, contractual commitments, or our stated policies could result in regulatory inquiries, enforcement actions, fines, penalties, litigation, contractual liability or reputational harm. We could incur significant costs investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business. These proceedings and any subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected.

***We could be adversely affected by any violations of the U.S. FCPA, the U.K. Bribery Act and other foreign anti-bribery laws.***

The U.S. Foreign Corrupt Practices Act of 1977, as amended (the "U.S. FCPA") generally prohibits companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business. Other countries in which we operate also have anti-bribery laws, some of which prohibit improper payments to government and nongovernment persons and entities. Our policies mandate compliance with these anti-bribery laws. However, we currently operate in, and intend to further expand into, many parts of the world that have experienced governmental corruption to some degree and, in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. In addition, due to the level of regulation in our industry, our entry into certain jurisdictions requires substantial government contact where norms can differ from U.S. standards. It is possible that our employees, subcontractors, agents and partners may take actions in violation of our policies and anti-bribery laws. Any such violation, even if prohibited by our policies, could subject us to criminal or civil penalties or other sanctions, which could have a material adverse effect on our business, financial condition, cash flows and reputation.

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***If we fail to implement and maintain effective internal controls over financial reporting, we may be unable to accurately or timely report our financial condition or results of operations, which may adversely affect our business.***

Ensuring that we have adequate internal financial and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis is a costly and time-consuming effort that will need to be evaluated frequently. Section 404 of the Sarbanes-Oxley Act requires public companies to conduct an annual review and evaluation of their internal controls and requires attestations of the effectiveness of internal controls by independent auditors. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. Evaluation by us of our internal controls over financial reporting may identify material weaknesses. The identification of a material weakness in our internal controls or the failure to remediate existing material weaknesses in our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of rules. There also could be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. This could have a material adverse effect on our business, financial condition and results of operations and could also lead to a decline in the price of our Class A common stock.

We are not currently required to comply with the SEC's rules implementing Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which will require our management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of our internal control over financial reporting. Though we will be required to disclose material changes made to our internal controls and procedures on a quarterly basis, we will not be required to make our first annual assessment of our internal control over financial reporting pursuant to Section 404 until the year following the first annual report we are required to file with the SEC. To comply with the requirements of being a public company, we will need to implement additional internal controls, reporting systems and procedures and hire additional accounting, finance and legal staff. For as long as we are an "emerging growth company" under the Securities Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404. See "—As an emerging growth company within the meaning of the Securities Act, we may utilize certain modified disclosure requirements, and we cannot be certain if these reduced requirements will make our Class A common stock less attractive to investors." We could be an "emerging growth company" for up to five years. An independent assessment of the effectiveness of our internal control over financial reporting could detect problems that our management's assessment might not. Undetected material weaknesses in our internal control over financial reporting could lead to financial statement restatements and require us to incur the expense of remediation. Establishing these internal controls may also divert management's attention.

**Risks Related to Intellectual Property** 

***If we fail to adequately protect our intellectual property or technology (including any later developed or acquired intellectual property or technology), our competitive position could be impaired and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights.***

Our commercial success will depend in part on our ability to obtain and maintain appropriate intellectual property protection in the United States and foreign jurisdictions with respect to our proprietary technology and the proprietary technology and products we in-license from our partners. Our ability to successfully implement our business plan depends on our ability to build and maintain brand recognition using trademarks, service marks, trade dress and other intellectual property. While we have registered our material trademarks in many of our significant markets, we have not registered all of our marks in all of the jurisdictions in which we currently conduct or intend to conduct business. Further, if we seek to register these trademarks, we cannot be sure that our

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attempts will be successful. We may rely on trade secrets, trademark, patent and copyright laws and confidentiality and other agreements with employees and third parties, all of which offer only limited protection. Furthermore, legal standards relating to the validity, enforceability and scope of protection of intellectual property rights are uncertain and subject to change at any time. The steps we have taken and the steps we will take to protect our proprietary rights may not be sufficient to prevent infringement, misappropriation, dilution or other violations of, or loss of rights in, our proprietary information or our intellectual property rights; prevent others from independently developing products or services similar to, or duplicative of, ours; prevent our competitors from gaining access to our proprietary information and technologies; or permit us to gain or maintain a competitive advantage. If our efforts to protect our intellectual property are unsuccessful or inadequate, or if any third party misappropriates or infringes on our intellectual property or successfully opposes or challenges our intellectual property applications, the value of our brands may be harmed, which could have a material adverse effect on our business. Protecting against unauthorized use of our trademarks and other intellectual property rights may be expensive, difficult and, in some cases, not possible. It may be difficult or impossible to detect third-party infringement or misappropriation of our intellectual property rights and proving any such infringement may be even more difficult. Furthermore, litigation to protect and enforce our intellectual property rights, regardless of merit, is inherently uncertain and our success cannot be assured. Any litigation could be lengthy and result in substantial costs and diversion of our resources and could have a material adverse effect on our business and results of operations, regardless of its outcome. If we are unsuccessful in enforcing our intellectual property rights, third parties may be able to offer competitive products and services at lower prices, and we may not be able to effectively compete against these companies. In addition, if any third-party copies or imitates our products or services in a manner that affects customer or consumer perception of the quality of our business, our reputation and sales could suffer whether or not these violate our intellectual property rights.

Third parties may claim in the future that we have infringed, misappropriated, diluted or otherwise violated their intellectual property rights. Former employers of our employees may also assert claims that such employees have improperly disclosed to us the confidential or proprietary information of these former employers. There can be no assurance that we will obtain a favorable outcome in any resulting litigation or dispute. Further, certain agreements with customers contain provisions where we indemnify, subject to certain limitations, the counterparty for damages suffered as a result of claims related to intellectual property infringement based on our data or technology. Infringement claims covered by such indemnity provisions could be expensive to litigate and may result in significant settlement payments. Defending against any third-party claim could be time consuming, divert management's attention from our business operations and could result in adverse judgments, settlements on unfavorable terms or substantial litigation costs, including any monetary damages and member or customer indemnification obligations that may result from such claims. As a result of such claims, we may be required to obtain licenses from third parties, develop alternative products or redesign our products. We cannot be sure that any such licenses would be available on terms acceptable to us, if at all. If we are unable to obtain licenses on terms acceptable to us, if at all, our ability to develop and sell products or services containing that intellectual property would be limited. We may be forced to acquire or develop alternative intellectual property, which we may be unable to do in a commercially feasible manner, or at all, which may require us to use alternative technology of lower quality or performance standards. If we are unable to develop or license alternative technology (or must spend significant amounts of money to do so), our business, cash flows, financial condition, results of operations or prospects could be materially adversely affected.

We also must rely on contractual provisions with the third parties that license intellectual property to us and that obligate these third parties to protect our rights in the intellectual property licensed to us. There is no guarantee that these third parties would be successful in attempting to protect our rights in any such licensed intellectual property. There is no assurance that competitors will not be able to design around current or future patents or other intellectual property or any intellectual property licensed to us.

The licenses we receive to such intellectual property rights may not provide exclusive or unrestricted rights in all fields of use and in all territories in which we may wish to develop or commercialize our products or services in the future and may restrict our rights to offer certain products or services in certain markets or impose

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other obligations on us in exchange for our rights to the licensed intellectual property. If we violate the terms of any of our license agreements, such as by failing to make specified royalty payments or failing to comply with quality control standards, a licensor may have the right to terminate our license. Even if we comply with all the terms of a license agreement, we cannot guarantee that we will be able to renew an agreement when it expires even if we desire to do so. The failure to maintain or renew our material license agreements could result in a loss of revenue and negatively impact our results of operations.

**Risks Related to Our Organizational Structure** 

***We will be a holding company and our principal asset after completion of the Transactions will be direct and indirect ownership of the LLC Interests and, accordingly, we will be dependent upon ITG Parent and its consolidated subsidiaries for our results of operations, cash flows and distributions.***

Upon completion of the Transactions, we will be a holding company and will have no material assets other than direct and indirect ownership of the LLC Interests. As a holding company, we will have no independent means of generating revenue or cash flow, and our ability to pay our taxes and operating expenses, including to satisfy our obligations under the Tax Receivable Agreement, or declare and pay dividends, if any, in the future, will depend upon the results of operations and cash flows of ITG Parent and its consolidated subsidiaries, including ITG OpCo, and distributions we receive from ITG Parent. Our subsidiaries may not generate sufficient cash flow to distribute funds to us and applicable state law and contractual restrictions may not permit such distributions. Furthermore, so long as the Tax Receivable Agreement is outstanding and in effect, without the prior consent of the Agent, any distributions we receive from ITG Parent may only be used by us to meet our obligations under the Tax Receivable Agreement and to pay our taxes and other legal compliance obligations and for no other purpose.

Though no assurances can be provided, we anticipate that ITG Parent will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax. Instead, taxable income of ITG Parent will be allocated to holders of the LLC Interests. Accordingly, we and our subsidiaries will be required to pay income taxes on our allocable share of any net taxable income of ITG Parent allocated to us under the terms of the ITG Parent LLC Agreement. Under the terms of the ITG Parent LLC Agreement, ITG Parent will be required to make tax distributions to the holders of LLC Interests, including us, on a pro rata basis (unless certain exceptions apply) and without regard to any applicable basis adjustment from which we may benefit. In addition to tax payments, we will incur expenses related to our operations, including obligations to make payments under the Tax Receivable Agreement, which we expect could be significant. The tax benefits we may realize as a result of our purchase of LLC Interests and any exchanges of LLC Interests, and the resulting amounts we are likely to pay out to the TRA Participants pursuant to the Tax Receivable Agreement depend on various factors and are difficult to quantify with any precision; however, we estimate that such payments may be substantial. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." Furthermore, our allocable share of ITG Parent's net taxable income will increase over time as the Continuing Equity Owners redeem or exchange their LLC Interests for shares of Class A common stock or cash.

We intend (as the owner of its managing member) to cause ITG Parent to make cash distributions to the owners of LLC Interests, including us, in amounts sufficient to (1) fund all or part of their tax obligations in respect of taxable income allocated to them from ITG Parent and (2) cover our operating expenses, including payments under the Tax Receivable Agreement. However, ITG Parent's ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would violate either any contract or agreement to which ITG Parent or its subsidiaries is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering ITG Parent or its subsidiaries insolvent. If we do not have sufficient funds to pay our tax or other liabilities or to fund our operations (including, if applicable, because of an acceleration of our obligations under the Tax Receivable Agreement), we may have to borrow funds, which could materially adversely affect our liquidity and financial condition and subject us to various restrictions imposed by any such lenders. To the extent that we are unable to make payments under the Tax Receivable

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Agreement, such payments generally will be deferred and will accrue interest until paid. Nonpayment for a specified period, however, may constitute a breach of a material obligation under the Tax Receivable Agreement and therefore accelerate payments due under the Tax Receivable Agreement, unless, generally, such nonpayment is due to a lack of sufficient funds. In addition, if ITG Parent does not have sufficient funds to make distributions, our ability to declare and pay cash dividends will also be restricted or impaired (though we do not currently expect to declare or pay any dividends). See "—Risks Related to This Offering and Our Class A Common Stock," "Dividend Policy," "Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement" and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

***Conflicts of interest could arise between our stockholders and the Continuing Equity Owners, which may impede business decisions that could benefit our stockholders.***

The Continuing Equity Owners, who, upon consummation of this offering, will be the only holders of LLC Interests other than us, have the right to consent to certain amendments to the ITG Parent LLC Agreement, as well as to certain other matters. The Continuing Equity Owners may exercise these consent rights in a manner that conflicts with the interests of our other stockholders. Circumstances may arise in the future when the interests of the Continuing Equity Owners conflict with the interests of our other stockholders, particularly in the context of acquisitions. As we control ITG Parent, we have certain obligations to the Continuing Equity Owners as holders of LLC Interests that may conflict with fiduciary duties our officers and directors owe to our stockholders. These conflicts may result in decisions that are not in the best interests of our stockholders.

***We will be required to make payments under the Tax Receivable Agreement and the amounts of such payments could be significant.***

In connection with the consummation of this offering, we will enter into the Tax Receivable Agreement with the TRA Participants. Under the Tax Receivable Agreement, we will be required to make cash payments to the TRA Participants equal to a percentage of the tax benefits, if any, that we actually realize, or in certain circumstances are deemed to realize, as a result of certain tax attributes, including (i) our allocable share of existing tax basis attributable to our acquisition or ownership of LLC Interests in connection with this offering, (ii) certain tax attributes we will acquire from the Blocker in the Blocker Merger (including net operating losses and the Blocker's allocable share of tax basis), (iii) increases in our allocable share of then existing tax basis, and certain adjustments to the tax basis of the assets of ITG Parent and its subsidiaries as a result of actual or deemed sales or exchanges of LLC Interests in connection with this offering, if any, and future redemptions or exchanges of LLC Interests, (iv) imputed interest arising from any payments we make under the Tax Receivable Agreement and (v) certain other tax benefits related to entering into the Tax Receivable Agreement, including certain payments made under the Tax Receivable Agreement. We will be required to make payments to the TRA Participants under the Tax Receivable Agreement in respect of any tax year to the extent tax benefits are realized, or in certain circumstances deemed to be realized, in that tax year as a result of the specified circumstances (calculated using certain assumptions), even if all of the Continuing Equity Owners exchange or redeem their LLC Interests, and the payments under the Tax Receivable Agreement will not be conditioned upon continued ownership of our stock by the TRA Participants. The payment obligations under the Tax Receivable Agreement are obligations of ITG, Inc. and not of ITG Parent. There is no maximum term for the Tax Receivable Agreement.

We expect that the amount of the cash payments we will be required to make under the Tax Receivable Agreement will be substantial. Assuming there are no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, and assuming all exchanges or redemptions would occur immediately after the initial public offering, based on the assumed initial public offering price of $20.50 per share of Class A common stock, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, we would be required to pay approximately $346.2 million over the fifteen-year period from the date of this offering. The actual amounts we will be required to pay under the Tax Receivable Agreement and the actual amount of deferred tax assets and related liabilities that we will recognize as a result of any such future exchanges or redemptions will differ based on, among other

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things: (i) the amount and timing of future exchanges or redemptions of the LLC Interests, as applicable, and the extent to which such exchanges or redemptions are taxable; (ii) the price per share of our Class A common stock at the time of the exchanges or redemptions; (iii) the amount of Blocker tax attributes; (iv) the amount and timing of future income against which to offset the tax benefits; and (v) the tax rates then in effect. Absent a termination event pursuant to the terms of the Tax Receivable Agreement and assuming no material changes in the relevant tax laws, we expect our obligation to make cash payments under the Tax Receivable Agreement would continue for more than fifteen years after all of the Continuing Equity Owners exchange or redeem all of their LLC Interests.

Any payments made by us to the TRA Participants under the Tax Receivable Agreement will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us. Furthermore, if we experience a change of control (as will be defined under the Tax Receivable Agreement), which we anticipate will include, among other things, certain mergers, asset sales, and other forms of business combinations, we expect that the Tax Receivable Agreement will obligate us to make an immediate payment, which may be significantly in advance of, and may materially exceed, the actual realization, if any, of the future tax benefits to which the payment relates. This payment obligation could (i) make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that are the subject of the Tax Receivable Agreement and (ii) result in holders of our Class A common stock receiving substantially less consideration in connection with a change of control transaction than they would receive in the absence of such obligation. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Finally, because we are a holding company with no operations of our own, our ability to make payments under the Tax Receivable Agreement depends on the ability of ITG Parent to make distributions to us or to Intermediate. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, such payments will be deferred and will accrue interest until paid. Nonpayment for a specified period, however, may constitute a breach of a material obligation under the Tax Receivable Agreement and therefore accelerate payments due under the Tax Receivable Agreement, which could negatively impact our results of operations and could also affect our liquidity in periods in which such payments are made.

***In certain circumstances, ITG Parent will be required to make distributions to us and certain of the Continuing Equity Owners, and the distributions may be substantially in excess of the amounts we use to make distributions to our stockholders and pay our expenses (including our taxes and payments under the Tax Receivable Agreement). To the extent we do not distribute such excess cash as dividends on our Class A common stock, certain of the Continuing Equity Owners receiving such distributions would benefit from any value attributable to such cash as a result of their ownership of shares of Class A common stock upon a redemption or exchange of their LLC Interests.***

ITG Parent is treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income is allocated to its members, including us and certain of the Continuing Equity Owners. We intend to cause ITG Parent to make tax distributions quarterly to the holders of LLC Interests (including us), in each case on a pro rata basis based on ITG Parent's net taxable income, and without regard to any applicable basis adjustment and based on an assumed tax rate (which is likely to be higher than the tax rate applicable to a corporate taxpayer). Funds used by ITG Parent to satisfy its tax distribution obligations will not be available for reinvestment in our business. Moreover, these tax distributions may be substantial and will likely exceed (as a percentage of ITG Parent's income) the overall effective tax rate applicable to a similarly situated corporate taxpayer. As a result, it is possible that we will receive distributions significantly in excess of our tax liabilities and obligations to make payments under the Tax Receivable Agreement. No adjustments to the exchange ratio of LLC Interests for shares of our Class A common stock will be made as a result of either (i) any cash distribution by us or (ii) any cash that we retain and do not distribute to our stockholders. To the extent, as currently expected, we do not or cannot distribute such cash as dividends on our Class A common stock and instead, for example, hold such cash balances, this may result in shares of our

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Class A common stock increasing in value relative to the LLC Interests. The holders of LLC Interests may benefit from any value attributable to such cash balances if they receive shares of Class A common stock on redemption or exchange of their LLC Interests or if we acquire additional LLC Interests (whether from ITG Parent or from holders of LLC Interests) at a price based on the market price of our Class A common stock at the time. See "Dividend Policy."

***In certain cases, payments under the Tax Receivable Agreement to the TRA Participants may be accelerated or significantly exceed any actual benefits we realize in respect of the tax attributes subject to the Tax Receivable Agreement.***

Under the Tax Receivable Agreement, if we exercise our right to terminate the Tax Receivable Agreement early, certain changes of control occur or we breach any of our material obligations under the Tax Receivable Agreement, our obligations under the Tax Receivable Agreement to make payments would be accelerated and based on certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

As a result of the foregoing, we could be required to make payments that are greater than 85% of the actual cash tax benefits that we realize in respect of the tax attributes subject to the Tax Receivable Agreement or that are prior to the actual realization, if any, of such future tax benefits. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity. Changes in law or changes in tax rates following the date of acceleration may also result in payments being made in excess of the future tax benefits, if any. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control or reducing the proceeds directly or indirectly attributable to the holders of our Class A common stock in connection with such transactions. There can be no assurance that we will be able to fund or finance our obligations under the Tax Receivable Agreement. We may need to incur debt to finance payments under the Tax Receivable Agreement to the extent our cash resources are insufficient to meet our obligations under the Tax Receivable Agreement as a result of timing discrepancies or otherwise.

Assuming that the market value of a share of Class A common stock were to be equal to an initial public offering price of $20.50 per share of Class A common stock (which is the midpoint of the estimated price range set forth on the cover page of this prospectus) and a discount rate of 4.68%, we estimate that the aggregate amount of termination payments under the Tax Receivable Agreement would be approximately $244.9 million if we were to exercise its early termination right immediately following this offering.

***We may not be able to realize all or a portion of the tax benefits that are currently expected to result from the tax attributes covered by the Tax Receivable Agreement and from payments made under the Tax Receivable Agreement.***

Our ability to realize the tax benefits that we currently expect to be available as a result of the tax attributes covered by the Tax Receivable Agreement, the payments made pursuant to the Tax Receivable Agreement, and the interest deductions imputed under the Tax Receivable Agreement all depend on a number of assumptions, including that we earn sufficient taxable income each year during the period over which such deductions are available and that there are no adverse changes in applicable law or regulations. Additionally, if our actual taxable income were insufficient or there were additional adverse changes in applicable law or regulations, we may be unable to realize all or a portion of the expected tax benefits and our cash flows and stockholders' equity could be negatively affected. See "Certain Relationships and Related Party Transactions —Tax Receivable Agreement."

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***We will not be reimbursed for any payments made to the beneficiaries under the Tax Receivable Agreement in the event that any purported tax benefits are subsequently disallowed by the IRS.***

If the U.S. Internal Revenue Service (the "IRS") or a state, local or foreign taxing authority challenges the tax attributes or tax positions that give rise to payments under the Tax Receivable Agreement and the tax savings that gave rise to such payments are subsequently deferred or disallowed, the recipients of payments under the Tax Receivable Agreement will not reimburse us for any payments we previously made to them. Moreover, such challenges by the IRS or a state, local or foreign taxing authority (and the determination of any excess payments under the Tax Receivable Agreement resulting therefrom) may take years to resolve. Any such disallowance would be factored into the determination of future payments under the Tax Receivable Agreement and may, therefore, reduce the amount of any such future payments. Nevertheless, if the claimed tax benefits from the basis adjustments, deductions and/or other tax benefits are disallowed, our payments under the Tax Receivable Agreement could exceed our actual tax savings, and we may not be able to recoup payments under the Tax Receivable Agreement that were calculated on the assumption that the disallowed tax savings were available, which could have a material adverse effect on our business, financial condition and results of operations.

The applicable U.S. federal income tax rules for determining applicable tax benefits we may claim are complex and factual in nature, and there can be no assurance that the IRS or a court will not disagree with our tax reporting positions. As a result, payments could be made under the Tax Receivable Agreement significantly in excess of any actual cash tax savings that we realize in respect of such tax attributes.

***As a result of the Tax Receivable Agreement, interests of the Continuing Equity Owners may conflict with those of other holders of our Class A common stock.***

Our organizational "Up-C" structure, including the Tax Receivable Agreement, may confer certain benefits upon certain of the Continuing Equity Owners that will not benefit the holders of our Class A common stock to the same extent. Certain of the Continuing Equity Owners may receive payments from us under the Tax Receivable Agreement upon any redemption or exchange of their LLC Interests, including in connection with a change of control transaction. Furthermore, so long as the Tax Receivable Agreement is outstanding and in effect, without the prior consent of the Agent, any distributions we receive from ITG Parent may only be used by us to meet our obligations under the Tax Receivable Agreement and to pay our taxes and other legal compliance obligations and for no other purpose. As a result, the interests of such Continuing Equity Owners may conflict with the interests of holders of our Class A common stock. For example, the Continuing Equity Owners could be entitled to a substantial termination payment under the Tax Receivable Agreement in connection with a change of control transaction which could impact their support for a change of control transaction and their view of the appropriateness of the consideration received for our Class A common stock. In addition, the structuring of future transactions may take into consideration tax or other considerations of such Continuing Equity Owners even in situations where no similar considerations are relevant to us. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for a discussion of the Tax Receivable Agreement and the related likely benefits to be realized by us and certain Continuing Equity Owners.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.***

We will be subject to income taxes in the United States, and our tax liabilities will be subject to the allocation of expenses in differing jurisdictions. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including: changes in the valuation of our deferred tax assets and liabilities; expected timing and amount of the release of any tax valuation allowances; tax effects of equity-based compensation; costs related to intercompany restructurings; changes in tax laws, regulations or interpretations thereof; or lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.

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In addition, we may be subject to audits of our income, sales and other transaction taxes by U.S. federal, state and local authorities. Outcomes from these audits could have an adverse effect on our results of operations and financial condition.

***If ITG Parent were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and ITG Parent might be subject to potentially significant tax inefficiencies.***

We intend to operate such that ITG Parent does not become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. A "publicly traded partnership" is a partnership the interests of which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof. A publicly traded partnership is generally taxable as a corporation for U.S. federal income tax purposes, unless 90% or more of such partnership's gross income consists of certain passive-type qualifying income, such as interest, dividends and real property rents. Under certain circumstances, redemptions of LLC Interests pursuant to the redemption right, or other transfers of LLC Interests, could cause ITG Parent to be treated as a publicly traded partnership. Applicable U.S. Treasury regulations provide for certain safe harbors from treatment as a publicly traded partnership. We generally intend to operate such that redemptions or other transfers of LLC Interests qualify for one or more such safe harbors or are otherwise restricted in a manner that is intended to prevent ITG Parent from becoming a publicly traded partnership for U.S. federal income tax purposes, though no assurances can be provided.

If ITG Parent were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, significant tax inefficiencies might result for us and for ITG Parent, including as a result of any inability to file a consolidated U.S. federal income tax return with ITG Parent.

**Risks Related to This Offering and Our Class A Common Stock** 

***The Continuing Equity Owners will continue to have significant influence over us after this offering, including control over decisions that require the approval of stockholders, which could limit your ability to influence the outcome of matters submitted to stockholders for a vote.***

We are currently controlled, and after this offering is completed will continue to be controlled, by the Continuing Equity Owners. Upon completion of this offering, the Continuing Equity Owners will beneficially own 83.90% of the combined voting power of all of our outstanding common stock (or approximately 81.49% if the underwriters exercise in full their option to purchase additional shares to cover over-allotments). As long as the Continuing Equity Owners collectively own or control at least 40% of our outstanding voting power, they will have the ability to exercise substantial control and significant influence over our management and affairs and all corporate actions requiring stockholder approval, irrespective of how our other stockholders may vote, including the election and removal of directors and the size of our board of directors, any amendment of our certificate of incorporation or bylaws, or the approval of any merger or other significant corporate transaction, including a sale of substantially all of our assets. See "Description of Capital Stock." The concentration of voting power limits your ability to influence corporate matters, and as a result, we may take actions that you do not view as beneficial. As a result, the market price of our Class A common stock could be adversely affected. Even if their collective ownership falls below 40%, the Continuing Equity Owners will continue to be able to strongly influence or effectively control our decisions.

In addition, in connection with this offering, we intend to enter into the Stockholders Agreement with the Continuing Equity Owners, which, among other matters, will provide that the Continuing Equity Owners and their affiliates will be entitled to nominate up to six directors for election to our board of directors depending on the amount of outstanding equity securities of the Company held by them. Pursuant to the Stockholders Agreement, so long as the Oaktree Group beneficially owns shares of voting stock representing at least 5% of the voting power of the then-outstanding voting stock of the Company, the Oaktree Group will continue to have director nomination rights and the ability to receive access to insider information. For more information, see "Certain Relationships and Related Party Transactions—Stockholders Agreement."

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If the Continuing Equity Owners do not dispose of their remaining equity interest in our company, or if the Continuing Equity Owners purchase shares of our Class A common stock in the open market following the completion of this offering, the Continuing Equity Owners could remain our controlling stockholder for an extended period of time or indefinitely. Even if the Continuing Equity Owners were to beneficially own less than 40% of the total voting power of our outstanding shares of common stock, Continuing Equity Owners may be able to influence the outcome of corporate actions requiring stockholder approval for as long as they own a significant portion of our common stock. Additionally, the interests of the Continuing Equity Owners may not align with the interests of our other stockholders. The Continuing Equity Owners and their affiliates (including Oaktree) may, in the ordinary course of their respective businesses, acquire and hold interests in businesses that compete directly or indirectly with us. The Continuing Equity Owners and their affiliates (including Oaktree) each may also pursue acquisition opportunities that may be complementary to our business, and as a result, those acquisition opportunities may not be available to us.

***Following the offering, we will be classified as a "controlled company," and as a result, we will qualify for, but do not intend to rely on, exemptions from certain corporate governance requirements. In the event that we elect to rely on these exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to such requirements. In addition, the Continuing Equity Owners' interests may conflict with our interests and the interests of other stockholders.***

After the closing of this offering, the Continuing Equity Owners will continue to control a majority of our voting power.

As a result, we will be a "controlled company" within the meaning of the applicable stock exchange corporate governance standards. Under the rules of Nasdaq, a company of which more than 50% of the outstanding voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain stock exchange corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a majority of our board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that our board of directors have a compensation committee that is comprised entirely of
independent directors with a written charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that our board of directors have a nominating and corporate governance committee that is
comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that we perform annual performance evaluations of the nominating and corporate governance and
compensation committees.

We do not intend to rely on these exemptions immediately following this offering. However, for so long as we qualify as a "controlled company," we will maintain the option to utilize some or all of these exemptions. If we utilize these exemptions, we may not have a majority of independent directors, our nominating and corporate governance and compensation functions may not be decided solely by independent directors, and such committees may not be subject to annual performance evaluations. Accordingly, in the event we elect to rely on these exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to all of the stock exchange corporate governance requirements.

The interests of the Continuing Equity Owners and their affiliates (including Oaktree) could conflict with or differ from our interests or the interests of our other stockholders. For example, the concentration of ownership beneficially held by Oaktree or the Continuing Equity Owners could delay, defer or prevent a change of control of our Company or impede a merger, takeover or other business combination, which may otherwise be favorable for us and our other stockholders. Additionally, Oaktree is in the business of making investments in companies and Oaktree or the Continuing Equity Owners may, from time to time, acquire and hold interests in businesses that compete, directly or indirectly, with us. Oaktree or the Continuing Equity Owners may also pursue

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acquisition opportunities that may be complementary to our business, and as a result, those acquisition opportunities may not be available to us. So long as Oaktree or the Continuing Equity Owners continue to directly or indirectly own a significant amount of our common stock, even if such amount is less than a majority thereof, Oaktree or the Continuing Equity Owners will continue to be able to substantially influence or effectively control our ability to enter into corporate transactions.

***The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain qualified board members and officers.***

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the listing requirements of Nasdaq, and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and results of operations and maintain effective disclosure controls and procedures and internal control over financial reporting. To maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management's attention may be diverted from other business concerns, which could harm our business and results of operations. Although we have already hired additional employees in preparation for these heightened requirements, we may need to hire more employees in the future, which would increase our costs and expenses.

We also expect that being a public company will make it more expensive for us to obtain director and officer liability insurance and we may have to choose between reduced coverage or substantially higher costs to obtain coverage. These factors could make it more difficult for us to attract and retain qualified executive officers and members of our board of directors, particularly to serve on our audit committee and compensation committee.

***We cannot be certain that an active trading market for our Class A common stock will develop or be sustained following the completion of this offering.***

Prior to the completion of this offering, there has not been a public market for our Class A common stock. Although we have applied to list our Class A common stock on Nasdaq, we cannot predict whether an active public market for our Class A common stock will develop or be sustained after this offering. If an active and liquid trading market does not develop, you may have difficulty selling or may not be able to sell any of the shares of our Class A common stock that you purchase.

An inactive trading market could also impair our ability to raise capital by selling shares of our Class A common stock, our ability to attract and motivate our employees through equity incentive awards and our ability to acquire businesses, brands, assets or technologies by using shares of our Class A common stock as consideration. Furthermore, the liquidity of the market for shares of our Class A common stock may be constrained for as long as the Continuing Equity Owners continue to own a significant portion of our common stock.

***We cannot assure you that the price of our Class A common stock will not decline or not be subject to significant volatility after this offering.***

We cannot predict the prices at which our shares of Class A common stock will trade after the completion of this offering. The market price of our Class A common stock could be subject to significant fluctuations after this offering. The price of our stock may change in response to fluctuations in our results of operations in future periods and also may change in response to other factors, including factors specific to companies in our industry, many of which are beyond our control. As a result, our share price may experience significant volatility and may not necessarily reflect the value of our expected performance. Among other factors that could affect our stock price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations applicable to our industry or offerings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation about our business in the press or the investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the market price and trading volume of companies in our industry or companies that investors
consider comparable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share price and volume fluctuations attributable to inconsistent trading levels of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our intellectual property and other proprietary rights and to operate our business without
infringing, misappropriating or otherwise violating the intellectual property and other proprietary rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our common stock by us or our significant stockholders, officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions and exchanges by the Continuing Equity Owners of their LLC Interests into shares of Class A
common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expiration of contractual lockup agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and sustainability of an active trading market for our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• success of competitive products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's response to press releases or other public announcements by us or others, including our
filings with the SEC, announcements relating to litigation or significant changes to our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our capital structure, such as future issuances of debt or equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our entry into new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax developments in the United States, Europe or other markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by us or our competitors, such as acquisitions or restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or governmental investigations initiated against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational issues, including reputational issues involving our competitors and their products, Oaktree and our
third-party partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall market and industry fluctuations and domestic and worldwide economic, geopolitical and market conditions
such as recessions, interest rate changes or international currency fluctuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors described in this "Risk Factors" section and elsewhere in this prospectus.

Further, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies.

We cannot assure you that you will be able to resell any of your shares of our Class A common stock at or above the initial public offering price. The initial public offering price will be determined by negotiations between us, the selling stockholder and the representatives of the underwriters and may not be indicative of prices that will prevail in the trading market, if a trading market develops, after this offering. If the market price of our Class A common stock after this offering does not exceed the initial public offering price, you may not realize any return on your investment and may lose some or all of your investment.

***We cannot predict the effect our dual class structure may have on the trading market for our Class A common stock.***

We cannot predict whether our dual class structure will result in a lower or more volatile market price of our Class A common stock or other adverse consequences. For example, certain index providers have announced

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restrictions on including companies with multiple-class share structures in certain of their indexes. FTSE Russell has announced changes to its eligibility criteria for inclusion of shares of public companies on certain indices, including the Russell 2000. These changes exclude companies with multiple classes of shares of common stock or ordinary shares from being added to these indices. Furthermore, we cannot assure you that other stock indices will not take a similar approach to FTSE Russell in the future. Exclusion from indices could make our Class A common stock less attractive to investors, and as a result, the market price of our Class A common stock could be adversely affected.

The Continuing Equity Owners have the right to have their LLC Interests exchanged for cash or shares of Class A common stock at the election of the Company and any disclosure of such exchange or the subsequent sale (or any disclosure of an intent to enter into such an exchange or subsequent sale) of such shares of Class A common stock may cause volatility in our stock price.

Immediately following the Transactions, we will have an aggregate of 75,368,148 shares of Class A common stock that are issuable upon exchange of LLC Interests that are held by the Continuing Equity Owners. Under the ITG Parent LLC Agreement, subject to certain restrictions set forth therein and as described elsewhere in this prospectus, including lockup agreements with the underwriters or the market standoff provisions of the ITG Parent LLC Agreement, the Continuing Equity Owners will be entitled to have their LLC Interests exchanged for cash or shares of our Class A common stock at the election of the Company.

We cannot predict the timing, size, or disclosure of any future issuances of our Class A common stock resulting from the exchange of LLC Interests or the effect, if any, that future issuances, disclosure, if any, or sales of shares of our Class A common stock may have on the market price of our Class A common stock. Sales or distributions of substantial amounts of our Class A common stock, or the perception that such sales or distributions could occur, may cause the market price of our Class A common stock to decline.

***If you purchase shares of our Class A common stock sold in this offering, you will incur immediate and substantial dilution.***

If you purchase shares of our Class A common stock in this offering, you will incur immediate and substantial dilution in the amount of $20.69 per share because the initial public offering price will be substantially higher than the pro forma net tangible book value per share of our outstanding Class A common stock. This dilution would result because our earlier investors paid substantially less than the initial public offering price when they purchased their shares. In addition, you may also experience additional dilution upon future equity issuances, the exercise of stock options to purchase Class A common stock granted to our employees and directors under our stock option and equity incentive plans or the exercise of warrants to purchase common stock. See "Dilution."

***As an emerging growth company within the meaning of the Securities Act, as modified by the JOBS Act, we may utilize certain modified disclosure requirements, and we cannot be certain if these reduced requirements will make our Class A common stock less attractive to investors.***

We are an "emerging growth company" as defined in the Securities Act, as modified by the JOBS Act, and for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to "emerging growth companies," including not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute compensation not previously approved. We have in this prospectus utilized, and we may in future filings with the SEC continue to utilize, the modified disclosure requirements available to emerging growth companies. As a result, our stockholders may not have access to certain information they may deem important.

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Following this offering, we could remain an emerging growth company until the earliest to occur of (i) the last day of the fiscal year during which we had total annual gross revenues of at least $1.235 billion (as indexed for inflation); (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common stock under this registration statement; (iii) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer," as defined under the Exchange Act.

We cannot predict if investors will find our common stock less attractive because we will rely on these exemptions. If some investors find our Class A common stock less attractive as a result, there may be a less active trading market for our Class A common stock, and our Class A common stock price may be more volatile.

***A credit ratings downgrade or other negative action by a credit rating organization could adversely affect the trading price of the shares of our Class A common stock.***

Credit rating agencies continually revise their ratings for companies they follow. The condition of the financial and credit markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future. In addition, developments in our business and operations could lead to a ratings downgrade for us or our subsidiaries. Any such fluctuation in our or our subsidiaries' ratings may impact our ability to access debt markets in the future or increase our cost of future debt, which could have a material adverse effect on our operations and financial condition, which in return may adversely affect the trading price of shares of our Class A common stock.

***We do not intend to pay any cash distributions or dividends on our Class A common stock in the foreseeable future.***

We have never declared or paid any distributions or dividends on our Class A common stock. We currently intend to retain any future earnings and do not expect to pay any cash distributions or dividends in the foreseeable future. Any future determination to declare cash distributions or dividends will be made at the discretion of our board of directors, subject to applicable laws and provisions of our debt instruments and organizational documents, after taking into account our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Furthermore, so long as the Tax Receivable Agreement is outstanding and in effect, without the prior consent of the Agent, any distributions we receive from ITG Parent may only be used by us to meet our obligations under the Tax Receivable Agreement and to pay our taxes and other legal compliance obligations and for no other purpose. As a result, capital appreciation in the price of our Class A common stock, if any, may be your only source of gain on an investment in our Class A common stock. See "Dividend Policy."

***The price of our Class A common stock could decline if securities analysts do not publish research or if securities analysts or other third parties publish inaccurate or unfavorable research about us.***

The trading of our Class A common stock is likely to be influenced by the reports and research that industry or securities analysts publish about us, our business, our market or our competitors. We do not currently have and may never obtain research coverage by securities or industry analysts. If no securities or industry analysts commence coverage of our Company, the trading price for our Class A common stock would be negatively affected. If we obtain securities or industry analyst coverage but one or more analysts downgrade our Class A common stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more securities or industry analysts cease to cover the Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

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***Future sales of our Class A common stock, or the perception that such sales may occur, could depress our Class A common stock price.***

Sales of a substantial number of shares of our Class A common stock in the public market following this offering, or the perception that such sales may occur, could depress the market price of our Class A common stock. Our executive officers and directors and certain of our equity holders have agreed with the underwriters not to offer, sell, dispose of or hedge any shares of our Class A common stock or any options or warrants to purchase any shares of our Class A common stock, or securities convertible into, exchangeable for, or that represent the right to receive, shares of our Class A common stock, subject to specified limited exceptions described elsewhere in this prospectus, during the period ending 180 days after the date of the final prospectus, except with the prior written consent of certain representatives of the underwriters. Our certificate of incorporation, as expected to be in effect upon the completion of this offering, will authorize us to issue up to 1,000,000,000 of our authorized shares of Class A common stock, of which 45,862,242 shares of Class A common stock, or 48,030,877 shares of Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock, will be outstanding and 75,368,148 shares of Class A common stock, or 73,199,513 shares of Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock, will be available upon the exchange of outstanding LLC Interests. All shares of our Class A common stock will be subject to the lockup agreements or market standoff provisions described under "Shares Eligible for Future Sale." Shares of our Class A common stock held by our affiliates will continue to be subject to the volume and other restrictions of Rule 144 under the Securities Act of 1933, as amended (the "Securities Act"). Any two underwriters out of Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC may at any time release all or any portion of the shares of Class A common stock subject to the lockup. See "Underwriting (Conflicts of Interest)."

Upon the completion of this offering, the holders of an aggregate of 45,862,242 shares of our Class A common stock, based on shares of Class A common stock outstanding as of the date of effectiveness of this registration statement, or their transferees, will be entitled to rights with respect to the registration of their shares under the Securities Act. In addition, immediately following this offering, we intend to file a registration statement registering under the Securities Act the shares of Class A common stock reserved for issuance under the Incentive Plan. See "Shares Eligible for Future Sale" for a more detailed description of the shares that will be available for future sales upon completion of this offering. Sales of our Class A common stock pursuant to these registration rights or this registration statement may make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. These sales also could cause our stock price to fall and make it more difficult for you to sell shares of our Class A common stock.

***Provisions in our certificate of incorporation and bylaws, to be adopted upon the consummation of this offering, may have the effect of delaying or preventing a change of control or changes in our management.***

Our certificate of incorporation and bylaws will contain provisions that could depress the trading price of our Class A common stock by discouraging, delaying or preventing a change of control of our Company or changes in our management that the stockholders of our Company may believe advantageous. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorizing "blank check" preferred stock that our board of directors could issue to increase the
number of outstanding shares to discourage a takeover attempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing for a classified board of directors with staggered three-year terms, which could delay the ability of
stockholders to change the membership of a majority of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not providing for cumulative voting in the election of directors, which limits the ability of minority
stockholders to elect director candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting the ability of stockholders to call a special stockholder meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting stockholders from acting by written consent from and after the date on which Oaktree and its
affiliates cease to beneficially own at least 40% of the outstanding shares of common stock (the "Trigger Event");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing advance notice requirements for nominations for election to our board of directors or for proposing
matters that can be acted upon by stockholders at stockholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from and after the Trigger Event, the removal of directors only for cause and only upon the affirmative vote of
the holders of at least 66 2/3% in voting power of all the then-outstanding shares of common stock of the Company entitled to vote thereon, voting together as a single class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that our board of directors is expressly authorized to amend, alter, rescind or repeal our bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from and after the Trigger Event, requiring the affirmative vote of holders of at least 66 2/3% of the voting
power of all of the then-outstanding shares of common stock entitled to vote thereon, voting together as a single class, to amend provisions of our certificate of incorporation relating to the management of our business, our board of directors,
stockholder action by written consent, calling special meetings of stockholders, competition and corporate opportunities, Section 203 of the Delaware General Corporation Law (the "DGCL"), forum selection and the liability of our
directors, or to amend, alter, rescind or repeal our bylaws.

In addition, we are not governed by the provisions of Section 203 of the DGCL, which generally prohibits a Delaware corporation from engaging in a broad range of business combinations with any "interested" stockholder for a period of three years following the date on which the stockholder becomes an "interested" stockholder. For a description of our capital stock, see "Description of Capital Stock."

***Our certificate of incorporation will also provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our certificate of incorporation will provide that, unless we consent in writing to the selection of an alternate forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by applicable law, be the exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, stockholder or employee of the Company to the Company or the Company's stockholders, creditors or other constituents, or a claim of aiding and abetting any such breach of fiduciary duty; any action asserting a claim against us arising pursuant to the DGCL, our certificate of incorporation or our bylaws; any action to interpret, apply, enforce or determine the validity of our certificate of incorporation or our bylaws; any action asserting a claim against us that is governed by the internal affairs doctrine; or any action asserting an "internal corporate claim" as defined in Section 115 of the DGCL. The choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits against us and our directors, officers and other employees. Alternatively, if a court finds the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially and adversely affect our business, financial condition, and results of operations.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally in the sections captioned "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would" or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date of this prospectus. You should read this prospectus and the documents that we have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

Important risks and uncertainties that could cause actual results to differ materially from our expectations include risks related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the highly competitive industry that we operate in, and competitive pressures that could materially and adversely
affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that we derive a significant portion of our revenues from a small number of customers, and the loss of
one or more of these customers, or the impairment of the financial condition of one or more of our customers affecting their ability to pay us on a timely basis, could adversely affect our revenues, results of operations, and liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that we are a growing company with a relatively limited operating history at our current scale, we face
various risks, uncertainties, expenses and difficulties and our business is dependent on our ability to effectively develop, maintain and scale our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to generate internal growth, which may materially and adversely affect our ability to expand our
operations or grow our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions and strategic investments, including the diversion of financial and management resources and the
integration of acquired businesses into our operations, which, if unsuccessful, could cause us to experience operational challenges and/or negatively affect our operating results, cash flows and liquidity and may not enhance stockholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our backlog is subject to cancellation and unexpected adjustments and may not result in actual revenue or
profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the significant portion of our revenues that are derived from multi-year master service agreements and other
contracts which our customers may cancel at any time or may reschedule or modify previously assigned work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to accurately estimate the costs associated with services provided under our contracts, which could
adversely affect our profitability, results of operations and cash flows;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to complete a project in a timely manner, the possibility that we may miss a required performance
standard or otherwise fail to adequately perform on a project, which may cause us to incur a loss on that project, which may reduce or eliminate our overall profitability or subject us to liquidated or other damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the labor-intensive nature of our business, as a result of which we may be unable to attract, retain and ensure
the productivity of qualified members of our workforce or to pass increased labor and training costs to our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to retain our key personnel or our failure to attract additional qualified personnel, as a result of
which we may not be able to achieve our anticipated level of growth and our business could suffer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to promote, maintain or enhance our brand in a cost-effective manner, which may cause loss of market
share and a drop in our revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that our operations involve activities that are inherently dangerous and may result in, damage or
destruction to the property of others, or in injury or death to others, which could expose us to significant financial losses, reputational harm and civil and criminal liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the industries we serve are subject to rapid technological changes, regulatory changes and
requirements associated with government funding as well as customer consolidation, any of which could result in decreased demand for our services and adversely affect our business, financial condition, results of operations and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our significant outstanding debt, which could adversely affect our business, financial condition and results of
operations or could affect our ability to access capital markets in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to adequately protect our intellectual property or technology (including any later developed or
acquired intellectual property or technology), which could damage our competitive position and cause us to lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that we will be a holding company after the completion of the Transactions and our principal asset after
completion of the Transactions will be direct and indirect ownership of the LLC Interests and, accordingly, we will be dependent upon ITG Parent and its consolidated subsidiaries for our results of operations, cash flows and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conflicts of interest that could arise between our stockholders and the Continuing Equity Owners, which may
impede business decisions that could benefit our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Tax Receivable Agreement, including the requirement for us to make cash payments to the TRA Participants in
respect of certain tax benefits realized (or, in certain circumstances, deemed to be realized), which are expected to be substantial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Continuing Equity Owners will continue to have significant influence over us after this
offering, including control over decisions that require the approval of stockholders, which could limit your ability to influence the outcome of matters submitted to stockholders for a vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that following the offering, we will be classified as a "controlled company," and as a
result, we will qualify for, but do not intend to rely on, exemptions from certain corporate governance requirements, but may do so in the future. In the event that we elect to rely on these exemptions in the future, you will not have the same
protections afforded to stockholders of companies that are subject to such requirements. In addition, the Continuing Equity Owners' interests may conflict with our interests and the interests of other stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirements of being a public company may strain our resources, divert management's attention and
affect our ability to attract and retain qualified board members and officers.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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**USE OF PROCEEDS** 

We estimate, based upon an assumed initial public offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), that we will receive net proceeds from this offering of approximately $361.0 million (or $417.4 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. For more information, see "Underwriting (Conflicts of Interest)."

ITG, Inc. intends to contribute the net proceeds from this offering to Intermediate, and Intermediate intends to use such net proceeds to purchase up to 19,512,196 LLC Interests from ITG Parent. ITG Parent intends to use the net proceeds it receives from the sale of LLC Interests to Intermediate to repay approximately $120.0 million in aggregate principal amount of borrowings currently outstanding under the Revolving Credit Facility and approximately $241.0 million in aggregate principal amount of borrowings outstanding under the Term Loan Facility and, to the extent of any remaining net proceeds, for general corporate purposes to support the growth of the business.

As of March 31, 2026, ITG OpCo had borrowed approximately $655.9 million under the Term Loan Facility and approximately $63.0 million under the Revolving Credit Facility. Borrowings under the Term Loan Facility bear interest, as elected by ITG OpCo, at: (a) a rate per annum equal to Term SOFR (as defined in the Credit Agreement (as defined below)) plus a margin of 4.75% or (b) the Base Rate (as defined in the Credit Agreement) plus a margin of 3.75%. Borrowings under the Revolving Credit Facility bear interest, as elected by ITG OpCo, at: (a) a rate per annum equal to Term SOFR plus a margin of 4.50% or (b) the Base Rate plus a margin of 3.50%. The Term Loan Facility was incurred on July 9, 2025 and proceeds therefrom were used to repay all amounts outstanding under ITG OpCo's prior credit facility, to issue a special distribution of $226.1 million to members of ITG Parent in 2025, as described in the section entitled "Dividend Policy," to pay fees, expenses and similar transaction costs incurred in connection with the foregoing and for working capital, capital expenditures and other general corporate purposes. The First Amendment Upsize (as defined below) to the Term Loan Facility was incurred on August 29, 2025 and proceeds therefrom were used to finance the acquisition of Tilson (as defined below), to pay fees, expenses and similar transaction costs incurred in connection with the foregoing and for working capital, capital expenditures and other general corporate purposes. The Second Amendment Term Upsize (as defined below) to the Term Loan Facility was incurred on December 30, 2025 and the proceeds therefrom were used to pay amounts outstanding under the Revolving Credit Facility at the time, to pay fees, expenses and similar transaction costs incurred in connection with the foregoing and for working capital, capital expenditures and other general corporate purposes. The Term Loan Facility and Revolving Credit Facility mature on July 9, 2031 and July 9, 2030, respectively.

In the event that the underwriters exercise their option to purchase additional shares of Class A common stock to cover over-allotments, ITG, Inc. will use the net proceeds it receives from such sale to purchase up to 2,168,635 LLC Interests directly from ITG Parent at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discounts and commissions. ITG Parent will use the net proceeds it receives from the sale of LLC Interests directly to ITG, Inc. to redeem up to 2,168,635 LLC Interests from certain of the Continuing Equity Owners at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less applicable underwriting discounts and commissions (and ITG, Inc. will cancel a corresponding number of shares of Class B common stock held by the Continuing Equity Owners).

The expected use of net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. We cannot predict with certainty all of the particular uses for the net proceeds of this offering or the amounts that we will actually spend on the uses set forth above. As a result, our management will have broad discretion in applying the net proceeds of this offering, and investors will be relying on our judgment regarding the application of the net proceeds of this offering.

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We will not receive any proceeds from the sale of our Class A common stock by the selling stockholder. We will, however, bear the costs associated with the sale of shares of Class A common stock by the selling stockholder, other than underwriting discounts and commissions. For more information, see "Principal and Selling Stockholder" and "Underwriting (Conflicts of Interest)." ITG Parent will bear or reimburse ITG, Inc. for all of the expenses incurred in connection with the Transactions, including this offering.

Assuming no exercise of the underwriters' option to purchase additional shares of Class A common stock to cover over-allotments, each $1.00 increase (decrease) in the assumed initial public offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this offering by approximately $18.3 million and the net proceeds received by ITG Parent from the sale of LLC Interests to Intermediate by $18.3 million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

Assuming no exercise of the underwriters' option to purchase additional shares of Class A common stock to cover over-allotments, each 1,000,000 share increase (decrease) in the number of shares offered by us in this offering would increase (decrease) the net proceeds to us from this offering by approximately $19.3 million and, in turn, the net proceeds received by ITG Parent from the sale of LLC Interests to Intermediate by $19.3 million, assuming that the price per share for the offering remains at $20.50 (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

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**ORGANIZATIONAL STRUCTURE** 

ITG, Inc., a Delaware corporation, was incorporated on January 15, 2026 and is the issuer of the Class A common stock offered by this prospectus. Prior to this offering and the Transactions, all of our business operations have been conducted through ITG Parent and its direct and indirect subsidiaries, and the Continuing Equity Owners or their affiliates are the only owners of ITG Parent. We will consummate the Transactions, excluding this offering, substantially concurrently with or prior to the consummation of this offering.

In connection with the closing of this offering, we will undertake certain organizational transactions to reorganize our corporate structure in order to implement an "Up-C" structure. The Up-C structure can provide tax benefits and associated cash flow advantages to both the issuer corporation and the existing owners of the limited liability company in the initial public offering. In particular, the Up-C structure will allow certain of the Continuing Equity Owners to retain their equity ownership in ITG Parent and to continue to realize tax benefits associated with owning interests in an entity that is treated as a partnership, or "flow-through" entity, for U.S. federal income tax purposes following the offering. Investors in this offering will, by contrast, hold their equity ownership in ITG, Inc., a Delaware corporation, that is a domestic corporation for U.S. federal income tax purposes, in the form of shares of Class A common stock. One of the tax benefits to such Continuing Equity Owners associated with this structure is that future taxable income of ITG Parent that is allocated to such Continuing Equity Owners will be taxed on a flow-through basis and therefore will not be subject to corporate taxes at the ITG Parent entity level. Additionally, because such Continuing Equity Owners may cause their LLC Interests to be redeemed by ITG Parent (or at our option, directly exchanged by ITG, Inc.) for, at our election, either cash or newly issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments, including for stock splits, stock dividends, and reclassifications), the Up-C structure also provides such Continuing Equity Owners with potential liquidity that holders of non-publicly traded limited liability companies are not typically afforded. In connection with any such redemption or exchange of LLC Interests, a corresponding number of shares of Class B common stock held by the relevant Continuing Equity Owners will automatically be transferred to us for no consideration and be cancelled. In addition, Continuing Equity Owners and ITG, Inc. also each expect to benefit from the Up-C structure as a result of certain tax benefits arising from redemptions or exchanges of such Continuing Equity Owners' LLC Interests for Class A common stock or cash, and certain other tax benefits covered by the Tax Receivable Agreement discussed in "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." See "Risk Factors—Risks Related to Our Organizational Structure." In general, the TRA Participants expect to receive payments under the Tax Receivable Agreement of 85% of the amount of certain tax benefits, as described below, and we expect to benefit from amounts equal to 15% of certain tax benefits, if any, that we may actually realize as described below. Any payments made by us to the TRA Participants under the Tax Receivable Agreement will reduce cash otherwise arising from such tax savings. We expect such payments will be substantial. As a result, the interests of the Continuing Equity Owners may conflict with the interests of holders of our Class A common stock. See "Risk Factors-Risks Related to Our Organizational Structure" and "Certain Relationships and Related Party Transactions-Tax Receivable Agreement."

**Existing Organization** 

ITG Parent is treated as a partnership for U.S. federal income tax purposes and, as such, is generally not subject to any U.S. federal entity-level income taxes. Taxable income or loss of ITG Parent is included in the U.S. federal income tax returns of ITG Parent's members.

**Transactions** 

Prior to the consummation of the Transactions, we expect that there will initially be one holder of common stock of ITG, Inc. We will consummate the following organizational transactions in connection with this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Splitter (which, prior to the consummation of the Transactions, is the entity through which Blocker, Oaktree
GP DE AIF and Oaktree Main Fund hold their equity interests in ITG Parent) will

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distribute its LLC Interests in ITG Parent to Blocker, Oaktree GP DE AIF and Oaktree Main Fund (as well as an affiliate of Oaktree Main Fund, which would in turn contribute the LLC Interests that it receives to Oaktree Main Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oaktree GP DE AIF and Oaktree Main Fund will in turn contribute the LLC Interests that they receive to Oaktree
Aggregator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocker, Oaktree Aggregator and Management Holdings will enter into the ITG Parent LLC Agreement, which will
become effective substantially concurrently with or prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests in ITG Parent into 101,718,194 LLC Interests, (2) appoint Blocker as
the sole managing member of ITG Parent and (3) provide that the holders of LLC Interests and our Class B common stock immediately following consummation of the Transactions, including certain of the Continuing Equity Owners, are entitled
to exchange their LLC Interests, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or,
at our election, for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will amend and restate ITG, Inc.'s certificate of incorporation to, among other things, provide
(1) for Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to our stockholders generally, and (2) for Class B common stock, with each share
of our Class B common stock entitling its holder to one vote per share on all matters presented to our stockholders generally but without economic rights, and that shares of our Class B common stock may only be held by the Continuing
Equity Owners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will acquire an indirect interest in the LLC Interests held by Blocker, by means of the Blocker Merger
involving Blocker and wholly owned subsidiaries of ITG, Inc. (including Intermediate), and will issue to Oaktree Blocked Fund 26,350,046 shares of our Class A common stock and rights under the Tax Receivable Agreement as consideration in the
Blocker Merger, and, as a result of the Blocker Merger, Intermediate will inherit Blocker's status as the sole managing member of ITG Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue 75,368,148 shares of our Class B common stock to certain of the Continuing Equity Owners,
which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue 19,512,196 shares of our Class A common stock to the purchasers in this offering in exchange
for net proceeds of approximately $361.0 million (or approximately $417.4 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments) based upon an assumed
initial public offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discounts and commissions and estimated offering expenses payable by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will contribute the net proceeds from this offering to Intermediate, which will use such net proceeds
to purchase 19,512,196 LLC Interests from ITG Parent at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discounts and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Parent will use the net proceeds it receives from the sale of LLC Interests to Intermediate to repay
approximately $120.0 million in aggregate principal amount of borrowings currently outstanding under the Revolving Credit Facility and approximately $241.0 million in aggregate principal amount of borrowings outstanding under the Term Loan
Facility and, to the extent of any remaining net proceeds, for general corporate purposes to support the growth of the business, as described in "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the underwriters exercise their option to purchase additional shares of Class A common
stock to cover over-allotments, ITG, Inc. will use the net proceeds it receives from such sale

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to purchase up to 2,168,635 LLC Interests directly from ITG Parent at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discounts and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Parent will use the net proceeds it receives from the sale of LLC Interests directly to ITG, Inc. to redeem
2,168,635 LLC Interests from certain of the Continuing Equity Owners at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less applicable underwriting discounts and commissions (and
ITG, Inc. will cancel a corresponding number of shares of Class B common stock held by the Continuing Equity Owners) as described in "Use of Proceeds"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will enter into (1) the Stockholders Agreement with the Continuing Equity Owners, (2) the
Registration Rights Agreement (as defined below) with the Continuing Equity Owners and (3) the Tax Receivable Agreement with the TRA Participants. For a description of the terms of the Stockholders Agreement, the Registration Rights Agreement
and the Tax Receivable Agreement, see "Certain Relationships and Related Party Transactions."

**Organizational Structure Following the Transactions** 

Immediately following the consummation of the Transactions (including this offering):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will be a holding company and its principal assets will consist of all of the limited liability company
interests of Intermediate. Intermediate will directly own LLC Interests it acquires as a result of the Blocker Merger and from ITG Parent with the net proceeds from this offering. ITG, Inc. will directly or indirectly own approximately 45,862,242
LLC Interests of ITG Parent, representing approximately 37.83% of the economic interest in ITG Parent (or approximately 48,030,877 LLC Interests of ITG Parent, representing approximately 39.62% of the economic interest in ITG Parent, if the
underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the underwriters exercise their option to purchase additional shares of Class A common stock to
cover over-allotments, ITG, Inc. will also own the LLC Interests it acquires from ITG Parent (in connection with the redemption of LLC Interests from certain of the Continuing Equity Owners with the net proceeds therefrom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intermediate will be the sole managing member of ITG Parent and will control the business and affairs of ITG
Parent and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Continuing Equity Owners (other than Oaktree Blocked Fund) will own (1) 75,368,148 LLC Interests of ITG
Parent, representing approximately 62.17% of the economic interest in ITG Parent and shares of Class B common stock of ITG, Inc., representing approximately 62.17% of the combined voting power of all of ITG, Inc.'s common stock (or (1)
73,199,513 LLC Interests of ITG Parent, representing approximately 60.38% of the economic interest in ITG Parent and (2) 73,199,513 shares of Class B common stock of ITG, Inc., representing approximately 60.38% of the combined voting
power of all of ITG, Inc.'s common stock, if the underwriters exercise in full their option to purchase additional shares to cover over-allotments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oaktree Blocked Fund (1) will own 26,350,046 shares of Class A common stock of ITG, Inc. (or
25,591,852 shares of Class A common stock of ITG, Inc. if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), representing approximately 21.74% of the
combined voting power of all of ITG, Inc.'s common stock and approximately 21.74% of the economic interest in ITG, Inc. (or approximately 21.11% of the combined voting power and approximately 21.11% of the economic interest if the underwriters
exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), and (2) through ITG, Inc.'s direct and/or indirect ownership of LLC Interests, indirectly will hold

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approximately 21.74% of the economic interest in ITG Parent (or approximately 21.11% of the economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments); and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchasers in this offering (1) will own 19,512,196 shares of Class A common stock of ITG,
Inc. (or 22,439,025 shares of Class A common stock of ITG, Inc. if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), representing approximately 16.10% of
the combined voting power of all of ITG, Inc.'s common stock and approximately 16.10% of the economic interest in ITG, Inc. (or approximately 18.51% of the combined voting power and approximately 18.51% of the economic interest if the
underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments), and (2) through ITG, Inc.'s direct and/or indirect ownership of LLC Interests, indirectly will hold
approximately 16.10% of the economic interest in ITG Parent (or approximately 18.51% of the economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover
over-allotments).

The diagram below depicts our organizational structure after giving effect to the Transactions, including this offering, assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

![LOGO](g103576g21u21.jpg)

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As the owner of the sole managing member of ITG Parent, we will operate and control all of the business and affairs of ITG Parent and, through ITG Parent and its direct and indirect subsidiaries, conduct our business. Following the Transactions, including this offering, ITG, Inc. will have the majority economic interest in ITG Parent and will control the management of ITG Parent as the owner of its sole managing member. As a result, ITG, Inc. will consolidate ITG Parent and record a significant noncontrolling interest in a consolidated entity in ITG, Inc.'s consolidated financial statements for the economic interest in ITG Parent held by the Continuing Equity Owners.

Unless otherwise indicated, this prospectus assumes the shares of Class A common stock are offered at $20.50 per share (the midpoint of the estimated price range set forth on the cover page of this prospectus).

Pursuant to the terms of the existing limited liability company agreement of ITG Parent, the split between the number of LLC Interests among the Continuing Equity Owners will vary depending on the initial public offering price in this offering. The initial public offering price will also impact the relative allocation of LLC Interests issued in the Transactions among the Continuing Equity Owners and, in turn, the shares of Class A common stock and Class B common stock issued to the Continuing Equity Owners in the Transactions. Additionally, while the number of shares of Class A common stock being offered hereby to the public will not change, any increase or decrease in the number of shares of Class A common stock sold by ITG, Inc. in this offering due to a change in the initial public offering price will result in a corresponding increase or decrease in the number of LLC Interests purchased by ITG, Inc. from ITG Parent at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discounts and commissions. Therefore, the indirect economic interest in ITG Parent represented by the shares of Class A common stock sold in this offering will be largely unaffected by the initial public offering price.

**Incorporation of ITG, Inc.** 

ITG, Inc., the issuer of the Class A common stock offered by this prospectus, was incorporated as a Delaware corporation on January 15, 2026. ITG, Inc. has not engaged in any material business or other activities except in connection with its formation and the Transactions. The amended and restated certificate of incorporation of ITG, Inc. that will become effective immediately prior to the consummation of this offering will, among other things, authorize two classes of common stock, Class A common stock and Class B common stock, each having the terms described in "Description of Capital Stock."

**Reclassification and Amendment and Restatement of the ITG Parent LLC Agreement** 

In connection with the Transactions, Blocker, Oaktree Aggregator and Management Holdings will enter into the ITG Parent LLC Agreement, which will become effective prior to or substantially concurrently with the consummation of this offering to, among other things, recapitalize its capital structure by creating a single new class of units that we refer to as "common units" and provide for a right of redemption of common units in exchange for, at our election (determined solely by a majority of our directors who are disinterested), shares of our Class A common stock or cash. See "Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement."

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**DIVIDEND POLICY** 

We did not declare any dividends in 2024. In 2025, we made one special distribution of $226.1 million to members of ITG Parent. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness, and therefore we do not anticipate declaring or paying any cash dividends on our Class A common stock in the foreseeable future. Holders of our Class B common stock are not entitled to participate in any dividends declared by our board of directors. Our ability to pay dividends may be restricted by the terms of the Credit Agreement and any future credit agreement or any of our or our subsidiaries' future debt or preferred equity securities. See "Description of Capital Stock," "Description of Certain Indebtedness" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources."

Following the consummation of this offering and the application of proceeds therefrom, ITG, Inc. will be a holding company, and ITG, Inc.'s principal asset will be direct and indirect ownership of LLC Interests. If we decide to pay a dividend in the future, we will need to cause ITG Parent to make distributions to us in an amount sufficient to cover such dividend. However, because we must pay taxes, make payments under the Tax Receivable Agreement and pay our expenses, amounts ultimately distributed as dividends to holders of Class A common stock are expected to be less than the amounts distributed by ITG Parent to the other holders of LLC Interests on a per share basis. If ITG Parent makes such distributions to us, the other holders of LLC Interests will be entitled to receive pro rata distributions. See "Risk Factors—Risks Related to Our Organizational Structure—We will be a holding company and our principal asset after completion of the Transactions will be direct and indirect ownership of the LLC Interests, and, accordingly, we will be dependent upon ITG Parent and its consolidated subsidiaries for our results of operations, cash flows and distributions" and "Certain Relationships and Related Party Transactions."

Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors, subject to compliance with contractual restrictions and covenants in the agreements governing our current and future indebtedness and subject to the other factors described in this "Dividend Policy." Any such determination will also depend upon our business prospects, results of operations, financial condition, cash requirements and availability, applicable Delaware law and other factors that our board of directors may deem relevant.

Accordingly, you may need to sell your shares of our Class A common stock to realize a return on your investment, and you may not be able to sell your shares at or above the price you paid for them. See "Risk Factors—Risks Related to This Offering and Our Class A Common Stock—We do not intend to pay any cash distributions or dividends on our Class A common stock in the foreseeable future."

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**CAPITALIZATION** 

The following table sets forth our cash and restricted cash and capitalization as of March 31, 2026, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of ITG Parent and its subsidiaries on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of ITG Parent and its subsidiaries on a pro forma basis to give effect to the organizational transactions as
described in "Organizational Structure—Transactions;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of ITG, Inc. and its subsidiaries on a pro forma as adjusted basis to give further effect to (i) the
Transactions and (ii) the sale of the shares of Class A common stock in this offering at an assumed initial public offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover of this
prospectus), after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, and the application of the net proceeds therefrom as described under "Use of Proceeds."

For more information, please see "Organizational Structure," "Use of Proceeds" and "Unaudited Pro Forma Consolidated Financial Information" included elsewhere in this prospectus. You should read this information together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and other financial information contained in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **ITG<br>Parent** | **ITG, Inc.** | **ITG, Inc.** |
| **(in thousands, except per share and share data)** | **Actual** | **Pro Forma** | **Pro Forma<br>As Adjusted<sup>(3)</sup>** |
|  Cash and cash equivalents | $1626 | $1626 | $1626 |
|  **Indebtedness:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loans<sup>(1)</sup> | 655875 | 655875 | 357875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Credit Facility<sup>(1)</sup> | 63000 | 63000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment loans | 88448 | 88448 | 88448 |
|  Total indebtedness | $807323 | $807323 | $446323 |
|  **Total equity:** |  |  |  |
|  Members' equity |  |  |  |
|  Total members' equity | $31555 | $— | $— |
|  Stockholders' equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, par value $0.001; 1,000,000,000 shares authorized, 45,862,242 shares issued and outstanding as adjusted and on a pro forma basis |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B common stock, par value $0.001; 200,000,000 shares authorized, 75,368,148 shares issued and outstanding as adjusted and on a pro forma basis |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  | 8172 | 139007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest<sup>(2)</sup> |  | 23381 | 228443 |
|  Total members'/stockholders' equity | $31555 | $31555 | $367452 |
|  Total capitalization | $838878 | $838878 | $813775 |

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(1) On July 9, 2025, ITG OpCo entered into a Credit Agreement, dated as of July 9, 2025 (as amended by
that certain Amendment No. 1 to the Credit Agreement, dated as of August 29, 2025, and as amended by that certain Second Amendment to the Credit Agreement, dated

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as of December 30, 2025), by and among ITG OpCo, Banco Santander, S.A., New York Branch, as administrative agent, U.S. Bank National Association, as collateral agent, and the lenders and letter of credit issuers party thereto from time to time, which provide for (i) a $660.0 million senior secured six-year term loan facility, (ii) a $185.0 million revolving credit facility and (iii) a $15.0 million letter of credit sublimit. As of March 31, 2026, ITG OpCo had borrowed approximately $655.9 million under the Term Loan Facility, approximately $63.0 million under the Revolving Credit Facility and had approximately $5.2 million of outstanding letters of credit. As of March 31, 2026, ITG OpCo had approximately $116.8 million available for additional borrowing under the Revolving Credit Facility. Following March 31, 2026, ITG OpCo borrowed approximately $57.0 million of additional funds under the Revolving Credit Facility. On a pro forma as adjusted basis represents the repayment of approximately $120.0 million in aggregate principal amount of borrowings outstanding under the Revolving Credit Facility and approximately $241.0 million in aggregate principal amount of borrowings outstanding under the Term Loan Facility.

(2) On a pro forma basis includes the LLC Interests owned by us, which represents 37.83% of ITG Parent's
outstanding LLC Interests (or approximately 39.62% if the underwriters exercise in full their option to purchase additional shares to cover over-allotments). The Continuing Equity Owners will hold a 62.17% non-controlling interest in ITG Parent (or approximately 60.38% if the underwriters exercise in full their option to purchase additional shares to cover over-allotments). ITG, Inc. will hold 37.83% of the
economic interests in ITG Parent (or approximately 39.62% if the underwriters exercise in full their option to purchase additional shares to cover over-allotments) and the Continuing Equity Owners will indirectly hold 62.17% of the economic
interests in ITG Parent (or approximately 60.38% if the underwriters exercise in full their option to purchase additional shares to cover over-allotments).

(3) Each $1.00 increase (decrease) in the assumed initial public offering price of $20.50 per share (which is
the midpoint of the estimated price range set forth on the cover page of this prospectus) would increase (decrease) each of cash and cash equivalents, additional paid-in capital, total stockholders'
equity and total capitalization on a pro forma basis by approximately $18.3 million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting
discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 share increase (decrease) in the number of shares offered in this offering would increase (decrease) the net proceeds to us from this offering by approximately $19.3 million, assuming that the price per share for the offering remains at $20.50 (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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**DILUTION** 

The Continuing Equity Owners will own both shares of Class A common stock and shares of Class B common stock (as well as LLC Interests) after the Transactions. In their capacity as holders of LLC Interests, the applicable Continuing Equity Owners do not have any right to receive distributions from ITG, Inc. Accordingly, we have presented dilution in pro forma net tangible book value per share both before and after this offering assuming that all of the holders of LLC Interests (other than ITG, Inc.) had their LLC Interests redeemed or exchanged for newly issued shares of Class A common stock on a one-for-one basis (rather than for cash) and the automatic transfer to the Company and cancellation for no consideration of all of their shares of Class B common stock (which are not entitled to receive distributions or dividends, whether cash or stock from ITG, Inc.) in order to more meaningfully present the dilutive impact on the investors in this offering. We refer to the assumed redemption or exchange of all LLC Interests for shares of Class A common stock as described in the previous sentence as the Assumed Redemption.

Dilution is the amount by which the offering price paid by the purchasers of the Class A common stock in this offering exceeds the pro forma net tangible book value per share of Class A common stock after the offering. ITG Parent's pro forma net tangible book value as of March 31, 2026 prior to this offering and after giving effect to the other Transactions and the Assumed Redemption was a deficit of $359.3 million. Pro forma net tangible book value per share prior to this offering is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock deemed to be outstanding after giving effect to the Assumed Redemption.

If you invest in our Class A common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the pro forma net tangible book value per share of our Class A common stock after this offering.

Pro forma net tangible book value per share after this offering is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock deemed to be outstanding, after giving effect to the Transactions, including this offering and the application of the proceeds from this offering as described in "Use of Proceeds," and the Assumed Redemption. Our pro forma net tangible book value as of March 31, 2026, after giving effect to this offering would have been approximately a deficit of $23.4 million, or $0.19 per share of Class A common stock. This amount represents an immediate increase in pro forma net tangible book value of $3.34 per share to our existing stockholders and an immediate dilution in pro forma net tangible book value of approximately $20.69 per share to new investors purchasing shares of Class A common stock in this offering. We determine dilution by subtracting the pro forma net tangible book value per share after this offering from the amount of cash that a new investor paid for a share of Class A common stock. The following table illustrates this dilution:

The following table illustrates this dilution on a per share basis to new investors.

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| | | |
|:---|:---|:---|
|  Assumed initial public offering price per share (the midpoint of the estimated price range set forth on the cover page of this prospectus) |  | $20.50 |
|  Pro forma net tangible book value per share as of March 31, 2026, before this offering | (3.53) |  |
|  Increase in net tangible book value per share attributable to new investors in this offering | 3.34 |  |
|  Pro forma as adjusted net tangible book value per share, after this offering |  | (0.19) |
|  Dilution in net tangible book value per share to new investors in this offering |  | $20.69 |

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The following table summarizes, as of March 31, 2026, after giving effect to the Transactions (including this offering) and the Assumed Redemption, the number of shares of Class A common stock purchased from us, the total consideration paid, or to be paid, to us and the average price per share paid, or to be paid, by existing owners and by the new investors. The calculation below is based on an assumed initial public offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus) before deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average**<br>**Price**<br>**Per Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average**<br>**Price**<br>**Per Share** |
|  Continuing Equity Owners | 101718194 | 83.90% | 160000000 | 28.57% | $1.57 |
|  New investors<sup>(1)</sup> | 19512196 | 16.10% | 400000018 | 71.43% | $20.50 |
|  Total | 121230390 | 100% | 560000018 | 100% | $4.62 |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $20.50 per share would increase (decrease) the total consideration paid by new investors and the total consideration paid by all stockholders by $18.3 million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions but before estimated offering expenses.

Except as otherwise indicated, the discussion and the tables above assume no exercise of the underwriters' option to purchase additional shares of Class A common stock. In addition, the discussion and tables above exclude shares of Class B common stock, because holders of the Class B common stock are not entitled to distributions or dividends, whether cash or stock, from ITG, Inc. The number of shares of our Class A common stock outstanding after this offering as shown in the tables above is based on the number of shares outstanding as of March 31, 2026, after giving effect to the Transactions and the Assumed Redemption. To the extent that options are issued under our compensatory stock plans or we issue additional shares of common stock in the future, there will be further dilution to investors participating in this offering.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held directly or indirectly by the selling stockholder will
increase to approximately 39.62% of the total number of shares of our Class A common stock outstanding after this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held directly or indirectly by the Continuing Equity Owners will
decrease to approximately 60.38% of the total number of shares of our Class A common stock outstanding after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares held by new investors will increase to 22,439,025, or approximately 18.51% of the total
number of shares of our Class A common stock outstanding after this offering.

The dilution information above is for illustrative purposes only. Our pro forma as adjusted net tangible book value (deficit) following the consummation of this offering is subject to adjustment based on the actual initial public offering price of our shares of Class A common stock and other terms of this offering determined at pricing.

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**UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

The unaudited pro forma consolidated balance sheet as of March 31, 2026, and the unaudited pro forma consolidated statement of operations for the year ended December 31, 2025 and the three months ended March 31, 2026 (collectively, "unaudited pro forma consolidated information"), present our consolidated financial position and results of operations after giving pro forma effect to the accounting for the following transactions as if such transactions occurred on March 31, 2026 for the unaudited pro forma consolidated balance sheet and on January 1, 2025 for the unaudited pro forma consolidated statement of operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG OpCo's entry into the Credit Agreement and the borrowing of approximately $655.9 under the Term Loan
Facility, as defined below, and approximately $63.0 million under the Revolving Credit Facility, as defined below (collectively, the "Financing Transactions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the organizational transactions as described in "Organizational Structure—Transactions"
(collectively, the "Reorganization Transactions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale of the shares of Class A common stock in this offering at an assumed initial public offering price
of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, and the
application of the net proceeds therefrom as described under "Use of Proceeds" (collectively, the "Offering Transactions"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of a portion of the proceeds by ITG Parent (from the sale of LLC Interests to Intermediate using the
proceeds of this offering) to repay a portion of the outstanding borrowings under the Credit Agreement as described in "Use of Proceeds."

We refer to the adjustments related to the Financing Transactions as the "Financing Adjustments." We refer to the adjustments related to the Reorganization Transactions as the "Reorganization Adjustments." We refer to the adjustments related to the Offering Transactions as the "Offering Adjustments."

Because ITG, Inc. was formed on January 15, 2026 and will have no material assets or results of operations until the completion of the offering, its historical financial information is not included in the unaudited pro forma consolidated financial information for the year ended December 31, 2025.

Following the completion of the Transactions, ITG, Inc. will be a holding company whose principal assets will consist of direct and indirect ownership of 37.83% of the outstanding LLC Interests (or 39.62% of LLC Interests if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments). The remaining LLC Interests will be held by the Continuing Equity Owners. Intermediate, a wholly owned subsidiary of ITG, Inc., will be the sole managing member of ITG Parent and will control the business and affairs of ITG Parent and its direct and indirect subsidiaries.

The following unaudited pro forma consolidated balance sheet as of March 31, 2026 and the unaudited pro forma consolidated statement of operations for the year ended December 31, 2025 and the three months ended March 31, 2026 are derived from and should be read in conjunction with the historical audited consolidated financial statements of ITG Parent as of and for the year ended December 31, 2025 and the historical unaudited condensed consolidated financial statements of ITG Parent as of and for the three months ended March 31, 2026 and the related notes included elsewhere in this prospectus.

The unaudited pro forma consolidated financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses." This unaudited pro forma consolidated financial information has been presented to provide relevant information necessary for an understanding of the transactions discussed above. The unaudited pro forma consolidated financial information reflects adjustments that are described in the accompanying notes and are based on available information and certain assumptions we believe are reasonable but are subject to change. The unaudited pro forma consolidated financial information is

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subject to change based on the actual initial public offering price, the number of shares of Class A common stock sold in this offering, and other terms of this offering determined at pricing.

The Financing Adjustments are described in the notes to the unaudited pro forma consolidated financial information and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 9, 2025, ITG OpCo entered into the Credit Agreement consisting of (i) a $540.0 million
senior secured six-year term loan facility, (ii) a $100.0 million revolving credit facility and (iii) a $15.0 million letter of credit sublimit. The Term Loan Facility matures on
July 9, 2031, and the Revolving Credit Facility matures on July 9, 2030. Effective July 9, 2025, all amounts outstanding under ITG OpCo's prior credit facility were repaid and ITG OpCo's prior credit agreement was
terminated. ITG OpCo entered into an additional term loan of $75.0 million on August 29, 2025, and another for $45.0 million on December 30, 2025, both under the Credit Agreement.

The Reorganization Adjustments are described in the notes to the unaudited pro forma consolidated financial information and principally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Splitter will distribute its LLC Interests in ITG Parent to Blocker, Oaktree GP DE AIF and Oaktree Main Fund
(as well as an affiliate of Oaktree Main Fund, which would in turn contribute the LLC Interests that it receives to Oaktree Main Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oaktree GP DE AIF and Oaktree Main Fund will in turn contribute the LLC Interests that they receive to Oaktree
Aggregator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blocker, Oaktree Aggregator and Management Holdings will enter into the ITG Parent LLC Agreement, which will
become effective substantially concurrently with or prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests in ITG Parent into 101,718,194 LLC Interests, (2) appoint Blocker as
the sole managing member of ITG Parent and (3) provide that the holders of LLC Interests and our Class B common stock immediately following consummation of the Transactions, including certain of the Continuing Equity Owners, are entitled
to exchange their LLC Interests, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or,
at our election, for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will amend and restate ITG, Inc.'s certificate of incorporation to, among other things, provide
(1) for Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to our stockholders generally, and (2) for Class B common stock, with each share
of our Class B common stock entitling its holder to one vote per share on all matters presented to our stockholders generally but without economic rights, and that shares of our Class B common stock may only be held by the Continuing
Equity Owners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will acquire an indirect interest in the LLC Interests held by Blocker by means of the Blocker Merger, and
will issue to Oaktree Blocked Fund 26,350,046 shares of our Class A common stock and rights under the Tax Receivable Agreement as consideration in the Blocker Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue 75,368,148 shares of our Class B common stock to certain of the Continuing Equity Owners,
which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration.

The adjustments related to this offering, which we refer to as the Pro Forma Offering Adjustments, are described in the notes to the unaudited pro forma consolidated financial information and principally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue 19,512,196 shares of our Class A common stock to the purchasers in this offering in exchange
for net proceeds of approximately $376.0 million based upon an assumed initial public

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offering price of $20.50 per share (which is the midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discounts and commissions and estimated offering expenses payable by us; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will contribute the net proceeds from this offering to Intermediate, which will use such net proceeds to
purchase LLC Interests from ITG Parent at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discounts and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Parent will use the net proceeds it receives from the sale of LLC Interests to Intermediate to repay
approximately $63.0 million in aggregate principal amount of borrowings outstanding under the Revolving Credit Facility and approximately $298.0 million in aggregate principal amount of borrowings outstanding under the Term Loan Facility
and, to the extent of any remaining proceeds, for general corporate purposes to support the growth of the business as described in "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the underwriters exercise their option to purchase additional shares of Class A common
stock to cover over-allotments, we will use the net proceeds it receives from such sale to purchase up to 2,168,635 LLC Interests directly from ITG Parent at a price per unit equal to the initial public offering price per share of Class A
common stock in this offering less the underwriting discounts and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG Parent will use the net proceeds it receives from the sale of LLC Interests directly to ITG, Inc. to redeem
up to 2,168,635 LLC Interests from certain of the Continuing Equity Owners at a price per unit equal to the initial public offering price per share of Class A common stock in this offering less applicable underwriting discounts and commissions
as described in "Use of Proceeds" (and ITG, Inc. will cancel a corresponding number of shares of Class B common stock held by the Continuing Equity Owners); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITG, Inc. will enter into (1) the Stockholders Agreement with the Continuing Equity Owners, (2) the
Registration Rights Agreement with the Continuing Equity Owners and (3) the Tax Receivable Agreement with the TRA Participants. For a description of the terms of the Stockholders Agreement, the Registration Rights Agreement and the Tax
Receivable Agreement, see "Certain Relationships and Related Party Transactions."

Except as otherwise indicated, the unaudited pro forma consolidated financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of Class A common stock in the offering.

As a public company, we will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. We expect to incur additional annual expenses related to these additional procedures and processes and, among other things, additional directors' and officers' liability insurance, director fees, additional expenses associated with complying with the reporting requirements of the SEC, transfer agent fees, costs relating to additional accounting, legal and administrative personnel, increased auditing, tax and legal fees, stock exchange listing fees and other public company expenses. We have not included any pro forma adjustments relating to these costs in the information below.

The unaudited pro forma consolidated financial information is included for informational purposes only. The unaudited pro forma consolidated financial information should not be relied upon as being indicative of our results of operations or financial condition had the Reorganization Transactions, the Offering Transactions, and the Financing Transactions occurred on the dates assumed. The unaudited pro forma consolidated financial information also does not project our results of operations or financial position for any future period or date. The unaudited pro forma consolidated statement of operations and balance sheet should be read in conjunction with the "Risk Factors," "Prospectus Summary—Summary Consolidated Historical and Unaudited Pro Forma Financial Information and Other Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," the audited financial statement of ITG, Inc. and the related notes thereto and the audited consolidated financial statements of ITG Parent and the related notes thereto, in each case, included elsewhere within this prospectus.

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**ITG, Inc.** 

**UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET** 

**As of March 31, 2026** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **ITG Parent**<br>**Historical** | **Reorganization<br>and Offering<br>Adjustments** | **Notes** | **ITG, Inc.<br>Pro Forma** |
|  ***(in thousands, except per share information)*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Current Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1626 | $376000 | (1) | $1626 |
|  |  | (376000) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 135533 |  |  | 135533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 262893 |  |  | 262893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 21230 |  |  | 21230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Assets** | 421282 |  |  | 421282 |
|  **Other Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 156694 |  |  | 156694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 26494 |  |  | 26494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease right-of-use assets | 2704 |  |  | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 187748 |  |  | 187748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 203136 |  |  | 203136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | 2450 | (2450) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from related party | 2832 |  |  | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset |  | 5226 | (2)(3) | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $1003340 | $2776 |  | $1006116 |
|  **Liabilities and Members' Equity** |  |  |  |  |
|  **Current Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $45681 | $— |  | $45681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 65997 | (432) |  | 65565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease obligations | 10524 |  |  | 10524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of finance lease obligations | 1245 |  |  | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of equipment loans | 22012 |  |  | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of term loans | 16500 |  |  | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Liabilities** | $161959 | $(432) |  | $161527 |
|  **Long-term Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment loans, net | 66436 |  |  | 66436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving line of credit | 63000 | (63000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loans, net | 620314 | (287664) | (1) | 332650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease obligations, net | 16598 |  |  | 16598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease obligations, net | 1584 |  |  | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities | 6024 |  |  | 6024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent liability | 20413 |  |  | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 15457 | (15457) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax receivable agreement liability |  | 33432 | (3) | 33432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 971785 | (333121) |  | 638664 |
|  **Members' equity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members' equity | 31555 | (31555) |  |  |
|  Stockholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, par value $0.001 |  | 1 | (5) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, par value $0.001 |  | 1 | (5) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  | 139007 | (6) | 139007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total members' /stockholders' equity attributable to ITG Parent/ITG, Inc. |  | 139009 |  | 139009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest |  | 228443 | (4) | 228443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Members'/Stockholders' Equity | 31555 | 335897 |  | 367452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities and Members'/Stockholders' Equity** | $1003340 | $2776 |  | $1006116 |

---

*See accompanying "Notes to the Unaudited Pro Forma Consolidated Financial Information."* 

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**ITG, Inc.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent**<br>**Historical** | **Financing<br>Adjustments** | **Notes** | **Reorganization<br>and Offering<br>Adjustments** | **Notes** | **ITG, Inc.**<br>**Pro Forma** |
|  ***(in thousands, except per share data)*** |  |  |  |  |  |  |
|  Revenue | $1154857 | $— |  | $— |  | $1154857 |
|  Cost of revenue, excluding depreciation and amortization | 953119 |  |  |  |  | 953119 |
|  Selling, general and administrative | 75870 |  |  | 16838 | (4) | 92708 |
|  Depreciation and amortization | 60553 |  |  |  |  | 60553 |
|  Change in fair value of contingent liabilities | 3053 |  |  |  |  | 3053 |
|  Total | 1092595 |  |  | 16838 |  | 1109433 |
|  Interest expense | (47905) | 13861 | (5) |  |  | (34044) |
|  Other expense, net | (4049) |  |  |  |  | (4049) |
|  Income before provision for income taxes | 10308 | 13861 |  | (16838) |  | 7331 |
|  Provision for income taxes | 4094 |  |  | (2931) | (1) | 1163 |
|  Net income | 6214 | 13861 |  | (13907) |  | 6168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests |  |  |  | 3835 | (2) | 3835 |
|  Net income attributable to ITG, Inc. | $6214 | $13861 |  | $(17742) |  | $2333 |
|  Pro Forma Earnings Per Share Data (Note 3) |  |  |  |  |  |  |
|  Earnings per share of Class A common stock: |  |  |  |  |  |  |
|  Basic | $0.04 |  |  |  |  |  |
|  Diluted | $0.04 |  |  |  |  |  |
|  Weighted-average shares of Class A common stock outstanding: |  |  |  |  |  |  |
|  Basic | 160000 |  |  |  |  |  |
|  Diluted | 160000 |  |  |  |  |  |
|  Earnings per share of Class A common stock attributable to ITG, Inc.'s stockholders: |  |  |  |  |  |  |
|  Basic |  |  |  |  |  | $0.05 |
|  Diluted |  |  |  |  |  | $0.05 |
|  Weighted average shares of Class A common stock outstanding – Basic |  |  |  |  |  | 45890 |
|  Weighted average shares of Class A common stock – dilutive |  |  |  |  |  | 121258 |

---

*See accompanying "Notes to the Unaudited Pro Forma Consolidated Financial Information."* 

------

**ITG, Inc.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS** 

**For the three months ended March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent<br>Historical** | **Financing<br>Adjustments** | **Notes** | **Reorganization<br>and Offering<br>Adjustments** | **Notes** | **ITG, Inc.<br>Pro Forma** |
|  *(in thousands, except per share data)* |  |  |  |  |  |  |
|  Revenue | $333922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $— |  | $333922 |
|  Cost of revenue, excluding depreciation and amortization | 281066 |  |  |  |  | 281066 |
|  Selling, general and administrative | 25572 |  |  | (1013) | (4)(6) | 24559 |
|  Depreciation and amortization | 20425 |  |  |  |  | 20425 |
|  Change in fair value of contingent liabilities | 1886 |  |  |  |  | 1886 |
|  Total | 328949 |  |  | (1013) |  | 327936 |
|  Interest expense | (18225) | 9457 | (5) |  |  | (8768) |
|  Other expense, net | (919) |  |  |  |  | (919) |
|  Income (loss) before provision for income taxes | (14171) | 9457 |  | 1013 |  | (3701) |
|  Provision for income taxes | (1013) |  |  | 426 | (1) | (587) |
|  Net income (loss) | (13158) | 9457 |  | 587 |  | (3114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income (loss) attributable to non-controlling interests. |  |  |  | (1936) | (2) | (1936) |
|  Net income (loss) attributable to ITG, Inc. | $(13158) | $9457 |  | $2523 |  | $(1178) |
|  Pro Forma (Loss) Earnings Per Share Data (Note 3). |  |  |  |  |  |  |
| (Loss) Earnings per share of Class A common stock: |  |  |  |  |  |  |
|  Basic | $(0.08) |  |  |  |  |  |
|  Diluted | $(0.08) |  |  |  |  |  |
|  Weighted-average shares of Class A common stock outstanding: |  |  |  |  |  |  |
|  Basic | 160000 |  |  |  |  |  |
|  Diluted | 160000 |  |  |  |  |  |
|  Earnings per share of Class A common stock attributable to ITG, Inc.'s stockholders: |  |  |  |  |  |  |
|  Basic |  |  |  |  |  | $(0.03) |
|  Diluted |  |  |  |  |  | $(0.03) |
|  Weighted average shares of Class A common stock outstanding – Basic |  |  |  |  |  | 45890 |
|  Weighted average shares of Class A common stock – dilutive |  |  |  |  |  | 121258 |

---

*See accompanying "Notes to the Unaudited Pro Forma Consolidated Financial Information."* 

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**NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

***Basis of Presentation***

The unaudited pro forma consolidated financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786 replaces the existing pro forma adjustment criteria, which simplified requirements to depict the accounting for the transactions and present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur. The unaudited pro forma consolidated financial information does not present any anticipated synergies, operating efficiencies, tax savings, or cost savings. The unaudited pro forma consolidated financial information has been presented to provide relevant information necessary for an understanding of the transactions discussed above.

The unaudited pro forma adjustments detailed below are based on currently available information and assumptions and methodologies that management believes are reasonable. The pro forma adjustments described below, may be revised as additional information becomes available and is evaluated. Therefore, it is likely the actual adjustments will differ from the pro forma adjustments, and it is possible that the difference may be material. The unaudited pro forma consolidated financial information does not necessarily reflect what the consolidated company's financial condition or results of operations would have been had the Financing Transactions, the Reorganization Transactions and the Offering Transactions occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the consolidated company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

The unaudited pro forma consolidated balance sheet as of March 31, 2026 assumes that the Financing Transactions, the Reorganization Transactions and the Offering Transactions occurred on March 31, 2026, while the unaudited pro forma consolidated statements of operations for the year ended December 31, 2025 and the three months ended March 31, 2026 assume these transactions occurred on January 1, 2025.

***Pro forma adjustments to the consolidated balance sheet***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) Reflects the cash of the receipt of offering proceeds to us of $376.0 million, based on the assumed sale of shares of Class A common stock at an assumed initial public offering of $20.50 per share, the mid-point of the estimated price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and as the following as described in "Use of Proceeds,"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the payment of $376.0 million to purchase 19,512,196 LLC Interests directly from ITG Parent at an assumed initial public offering price of $20.50 per share, the mid-point of the estimated price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions, in the event that the underwriters exercise their option to purchase additional shares of Class A common stock to cover over-allotments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the payment by ITG Parent of approximately $361.0 million to repay outstanding borrowings under our Credit Agreement, using a portion of the proceeds from this offering as described in "Use of Proceeds." The repayment of a portion of our borrowings under our Credit Agreement resulted in a $10.3 million loss on debt repayment as the result of the write-off of a portion of the unamortized original issue discount and capitalized finance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) We are subject to U.S. federal, state, and local income taxes. This adjustment reflects the recognition of deferred taxes in connection with the Reorganization Transactions of ITG, Inc. assuming a pro forma blended statutory tax rate, which includes a provision for U.S. federal, state and local taxes. We have recorded a pro forma deferred tax asset adjustment of $20.7 million related to tax benefits from future deductions

------

attributable to payments under the Tax Receivable Agreement as described further in note (3) below. This is netted against our historical deferral tax liability of $15.5 million, resulting in a net adjustment to the deferred tax asset of $5.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As described in greater detail under "Organizational Structure" and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement," in connection with the completion of this offering, we will enter into a Tax Receivable Agreement with ITG Parent and each of the TRA Participants that will provide for the payment by ITG, Inc. to the TRA Participants of 85% of the amount of certain tax benefits, if any, that ITG, Inc. actually realizes, or in some circumstances is deemed to realize for purposes of tax reporting, as a result of the tax attributes subject to the Tax Receivable Agreement.

Due to the uncertainty in the amount and timing of future redemptions or exchanges of LLC Interests by the holders thereof, the unaudited pro forma consolidated financial information assumes that no redemptions or exchanges of LLC Interests have occurred after the Transactions and, therefore, no increases in tax basis in ITG OpCo's assets or other tax benefits that may be realized thereunder have been assumed in the unaudited pro forma consolidated financial information.

Assuming there are no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, and assuming all exchanges or redemptions would occur immediately after the initial public offering, based on the assumed initial public offering price of $20.50 per share of Class A common stock (which is the midpoint of the estimated price range set forth on the cover page of this prospectus) we would be required to pay approximately $346.2 million over the fifteen-year period from the date of this offering. The actual amounts we will be required to pay under the Tax Receivable Agreement and the actual amount of deferred tax assets and related liabilities that we will recognize as a result of any such future exchanges or redemptions will differ based on, among other things: (a) the amount and timing of future exchanges or redemptions of the LLC Interests, as applicable, and the extent to which such exchanges or redemptions are taxable; (b) the price per share of our Class A common stock at the time of the exchanges or redemptions; (c) the amount of Blocker tax attributes; (d) the amount and timing of future income against which to offset the tax benefits; and (e) the tax rates then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Immediately following the consummation of the Transactions (including this offering), Intermediate, a wholly owned subsidiary of ITG, Inc. will be the sole managing member of ITG Parent and will control the business and affairs of ITG Parent and its direct and indirect subsidiaries. ITG, Inc. will, through its wholly owned subsidiaries, (i) own economic interests in ITG Parent and (ii) have the sole voting interest in, and power to direct the management of, ITG Parent. As a result, ITG, Inc. will consolidate the financial results of ITG Parent and will report a non-controlling interest related to the interests in ITG Parent held by the Continuing Equity Owners on its consolidated balance sheet. Following the Transactions, the Continuing Equity Owners will own 62.17% of the economic interests in ITG Parent as non-controlling interests (or 60.38% if the underwriters exercise their option to purchase additional shares of our Class A common stock in full), but will have no substantive voting or participating rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Reflects (a) the issuance of 45,862,242 shares of our Class A common stock, of which (i) 26,350,046 shares were issued to the Continuing Equity Owners as part of the recapitalization of ITG, Inc. in the Reorganization Transactions for the Blocker Merger (in exchange for our acquisition of each Blocker) and (ii) 19,512,196 shares were issued to investors in this offering, and (b) the issuance of a number of 75,368,148 shares of our Class B common stock to certain of the Continuing Equity Owners, equal to the number of LLC Interests retained by each, for nominal consideration.

The Reorganization Adjustments and Offering Adjustments include adjustments to transfer the Continuing Equity Owners' equity to Class A common stock, Class B common stock, additional paid-in capital and retained earnings representing the reallocation of equity to ITG, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The following table is a reconciliation of the adjustments impacting additional paid-in capital (in thousands):

---

| | |
|:---|:---|
|  Historical member's equity | $31555 |
|  Proceeds from the issuance of common stock in this offering | 376000 |
|  Write off of debt issuance costs related to the pay down of debt | (10336) |
|  Allocation to non-controlling interest after IPO | (228443) |
|  Allocation to Class A common stock par value | (1) |
|  Allocation to Class B common stock par value | (1) |
|  Offering bonuses | (2018) |
|  IPO Offering cost | (15000) |
|  Net adjustment from recognition of deferred tax asset and Tax Receivable Agreement liability | (12749) |
|  Additional paid-in capital after IPO | $139007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) We have deferred certain costs associated with this offering. These costs primarily represent legal, accounting and other direct costs recorded in other assets on our consolidated balance sheet. Upon completion of this offering, these deferred costs will be charged against the proceeds from this offering with a corresponding reduction to additional paid-in capital (see (6) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Represents the accrual of offering bonuses of $2.0 million due to certain executives, directors and employees upon completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects a change in the vesting term for certain non-vested service based incentive units to immediate vesting prior to this offering. The aggregate expense is based on the remaining grant date fair value of the units at the date of March 31, 2026.

***Pro forma adjustments to the consolidated statement of operations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Following the Transactions, we will be subject to United States federal income taxes, in addition to applicable state and local taxes, with respect to our allocable share of any net taxable income of ITG Parent. As a result, the unaudited pro forma consolidated statement of operations includes an adjustment to our income tax expense to reflect an effective income tax rate of 15.9%, which includes a provision for United States federal income taxes and assumes the highest statutory rates apportioned to each state and local jurisdiction. This rate is only applied to the portion of pre-tax income attributable to ITG, Inc. The remaining pre-tax income attributable to ITG Parent is not subject to federal and state income taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Immediately following the consummation of the Transactions (including this offering), Intermediate, a wholly owned subsidiary of ITG, Inc. will be the sole managing member of ITG Parent and will control the business and affairs of ITG Parent and its direct and indirect subsidiaries. ITG, Inc. will, through its wholly owned subsidiaries, (i) own economic interests in ITG Parent and (ii) have the sole voting interest in, and power to direct the management of, ITG Parent. As a result, ITG, Inc. will consolidate the financial results of ITG Parent and will report a non-controlling interest related to the interests in ITG Parent held by the Continuing Equity Owners on its consolidated balance sheet. Following the Transactions, the Continuing Equity Owners will own 62.17% of the economic interests in ITG Parent as non-controlling interests (or 60.38% if the underwriters exercise their option to purchase additional shares of our Class A common stock in full), but will have no substantive voting or participating rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The weighted average number of shares underlying the basic earnings per share calculation reflects only the shares of Class A common stock outstanding after the offering as they are the only outstanding shares which participate in distributions or dividends by ITG, Inc. The net proceeds from the sale of 21,680,831 shares of Class A common stock by us in this offering (including 2,168,635 shares of Class A common stock if the underwriters exercise their option to purchase additional shares of our Class A common stock in full) will be used to (i) indirectly acquire 19,512,196 LLC Interests from ITG Parent and (ii) for ITG Parent to redeem up to 2,168,635 outstanding LLC Interests from certain of the Continuing Equity Owners, in each case, at a purchase price per LLC Interest equal to the initial offering price per share of Class A common stock in this offering, less the underwriting discounts and commissions (and with respect to clause (ii), any withholding taxes). Pro forma diluted earnings per share is computed by adjusting pro forma net income attributable to ITG, Inc. and the weighted average shares of Class A common stock outstanding to give effect to potentially dilutive securities that qualify as participating securities.

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| | | |
|:---|:---|:---|
| ***(in thousands, other than per share information)*** | **For the Year Ended<br>December 31, 2025** | **For the Three Months Ended<br>March 31, 2026** |
|  **Earnings per share of common stock** |  |  |
|  **Numerator:** |  |  |
|  Net income attributable to ITG, Inc.'s stockholders (basic) | $2333 | $(1178) |
|  Net income attributable to ITG, Inc.'s stockholders (diluted) | $6168 | $(3114) |
|  **Denominator:** |  |  |
|  Weighted average of shares of Class A common stock outstanding (basic) | 45890 | 45890 |
|  Incremental shares of Class A common stock attributable to dilutive instruments<sup>(a)</sup> | 75368 | 75368 |
|  Weighted average of shares of Class A Common stock outstanding (diluted) | 121258 | 121258 |
|  **Basic Earnings Per Share** | $0.05 | $(0.03) |
|  **Diluted Earnings Per Share** | $0.05 | $(0.03) |

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(a) The incremental shares of Class A common stock attributable to dilutive instruments includes 75,368,148
shares of Class B common stock (and a corresponding number of LLC Interests) assumed to be exchanged by Continuing Equity Owners that were issued and outstanding as of January 1, 2025. For the year ended December 31, 2025 and the
three months ended March 31, 2026, the shares of Class B common stock were antidilutive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Reflects a change in the vesting term for all non-vested Class D and Class X incentive units in ITG Parent issued prior to December 31, 2025 to immediate vesting prior to the date of the IPO. The incremental expense will be $14.2 million for the year ended December 31, 2025, in the unaudited pro forma consolidated statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Reflects the interest expense assuming the Credit Agreement was entered into on January 1, 2025 and borrowings thereunder were outstanding for the entire year ended December 31, 2025. The interest rate assumed for purposes of preparing this unaudited pro forma consolidated financial information is 8.95%. This rate is the benchmark rate of 4.20% on December 31, 2025, plus the 4.75% margin specified in the Credit Agreement.

ITG Parent intends to use a portion of the net proceeds it receives from the sale of LLC Interests to ITG, Inc. to repay $361.0 million of outstanding borrowings under the Credit Agreement. Accordingly, pro forma adjustments have been made to reflect a reduction in interest expense of $13.9 million and $9.5 million for the year ended December 31, 2025 and the three months ended March 31, 2026, respectively, computed at effective interest rates of 10.25%, in each case, as if the outstanding borrowings had been repaid on January 1, 2025.

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The following adjustments have been recorded to interest expense (in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31, 2025** | **For the Three Months Ended<br>March 31, 2026** |
|  Estimated interest expense on the Credit Agreement | $(37003) | $(9251) |
|  Amortization of debt discount and issuance costs associated with Credit Agreement | 866 | 483 |
|  Adjustment for repayment of Credit Agreement from use of proceeds | 2093 |  |
|  Removal of historical interest expense | 47905 | 18225 |
|  **Financing adjustments to interest expense** | $13861 | $9457 |

---

A 1/8 of a percentage point increase or decrease in the benchmark rate would result in a change in interest expense of approximately $0.4 million for the year ended December 31, 2025 and $0.1 million for the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects the cash bonuses due to certain directors, officers and employees upon completion of this offering (see Note 8 under "Pro forma adjustments to the consolidated balance sheet").

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*This section, "Management's Discussion and Analysis of Financial Condition and Results of Operations," should be read in conjunction with the sections of this prospectus captioned "Summary Consolidated Financial and Other Data" and "Business" and our audited consolidated financial statements as of and for the year ended December 31, 2025 and our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026 and the related notes to those statements included elsewhere in this prospectus. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under the sections of this prospectus captioned "Special Note Regarding Forward-Looking Statements" and "Risk Factors."* 

*This section contains the presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion, which are not presented in accordance with GAAP. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion are being presented because they provide the Company and readers of this prospectus with additional insight into our operational performance relative to earlier periods and relative to our competitors. We do not intend Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion to be substitutes for any GAAP financial information. Readers of this prospectus should use (i) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Conversion in conjunction with net income (loss) and (ii) Adjusted Gross Profit and Adjusted Gross Profit Margin in conjunction with revenue. Reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Conversion to net income (loss) and Adjusted Gross Profit and Adjusted Gross Profit Margin to revenue, the most comparable GAAP measure to each, are provided in "—Non-GAAP Financial Measures."* 

*Historically, our business has been operated through ITG Parent, together with its subsidiaries. ITG, Inc. was formed for the purpose of this offering and has engaged to date only in activities in contemplation of this offering. Upon the completion of this offering, all of our business will continue to be conducted through ITG Parent, together with its subsidiaries, and the financial results of ITG Parent will be consolidated in our financial statements. ITG, Inc. will be a holding company whose sole material asset will be direct and indirect ownership of the LLC Interests in ITG Parent. For more information regarding the organizational transactions and holding company structure, see "Organizational Structure."* 

**Overview** 

We are a preferred provider of mission critical services to the digital and other utility infrastructure industries throughout the United States. We deliver technology-enabled, end-to-end services supporting the planning, design, construction, operation, maintenance and expansion of the broadband networks that have become critical infrastructure and essential to modern life and economic activity.

We were founded and are led by seasoned industry veterans with backgrounds beginning as field technicians and extending to successful entrepreneurial and corporate leadership, committed to delivering the highest quality

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services to our customers. We believe that our national footprint, comprehensive end-to-end service offerings, and proprietary FUSE360 technology platform position us as a partner of choice for leading broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities. We also believe that our business operations and intelligence technology platform, FUSE360, delivers real-time visibility into operational and performance metrics and provides our skilled workforce with a comprehensive digital training, safety and operational platform.

We operate through two complementary service lines: Engineering & Maintenance and Infrastructure Deployment. Together, these service lines enable us to support customers through the full digital and other utility infrastructure lifecycle. Our E&M service line provides re-occurring, mission-critical services required by network owners to operate, maintain, optimize and expand their infrastructure. Select services include, but are not limited to: (i) planning, design, engineering, site acquisition and permitting to optimize and upgrade existing broadband networks and to develop new routes, (ii) drop-and-bury placement and installation of fiber / coaxial cables and supporting infrastructure from main distribution lines to the end-user's home or business, (iii) installation, upgrades and troubleshooting service calls at residential and commercial locations, and (iv) normal-course coaxial and fiber replacements, pole moves and upgrades, line extensions, utility asset locating services, and planned and emergency repair work. Our Infrastructure Deployment service line provides large-scale network and fiber construction services for incumbent carriers, overbuilders, and data center operators and underground civil construction services for public and private utilities. Select services include, but are not limited to, aerial and underground builds, directional boring and trenching, conduit installation and wiring services, and fiber backhaul. Infrastructure Deployment expands the installed base of network infrastructure and typically leads to long-duration E&M-related services, creating a complementary lifecycle revenue flywheel.

**Factors Affecting Results of Operations and Comparability** 

***Acquisition-related Activities***

**For the Year Ended December 31, 2025** 

On August 30, 2025, we completed the acquisition of Vision Utility Services, Inc. ("Vision"), headquartered in Springdale, Arkansas. Our operating results for the year ended December 31, 2025 included four months of Vision's results of operations. From the acquisition date to the end of our fiscal year 2025, our revenue included $8.5 million attributable to Vision.

On September 17, 2025, we completed the acquisition of Tilson Technology Management, Inc. and Tilson Middle Street Holding, LLC (together, "Tilson"), headquartered in Maine. Concurrent with the closing of the Tilson acquisition, we entered into a Designation Agreement with an unrelated third party in which we assigned certain of the assets and liabilities of Tilson to the third party. From the acquisition date to the end of our fiscal year 2025, our revenue included $35.3 million attributable to Tilson.

On October 8, 2025, we completed the acquisition of Quasar, Inc. ("Quasar"), headquartered in Woodstock, Georgia, with operations in the United States, Poland and the United Kingdom. From the acquisition date to the end of our fiscal year 2025, our revenue included $3.5 million attributable to Quasar.

On November 2, 2025, we completed the acquisition of Advantage Utilities LLC ("Advantage"), headquartered in Newton, New Hampshire. From the acquisition date to the end of our fiscal year 2025, our revenue included $4.0 million attributable to Advantage.

During the year ended December 31, 2025, we completed an additional three acquisitions from March through July 2025. Combined, these entities generated revenue of $13.5 million that has been included in our results of operations from their respective acquisition dates to December 31, 2025.

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**For the Year Ended December 31, 2024** 

In the first quarter of 2024, we acquired Infinite Communications Incorporated and Spectra Broadband Inc. Infinite Communications Incorporated strengthened our Southeastern United States market and increased our service offerings and Spectra Broadband Inc. expanded our presence in the Western United States. These two acquisitions generated revenue of $221.2 million after being acquired by us, which is included within our results of operations for the year ended December 31, 2024.

***Customer Relationships and Contractual Arrangements***

We have established relationships with many of the largest national digital infrastructure and other utility providers, including local and regional operators, hyperscalers, and other private and public utilities. Our customer base is highly concentrated, with our top two customers accounting for approximately 68% and 60% of our total revenues during the years ended December 31, 2024 and 2025, respectively and 67% and 61% for the three months ended March 31, 2025 and 2026, respectively.

The following reflects the percentage of total revenues from customers who contributed at least 10% to our total revenues during the years ended December 31, 2024 and 2025 and the three months ended March 31, 2025 and 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2024** | **2025** | **2025** | **2026** |
|  Comcast Corporation | 40% | 35% | 38% | 37% |
|  Charter Communications, Inc. | 28% | 25% | 29% | 24% |

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We perform a majority of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks. We generally possess multiple agreements with each of our significant customers. To the extent that such agreements specify exclusivity, there are often exceptions, including the ability of the customer to issue work orders valued above a specified dollar amount to other service providers, the performance of work with the customer's own employees, and the use of other service providers when jointly placing facilities with another utility. Most of these agreements automatically renew each year, however in many cases, a customer may terminate an agreement for convenience. Historically, multi-year master service agreements have been awarded through a mix of competitive bidding processes and bilateral, negotiated arrangements. We provide the remainder of our services pursuant to contracts for specific projects. These contracts may be long-term (with terms greater than one year) or short-term (with terms less than one year) and at times include retainage provisions under which the customer may withhold 5% to 10% of the invoiced amounts pending project completion and closeout. Our revenues from MSAs were 94% and 92% of our revenues in 2024 and 2025, respectively.

***Seasonality and Fluctuations in Operating Results***

Our revenues and results of operations exhibit seasonality and are impacted by weather conditions as we perform a significant portion of our work outdoors. Consequently, seasonal winter conditions, including weather patterns and reduced daylight hours, may have an impact on operations primarily in the first quarter and, to a lesser extent, the fourth quarter. Additionally, extreme weather conditions such as major or extended winter storms, droughts and tornados, wildfires, and natural disasters, such as floods, hurricanes and tropical storms could also increase or decrease the demand for our services, or impact our ability to perform our services. Also, several holidays fall within the fourth quarter, which decreases the number of available workdays in this quarter. Because of these factors, we are most likely to experience reduced revenue and profitability during the first and fourth quarters compared to the second and third quarters.

We may also experience variations in our profitability driven by a number of factors. These factors include variations and fluctuations in revenues, job specific costs, accruals for contingencies, equity-based compensation

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expense, the change in fair value of contingent liabilities, the valuation of intangibles and other long-lived assets, the employer portion of payroll taxes as a result of reaching statutory limits, and our effective tax rate.

Accordingly, operating results for any fiscal period are not necessarily indicative of results we may achieve for any subsequent fiscal period.

**Key Components of Our Results of Operations** 

The following discussion describes certain line items in our consolidated statements of operations.

**Revenue** 

We perform a significant amount of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. Revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures, such as units delivered or milestones completed, are utilized to assess progress against specific contractual performance obligations for a portion of our services. For a majority of our services, revenue is recognized at a point in time as it is dependent upon successful completion of the performance obligations in the contract.

**Costs of Revenue** 

Costs of earned revenues include all direct costs of providing services under our contracts, including costs for direct labor provided by employees, services by subcontractors, operation of capital equipment (excluding depreciation), fuel, direct materials, costs of insuring our risks, and other direct costs.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses primarily consist of employee compensation and related expenses, including performance-based compensation and equity-based compensation, legal, consulting and professional fees, information technology and development costs, provision for or recoveries of bad debt expense, acquisition and integration costs of businesses acquired, and other costs not directly related to the provision of our services under customer contracts. We incur information technology and development costs primarily to support and enhance our operating efficiency. Our executive management team and the senior management perform substantially all of our sales and marketing functions as part of their management responsibilities.

***Depreciation and Amortization***

Our property and equipment primarily consist of vehicles, equipment and machinery, and computer hardware and software. We depreciate property and equipment on a straight-line basis over the estimated useful lives of the assets. In addition, we have intangible assets, including customer relationships, trade names, and non-compete intangibles, which we amortize on a straight-line basis over their estimated useful lives.

***Change in Fair Value of Contingent Liabilities***

The change in fair value of contingent liabilities consists of changes in the estimated amounts recorded for future payments for certain acquisitions.

***Interest Expense***

Interest expense consists of interest incurred on outstanding variable rate and fixed rate debt and certain other obligations and the amortization of debt issuance costs.

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**Non-GAAP Financial Measures** 

We present non-GAAP performance measures as we believe it is appropriate for investors to consider adjusted financial measures in addition to results in accordance with GAAP. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, GAAP. We present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use: (i) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion as factors in evaluating management's performance when determining incentive compensation; (ii) to evaluate the effectiveness of our business strategies; and (iii) because our Credit Agreement uses measures similar to Adjusted EBITDA to measure our compliance with certain covenants.

Among other limitations, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and other companies in our industry may calculate Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion differently than we do, which limits their usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion on a supplemental basis. You should review the reconciliation of net income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion below and not rely on any single financial measure to evaluate our business.

Our non-GAAP financial measures include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA – We define Adjusted EBITDA as net income plus or minus (i) interest expense,
(ii) interest income, (iii) income tax (benefit) expense, (iv) depreciation expense, (v) amortization of intangibles, (vi) other expense, net, (vii) equity-based compensation, (viii) transaction costs,
(ix) restructuring, integration and business optimization costs, and (x) change in fair value of contingent liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin – We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow – We define Free Cash Flow as Adjusted EBITDA minus capital expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow Conversion – We define Free Cash Flow Conversion as Free Cash Flow divided by Adjusted
EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit – We define Adjusted Gross Profit as net revenue minus cost of revenue, excluding
depreciation and amortization, and adjusted for start-up profit centers, closed profit centers and restructuring, integration and business optimization costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit Margin – We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by
revenue.

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The following table reconciles net income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA and Free Cash Flow, and calculations of Adjusted EBITDA Margin and Free Cash Flow Conversion for the years ended December 31, 2022, 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026. The financial data for the years ended December 31, 2022 and 2023 were not subject to an audit under the standards of the PCAOB and for the three months ended March 31, 2025 and 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
|  | **For the Year Ended<br>December 31, 2022** | **For the Year Ended<br>December 31, 2023** | **For the Year Ended<br>December 31, 2024** | **For the Year Ended<br>December 31, 2025** | **For the Three Months<br>Ended March 31, 2025** | **For the Three Months<br>Ended March 31, 2026** |
|  | **(unaudited)** | **(unaudited)** | | | | |
|  ***(in thousands, except for percentages)*** |  |  |  |  |  |  |
|  Net income (loss) | $8996 | $16255 | $28280 | $6214 | $1578 | $(13158) |
|  Interest expense | 12148 | 25941 | 30466 | 47905 | 6826 | 18225 |
|  Income tax expense | 3377 | 5992 | 7434 | 4094 | 1184 | (1013) |
|  Depreciation expense | 11740 | 16006 | 23272 | 31418 | 6155 | 12178 |
|  Amortization of intangibles | 22549 | 23946 | 27687 | 29135 | 7102 | 8247 |
|  Other expense, net |  |  | 1467 | 4049 | 988 | 919 |
|  Equity-based compensation | 641 | 662 | 1911 | 3763 | 645 | 1169 |
|  Transaction costs<sup>(1)</sup> | 2460 | 191 | 2784 | 5063 | 906 | 1458 |
|  Restructuring, integration, and business optimization costs<sup>(2)</sup> |  |  |  | 13647 | 1857 | 6310 |
|  Change in fair value of contingent liabilities<sup>(3)</sup> | 656 | 1647 | 21134 | 3053 | 167 | 1886 |
|  **Adjusted EBITDA** | $**62567** | $**90640** | $**144435** | $**148341** | $**27408** | $**36221** |
|  **Adjusted EBITDA Margin** | **13.0%** | **13.7%** | **14.5%** | **12.8%** | **12.2%** | **10.8%** |
|  Purchase of property and equipment | $16821 | $25960 | $30009 | $57248 | $12464 | $8529 |
|  **Free Cash Flow** | $**45746** | $**64680** | $**114426** | $**91093** | $**14944** | $**27692** |
|  **Free Cash Flow Conversion** | **73.1%** | **71.4%** | **79.2%** | **61.4%** | **54.5%** | **76.5%** |

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(1) Represents professional, legal and advisory fees incurred in connection with acquisitions completed during the
presented period.

(2) Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for
new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.

(3) Represents non-recurring earnout amounts accrued to certain sellers in connection with the acquisitions
completed during the presented period.

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The following table reconciles revenue, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted Gross Profit, and a calculation of Adjusted Gross Profit Margin for the years ended December 31, 2022, 2023, 2024 and 2025 and for the three months ended March 31, 2025 and 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
| ***(in thousands, except for percentages)*** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025** | **For the<br>Three Months<br>Ended<br>March 31,<br>2026** |
|  | **(unaudited)** | **(unaudited)** | | | | |
|  Revenue | $483063 | $659436 | $997996 | $1154857 | $225387 | $333922 |
|  Cost of revenue, excluding depreciation and amortization | 395282 | 536491 | 805974 | 953119 | 186605 | 281066 |
|  Gross Profit | 87781 | 122945 | 192022 | 201738 | 38782 | 52856 |
|  Restructuring, integration and business optimization costs<sup>(1)</sup> |  |  |  | 8423 | 862 | 5469 |
|  **Adjusted Gross Profit** | $**87781** | $**122945** | $**192022** | $**210161** | $**39644** | $**58325** |
|  **Adjusted Gross Profit Margin** | **18.2%** | **18.6%** | **19.2%** | **18.2%** | **17.6%** | **17.5%** |

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(1) Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for
new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.

**Results of Operations** 

The following tables set forth our consolidated statements of operations for 2024 and 2025 and for the first three months of 2025 and 2026. We have derived this data from our audited consolidated financial statements as of and for the years ended December 31, 2024 and 2025 and our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2025 and 2026 included elsewhere in this prospectus. This information should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2025 and our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026 and related notes included elsewhere in this prospectus. The results of historical periods are not necessarily indicative of the results of operations for any future period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31,** | **For the**<br>**Year Ended**<br>**December 31,** | **2024 to<br>2025** | **For the**<br>**Three Months Ended**<br>**March 31,** | **For the**<br>**Three Months Ended**<br>**March 31,** | **2025 to<br>2026** |
|  ***(in thousands)*** | **2024** | **2025** | **Change** | **2025** | **2026** | **Change** |
|  Revenue | $997996 | $1154857 | $156861 | $225387 | $333922 | $108535 |
|  Cost of revenue, excluding depreciation and amortization | 805974 | 953119 | 147145 | 186605 | 281066 | 94461 |
|  Selling, general and administrative | 52282 | 75870 | 23588 | 14782 | 25572 | 10790 |
|  Depreciation and amortization | 50959 | 60553 | 9594 | 13257 | 20425 | 7168 |
|  Change in fair value of contingent liabilities | 21134 | 3053 | (18081) | 167 | 1886 | 1719 |
|  Total | 930349 | 1092595 | 162246 | 214811 | 328949 | 114138 |
|  Interest expense | (30466) | (47905) | (17439) | (6826) | (18225) | (11399) |
|  Other expense, net | (1467) | (4049) | (2582) | (988) | (919) | 69 |
|  Income (loss) before provision for income taxes | 35714 | 10308 | (25406) | 2762 | (14171) | (16933) |
|  Provision for income taxes | 7434 | 4094 | (3340) | 1184 | (1013) | (2197) |
|  Net income (loss) | $28280 | $6214 | $(22066) | $1578 | $(13158) | $(14736) |

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***<u>Comparison for Three Months ended March 31, 2025 and 2026 (Unaudited)</u>***

***Revenue***

Revenue was $333.9 million during the three months ended March 31, 2026 compared to $225.4 million during the three months ended March 31, 2025. Revenues from businesses acquired in 2025 were $70.6 million during the three months ended March 31, 2026. Acquired revenues represent revenues from acquired businesses that were not owned for the three months ended March 31, 2025.

Excluding amounts generated by the acquired businesses, revenue increased by $37.9 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 as a result of the expansion of organic volume growth and geographic expansion across our E&M and Infrastructure Deployment service lines.

***Costs of Revenue***

Costs of revenue increased to $281.1 million, or 84.2% of revenues, during the three months ended March 31, 2026 compared to $186.6 million, or 82.8% of revenues, during the three months ended March 31, 2025. The primary components of the increase were a $70.7 million aggregate increase in direct labor and subcontractor expense to support the revenue growth, a $1.2 million increase in supplies and materials, a $2.1 million increase in fuel and vehicle maintenance costs and a $12.2 million increase in other direct costs that are generally passed through to the customer.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses increased to $25.6 million, or 7.7% of revenue, during the three months ended March 31, 2026 compared to $14.8 million, or 6.6% of revenues, during the three months ended March 31, 2025. The increase in selling, general and administrative expenses primarily resulted from a $0.6 million increase in legal and professional fees primarily as a result of the increase in the growth of the Company, $8.3 million increase in personnel costs due to increased employees to support our growth from acquisitions, $0.5 million in increased equity-based compensation expense due to additional unit grants and $1.6 million from software maintenance costs.

***Depreciation and Amortization***

Depreciation expense was $12.2 million, or 3.6% of revenue, during the three months ended March 31, 2026, compared to $6.2 million, or 2.7% of revenues, during the three months ended March 31, 2025. The increase in depreciation expense during the three months ended March 31, 2026 was primarily due to the property and equipment acquired in business combinations. Amortization expense was $8.2 million and $7.1 million during the three months ended March 31, 2026 and the three months ended March 31, 2025, respectively. The increase in amortization expense during the three months ended March 31, 2026 is due to the increase in amortizing intangibles from acquired businesses.

***Change in Fair Value of Contingent Liabilities***

The change in fair value of contingent liabilities to $1.9 million during the three months ended March 31, 2026 from $0.2 million during the three months ended March 31, 2025 was due to a payment of $1.6 million on a 2024 acquisition earnout above the estimated fair value.

***Interest Expense***

Interest expense increased to $18.2 million during the three months ended March 31, 2026 from $6.8 million during the three months ended March 31, 2025 primarily as a result of higher outstanding borrowings during the current year related to our refinancing in 2025.

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***Other Expense, Net***

The change in other expense, net to $0.9 million during the three months ended March 31, 2026 from $1.0 million during the three months ended March 31, 2025 was not significant.

***Provision for Income Taxes***

The following table presents our provision for income taxes and effective income tax rate for the three months ended March 31, 2026 and the three months ended March 31, 2025:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended**<br>**March 31,** | **For the Three Months Ended**<br>**March 31,** |
|  | **2025** | **2026** |
|  | **(in thousands)** | **(in thousands)** |
|  Provision for income taxes | $1184 | $(1013) |
|  Effective income tax rate | 42.9% | (7.1)% |

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Our effective income tax rate differs from the statutory rate primarily due to the income tax expense from states where work was performed offset by net income attributable to non-taxable entities.

***Net Income (Loss)***

As a result of the factors discussed above, our net income decreased by $14.7 million to a net loss of $13.1 million for the three months ended March 31, 2026 as compared to net income of $1.6 million for the three months ended March 31, 2025.

***<u>Comparison for Years Ended December 31, 2024 and 2025</u>***

***Revenues***

Revenues were $1,154.9 million during 2025 compared to $998.0 million during 2024. Revenues from businesses acquired in 2025 were $64.8 million during 2025. Acquired revenues represent revenues from acquired businesses that were not owned for the full period.

Excluding amounts generated by the acquired businesses, revenues increased by $92.1 million during 2025 compared to 2024 as a result of the expansion of organic volume growth and geographic expansion across our E&M and Infrastructure Deployment service lines.

***Costs of Revenues***

Costs of revenues increased to $953.1 million, or 82.5% of revenues, during 2025 compared to $806.0 million, or 80.8% of revenues, during 2024. The primary components of the increase were a $125.7 million aggregate increase in direct labor and subcontractor expense to support the revenue growth, a $5.2 million increase in supplies and materials, a $2.4 million increase in fuel and vehicle maintenance costs and an increase in other direct costs.

Costs of revenues as a percentage of revenues increased 1.7% during 2025 compared to 2024.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses increased to $75.9 million, or 6.6% of revenues, during 2025 compared to $52.3 million, or 5.2% of revenues, during 2024. The increase in total selling, general and administrative expenses primarily resulted from a $2.8 million increase in legal and professional fees primarily as a result of acquisitions and the recapitalization, $16.1 million due to increase personnel costs from increased employees to support our growth from acquisitions, $1.8 million in increased equity-based compensation expense due to additional unit grants and acceleration of expense for modifications and $1.2 million from software maintenance costs.

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***Depreciation and Amortization***

Depreciation expense was $31.4 million, or 2.7% of revenues, during 2025, compared to $23.3 million, or 2.3% of revenues, during 2024. The increase in depreciation expense during 2025 was primarily due to the property and equipment acquired in business combinations. Amortization expense was $29.1 million and $27.7 million during 2025 and 2024, respectively. The increase in amortization expense during 2025 is due to the increase in amortizing intangibles from acquired businesses.

***Change in Fair Value of Contingent Liabilities***

The change in fair value of contingent liabilities to $3.1 million during 2025 from $21.1 million during 2024 was a result of the inclusion of $16.5 million in adjustments from contingent consideration resulting from the settlement of earn out liabilities that was included in the change in fair value of contingent liabilities during 2024.

***Interest Expense***

Interest expense increased to $47.9 million during 2025 from $30.5 million during 2024 primarily as a result of higher outstanding borrowings during the current year.

***Other Expense, Net***

The change in other expense, net to $4.1 million from $1.5 million in 2024 was a result of increased fees from a customer-sponsored vendor program.

***Provision for Income Taxes***

The following table presents our provision for income taxes and effective income tax rate for 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
|  Provision for income taxes | $7434 | $4094 |
|  Effective income tax rate | 20.8% | 39.7% |

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Our effective income tax rate differs from the statutory rate primarily due to the income tax expense from states where work was performed offset by net income attributable to non-taxable entities.

***Net Income***

As a result of the factors discussed above, our net income decreased by $22.1 million, or 78.0%, in 2025 as compared to 2024.

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**Liquidity and Capital Resources** 

The following table shows our cash flows from operating activities, investing activities and financing activities for the stated years:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **ITG Parent** | **ITG Parent** | **ITG Parent** | **ITG Parent** |
|  | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Three Months**<br>**Ended March 31,** | **For the Three Months**<br>**Ended March 31,** |
| ***(in thousands)*** | **2024** | **2025** | **2025** | **2026** |
| **Statement of Cash Flows Data:** |  |  |  |  |
|  Net cash provided by (used in) operating activities | $39608 | $12292 | $31803 | $(18792) |
|  Net cash used in investing activities | $(114015) | $(163378) | $(15928) | $(8227) |
|  Net cash provided by financing activities | $67084 | $147438 | $2398 | $24926 |

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We finance our operations primarily with operating cash flows and short and long-term borrowings. Our ability to generate positive cash flow from operations is dependent upon the amount of net income that we generate before depreciation and amortization expense and other non-cash items. Based on our past performance and current expectations, we believe operating cash flows will be sufficient to meet our future cash needs for the next twelve months. Our indebtedness provides additional sources of short and long-term liquidity to fund operations.

As of March 31, 2026, our cash and cash equivalents were $1.6 million.

As of March 31, 2026, we had outstanding borrowings of $655.9 million under our Credit Agreement and $63.0 million outstanding under the Revolving Credit Facility. As of March 31, 2026, there was approximately $5.2 million in letters of credit outstanding and approximately $116.8 million available for borrowing under the Revolving Credit Facility.

Our level of indebtedness increases the risk that we may be unable to generate sufficient cash flow to pay amounts due in respect of our indebtedness. Despite substantial levels of indebtedness, we and our subsidiaries have the ability to incur more indebtedness. Our indebtedness could have other important consequences to you and significant effects on our business. In addition, the Credit Agreement contains and the agreements evidencing or governing our future indebtedness may contain, restrictive covenants that will limit our ability to engage in activities that may be in our long-term best interests. Our failure to comply with those covenants is not fully within our control and could result in an event of default which, if not cured or waived, could result in the acceleration of all of our indebtedness and trigger adverse consequences. See "Risk Factors—Risks Related to Indebtedness—Our level of indebtedness requires us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness and could adversely affect our financial flexibility and our competitive position."

We will be required to make payments under the Tax Receivable Agreement to the TRA Participants and the amounts of such payments could be significant. We intend (as the owner of its managing member) to cause ITG Parent to make cash distributions to the owners of LLC Interests, including us, in amounts sufficient to cover our payments under the Tax Receivable Agreement. However, ITG Parent's ability to make such distributions may be subject to various limitations and restrictions. If we do not have sufficient funds to cover our payments under the Tax Receivable Agreement (including, if applicable, because of an acceleration of our obligations under the Tax Receivable Agreement), we may have to borrow funds, which could materially adversely affect our liquidity and financial condition and subject us to various restrictions imposed by any such lenders. Any payments made by us under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to ITG Parent, and to the extent that we are

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unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us. There may be a material negative effect on our liquidity if, as a result of timing discrepancies or otherwise, the payments under the Tax Receivable Agreement exceed the actual benefits we realize in respect of the tax benefits that are subject to the Tax Receivable Agreement and/or distributions to us by ITG Parent are not sufficient to permit us to make payments under the Tax Receivable Agreement after we have paid taxes.

Assuming there are no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, and assuming all exchanges or redemptions would occur immediately after the initial public offering, based on the assumed initial public offering price of $20.50 per share of Class A common stock, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, we would be required to pay approximately $346.2 million over the fifteen-year period from the date of this offering, which would equate to roughly $23.1 million per year.

***Operating Activities***

During the three months ended March 31, 2026, net cash used in operating activities was $18.8 million. Changes in working capital (excluding cash) used $32.7 million of operating cash flow during the three months ended March 31, 2026. Working capital changes that used operating cash flow during the three months ended March 31, 2026 included an increase in contract assets of $40.8 million, an increase in prepaid and other current assets of $4.2 million and a decrease in operating lease liabilities of $4.3 million. Working capital changes that provided operating cash flow during the three months ended March 31, 2026 included a decrease of accounts receivable of $5.8 million, and an increase in accounts payable and accrued expenses of $10.8 million.

During the three months ended March 31, 2025, net cash provided by operating activities was $31.8 million. Changes in working capital (excluding cash) provided $14.6 million of operating cash flow during the three months ended March 31, 2025. Working capital changes that provided operating cash flow during the three months ended March 31, 2025 included a decrease in contract assets of $27.9 million, a decrease in prepaid and other current assets of $1.6 million and a decrease in accounts receivable of $1.6 million. Working capital changes that used operating cash flow during the three months ended March 31, 2025 included a decrease in operating lease liabilities of $1.7 million and a decrease in accounts payable and accrued expenses of $14.7 million.

The primary non-cash items in cash flows from operating activities during the current and prior periods are depreciation, amortization of intangible assets, non-cash lease expense, equity-based compensation, amortization of debt issuance costs, deferred income taxes, gain or loss on sale of fixed assets and change in fair value of the contingent liabilities, net of payments.

During 2025, net cash provided by operating activities was $12.3 million. Changes in working capital (excluding cash) used $73.6 million of operating cash flow during 2025. Working capital changes that used operating cash flow during 2025 included an increase in contract assets of $46.9 million, an increase of accounts receivable of $15.8 million, an increase in prepaid and other current assets of $9.6 million and a decrease in operating lease liabilities of $9.7 million. Working capital changes that provided operating cash flow during 2025 included an increase in accounts payable and accrued expenses of $8.3 million.

The primary non-cash items in cash flows from operating activities during the current and prior periods are depreciation, amortization of intangible assets, non-cash lease expense, equity-based compensation, amortization of debt issuance costs, deferred income taxes, gain or loss on sale of fixed assets and change in fair value of the contingent liabilities.

During 2024, net cash provided by operating activities was $39.6 million. Changes in working capital (excluding cash) used $71.2 million of operating cash flow during 2024. Working capital changes that used operating cash flow during 2024 included an increase in contract assets of $93.9 million, an increase in prepaid

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and other current assets of $2.8 million and a decrease in operating lease liabilities of $9.1 million. Working capital changes that provided operating cash flow during 2024 included a decrease in accounts receivable of $22.8 million and an increase in accounts payable and accrued expenses of $11.8 million.

***Investing Activities***

Net cash used in investing activities was $8.2 million during the three months ended March 31, 2026. Capital expenditures of $8.5 million were for the replacement of certain vehicles and equipment used for new work opportunities. Proceeds from sale of assets were $0.3 million.

Net cash used in investing activities was $15.9 million during the three months ended March 31, 2025. Capital expenditures of $12.5 million were for the replacement of certain vehicles and equipment used for new work opportunities. Additionally, the Company paid cash of $3.8 million related to the acquisition of the assets of an entity. Proceeds from sale of assets were $0.3 million.

Net cash used in investing activities was $163.4 million during 2025. Capital expenditures of $57.2 million were for the replacement of certain vehicles and equipment used for new work opportunities and cash paid for acquisitions was $108.0 million. Proceeds from sale of assets were $1.9 million.

Net cash used in investing activities was $114.0 million during 2024. Capital expenditures of $30.0 million were for the replacement of certain vehicles and equipment used for new work opportunities. Additionally, the Company paid cash of $85.5 million substantially related to the acquisition of the assets from two entities. Proceeds from sale of assets were $1.5 million.

***Financing Activities***

Net cash provided by financing activities was $24.9 million during the three months ended March 31, 2026. During the three months ended March 31, 2026, borrowings under our Revolving Credit Facility were a net of $33.0 million. We repaid $4.1 million of borrowings outstanding under the Credit Agreement. In addition, we repaid approximately $6.5 million of our equipment loans and borrowed an additional $3.5 million of equipment loans. Payments made toward amounts due under previous acquisitions, for finance leases and distributions to members totaled $1.0 million.

Net cash provided by financing activities was $2.4 million during the three months ended March 31, 2025. During the three months ended March 31, 2025, payments made under our previous credit agreement were $5.9 million. We borrowed $10.9 million to purchase certain equipment and repaid $2.6 million for our equipment loans.

Net cash provided by financing activities was $147.4 million during 2025. During 2025, borrowings under our Credit Agreement were $617.8 million. We used approximately $291.7 million to repay borrowings under our current and former credit agreements. In addition, we paid dividends of $226.5 million to our members during 2025. In addition, borrowings and payments under the line of credit provided a net cash inflow of $75.0 million and equipment loans provided a net cash inflow of $18.8 million. We paid a combined total of $22.1 million for the repurchase of incentive units and earnouts for acquisitions and approximately $23.1 million in issuance costs and third-party fees and expenses related to our financing transactions.

Net cash provided by financing activities was $67.1 million during 2024. During 2024, borrowings under our previous credit agreement were $70 million. We used approximately $14.9 million to repay borrowings under our previous credit agreement. In addition, we borrowed $23.4 million to purchase certain equipment and repaid $9.0 million for our equipment loans. We also repaid $1.8 million on a note payable and paid $0.7 million for debt issuance costs.

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***Backlog***

The following sets forth our Total Backlog as well as NTM Backlog as of December 31, 2024 and 2025 as well as March 31, 2025 and 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of**<br>**December 31,** | **As of**<br>**December 31,** | **As of**<br>**March 31,** | **As of**<br>**March 31,** |
| ***(in thousands)*** | **2024** | **2025** | **2025** | **2026** |
|  Total Backlog | $1946335 | $2899360 | $2076572 | $3060269 |
|  NTM Backlog (included in Total Backlog) | $1052924 | $1330664 | $1095242 | $1429767 |

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Our Total Backlog represents the estimated amount of revenue we expect to realize from services to be performed pursuant to MSAs and other contractual arrangements over their terms. Our NTM Backlog represents the estimated amount of revenue we expect to realize from services to be performed pursuant to MSAs and other contractual arrangements over the next 12 months. Our management estimates of NTM Backlog are based on contract values, customer-provided schedules / general timing guidelines, historical activity levels, and management's understanding of the scope and timing of expected work.

A significant portion of our Total Backlog and NTM Backlog is attributable to MSAs and other service agreements, none of which require our customers to purchase a minimum amount of services and are cancelable on short or no advance notice. The balance of our Total Backlog and NTM Backlog is our estimate of work to be completed under contracts for specific projects. Estimated backlog for work under MSAs and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communication with our customers, which estimates may prove inaccurate. Timing of revenue for construction and installation projects included in our Total Backlog and NTM Backlog can be subject to change as a result of customer, regulatory or other delays or cancellations. These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all. From time to time, we experience postponements, cancellations and reductions in expected future work due to changes in our customers' spending plans, changes or delays in customers' obtaining funding either from capital markets and/or government programs, market volatility, changes in governmental permitting, regulatory delays and/or other factors. In addition, contract revenues reflected in our Total Backlog and NTM Backlog may be realized in different periods from those previously anticipated due to these factors as well as project accelerations or delays due to various reasons, including, but not limited to, scheduling changes, commercial issues, such as permitting, engineering revisions, job site conditions and adverse weather.

There can be no assurance as to our customers' requirements or that actual results will be consistent with the estimates included in our forecasts. As a result, our Total Backlog and NTM Backlog as of any particular date is an uncertain indicator of future revenue and earnings. In addition, contracts included in our Total Backlog and NTM Backlog may not be profitable. If our Total Backlog or NTM Backlog fails to materialize, or if amounts in our Total Backlog or NTM Backlog are unprofitable, our results of operations, cash flows, liquidity and financial condition could be materially and adversely affected.

***Debt Obligations***

For a description of our debt obligations see Note 7 – Debt in our consolidated financial statements included elsewhere in this prospectus.

**Critical Accounting Estimates** 

Our consolidated financial statements are prepared in accordance with GAAP. In connection with the preparation of our consolidated financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and

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related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, we review the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates. To the extent that there are material differences between these estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.

We consider an accounting policy to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the consolidated financial statements.

***Business Combinations***

We completed several acquisitions during 2024 and 2025. In accordance with ASC 805 Business Combinations, total consideration was first allocated to the fair value of assets acquired and liabilities assumed, with the excess being recorded as goodwill. The fair value of the significant identifiable intangible assets has been estimated using an income approach (customer relationships). Significant inputs using the income approach and Level 3 inputs in the fair value hierarchy include estimated revenue and expenses based on actuals and forecasts. We use our best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. Intangible assets have been recognized separate from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity. Determining these fair values and estimated lives required us to make significant estimates and assumptions, particularly with respect to acquired intangible assets. The determination of fair value and estimated lives required considerable judgment and were sensitive to changes in underlying assumptions, estimates and market factors.

**Quantitative and Qualitative Disclosures about Market Risk** 

***Credit Risk***

Financial instruments that potentially subject us to a concentration of credit risk consist principally of contract assets and accounts receivable. Exposure to losses on receivables is principally dependent on each customer's financial condition. We monitor the exposure for credit losses. We may also require prepayments for certain of our services. Concentrations of credit risk with respect to our receivables is high due to the limited number of customers comprising our customer base.

***Interest Rate Risk***

Our exposure to market risk for changes in interest rates relates primarily to our long-term debt. The interest expense associated with our long-term debt will vary with market rates. We seek to mitigate this risk with an appropriate amount of fixed rate debt obligations through interest rate derivative contracts that fix the interest rate on the respective floating rate debt obligations. Based upon our outstanding principal amount of floating rate debt of $690.0 million as of December 31, 2025, an increase in the current interest rate levels of 1.0% would result in an increase in our annual interest expense of $6.9 million.

***Inflation Risk***

While inflation pressures have recently and relatively subsided, rising or consistently high rates of inflation, including as a result of geopolitical tensions, tariffs and trade wars, have the potential to increase costs of labor and other inputs for our services. We have experienced, and may experience in the future, higher than expected inflation, including wage inflation, escalating transportation and vehicle, commodity and other supply chain costs and disruptions. If our costs are subject to significant inflationary pressures, we may not be able to offset such higher costs through price increases, which could adversely affect our business, results of operations or financial condition.

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**JOBS Act Accounting Election** 

We are an "emerging growth company" as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As an emerging growth company, we may take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. We have irrevocably elected not to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. As a result, our consolidated financial statements may not be comparable to companies that elect not to opt out of this exemption and therefore do not comply with new or revised accounting pronouncements as of public company effective dates.

We will remain an emerging growth company until the earliest to occur of: (i) the last day of the first fiscal year in which our total annual gross revenue exceeds $1.235 billion; (ii) the date that we become a "large accelerated filer," with at least $700.0 million of equity securities held by non-affiliates as of the end of the second quarter of that fiscal year; (iii) the date on which we have issued, in any three-year period, more than $1.0 billion in non-convertible debt securities; and (iv) the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

**Change in Auditor** 

On September 25, 2025, we dismissed RSM US LLP ("RSM") as our continuing independent accountant. We previously engaged RSM to audit the consolidated financial statements of ITG Parent, LLC in accordance with generally accepted auditing standards in the United States of America ("GAAS") as of and for the year ended December 31, 2024. The decision to change our independent auditors was approved by ITG Parent's board of directors. RSM was subsequently engaged to audit the consolidated financial statements of ITG Parent, LLC as of and for the year ended December 31, 2024 in accordance with auditing standards of the PCAOB and GAAS.

The report of RSM on our financial statements for the year ended December 31, 2024 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.

During the year ended December 31, 2024 and through the date of dismissal, (i) there were no "disagreements," as defined in Item 304(a)(1)(iv) of Regulation S-K, with RSM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of RSM, would have caused RSM to make reference to the subject matter of the disagreements in connection with its reports on our consolidated financial statements for such period, and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

We provided RSM with a copy of the disclosures in this registration statement and requested that RSM furnish us with a letter addressed to the SEC stating whether or not it agrees with the statements herein. A copy of such letter, which is dated June 22, 2026, is included as an exhibit to this registration statement.

On October 24, 2025, ITG Parent engaged Grant Thornton LLP ("GT") as our independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately.

During the year ended December 31, 2024, neither the Company nor anyone acting on its behalf consulted with GT regarding (i) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither a written report nor oral advice was provided to us that GT concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K, or a "reportable event," as defined in Item 304(a)(1)(v) of Regulation S-K.

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**BUSINESS** 

**Our Company** 

We are a preferred provider of mission critical services to the digital and other utility infrastructure industries throughout the United States. We deliver technology-enabled, end-to-end services supporting the planning, design, construction, operation, maintenance and expansion of the broadband networks that have become critical infrastructure and essential to modern life and economic activity.

We were founded and are led by seasoned industry veterans with backgrounds beginning as field technicians and extending to successful entrepreneurial and corporate leadership, committed to delivering the highest quality services to our customers. We believe that our national footprint, comprehensive end-to-end service offerings, and proprietary FUSE360 technology platform position us as a partner of choice for leading broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities. We also believe that our business operations and intelligence technology platform, FUSE360, delivers real-time visibility into operational and performance metrics and provides our skilled workforce with a comprehensive digital training, safety and operational platform. We complete more than 8,000 average daily work orders across our national footprint, reflecting the scale, density and operational efficiency of our platform. As of December 31, 2025, ITG maintains oversight of a workforce of over 10,000, including approximately 2,900 full-time employees and 7,400 subcontractors, supporting its presence across 49 states and more than 240 field locations.

We operate through two complementary service lines: Engineering & Maintenance and Infrastructure Deployment. Together, these service lines enable us to support the full lifecycle of digital and other utility infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engineering & Maintenance**. Our E&M service line provides re-occurring, mission-critical services required by network owners to operate, maintain, optimize and expand their infrastructure. Select services include, but are not limited to: (i) planning, design,
engineering, site acquisition and permitting to optimize and upgrade existing broadband networks and to develop new routes, (ii) drop-and-bury placement and
installation of fiber cables and supporting infrastructure from main distribution lines to the end-user's home or business, (iii) installation, upgrades and troubleshooting service calls at
residential and commercial locations, and (iv) normal-course coaxial and fiber replacements, pole moves and upgrades, line extensions, utility asset locating services, and planned and emergency repair work. E&M represented approximately 65%
and 59% of our revenue for 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Infrastructure Deployment**. Our Infrastructure Deployment service line provides large-scale network and
fiber construction services for incumbent carriers, overbuilders, and data center operators and underground civil construction services for public and private utilities. Select services include, but are not limited to, aerial and underground builds,
directional boring and trenching, conduit installation and wiring services, and fiber backhaul. Infrastructure Deployment expands the installed base of network infrastructure and typically leads to long-duration E&M-related services, creating a complementary lifecycle revenue flywheel with a multi-decade tail of re-occurring revenue, with approximately 90% incremental
revenue "pull-through" over the lifecycle of deployed networks. Infrastructure Deployment represented approximately 35% and 41% of our revenue for 2024 and 2025, respectively.

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We maintain long-standing relationships with a diverse customer base that includes broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities. Our work is typically performed under long-term contractual agreements such as MSAs, which accounted for approximately 94% and 92% of our revenue in 2024 and 2025, respectively. In many of our markets, we believe we are often the exclusive outsourced services provider for each customer's network. These partnerships have supported repeat engagements, increased volumes, geographic expansion, and the addition of new service lines as customer needs evolve. We have historically achieved an approximately 100% renewal rate on our master service agreements, underscoring the strength and durability of our customer relationships. As of December 31, 2024 and December 31, 2025, our Total Backlog was approximately $1.9 billion and $2.9 billion, respectively, providing us with long-term, multi-year revenue visibility. As of December 31, 2025, we expected to complete approximately $1.3 billion of this $2.9 billion Total Backlog within the next fiscal year. See "Risk Factors-Risks Related to our Business—Our backlog is subject to cancellation and unexpected adjustments and may not result in actual revenue or profits."

For the year ended December 31, 2025, we generated approximately $1.2 billion of total revenue, $6.2 million in net income and $148.3 million in Adjusted EBITDA, representing a net income margin of 0.5% and Adjusted EBITDA Margin of 12.8%. See "—Summary Consolidated Financial and Other Data—Non-GAAP Financial Measures" for additional information.

**Our Market Opportunity** 

The digital and other utility infrastructure services market is supported by long-term secular growth drivers. High-speed broadband connectivity has become an essential utility, driving robust data consumption growth. To meet this demand, network owners and data center operators are investing at unprecedented levels to expand, modernize, and maintain their infrastructure. Annual investment in the United States in outsourced engineering and construction services for digital and other utility infrastructure increased from approximately $14.8 billion in 2022 to approximately $26.9 billion in 2025, and is forecasted to grow to approximately $33.2 billion in 2029, according to the Altman Solon Report. These investments are expected to be driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continued High-Speed Connectivity Usage and Deployment.** High-speed connectivity has become the backbone of
modern life and commerce, enabling essential activities and an expanding ecosystem of connected devices. According to OpenVault's Broadband Usage Report, data usage per household has grown at a 16% CAGR from 2018 to 2025. We believe that this
growth will be largely independent of specific technology outcomes and will necessitate continued expansion, upgrading and densification of broadband networks to meet rising data consumption and higher-speed connectivity demands.

<u>Rapid and Consistent Data Consumption Growth</u> 

Weighted Average Data Consumed Per Household Subscriber Per Month (Gigabytes)

![LOGO](g103576g00v01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **FTTH Build-out and Expanding Environment Adoption**. According to
RVA, approximately 60.5% of households in the United States are currently served by fiber and an estimated 50 million additional

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connections will be made through 2029. According to the Altman Solon Report, fiber passings in the United States are expected to increase from approximately 100 million in 2025 to approximately 150 million by 2029, with an estimated 10-12 million new passings annually. This growth is increasingly focused on overbuilding existing single-provider markets, contributing to the expansion of multi-provider locations, which will accelerate and increase the addressable market for our services. Today, approximately 16% of premises are served by two or more fiber providers and the number of households with two- and three-plus fiber providers is forecasted to grow at a CAGR of approximately 9.6% and 8.5% from 2025 to 2029, respectively. In parallel, fiber is expanding beyond residential FTTH into broader environments, including data centers, enterprise connectivity, and network densification. Together, these dynamics support sustained investment across last-mile and middle-mile networks, reinforcing a long-duration pipeline of fiber infrastructure demand. <br>

<u>Visible Growth in Fiber Home Passings</u>

Cumulative U.S. Homes Marketed Fiber (in millions)

![LOGO](g103576g37t01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Data Centers and AI-Related Requirements**. GenAI and IoT ecosystems
are rapidly evolving, serving as new catalysts for the escalating demand for high-bandwidth connectivity and capacity. With data center capital expenditures projected to exceed $1.3 trillion from 2025 to
2027, expansive new networks will be deployed to handle surging data intensity at each data center, connect data centers to network backbones, and extend and upgrade existing infrastructure closer to end-users at the network's "edge." According to RVA, as data consumption rises and workloads become more latency- and capacity-sensitive, route miles will nearly double from approximately 95,000 to approximately 187,000 by 2029. Similarly,
RVA estimates that the number of required fiber miles (including multiple strands of fiber), will more than double from approximately 159 million in 2024 to approximately 373 million by 2029. This is driven primarily by new fiber build
activity to address capacity constraints and support expanding data center campuses. This new infrastructure deployment will be followed by mission-critical, re-occurring E&M work.

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<u>Accelerating Data Center Fiber Growth</u> 

Miles of U.S. Data Center Fiber In-Place (in millions)

![LOGO](g103576g37t02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Significant and Durable State and Federal Funding Support.** Public funding has been a durable and expanding
catalyst for broadband infrastructure. Over the past two decades, federal and state programs have consistently supported broadband deployment through a mix of universal service subsidies, rural deployment grants, and targeted infrastructure
initiatives, creating a re-occurring source of demand for network construction and related services. The opportunity has expanded materially through the introduction of government-sponsored infrastructure
programs such as BEAD and RDOF. These programs are further supplementing private investment and expanding the economic viability of fiber deployment in underserved markets to bridge the digital divide. They are expected to provide approximately
$63 billion of public investment to bring high-speed connectivity to an estimated 8 million underserved and unserved households, significantly increasing the number of viable locations for network expansion. We believe that these funding
sources will drive a multi-year wave of new build activity across the United States, creating immediate demand for design, engineering, and construction services and sustained demand for our re-occurring E&M services.

<u>Significant Investment in Broadband Infrastructure</u> 

Cumulative Invested in billions, 2026E - 2029E<sup>(1)</sup>

![LOGO](g103576g00k38.jpg)

<sup>(1)</sup> For U.S. Cable and Fiber Infrastructure Deployment and E&M outsourced services that ITG offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expanding Installed Base Generates a Long Tail of Demand for Re-occurring Services.** The substantial growth of the installed base of digital and other utility infrastructure creates a tail of long

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duration re-occurring operations and maintenance work. Once constructed, networks require ongoing fulfillment, routine and emergency maintenance work, and periodic upgrades over their operating lives that often extend multiple decades. Incumbent network owners are also reinvesting in their existing networks to meet end-user demands and to remain competitive. As a result, industry investment in new builds drives not only near-term deployment demand, but also a growing base of highly visible, re-occurring maintenance work that we believe we are well-positioned to capture. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerating Public and Private Investment in Utility Infrastructure:** The utility infrastructure industry
has entered a sustained structural shift that will require multiple decades of increased investment. Decades of underinvestment, compounding regulatory mandates, population migration, climate resilience requirements, reshoring and landmark federal
legislation (such as the IIJA and IRA) are converging to create one of the most durable demand environments in the sector's history. Industry estimates indicate that the United States faces a water and wastewater infrastructure funding gap
exceeding $1 trillion over the next two decades, with total projected investment needs—including federal, state, municipal, and private capital—estimated at up to $1.9 trillion over the next decade. Electrification, data center
proliferation, reshoring and renewable generation are among the key drivers of unprecedented load growth, necessitating large scale transmission and distribution expansion, grid hardening, modernization, and incremental capital expenditure from
electric utilities supported by regulated rate base recovery. Collectively, these dynamics underpin non-discretionary demand and create a compelling opportunity for scaled, well capitalized services providers
to capture share across essential infrastructure end-markets. According to the PHMSA, more than 516,000 miles of gas distribution main lines are greater than 55 years old (including of gas distribution main lines of unknown vintage) and in need of
repair, rehabilitation or replacement. Infrastructure modernization, accelerating outsourcing trends, stringent regulatory requirements, and on-site gas generation to support rising industrial activity,
including data centers, continue to drive demand for services from gas utilities.

We anticipate our addressable market for fiber, data center, cable, wireless, and other utility infrastructure services will grow at a CAGR of 7% from 2025 through 2029 as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continued Vendor Consolidation.** Our market is experiencing a structural shift among digital and
other utility infrastructure providers, particularly the larger providers, towards consolidating their vendor lists to fewer and more scaled partners capable of managing the service requirements across the entire lifecycle. By consolidating services
with a single partner, customers achieve standardized quality of service, increased availability across their footprint, and significant operational efficiencies through simplified vendor management. We believe that this change benefits companies
like ours that deliver consistent and high-quality execution on a national scale across a comprehensive portfolio of end-to-end services. Furthermore, the consolidation
of vendors has and will continue to encourage M&A activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Greater Outsourcing.** Given in-house shortages of skilled labor and
overall cost considerations, incumbent utility infrastructure providers are reducing internal operations, maintenance and construction teams and outsourcing a larger percentage of mission-critical deployment, maintenance and operations. This shift
is evident in a 21% reduction in employee headcount across the top seven telecommunications companies since 2019. Furthermore, our customers have expanded network builds beyond their historical footprints into markets where they lack internal
resources, further increasing reliance on outsourced partners. New entrants such as electric co-ops, private equity-backed start-ups, and hyperscalers rely heavily (or
exclusively) on outside expertise for Infrastructure Deployment services and re-occurring E&M work. As competition increases, network operators are increasingly favoring partnerships with scaled, end-to-end service providers, such as ITG, to deliver efficient, consistent and accountable project outcomes that support their financial and operational objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Scarcity of Skilled-Craft Labor *.*** We expect labor scarcity to emerge as the major bottleneck
in fiber deployment. According to FBA and PCCA, the market will require approximately 28,000 additional broadband construction workers and 30,000 additional broadband technicians in order to execute the

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current pipeline of federally and state-funded broadband projects. The report expects approximately 119,200 workers to exit the industry over the same time period due to retirement and attrition, implying an approximately 180,000-worker labor shortage by 2032. We believe that the accelerating demand and labor supply mismatch creates a structurally favorable market opportunity for nationally scaled, integrated solutions providers, such as ITG, given our established recruiting, training and retention capabilities and ability to deploy the scarce skilled-craft labor required to meet customer demand. <br>

**Our Competitive Strengths** 

Our business was founded and is led by successful entrepreneurs who began their careers as field technicians and have since built a commercially focused, purpose-built business model. We operate in the highly fragmented digital and other utility infrastructure services industry, where few providers have national scale and competition spans both large multinational firms and regional specialists focused on select geographies and service offerings. We believe that our differentiated capabilities position us to capitalize on growing demand for digital and other utility infrastructure services, as reflected in our growth and margins relative to both large, scaled providers and smaller regional competitors. Competition is often driven by factors such as incumbent relationships, service quality, local execution, pricing, safety, and execution reliability. We combine national scale with a customer-centric operating model and a strong emphasis on engineering and maintenance. Our proprietary systems, underpinned by FUSE360, are designed to enhance visibility, coordination, and execution to promote tailored customer responsiveness. Compared to regional contractors, we offer broader geographic reach, and more robust operational and technology infrastructure, enabling us to capture growth opportunities in a fragmented market and serve as a partner across the network lifecycle. These competitive strengths have and will continue to enable us to grow in excess of our peers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tailored, End-To-End Services Offering *.*** Our end-to-end suite of services addresses the entire network lifecycle and creates a "one-stop" solution for engineering, construction, installation, and maintenance services for broadband service providers, fiber providers, wireless carriers, data center operators, and
public and private utilities. Our capabilities extend across fiber and wireless networks and address the full network ecosystem, including last-mile fulfillment, local exchange infrastructure, aerial and underground plant, and commercial and
data center fiber applications. We believe that our breadth and integrated suite of offerings uniquely positions us as the only scaled provider with the capability to execute in complex and underserved areas such as last-mile fulfillment and
maintenance. These services are operationally intensive, requiring local density, regulatory expertise, and deep familiarity with market-specific conditions, and have historically been fragmented among small, regional providers lacking scale and
consistency. By delivering these capabilities through a single, coordinated platform, we simplify vendor management, improve consistency, and accelerate deployment timelines for our customers. We believe that our integrated approach results in
higher quality outcomes and lower total costs of ownership, while supporting higher win rates, strong customer retention, and a growing base of re-occurring, higher-margin revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Comprehensive National Footprint with Deep Local Market Expertise.** We are one of the leading service
providers to the digital and other utility infrastructure industries with revenue generated in 49 states. As of December 31, 2025, our workforce exceeded 10,000, including approximately 2,900 full-time employees and 7,400 subcontractors. Our workforce coupled with our broad footprint enables us to execute across diverse geographies, allocate resources efficiently to meet demand, and reduce
customers' reliance on multiple vendors. Our scale is complemented by deep local market expertise, with established operations across key regions providing insight into regulatory frameworks, permitting processes, and the network and
topographical characteristics that shape deployment strategies. Longstanding relationships with local municipalities, utilities, and other stakeholders allow us to efficiently navigate complex project approvals, mitigate execution risk, and
accelerate deployment timelines. Moreover, our route-density within local markets serves as a meaningful competitive advantage. A crew member completes several stops per route, driving higher technician productivity, faster response times, and
superior unit economics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Longstanding Relationships with Blue-Chip, Repeat Clients and History of Growing Revenues from Existing Clients *.*** We build long-term relationships with our clients from the executive leadership teams to their field-level managers and employees. Over time, we have strategically expanded our capabilities and services across our
customers' geographic footprint to deepen multi-decade relationships with existing blue-chip partners while also capturing business with new customers. We consistently rank at the top of customer performance scorecards, achieving the #1
national ranking in customer satisfaction with Comcast in 2024, 2025, and year-to-date 2026 based on average national provider net promoter scores. We believe that this
expansion in both our service scope and our geographic reach, combined with continued vendor consolidation and outsourcing by our long-term customers, have created significant customer "stickiness" and high switching costs. Our gross and
net revenue retention for the years 2023, 2024 and 2025 averaged 98% and 113%, respectively, reflecting our ability to both retain and grow revenues from the same clients over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Focus on Re-occurring Engineering and Maintenance Services with Strong Backlog Visibility Across Service Lines *.*** Our business is underpinned by a highly visible and durable revenue model driven by the ongoing re-occurring nature of our services. Our work is
typically performed under long-term contractual agreements such as multi-year MSAs, which accounted for approximately 94% and 92% of our revenue in 2024 and 2025, respectively. We have historically achieved an approximately 100% renewal rate on our
master service agreements, underscoring the strength and durability of our customer relationships. Moreover, approximately 59% of our revenue in 2025 is derived from our E&M service line, representing a durable and growing base of re-occurring revenue that compounds as the build out of digital infrastructure networks drives a multi-decade network lifecycle and creates substantial incremental revenue opportunities. In our experience,
approximately 90% of Infrastructure Deployment revenue is pulled through to long-term E&M engagements, creating a self-reinforcing lifecycle revenue flywheel that compounds over time. Through strategic acquisitions, we have expanded our E&M
services, including consulting and design and engineering, to provide a holistic end-to-end offering, which our customers desire. By engaging with customers earlier in
the process (including pre-deployment feasibility studies, planning and consulting), we are able to capture revenue earlier in the network lifecycle and significantly increase our competitive positioning for
additional work, including our Infrastructure Deployment services and re-occurring operations and maintenance services. Additionally, we believe we are often the exclusive outsourced maintenance and
fulfillment provider in each region, which enables strong visibility into each customer's needs and increased customer retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Purpose-Built FUSE360 Operational Software Enables Scalability and Efficiency *.*** Our

for technicians" and under continuous development since 2016, FUSE360 provides real-time visibility into project and work order status, workforce and fleet utilization, and financial performance, enabling concurrent data-driven decision-making
and seamless communication between management, subcontractors, field staff, and customers. The platform integrates critical functions—from recruiting, onboarding, and payroll, to fleet management and quality control, to cost and revenue
reporting and billing—into a single ecosystem that drives significant efficiencies and real-time visibility into our operational performance. FUSE360 underpins our ability to scale seamlessly as customer needs and the business continue to
evolve while delivering flexible, transferable operational capabilities that enable rapid expansion of new services and markets, including data centers and utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exceptional Operational Execution and Service Quality**. We emphasize consistent execution, service quality,
and customer responsiveness across our operations, which drives our market leadership and customer satisfaction. Our over 10,000 person workforce provides us with the scale, geographic coverage, and operational flexibility required to address
customer demand and enables us to mobilize and deploy crews efficiently across markets, execute projects at scale, and deliver an end-to-end service suite to our
customers. We have a flexible workforce model that combines comprehensive

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recruitment, extensive technical and safety training and efficient onboarding to ensure rapid mobilization and consistent service delivery. This approach allows us to scale up or down to meet the resource requirements and rigorous standards of our customers while optimizing the utilization of our employees. We maintain a strong safety culture, with a lost time incident rate (LTIR) of 0.84, reflecting our disciplined training programs and operational rigor. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leading Management Team Comprised of Industry Veterans.** Our management team has an average of more than 20
years of experience in the digital and other utility infrastructure industry with deep operational expertise and extensive customer, subcontractor and supplier relationships. Many of our executives began their careers as field technicians, extending
to successful entrepreneurial and corporate leadership roles, and possess a unique "bottom-up" perspective of the business. This career trajectory within our management team has helped form our
organizational culture centered around operational excellence and providing our technicians with the training, tools and resources to deliver high quality services. We have proven our ability to identify market trends, expand our service
capabilities and geographic reach, cultivate long-term customer partnerships, scale significantly operationally, recruit and retain talent, and integrate strategic acquisitions—all of which has been instrumental in executing our strategic
vision, delivering financial results consistently ahead of peers and positioning us for continued growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proven, Targeted Acquisition Strategy and Integration Capability**. We have a successful track record of
acquiring and integrating businesses to expand our service offerings and geographic reach. We have completed 22 acquisitions since 2019, the majority of which were completed on a bilateral basis rather than through a competitive process. We believe
that we are recognized as an "acquiror of choice" for sellers within the industry based on our history of transacting professionally and transparently, track record of driving substantial growth for the acquired companies, and creating
new opportunities for our acquired employees. Based on our experience, these companies are often interested in selling to us specifically because of our culture, track record of success, national scale and offerings. We have established a
disciplined and repeatable integration playbook, which migrates the target company's operations onto FUSE360 quickly following the closing of the acquisition. As a result, we are able to immediately achieve certain cost synergies such as IT
systems, fleet, insurance and benefits. Since 2019 and across 22 acquisitions, these cost synergies have represented approximately 598 basis points of target company's last twelve months of revenues, contributing to an average synergized
acquisition multiple of less than 3x LTM Adjusted EBITDA. This process also enables the acquired business to quickly leverage the power of the broader ITG platform to drive growth initiatives and realize additional margin expansion.

**Our Growth Strategies** 

Our growth strategy is focused on expanding our role as a digital and other utility infrastructure services platform by increasing lifecycle attachment with existing customers, broadening our customer base, and selectively extending our service capabilities. In addition, we are expanding into high-growth adjacent infrastructure end-markets, including data center connectivity, wireless infrastructure and utility distribution services. We are committed to operational excellence and are focused on driving superior execution across the entire infrastructure lifecycle while deepening our integration with customers to ensure long-term relationships. The key elements of our growth strategy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Execute On Our Backlog and Increase Our Wallet Share With Existing Customers.** We intend to drive continued
growth by leveraging our record Total Backlog of approximately $2.9 billion, as of December 31, 2025, and capitalizing on deep-seated relationships with our blue-chip customer base. Our end-to-end service model focuses on increasing wallet share through a proven cross-selling strategy, converting initial Infrastructure Deployment work into long-term, re-occurring E&M revenue streams and vice versa. By utilizing our integrated service capabilities and national scale, we are well-positioned to provide a comprehensive end-user experience, and network densification and expansion initiatives—while ensuring we capture revenue across the entire digital and other utility infrastructure

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lifecycle. We intend to continue scaling our comprehensive portfolio of services nationally, capitalizing on the fragmentation within the current vendor landscape to become the preferred provider across our existing footprint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Win New Customers**. We are actively diversifying our customer base by leveraging our national scale and end-to-end capabilities to win new customers. Since 2021, we have repeatedly won new contracts and have more than doubled our customer base. As BEAD and other government
funding for underserved markets accelerates, we are strategically positioned to target and serve rural operators and regional providers that would benefit from our full lifecycle services. We also plan on expanding our municipal ITS and wireless
infrastructure clients, which would add attractive re-occurring E&M revenues. According to the Altman Solon Report, the market for wireless infrastructure engineering and maintenance services in 2025 is
estimated to be approximately $5.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand Data Center Services in Scope**. We are capitalizing on secular tailwinds in data consumption and
GenAI by expanding our service footprint within the data center end-market. Leveraging established relationships with fiber operators who are building metro and long-haul fiber, and with hyperscale operators, we are expanding services across FTTDC
construction, campus interconnectivity, and re-occurring maintenance. The scope of work required for FTTDC deployment, including engineering, conduit placement, cabling, route-engineering, and splicing is
highly transferable from our established capabilities supporting broadband and last-mile fiber networks. Leveraging this overlap in labor skills, equipment, and project management processes will enable us to continue capturing opportunities in the
rapidly expanding FTTDC market. According to the Altman Solon Report, annual investment in data center wireline infrastructure is forecasted to grow from approximately $4.7 billion in 2025 to approximately $6.8 billion in 2029.
Additionally, we are continuously evaluating service line expansion opportunities to include other critical inside-the-data-center services such as low and medium
voltage power distribution, low voltage signaling, monitoring and management systems, fiber splicing, mechanical construction, building automation, back-up power, uninterruptable power systems, and HVAC
solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Further Expand into Power, Gas, Water, and Other Utility Markets**. We believe that our core operational
capabilities, competitive strengths and value proposition would be attractive and transferable to other utility asset owners, including, but not limited to, power, gas and water utilities. We currently provide certain infrastructure deployment
services to both power and water utilities or asset owners and are currently pursuing a robust pipeline of opportunities within the utility infrastructure space, which includes the design, construction, and maintenance of underground utility assets.
We plan to expand organically and through acquisition to other end-markets over time. According to the Altman Solon Report, these adjacencies include in 2025 approximately $4.0 billion of water and gas
utility infrastructure services and approximately $14.0 billion of electric utility distribution contracting. We believe these markets leverage similar service capabilities and benefit from our existing customer relationships and scalable
operating platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continue Strategic and Synergistic M&A. ** ** Since 2019 we have completed and integrated
22 acquisitions into our platform. Strategic acquisitions benefit our existing business by accelerating growth, deepening and expanding customer relationships, expanding service capabilities, and complementing our operations; this has been and
remains a core pillar of our growth. Our strategy is to acquire companies that have a reputation for service quality, are operated by seasoned professionals, and would benefit from our operating platform, including expanded services, added customers
and FUSE360. We continue to advance a robust pipeline of strategic acquisition opportunities representing approximately $500 million of potential acquired revenue.

**Human Capital** 

*Employees*. As of December 31, 2025, our workforce exceeded 10,000, including approximately 2,900 full-time employees and 7,400 subcontractors.

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*Recruiting and Training*. Our continued success depends, in part, on our ability to attract, retain and motivate qualified engineers, consultants and technicians. We believe our success in retaining qualified employees will be based on the quality of our recruitment, talent development, project experience and opportunities for advancement. Our training program combines virtual learning with structured on-the-job instruction to ensure employees are fully proficient before entering the field, such that employees can continuously develop their skills throughout their employment. Required compliance courses, including anti-harassment and anti-discrimination courses, are delivered through web-based tools and assigned based on role. Leadership development opportunities are also provided to senior leaders to support continued skill growth.

*Safety*. We have established comprehensive safety programs throughout our operations designed to comply with our internal safety standards as well as applicable federal, state and local laws and regulations. We have a dedicated safety department that is responsible for planning and implementing safety initiatives and programs across our company.

**Competition** 

We compete with national, regional, and local companies, including many small, owner-operated entities that operate their businesses in a limited geographic area. Our competitors include Dycom Industries, Inc., MasTec, Inc., Primoris Services Corporation and Quanta Services, Inc.

We believe our strategy of providing a comprehensive suite of engineering, construction, installation and maintenance services gives us a competitive advantage over smaller competitors and competitors with more limited capabilities.

**Customer Contracts** 

We provide nearly all of our services under unit-based contracts, which often require us to satisfy specific milestones in order to receive payment for the work completed or equipment or supplies procured prior to achievement of the applicable milestone. Under these types of arrangements, we may incur significant costs or perform significant amounts of services prior to receipt of payment and our profitability will depend on whether the actual cost to complete each unit is below or above our original estimates.

In addition, our contractual agreements are typically governed by multi-year master service agreements, which accounted for 92% of our revenues in 2025. These master service agreements have supported repeat engagements, increased volumes, geographic expansion, and the addition of new service lines as customer needs evolve.

Approximately 93% of our E&M revenues in 2025 were from jobs under $0.5 million. Approximately 40% of our Infrastructure Deployment revenues in 2025 were from projects under $15.0 million. Our largest single project accounted for less than 5% of our revenues in 2025.

**Facilities** 

Our corporate headquarters are located in Fort Lauderdale, Florida. As of December 31, 2025, we operated out of more than 244 locations across 42 U.S. states, one of which we own and 243 of which were leased locations. Our lease terms typically range from one to three years, often with an option to renew. We believe that our existing facilities are adequate for our current requirements and comparable or alternative space is readily available to accommodate our operations.

**Insurance and Risk Management** 

We maintain a comprehensive general liability insurance policy with an umbrella policy and multiple excess policies that cover losses beyond the general liability limits. Our umbrella and excess policies are attached to our general liability, workers compensation and automobile liability policies. We also maintain workers' compensation, automobile and other insurance policies that are required in our industry.

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**Regulation** 

We are subject to various federal, state, and local government regulations, including laws and regulations relating to environmental protection, work-place safety, and other business requirements.

*Environmental*. A significant portion of the work we perform is associated with the underground networks of our customers and we often operate in close proximity to pipelines, underground storage tanks or other equipment that may be used to transport or store hazardous substances. We could be subject to potential material liabilities in the event we fail to comply with environmental laws or regulations or if we cause or are responsible for the release of such substances or cause other environmental damage. In addition, failure to comply with environmental laws and regulations could result in significant costs including remediation costs, fines, third-party claims for property damage, loss of use, or personal injury, and, in extreme cases, criminal sanctions.

*Workplace Safety*. We are subject to the requirements of OSHA and comparable state statutes that regulate the protection of the health and safety of workers. Our failure to comply with OSHA or other workplace safety requirements could result in significant liabilities, fines, penalties, or other enforcement actions and affect our ability to perform the services that we have been contracted to provide to our customers.

*Business*. We are subject to a number of state and federal laws and regulations, including those related to utility oversight contractor licensing and the operation of our fleet. If we are not in compliance with these laws and regulations, we may be unable to perform services for our customers and may also be subject to fines, penalties, and the suspension or revocation of our licenses.

*Anti-Corruption and Trade Regulations.* Some of the components and materials used in our business are purchased from foreign parties, such as steel and aluminum. In connection with such purchases, we may be subject to restrictions imposed by economic sanctions and other trade regulations which can impact sourcing and transportation of goods. We are also subject to anti-corruption laws prohibiting bribery of both domestic and foreign government officials, including the U.S. FCPA.

**Legal Proceedings** 

We are party to various legal proceedings and claims in the ordinary course of our business. We believe these matters will not have a material adverse effect on our business, financial condition or results of operations. See Note 14 – Commitments and Contingencies of our audited consolidated financial statements for additional information.

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**MANAGEMENT** 

**Our Executive Officers and Board of Directors** 

The following table sets forth certain information concerning the individuals who will serve as our executive officers and directors upon the consummation of this offering.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held** |
|  Andrew D. Parrott | 51 | Chief Executive Officer and Director |
|  Christopher H. Mecray | 55 | Chief Financial Officer |
|  Michael G. Brooks | 53 | Executive Chairman and Director |
|  Peter A. Giacalone | 66 | Director |
|  William G. LaPerch\* | 71 | Director |
|  Francis A. Braun III\* | 65 | Director Nominee |
|  James S. Lee\* | 40 | Lead Independent Director |
|  Nicholas G. Papadakis\* | 34 | Director |
|  Dylan G. Petre\* | 31 | Director Nominee |
|  Robert L. Wu\* | 42 | Director |

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\* Our board of directors has determined that this director will be independent under the standards of Nasdaq.

**Mr. Andrew D. Parrott** has served as a director since April 2022 and as Chief Executive Officer since April 2026. Mr. Parrott has more than 30 years of industry experience building and operating broadband networks and companies. Mr. Parrott has previously served in various leadership roles at Mega Broadband Investments from September 2019 to April 2026 and Vyve Broadband from November 2019 to April 2026. Mr. Parrott has contributed to the journey of several successful startup broadband MSOs, including Charter, Suddenlink and Altice USA. For his contributions to the broadband industry, Mr. Parrott is a member of the Hall of Fame of the Society of Cable Telecommunications Engineers, listed as a Top 100 broadband leader from Cablefax and was highlighted "40 Under 40" by Multichannel News. Mr. Parrott has previously studied business at Dartmouth College and Davenport University and computer science at University of Missouri-Saint Louis and Grand Valley State University. We believe that Mr. Parrott is qualified to serve on our board of directors based on his extensive industry and leadership experience and experience serving on corporate boards.

**Mr. Christopher H. Mecray** has served as Chief Financial Officer since April 2026. Previously, Mr. Mecray served as Vice President of Investor Relations for MasTec, Inc. from April 2025 to April 2026 and as Vice President of Investor Relations for DuPont de Nemours, Inc. from March 2022 to March 2025. From 2015 to 2022, Mr. Mecray served as Vice President of Investor Relations and Treasury for Axalta Coating Systems, Inc. Mr. Mecray served in fund management roles at BlackRock, Inc. from 2006 to 2015. Mr. Mecray served in equity analyst roles at Deutsche Bank, Inc. and its predecessor companies BT Alex. Brown, Inc. and Alex. Brown & Sons, Inc. from 1993 to 2004. Mr. Mecray holds a B.A. from Princeton University.

**Mr. Michael G. Brooks** is our Founder and has served as a director since January 2014. Mr. Brooks served as our Chief Executive Officer from January 2014 to April 2026 and has served as our Executive Chairman since April 2026. Mr. Brooks has a 28-year history in the cable industry, starting his career as an installer and progressively working his way into senior management positions. Previously, Mr. Brooks served as President of FTS USA from 2008 to 2012 and as CEO and President of Helm CATV Services from 1999 to 2007. We believe that Mr. Brooks is qualified to serve on our board of directors based on his knowledge of our company, extensive leadership experience and industry expertise.

**Mr. Peter A. Giacalone** is our Founder and has served as a director since January 2014. Mr. Giacalone served as our Executive Chairman from January 2014 until his retirement in April 2026 and was responsible for the overall strategic vision of the Company. Mr. Giacalone has significant experience in finance, business development, acquisitions and integration. Previously, Mr. Giacalone served as Executive Chairman of Nasdaq-

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traded UniTek Global Services, Inc. from 2010 to 2012 and as President from 2008 to 2010. Mr. Giacalone served as President and Chief Executive Officer of Nasdaq- and TSX-traded 180 Connect Inc. from 2005 to 2008, when it was sold to DIRECTV. Prior to 2005, Mr. Giacalone served as Executive Vice President for Customer Satisfaction at DIRECTV Inc. and was responsible for all of DIRECTV operations relating to home services, call center and supply chain operations. From 1997 to 2003, Mr. Giacalone served as Vice President of Finance for The News Corporation Limited. Mr. Giacalone holds his MBA and B.A. from Adelphi University, where he is a guest lecturer in the Executive in Residence program. We believe that Mr. Giacalone is qualified to serve on our board of directors based on his knowledge of our company, financial expertise and business development experience.

**Mr. William G. LaPerch** has served as a director since September 2022. Mr. LaPerch has more than 30 years of executive experience in the telecommunications and technology sectors, with operational and network management depth across fiber, metro networks and data services. Since July 2012, Mr. LaPerch has served as an advisor to various private equity firms in the network, data center and cloud segments as the principal with LaPerch Consulting. Mr. LaPerch previously served as President, Chief Executive Officer and board member of AboveNet, a major bandwidth infrastructure and fiber-based connectivity provider, from 2004 to 2012, held various leadership roles at Metromedia Fiber Network, a provider of metro fiber services, from 2000 to 2003 and held various operations and engineering positions at MCI Worldcom, Inc., a global communications company from 1989 to 1999, reflecting operational and network management depth. Mr. LaPerch has served on the boards of Digital Realty Trust, Inc. (NYSE: DLR) since 2013 and FirstLight Fiber since 2013. He was previously a board member of Cross River Fiber, South Reach Networks, Hylan Datacom and Windstream Holdings, Inc., the parent company of Windstream Corporation, each of which operates in communication, interconnection, data center or network infrastructure spaces. Mr. LaPerch also has significant experience leading audit, nominating and governance and compensation committees of public companies. Mr. LaPerch was recognized as a 2017 NACD Board Leadership Fellow and is a recipient of a CERT Cybersecurity Oversight certificate. Mr. LaPerch holds a B.S. in Engineering from the U.S. Military Academy at West Point and an MBA from Columbia University, combining technical and business leadership training. We believe that Mr. LaPerch is qualified to serve on our board of directors based on his more than 30 years of experience building and operating broadband networks and companies and his extensive experience in senior leadership roles.

**Mr. Francis A. Braun III** will serve as a director upon completion of this offering. Mr. Braun has approximately 40 years of diversified experience in public accounting serving public and private companies, including during his time with Arthur Andersen LLP, Deloitte & Touche LLP and Grant Thornton LLP. Mr. Braun has previously served as a consultant to Kohlberg Kravis Roberts & Co. L.P. from July 2024 to July 2025, and as a Partner at Grant Thornton LLP from December 2016 to July 2023. He has also served as a senior advisor to Stout since April 2024 and as a member of CrossCountry Consulting's advisory council since February 2024. Mr. Braun currently serves on the boards of Crown Bank in New Jersey since October 2024, where he is the chairman of the audit committee, SHF Holdings (Nasdaq: SHFS) since May 2025 and Polaryx Therapeutics (Nasdaq: PLYX) since January 2026, where he is also a member of the audit committee. Mr. Braun was previously a board member of Elite Express Holdings Inc. (Nasdaq: ETS) from August 2025 to October 2025. He holds a Bachelor of Science in Commerce, Accounting from Rider University. We believe that Mr. Braun is qualified to serve on our board of directors based on his approximately 40 years of public accounting experience.

**Mr. James S. Lee** has served as a director since December 2021 and is a Managing Director and Assistant Portfolio Manager in Oaktree Capital's Power Opportunities investment strategy. Since joining Oaktree Capital in 2009, Mr. Lee has been involved in the leadership of the strategy's investment and portfolio management activities. Mr. Lee currently serves on the boards of Aecon Utilities Group, ConTeras Industrial Group, Energy Systems Group and System One. Mr. Lee was previously a board member of Contract Land Staff, Horizon Solar Power, MWH Constructors, OpTerra Energy Group, Remedial Construction Services (RECON), SitelogIQ and Trench Plate Rental Co., and was a board observer of Osmose Holdings. Mr. Lee began his career in 2007 at Merrill Lynch in the global industries investment banking group, where he focused on providing debt and equity

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capital raising and M&A advisory for diversified industrials and engineering and construction companies. Mr. Lee graduated magna cum laude and received a B.S. in Business Administration and Corporate Finance from the University of Southern California. We believe that Mr. Lee is qualified to serve on our board of directors based on his extensive financial, capital markets and investment experience, as well as expertise in the engineering and construction and infrastructure services industries.

**Mr. Nicholas G. Papadakis** has served as a director since December 2021 and is a Senior Vice President in Oaktree Capital's Power Opportunities investment strategy. Since joining Oaktree Capital in April 2020, Mr. Papadakis has been responsible for sourcing, executing and managing portfolio company investments in the critical infrastructure sector. Mr. Papadakis currently serves on the boards of Federal Pacific and Electro Switch. Mr. Papadakis was previously a board member of Enercon Services, Power Factors, Richards Manufacturing, and Saber Power Services and a board observer of Array Technologies and Shoals Technologies Group. Prior to joining Oaktree Capital, Mr. Papadakis was a vice president at SoftBank Vision Fund from 2019 to 2020 and was an associate at Marlin Equity Partners from 2017 to 2019. Mr. Papadakis began his career in investment banking roles at J.P. Morgan and Wells Fargo Securities, covering the technology sector. Mr. Papadakis received a B.S. in business administration from the University of California, Berkeley. We believe that Mr. Papadakis is qualified to serve on our board of directors based on his broad knowledge of the critical infrastructure sector and extensive experience in board and governance oversight, initial public offerings and capital markets transactions.

**Mr. Dylan G. Petre** will serve as a director upon completion of this offering and is a Vice President in Oaktree Capital's Power Opportunities investment strategy. Since joining Oaktree Capital in February 2021, Mr. Petre has been responsible for sourcing, executing and managing portfolio company investments in the critical infrastructure sector. Mr. Petre currently serves on the board of Energy Systems Group and as a board observer of System One. Prior to joining Oaktree Capital, Mr. Petre was an associate at Industrial Growth Partners from 2018 to 2021, where he was responsible for evaluating, executing and supporting investments in the industrial, energy and utility sectors. Mr. Petre began his career in 2016 at Robert W. Baird in the global industrials investment banking group where he focused on providing M&A advisory services to diversified industrials companies. Mr. Petre received a B.S. in business administration from Washington University in St. Louis. We believe that Mr. Petre is qualified to serve on our board of directors based on his broad knowledge of the critical infrastructure sector and his experience in investing, transaction execution and board oversight.

**Mr. Robert L. Wu** has served as a director since December 2021 and is a Senior Vice President in Oaktree Capital's Power Opportunities investment strategy. Since joining Oaktree Capital in March 2020, Mr. Wu has been responsible for sourcing, executing and managing portfolio company investments in the critical infrastructure sector. Mr. Wu currently serves on the board of Vantage Point Solutions and is a board observer for System One Services. Before joining Oaktree Capital, Mr. Wu worked at Flexis Capital, a private equity firm focused on telecommunications, services and industrial investments from 2011 to 2020 and Quadrangle Group, a communications and media focused private equity firm from 2008 to 2010. Prior to that, Mr. Wu worked in the Investment Banking department at Bear, Stearns & Co., Inc. from 2006 to 2008 where he focused on media and telecommunication industries. Mr. Wu was previously a board member of Hylan Datacom and Electrical, Richards Manufacturing and Saber Power Services and a board observer of ArchKey Solutions, Hargray Communications and Protection One. Mr. Wu received a B.S., cum laude, in Applied Economics & Management and Biological Sciences from Cornell University. We believe that Mr. Wu is qualified to serve on our board of directors based on his broad knowledge of the telecommunications and utility infrastructure industries and extensive experience investing in this sector.

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**Board of Directors** 

Upon the listing of our Class A common stock on Nasdaq, our board of directors will consist of 9 individuals, including one director as chair of the board of directors ("Board Chair") and one director acting as the lead independent director of the board of directors (the "Lead Independent Director"). We expect our board of directors to determine Francis A. Braun III, William G. LaPerch, James S. Lee, Nicholas G. Papadakis, Dylan G. Petre and Robert L. Wu to be independent directors under the standards of Nasdaq. We expect our board of directors to elect Michael G. Brooks as our Board Chair, effective upon the listing of our Class A common stock on Nasdaq. Since Mr. Brooks is not an independent director under the standards of Nasdaq, we expect our board of directors to elect James S. Lee as our Lead Independent Director, effective upon the listing of our Class A common stock on Nasdaq. As Lead Independent Director, Mr. Lee may (i) serve as a liaison between our management and independent directors, (ii) facilitate discussion and open dialogue among the independent directors during board meetings, executive sessions and outside of board meetings, (iii) preside at meetings of the board of directors at which the Board Chair is not present, including executive sessions and call meetings of the independent directors, (iv) work with the Board Chair to develop and approve board meeting agendas, materials and schedules, including to ensure that there is sufficient time for discussion of all agenda items, (v) ensure availability for consultation and direct communication with significant stockholders of the Company, if requested and in coordination with management, and (vi) and perform such additional responsibilities as set forth in our corporate governance guidelines and as our board of directors may otherwise determine or delegate from time to time.

Our certificate of incorporation, which will be effective upon the listing of our Class A common stock on Nasdaq, will provide that our board of directors will be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the directors serving staggered three-year terms. For further information, see the section entitled "Description of Capital Stock—Anti-takeover Effects of Delaware Law, Our Amended and Restated Certificate of Incorporation and Our Bylaws." Our board of directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class I directors will be Nicholas G. Papadakis, Dylan G. Petre and Robert L. Wu, and their terms will expire
at the first annual meeting of stockholders following this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class II directors will be Francis A. Braun III, Michael G. Brooks and Peter A. Giacalone, and their terms
will expire at the second annual meeting of stockholders following this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class III directors will be Andrew D. Parrott, William G. LaPerch and James S. Lee, and their terms will
expire at the third annual meeting of stockholders following this offering.

Our certificate of incorporation will provide that, from and after the Trigger Event, any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring in our board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders). In connection with this offering, we intend to enter into the Stockholders Agreement with the Continuing Equity Owners, which will govern matters related to our corporate governance, rights to nominate and designate directors and additional matters. For more information, see "Certain Relationships and Related Party Transactions—Stockholders Agreement."

**Family Relationships** 

There are no family relationships among any of our executive officers or directors.

**Committees of Our Board of Directors** 

Our board of directors will establish, effective upon the listing of our Class A common stock on Nasdaq, audit, compensation, and nominating and corporate governance committees. The composition, duties and responsibilities of these committees are set forth below. Our board of directors may from time to time establish certain other committees to facilitate the management of the Company.

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***Audit Committee***

Our board of directors will establish, effective upon the listing of our Class A common stock on Nasdaq, an audit committee that is responsible for, among other matters, (1) appointing, retaining, replacing, compensating, overseeing, evaluating and terminating our independent registered public accounting firm; (2) pre-approving all audit and permitted non-audit and tax services and establishing policies and procedures for the Audit Committee's pre-approval of permitted services; (3) reviewing and discussing with our independent registered public accounting firm its responsibilities under generally accepted auditing standards and the responsibilities of management in the audit process, the overall audit strategy, planning and staffing, scope and timing of the annual audit, any significant risks identified during risk assessment procedures and audit results, including significant findings; (4) reviewing and discussing with our independent registered public accounting firm any audit problems or difficulties, any significant disagreements with management, management's response to these disagreements and resolving any such disagreements; (5) approving functions of our internal audit department; (6) overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the quarterly and annual financial statements that we file with the SEC; (7) reviewing and monitoring our internal controls, disclosure controls and procedures and compliance with legal and regulatory requirements; (8) establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting or auditing matters; (9) discussing with the independent auditor material issues on which the national office of the independent auditor was consulted by the Company's audit team; and (10) reviewing, approving and overseeing any related party transactions.

Our audit committee will consist of Francis A. Braun III, William G. LaPerch and Nicholas G. Papadakis, with Francis A. Braun III serving as chair. Rule 10A-3 of the Exchange Act and rules require us to have one independent audit committee member upon the listing of our Class A common stock on Nasdaq, a majority of independent directors within 90 days of the date of listing and all independent audit committee members within one year of the date of listing. We intend to comply with the independence requirements within the time periods specified. Our board of directors has determined that each of Francis A. Braun III and William G. LaPerch is an "audit committee financial expert" as defined by applicable SEC rules and has the requisite financial sophistication as defined under the applicable rules and regulations of Nasdaq. Our board of directors will adopt, effective upon the listing of our Class A common stock on Nasdaq, a written charter for the audit committee, which will be available on our website upon the completion of this offering.

***Compensation Committee***

Our board of directors will establish, effective upon the listing of our Class A common stock on Nasdaq, a compensation committee that is responsible for, among other matters, (1) reviewing executive compensation goals, policies, plans and programs; (2) reviewing and approving or recommending to our board of directors the compensation of our directors, Chief Executive Officer and other executive officers; (3) reviewing and approving employment agreements and other similar arrangements between us and our officers and other key executives; and (4) appointing and overseeing any compensation consultants.

Our compensation committee will consist of William G. LaPerch, James S. Lee and Robert L. Wu, with William G. LaPerch serving as chair. The composition of our compensation committee will meet the requirements for independence under current rules and regulations of the SEC and Nasdaq. Our board of directors will adopt, effective upon the listing of our Class A common stock on Nasdaq, a written charter for the committee, which will be available on our website upon the completion of this offering.

***Nominating and Corporate Governance Committee***

Our board of directors will establish, effective upon the listing of our Class A common stock on Nasdaq, a nominating and corporate governance committee that is responsible for, among other matters, (1) identifying individuals qualified to become members of our board of directors, consistent with criteria approved by our

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board of directors; (2) reviewing the leadership structure of the board of directors and recommending changes to the board of directors as appropriate; and (3) developing and recommending to our board of directors a set of corporate governance guidelines and principles.

Our nominating and corporate governance committee will consist of James S. Lee, Dylan G. Petre and Robert L. Wu, with James S. Lee serving as chair. The composition of our nominating and corporate governance committee will meet the requirements for independence under current rules and regulations of the SEC and Nasdaq. Our board of directors will adopt, effective upon the listing of our Class A common stock on Nasdaq, a written charter for the nominating and corporate governance committee, which will be available on our website upon the completion of this offering.

**Board Oversight of Risk Management** 

**Controlled Company Exemption** 

Upon completion of this offering, the Continuing Equity Owners will continue to control, directly or indirectly, a majority of the voting power of our outstanding common stock. As a result, we will be a "controlled company" under corporate governance standards. As a controlled company, exemptions under the standards will free us from the obligation to comply with certain corporate governance requirements, including the requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that we have a compensation committee or nominating and corporate governance committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that a majority of our board of directors consist of "independent directors," as defined under the
rules of Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that any corporate governance and nominating committee or compensation committee be composed entirely of
independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that we have an annual performance evaluation of the nominating and governance committees and compensation
committee.

These exemptions do not modify the independence requirements for our Audit Committee, and we intend to comply with the requirements of Rule 10A-3 of the Exchange Act, and the rules of Nasdaq within the applicable time frame.

**New Director Compensation Program** 

After the completion of this offering, we expect our nonemployee directors will be eligible to receive compensation for their service on our board of directors. In connection with this offering, we anticipate that we will implement a policy pursuant to which each member of the board of directors who is not an employee of the Company or any of its subsidiaries will be eligible to receive designated compensation for service on our board and committees of our board.

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Under the Director Compensation Policy, each non-employee director will receive an annual cash retainer of $65,000. A non-employee director will also receive the following additional retainer for serving as a committee chair: (i) $15,000 for service as chair of the Audit Committee, (ii) $10,000 for service as chair of the Compensation Committee and (iii) $10,000 for service as chair of the Nominating and Corporate Governance Committee. The annual cash retainer and committee chair compensation retainer will be paid in quarterly installments in arrears and prorated for any partial year of service on our board. In addition, we expect that our non-employee directors will receive an annual grant of RSUs with a grant date value of $120,000, which RSUs will vest on the earlier of (a) the day immediately preceding the date of the first annual meeting of our stockholders following the date of grant and (b) the one-year anniversary of the date of grant, in each case, subject to the applicable non-employee director's continued service on the board of directors through the applicable vesting date.

Finally, under the Director Compensation Policy, non-employee directors will be eligible to be reimbursed for reasonable out-of-pocket expenses incurred to attend meetings of the board or committees thereof or otherwise perform duties consistent with service on the board in accordance with the Company's expense reimbursement policy.

*IPO Grants to Directors* 

In connection with this offering, we expect to make an RSU grant to our non-employee directors who are not affiliated with Oaktree under the Incentive Plan with a grant date fair value of approximately $120,000, that will vest at our 2027 annual meeting of stockholders, consistent with the terms of the Director Compensation Policy discussed above.

**Code of Business Conduct and Ethics** 

We will adopt, effective upon the listing of our Class A common stock on Nasdaq, a written code of business conduct and ethics that will apply to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. A copy of the code will be available on our website.

**Corporate Governance Guidelines** 

Effective upon the listing of our Class A common stock on Nasdaq, our board of directors will adopt corporate governance guidelines in accordance with the corporate governance rules of Nasdaq.

**Limitation of Liability and Indemnification of Officers and Directors** 

Our certificate of incorporation and bylaws, each as expected to be in effect upon the listing of our Class A common stock on Nasdaq, will provide that we shall indemnify each of our directors and officers to the fullest extent permitted by applicable law. For further information, see the section entitled "Description of Capital Stock—Indemnification and Limitations on Directors' Liability." We intend to enter into customary indemnification agreements with each of our executive officers and directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf.

**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers currently serves, or in the past year has served, as a member of the board of directors or compensation committee (or other board committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our board of directors or compensation committee.

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**EXECUTIVE COMPENSATION** 

We are currently considered an "emerging growth company" within the meaning of the Securities Act of 1933 for purposes of the SEC's executive compensation disclosure rules. Accordingly, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End Table, as well as limited narrative disclosures regarding executive compensation for our last completed fiscal year. Further, our reporting obligations extend only to the following named executive officers (the "Named Executive Officers"), which are the individuals who served as principal executive officer and the next two most highly compensated executive officers at the end of the fiscal year 2025.

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| | |
|:---|:---|
| **Name** | **Principal Position as of December 31, 2025** |
|  Michael G. Brooks | Chief Executive Officer |
|  Joel Rivas | Chief Financial Officer |
|  Guilherme Elias | President |

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**Executive Transition** 

On April 15, 2026, Mr. Parrott was appointed Chief Executive Officer of the Company and Mr. Brooks transitioned to the role of Executive Chairman of our board of directors. On April 6, 2026, Mr. Mecray was appointed Chief Financial Officer of the Company and Mr. Rivas transitioned to the role of Chief Administrative Officer. In connection with their respective appointments, each of Mr. Parrott and Mr. Mecray entered into offer letters with the Company, setting forth the terms of their employment, including with respect to compensation and severance benefits. Each of Mr. Parrott and Mr. Mecray also entered into a protective covenants agreement, under which they are subject to the following restrictive covenants: (i) non-competition and non-solicitation, during employment and for 24 months following termination; (ii) perpetual non-disclosure of confidential information and non-disparagement; and (iii) assignment of intellectual property.

**2025 Summary Compensation Table** 

The following table summarizes the compensation awarded to, earned by or paid to our Named Executive Officers for the fiscal year ended 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal<br>Position** | **Year** | **Salary<sup>(1)</sup><br>($)** | **Option<br>Awards<sup>(2)</sup>($)** | **Non-Equity<br>Incentive Plan<br>Compensation<sup>(3)</sup>($)** | **All Other<br>Compensation<sup>(4)</sup><br>($)** | **Total ($)** |
|  Michael G. Brooks<sup>(5)</sup>,<br> *Chief Executive Officer* | 2025 | 663902 |  | 42593 |  | 706495 |
|  Joel Rivas<sup>(6)</sup>,<br> *Chief Financial Officer* | 2025 | 349443 | 488000 | 55335 | 3552 | 896330 |
|  Guilherme Elias,<br> *President* | 2025 | 463558 | 1220000 | 102651 | 3236 | 1789445 |

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(1) Amounts in this column reflect the base salary earned by each Named Executive Officer in 2025.

(2) Amounts reported in this column represent the grant date fair value of the Class D units granted during
fiscal year 2025, computed in accordance with FASB Accounting Standards Codification Topic 718. The Class D units are intended to constitute profits interests for U.S. federal income tax purposes. Despite the fact that the Class D units do
not require the payment of an exercise price, they are most similar economically to stock options. Accordingly, they are classified as "options" under the definition provided in Item 402(a)(6)(i) of Regulation S-K as an instrument with an "option-like feature." The assumptions used in calculating the grant date fair value of the Class D units reported in this column are set forth in Note 10 –
Equity-Based Compensation to the consolidated financial statements included elsewhere in this prospectus. The amounts reported in this column reflect the grant date fair value for these Class D units and do not correspond to the economic value
that may be ultimately realized in respect of the Class D units.

(3) Amounts in this column reflect the annual performance-based cash bonuses earned by each Named Executive Officer
in 2025 and paid in 2026.

(4) Amounts in this column reflect 401(k) plan matching contribution made on the applicable Named Executive
Officer's behalf.

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(5) Mr. Brooks also served as a member of our board of directors in 2025; however, he did not receive any
additional compensation for his service as a director. On April 15, 2026, Mr. Brooks ceased to serve as Chief Executive Officer and transitioned to the role of Executive Chairman of our board of directors.

(6) On April 6, 2026, Mr. Rivas ceased to serve as Chief Financial Officer and transitioned to the role of
Chief Administrative Officer.

**Outstanding Equity Awards at 2025 Fiscal Year-End** 

The following table reflects information regarding outstanding equity-based awards held by our Named Executive Officers as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** |
| **Name<sup>(2)</sup>** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options<br>(#)<br>Exercisable** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options<br>(#)<br>Unexercisable** | **Option<br>Exercise Price<br>($)** | **Option<br>Expiration<br>Date** |
|  Joel Rivas<br>11/8/2025<sup>(3)</sup> |  | 400000 | N/A | N/A |
| 5/27/2022<sup>(3)</sup> | 76490 | 305958 | N/A | N/A |
| 5/27/2022<sup>(4)</sup> | 300000 | 200000 | N/A | N/A |
|  Guilherme Elias<br>11/8/2025<sup>(3)</sup> |  | 1000000 | N/A | N/A |
| 7/15/2024<sup>(4)</sup> | 400000 | 1600000 | N/A | N/A |

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(1) This table reflects information regarding incentive units, consisting of Class D units and Class X
units granted to our Named Executive Officers ("Incentive Units") that were outstanding as of December 31, 2025, which are intended to be profits interests for U.S. federal income tax purposes. Awards reflected as
"Unexercisable" are Incentive Units that have not yet vested. Awards reflected as "Exercisable" are Incentive Units that have vested and remain outstanding. However, for the avoidance of doubt, the Incentive Units are held by
each Named Executive Officer and there is no exercise component to the Incentive Unit awards. Despite the fact that the Incentive Units do not require the payment of an exercise price, they are most similar economically to stock options.
Accordingly, they are classified as "options" under the definition provided in the Item 402(a)(6)(i) of Regulation S-K as an instrument with an "option-like feature." As disclosed in
the section titled "Certain Relationships and Related Party Transactions—Repurchase of Class D Units," on July 15, 2025, ITG Parent and Management Holdings purchased 382,447 Class D units granted on May 27, 2022
from Mr. Rivas and 764,885 Class D units granted on July 15, 2024 from Mr. Elias for an aggregate purchase price of $466,585 and $696,045, respectively.

(2) Mr. Brooks does not have any equity-based awards outstanding as of December 31, 2025.

(3) This row reflects Class D units that vest over a five-year period, with 20% of the Class D units
vesting on the first anniversary of the specified vesting commencement date and the remaining 80% vesting in equal installments on each of the first four anniversaries thereafter, subject to the Class D unit holder's continuous service
with us through each applicable vesting date.

(4) This row reflects Class X units that vest over a five-year period, with 20% of the Class X units
vesting on the first anniversary of the specified vesting commencement date and the remaining 80% vesting in equal installments on each of the first four anniversaries thereafter, subject to the Class X unitholder's continuous service
with us through each applicable vesting date.

**Narrative Disclosure to Summary Compensation Table** 

***Employment Agreements***

On December 31, 2021, the Company entered into employment agreements with each of Mr. Brooks and Mr. Elias to serve as the Company's Chief Executive Officer and Chief Operating Officer, respectively. The employment agreements do not have a fixed term and provide for an initial annual base salary of $480,928 for Mr. Brooks and $248,760 for Mr. Elias (which have since increased to $666,072 and $568,698, respectively), as well as eligibility for both executives to participate in the same benefit plans and programs in which other similarly situated employees of the Company are eligible to participate. Further, the employment agreements provide for certain severance benefits upon a termination by the Company without "Cause" or resignation by the executives for "Good Reason," the material details of which are set forth below under "Other Compensation Elements—Potential Payments Upon Termination or Change in Control—Employment Agreements."

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Messrs. Brooks' and Elias' employment agreements also provide for the following restrictive covenants: (i) non-competition and non-solicitation of customers, employees or service providers, in each case, during employment and for 18 months following termination; (ii) perpetual non-disclosure of confidential information; and (iii) assignment of intellectual property.

***Offer Letter***

On December 14, 2021, the Company entered into an offer letter with Mr. Rivas to serve as the Chief Financial Officer of the Company, which was amended on April 2, 2024. The offer letter does not have a fixed term and provides for an initial annual base salary of $225,000 (which has since increased to $391,796), as well as eligibility for Mr. Rivas to participate in the same benefit plans and programs in which other similarly situated employees of the Company are eligible to participate. The offer letter also provides for certain severance benefits upon a termination by the Company without "Cause," the material details of which are set forth below under "Other Compensation Elements—Potential Payments Upon Termination or Change in Control—Offer Letter."

Mr. Rivas also entered into an agreement not to compete on January 2, 2022, and a protective covenants agreement on September 26, 2024, under which Mr. Rivas is also subject to the following restrictive covenants: (i) non-competition and non-solicitation of customers, employees or service providers, in each case, during employment and for 12 months following termination; (ii) perpetual non-disclosure of confidential information; and (iii) assignment of intellectual property.

***Annual Bonus***

In 2025, each of the Named Executive Officers were eligible to receive an annual bonus. The target bonus amount, expressed as a percentage of base salary for our Named Executive Officers was 25% for Mr. Brooks, 20% for Mr. Rivas and 25% for Mr. Elias. Annual bonuses for 2025 were based on the attainment of certain performance goals as determined by our board of directors. The performance goals for 2025 related to the achievement of financial, customer, operational, and individual objectives. These included metrics such as EBITDA, stakeholder/client feedback, customer scorecard metrics, fleet compliance, revenue and market share growth, and location turnover metrics. Our bonus payouts were then subject to a company-wide modifier based on overall organizational performance.

***Equity Incentive Compensation***

From time to time, we have granted equity awards in the form of Incentive Units in ITG Parent that are "profits interests" under U.S. federal income tax law to our Named Executive Officers, which are subject to vesting based on the holder's continued service with us. Our Incentive Units generally time vest over five years in equal annual installments, provided that the executive remains continuously employed with the Company through each applicable vesting date. 

***Other Compensation Elements***

**Additional Narrative Disclosure** 

***Employee and Retirement Benefits***

We currently provide broad-based health and welfare benefits, including health, life, vision, and dental insurance to our full-time employees, including our Named Executive Officers. In addition, the Company maintains a 401(k) defined contribution plan in which our Named Executive Officers may participate, subject to limits imposed by the Internal Revenue Code, to the same extent as our other full-time employees. Participants may elect to defer up to 100% of their eligible compensation. The Company can elect to make a matching or discretionary contribution at its discretion. All matching and discretionary contributions are fully vested

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following three years of service with the Company, or earlier upon reaching retirement age, death, or disability. Other than the 401(k) plan, we do not provide any qualified or non-qualified retirement or deferred compensation benefits to our employees, including our Named Executive Officers.

***Potential Payments Upon Termination or Change in Control***

***Employment Agreements***

Upon a termination of Messrs. Brooks' or Elias' employment by the Company without "Cause" or a resignation by Mr. Brooks or Mr. Elias for "Good Reason," subject to the executives' timely executing and not revoking a release of claims in the Company's favor and continued compliance with the restrictive covenants discussed above, Messrs. Brooks and Elias are entitled to receive (i) severance payments equal to 18 months' worth of their respective base salary, payable in substantially equal installments over the 18-month period following the date of termination, and (ii) reimbursement for COBRA coverage for up to 18 months following termination.

For purposes of Messrs. Brooks' and Elias' employment agreements, "Cause" generally means: (i) breach of a material term of the employment agreement or any other written agreement between the Named Executive Officer and the Company; (ii) breach of any Company policy or code of conduct; (iii) violation of any law applicable to the workplace; (iv) negligence, willful misconduct, breach of fiduciary duty; (v) fraud, theft or embezzlement; (vi) the commission of, or conviction or indictment for, or plea of nolo contendere by the Named Executive Officer to, any felony (or state law equivalent) or any crime or act involving moral turpitude; or (vii) willful failure or refusal, other than due to disability, to perform obligations pursuant to his employment agreement or any other agreement or to follow any lawful directive pertaining to the executive's employment; in each case (other than (v) or (vi)), subject to a cure right.

For purposes of Messrs. Brooks' and Elias' employment agreements "Good reason" generally means, subject to certain notice and cure provisions: (i) a diminution in base salary, (ii) a material and permanent diminution in authority, duties and responsibilities; or (iii) the relocation of the executive's principal place of employment by more than 50 miles, or if the Named Executive Officer works remotely, the requirement that the Named Executive Officer's principal place of employment be a physical company group office location.

***Offer Letter***

In the event Oaktree ceases to own 50% or more of the Company and within 12 months Mr. Rivas' employment is terminated by the Company without "Cause," subject to Mr. Rivas timely executing and not revoking a release of claims in the Company's favor, he is entitled to receive (i) severance payments equal to 12 months' worth of his base salary, payable in substantially equal installments over the 12-month period following the date of his termination and (ii) subsidized COBRA coverage for 12 months following termination.

For purposes of Mr. Rivas' offer letter, as amended:

"Cause" means Mr. Rivas' (i) commission of an act constituting a criminal offense involving moral turpitude; (ii) commission of any other act or omission involving dishonesty, disloyalty or fraud with respect to the Company or any of its affiliates, or any of the respective customers, suppliers, employees or other business relations of any of the foregoing, or which has had, or which the Company reasonably determines could have, a significant negative effect upon, the Company or any of its affiliates; (iii) working under the influence of alcohol or drugs, using or possessing illegal drugs, or committing any other conduct causing, or that could reasonably be expected to cause, the Company or any of its affiliates substantial public disgrace or disrepute or substantial economic harm; (iv) substantial and repeated failure to perform duties as reasonably directed by your direct report or any governing body of the Company or any of its parent entities; (v) commission of any act or omission aiding or abetting a competitor, supplier or customer of the Company or any of its affiliates to the material disadvantage or detriment of the Company or any such affiliate, (vi) breaching any fiduciary duty or committing gross negligence or willful misconduct with respect to the Company or any of its affiliates or any of the

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respective customers, suppliers, employees or other business relations of any of the foregoing; (vii) material failure to observe policies or standards of the Company or any of its affiliates regarding employment practices (including nondiscrimination and sexual harassment policies) in effect from time to time; (viii) continued employment or engagement that could violate or create liability under any agreement Mr. Rivas, the Company or any affiliate have with a third party; or (ix) material breach of any written agreement with the Company or any affiliates.

***Equity Awards***

The ITG Parent LLC Agreement provides that, in the event of a sale of ITG Parent, our Named Executive Officers that hold Incentive Units are entitled to a distribution in respect of any vested Incentive Units in accordance with the terms of the ITG Parent LLC Agreement. Unvested Incentive Units are forfeited upon termination for any reason and are not subject to accelerated vesting in connection with a transaction. Vested Incentive Units are forfeited upon a termination for cause, a resignation or a restrictive covenant breach. Upon termination vested Incentive Units that are not forfeited are subject to repurchase. Under the Incentive Unit grant agreements, the holders are subject to non-competition and non-solicitation restrictive covenants, in each case, during employment and for 24 months following termination. See "Organizational Structure" for more information regarding the organizational restructuring in connection with this offering.

***Actions Taken in Connection with this Offering***

***Treatment of Incentive Units in Connection with this Offering***

As disclosed in the section titled "Prospectus Summary—Summary of the Transactions," prior to the consummation of the organizational transactions described in that section, we expect that our board of directors will determine that the Class D units and Class X units issued prior to December 31, 2025 will be deemed to have vested. As a result of this determination, (i) 782,448 Class D units and 500,000 Class X units issued to Mr. Rivas, and (ii) 1,000,000 Class D units and 2,000,000 Class X units issued to Mr. Elias will be deemed to have vested.

***Omnibus Incentive Plan***

We anticipate that our board of directors will adopt the ITG, Inc. Omnibus Incentive Plan (the "Incentive Plan") for employees, consultants and directors in connection with this offering. Our Named Executive Officers would be eligible to participate in the Incentive Plan, which we expect will become effective upon consummation of this offering. We anticipate that the Incentive Plan will provide for the grant of options, stock appreciation rights, restricted stock, restricted stock units, performance awards, stock awards, dividend equivalents, other stock-based awards, cash awards and substitute awards intended to align the interests of employees and other service providers, including our Named Executive Officers, with those of our stockholders.

*Securities to be Offered* 

Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the Incentive Plan, 12,123,039 shares of Class A common stock (the "Share Reserve") will be reserved for issuance pursuant to awards under the Incentive Plan. The total number of shares reserved for issuance under the Incentive Plan will be increased annually on January 1 of each calendar year beginning in 2027 and ending on and including January 1, 2036, by the lesser of (i) 5% of the aggregate number of shares of Class A and Class B common stock outstanding on December 31 of the immediately preceding calendar year and (ii) the number of shares of Class A common stock as is determined by our board of directors. No more than the initial Share Reserve may be issued pursuant to incentive stock options. Shares of Class A common stock subject to an award that expires or is canceled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the Incentive Plan.

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*Administration* 

The Incentive Plan will be administered by a committee of our board of directors (the "Committee"), except to the extent our board of directors does not duly authorize such Committee to administer the Incentive Plan and in which case our board of directors will serve as the administrator. The Committee has broad discretion to administer the Incentive Plan, including the power to determine the eligible individuals to whom awards will be granted, the number and type of awards to be granted and the terms and conditions of awards. The Committee may also accelerate the vesting or exercise of any award and make all other determinations and to take all other actions necessary or advisable for the administration of the Incentive Plan. To the extent the Incentive Plan administrator is not the Committee, our board of directors will retain the authority to take all actions permitted by the administrator under the Incentive Plan. Additionally, our board of directors retains the right to exercise the authority of the Committee to the extent consistent with applicable law.

*Eligibility* 

Our employees, consultants and non-employee directors, and employees and consultants of our affiliates will be eligible to receive awards under the Incentive Plan.

*Non-Employee Director Compensation Limits* 

Under the Incentive Plan, in a single calendar year, a non-employee director may not be granted awards for such individual's service on our board of directors having a value, taken together with any cash fees paid to such non-employee director, in excess of $750,000 (except that the Committee may make exceptions to such limit and for any year in which a non-employee director (i) first commences service on our board of directors, (ii) serves on a special committee of our board of directors or (iii) serves as lead director or non-executive chair of our board of directors, such limit may be increased to $1,000,000).

*Types of Awards* 

<u>Stock Options</u>. We may grant stock options to eligible persons, except that incentive stock options may only be granted to persons who are our employees or employees of one of our subsidiaries, in accordance with Section 422 of the Code. The exercise price of a stock option generally cannot be less than 100% of the fair market value of a share of Class A common stock on the date on which the stock option is granted and the stock option must not be exercisable for longer than 10 years following the date of grant. In the case of an incentive stock option granted to an individual who owns (or is deemed to own) at least 10% of the total combined voting power of all classes of our equity securities, the exercise price of the option must be at least 110% of the fair market value of a share of Class A common stock on the date of grant and the option must not be exercisable more than five years from the date of grant.

<u>Stock Appreciation Rights</u>. A stock appreciation right ("SAR") is the right to receive an amount equal to the excess of the fair market value of one share of Class A common stock on the date of exercise over the grant price of the SAR. The grant price of a SAR generally cannot be less than 100% of the fair market value of a share of Class A common stock on the date on which the SAR is granted. The term of a SAR may not exceed 10 years. SARs may be granted in connection with, or independent of, other awards. The Committee has the discretion to determine other terms and conditions of a SAR award.

<u>Restricted Stock Awards</u>. A restricted stock award is a grant of shares of Class A common stock subject to the restrictions on transferability and risk of forfeiture imposed by the Committee. Unless otherwise determined by the Committee and specified in the applicable award agreement, the holder of a restricted stock award has rights as a stockholder, including the right to vote the shares of Class A common stock subject to the restricted stock award or to receive dividends on the shares of Class A common stock subject to the restricted stock award during the restriction period. In the discretion of the Committee or as set forth in the applicable award agreement, dividends distributed prior to vesting may be subject to the same restrictions and risk of forfeiture as the restricted stock with respect to which the distribution was made.

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<u>Restricted Stock Units</u>. A restricted stock unit ("RSU") is a right to receive cash, shares of Class A common stock or a combination of cash and shares of Class A common stock at the end of a specified period equal to the fair market value of one share of Class A common stock on the date of vesting. RSUs may be subject to the restrictions, including a risk of forfeiture, imposed by the Committee. If the Committee so provides, a grant of RSUs may provide a participant with the right to receive dividend equivalents.

<u>Performance Awards</u>. A performance award is an award that vests and/or becomes exercisable or distributable subject to the achievement of certain performance goals during a specified performance period, as established by the Committee. Performance awards (which include performance stock units) may be granted alone or in addition to other awards under the Incentive Plan, and may be paid in cash, shares of Class A common stock, other property or any combination thereof, in the sole discretion of the Committee.

<u>Stock Awards</u>. A stock award is a transfer of unrestricted shares of Class A common stock on terms and conditions, if any, determined by the Committee.

<u>Dividend Equivalents</u>. Dividend equivalents entitle a participant to receive cash, shares of Class A common stock, other awards or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of Class A common stock. Dividend equivalents may be granted on a free-standing basis or in connection with another award (other than stock options, SARs, restricted stock or stock awards).

<u>Other Stock-Based Awards</u>. Other stock-based awards are awards denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, the value of our shares of Class A common stock.

<u>Cash Awards</u>. Cash awards may be granted on terms and conditions, including vesting conditions, and for consideration, including no consideration or minimum consideration as required by applicable law, as the Committee determines in its sole discretion.

<u>Substitute Awards</u>. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, awards may be granted in substitution for any other award granted before the merger or consolidation by such entity or its affiliates.

*Certain Transactions* 

If any change is made to our capitalization, such as a share split, share combination, share dividend, exchange of shares or other recapitalization, merger or otherwise, that results in an increase or decrease in the number of outstanding shares of Class A common stock, appropriate adjustments will be made by the Committee in the shares subject to an award under the Incentive Plan. The Committee will also have the discretion to make certain adjustments to awards in the event of a change in control, such as accelerating the vesting or exercisability of awards, requiring the surrender of an award, with or without consideration, or making any other adjustment or modification to the award that the Committee determines is appropriate in light of such transaction.

*Clawback; Detrimental Conduct* 

All awards granted under the Incentive Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any applicable law related to such actions. Except as otherwise determined by the Committee, if an Incentive Plan participant engages in Detrimental Conduct (as defined in the Incentive Plan), such participant must forfeit or pay to the Company the following: (i) any and all outstanding awards granted to such participant, (ii) any cash or shares of Class A common stock received by such participant in connection with the Incentive Plan within the 24-month period immediately before the date the Company determines the participant engaged in Detrimental Conduct, and (iii) the profit realized by such participant from the sale, or other disposition for consideration, of any shares of Class A common stock received by such participant under the Incentive Plan within the 36-month period immediately before the date the Company determines the participant engaged in Detrimental Conduct.

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*Plan Amendment and Termination* 

Our board of directors or the Committee may amend or terminate any award, award agreement or the Incentive Plan at any time; however, stockholder approval will be required for any amendment to the extent necessary to comply with applicable law. Stockholder approval will be required to make amendments that (i) increase the aggregate number of shares that may be issued under the Incentive Plan or (ii) change the classification of individuals eligible to receive awards under the Incentive Plan. The Incentive Plan will remain in effect for a period of 10 years (unless earlier terminated by our board of directors).

***IPO Grants to Employees***

In connection with this offering, we expect to grant equity awards to certain employees under the Incentive Plan, including to Messrs. Parrott and Mecray with a grant date fair value of approximately $2,500,000 and $800,000, respectively (the "IPO Awards"). It is anticipated that 40% of the IPO Awards will be in the form of RSUs that vest 25% at grant date and 25% in equal installments for three years thereafter, and that 60% of the IPO Awards will be in performance RSUs that vest based on company financial performance metrics measured from the date of this offering through December 31, 2028.

**Director Compensation** 

The following table presents the total compensation for each person who served as a non-employee member of our board of directors during 2025. Other than as set forth in the table and described more fully below, we did not pay any compensation, reimburse any expense of, make any equity awards or non-equity awards to, or pay any other compensation to, any of the other non-employee members of the board of directors in 2025.

***2025 Director Compensation Table***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned<br>or Paid in<br>Cash**<br>**($)** | **Option<br>Awards<sup>(1)</sup><sup></sup>($)** | **All Other<br>Compensation<sup>(2)</sup>($)** | **Total<br>($)** |
|  Andrew D. Parrott | 35000 | – |  | 35000 |
|  William G. LaPerch | 35000 | – |  | 35000 |
|  Peter A. Giacalone | 175000 | – | 2658 | 177658 |

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(1) At the end of 2025, Messrs. Parrott and LaPerch each held 573,672 Class D units.

(2) Amounts in this column represent health insurance premiums paid on Mr. Giacalone's behalf.

***Narrative Disclosure to Director Compensation Table***

The fees for each of our non-employee directors in 2025 consisted of an annual cash retainer equal to $35,000 for Messrs. Parrott and LaPerch and $175,000 for Mr. Giacalone.

*Director Compensation Policy* 

In connection with this offering, we anticipate that we will implement a policy pursuant to which each member of the board of directors who is not an employee of the Company or any of its subsidiaries will be eligible to receive designated compensation for service on our board and committees of our board (the "Director Compensation Policy").

Under the Director Compensation Policy, each non-employee director will receive an annual cash retainer of $65,000. A non-employee director will also receive the following additional retainer for serving as a committee chair: (i) $15,000 for service as chair of the Audit Committee, (ii) $10,000 for service as chair of the Compensation Committee and (iii) $10,000 for service as chair of the Nominating and Corporate Governance Committee. The annual cash retainer and committee chair compensation retainer will be paid in quarterly

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installments in arrears and prorated for any partial year of service on our board. In addition, we expect that our non-employee directors will receive an annual grant of RSUs with a grant date value of $120,000, which RSUs will vest on the earlier of (a) the day immediately preceding the date of the first annual meeting of our stockholders following the date of grant and (b) the one-year anniversary of the date of grant, in each case, subject to the applicable non-employee director's continued service on the board of directors through the applicable vesting date.

Finally, under the Director Compensation Policy, non-employee directors will be eligible to be reimbursed for reasonable out-of-pocket expenses incurred to attend meetings of the board or committees thereof or otherwise perform duties consistent with service on the board in accordance with the Company's expense reimbursement policy.

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**PRINCIPAL AND SELLING STOCKHOLDER** 

The following table sets forth certain information regarding the beneficial ownership of our Class A common stock and Class B common stock as of the date of effectiveness of this registration statement, after giving effect to the Transactions described under "Organizational Structure" with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to beneficially own 5% or more of the outstanding shares of our Class A common stock
or our Class B common stock (including the selling stockholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each member of our board of directors upon the consummation of this offering and each Named Executive Officer;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of the members of our board of directors upon the consummation of this offering and our Named Executive
Officers as a group.

Applicable percentage of beneficial ownership prior to this offering is based on 26,350,046 shares of Class A common stock and 75,368,148 shares of Class B common stock that would be outstanding as of the date of effectiveness of this registration statement after giving effect to the Transactions, excluding this offering and the application of the proceeds from this offering.

Applicable percentage of beneficial ownership after this offering also assumes the foregoing and (i) the issuance and sale of 19,512,196 shares of Class A common stock by us in this offering (or 21,680,831 shares of Class A common stock by us and 758,194 shares of Class A common stock by the selling stockholder if the underwriters exercise in full their option to purchase addition shares to cover over-allotments).

The following table does not reflect any shares of Class A common stock that may be purchased pursuant to our directed share program described under "*Underwriting (Conflicts of Interest).*" If any ordinary shares are purchased by our directors or executive officers or their respective affiliated entities, the number and percentage of the ordinary shares beneficially owned by them after this offering will differ from those set forth in the following table.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days. Shares of Class A common stock subject to (i) options that are currently exercisable or exercisable within 60 days of June 22, 2026 and (ii) equity awards that are subject to vesting and settlement conditions expected to occur within 60 days of June 22, 2026, are deemed to be outstanding and beneficially owned by the person holding the options. These shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that each person or entity named in the table below has sole voting and investment power with respect to all shares of common stock that he, she or it beneficially owns, subject to applicable community property laws.

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Except as otherwise noted below, the address of each beneficial owner listed in the table below is c/o ITG, Inc., 2400 E Commercial Blvd Ste 1000, Fort Lauderdale, FL 33308.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Before the Offering** | **Before the Offering** | **Before the Offering** | **After the Offering if<br>Underwriters' Option is Not<br>Exercised** | **After the Offering if<br>Underwriters' Option is Not<br>Exercised** | **After the Offering if<br>Underwriters' Option is Not<br>Exercised** | **After the Offering if<br>Underwriters' Option is<br>Exercises in Full** | **After the Offering if<br>Underwriters' Option is<br>Exercises in Full** | **After the Offering if<br>Underwriters' Option is<br>Exercises in Full** |
|  | **Class A<br>Common<br>Stock** | **Class B\*<br>Common<br>Stock** | **Total<br>Voting<br>Power<br><sup>(1)</sup>** | **Class A<br>Common<br>Stock<br>Owned** | **Class B<br>Common<br>Stock<br>Owned** | **Total<br>Voting<br>Power<br><sup>(1)</sup>** | **Class A<br>Common<br>Stock<br>Owned** | **Class B<br>Common<br>Stock<br>Owned** | **Total<br>Voting<br>Power<br><sup>(1)</sup>** |
| **Name of Beneficial Owner** | **Number** | **Number** | **%** | **Number** | **Number** | **%** | **Number** | **Number** | **%** |
|  **5% Stockholders:** |  |  |  |  |  |  |  |  |  |
|  OCM Power VI AIV Holdings (Delaware), L.P<sup>(2)</sup> | 26350046 |  | 25.9% | 26350046 |  | 21.7% | 25591852 |  | 21.1% |
|  OCM ITG Aggregator LLC<sup>(3)</sup> |  | 32302468 | 31.8% |  | 32302468 | 26.6% |  | 31373000 | 25.8% |
|  ITG Management Holdings, LLC<sup>(4)</sup> |  | 43065679 | 42.3% |  | 43065679 | 35.5% |  | 41826512 | 34.5% |
|  Christopher Perkins<sup>(5)</sup> |  | 7051109 | 6.9% |  | 7051109 | 5.8% |  | 6848221 | 5.6% |
|  **Named Executive Officers, Directors and Director Nominees** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andrew D. Parrott<sup>(5)</sup><sup>(6)</sup> |  |  |  | 12195 |  | \*\* | 12195 |  | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher H. Mecray<sup>(7)</sup> |  |  |  | 3902 |  | \*\* | 3902 |  | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael G. Brooks<sup>(5)</sup> |  | 11939771 | 11.7% |  | 11939771 | 9.8% |  | 11596217 | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guilherme Elias<sup>(5)</sup> |  | 1500135 | 1.5% |  | 1500135 | 1.2% |  | 1456970 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peter A. Giacalone<sup>(5)</sup><sup>(8)</sup> |  | 11134390 | 10.9% |  | 11134390 | 9.2% |  | 10814010 | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; William G. LaPerch<sup>(5)</sup> |  | 216694 | 0.2% |  | 216694 | 0.2% |  | 210459 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joel Rivas<sup>(5)</sup> |  | 373938 | 0.4% |  | 373938 | 0.3% |  | 363178 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francis A. Braun III |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James S. Lee |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicholas G. Papadakis |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dylan G. Petre |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert L. Wu |  |  |  |  |  |  |  |  |  |
|  All executive officers and directors as a group (10 individuals) |  | 23290855 | 22.9% | 16098 | 23290855 | 19.2% | 16098 | 22620686 | 18.7% |

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\* Represents common units of ITG Parent held immediately prior to the offering.

\*\* Less than 0.1%. 

(1) Represents the percentage of voting power of our Class A common stock and Class B common stock voting as a
single class. Each share of Class A common stock entitles the registered holder to one vote per share, and each share of Class B common stock entitles the registered holder thereof to one vote per share on all matters presented to stockholders for a
vote generally, including the election of directors. The Class A common stock and Class B common stock will vote as a single class on all matters except as required by law or our amended and restated certificate of incorporation.

(2) OCM Power VI AIV Holdings (Delaware), L.P. (also referred to as Oaktree Blocked Fund elsewhere in this
prospectus) is beneficially owned by Oaktree Main Fund and Oaktree Power Opportunities Fund VI (Parallel 3), AIV (Delaware), L.P. ("Oaktree Parallel Fund"), and is controlled by its general partner, Oaktree Fund GP, LLC. Oaktree Fund GP,
LLC is in turn an affiliate of Oaktree Capital Management, L.P. ("OCM"), which is the investment manager of Oaktree Main Fund and Oaktree Parallel Fund. As a result, each of Oaktree Main Fund, Oaktree Parallel Fund and OCM may be deemed
to have beneficial ownership of the shares owned by OCM Power VI AIV Holdings (Delaware), L.P. The address for each of the entities described in this footnote is c/o Oaktree Capital Management, L.P., 11611 San Vicente Boulevard, Suite 700, Los
Angeles, California 90049.

(3) OCM ITG Aggregator, LLC (also referred to as Oaktree Aggregator elsewhere in this prospectus) is controlled by
Oaktree Main Fund. Oaktree Main Fund is beneficially owned by Oaktree Power Opportunities Fund VI AIV (Cayman), L.P. ("Oaktree Cayman Fund"), and

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is controlled by its general partner, Oaktree Fund AIF Series (Cayman), L.P.—Series R. Oaktree Fund AIF Series (Cayman), L.P.—Series R is in turn an affiliate of OCM, which is the investment manager of Oaktree Cayman Fund. As a result, each of Oaktree Main Fund, Oaktree Cayman Fund and OCM may be deemed to have beneficial ownership of the shares owned by OCM ITG Aggregator, LLC. The address for each of the entities described in this footnote is c/o Oaktree Capital Management, L.P., 11611 San Vicente Boulevard, Suite 700, Los Angeles, California 90049.

(4) Management Holdings is an affiliate of, and controlled by, Oaktree. All economic interests in Management
Holdings are owned by employees, former employees and other service providers of ITG, Inc. and its direct and indirect subsidiaries. Oaktree does not own any of the economic interests in Management Holdings. The address of Management Holdings is
Oaktree Capital Management, L.P., 11611 San Vicente Boulevard, Suite 700, Los Angeles, California 90049.

(5) Represents shares of Class B common stock held directly by Management Holdings and attributable to such
individual on a one-for-one basis with their interests in Management Holdings. Such individual is entitled to vote such shares of Class B common stock in accordance with the governing documents of Management Holdings.

(6) Represents 12,195 restricted stock units issued to Mr. Parrott which will vest upon the consummation of this
offering.

(7) Represents 3,902 restricted stock units issued to Mr. Mecray which will vest upon the consummation of this
offering.

(8) Represents (i) 7,126,769 shares of Class B common stock (or 6,921,704 shares of Class B common stock if the
underwriters exercise in full their option to purchase additional shares to cover over-allotments) held by Mr. Giacalone; (ii) 317,682 shares of Class B common stock (or 308,541 shares of Class B common stock if the underwriters exercise in
full their option to purchase additional shares to cover over-allotments) held by Mr. Giacalone's spouse; and (iii) 3,689,938 shares of Class B common stock (or 3,583,765 shares of Class B common stock if the underwriters exercise in full
their option to purchase additional shares to cover over-allotments) held in two family trusts of which Mr. Giacalone is the trustee.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

*The following is a summary of transactions to which we are a party in which the amount involved exceeded or exceeds $120,000 and in which any of our directors, executive officers, holders of more than 5% of any class of our voting securities or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than compensation arrangements with directors and executive officers, which are described under "Executive Compensation" and "Management—New Director Compensation Program."* 

**History of ITG, Inc. and Partnership with Oaktree** 

We are a preferred provider of mission critical services to the digital and other utility infrastructure industries throughout the United States. We deliver technology-enabled, end-to-end services supporting the planning, design, construction, operation, maintenance and expansion of the broadband networks that have become critical infrastructure and essential to modern life and economic activity.

We were founded and are led by seasoned industry veterans with backgrounds beginning as field technicians and extending to successful entrepreneurial and corporate leadership, committed to delivering the highest quality services to our customers. We believe that our national footprint, comprehensive end-to-end service offerings, and proprietary FUSE360 technology platform position us as a partner of choice for leading broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities.

To accelerate our growth trajectory and capitalize on secular tailwinds in fiber and broadband infrastructure, we secured a significant strategic investment from Oaktree in December 2021. This partnership provided the institutional capital base necessary to execute larger-scale acquisitions and invest in our proprietary technology platform. Since partnering with Oaktree, we have completed 12 tuck-in acquisitions, which includes two in 2023, three in 2024 and seven in 2025. Our mergers and acquisitions integration playbook has resulted in immediate synergies and has driven operational efficiency as well as improved asset utilization among our acquisition targets.

Most recently, we completed two acquisitions during the fourth quarter of 2025. In October 2025, we acquired Quasar which strengthened our engineering capabilities and enables us to better serve our customers across full project lifecycles—from early planning and design through construction, fulfillment, and ongoing operations. In November 2025, we acquired Advantage Utilities, a transaction designed to expand our fiber construction capabilities in the Northeast. This acquisition aligned with our strategy of combining local market expertise with the efficiency and resources of our national scale.

**Promissory Notes** 

In conjunction with the acquisition of the Company by Oaktree in 2021, ITG Splitter entered into a series of promissory notes (the "Promissory Notes") with certain members of our management and other related parties (the "Promissory Note Debtors"). The Promissory Notes were issued to satisfy the liabilities of the Promissory Note Debtors under the unit purchase agreement entered into in connection with the acquisition of the Company by Oaktree. As of March 31, 2026, the aggregate principal amount outstanding under the Promissory Notes was approximately $2,273,075, of which $774,496 was owed by Michael G. Brooks (a Founder), $72,095 was owed by Christopher Cowart (an equityholder in a Continuing Equity Owner), $50,153 was owed by Guilherme Elias (President of ITG OpCo and an equityholder in a Continuing Equity Owner), $196,693 was owed by Troy McClendon (an equityholder in a Continuing Equity Owner), $602,096 was owed by Peter A. Giacalone (a Founder), $457,384 was owed by Christopher Perkins (a Founder) and $120,158 was owed by Tracey Giacalone (an equityholder in a Continuing Equity Owner). The Promissory Notes bear interest at a rate of 5.5% per annum. In the event of a default for non-payment of interest or principal, the interest rate increases by 3% per annum above the stated rate for so long as the default continues. As of March 31, 2026, approximately $0.4 million had been recorded as interest income due on the Promissory Notes. The principal and all accrued and unpaid interest on each Promissory Note are due in a single installment upon the earlier of May 11, 2027 or the sale of ITG Splitter.

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As of June 4, 2026, all amounts outstanding under the Promissory Notes have been repaid by the Promissory Note Debtors.

**Letter Agreement** 

In conjunction with the acquisition of the Company by Oaktree in 2021, ITG Parent and certain members of our management and other related parties entered into the Contribution Agreement, dated December 29, 2021 (the "Contribution Agreement"), pursuant to which each of the Management Parties contributed their equity interests in ITG OpCo to ITG Parent in exchange for ownership in ITG Parent. In addition, ITG Parent entered into a letter agreement, dated December 29, 2021 (the "Letter Agreement"), with certain members of our management and other related parties (collectively, the "Management Parties"). Pursuant to the Letter Agreement and in connection with the Contribution Agreement, if Oaktree receives (i) distributions (including distributions of marketable securities) in respect of its Class A units of ITG Parent (calculated after giving effect to the payment of all fees, expenses, and other liabilities payable by ITG Parent and its subsidiaries in connection with the transactions resulting in such distributions, as applicable, and the payment of the Management Parties Payment (as defined below)) or (ii) proceeds consisting of cash or marketable securities from Oaktree's sale or transfer of any Class A units of ITG Parent (calculated after giving effect to the payment of all fees, expenses, and other liabilities payable by Oaktree and/or ITG Parent and its subsidiaries in connection with the transaction(s) resulting in any such proceeds, as applicable) resulting in a 2.0x return on investment (the "Letter Agreement Trigger Event"), ITG Parent will make an aggregate payment of $10.0 million plus interest at 8% per annum (the "Management Parties Payment") to the Management Parties, each of whom is an equityholder in a Continuing Equity Owner. In order for a Letter Agreement Trigger Event to occur, Oaktree would need to have received approximately $320 million of aggregate distributions and proceeds in the manner described in the Letter Agreement. As of the date of this prospectus, the Management Parties Payment would be triggered if Oaktree received $114.9 million in future distributions and proceeds in the manner described in the Letter Agreement.

On June 4, 2026, ITG Parent and the Management Parties entered into Amendment No. 1 to the Letter Agreement, pursuant to which ITG Parent made a voluntary prepayment to the Management Parties in respect of a portion of the Management Parties Payment in an aggregate amount equal to approximately $2.85 million.

This summary does not purport to be complete and is qualified in its entirety by the provisions of the Letter Agreement and Amendment No. 1 thereto, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part.

**Certain Related Party Agreements**

On December 23, 2022, BTR entered into a Master Subcontract Agreement with DNA Fiber LLC ("DNA Fiber") whereby DNA Fiber agreed to furnish labor, ancillary materials, as-built drawings and necessary equipment to complete certain work orders and all work incidental thereto. The owners of DNA Fiber, Dylan Brooks and Andrew Brooks, are sons of Michael G. Brooks, one of our Founders and an equityholder in a Continuing Equity Owner. In exchange for services rendered, we paid approximately $0.6 million, $0.7 million and $0.7 million to DNA Fiber in 2023, 2024 and 2025, respectively.

From time to time prior to March 31, 2025, we have engaged Sooner Technical Services, LLC ("Sooner Technical") to provide cable television and high-speed data installation services. On March 31, 2025, ITG OpCo and BTR entered into an Independent Contractor Agreement with Sooner Technical whereby Sooner Technical agreed to provide certain services to us, including cable television or high-speed data installation services. The owners of Sooner Technical are the wife and son of Christopher Perkins, one of our Founders and an equityholder in a Continuing Equity Owner. In exchange for services rendered, we paid approximately $2.4 million, $0.7 million and $0.7 million to Sooner Technical in 2023, 2024 and 2025, respectively.

From time to time, we have purchased uniform and apparel products from Celestial Threads ("Celestial Threads"). The owner of Celestial Threads is the wife of Jerry Taylor, Vice President of ITG OpCo and an

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equityholder in a Continuing Equity Owner. We paid approximately $0.4 million, $0.4 million and $0.5 million to Celestial Threads in 2023, 2024 and 2025, respectively.

From time to time prior to April 7, 2025, we have engaged Utility Solutions LLC ("Utility Solutions") to provide cable television and high-speed data installation services. On April 7, 2025, ITG OpCo and BTR entered into an Independent Contractor Agreement with Utility Solutions whereby Utility Solutions agreed to provide certain services to us, including cable television or high-speed data installation services. Michael G. Brooks, one of our Founders and an equityholder in a Continuing Equity Owner, is a minority investor of Utility Solutions. In exchange for services rendered, we paid approximately $2.1 million, $0.6 million and $0.0 million to Utility Solutions in 2023, 2024 and 2025, respectively.

**Repurchase of Class D Units** 

On July 15, 2025, ITG Parent and Management Holdings purchased 382,447 Class D units granted on May 27, 2022 from Joel Rivas (Chief Administrative Officer of the Company) and 764,885 Class D units granted on July 15, 2024 from Guilherme Elias (President of ITG OpCo and an equity holder in a Continuing Equity Owner) for an aggregate purchase price of $466,585 and $696,045, respectively.

**ITG Parent LLC Agreement** 

In connection with the Transactions, Blocker, Oaktree Aggregator and Management Holdings will enter into the ITG Parent LLC Agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part.

As a result of the Transactions, including the entry into the ITG Parent LLC Agreement and the Blocker Merger, we will directly and/or indirectly hold LLC Interests in ITG Parent, and Intermediate, our wholly owned subsidiary, will inherit Blocker's status as the sole managing member of ITG Parent. Accordingly, we will operate and control all of the business and affairs of ITG Parent and, through ITG Parent and its operating subsidiaries, conduct our business.

As the sole managing member of ITG Parent, our wholly owned subsidiary, Intermediate will have the right to determine when distributions will be made to the holders of LLC Interests and the amount of any such distributions (subject to the requirements with respect to the tax distributions described below). If ITG (through Intermediate) authorizes a distribution, such distribution will be made to the holders of LLC Interests, including ITG (including through Intermediate), pro rata in accordance with their respective ownership of ITG Parent, provided that Intermediate, as sole managing member, will be entitled to non-pro rata payments for certain fees and expenses. Management Holdings will also be entitled to reimbursement by ITG Parent for reasonable, out-of-pocket expenses incurred on behalf of ITG Parent or in connection with holding LLC Interests.

Upon the consummation of the Transactions, ITG will become a holding company and its principal asset will be a direct and/or indirect controlling equity interest in ITG Parent. ITG will own all of the limited liability company interests of Intermediate and Intermediate will directly own equity interests in ITG Parent it acquires as a result of the Blocker Merger and from ITG Parent with the net proceeds from this offering. In the event that the underwriters exercise their option to purchase additional shares of Class A common stock to cover over-allotments (in which case ITG would use the net proceeds it receives from such sale to purchase LLC Interests from ITG Parent) or in connection with future redemptions or exchanges of LLC interests (in which case ITG would obtain LLC Interests in exchange for cash or shares of Class A common stock) and ITG uses a portion of the net proceeds from such sale to purchase 19,512,196 LLC Interests from ITG Parent, ITG, Inc. will become a direct holder of LLC Interests and will be admitted as a member of ITG Parent. As such, ITG will have no independent means of generating revenue. ITG Parent will be treated as a partnership for U.S. federal income tax purposes and, as such, will generally not be subject to U.S. federal income tax. Instead, taxable income will be allocated to holders of LLC Interests, including ITG as well as Intermediate, our wholly owned subsidiary.

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Accordingly, ITG (including through Intermediate) will incur income taxes on its direct and/or indirect allocable share of any net taxable income of ITG Parent and also incur expenses related to its operations. Pursuant to the ITG Parent LLC Agreement, ITG Parent will make pro rata cash distributions to the owners of LLC Interests in an amount sufficient to fund their tax obligations in respect of the cumulative taxable income in excess of the cumulative taxable losses of ITG Parent that is allocated to them, each as determined by applying certain assumptions, to the extent cash is available to fund such distributions and previous tax distributions from ITG Parent have been insufficient. In addition to tax expenses, we will also incur expenses related to our operations, plus payments under the Tax Receivable Agreement, which may be significant. We intend to cause ITG Parent to make pro rata distributions or, in the case of certain expenses, payments in an amount sufficient to allow us and our subsidiaries, including Intermediate, to pay taxes and operating expenses, including distributions to fund any ordinary course payments due under the Tax Receivable Agreement. Furthermore, so long as the Tax Receivable Agreement is outstanding and in effect, without the prior consent of the Agent, any distributions we receive from ITG Parent may only be used by us to meet our obligations under the Tax Receivable Agreement and to pay our taxes and other legal compliance obligations and for no other purpose.

The ITG Parent LLC Agreement will generally not permit transfers of LLC Interests by the Continuing Equity Owners that hold LLC Interests ("Existing LLC Owners"), except for transfers to permitted transferees (which include, among other things, transfers by Management Holdings to its equityholders ("Management Holders") in connection with a permitted redemption or direct exchange, or to us or any of our subsidiaries), transfers pursuant to the redemption right described below, transfers approved in writing by Intermediate, as sole managing member, and other limited exceptions. In the event of a permitted transfer of LLC Interests, such transferor will be required to simultaneously transfer shares of Class B common stock to such transferee equal to the number of LLC Interests that were transferred. The ITG Parent LLC Agreement will also provide that, as a general matter, a holder of LLC Interests will not have the right to transfer LLC Interests if Intermediate determines that such transfer would be prohibited by law or regulation, would violate other agreements with ITG Parent to which such holder may be subject, or would cause or create a material risk for ITG Parent to be treated as a "publicly traded partnership" or to be taxed as a corporation for U.S. federal income tax purposes.

As described in further detail below, the Existing LLC Owners and their respective permitted transferees (other than, prior to the date on which Oaktree (excluding Management Holdings) no longer owns any equity interests in ITG Parent or the Company (the "Oaktree Complete Redemption Date"), Management Holders holding through Management Holdings) will have the right from time to time (subject to the terms of the ITG Parent LLC Agreement) to require redemption of LLC Interests in exchange for, at our election, either cash (to the extent we have cash available from a secondary offering) or shares of Class A common stock on a one-for-one basis for each LLC Interest. We will, alternatively, have the right to acquire such LLC Interests for shares of Class A common stock or cash (to the extent we have cash available from a secondary offering) in connection with any exercise of such right. We expect to treat such acquisitions of LLC Interests as purchases by us of LLC Interests from the holders thereof for U.S. federal income and other applicable tax purposes. ITG Parent (and each of its subsidiaries classified as a partnership for U.S. federal income tax purposes) will have in place an election under Section 754 of the Code effective for each taxable year in which an exchange of LLC Interests for Class A common stock or cash occurs. As a result, an exchange of LLC Interests is expected to result in (1) an increase in our proportionate share of the then existing tax basis of the assets of ITG Parent and its flow-through subsidiaries and (2) an adjustment in the tax basis of the assets of ITG Parent and its flow-through subsidiaries reflected in that proportionate share ("Basis Adjustments").

Any increases in our share of tax basis as a result of the LLC Interests exchanges will generally have the effect of reducing the amounts that we would otherwise be obligated to pay thereafter to various tax authorities. Such basis increases may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets.

The ITG Parent LLC Agreement will provide a redemption right to the Existing LLC Owners and their respective permitted transferees (other than, prior to the Oaktree Complete Redemption Date, Management Holders holding through Management Holdings), which will entitle them to have their LLC Interests redeemed

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for, at our election, newly-issued shares of Class A common stock on a one-for-one basis for each LLC Interest or a cash payment equal to a volume weighted average market price of one share of Class A common stock for each LLC Interest so redeemed, in each case in accordance with the terms of the ITG Parent LLC Agreement; provided that, at our election, we may effect a direct exchange by ITG of such Class A common stock or such cash, as applicable, for such LLC Interests. The Existing LLC Owners and their respective permitted transferees (other than, prior to the Oaktree Complete Redemption Date, Management Holders holding through Management Holdings) will have the right to exercise such redemption right, subject to certain exceptions, for as long as their LLC Interests remain outstanding. In connection with the exercise of the redemption or exchange of LLC Interests, (1) the holder thereof will be required to surrender a number of shares of Class B common stock registered in the name of such redeeming or exchanging holder, which shares will be transferred to the Company and will be cancelled for no consideration on a one-for-one basis with the number of LLC Interests so redeemed or exchanged and (2) all redeeming members will surrender LLC Interests to ITG Parent for cancellation. Intermediate has the right to permit (subject to Oaktree's consent prior to the Oaktree Complete Redemption Date) unvested LLC Interests to be redeemed or exchanged.

If at any time prior to the Oaktree Complete Redemption Date, members affiliated with Oaktree (other than Management Holdings) exercise a redemption right with respect to LLC Interests, Management Holdings (through which Management Holders own LLC Interests) is required to redeem or exchange a percentage of its LLC Interests corresponding to the percentage of LLC Interests redeemed or exchanged by such Oaktree members, collectively, relative to the total number of such Oaktree members' LLC Interests (for purposes of this section, we refer to such corresponding mandatory redemption as a "Management Co-Redemption"). A Management Co-Redemption shall, in all instances until the Oaktree Complete Redemption Date, occur at the same time and on the same terms (other than, for the avoidance of doubt, any differences in rights received under the Tax Receivable Agreement) as such Oaktree members' redemption or direct exchange. Until the Oaktree Complete Redemption Date, Management Holdings (and thus indirectly the Management Holders owning interests in such Management Holdings) will not be entitled to exercise a redemption right independently of a Management Co-Redemption. Any consideration received by Management Holdings for the redemption of unvested LLC Interests will be paid to the applicable corresponding Management Holder(s) only upon satisfaction of the vesting criteria applicable to such unvested LLC Interests. Following the Oaktree Complete Redemption Date, Management Holders, through Management Holdings, will have the same rights and limitations as other members in exercising the redemption or exchange of vested LLC Interests, in accordance with the terms of the ITG Parent LLC Agreement.

Each LLC Interest holder's exchange and redemption rights will be subject to certain customary limitations, including the expiration of any contractual lockup period relating to the shares of Class A common stock that may be delivered to such holder and the absence of any liens or encumbrances on such LLC Interests. Additionally, in the case we elect a cash settlement, the ITG Parent LLC Agreement will provide a redeeming holder with the ability to rescind its redemption request within a specified period of time. Moreover, in the case of a settlement in Class A common stock, the ITG Parent LLC Agreement will provide that such redemption may be conditioned 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. In the case of a settlement in Class A common stock, the ITG Parent LLC Agreement will permit such holder to revoke or delay its redemption request if the following conditions exist: (1) any registration statement pursuant to which the resale of the Class A common stock to be registered for such holder 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; (2) we failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such redemption; (3) we exercised our 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 holder to have its Class A common stock registered at or immediately following the consummation of the redemption; (4) such holder is in possession of any material non-public information concerning us, the receipt of which results in such holder being prohibited or restricted from selling Class A common stock at or immediately following the redemption without disclosure of such information (and we do not permit disclosure); (5) any stop

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order relating to the registration statement pursuant to which the Class A common stock was to be registered by such holder at or immediately following the redemption shall have been issued by the SEC; (6) 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; (7) 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; (8) we shall have failed to comply in all material respects with our obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such holder to consummate the resale of the Class A common stock to be received upon such redemption pursuant to an effective registration statement; or (9) the redemption date would occur three business days or less prior to, or during, a black-out period.

In the event of a redemption by a holder of LLC Interests, the ITG Parent LLC Agreement will require that we contribute cash or shares of Class A common stock, as applicable, to ITG Parent in exchange for an amount of newly-issued LLC Interests that will be issued to us equal to the number of LLC Interests redeemed from the holder. The ITG Parent LLC Agreement will then require ITG Parent to distribute the cash or shares of Class A common stock, as applicable, to such holder to complete the redemption. In the event of a redemption request by a holder of LLC Interests, the ITG Parent LLC Agreement will permit us, at our option, to effect a direct exchange by ITG of cash or our Class A common stock, as applicable, for such LLC Interests in lieu of such a redemption. Whether by redemption or exchange, the ITG Parent LLC Agreement will obligate us to ensure that at all times the number of LLC Interests that we directly or indirectly own equals the number of our outstanding shares of Class A common stock (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

We may impose additional restrictions on exchanges or redemptions that we determine to be necessary or advisable so that ITG Parent is not treated as a "publicly traded partnership" or taxed as a corporation for U.S. federal income tax purposes. If a holder exchanges LLC Interests and Class B common stock for shares of Class A common stock or a redemption transaction as described above is effected, the number of LLC Interests indirectly held by ITG will be correspondingly increased, and a corresponding number of shares of Class B common stock will be cancelled.

The ITG Parent LLC Agreement will also require that ITG Parent take actions with respect to its LLC Interests, including issuances, reclassifications, distributions, divisions, or recapitalizations, such that (i) we at all times maintain a ratio of one LLC Interest owned by us, directly or indirectly, for each share of Class A common stock issued by us, and (ii) ITG Parent at all times maintains (a) a one-to-one ratio between the number of shares of Class A common stock issued by us and the number of LLC Interests directly or indirectly owned by us and (b) a one-to-one ratio between the number of shares of Class B common stock owned by the Existing LLC Owners and their permitted transferees and the number of LLC Interests owned by the Existing LLC Owners and their permitted transferees. As such, in certain circumstances we, through Intermediate, as sole managing member, have the authority to take all actions such that, after giving effect to all issuances, transfers, deliveries, or repurchases, the number of outstanding LLC Interests we directly or indirectly own equals, on a one-to-one basis, the number of outstanding shares of Class A common stock.

This summary does not purport to be complete and is qualified in its entirety by the provisions of the form of ITG Parent LLC Agreement, a copy of which has been filed as an exhibit to the registration statement of which this prospectus forms a part.

**Tax Receivable Agreement** 

Upon the completion of this offering, we will be a party to the Tax Receivable Agreement with the TRA Participants (who are also the Continuing Equity Owners). Under the Tax Receivable Agreement, we generally will be required to make cash payments to the TRA Participants equal to, in the aggregate, 85% of the amount of tax savings, if any, in U.S. federal, state and local income tax that we actually realize, or in certain circumstances are deemed to realize, as a result of (i) our allocable share of existing tax basis attributable to our acquisition or

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ownership of LLC Interests in connection with this offering, (ii) certain tax attributes we will acquire from the Blocker in the Blocker Merger (including net operating losses and the Blocker's allocable share of tax basis), (iii) increases in our allocable share of then existing tax basis, and certain adjustments to the tax basis of the assets of ITG Parent and its subsidiaries as a result of actual or deemed sales or exchanges of LLC Interests in connection with this offering, if any, and future redemptions or exchanges of LLC Interests, (iv) imputed interest arising from any payments we make under the Tax Receivable Agreement and (v) certain other tax benefits related to entering into the Tax Receivable Agreement, including certain payments made under the Tax Receivable Agreement. The payment obligations under the Tax Receivable Agreement are obligations of ITG, Inc. and not of ITG Parent. Our payment obligations under the Tax Receivable Agreement are not conditioned upon any of the TRA Participants maintaining a continued ownership interest in us or ITG Parent and the rights of the TRA Participants under the Tax Receivable Agreement will be assignable. We generally expect to benefit from the remaining 15% of the tax benefits, if any, that we may actually realize, subject to the below discussions.

Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the aggregate payments that we will be required to make to the TRA Participants will be substantial. Any payments made by us under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to ITG Parent, and to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us. We anticipate funding ordinary course payments under the Tax Receivable Agreement from cash flow from operations of ITG Parent and its subsidiaries, borrowings and/or available cash. There may be a material negative effect on our liquidity if, as a result of timing discrepancies or otherwise, the payments under the Tax Receivable Agreement exceed the actual benefits we realize in respect of the tax benefits that are subject to the Tax Receivable Agreement and/or distributions to us by ITG Parent are not sufficient to permit us to make payments under the Tax Receivable Agreement after we have paid taxes.

The Tax Receivable Agreement will generally apply to each of our taxable years, beginning with the taxable year that the Tax Receivable Agreement is entered into. There is no maximum term for the Tax Receivable Agreement and the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired, subject to the below discussions (in particular, with respect to the early termination or acceleration of the Tax Receivable Agreement).

We expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial. Assuming there are no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, and assuming all exchanges or redemptions would occur immediately after the initial public offering, based on the assumed initial public offering price of $20.50 per share of Class A common stock (which is the midpoint of the estimated price range set forth on the cover page of this prospectus) we would be required to pay approximately $346.2 million over the fifteen-year period from the date of this offering. The foregoing numbers are merely estimates — the actual payments could differ materially. The actual amounts we will be required to pay under the Tax Receivable Agreement and the actual amount of deferred tax assets and related liabilities that we will recognize as a result of any such future exchanges or redemptions will vary depending on a number of factors, including those detailed below. Absent a termination event pursuant to the terms of the Tax Receivable Agreement and assuming no material changes in the relevant tax laws, we expect our obligation to make cash payments under the Tax Receivable Agreement would continue for more than fifteen years after all of the Continuing Equity Owners exchange or redeem all of their LLC Interests.

The actual tax attributes, as well as any amounts paid to the TRA Participants under the Tax Receivable Agreement, will vary depending on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the timing of redemptions or exchanges* —for instance, the increase in any tax deductions will vary
depending on the fair market value, which may fluctuate over time, of the depreciable or amortizable assets of ITG Parent at the time of each redemption or exchange. In addition, the increase in ITG

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Parent's allocable share of existing tax basis acquired upon the future redemption or exchange of LLC Interests will vary depending on the amount of remaining existing tax basis at the time of such redemption or exchange; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the price of shares of our Class A common stock at the time of the redemption or exchange* —the increase in any tax deductions, as well as the tax basis increase in other assets, of ITG Parent, is directly proportional to the price of shares of our Class A common stock at the time of the redemption or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the extent to which such redemptions or exchanges are taxable* —if an exchange is not taxable for any
reason, increased tax deductions as a result of the Section 754 election mentioned above will not be available to generate payments under the Tax Receivable Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the amount of Blocker tax attributes* —the amount of applicable tax attributes of the Blocker at the
time of the Blocker Merger will impact the amount and timing of payments under the Tax Receivable Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the applicable tax rates and changes in tax rates* —payments under the Tax Receivable Agreement will
be calculated using the actual U.S. federal income tax rate in effect for the applicable period and an assumed, weighted-average state and local income tax rate based on apportionment factors for the applicable period, so changes in tax rates will
impact the magnitude of cash tax benefits covered by the Tax Receivable Agreement and the amount of payments under the Tax Receivable Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the amount and timing of our income*.

Decisions made by the Continuing Equity Owners in the course of running our business may influence the timing and amount of payments that are received by TRA Participants under the Tax Receivable Agreement. For example, the disposition of assets following a redemption or exchange transaction may accelerate payments under the Tax Receivable Agreement and increase the present value of such payments, and the disposition of assets before a redemption or exchange transaction may increase a Continuing Equity Owner's tax liability while giving rise to a lesser amount of payment rights under the Tax Receivable Agreement.

Payments under the Tax Receivable Agreement will be based on the tax reporting positions we determine, and the IRS or another taxing authority may challenge all or a part of the existing tax basis, deductions, tax basis increases, net operating losses or other tax attributes subject to the Tax Receivable Agreement, and a court could sustain such challenge. The TRA Participants will not reimburse us for any payments previously made if tax savings previously reported are subsequently deferred or disallowed, except that any excess payments made to a TRA Participant will be netted against future payments otherwise to be made to such TRA Participant under the Tax Receivable Agreement, if any, after the determination of such excess. In addition, the actual state or local tax savings we may realize may be different than the amount of such tax savings we are deemed to realize under the Tax Receivable Agreement, which will be based on an assumed combined state and local tax rate applied to our reduction in taxable income as determined for U.S. federal income tax purposes as a result of the tax attributes subject to the Tax Receivable Agreement (subject to certain other calculation mechanics and assumptions). In both such circumstances, we could make payments to the TRA Participants that are greater than our actual cash tax savings and we may not be able to recoup those payments, which could negatively impact our liquidity.

The Tax Receivable Agreement provides that (1) in the event that we breach any of our material obligations under the Tax Receivable Agreement, unless waived in writing by the "Agent" (as that term is defined in the Tax Receivable Agreement), (2) upon certain changes of control, unless waived in writing by the Agent or (3) if, at any time, we elect, with the consent of the Agent, an early termination of the Tax Receivable Agreement, our obligations under the Tax Receivable Agreement (with respect to all LLC Interests, whether or not LLC Interests have been exchanged or acquired before or after such transaction) would accelerate and become payable in a lump sum amount equal to the present value of the anticipated future cash tax benefits calculated based on certain assumptions, including that we would have sufficient taxable income to fully utilize the deductions arising from the tax deductions, tax basis and other tax attributes subject to the Tax Receivable Agreement. The change of

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control provisions in the Tax Receivable Agreement may result in situations where the TRA Participants have interests that differ from or are in addition to those of our other stockholders. The present value of such anticipated future cash tax benefits are discounted at a rate equal to the lesser of (i) 6.5% per annum and (ii) the Secured Overnight Financing Rate ("SOFR") (or its successor rate) plus 100 basis points.

In these situations, our obligations under the Tax Receivable Agreement could have a material adverse effect on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. See "Risk Factors—Risks Related to Our Organizational Structure—We will be required to make payments under the Tax Receivable Agreement and the amounts of such payments could be significant." and "Risk Factors—Risks Related to Our Organizational Structure—In certain cases, payments under the Tax Receivable Agreement to the TRA Participants may be accelerated or significantly exceed any actual benefit we realize in respect of the tax attributes subject to the Tax Receivable Agreement." Assuming that the market value of a share of Class A common stock were to be equal to an initial public offering price of $20.50 per share of Class A common stock (which is the midpoint of the estimated price range set forth on the cover page of this prospectus) and a discount rate of 4.68%, we estimate that the aggregate amount of termination payments under the Tax Receivable Agreement would be approximately $244.9 million if we were to exercise its early termination right immediately following this offering. The estimated aggregate amount of termination payments includes payments payable to Oaktree Aggregator and Oaktree Blocked Fund and Management Holdings of $77.8 million, $63.5 million and $103.5 million, respectively. By virtue of their interests in Management Holdings, the following executive officers and directors are entitled to termination payments made to Management Holdings as follows: $0.4 million to Andrew D. Parrott, our Chief Executive Officer; $4.6 million to Guilherme Elias, President of ITG OpCo; $0.7 million to Danielle Elias, immediate family member of Guilherme Elias; $1.0 million to Joel Rivas, our Chief Administrative Officer; $29.2 million to Michael G. Brooks, our Executive Chairman, $0.4 million to William G. LaPerch, one of our directors; $22.7 million to Peter A. Giacalone, one of our directors; and $4.5 million to Tracey Giacalone, immediate family member of Peter A. Giacalone.

Under the Tax Receivable Agreement, we are required to provide the Agent with a schedule setting forth the calculation of payments that are due under the Tax Receivable Agreement with respect to each taxable year in which a payment obligation arises within one hundred twenty (120) days after the extended due date of our U.S. federal income tax return. Payments under the Tax Receivable Agreement will generally be made within five (5) days after this schedule becomes final pursuant to the procedures set forth in the Tax Receivable Agreement, although interest on such payments will begin to accrue at a rate of SOFR plus 100 basis points per annum from the due date (without extensions) of such tax return. Any late payments that may be made under the Tax Receivable Agreement will continue to accrue interest at a rate of SOFR plus 500 basis points per annum until such payments are made, generally including any late payments that we may subsequently make because we did not have enough available cash to satisfy our payment obligations at the time at which they originally arose.

This summary does not purport to be complete and is qualified in its entirety by the provisions of the form of Tax Receivable Agreement, a copy of which has been filed as an exhibit to the registration statement of which this prospectus forms a part.

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**Stockholders Agreement** 

In connection with this offering, we intend to enter into a stockholders agreement (the "Stockholders Agreement") with the Continuing Equity Owners.

*Director Nomination Rights* 

Pursuant to the Stockholders Agreement, the Continuing Equity Owners will have the right, but not the obligation, to nominate individuals for election to our board of directors as follows:

For so long as Oaktree and its affiliates (including the Continuing Equity Owners) (collectively, the "Oaktree Group") beneficially owns shares of voting stock representing, in the aggregate, at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 40% of the voting power of the then-outstanding voting stock of the Company that are not restricted shares, six
directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 35%, but less than 40%, of the voting power of the then-outstanding voting stock of the Company that are not
restricted shares, five directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 30%, but less than 35%, of the voting power of the then-outstanding voting stock of the Company that are not
restricted shares, four directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20%, but less than 30%, of the voting power of the then-outstanding voting stock of the Company that are not
restricted shares, three directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10%, but less than 20%, of the voting power of the then-outstanding voting stock of the Company that are not
restricted shares, two directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5%, but less than 10%, of the voting power of the then-outstanding voting stock of the Company that are not
restricted shares, one director.

Any such director(s) nominated by the Oaktree Group is referred to as an "Oaktree Designee." In the event the size of our board of directors is increased, the Oaktree Group's nomination rights set forth above will be proportionately increased such that the Oaktree Group has the right to nominate directors representing the same percentage of the full board of directors, rounded up to the nearest whole director, following such increase as prior to such increase.

As a result, for so long as the Oaktree Group beneficially owns shares of voting stock representing at least 5% of the voting power of the then-outstanding voting stock of the Company, the Oaktree Group will continue to have director nomination rights and the ability to receive access to insider information.

For so long as the Oaktree Group is entitled to designate at least one individual for nomination to our board of directors, the Oaktree Group will have the exclusive right to request the removal of any Oaktree Designee, with or without cause and at any time, by sending a written notice to such Oaktree Designee and the Company's secretary stating the name of the Oaktree Designee or the Oaktree Designees whose removal is requested. If at any point the number of Oaktree Designees then serving on the board exceeds the number of directors which the Oaktree Group is entitled to nominate under the Stockholders Agreement (each, an "excess director"), then, unless the board of directors otherwise requests, the Oaktree Group will cause such excess director(s) to offer to tender its (their) resignation at least sixty days prior to the expected date of the Company's next annual meeting of stockholders for which the Company has not yet proposed a slate of directors, but such resignation may be made effective as of the last day of the then-current term of such excess director.

Subject to applicable laws and stock exchange regulations, and subject to requisite independence requirements applicable to such committee, (1) so long as the Oaktree Group beneficially owns shares of voting stock representing, in the aggregate, at least 40% of the voting power of the then-outstanding voting stock of the Company that are not restricted shares, the Oaktree Group will be entitled to designate a majority of the members of the Compensation Committee and the Nominating and Corporate Governance Committee, and (2) for so long

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as the Oaktree Group is entitled to designate one or more directors pursuant to the Stockholders Agreement, the Oaktree Group will be entitled to designate at least one member of each committee of the board of directors (other than any special committee established to evaluate any transaction in which the Oaktree Group has an interest which is in conflict with the interests of the Company).

*Information Rights* 

The Stockholders Agreement will provide that, so long as the Oaktree Group beneficially owns shares of voting stock representing, in the aggregate, at least 5% of the voting power of the then-outstanding voting stock, the Company shall provide to the Oaktree Group and any of their designated representatives: (1) monthly consolidated financial statements of the Company and its subsidiaries; (2) access to any portal or equivalent means of dissemination of information to the board of directors maintained by the Company; and (3) reasonable access to the Company's books and records and to any officer of the Company or its subsidiaries to discuss the affairs, finances and condition of the Company and its subsidiaries. Any member of the Oaktree Group may waive the right to receive all or any portion of the foregoing information and access at any time at its election for the duration specified by such member of the Oaktree Group.

The Stockholders Agreement will also provide that, so long as the Oaktree Group beneficially owns shares of voting stock representing, in the aggregate, at least 5% of the voting power of the then-outstanding voting stock, the Company shall keep each Oaktree Designee serving as a director informed, on a current basis, of any events, discussions, notices or changes with respect to any tax, criminal or regulatory investigation or action involving the Company or any of its subsidiaries that could reasonably be expected to be material to the Company, and reasonably cooperate with the Oaktree Group in an effort to avoid or mitigate any cost or regulatory consequences to the Oaktree Group that might arise from such investigation or action.

*Consent Rights* 

The Stockholders Agreement will provide that, so long as the Oaktree Group beneficially owns shares of voting stock representing, in the aggregate, at least 25% of the voting power of the then-outstanding voting stock, without the prior written consent of the Oaktree Group, the Company shall not and shall cause its subsidiaries not to amend the rights of any member of the Oaktree Group under the Company's certificate of incorporation or bylaws or amend or modify the Company's related party transaction policy or similar policy in a manner that disproportionately adversely affects any member of the Oaktree Group. Each member of the Oaktree Group may waive the requirement that it consent to all or any of the foregoing actions at any time at its election by providing written notice to the Company.

This summary does not purport to be complete and is qualified in its entirety by the provisions of our Stockholders Agreement, a copy of which has been filed as an exhibit to the registration statement of which this prospectus forms a part.

**Registration Rights Agreement** 

In connection with this offering, we intend to enter into a registration rights agreement (the "Registration Rights Agreement") with the Continuing Equity Owners. Subject to certain conditions, we expect the Registration Rights Agreement will provide (i) Oaktree with "long-form" demand registration rights, "short-form" demand registration rights, as well as shelf registration rights and (ii) Oaktree and the Continuing Equity Owners with customary "piggyback" registration rights. The Registration Rights Agreement will contain provisions that require the parties thereto to coordinate with one another with respect to sales of our Class A common stock and will contain certain limitations on the ability of the members of our management party to the Registration Rights Agreement to offer, sell or otherwise dispose of shares of our Class A common stock. The Registration Rights Agreement will also provide that we will pay certain expenses of these holders relating to such registrations and indemnify them against certain liabilities which may arise under the Securities Act.

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This summary does not purport to be complete and is qualified in its entirety by the provisions of the Registration Rights Agreement, a copy of which has been filed as an exhibit to the registration statement of which this prospectus forms a part.

**Directed Share Program** 

At our request, Morgan Stanley & Co. LLC (the DSP Underwriter) has reserved up to 5% of the shares of Class A common stock to be issued by us and offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase from us and the selling stockholder to cover over-allotments, at the initial public offering price, to certain friends and family of our Continuing Equity Owners, officers, directors, employees and certain related persons. See "Underwriting (Conflicts of Interest)—Directed Share Program."

**Review, Approval or Ratification of Transactions with Related Persons** 

The audit committee of our board of directors will have primary responsibility for reviewing and approving transactions with related parties. Our audit committee charter will provide that the audit committee shall review and approve in advance any related party transactions.

We will adopt, effective upon the consummation of this offering, a formal written policy providing that our executive officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of our voting stock, any member of the immediate family of any of the foregoing persons, and any firm, corporation or other entity in which any of the foregoing persons is employed, is a general partner or principal or in a similar position, or in which such person has a 5% or greater beneficial ownership interest, is not permitted to enter into a related party transaction with us without the consent of our audit committee, subject to the exceptions described below. In approving or rejecting any such proposal, our audit committee is to consider the relevant facts and circumstances available and deemed relevant to our audit committee, including whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related party's interest in the transaction. Our audit committee is expected to determine that certain transactions will not require audit committee approval, including certain employment arrangements of executive officers, director compensation, transactions with another company at which a related party's only relationship is as a non-executive employee or beneficial owner of less than 5% of that company's shares, transactions where a related party's interest arises solely from the ownership of our common stock and all holders of our common stock received the same benefit on a pro rata basis, and transactions available to all employees generally.

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**DESCRIPTION OF CERTAIN INDEBTEDNESS** 

*The following is a summary of the material provisions relating to our material indebtedness. The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the Credit Agreement, including the definitions of certain terms therein that are not otherwise defined in this prospectus. You should refer to the relevant agreement or instrument for additional information, copies of which will be filed with the SEC once available.* 

**Credit Agreement** 

On July 9, 2025, (the "Credit Agreement Closing Date"), ITG OpCo and ITG Purchaser, LLC ("ITG Purchaser") and the other Loan Parties party thereto entered into that certain Credit Agreement with Banco Santander, S.A., New York Branch, as administrative agent (the "Administrative Agent"), U.S. Bank National Association, as collateral agent (the "Collateral Agent"), and the lenders and L/C issuers party thereto from time to time (as amended, supplemented, waived or otherwise modified, the "Credit Agreement"), which sets forth the terms and conditions for a senior secured credit agreement consisting of (i) a $540.0 million senior secured six-year term loan facility (the "Term Loan Facility"), (ii) a $100.0 million revolving credit facility (the "Revolving Credit Facility"), which matures on July 9, 2030 and (iii) a $15.0 million letter of credit sublimit (the "Letter of Credit Facility"). The proceeds of the Term Loan Facility funded on the Credit Agreement Closing Date were used to repay all amounts outstanding under ITG OpCo's prior credit facility, to issue a special distribution of $226.1 million to members of ITG Parent in 2025, as described in the section entitled "Dividend Policy," to pay fees, expenses and similar transaction costs incurred in connection with the foregoing and for working capital, capital expenditures and other general corporate purposes.

On August 29, 2025, ITG OpCo, ITG Purchaser, each other Loan Party party thereto, the 2025 Incremental Term Lenders party thereto, the Administrative Agent and the Collateral Agent entered into that certain Amendment No. 1 to the Credit Agreement in order to, among other items, obtain a $75.0 million increase (the "First Amendment Upsize") to the Term Loan Facility. The proceeds of the First Amendment Upsize were used to finance the acquisition of Tilson, to pay fees, expenses and similar transaction costs incurred in connection with the foregoing and for working capital, capital expenditures and other general corporate purposes.

On December 30, 2025 (the "Second Amendment Closing Date"), ITG OpCo, ITG Purchaser, each other Loan Party party thereto, the Second Amendment Incremental Term Lenders party thereto, the Administrative Agent and the Collateral Agent entered into that certain Amendment No. 2 to the Credit Agreement in order to obtain a $45.0 million increase (the "Second Amendment Term Upsize") to the Term Loan Facility and an $85.0 million increase in the Revolving Credit Facility (the "Second Amendment Revolving Upsize"). The proceeds of the Second Amendment Term Upsize were used to repay amounts outstanding under the Revolving Credit Facility, to pay fees, expenses and similar transaction costs incurred in connection with the foregoing and for working capital, capital expenditures and other general corporate purposes.

Any description of the Term Loan Facility set forth below shall be deemed to include the First Amendment Upsize, the Second Amendment Term Upsize and the Second Amendment Revolving Upsize.

***Interest Rate***

Borrowings under the Term Loan Facility bear interest, as elected by ITG OpCo, at: (a) a rate per annum equal to Term SOFR plus a margin of 4.75% or (b) the Base Rate plus a margin of 3.75%. Borrowings under the Revolving Credit Facility bear interest, as elected by ITG OpCo, at: (a) a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus a margin of 4.50% or (b) the Base Rate plus a margin of 3.50%. For SOFR loans, the interest is paid at the end of each applicable SOFR period, but at least every six months. For base rate loans, interest is paid quarterly at the end of each quarter.

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ITG OpCo is required to pay quarterly commitment fees to the lenders under the Credit Agreement in respect of any unutilized revolving credit facility commitments thereunder, at a rate equal to 0.25% if ITG OpCo's Consolidated First Lien Secured Leverage Ratio is less than or equal to 2.70:1.00 and 0.375% if ITG OpCo's Consolidated First Lien Secured Leverage Ratio is greater than 2.70:1.00, calculated in accordance with the terms of the Credit Agreement.

ITG OpCo also pays certain recurring fees under the Credit Agreement, including (i) letter of credit fees equal to 4.50% per annum on the daily maximum amount then available to be drawn under the applicable letter of credit, (ii) quarterly fronting fees of 0.125% to lenders issuing letters of credit and (iii) administrative fees.

***Guarantees and Security***

The obligations under the Credit Agreement are guaranteed by ITG Purchaser and ITG OpCo's wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries. The obligations under the Credit Agreement are secured by a first priority security interest in substantially all of the existing and future property and assets, including accounts receivable, inventory, equipment, general intangibles, intellectual property, investment property, other personal property, material owned real property, cash and proceeds of the foregoing of ITG OpCo, its wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries and ITG Purchaser, subject to customary exceptions.

***Prepayments and Amortization***

Loans under the Credit Agreement may be voluntarily prepaid, at ITG OpCo's option, in whole, or in part, in each case without premium or penalty on a non-pro rata basis, subject to the conditions set forth in the Credit Agreement.

Subject to certain customary exceptions, the Credit Agreement requires mandatory prepayments, but not permanent reductions of commitments thereunder, for Excess Cash Flow, asset sales and refinancing facilities. In the event of Excess Cash Flow, commencing with the fiscal year ending December 31, 2026, ITG OpCo shall pay an aggregate principal amount of Term Loans equal to (a) 50% of such Excess Cash Flow if the Consolidated First Lien Secured Leverage Ratio was greater than 3.20:1.00 as of the last day of the applicable fiscal year, minus, at ITG OpCo's option, certain voluntary prepayments, (b) 25% if the Consolidated First Lien Secured Leverage Ratio was less than or equal to 3.20:1.00 and greater than or equal to 2.70:1.00 or (c) 0% if the Consolidated First Lien Secured Leverage Ratio was less than or equal to 2.70:1.00, in each case as calculated in accordance with the terms of the Credit Agreement. In the event of (a) any non-ordinary course sale, transfer or other disposition of property or assets permitted under the Credit Agreement by ITG OpCo or any Restricted Subsidiary or (b) the occurrence of any Casualty Event, in each case resulting in the realization or receipt of Net Available Cash in excess of $20.0 million, ITG OpCo shall make a prepayment of an aggregate principal amount of Term Loans equal to 100% of the Applicable Proceeds, subject to a right of reinvestment in accordance with the terms of the Credit Agreement. If ITG OpCo or any Restricted Subsidiary incurs or issues any Refinancing Term Loans, Refinancing Indebtedness with respect to certain permitted Indebtedness, or Indebtedness not expressly permitted to be incurred or issued pursuant to the Credit Agreement, ITG OpCo shall pay an aggregate amount of Term Loans equal to 100% of all Net Cash Proceeds received, subject to certain exceptions.

The Term Loan Facility amortizes in quarterly installments equal to (i) for the first eight payments, 0.625% of the aggregate principal amount of the term loans outstanding on the Second Amendment Closing Date and (ii) thereafter, 1.25% of the aggregate principal amount of the term loans outstanding on the Second Amendment Closing Date.

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***Financial Covenants***

Subject to certain exceptions, ITG OpCo shall not permit the Consolidated First Lien Secured Leverage Ratio as of the last day of any Test Period to be greater than as set forth below:

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| | |
|:---|:---|
| **Test Period** | **Consolidated First Lien Secured Leverage Ratio no**<br> **greater than** |
| June 30, 2026 | 5.50:1.00 |
| September 30, 2026 and each Test Period thereafter | 5.25:1.00 |

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***Restrictive Covenants and Other Matters***

The Credit Agreement contains affirmative and negative covenants that are customary for financings of this type, including covenants that restrict our incurrence of indebtedness, incurrence of liens, dispositions, investments, acquisitions, restricted payments, and transactions with affiliates.

The Credit Agreement also includes customary events of default, including the occurrence of a change of control.

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**DESCRIPTION OF CAPITAL STOCK** 

**General** 

Prior to the consummation of this offering, we will file an amended and restated certificate of incorporation and we will adopt our amended and restated bylaws. Our amended and restated certificate of incorporation will authorize capital stock consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,000,000,000 shares of Class A common stock, par value $0.001 per share;

200,000,000 shares of Class B common stock, par value $0.001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5,000,000 shares of preferred stock, par value $0.001 per share.

We are issuing and selling 19,512,196 shares of Class A common stock in this offering. We may issue and sell up to an additional 2,168,635 shares of Class A common stock and the selling stockholders may sell up to an additional 758,194 shares of Class A common stock in this offering if the underwriters exercise in full their option to purchase additional shares of our Class A common stock to cover over-allotments. All shares of our Class A common stock outstanding upon consummation of this offering will be fully paid and nonassessable. We are issuing 75,368,148 shares of Class B common stock to the Continuing Equity Owners in connection with the Transactions for nominal consideration.

The following summary describes the material provisions of our capital stock. We urge you to read our amended and restated certificate of incorporation and our amended and restated bylaws, which will be included as exhibits to the registration statement of which this prospectus forms a part.

Certain provisions of our amended and restated certificate of incorporation and our amended and restated bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interests, including those attempts that might result in a premium over the market price for the shares of common stock.

**Common Stock** 

***Class A Common Stock***

*Voting Rights.* Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders.

*Dividend Rights.* Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

*Distributions in Connection with Mergers or Other Business Combinations.* Upon a merger, consolidation or substantially similar transaction, holders of shares of our Class A common stock will be entitled to receive equal per share payments or distributions.

*Liquidation Rights.* Upon our liquidation, dissolution or winding up, any business combination or a sale or disposition of all or substantially all of our assets, the assets legally available for distribution to our stockholders will be distributable ratably among the holders of shares of our Class A common stock, subject to prior satisfaction of all outstanding debts and other liabilities and the payment of liquidation preferences, if any, on any outstanding preferred stock.

*Other Matters.* Our amended and restated certificate of incorporation will not entitle holders of shares of our Class A common stock to preemptive or conversion rights or other subscription rights. There will be no

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redemption or sinking fund provisions applicable to our common stock. All outstanding shares of our Class A common stock are, and the shares of our Class A common stock offered in this offering will be, fully paid and nonassessable.

***Class B Common Stock***

*Voting Rights*. Each share of our Class B common stock entitles its holders to one vote per share on all matters presented to our stockholders generally. Holders of shares of our Class B common stock will vote together with holders of shares of our Class A common stock as a single class on all matters presented to our stockholders for their vote or approval, except for certain amendments to our amended and restated certificate of incorporation described below or as otherwise required by applicable law or the amended and restated certificate of incorporation.

*Issuance of Shares*. Shares of Class B common stock will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the number of LLC Interests held by the Continuing Equity Owners and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Only permitted transferees of LLC Interests held by the Continuing Equity Owners will be permitted transferees of Class B common stock. See "Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement."

*Dividend and Distribution Rights.* Holders of our Class B common stock do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation, except that dividends may be declared on the Class B common stock in connection with a "poison pill" or similar stockholder rights plan adopted by our board of directors. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class B common stock (1) any rights to receive dividends or any other kind of distribution, (2) any right to convert into or be exchanged for shares of our Class A common stock or (3) any other economic rights will require, in addition to stockholder approval, the affirmative vote of holders of shares of our Class A common stock voting separately as a class.

*Exchange Rights*. Each share of our Class B common stock will be redeemed and canceled by us if the holder exchanges one LLC Interest together with such share of Class B common stock for one share of Class A common stock pursuant to the terms of the ITG Parent LLC Agreement. See "Certain Relationships and Related Party Transactions—ITG Parent LLC Agreement."

*Other Matters.* Our amended and restated certificate of incorporation will not entitle holders of our Class B common stock to preemptive or conversion rights or other subscription rights. There will be no redemption or sinking fund provisions applicable to our Class B common stock. All outstanding shares of our Class B common stock are fully paid and nonassessable.

**Authorized but Undesignated Preferred Stock** 

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would apply as long as our Class A common stock is listed on Nasdaq require stockholder approval of certain issuances equal to or exceeding 20% of the combined voting power of our Class A common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings to raise additional capital, acquisitions and employee benefit plans.

Unless required by law or by any stock exchange on which our common stock may be listed, the authorized shares of preferred stock will be available for issuance without further action by our stockholders. Our amended and restated certificate of incorporation will authorize our board of directors to establish, from time to time, the number of shares to be included in each series of preferred stock, and to fix the designation, powers, privileges, preferences, and relative participating, optional or other rights, if any, of the shares of each series of preferred stock, and any of its qualifications, limitations or restrictions. Our board of directors will also be able to increase

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or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series of preferred stock then outstanding, without any further vote or action by the stockholders, without any vote or action by stockholders.

The existence of unissued and unreserved common stock or preferred stock may enable our board of directors to issue shares to persons friendly to current management, which could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and could thereby protect the continuity of our management and possibly deprive stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

**Indemnification and Limitations on Directors' Liability** 

Section 145 of the DGCL grants each Delaware corporation the power to indemnify any person who is or was a director, officer, employee or agent of a corporation, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason of serving or having served in any such capacity, if he or she acted in good faith in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. A Delaware corporation may similarly indemnify any such person in actions by or in the right of the corporation if he or she acted in good faith in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification may be made in respect of any claim, issue or matter as to which the person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which the action was brought determines that, despite adjudication of liability, but in view of all of the circumstances of the case, the person is fairly and reasonably entitled to indemnity for expenses which the Delaware Court of Chancery or other court shall deem proper.

Section 102(b)(7) of the DGCL enables a corporation in its certificate of incorporation, or an amendment thereto, to eliminate or limit the personal liability of a director to the corporation or its stockholders for monetary damages for violations of the director's fiduciary duty as a director, except (i) for any breach of the director's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL (providing for director liability with respect to unlawful payment of dividends or unlawful stock purchases or redemptions) or (iv) for any transaction from which a director derived an improper personal benefit. Our certificate of incorporation will provide for such limitation of liability.

Our amended and restated certificate of incorporation and bylaws will indemnify our directors and officers to the full extent permitted by applicable law and our amended and restated certificate of incorporation will also allow our board of directors to indemnify other employees. This indemnification will extend to the payment of judgments in actions against officers and directors and to reimbursement of amounts paid in settlement of such claims or actions and may apply to judgments in favor of the corporation or amounts paid in settlement to the corporation. This indemnification will also extend to the payment of attorneys' fees and expenses of officers and directors in suits against them where the officer or director acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. This right of indemnification is not exclusive of any right to which the officer or director may be entitled as a matter of law and shall extend and apply to the estates of deceased officers and directors.

We maintain a directors' and officers' insurance policy. The policy insures directors and officers against unindemnified losses arising from certain wrongful acts in their capacities as directors and officers and reimburses us for those losses for which we have lawfully indemnified the directors and officers. The policy contains various exclusions that are normal and customary for policies of this type.

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We believe that the limitation of liability and indemnification provisions in our amended and restated certificate of incorporation, bylaws and insurance policies are necessary to attract and retain qualified directors and officers. However, these provisions may discourage derivative litigation against directors and officers, even though an action, if successful, might benefit us and other stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers as required or allowed by these limitation of liability and indemnification provisions.

At present, there is no pending litigation or proceeding involving any of our directors, officers, employees or agents as to which indemnification is sought from us, nor are we aware of any threatened litigation or proceeding that may result in an indemnification claim.

**Stockholders Agreement** 

In connection with this offering, we intend to enter into the Stockholders Agreement with the Continuing Equity Owners, which will govern matters related to our corporate governance, rights to nominate and designate directors and additional matters. For more information, see "Certain Relationships and Related Party Transactions—Stockholders Agreement."

**Anti-takeover Effects of Delaware Law, Our Amended and Restated Certificate of Incorporation and Our Bylaws** 

Certain provisions of Delaware law, our amended and restated certificate of incorporation and our bylaws that will be effective upon consummation of the offering could make certain change of control transactions more difficult, including acquisitions of us by means of a tender offer, a proxy contest or otherwise, as well as removal of our incumbent officers and directors. We have opted out of Section 203 of the DGCL. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares. Therefore, these provisions could adversely affect the price of our common stock.

These provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection and our potential ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.

*Authorized but Unissued Shares; Undesignated Preferred Stock.* The authorized but unissued shares of our common stock will be available for future issuance without stockholder approval except as required by law or by any stock exchange on which our common stock may be listed. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, acquisitions and employee benefit plans. In addition, our board of directors may authorize, without stockholder approval, the issuance of undesignated preferred stock with voting rights or other rights or preferences designated from time to time by our board of directors. The existence of authorized but unissued shares of common stock or preferred stock may enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

*Board Classification.* Our amended and restated certificate of incorporation will provide that our board of directors will be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the directors serving three-year terms, other than directors which may be elected by holders of preferred stock, if any. As a result, approximately one-third of our board of directors will be elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our amended and restated certificate of incorporation and bylaws will

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provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by our board of directors.

*No Cumulative Voting.* Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our amended and restated certificate of incorporation does not authorize cumulative voting. Therefore, stockholders holding a majority in voting power of the shares of our common stock entitled to vote generally in the election of directors will be able to elect all our directors.

*Special Meetings of Stockholders.* Our bylaws will provide that special meetings of our stockholders may be called, prior to the Trigger Event, only by or at the direction of our board of directors or our Board Chair; provided that, at any time prior to the Trigger Event, special meetings of our stockholders shall also be called by or at the direction of our board of directors or our Board Chair at the request of Oaktree. From and after the Trigger Event, special meetings of our stockholders shall only be called by or at the direction of our board of directors or our Board Chair.

*Stockholder Action by Written Consent.* Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless our amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation will preclude stockholder action by written consent from and after the Trigger Event.

*Advance Notice Requirements for Stockholder Proposals and Nomination of Directors.* Our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be delivered to our secretary not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our bylaws also specify requirements as to the form and content of a stockholder's notice. These provisions will not apply to Oaktree and its affiliates so long as Oaktree has board nomination rights. Our bylaws allow our board of directors to adopt such rules and regulations for the conduct of meetings of the stockholders as it shall deem appropriate and also allow the chair of any meeting to prescribe such rules and regulations for the conduct of such meeting (except to the extent inconsistent with such rules and regulations as adopted by our board of directors), which may have the effect of precluding the conduct of certain business at a meeting if such rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of the Company.

*Removal of Directors; Vacancies.* Under the DGCL, unless otherwise provided in our amended and restated certificate of incorporation, directors serving on a classified board may be removed by the stockholders only for cause. Our amended and restated certificate of incorporation will provide that from and after the Trigger Event, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of common stock of the Company entitled to vote thereon. In addition, our amended and restated certificate of incorporation will also provide that from and after the Trigger Event, any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring in our board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders).

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*Supermajority Provisions.* Our amended and restated certificate of incorporation and bylaws will provide that our board of directors is expressly authorized to make, repeal, alter, amend and rescind, in whole or in part, our bylaws without a stockholder vote in any matter not inconsistent with Delaware law and our amended and restated certificate of incorporation (and subject to the terms of the Stockholders Agreement). From and after the Trigger Event, in addition to any vote of the holders of any class or series of capital stock of our Company required therein, our bylaws or applicable law, any alteration, amendment, repeal or rescission or repeal of our bylaws, in whole or in part, by our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of common stock of our Company entitled to vote thereon, voting together as a single class.

The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation's certificate of incorporation, unless the certificate of incorporation requires a greater percentage. Our amended and restated certificate of incorporation will provide that the following provisions in our amended and restated certificate of incorporation may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of common stock of our Company entitled to vote thereon, voting together as a single class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision requiring a 66 2/3% supermajority vote for stockholders to amend our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions providing for a classified board of directors (the election and term of our directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding stockholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding calling special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding filling vacancies on our board of directors and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding competition and corporate opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding Section 203 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions eliminating monetary damages for breaches of fiduciary duty by a director and governing forum
selection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote.

*Section 203 of the Delaware General Corporation Law.* We will not be subject to the provisions of Section 203 of the DGCL, regulating corporate takeovers. In general, those provisions prohibit a Delaware corporation, including those whose securities are listed for trading, from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is approved by the board of directors before the date the interested stockholder attained that
status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on or after such time the business combination is approved by the board of directors and authorized at a meeting
of stockholders by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

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**Transfer Agent and Registrar** 

The transfer agent and registrar for our Class A common stock will be Computershare Trust Company, N.A.

**Listing** 

We have applied to list our Class A common stock on Nasdaq under the symbol "ITG."

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, there has been no public market for shares of our Class A common stock. Future sales of shares of our Class A common stock in the public market after this offering, and the availability of shares for future sale, could adversely affect the market prices prevailing from time to time. As described below, only a limited number of shares of common stock will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nonetheless, sales of substantial amounts of our Class A common stock in the future, or the perception that these sales could occur, could adversely affect prevailing market prices for our Class A common stock and could impair our future ability to raise equity capital.

Upon the closing of this offering, a total of 45,862,242 shares of Class A common stock and 75,368,148 shares of Class B common stock will be outstanding, assuming the underwriters do not exercise their option to purchase additional shares. Of these shares, 19,512,196 shares of Class A common stock sold in this offering, plus any shares of Class A common stock sold upon exercise of the underwriters' option to purchase 2,926,829 additional shares of Class A common stock, will be freely tradable in the public market without restriction or further registration under the Securities Act, unless these shares are held by "affiliates," as that term is defined in Rule 144 under the Securities Act.

The remaining outstanding shares of our Class A common stock will be deemed "restricted securities" as that term is defined under Rule 144. Restricted securities may be sold in the public market only if their offer and sale is registered under the Securities Act or if the offer and sale of those securities qualify for an exemption from registration, including exemptions provided by Rules 144 and 701 under the Securities Act, which are summarized below.

In addition, pursuant to certain provisions of the ITG Parent LLC Agreement, the Continuing Equity Owners can from time to time exchange an equal number of LLC Interests and shares of Class B common stock for shares of Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. Upon consummation of the offering, the Continuing Equity Owners will hold 75,368,148 LLC Interests (or approximately 73,199,513 LLC Interests if the underwriters exercise their option to purchase additional shares in full to cover over-allotments), all of which will be exchangeable together with an equal number of shares of Class B common stock for shares of our Class A common stock. The shares of Class A common stock we issue upon such exchanges would be "restricted securities" as defined in Rule 144 unless we register such issuances.

As a result of the lockup agreements and market standoff provisions described below and the provisions of Rules 144 or 701, and assuming no exercise of the underwriters' option to purchase additional shares, the shares of our Class A common stock that will be deemed "restricted securities" will be available for sale in the public market following the completion of this offering as follows:

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| | |
|:---|:---|
| **Date** | **Number of Shares** |
|  On the date of this prospectus |  |
|  Beginning 180 days after the date of this prospectus and when permitted under Rule 144 or Rule 701, or otherwise pursuant to an effective registration statement (such number of shares includes the Class A common stock that may be issued upon exchange of all or a portion of the LLC Interests) | 101718194 |

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**Rule 144** 

In general, a person who has beneficially owned restricted shares of our Class A common stock for at least six months would be entitled to sell their securities, provided that (1) such person is not deemed to have been one

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of our affiliates at the time of, or at any time during the 90 days preceding, a sale, (2) we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale and (3) we are current in our Exchange Act reporting at the time of sale.

Persons who have beneficially owned restricted shares of our Class A common stock for at least six months, but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our Class A common stock then outstanding, which will equal approximately
458,622 shares immediately after the completion of this offering (calculated on the basis of the assumptions described above and assuming no exercise of the underwriters' option to purchase additional shares of Class A common stock
to cover over-allotments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of shares of our Class A common stock on Nasdaq during the four calendar
weeks preceding the filing of a notice on Form 144 with respect to the sale.

Such sales by affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144.

Additionally, persons who are our affiliates at the time of, or any time during the 90 days preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six-month holding period of Rule 144, which does not apply to sales of unrestricted securities.

**Rule 701** 

In general, under Rule 701 as currently in effect, any of our employees, directors, officers, consultants or advisors who received shares of our Class A common stock from us in connection with a compensatory stock or option plan or other written agreement before the effective date of the registration statement of which this prospectus is a part (to the extent such shares of Class A common stock are not subject to a lock-up agreement) are entitled to sell such shares 90 days after the effective date of this prospectus in reliance on Rule 144, in the case of affiliates, without having to comply with the holding period requirements of Rule 144 and, in the case of non-affiliates, without having to comply with the public information, holding period, volume limitation or notice filing requirements of Rule 144.

**Registration Statement on Form S-8** 

We intend to file one or more registration statements on Form S-8 with the SEC, which will become effective immediately upon filing, under the Securities Act to register all of the shares of common stock reserved for issuance under the Incentive Plan. Shares covered by such registration statements will then be eligible for sale in the public markets, subject to vesting restrictions, any applicable lockup agreements described below and Rule 144 limitations applicable to affiliates. All shares of our common stock will be subject to the lockup agreements or market standoff provisions described below.

**Lockup Agreements** 

We, our directors and officers, and substantially all of our stockholders, including the selling stockholder, have agreed with the underwriters that, for a period of 180 days following the date of this prospectus, subject to certain exceptions, we and they will not, directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of any of our shares of Class A common stock, or any options or warrants to purchase any shares of our common stock, or any securities convertible into, or exchangeable for or that represent the right to receive shares of our common stock. Any two underwriters out of Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC may at any time release all or any portion of the shares from the restrictions in such agreements.

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The lockup agreements do not contain any pre-established conditions to waiver by certain of the representatives of the underwriters on behalf of the underwriters of any terms of the lockup agreements. Any determination to release shares subject to the lockup agreements would be based on a number of factors at the time of determination, including, but not necessarily limited to, the market price of the common stock, the liquidity of the trading market for the common stock, general market conditions, the number of shares proposed to be sold and the timing, purpose and terms of the proposed sale.

**Registration Rights** 

Upon the completion of this offering, the holders of an aggregate of 45,862,242 shares of our Class A common stock, based on shares of common stock outstanding as of the date of effectiveness of this registration statement, or their transferees, will be entitled to rights with respect to the registration of their shares of Class A common stock under the Securities Act. Registration of these shares under the Securities Act will result in these shares becoming freely tradable immediately upon the effectiveness of such registration, subject to the restrictions of Rule 144. For a further description of these rights, see the section entitled "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK** 

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership and disposition of shares of our Class A common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax considerations relating thereto. The effects of other U.S. federal tax laws, such as estate tax laws, gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated or proposed thereunder (the "Treasury Regulations"), judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case as in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of shares of our Class A common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to those discussed below regarding the tax consequences of the purchase, ownership and disposition of shares of our Class A common stock.

This discussion is limited to Non-U.S. Holders who purchase our Class A common stock pursuant to this offering and who hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing equity holders and creditors of the Company and any existing or future equity holders and creditors of
ITG OpCo or any of their respective subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A common stock as part of a hedge, straddle or other risk reduction strategy or as
part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "foreign controlled foreign corporations,"
"passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and
investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option
or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own, or are deemed to own, more than 5% of our capital stock (except to the extent specifically set
forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that are subject to the "applicable financial statement" rules under the Section 451(b)
of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" (within the meaning of Section 897(1)(2) of the Code) and
entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans.

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If any entity or arrangement classified as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a partner in the partnership generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and partners in such partnerships are urged to consult their tax advisors regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of shares of our Class A common stock.

**INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS THE TAX CONSIDERATIONS RELATED TO THE PURCHASE, OWNERSHIP AND DISPOSITION OF SHARES OF OUR CLASS A COMMON STOCK IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, AS WELL AS ANY TAX CONSIDERATIONS RELATED TO THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE APPLICABLE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING AUTHORITY OR UNDER ANY APPLICABLE INCOME TAX TREATY.** 

**Definition of a Non-U.S. Holder** 

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is neither a "United States person" nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. A United States person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or
organized under the laws of the U.S. any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of all substantial
decisions of the trust is by one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax
purposes.

**Distributions** 

As described in the section entitled "Dividend Policy," we issued a special distribution of $226.1 million to members of ITG Parent in 2025 and we do not anticipate declaring or paying dividends to holders of our Class A common stock in the foreseeable future. However, if we do make distributions of cash or property on our Class A common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a nontaxable return of capital up to (and will reduce, but not below zero) a Non-U.S. Holder's adjusted tax basis in its Class A common stock. Any excess amounts generally will be treated as capital gain and will be treated as described below under "—Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, backup withholding, and the Foreign Account Tax Compliance Act, dividends paid to a Non-U.S. Holder of our Class A common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes to us or the applicable withholding agent prior to the payment of dividends a valid IRS Form W-8BEN or W-8BEN-E (or other applicable or successor form) certifying under penalty of perjury that such Non-U.S. Holder is not a "United States person" as defined in the Code and qualifies for a reduced treaty rate). A Non-U.S. Holder that does not timely furnish the

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required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders are urged to consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the U.S. to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or a successor form), certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the U.S.

Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net income basis at the regular graduated rates generally applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected dividends. Non-U.S. Holders are urged to consult their tax advisors regarding any applicable tax treaties that may provide for different rules in their particular circumstances.

**Sale or Other Taxable Disposition** 

Subject to the discussion below on backup withholding and the Foreign Account Tax Compliance Act, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of shares of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's
conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the U.S. to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the U.S.
for 183 days or more during the taxable year of the sale or other taxable disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock constitutes a U.S. real property interest (a "USRPI"), by reason of our
status as a U.S. real property holding corporation (a "USRPHC"), for U.S. federal income tax purposes at any time within the shorter of (1) the five-year period preceding the Non-U.S. Holder's disposition of our Class A common stock and (2) the Non-U.S. Holder's holding period for our Class A common stock.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net basis at the regular graduated rates generally applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected gain.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the sale or other taxable disposition, which may generally be offset by U.S. source capital losses of the Non-U.S. Holder for that taxable year (even though the individual is not considered a resident of the U.S.), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and we do not anticipate that we will become, a USRPHC. Because the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-USRPIs and our other business assets,

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there can be no assurance that we currently are not a USRPHC or that will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our Class A common stock will not be subject to U.S. federal income tax if our Class A common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market during the calendar year in which the sale or other taxable disposition occurs, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Class A common stock throughout the shorter of (1) the five-year period ending on the date of the sale or other taxable disposition or (2) the Non-U.S. Holder's holding period. If we were to become a USRPHC and our Class A common stock were not considered to be "regularly traded" on an established securities market during the calendar year in which the relevant sale or other taxable disposition by a Non-U.S. Holder occurs, such Non-U.S. Holder (regardless of the percentage of stock owned) generally would be subject to U.S. federal income tax on a sale or other taxable disposition of our Class A common stock and a 15% withholding tax generally would apply to the gross proceeds from such disposition.

Non-U.S. Holders are urged to consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules in their particular circumstances.

**Information Reporting and Backup Withholding** 

Payments of dividends on our Class A common stock generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, generally by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI (or a successor form), or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our Class A common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of shares of our Class A common stock within the U.S. or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person, or the Non-U.S. Holder otherwise establishes an exemption. If a Non-U.S. Holder does not provide the certification described above or the applicable withholding agent has actual knowledge or reason to know that such Non-U.S. Holder is a United States person, payments of dividends or of proceeds of the sale or other taxable disposition of shares of our Class A common stock may be subject to backup withholding at a rate currently equal to 24% of the gross proceeds of such dividend, sale, or other taxable disposition. Proceeds of a sale or other disposition of shares of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides, is established or is organized.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the Non-U.S. Holder timely files the appropriate claim with the IRS and furnishes any required information to the IRS.

Non-U.S. Holders are urged to consult their tax advisors regarding the application of information reporting and backup withholding rules with respect to an investment in our Class A common stock.

**Foreign Account Tax Compliance Act** 

Subject to the discussion below regarding the Proposed Regulations (defined below), withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the "Foreign

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Account Tax Compliance Act," or "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or gross proceeds from the sale or other disposition of, our shares of Class A common stock paid to a "foreign financial institution" or a "nonfinancial foreign entity" (each as defined in the Code) (including, in some cases, when such foreign financial institution or nonfinancial foreign entity is acting as an intermediary), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the nonfinancial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each direct and indirect substantial United States owner, or (3) the foreign financial institution or nonfinancial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to noncompliant foreign financial institutions and certain other account holders. Foreign financial institutions or branches thereof located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Although FATCA withholding could apply to gross proceeds on the disposition of shares of our Class A common stock, on December 13, 2018, the U.S. Department of the Treasury released proposed regulations (the "Proposed Regulations") the preamble to which specifies that taxpayers may rely on them pending finalization. The Proposed Regulations eliminate FATCA withholding on the gross proceeds from a sale or other disposition of shares of our Class A common stock. There can be no assurance that the Proposed Regulations will be finalized in their present form.

Prospective investors are urged to consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A common stock.

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**UNDERWRITING (CONFLICTS OF INTEREST)** 

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as the representatives of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement, each of the underwriters named below has severally agreed to purchase, and we have agreed to sell to them, severally, the aggregate number of shares of Class A common stock shown opposite their respective names below:

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| | |
|:---|:---|
| **Name** | **Number of<br>Shares** |
|  Morgan Stanley & Co. LLC |  |
|  Citigroup Global Markets Inc. |  |
|  UBS Securities LLC |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
|  BofA Securities, Inc. |  |
|  Robert W. Baird & Co. Incorporated |  |
|  Santander US Capital Markets LLC |  |
|  KeyBanc Capital Markets Inc. |  |
|  Truist Securities, Inc. |  |
|  Houlihan Lokey Capital, Inc. |  |
|  BTIG, LLC |  |
|  Capital One Securities, Inc. |  |
|  Regions Securities LLC |  |
|  Total |  |

---

The underwriting agreement provides that the obligations of the several underwriters are subject to various conditions, including approval of legal matters by counsel. The nature of the underwriters' obligations commits them to purchase and pay for all of the shares of Class A common stock listed above if any are purchased. The underwriters have reserved the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Option to Purchase Additional Shares of Class A Common Stock** 

We and the selling stockholder have granted the underwriters a 30-day option to purchase up to 2,168,635 additional shares of Class A common stock from us and up to 758,194 additional shares of Class A common stock from the selling stockholder at the initial public offering price, less the underwriting discount and commissions, as set forth on the cover page of this prospectus. If the underwriters exercise their option in whole or in part, each of the underwriters will be separately committed, subject to the conditions described in the underwriting agreement, to purchase the additional shares of our Class A common stock in proportion to their respective commitments set forth in the table above.

**Determination of Offering Price** 

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price has been determined through negotiations between us and the representatives. In addition to prevailing conditions in the equity securities markets, including market valuations of publicly traded companies considered comparable to our company, the factors considered in determining the initial public offering price included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current financial condition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the economic conditions in and future prospects for the industry in which we compete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors we and the representatives deem relevant.

We cannot assure you that an active or orderly trading market will develop for our Class A common stock or that our Class A common stock will trade in the public markets subsequent to this offering at or above the initial public offering price.

**Commissions and Discounts** 

The underwriters will offer the shares directly to the public at the initial public offering price set forth on the cover page of this prospectus, and at this price less a concession not in excess of $ per share of Class A common stock to other dealers. After this offering, the offering price, concessions and other selling terms may be changed by the underwriters. Our shares of Class A common stock will be offered subject to receipt and acceptance by the underwriters and to the other conditions, including the right to reject orders in whole or in part.

The following table summarizes the compensation to be paid to the underwriters and the proceeds, before expenses, payable to us and the selling stockholder. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional 2,168,635 shares of our Class A common stock from us and up to an additional 758,194 shares of our Class A common stock from the selling stockholder.

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| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  |<br>**Per<br>Share** | **No<br>Exercise** | **Full<br>Exercise** |
|  Public offering price | $| $| $|
|  Underwriting discounts and commissions to be paid by us | $| $| $|
|  Underwriting discounts and commissions to be paid by the selling stockholder | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

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We estimate that our total expenses in connection with this offering, excluding underwriting discounts and commissions, will be approximately $15.0 million. We have also agreed to reimburse the underwriters up to $45,000 for certain of their fees and expenses relating to the offering.

**Indemnification of Underwriters** 

We and the selling stockholder will indemnify the underwriters against certain civil liabilities, including liabilities under the Securities Act and liabilities arising from breaches of our representations and warranties contained in the underwriting agreement. If we or the selling stockholder are unable to provide this indemnification, we or the selling stockholder will contribute to payments the underwriters may be required to make in respect of those liabilities. We and the selling stockholder have also agreed to indemnify the underwriters for losses if the shares (other than those purchased pursuant to the underwriters' option to purchase additional shares) are not delivered to the underwriters' accounts on the initial settlement date.

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**No Sales of Similar Securities** 

We, our directors, executive officers and holders of a substantial majority of all of our capital stock and securities convertible into our capital stock (each such person, a "lock-up party") have entered into lock-up agreements with the representatives prior to the commencement of this offering pursuant to which each of these persons or entities, for a period of 180 days after the date of this prospectus (the "Restricted Period"), may not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or, in the case of the Company, file with the SEC a registration statement under the Securities Act relating to, any Class A common stock or any securities convertible into or exercisable or exchangeable for Class A common stock or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of Class A common stock. These restrictions shall also apply to any Class A common stock received upon exercise of options granted to or warrants owned by each of the persons or entities described in the immediately preceding sentence.

In the case of the Company, the restrictions described in the paragraph above do not apply, subject in certain cases to various conditions, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the shares of Class A common stock to be sold in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the issuance of options to acquire shares of Class A common stock granted pursuant to the Company's
benefit plans described in this prospectus, as such plans may be amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the issuance of shares of Class A common stock upon the exercise of any such options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the filing of one or more registration statements on Form S-8 providing
for resales of securities registered thereunder pursuant to the Company's benefit plans described in this prospectus, as such plans may be amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the entry into any agreement providing for the issuance or sale of shares of Class A common stock or any
security convertible into or exercisable for shares of Class A common stock in connection with any merger, joint venture, strategic alliances, commercial or other collaborative transaction or the acquisition (whether by means of merger, stock or
equity purchase, asset purchase or otherwise) or licenses of the business, property, technology or other assets of another individual or entity or the assumption of an employee benefit plan in connection with a merger or acquisition, provided that
the issuance of any such securities pursuant to this clause (5) may not exceed 10% of the total number of shares of Class A common stock or any other securities convertible into or exercisable or exchangeable for shares of Class A common stock
outstanding immediately following the completion of this offering, and provided further that each recipient of such securities will execute a lock-up agreement described below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) sales of Class A common stock on behalf of our employees, officers, directors, advisors, or consultants to
satisfy the withholding taxes payable upon the exercise, vesting and/or settlement of such employee's stock options, stock awards, restricted stock, restricted stock units, securities convertible into or exercisable or exchangeable for shares
of Class A common stock, or other compensatory equity-based awards pursuant to the Company's benefit plans described in this prospectus, as such plans may be amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) facilitating the establishment of a trading plan on behalf of a stockholder, officer, or director pursuant to
Rule 10b5-1 under the Exchange Act for the transfer of shares of Class A common stock, provided that (i) such plan does not provide for the transfer of Class A common stock during the Restricted Period (except as otherwise permitted under the
lock-up agreement) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such plan, such announcement or filing shall include a statement to the
effect that no transfer of shares of Class A common stock may be made under such plan during the Restricted Period (except as otherwise permitted under the lock-up agreement).

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For the avoidance of doubt, the filing of any registration statement pursuant to clause (4) described above will be without prejudice to the transfer limitations applicable to any lock-up party, which shall continue in full force and effect in accordance with the terms of the lock-up agreements.

In the case of directors, executive officers and other stockholders, the restrictions described in the paragraph above do not apply, subject in certain cases to various conditions, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. transactions relating to shares of Class A common stock or other securities acquired in this offering
(including the transactions described under the caption "Organizational Structure" but excluding, solely in the case of our directors and officers, any issuer-directed shares of Class A common stock purchased in this offering) or
acquired in open market or other transactions after the completion of this offering, provided that no public report or filing with the SEC or otherwise is required or voluntarily made during the Restricted Period in connection with subsequent sales
of Class A common stock or other securities acquired either in this offering or in such open market or other transactions after the completion of this offering (other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or
forms));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. transfers, dispositions or distributions of shares of Class A common stock or any security convertible into or
exercisable or exchangeable for Class A common stock as: (i) a bona fide gift, including, without limitation, to a charitable organization or educational institution, or for bona fide estate planning purposes, (ii) by will, testamentary document or
intestacy, (iii) to any corporation, partnership, limited liability company or other entity that controls, is controlled by or managed by, or is under common control with, the lock-up party, or the immediate family of the lock-up party (as defined
in FINRA Rule 5130(i)(5)), (iv) to any nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iii) above, (v) to any member of the lock-up party's immediate family or to any
trust, partnership, limited liability company or other entity for the direct or indirect benefit of the lock-up party and/or any member of their immediate family, or if the lock-up party is a trust, to a trustor or beneficiary of the trust or to the
estate of the beneficiary of such trust or (vi) to the Company upon the lock-up party's death, disability or termination of employment or other service relationship with the Company; provided that such Class A common stock was issued to the
lock-up party pursuant to an agreement or equity award granted pursuant to an employee benefit plan, option, warrant or other right disclosed herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. transfers, dispositions or distributions of shares of Class A common stock or any security convertible into or
exercisable or exchangeable for Class A common stock by operation of law, provided that any filing under Section 16(a) of the Exchange Act or any other public filing or disclosure by or on behalf of the lock-up party that is required to be made
during the Restricted Period as a result of such transfer, disposition or distribution shall include a statement that such transfer has occurred by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. if the lock-up party is not an individual, transfers or distributions of shares of Class A common stock or any
security convertible into or exercisable or exchangeable for Class A common stock to: (i) another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 promulgated under the
Securities Act of 1933, as amended) of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the lock-up party or affiliates of the lock-up party (including, for
the avoidance of doubt, where the lock-up party is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (ii) as part of a distribution, transfer or other disposition to any
current or former, direct or indirect general or limited partners, limited liability company members or stockholders of the lock-up party or holders of similar equity interests in the lock-up party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company
pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Class A common stock, provided that (i) such plan does not provide for the transfer of Class A common stock

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during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the lock-up party or the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Class A common stock may be made under such plan during the Restricted Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. (i) the receipt by the lock-up party from the Company of shares of Class A common stock or any security
convertible into or exercisable or exchangeable for common stock upon the settlement or exercise of restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A common stock or any security
convertible into or exercisable or exchangeable for Class A common stock (including, in each case, by way of "net" or "cashless" exercise, settlement or similar procedure), or (ii) transfers or dispositions to the Company in
connection with the vesting, settlement or exercise of restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A common stock or any security convertible into or exercisable or exchangeable
for Class A common stock (including, in each case, by way of "net" or "cashless" exercise), including any transfer to the Company for the payment of tax withholdings, estimated taxes or remittance payments due as a result of
the vesting, settlement or exercise of such restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A common stock, or in connection with the conversion of convertible securities; provided
that (1) any such shares of Class A common stock or any security convertible into or exercisable or exchangeable for common stock shall be subject to the terms of the lock-up agreement, (2) to the extent a filing under Section 16(a) of the
Exchange Act is required during the Restricted Period as a result of such transfers or dispositions pursuant to clause (f)(ii), it shall clearly indicate that the filing relates to the circumstances described in this clause (f)(ii); (3) the lock-up
party does not otherwise voluntarily effect any public filing or report regarding such transfers; and (4) any such restricted stock units, restricted stock, options, warrants or rights are held by the lock-up party pursuant to an agreement or equity
award granted Company's benefit plans described in this prospectus, as such plans may be amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. shares of Class A common stock or securities convertible into or exercisable or exchangeable for Class A common
stock transferred in "sell to cover" or similar open market transactions during the Restricted Period to satisfy any exercise price or tax withholding obligations (up to the amount required for such satisfaction) as a result of the
vesting, exercise or settlement of restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A common stock or any security convertible into or exercisable or exchangeable for Class A common
stock, provided that, any such shares of Class A common stock will remain subject to the provisions of the lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. shares of Class A common stock transferred pursuant to a bona fide third party tender offer, merger,
consolidation or other similar transaction involving a change of control (of the Company (including, without limitation, the entering into any lock-up, voting or similar agreement pursuant to which the lock-up party may agree to transfer, sell,
tender or otherwise dispose of securities restricted by the lock-up agreement or other such securities in connection with such transaction, or vote any securities restricted by the lock-up agreement or other such securities in favor of any such
transaction) and approved by the Company's board of directors; provided that in the event that such change of control transaction is not completed, the Class A common stock shall remain subject to the provisions of the lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. securities sold pursuant to a plan that complies with Rule 10b5-1 under the Exchange Act entered into by the
lock-up party prior to the date of the lock-up agreement; provided that (1) any filing under Section 16(a) of the Exchange Act made during the Restricted Period shall clearly indicate in the footnotes thereto that the filing relates to the
circumstances described above and (2) the lock-up party does not otherwise voluntarily effect any other public filing or report regarding such sales or transfers during the Restricted Period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. transfers of shares of Class A common stock or any securities convertible into or exercisable or exchangeable
for Class A common stock to the Company pursuant to arrangements under which the Company has the option or right to repurchase such securities or a right of refusal with respect to such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. sales of LLC Interests to the Company or any of its subsidiaries in connection with the purchase of LLC
Interests by the Company or any of its subsidiaries with the net proceeds of this offering, as described herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. conversion, exchange or reclassification of (1) any outstanding securities of the Company into shares of Class
A common stock, or (2) Class A common stock into other securities, provided that any Class A common stock or other securities received upon such conversion, exchange or reclassification will be subject to the provisions of the lock-up agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. sales of shares of Class A common stock to the underwriters pursuant to the underwriting agreement.

provided that in the case of any transfer or distribution pursuant to clauses (B) and (D) above, that no filing by the lock-up party or any other person under Section 16(a) of the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution during the 180 day period after the date of this prospectus.

Any two underwriters out of Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC may release any of the securities subject to these lock-up agreements which, in the case of officers and directors, shall be with notice.

**Listing** 

We have applied to list our Class A common stock on Nasdaq under the symbol "ITG."

**Short Sales, Stabilizing Transactions and Penalty Bids** 

In order to facilitate this offering, persons participating in this offering may engage in transactions that stabilize, maintain or otherwise affect the price of the shares during and after this offering. Specifically, the underwriters may engage in the following activities in accordance with the rules of the SEC.

**Short Sales** 

Short sales involve the sales by the underwriters of a greater number of shares of Class A common stock than they are required to purchase in the offering. Covered short sales are short sales made in an amount not greater than the underwriters' option to purchase additional shares of Class A common stock. The underwriters may close out any covered short position by either exercising their option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to close out the covered short position, the underwriters will consider, among other things, the price of our Class A common stock available for purchase in the open market as compared to the price at which they may purchase the shares through their option.

Naked short sales are any short sales in excess of such option to purchase additional shares of Class A common stock. The underwriters must close out any naked short position by purchasing shares of our Class A common stock in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our Class A common stock in the open market after pricing that could adversely affect investors who purchase in this offering.

**Stabilizing Transactions** 

The underwriters may make bids for or purchases of shares of our Class A common stock for the purpose of pegging, fixing or maintaining the price of our Class A common stock, so long as stabilizing bids do not exceed a specified maximum.

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**Penalty Bids** 

If the underwriters purchase shares of our Class A common stock in the open market in a stabilizing transaction or syndicate covering transaction, they may reclaim a selling concession from the underwriters and selling group members who sold those shares as part of this offering. Stabilization and syndicate covering transactions may cause the price of our Class A common stock to be higher than it would be in the absence of these transactions. The imposition of a penalty bid might also have an effect on the price of the shares if it discourages resales of the shares.

The transactions above may occur on Nasdaq or otherwise. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our Class A common stock. If such transactions are commenced, they may be discontinued without notice at any time.

**Discretionary Sales** 

The underwriters have informed us that they do not expect to confirm sales of the shares of Class A common stock offered by this prospectus to accounts over which they exercise discretionary authority without obtaining the specific approval of the account holder.

**Electronic Distribution** 

A prospectus in electronic format may be made available on the Internet or through other online services maintained by one or more of the underwriters participating in this offering, or by their affiliates. Other than the prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by an underwriter is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.

**Relationships** 

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their affiliates have in the past provided, and may in the future from time to time provide, investment banking and other financing and banking services to us, for which they have in the past received, and may in the future receive, customary fees and reimbursement for their expenses. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments, including bank loans, for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments.

**Conflicts of Interest** 

Because affiliates of Santander US Capital Markets LLC, Truist Securities, Inc. and Capital One Securities, Inc. are lenders under our Revolving Credit Facility and/or Term Loan Facility and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the Revolving Credit Facility and/or Term Loan Facility, each of Santander US Capital Markets LLC, Truist Securities, Inc. and Capital One Securities, Inc. is deemed to have a "conflict of interest" under FINRA Rule 5121. Accordingly, this offering is being made in compliance with the requirements of FINRA Rule 5121. Pursuant to that rule, the appointment of a "qualified independent underwriter" is not required in connection with this offering as the members primarily

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responsible for managing the public offering do not have a conflict of interest. Santander US Capital Markets LLC, Truist Securities, Inc. and Capital One Securities, Inc. will not confirm any sales to any account over which it exercises discretionary authority without the specific written approval of the account holder.

**Directed Share Program** 

At our request, the DSP Underwriter has reserved up to 5% of the shares of Class A common stock to be issued by us and offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase from us and the selling stockholder to cover over-allotments, at the initial public offering price, to certain friends and family of our Continuing Equity Owners, officers, directors, employees and certain related persons. The DSP Underwriter will receive the same underwriting discount on any shares purchased pursuant to this program as they will on any other shares sold to the public in this offering. The number of shares of Class A common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any directed shares not purchased will be offered by the DSP Underwriter to the general public on the same basis as all other shares offered by this prospectus. Shares purchased through the directed share program will not be subject to lock-up restrictions with the underwriters, except in the case of shares purchased by any of our directors or executive officers. We have agreed to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with the sales of the directed shares. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to the shares of Class A common stock sold pursuant to the directed share program.

**Disclaimers About Non-U.S. Jurisdictions** 

***Notice to Prospective Investors in the European Economic Area***

In relation to each Member State of the European Economic Area (each, a "Relevant Member State"), none of our shares have been offered or will be offered pursuant to this initial public offering to the public in that Relevant Member State prior to the publication of a prospectus in relation to our shares which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Regulation, except that our shares may be offered to the public in that Relevant Member State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than "qualified investors" as defined under the
Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of our shares shall result in a requirement for the Company or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation, supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or publish an Annex IX document pursuant to Article 1(4) of the Prospectus Regulation.

In the case of any of our shares being offered to a financial intermediary as that term is used in Article 1(4) of the Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that our shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any of our shares to the public, other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

The Company, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified

------

investor" and who has notified the underwriters of such fact in writing may, with the prior consent of the underwriters, be permitted to acquire our shares in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to any of our shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any of our shares to be offered so as to enable an investor to decide to purchase or subscribe for any of our shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

***Notice to Prospective Investors in the United Kingdom***

None of our shares have been offered or will be offered pursuant to this initial public offering to the public in the United Kingdom except that the Shares may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the offer is conditional on the admission of the shares to trading on the London Stock Exchange
plc's main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR, as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the
POATR), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in any other circumstances falling within Part 1 of Schedule 1 of the POATR,

In the case of any of our shares being offered to a financial intermediary, each financial intermediary will also be deemed to have represented, warranted and agreed that our shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any of our shares to the public, other than their offer or resale in the United Kingdom to qualified investors as so defined or in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

The Company, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the underwriters of such fact in writing may, with the prior consent of the underwriters, be permitted to acquire our shares in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to our shares in the United Kingdom means the communication to any person which presents sufficient information on (a) our shares to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the Shares and the expressions "POATR" means the Public Offers and Admissions to Trading Regulations 2024.

This Prospectus is only being distributed to and is only directed at: (A) persons who are outside the United Kingdom; (B) in the European Economic Area, qualified investors within the meaning of the Prospectus Regulation or; (C) in the United Kingdom, qualified investors (as defined under paragraph 15 of Schedule 1 of the POATR) who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or (ii) high net worth companies, and (iii) other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (i)-(iii) together being referred to as "relevant persons"). In the United Kingdom, our shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire our shares will be engaged in only with, relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this Prospectus or any of its contents. In the European Economic Area, our shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire our shares will be engaged in only with, qualified investors. Any person in the European Economic Area who is not a qualified investor should not act or rely on this Prospectus or any of its contents.

------

***Notice to Prospective Investors in Canada***

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal, that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this offering memorandum (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***Notice to Prospective Investors in Hong Kong***

The shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"), (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

***Notice to Prospective Investors in Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of

------

which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

***Notice to Prospective Investors in Japan***

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

------

**LEGAL MATTERS** 

The validity of the shares of common stock offered hereby will be passed upon for us by Kirkland & Ellis LLP, New York, New York. Latham & Watkins LLP, Chicago, Illinois, is acting as counsel to the underwriters.

------

**EXPERTS** 

The audited financial statement of ITG, Inc. as of January 15, 2026 included in this prospectus and elsewhere in the registration statement has been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

The consolidated financial statements of ITG Parent, LLC as of and for the year ended December 31, 2024 have been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report thereon, included in this prospectus and elsewhere in the registration statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.

The audited financial statements of ITG Parent, LLC as of and for the year ended December 31, 2025 included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

------

**CHANGE IN AUDITOR** 

On September 25, 2025, we dismissed RSM as our continuing independent accountant. We previously engaged RSM to audit the consolidated financial statements of ITG Parent, LLC in accordance with GAAS as of and for the year ended December 31, 2024. The decision to change our independent auditors was approved by ITG Parent's board of directors. RSM was subsequently engaged to audit the consolidated financial statements of ITG Parent, LLC as of and for the year ended December 31, 2024 in accordance with auditing standards of the PCAOB and GAAS.

The report of RSM on our financial statements for the year ended December 31, 2024 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.

During the year ended December 31, 2024 and through the date of dismissal, (i) there were no "disagreements," as defined in Item 304(a)(1)(iv) of Regulation S-K, with RSM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of RSM, would have caused RSM to make reference to the subject matter of the disagreements in connection with its reports on our consolidated financial statements for such period, and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

We provided RSM with a copy of the disclosures in this registration statement and requested that RSM furnish us with a letter addressed to the SEC stating whether or not it agrees with the statements herein. A copy of such letter, which is dated June 22, 2026, is included as an exhibit to this registration statement.

On October 24, 2025, ITG Parent engaged GT as our independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately.

During the year ended December 31, 2024, neither the Company nor anyone acting on its behalf consulted with GT regarding (i) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither a written report nor oral advice was provided to us that GT concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K, or a "reportable event," as defined in Item 304(a)(1)(v) of Regulation S-K.

------

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our Class A common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some items of which are contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our Class A common stock, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus about the contents of any contract or other document filed as an exhibit to this registration statement include the material provisions of the contract or other document. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit.

The SEC maintains an Internet website that contains reports, proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that website is *www.sec.gov*. As a result of this offering, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements and other information with the SEC. These periodic reports, proxy statements and other information will be available at website of the SEC referred to above. We also maintain a website at *www.itgcomm.com*. Upon completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only.

------

**INDEX TO FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  **ITG, Inc.** |  |
|  [Report of Independent Registered Public Accounting Firm](#fin103576_1) | F-2 |
|  [Balance Sheet as of January 15, 2026](#fin103576_2) | F-3 |
|  [Notes to Balance Sheet](#fin103576_3) | F-4 |
|  [Unaudited Balance Sheet as of March 31, 2026](#fin103576_3a) | F-5 |
|  [Notes to Unaudited Balance Sheet](#fin103576_3b) | F-6 |
|  **ITG Parent, LLC** |  |
|  [Report of Independent Registered Public Accounting Firm](#fin103576_4) | F-7 |
|  [Report of Independent Registered Public Accounting Firm](#fin103576_4a) | F-8 |
|  [Consolidated Balance Sheets as of December 31, 2024 and 2025](#fin103576_5) | F-9 |
|  [Consolidated Statements of Operations for the years ended December 31, 2024 and 2025](#fin103576_6) | F-10 |
|  [Consolidated Statements of Members' Equity for the years ended December 31, 2024 and 2025](#fin103576_7) | F-11 |
|  [Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2025](#fin103576_8) | F-12 |
|  [Notes to the Consolidated Financial Statements](#fin103576_9) | F-14 |
|  [Condensed Consolidated Balance Sheets as of December 31, 2025 and March 31, 2026 (Unaudited)](#fin103576_10) | F-39 |
|  [Condensed Consolidated Statement of Operations for the three months ended March 31, 2025 and 2026 (Unaudited)](#fin103576_11) | F-40 |
|  [Condensed Consolidated Statement of Members' Equity for the three months ended March 31, 2025 and 2026 (Unaudited)](#fin103576_12) | F-41 |
|  [Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2025 and 2026 (Unaudited)](#fin103576_13) | F-42 |
|  [Notes to the Condensed Consolidated Financial Statements](#fin103576_14) | F-44 |

---

------

**Report of Independent Registered Public Accounting Firm** 

Board of Directors and Shareholders

ITG, Inc.

**Opinion on the financial statement** 

We have audited the accompanying balance sheet of ITG, Inc. (a Delaware corporation) (the "Company") as of January 15, 2026, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of January 15, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2026.

Charlotte, North Carolina

February 13, 2026

------

**ITG, Inc.** 

**Balance Sheet** 

---

| | |
|:---|:---|
| ***January 15,*** | **2026** |
|  **Assets** |  |
|  **Current Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $— |
|  **Total Assets** | $— |
|  **Commitments and Contingencies** |  |
|  **Stockholder's Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value, 100 shares authorized, <br>issued and outstanding | $— |
|  **Total Stockholder's Equity** | $— |

---

*See accompanying notes to financial statements.* 

------

**ITG, Inc.** 

**Balance Sheet** 

**Nature of Business** 

ITG, Inc. (the "Company") was incorporated in Delaware on January 15, 2026. The Company will be a holding company and its principal asset will be a controlling equity interest in ITG Parent. As the owner of the sole managing member of ITG Parent, the Company will operate and control all of the business and affairs of ITG Parent, and through ITG Parent and its subsidiaries, conduct its business.

**Summary of Significant Accounting Policies** 

***Basis of Presentation***

The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of income, comprehensive income, changes in stockholder's equity, and cash flows have not been presented because the Company has not engaged in any activities except in connection with its formation.

***Cash***

All cash, as of the balance sheet date, was cash on hand, held in deposit, and is carried at fair value, which approximates carrying value.

***Income Taxes***

The Company is treated as a subchapter C corporation, and therefore, is subject to both federal and state income taxes. ITG Parent continues to be recognized as a limited liability company, a pass-through entity for income tax purposes.

**Stockholder's Equity** 

On January 15, 2026, the Company was authorized to issue 100 shares of common stock, $0.001 par value. On January 15, 2026, the Company issued 100 shares of common stock for $0.10, all of which were acquired by an affiliate.

**Subsequent Events** 

The Company has evaluated subsequent events through February 13, 2026, the date on which the balance sheet was available for issuance, and is not aware of any subsequent events that would require recognition or disclosure in the financial statement.

------

**ITG, Inc.** 

**Unaudited Balance Sheet** 

---

| | |
|:---|:---|
| ***March 31,*** | **2026** |
|  **Assets** |  |
|  **Current Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $— |
|  **Total Assets** | $— |
|  **Commitments and Contingencies** |  |
|  **Stockholder's Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value, 100 shares authorized,<br>issued and outstanding | $— |
|  **Total Stockholder's Equity** | $— |

---

*See accompanying notes to unaudited financial statements.* 

------

**ITG, Inc.** 

**Unaudited Balance Sheet** 

**Nature of Business** 

ITG, Inc. (the "Company") was incorporated in Delaware on January 15, 2026. The Company will be a holding company and its principal asset will be a controlling equity interest in ITG Parent. As the owner of the sole managing member of ITG Parent, the Company will operate and control all of the business and affairs of ITG Parent, and through ITG Parent and its subsidiaries, conduct its business.

**Summary of Significant Accounting Policies** 

***Basis of Presentation***

The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of income, comprehensive income, changes in stockholder's equity, and cash flows have not been presented because the Company has not engaged in any activities except in connection with its formation.

***Cash***

All cash, as of the balance sheet date, was cash on hand, held in deposit, and is carried at fair value, which approximates carrying value.

***Income Taxes***

The Company is treated as a subchapter C corporation, and therefore, is subject to both federal and state income taxes. ITG Parent continues to be recognized as a limited liability company, a pass-through entity for income tax purposes.

**Stockholder's Equity** 

On January 15, 2026, the Company was authorized to issue 100 shares of common stock, $0.001 par value. On January 15, 2026, the Company issued 100 shares of common stock for $0.10, all of which were acquired by an affiliate.

**Subsequent Events** 

The Company has evaluated subsequent events through May 21, 2026, the date on which the balance sheet was available for issuance, and is not aware of any subsequent events that would require recognition or disclosure in the financial statement.

------

**Report of Independent Registered Public Accounting Firm** 

Board of Directors and Shareholders

ITG Parent, LLC

**Opinion on the financial statements** 

We have audited the accompanying consolidated balance sheet of ITG Parent, LLC (a Delaware limited liability company) and subsidiaries (the "Company") as of December 31, 2025, the related consolidated statements of operations, members' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2025.

Charlotte, North Carolina

April 24, 2026

------

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Directors of ITG Parent, LLC

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheet of ITG Parent, LLC (the "Company") as of December 31, 2024, the related consolidated statements of operations, members' equity and cash flows, for the year then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ RSM US LLP

We served as the Company's auditor from 2022 to 2026.

Coral Gables, FL

February 13, 2026

------

**ITG Parent, LLC** 

**CONSOLIDATED BALANCE SHEETS** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2025** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $7367 | $3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 86949 | 141314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 175175 | 222094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 5945 | 17310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 275436 | 384437 |
|  Property and equipment, net | 78784 | 158492 |
|  Operating lease right-of-use assets | 17598 | 27926 |
|  Finance lease right-of-use assets |  | 3019 |
|  Goodwill | 150135 | 187748 |
|  Intangible assets, net | 197118 | 211383 |
|  Due from related party | 2832 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $721903 | $975837 |
|  **LIABILITIES AND MEMBERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $27770 | $41221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 16057 | 57245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition earnout payable | 31500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease obligations | 7466 | 10969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of finance lease obligations |  | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of equipment loans | 11609 | 22493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of term loans | 23625 | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 118027 | 149649 |
|  Equipment loans, net | 36919 | 65804 |
|  Revolving line of credit |  | 30000 |
|  Term loans, net | 263362 | 623463 |
|  Operating lease obligations, net | 10547 | 17608 |
|  Finance lease obligations, net |  | 1905 |
|  Other long-term liabilities |  | 7100 |
|  Contingent liabilities | 8354 | 20088 |
|  Deferred tax liability | 17325 | 16475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 454534 | 932092 |
|  **Commitments and contingencies (Note 15)** |  |  |
|  **Members' equity** | 267369 | 43745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and members' equity | $721903 | $975837 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**ITG Parent, LLC** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(in thousands, except per unit amount)** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br>**December 31,** | **Years Ended**<br>**December 31,** |
|  | **2024** | **2025** |
|  **Revenue** | $997996 | $1154857 |
|  **Cost of revenue, excluding depreciation and amortization** | 805974 | 953119 |
|  **Selling, general and administrative** | 52282 | 75870 |
|  **Depreciation and amortization** | 50959 | 60553 |
|  **Change in fair value of contingent liabilities** | 21134 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 930349 | 1092595 |
|  **Interest expense** | (30466) | (47905) |
|  **Other expense, net** | (1467) | (4049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before provision for income taxes | 35714 | 10308 |
|  **Provision for income taxes** | 7434 | 4094 |
|  **Net income** | $28280 | $6214 |
|  Earnings per unit – Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $0.18 | $0.04 |
|  Weighted average number of units – Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | 160000 | 160000 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**ITG Parent, LLC** 

**CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY** 

**(in thousands)** 

---

| | |
|:---|:---|
|  | **Total Members'**<br>**Equity** |
|  **Balance at December 31, 2023** | $237178 |
|  Equity-based compensation | 1911 |
|  Net income | 28280 |
|  **Balance at December 31, 2024** | 267369 |
|  Equity-based compensation | 3763 |
|  Distributions | (226536) |
|  Repurchase of units | (7065) |
|  Net income | 6214 |
|  **Balance at December 31, 2025** | $43745 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**ITG Parent, LLC** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br>**December 31,** | **Years Ended**<br>**December 31,** |
|  | **2024** | **2025** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $28280 | $6214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 23272 | 31418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 27687 | 29135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of and write off of debt issuance costs | 1140 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right of use assets | 9331 | 9961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (1716) | (850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on sale of assets | 114 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | (359) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of contingent liabilities | 21134 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-based compensation expense | 1911 | 3763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities, net of business acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 22833 | (15780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | (93864) | (46919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (2786) | (9556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 11778 | 8336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (9147) | (9725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 39608 | 12292 |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment | (30009) | (57248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of property and equipment | 1507 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired | (85513) | (108036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (114015) | (163378) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from term loans | 70000 | 617750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments made on term loans | (14875) | (291719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from line of credit |  | 478200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on line of credit |  | (403200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from equipment loans | 23428 | 41713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments made on equipment loans | (9031) | (22932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of debt issuance costs | (680) | (23109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of finance lease obligations |  | (664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Member distributions |  | (226536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of units |  | (7065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of acquisition earnout |  | (15000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for amount due to related party | (1758) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 67084 | 147438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN CASH AND CASH EQUIVALENTS** | (7323) | (3648) |
|  **Cash and cash equivalents – beginning of year** | 14690 | 7367 |
|  **Cash and cash equivalents – end of year** | $7367 | $3719 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**ITG Parent, LLC** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $30590 | $33904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for taxes, net of refunds | $11703 | $7202 |
|  **Supplemental disclosures of noncash investing and financing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification of contingent consideration to acquisition earnout payable | $31500 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent consideration issued in acquisition | $15000 | $8681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued capital expenditures | $— | $2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equity acquired through equipment loans | $— | $20988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing of line of credit balance with long-term debt | $— | $45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts due to sellers from acquisitions | $— | $12269 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

<u>Organization</u> – ITG Parent, LLC ("ITG Parent") was formed on December 16, 2021, and had minimal activities until ITG Parent and ITG Purchaser, LLC acquired the outstanding membership units of ITG Communications, LLC ("ITG") and its wholly owned subsidiaries, Integrated Tech Group, LLC, TCB Telecom, LLC, Simplicity LLC ("Simplicity"), Broadband Technical Resources Incorporated ("BTR"), K&B Communications, LLC, and BTR Fiber, LLC on December 31, 2021. These entities perform installation, upgrade, maintenance and aerial and underground drops services for cable and fiber operators in the United States. In addition, it provides outside plant construction services including aerial and underground drops, fiber backhaul, aerial construction, directional boring and trenching, and multi-dwelling unit wiring. Collectively, ITG Parent and its subsidiaries, headquartered in Hendersonville, TN are referred to as the "Company" throughout this report.

<u>Basis of Accounting and Presentation</u> – The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

<u>Principles of Consolidation</u> – The accompanying consolidated financial statements include the accounts of ITG Parent and all of its wholly owned subsidiaries (collectively, the "Company"). All intercompany balances and transactions have been eliminated in consolidation.

<u>Estimates</u> – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ materially from those estimates, but management believes that the estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Significant estimates include estimated profit on contracts recognized over time based upon the output method, any variable consideration on revenue, incremental borrowing rates on operating leases, income taxes, fair value of assets acquired and liabilities assumed, contingent consideration issued in a business combination and equity-based compensation.

<u>Revenue Recognition</u> – Revenue is recognized based on a five-step model of identifying the contract, identifying the performance obligation(s), determination of the transaction price, allocating the transaction price and recognizing revenue for performance completed to date. The Company's primary revenue streams are 1) infrastructure deployment and 2) engineering and maintenance.

Related to the Company's infrastructure construction services, billing practices are governed by the contract terms and generally are based on the achievement of milestones or predetermined schedules. From time to time these terms may require the customer to make advance payments as work progresses or could result in the Company receiving payment prior to transferring the related service. The period between the receipt of payment and the completion of the work to which it relates is generally one year or less. The Company has elected not to adjust consideration for the effects of financing under the practical expedient that allows an entity to ignore the effects of a significant financing component when the period between the receipt of payment and the transfer of the service to the customer is one year or less.

Certain construction contracts include retention provisions to provide assurance to the Company's customers that it will perform in accordance with the contract terms. These provisions could result in a period of more than a year passing between the transfer of the good or service and the receipt of payment but are not considered to be for purposes of financing. The balances billed but not paid by customers pursuant to these provisions generally become due at various times during the performance of the contract, as well as at contract

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

completion and acceptance of the project work by the customer. The Company has determined there were no significant financing components in its contracts during the years ended December 31, 2024 and 2025, as the intent of the retention provisions is to protect the customer rather than provide financing.

The Company recognizes its engineering and maintenance services revenue at a point in time when the services are completed based on the agreement as the work is generally performed in less than a day.

The Company recognizes revenue from infrastructure deployment contracts over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Infrastructure deployment contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services. Revenues from infrastructure deployment contracts are recognized over time using an output method, measured on the basis of the amount of feet of cable/fiber that has been dropped as per the agreement. This method is used because management considers it to be the best available measure of progress on these contracts because it directly measures the value of the services transferred to the customer.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring services to the customer. The consideration promised in a contract with a customer may include both fixed amounts and variable amounts (e.g., bonuses/incentives, penalties/liquidated damages) to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company estimates the amount of variable consideration at the most likely amount to which the Company expects to be entitled. The Company's estimates of variable consideration are based on its assessment of legal enforceability, anticipated performance and any other information (historical, current or forecasted) that is reasonably available.

The accuracy of the Company's revenue recognition in a given period depends on the accuracy of management's estimates of the measurement of installed cable/fiber and the completeness and accuracy of the estimated contract price.

The foregoing factors, as well as the state of completion of contracts in process and the mix of contracts at different margins, may cause fluctuations in contract margin from period to period, which may have a significant impact on the consolidated financial statements. At the time an anticipated loss on a contract becomes evident, the entire amount of the estimated loss is accrued. The Company recognizes changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified.

Subsequent to the inception of a contract, the transaction price may change for various reasons, including the executed or estimated amount of change orders, contract modifications, claims to or from customers and back-charge recoveries. On certain projects, the Company may have submitted and have pending unresolved contract modifications and claims to recover additional costs and the associated profit, if applicable, to which the Company believes it is entitled under the terms of contracts with customers. The customers or their authorized representatives may be in partial or full agreement with the modifications or affirmative claims, or may have rejected or disagree entirely or partially as to such entitlement.

Recognizing changes in the transaction price requires significant judgments of various factors including, but not limited to, dispute resolution developments and outcomes, anticipated negotiation results and the cost of resolving such matters. If the transaction price is changed and no additional distinct goods or services are added, the effect of a change in the transaction price and the Company's measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. When a contract is modified to deliver additional goods or services that are distinct and the increase in price of the contract is for the same amount as the standalone selling price of the additional goods or services included in the modification, the modification is accounted for as a separate contract.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

Contract receivables are governed by the contract terms and are recorded based on contracted prices when the Company obtains an unconditional right to payment under the terms of its contracts.

Contract assets represent costs and estimated earnings recognized in excess of amounts billed. Retainage is considered a contract asset and is included in contract assets on the consolidated balance sheets, which represents the amount withheld from billings by the Company's clients pursuant to provisions in the contracts and may not be paid to the Company until the completion of specific tasks or the completion of the project.

All contract costs, including those associated with change orders, unresolved contract modifications, claims to or from customers and back-charge recoveries, are recorded as incurred, and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Costs include all direct labor, material, subcontracts, equipment, depreciation and indirect costs related to contract performance. General and administrative expenses are charged to operations as incurred.

ITG generally does not incur significant incremental costs related to obtaining or fulfilling a construction contract prior to the start of a project. On rare occasions, when significant pre-contract costs are incurred, they are immediately expensed as a result of one of the practical expedients elected.

Master service agreements and other contractual agreements with customers contain customer-specified service requirements, such as discrete pricing for individual tasks. In most cases, our customers are not contractually committed to procure specific volumes of services under these agreements. Services are generally performed pursuant to these agreements in accordance with individual work orders. An individual work order generally is completed within one year. As a result, our remaining performance obligations under the work orders not yet completed is not meaningful in relation to our overall revenue at any given point in time. We apply the practical expedient in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and do not disclose information about remaining performance obligations that have original expected durations of one year or less.

For the year ended December 31, 2024, revenue from contracts with customers recognized over time was approximately 35%, and revenue recognized at a point in time was approximately 65%. For the year ended December 31, 2025, revenue from contracts with customers recognized over time was approximately 41%, and revenue recognized at a point in time was approximately 59%.

<u>Cash and Cash Equivalents</u> – Cash and cash equivalents include highly liquid investments with original maturities of three months or less and consist primarily of money market funds. Such investments are stated at cost, which approximates market value.

<u>Contract Assets and Accounts Receivable</u> – Contract assets and accounts receivable are stated at the amounts management expects to collect. Current earnings are charged and an allowance is credited for price reductions/concessions based on experience and any contractual information on specific customer accounts. No interest is recorded on past due balances.

The Company maintains an allowance for credit losses to provide for the estimated amount of accounts receivable and contract assets that will not be collected. This allowance is based on historical information, the age and delinquency of the accounts, current economic conditions, and other reasonable and supportable information. Accounts receivable and contract assets are written off when it is determined that there is no possibility of recovery. Recoveries of accounts receivable and contract assets previously written off are recorded as an offset to the allowance for credit losses in the year of recovery. As of December 31, 2024 and 2025, no allowance for credit losses was determined to be necessary.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

We participate in a customer-sponsored vendor payment program for one of our customers. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner of the customer. This program effectively reduces the time to collect these receivables as compared to that customer's standard payment terms. We incur a discount fee to the bank on the payments received that is reflected as an expense component in other expense, net, in the consolidated statements of operations. The total discount fees were $2.2 million and $4.3 million for the years ended December 31, 2024 and 2025.

<u>Property and Equipment</u> – Property and equipment are stated at cost, or at fair value if acquired in an acquisition, less accumulated depreciation. Additions, improvements, and expenditures for repairs that significantly add to the productivity or extend the economic life of the assets are capitalized.

Other expenditures for repairs are expensed as incurred. Depreciation is provided by the straight-line method using the estimated useful lives, or the shorter of the estimated useful life or the lease term for leasehold improvements, as follows:

---

| | |
|:---|:---|
|  Leasehold Improvements | 2-5 years |
|  Machinery and Equipment | 5-10 years |
|  Furniture and Fixtures | 6 years |
|  Computers | 3 years |

---

<u>Long-Lived Assets</u> – The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicates that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the amount of undiscounted future net cash flow expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined based on market evidence, discounted cash flows or management's estimates depending on the nature of the assets. There were no impairments of long-lived assets for the years ended December 31, 2024 and 2025.

<u>Business Combinations</u> – The Company accounts for its business acquisitions under the acquisition method of accounting in Accounting Standards Codification ("ASC") 805, *Business Combinations*. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives, and market multiples amongst other items.

<u>Goodwill</u> – The Company evaluates goodwill on an annual basis or more frequently if management believes indicators of impairment exist. The Company performs its annual impairment testing on October 1 of each year. Impairment indicators could include but are not limited to (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management conducts a quantitative goodwill impairment test. The impairment test involves comparing the fair value of the applicable reporting unit, for which it has identified a single goodwill reporting unit. The Company estimates the fair values of its reporting unit using a combination of the income, or discounted cash flows, approach and the market approach, which utilizes comparable companies' data.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

If the carrying amount of the reporting unit exceeds the reporting unit's fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company's evaluation of goodwill resulted in no impairment losses for the years ended December 31, 2024 and 2025. Goodwill totaled $150.1 million and $187.7 million as of December 31, 2024 and 2025, respectively. As of December 31, 2023, the balance was $137.1 million and increased by $13.0 million in 2024 relating to the acquisitions of Infinite Communications Incorporated and Spectra Broadband Inc., see Note 2, and one other acquisition. The increase of $37.6 million from December 31, 2024 to December 31, 2025 was due to the goodwill allocated to the seven acquisitions during 2025 as discussed in Note 2. Goodwill is generally deductible for tax purposes.

<u>Intangible Assets</u> – Other intangible assets with definite lives, which are stated at cost or fair value if acquired in a business combination, are amortized on a straight-line basis over their estimated useful lives, which are ten to thirteen years for customer relationships, nine years for trade names/trademarks, seven years for developed technology and three years for non-compete agreements. The Company reviews its intangible assets for impairment when events or circumstances indicate that the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not potential impairment exists. No impairment charges were recorded for the years ended December 31, 2024 and 2025.

<u>Income Taxes</u> – The Company provides for income taxes for the corporate tax return filed by Broadband Technical Resources Inc. based on the provisions of ASC 740, *Income Taxes*, which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax rates in effect at the date of the consolidated financial statements. The current provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. A valuation allowance is provided to reduce deferred income tax assets if it is more likely than not that all, or some portion, of such deferred tax assets will not be recognized. In assessing whether deferred tax assets associated with temporary differences between the carrying value of assets and liabilities for financial reporting and income tax purposes are realizable, the Company considers if it is more likely than not that they will be utilized to offset future taxable income during the periods in which those temporary differences become deductible for income tax purposes.

ITG Parent, LLC; ITG Communications, LLC; Integrated Tech Group, LLC; TCB Telecom, LLC; Simplicity LLC; K&B Communications, LLC; and BTR Fiber, LLC are pass-through entities for tax paying purposes at both the federal and state level, except for certain states that have margin or franchise taxes that are considered income taxes for financial statement reporting purposes. Accordingly, no provisions are made for income tax liability for those entities on a federal level and also at the state level for those that recognize the pass-through status. Broadband Technical Resources, Inc. is a C-Corp and files federal and state income tax returns.

The Company is required to disclose unrecognized tax benefits or liabilities resulting from uncertain tax positions. As of December 31, 2024 and 2025, the Company did not have any unrecognized tax benefits. The Company also recognizes interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense on the consolidated statements of operations and as a long-term liability on the consolidated balance sheet, which were not material for the years ended December 31, 2024 and 2025. The Company files income tax returns in the U.S. federal jurisdiction and in multiple U.S. states. The Company and its subsidiaries are routinely examined by various U.S. taxing authorities. Generally, the Company is subject to examination by U.S. federal (or state or local) income tax authorities for three years from the filing of a tax return. There are currently no income tax audits in any material jurisdictions.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

One Big Beautiful Bill – On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted into law. The Act includes changes to U.S. tax law that are applicable to the Company beginning in 2025. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures, accelerated bonus depreciation for property and equipment, changes in calculating interest expense limitations, and other provisions.

<u>Debt Issuance Costs</u> – Debt issuance costs are amortized on the effective interest method over the term of the related debt agreement.

<u>Concentrations of Credit Risk</u> – The Company maintains cash balances at its bank. Accounts for each entity are insured by FDIC subject to certain limitations. At various times during the fiscal year, the Company's cash in bank balances may exceed the federally insured limits. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and trade accounts receivable.

<u>Fair Value</u> – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows:

**Level 1** – Quoted prices in active markets for identical assets or liabilities.

**Level 2** – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

**Level 3** – Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities.

The fair values of the Company's cash and cash equivalents, accounts receivable, contract assets and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company's equipment and term loans and line of credit, which are Level 2 in the fair value hierarchy, approximates their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The fair value of the original contingent liability is determined based upon a Monte Carlo simulation using various inputs and assumptions regarding the Company, including the distributions for each class of equity based upon hypothetical valuations of the Company, an anticipated exit date and a discount rate. The fair values for the consideration of the subsequent acquisitions is determined based upon a Monte Carlo simulation using assumptions of the various inputs of the potential earnout payments, as discussed in Note 2. Amounts are reclassified out of contingent consideration when the value becomes known and payable. These liabilities are considered Level 3 fair values with the table below noting the information for the liability in thousands.

---

| | |
|:---|:---|
|  Balance at December 31, 2023 | $3719 |
|  Additional acquisition | 15001 |
|  Change in fair value | 21134 |
|  Reclassification of contingent consideration to acquisition earnout payable | (31500) |
|  Balance at December 31, 2024 | 8354 |
|  Additional acquisitions | 8681 |
|  Change in fair value | 3053 |
|  Balance at December 31, 2025 | $20088 |

---

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The Company follows the provisions of ASC Topic 820-10, *Fair Value Measurement*, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company this applies to certain nonfinancial assets and liabilities acquired in business combinations, as well as contingent consideration amounts, and thereby measured at fair value. The Company has estimated such fair value primarily by third-party valuations and believes the long-term assets and liabilities recognized in accordance with those acquisitions would be considered Level 3 in the fair value hierarchy.

<u>Leases</u> – The Company follows the provisions of ASC 842, *Leases* where its operating lease arrangements are comprised primarily of real estate agreements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. Lease right-of-use assets ("ROU assets") and associated lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term, including payment escalations explicit in the lease or based on an index or rate. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options.

ROU assets also include any initial direct costs and prepayments less lease incentives. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate is used and is based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease expense is recognized on a straight-line basis over the lease term.

ROU assets and the corresponding operating lease liabilities are separately presented in the Company's consolidated balance sheet. The Company elected to apply the short-term measurement and recognition exemption in which the ROU assets and lease liabilities are not recognized for short-term leases. The Company also elected to apply the practical expedient to consider non-lease components as a part of the lease. The Company's leases contain certain common area maintenance expenses which are variable and expensed as incurred on a month-to-month basis.

<u>Earnings per Unit ("EPU")</u> – Earnings per LLC member unit is calculated and reported under the "two-class" method. The "two-class" method is an earnings allocation method under which earnings per LLC member unit is calculated for each class of common LLC member units considering both distributions declared or accumulated and participation rights in undistributed earnings as if all such earnings had been distributed during the period.

The Company calculates basic earnings per common LLC member unit by dividing net income by the average number of each class of common LLC member unit outstanding during the period. Diluted earnings per share is calculated in a similar manner after consideration of the potential dilutive effect of common LLC member unit equivalents on the average number of common LLC member units outstanding during the period. Dilution is not considered when a net loss is reported. Common LLC member unit equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per common LLC member unit. During the years ended December 31, 2024 and 2025, the Company had no outstanding dilutive common LLC member units.

<u>Equity-Based Compensation</u> – The Company recognizes equity-based compensation expense based on the equity award's grant date fair value. The determination of the fair value of equity awards issued to employees of the Company is based upon the underlying unit price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Company accounts for forfeitures as they occur. The grant date fair value of each unit is amortized on a straight-line basis over the requisite service period.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

<u>Segment Reporting</u> – ASC 280, *Segment Reporting* establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one operating and reportable segment and derives revenues from selling its services.

<u>Recent Accounting Pronouncements</u>

*Not Yet Adopted* 

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810), Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, to address stakeholder concerns about unintended consequences in transactions involving variable interest entities. Prior to adoption, if the legal acquiree was a VIE, the primary beneficiary of the VIE was always the accounting acquirer resulting in the application of acquisition accounting. Upon adoption, in certain situations, the primary beneficiary may not be the accounting acquirer and acquisition accounting may not be required. The update will be effective for annual periods beginning after December 15, 2026 but early adoption is permitted.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

*Adopted*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update was effective for annual periods beginning after December 15, 2024. The Company has expanded its disclosures in accordance with this standard (see Note 16 Income Taxes).

**NOTE 2 – BUSINESS COMBINATIONS** 

*2024 Acquisitions* 

*Infinite Communications* 

On February 3, 2024, the Company acquired certain assets of Infinite Communications Incorporated ("Infinite") for total consideration of $62.4 million. The acquisition is being accounted for as a business combination using the acquisition method of accounting. The purchase price was funded by a term loan of $50.0 million, as discussed in Note 7. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. The Company's primary reasons for completing the acquisition of Infinite were to further strengthen its Southeastern United States market and to further expand its service offerings. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $8.8 million was recorded. The goodwill recognized was primarily attributed to the assembled workforce and future expected cashflows of the acquired business.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The estimated fair value allocated to property and equipment was determined by management primarily based on a market approach while the estimated fair value allocated to identifiable intangible assets was determined by management primarily based on an income approach with the assistance of an independent third-party valuation provider. The estimated useful lives of the customer relationships and non-compete agreements are thirteen and three years, respectively. The estimated weighted-average useful life was 12.5 years for finite lived intangible assets.

The following are the estimated fair value of the assets acquired and liabilities assumed (in thousands):

---

| | |
|:---|:---|
|  Accounts receivable | $19203.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 19203.0 |
|  Property and equipment | 10914.0 |
|  Customer relationships | 23300.0 |
|  Non-compete agreements | 1150.0 |
|  Goodwill | 8795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | 63362.0 |
|  Subcontractor retainage | 1000.0 |
|  Net assets acquired | $62362.0 |

---

The agreement includes additional payments to the sellers if certain financial metrics are met within a 12-month period following the closing of the acquisition. The fair value of this contingent consideration was originally estimated to be $15.0 million and was included in purchase consideration. As of December 31, 2024, the Company recorded an accrued liability of $30.0 million related to its estimate of these potential payments, which was paid in February 2025. The additional amount of the expected payments of $15.0 million was recorded as a change in the fair value of contingent liabilities on the consolidated statements of operations for the year ended December 31, 2024.

The Company expensed acquisition related costs of $0.2 million, which is included in selling, general and administrative expense for the year ended December 31, 2024.

For the year ended December 31, 2024, Infinite revenues were $145.1 million which are included in revenue on the consolidated statements of operations from the acquisition date through December 31, 2024 and $26.7 million included in income before income tax expense on the consolidated statements of operations for the same period.

*Spectra Broadband* 

On March 30, 2024, the Company acquired certain assets of Spectra Broadband Inc. ("Spectra") for consideration of $37.5 million in cash. The acquisition is being accounted for as a business combination using the acquisition method of accounting. The purchase price was funded by a term loan of $20.0 million and the remaining through a revolving line of credit as discussed in Note 7. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. The Company's primary reasons for completing the acquisition of Spectra were to expand its presence in the Western United States. Management estimates that consideration paid exceeded the fair value of the assets acquired.

Therefore, goodwill of $3.5 million was recorded. The goodwill recognized was primarily attributed to buyer specific synergies, the assembled workforce, and expected future cashflows from the acquired business.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The estimated fair value allocated to property and equipment was determined by management primarily based on a market approach while the estimated fair value allocated to identifiable intangible assets was determined by management primarily based on an income approach with the assistance of an independent third-party valuation provider. The estimated useful lives of the customer relationships and non-compete agreements are eleven and three years, respectively. The estimated weighted-average useful life was 10.6 years for finite lived intangible assets.

The following is the condensed consolidated balance sheet as of the acquisition date and includes the estimated fair value of the assets acquired (in thousands).

---

| | |
|:---|:---|
|  Accounts receivable | $10609.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 10609.0 |
|  Property and equipment | 2048.0 |
|  Customer relationships | 20350.0 |
|  Non-compete agreements | 930.0 |
|  Goodwill | 3539.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets acquired | $37476.0 |

---

The Company expensed acquisition related costs of $0.1 million, which is included in selling, general and administrative expense for the year ended December 31, 2024.

For the year ended December 31, 2024, Spectra revenues were $76.1 million which are included in revenues from the acquisition date and $13.6 million included in income before income tax expense on the consolidated statements of operations for the same period.

In addition, during 2024 the Company completed a third acquisition for total consideration of $0.8 million, which was allocated primarily to goodwill. This acquisition was funded with cash on hand.

*2025 Acquisitions* 

*Tilson Technology Acquisition* 

On August 25, 2025, the Company entered into an agreement with Tilson Technology Management, Inc. and Tilson Middle Street Holding, LLC (collectively "Tilson"), headquartered in Maine. The Company acquired certain assets and assumed certain liabilities of Tilson for an initial purchase price of $22.1 million in cash subject to customary purchase price adjustments. The acquisition is being accounted for as a business combination using the acquisition method of accounting. Concurrent with the closing of the acquisition, on September 17, 2025, the Company entered into an agreement with ClearPlan, LLC (ClearPlan) in which the Company assigned certain of the assets and liabilities of Tilson to ClearPlan for a cash price of $5.0 million and recognized no gain or loss on this transfer.

The purchase price was funded by a term loan of $75.0 million as discussed in Note 7. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. The Company's primary reason for completing the acquisition of Tilson was to expand its customer base. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $10.4 million was recorded. The goodwill recognized was primarily attributed to the assembled workforce from the acquired business.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The estimated fair value allocated to property and equipment was determined by management primarily based on a market approach while the estimated fair value allocated to the identifiable intangible asset was determined by management primarily based on an income approach with the assistance of an independent third-party valuation provider. The estimated useful life of the customer relationships is twelve years.

The following are the estimated fair values of the assets acquired and liabilities assumed (in thousands):

---

| | |
|:---|:---|
|  Accounts receivable | $8904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 8904.0 |
|  Property and equipment | 12021.0 |
|  Customer relationships | 7600.0 |
|  Goodwill | 10388.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | 38913.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . | 3541.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . | 18253.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities assumed | 21794.0 |
|  Net assets acquired | $17119.0 |

---

For the year ended December 31, 2025, Tilson revenue was $35.3 million which is included in revenues from the acquisition date and $9.0 million included in income before income tax expense on the consolidated statements of operations.

*Vision Utility Acquisition* 

On August 30, 2025, the Company entered into an agreement with Vision Utility Services, Inc. (Vision), headquartered in Springdale, Arkansas. The Company acquired certain of the assets of Vision for an initial purchase price of $21.5 million in cash subject to customary purchase price adjustments plus the potential for additional earnout payment up to $5.0 million. The amount of the earnout payment will be determined based upon the percentage growth of both Gross Revenue and EBITDA for the 12-month period following the close as compared to the comparable prior 12-month period. In order to be eligible for the earnout payment, the gross revenue and EBITDA amount must at least equal the comparable period amounts. The Company estimated the earnout payments had no fair value. The acquisition is being accounted for as a business combination using the acquisition method of accounting.

The purchase price was funded by a term loan of $75.0 million as discussed in Note 7. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. The Company's primary reason for completing the acquisition of Vision was to expand its presence in the Central United States. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $1.6 million was recorded. The goodwill recognized was primarily attributed to buyer specific synergies, the assembled workforce, and expected future cashflows from the acquired business.

The estimated fair value allocated to property and equipment was determined by management primarily based on a market approach while the estimated fair value allocated to identifiable intangible assets was determined by management primarily based on an income approach with the assistance of an independent third-party valuation provider. The estimated useful lives of the customer relationships and non-compete agreements are thirteen and five years, respectively. The estimated weighted-average useful life was 12.1 years for finite lived intangible assets.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The following are the estimated fair values of the assets acquired (in thousands):

---

| | |
|:---|:---|
|  Accounts receivable | $6521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 6521.0 |
|  Property and equipment | 8042.0 |
|  Customer relationships | 4800.0 |
|  Non-compete agreements . | 570.0 |
|  Goodwill . | 1588.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | 21521.0 |
|  Net assets acquired | $21521.0 |

---

For the year ended December 31, 2025, Vision revenue $8.5 million which is included in revenues from the acquisition date and $0.3 million included in income before income tax expense on the consolidated statements of operations.

*Quasar Acquisition* 

On October 8, 2025, the Company entered into an agreement with the stockholders of Quasar, Inc. (Quasar), headquartered in Woodstock, Georgia, with operations in the United States, Poland and the United Kingdom. The Company acquired certain of the assets of Quasar for a purchase price of $43.6 million in cash subject to customary purchase price adjustments. The acquisition is being accounted for as a business combination using the acquisition method of accounting.

The purchase price was funded with cash on hand. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. The Company's primary reasons for completing the acquisition of Quasar were to expand its presence throughout the United States and enter into international markets. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $11.6 million was recorded. The goodwill recognized was primarily attributed to buyer specific synergies, the assembled workforce, and expected future cashflows from the acquired business.

The estimated fair value allocated to property and equipment was determined by management primarily based on a market approach while the estimated fair value allocated to identifiable intangible assets was determined by management primarily based on an income approach with the assistance of an independent third-party valuation provider. The estimated useful lives of the customer relationships and non-compete agreements are ten and five years, respectively. The estimated weighted-average useful life was 9.4 years for finite lived intangible assets.

The following are the estimated fair values of the assets acquired (in thousands):

---

| | |
|:---|:---|
|  Accounts receivable | $13591.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 13591.0 |
|  Property and equipment | 231.0 |
|  Customer relationships | 15900.0 |
|  Non-compete agreements | 2240.0 |
|  Goodwill | 11629.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | 43591.0 |
|  Net assets acquired | $43591.0 |

---

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

For the year ended December 31, 2025, Quasar revenue was $3.5 million which are included in revenues from the acquisition date and $1.8 million included in income before income tax expense on the consolidated statements of operations.

*Advantage Utilities* 

On November 2, 2025, the Company entered into an agreement with Advantage Utilities LLC (Advantage), headquartered in Newton, New Hampshire. The Company acquired certain of the assets of Advantage for a purchase price of $23.1 million in cash subject to customary purchase price adjustments plus the potential for additional earnout payments. The earnout payments will be calculated at 50% of the Adjusted EBITDA, as defined in the agreement, less depreciation expense for each of the three 12-month periods following the close of the acquisition. In order to be eligible for these payments, the target Adjusted EBITDA amount must be reached. The Company recorded the earnout payments at an estimated fair value of $5.4 million. The acquisition is being accounted for as a business combination using the acquisition method of accounting.

The purchase price was funded by cash on hand. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. The Company's primary reasons for completing the acquisition of Advantage were to expand its presence in the Northeastern United States and to expand its customer base. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $5.6 million was recorded. The goodwill recognized was primarily attributed to buyer specific synergies, the assembled workforce, and expected future cashflows from the acquired business.

The estimated fair value allocated to property and equipment was determined by management primarily based on a market approach while the estimated fair value allocated to identifiable intangible assets was determined by management primarily based on an income approach with the assistance of an independent third-party valuation provider. The estimated useful lives of the customer relationships and non-compete agreements are nine and five years, respectively. The estimated weighted-average useful life was 8.8 years for finite lived intangible assets.

The following are the estimated fair values of the assets acquired (in thousands):

---

| | |
|:---|:---|
|  Accounts receivable | $6302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 6302.0 |
|  Property and equipment | 4272.0 |
|  Customer relationships | 11600.0 |
|  Non-compete agreements | 690.0 |
|  Goodwill | 5643.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | 28507.0 |
|  Net assets acquired | $28507.0 |

---

For the year ended December 31, 2025, Advantage revenue was $4.0 million which is included in revenues from the acquisition date and $0.4 million included in income before income tax expense on the consolidated statements of operations.

*Additional Acquisitions* 

During the year ended December 31, 2025, the Company completed an additional three acquisitions in which the Company acquired certain assets of the entities. Each of the acquisitions is being accounted for as a business combination using the acquisition method of accounting. The Company's primary reason for completing

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

these acquisitions was to expand its customer base. The total cash consideration for these acquisitions amounted to $14.3 million subject to customary purchase price adjustments. One of the acquisitions includes a potential earnout payment of $0.5 million if certain revenue and gross margin criteria are achieved in the succeeding 12-month period plus an additional 10% of any revenue increase year over year for each year of a three-year period. Another of the acquisitions includes up to $5 million in potential earnout payments, consisting of $2.5 million in each of the succeeding two years, if certain revenue and gross margin criteria are achieved during the two 12-month periods. The fair value assigned to the potential earnout payments was a total of $3.3 million resulting in total goodwill allocated to these acquisitions of $8.4 million.

For the year ended December 31, 2025, revenue from these three acquisitions were $13.5 million which is included in revenues from the acquisition date and a loss of $(0.3) million included in income before income tax expense on the consolidated statements of operations.

*Pro Forma Financial Information (unaudited)* 

The unaudited pro forma financial information for the year ended December 31, 2024, below gives effect to the Infinite and Spectra acquisitions as if they had been completed on January 1, 2024. The unaudited pro forma financial information for the year ended December 31, 2025, below gives effect to the seven acquisitions completed during 2025 as if they had been completed on January 1, 2025. The pro forma results of operations are presented for informational purposes only. As such, they are not necessarily indicative of the Company's results had the acquisitions been completed on January 1, 2024 or 2025, nor do they intend to represent the Company's future results.

The unaudited pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions and does not reflect additional revenue opportunities following the acquisitions. The supplemental pro forma disclosures in the table below include adjustments for (i) depreciation and amortization expense that would have been recognized related to the acquired property and equipment and intangibles, and (ii) incremental interest expense associated with borrowings under our Credit Agreement for the any additional amounts borrowed for the acquisitions and the recapitalization on July 9, 2025, along with reduction of interest expense on historical borrowings of the acquisitions that were not assumed. (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,<br>2024** | **December 31,<br>2025** |
|  Revenue | $1027421 | $1346282 |
|  Net income (loss) | $30399 | $22276 |

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**NOTE 3 – CONTRACT ASSETS** 

The Company's contracts with customers generate certain contract balances in the normal execution of providing services. Contract assets include revenues recognized from unbilled revenues, and retainage amounts receivable pursuant to provisions in the contracts and may not be paid until the completion of the specific project and, in some instances, for even longer periods.

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| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Retainage receivables | $9079 | $10042 |
|  Unbilled revenues | 166096 | 212052 |
|  Total contract assets | $175175 | $222094 |

---

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The balances of accounts receivable, retainage receivables, and unbilled revenues were approximately $80.0 million, $5.6 million and $75.5 million, respectively, as of January 1, 2024. The balances of accounts receivable, retainage receivables, and unbilled revenues were approximately $87.0 million, $9.1 million and $166.1 million, respectively, as of January 1, 2025.

**NOTE 4 – PROPERTY AND EQUIPMENT** 

Property and equipment consisted of the following as of December 31 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Leasehold improvements | $858 | $1325 |
|  Machinery and equipment | 122867 | 225884 |
|  Furniture and fixtures | 615 | 1002 |
|  Computers | 1756 | 3077 |
|  Total | 126096 | 231288 |
|  Less accumulated depreciation | (47312) | (72796) |
|  Property and equipment, net | $78784 | $158492 |

---

Depreciation expense amounted to $23.3 million and $31.4 million for the years ended December 31, 2024 and 2025, respectively.

**NOTE 5 – INTANGIBLE ASSETS** 

The Company had the following amounts related to intangible assets, all of which are amortizable as of December 31 (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Total** |
|  Customer relationships | $239930 | $(63366) | $176564 |
|  Trade name/trademarks | 25000 | (8333) | 16667 |
|  Developed technology . | 4000 | (1714) | 2286 |
|  Non-compete agreements . | 2370 | (769) | 1601 |
|  Intangible assets, net | $271300 | $(74182) | $197118 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Total** |
|  Customer relationships | $279830 | $(88263) | $191567 |
|  Trade name/trademarks . | 25000 | (11111) | 13889 |
|  Developed technology . . | 4000 | (2286) | 1714 |
|  Non-compete agreements . | 5870 | (1657) | 4213 |
|  Intangible assets, net . | $314700 | $(103317) | $211383 |

---

For the years ended December 31, 2024 and 2025, amortization expense related to these intangible assets was $27.7 million and $29.1 million, respectively. Amortization expense related to these intangible assets is expected to be approximately $31.6 million, $30.9 million, $30.8 million, $30.2 million and $28.0 million for the years ended December 31, 2026, 2027, 2028, 2029 and 2030, respectively.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 6 – ACCRUED EXPENSES** 

Accrued expenses consists of the following as of December 31, (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Payroll and other compensation costs | $5618 | $8400 |
|  Insurance | 2226 | 3810 |
|  Interest | 3454 | 9775 |
|  Sales tax payable | 965 | 1468 |
|  Amounts due to sellers from acquisitions |  | 12269 |
|  Accrued liabilities assumed in acquisition |  | 7911 |
|  Other | 3794 | 13612 |
|  Total | $16057 | $57245 |

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**NOTE 7 – DEBT** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Term loan | $180000 | $660000 |
|  Term loan A-1 | 22968 |  |
|  Term loan A-2 | 18625 |  |
|  Term loan A-3 | 48125 |  |
|  Term loan A-4 | 19250 |  |
|  Revolving line of credit |  | 30000 |
|  Total principal amount | 288968 | 690000 |
|  Less: current portion of long term debt | (23625) | (16500) |
|  Less: debt issuance costs, net | (1981) | (20037) |
|  Total long-term debt and revolving line of credit, net | $263362 | $653463 |

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*Credit Agreement* 

On July 9, 2025, the Company entered into a new $540.0 million senior secured credit agreement. The debt is collateralized by substantially all of the assets of the Company. The agreement provided a senior secured term loan of $540.0 million with a maturity date of July 9, 2031, and a senior secured revolving line of credit of $100.0 million with a maturity date of July 9, 2030.

The term loan agreement requires quarterly principal payments based on the aggregate principal balance of 0.625% or $3.4 million beginning on March 31, 2026, until December 31, 2027. Beginning on March 31, 2028, the quarterly principal payments increase to 1.25% of the aggregate principal balance or $6.8 million through the Maturity Date at which time any remaining balance is due in full.

The Credit Agreement includes a non-utilization fee which requires quarterly payments on any un-used portion of revolving loan initially equal to 0.375% subject to adjustment based upon the Company's consolidated first lien secured leveraged ratio (as defined in the agreement), on a quarterly basis.

The Credit Agreement provides for an interest rate equal to either the Base Rate or the SOFR plus the applicable rate, as defined in the agreement. The Base Rate charged is initially the Prime Rate or the Federal Funds Rate plus 0.5% plus the applicable rate of 3.75% and the SOFR is at the one-month SOFR plus 1% plus the applicable rate of 4.75% for the term loans and for the revolving line of credit the applicable rate is initially

3.50% for the Base Rate loans and the applicable rate is 4.50% for the SOFR loans. As of December 31, 2025, the interest rate is 8.95%.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The Credit Agreement provides for a mandatory prepayment equal to fifty percent of excess cash flow ("ECF") as defined within the agreement. This prepayment is due within 10 days of the date on which the annual audited financial statements are delivered until borrowings on the Credit Agreement are paid in full. The ECF begins with the year ending December 31, 2026. In addition, there are other events defined in the agreement, such as asset sales and casualty events, that would trigger mandatory prepayments. As of December 31, 2025, the Company is not subject to payments required under the ECF.

On August 29, 2025, the Company entered into an amendment to the Credit Agreement for an additional $75.0 million term loan with the same general payment terms, maturity date and interest rates. Furthermore, on December 30, 2025, there was an additional amendment for a $45.0 million term loan under the same Credit Agreement with no significant changes to any of the terms of the agreement. On the same date, the revolving line of credit was increased to $185.0 million.

The Credit Facility subjects the Company to a number of restrictive covenants, including financial covenants. These financial covenants include a consolidated first lien secured leverage ratio, as defined in the Credit Agreement. As of December 31, 2025, the Company was in compliance with all required covenants.

*Previous Credit Agreement* 

On December 30, 2021, the Company entered into a $200.0 million Term Loan Credit and Guarantee Agreement. The Term Loan is secured by assets of the Company and is guaranteed by ITG Parent and subsidiaries. The loan was payable in quarterly installments of $2.5 million from March 31, 2024 through December 31, 2024 and $3.75 million from March 31, 2025 and each quarter thereafter until the loan matures on December 31, 2026, at which time any remaining outstanding amount would be due. The Company also entered into a Revolving Loan, a Letter of Credit facility and a Swing Line facility as part of the agreement.

In 2022 and 2023, the Company entered amendments to the credit agreement which established a separate Term Loan A-1 and A-2 in which the Company borrowed $25.0 million and $20 million, respectively. These term loans had the same final maturity date as the original term loan and had total quarterly payments of $0.6 million each quarter in 2024 and a quarterly payment of $0.9 million beginning with the quarter ended March 31, 2025 through September 30, 2026 with the remainder due at the maturity date.

On February 3, 2024, the Company entered into the Third Amendment to the Credit Agreement and Incremental Facility Agreement that, among other things, establish a new Term Loan A-3 for an amount of $50.0 million to fund the Infinite Acquisition (see Note 2). This term loan has the same final maturity date as the original term loan and has quarterly payments $0.6 million starting June 30, 2024 through December 31, 2024 and $0.9 million due starting March 31, 2025 through September 30, 2026 with the remainder due at the maturity date.

On March 30, 2024, the Company entered into the Fourth Amendment to the Credit Agreement and Incremental Facility Agreement that, among other things, establish a new Term Loan A-4 for an amount of $20.0 million to fund the Spectra Acquisition (see Note 2). This term loan has the same final maturity date as the original term loan and has quarterly payments of $0.3 million due starting June 30, 2024 through December 31, 2024 and $0.4 million each quarter beginning with the quarter ended March 31, 2025 through September 30, 2026 with the remainder due at the maturity date. In addition, the Fourth Amendment increased the Revolving Credit Facility to a total commitment of $70.0 million.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The Term Loan, Term Loan A-1 and Term Loan A-3 accrue interest equal to the base rate, as defined in the Credit Agreement, (Base Rate Loan) plus an applicable margin, (8.1% as of December 31, 2024). The Term Loan A-2 and Term Loan A-4 accrue interest equal to the SOFR, as defined in the Credit Agreement, (SOFR Loan) plus an applicable margin, (7.84% as of December 31, 2024) and the Revolving Loan and Swing Line facility accrue interest at either the base rate or SOFR plus applicable margin (8.1% and 7.84%, respectively, as of December 31, 2024).

The outstanding amount on these term loans and revolving credit facility was paid on July 9, 2025, in connection with the Company entering into a new senior secured credit agreement.

*Equipment Loans* 

The Company has also executed a number of equipment loan agreements. The equipment loan agreements are based upon the type of equipment and are financed at stated rates per contract over various periods and with varying monthly payments. The interest rates are at various fixed market values ranging from 6.09% to 8.79%. The balance of these loans as of December 31, 2024 and 2025 was $48.5 million and $88.3 million, respectively.

The expected maturities of long-term debt and equipment loans as of December 31, 2025 are as follows (in thousands):

---

| | |
|:---|:---|
| Year ending December 31, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | $38993.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | 39451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | 53018.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 | 47635.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 | 71196.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thereafter: | 528004.0 |
|  | $778297.0 |

---

**NOTE 8 – LEASES** 

The Company determines if an arrangement is a lease at its inception. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As the Company's leases generally do not provide an implicit rate, the Company estimates the incremental borrowing rate that matches the term of the lease, in determining the present value of lease payments. Lease expense for these leases is recognized on a straight-line basis over the lease term.

Operating lease arrangements are comprised primarily of real estate and equipment agreements for which the right-of-use assets are included in other assets and the corresponding lease liabilities, depending on their maturity, are included in accrued liabilities or other long-term liabilities in the consolidated balance sheet. The Company also elected to apply the practical expedient to consider non-lease components as a part of the lease. The Company's leases contain certain non-lease components for common area maintenance which are variable on a month-to-month basis and as such recorded as a variable lease expense as incurred.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The details of the Company's operating leases are as follows for the year ended December 31, (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Operating lease expense | $9990 | $12208 |
|  Variable lease expense | 1576 | 5443 |
|  Short-term lease expense | 171 | 752 |
|  Total lease expense | $11737 | $18403 |

---

The following table presents the maturities of operating lease liabilities as of December 31, 2025 (in thousands):

---

| | |
|:---|:---|
| Year ending December 31, |  |
| 2026 | $11823 |
| 2027 | 7219 |
| 2028 | 4713 |
| 2029 | 2623 |
| 2030 | 1704 |
|  Thereafter | 2831 |
|  Total lease payments | 30913 |
|  Less: Imputed lease interest | (2336) |
|  Total lease liabilities | $28577 |

---

The Company's weighted-average remaining lease-term and weighted-average discount rate as of December 31, are as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Weighted average remaining lease-term | 3.3 years | 3.9 years |
|  Weighted average discount rate | 3.6% | 3.9% |

---

Supplemental cash flow and other information related to operating leases for the years ended December 31, 2024 and 2025, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  Operating cash flows from operating leases | $9390 | $12086 |
|  Noncash investing activities: |  |  |
|  Lease liabilities arising from obtaining right-of-use assets during the year | $12147 | $20289 |

---

**NOTE 9 – EARNINGS PER UNIT** 

The Amended LLC Agreement prescribes the amount and priority of cash distributions that various classes of common LLC member units will receive. Distributions are declared periodically at the determination of the board of directors, which determination may include the imposition on all holders of common LLC member unit of certain terms and conditions on the receipt of any distributions (including, but not limited to, the repayment or return of all or any portion of such distributions to the Company in order to satisfy the Company's

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

indemnification and other obligations in connection with the divestiture of any assets of the Company or its subsidiaries). All distributions are further subject to the retention and establishment of reserves, or payment to third parties, of such funds as the Board deems necessary with respect to the reasonable business needs and obligations of the Company. During the years ended December 31, 2024 and 2025, the Company allocated 100% of the profits and $175.2 million of distributions to Class A Unit holders based on the provisions of the Amended LLC Agreement.

Net income per common unit was computed as follows (in thousands, except per unit amount):

---

| | |
|:---|:---|
| **December 31, 2024** | **Class A Units** |
|  **Allocation of net income:** |  |
|  Undistributed earnings | $28280 |
|  **Net income per common unit - basic and diluted:** |  |
|  Weighted average units outstanding | 160000 |
|  Net income per common unit - basic and diluted | $0.18 |
| **December 31, 2025** | **Class A Units** |
|  **Allocation of net income:** |  |
|  Undistributed earnings | $6214 |
|  **Net income per common unit - basic and diluted:** |  |
|  Weighted average units outstanding | 160000 |
|  Net income per common unit - basic and diluted | $0.04 |

---

**NOTE 10 – MEMBERS' EQUITY** 

Members' equity is comprised of several classes of units. Class A units are voting units and have first priority upon distribution with a return of capital plus an unpaid yield in accordance with the Amended and Restated Limited Liability Agreement ("Parent LLC Agreement"). As of December 31, 2024 and 2025, there are 160 million Class A units outstanding. Class B units are also voting units and have second priority distribution with a return of capital and an unpaid yield in accordance with the Parent LLC Agreement.

As of December 31, 2024 and 2025, there are 77.5 million vested Class B units and 10 million unvested Class B units that will vest after the owners of Class A units have received distributions that equal a certain multiple as defined in the Parent LLC Agreement. Class C, D and X units are all non-voting units. There were 10 million Class C units issued in conjunction with the acquisition of ITG to certain members of management. These units would receive distributions up to $45 million in a waterfall calculation in accordance with the Parent LLC Agreement but are lower in priority than the Class A, B, D and X units. Class D units are management incentive units as discussed in Note 11. As of December 31, 2024 and 2025, there were a total of 20.7 million Class D units allocated to be issued. In conjunction with the acquisition of ITG, there were a total of 4 million Class X units issued to the former owners of ITG. These units would receive distributions of up to $4 million and an unpaid yield amount after Classes A and B receive a certain amount of distributions in accordance with the Parent LLC Agreement.

The profits and losses of the Company in any year are allocated among each class of units based upon the net amount that the holders of those units would receive upon a hypothetical liquidation and distribution as defined in the Parent LLC Agreement.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

On July 9, 2025, the Company issued a special distribution of $226.1 million to members using proceeds from the Credit Agreement. Of this amount, $175.2 million was distributed to the owners of Class A units and the remainder was distributed to the Class B unitholders.

**NOTE 11 – EQUITY-BASED COMPENSATION** 

The Company accounts for equity grants to employees (Class D units) as equity-based compensation under ASC 718, *Compensation—Stock Compensation*. The Class D units of ITG Parent contain vesting provisions as defined in the agreement. Vested units do not forfeit upon termination and represent a residual interest. Equity-based compensation cost is measured at the estimated grant date fair value.

The Class D units issued to employees are measured at estimated fair value on the grant date based on a valuation using a Monte Carlo simulation based upon various inputs and assumptions. The Company utilizes the estimated weighted average of the expected fund life dependent on various exit scenarios to estimate the expected term of the awards. Expected volatility is based on the average of historical and implied volatility of a set of comparable companies, adjusted for size and leverage. The risk-free rates are based on the yields of U.S. Treasury instruments with comparable terms. Actual results may vary depending on the assumptions applied within the model.

During 2024, the Company issued a total of 5,736,706 Class D units to certain employees and 573,672 Class D units were forfeited, respectively. The grant date fair value of the units issued during 2024 was determined to be approximately $6.9 million. Compensation expense of approximately $1.9 million was recorded during the year ended December 31, 2024, and there is unrecognized compensation expense at December 31, 2024 of $9.3 million, which is expected to be recognized over a weighted-average period of 3.9 years.

During 2025, the Company issued a total of 4,150,000 Class D units to certain employees and 688,406 Class D units were forfeited, respectively. The grant date fair value of the units issued during 2025 was determined to be approximately $9.2 million. Compensation expense of approximately $3.8 million was recorded during the year ended December 31, 2025, and there is unrecognized compensation expense at December 31, 2025 of $14.2 million, which is expected to be recognized over a weighted-average period of 4.0 years. In addition, in July 2025, the Company purchased 6,355,996 vested and unvested Class D units from management for a total of $7.1 million in cash.

**NOTE 12 – SEGMENT REPORTING** 

Management has determined that the Company functions as a single operating segment and thus reports as a single reportable segment which derives revenues by providing specialty contracting services throughout the United States. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. In particular, management assessed the discrete financial information routinely reviewed by the Company's chief operating decision maker ("CODM"), its Chief Executive Officer, to monitor the Company's operating performance and support decisions regarding allocation of resources to its operations. The CODM assesses segment performance and determines annual budgeting and forecasting using net income, which is reported in the Company's consolidated statements of operations.

Specifically, performance is continuously monitored at the consolidated and, as necessary, the individual contract level to timely identify deviations from expected results. Resource allocations are based on the needs of the customers and the capacity of the Company's service personnel to pursue new project opportunities, including reallocation of underutilized personnel where additional resources might be required to fully meet demand. Other factors further supporting this conclusion include substantial similarities throughout all of the Company's operations with respect to services provided, type of customers, and service delivery methodologies.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The following table presents selected financial information with respect to the Company's single operating segment as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Revenue | $997996 | $1154857 |
|  Cost of revenue, excluding depreciation and amortization | 805974 | 953119 |
|  Selling, general and administrative | 52282 | 75870 |
|  Depreciation and amortization | 50959 | 60553 |
|  Change in fair value of contingent liabilities | 21134 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 930349 | 1092595 |
|  Interest expense | (30466) | (47905) |
|  Other expense, net | (1467) | (4049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before provision for income taxes | $35714 | $10308 |

---

The measure of segment assets is reported in the Company's consolidated balance sheet.

**NOTE 13 – MAJOR CUSTOMERS** 

For the year ended December 31, 2024, one customer accounted for 40% of the Company's revenues. Accounts receivable from that customer is 42% of total accounts receivable as of December 31, 2024. In addition, there was a second customer that accounted for 28% of the Company's revenue for the year ended December 31, 2024 and 7% of the Company's accounts receivable as of December 31, 2024.

For the year ended December 31, 2025, one customer accounted for 35% of the Company's revenues. Accounts receivable from that customer is 37% of total accounts receivable as of December 31, 2025. In addition, there was a second customer that accounted for 25% of the Company's revenue for the year ended December 31, 2025 and 2% of the Company's accounts receivable as of December 31, 2025.

**NOTE 14 – RELATED PARTY TRANSACTIONS** 

The Company subcontracts certain services with an entity owned by family of one of the minority members. For the years ended December 31, 2024 and 2025, we paid approximately $0.7 million and $0.7 million, respectively, to this entity. In addition, we engaged an entity owned by family of another minority member for subcontractor services and paid approximately $0.7 million and $0.7 million to this entity for the years ended December 31, 2024 and 2025, respectively. Furthermore, we subcontracted services from an entity owned by family of another minority member and paid approximately $0.6 million to this entity during the year ended December 31, 2024. These expenses are reflected in cost of revenue, excluding depreciation and amortization on the consolidated statements of operations.

In addition, the Company purchased uniform and apparel products from an entity owned by family of one of our management team. We paid $0.4 million and $0.5 million to this entity during the years ended December 31, 2024 and 2025, respectively, and the expenses are included in cost of revenue, excluding depreciation and amortization on the consolidated statements of operations.

The Company has a property lease with an entity that is owned by certain of the minority members of ITG Parent. The Company paid a total of $0.4 million to the related entity for this lease during each of the years ended December 31, 2024 and 2025. During the first quarter of 2026, this property was sold by the minority members to an unrelated third party.

------

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

In conjunction with the initial acquisition, the Company is due approximately $2.4 million from certain members of the ITG Parent through a note receivable. The note receivable bears interest at the rate of 5.5% and does not have a specified maturity date. As of December 31, 2024 and 2025, approximately $0.4 million has been recorded for interest income due on the note.

In conjunction with the initial acquisition, the Company entered into an agreement with certain members in which it could owe $10.0 million upon a Trigger Event, as defined in the agreement, and would incur interest at a rate of 8% per annum. See Note 1 for discussion of the fair value of this contingent payment.

**NOTE 15 – COMMITMENTS AND CONTINGENCIES** 

The Company is from time to time subject to legal proceedings and claims which arise in the normal course of its business. In the opinion of management and legal counsel, the amount of losses that may be sustained, if any, would not have a material effect on the financial position, results of operations or cash flows of the Company.

**NOTE 16 – INCOME TAXES** 

The provision for income taxes charged to operations consists of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2025** |
|  Current expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $6148 | $3513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 3002 | 1431 |
|  | 9150 | 4944 |
|  Deferred benefit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $(1127) | (602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | (589) | (248) |
|  | (1716) | (850) |
|  Total income tax expense | $7434 | $4094 |

---

We adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our actual effective amount and rate for the year ended December 31, 2025 (in thousands, except rates):

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
|  | **Amount** | **Rate** |
|  Income tax expense at U.S. Federal statutory Rate (21%) | $2165 | 21.0% |
|  State income taxes, net of federal benefit (a) | 963 | 9.3% |
|  Non-deductible and non-taxable items | 42 | 0.4% |
|  Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under accrual of prior year deferred taxes | 509 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax attributable to non-taxable entities | 207 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 208 | 2.1% |
|  Total income tax expense | $4094 | 39.7% |

---

(a) The jurisdictions that contribute the majority of the tax effect in this category are Alabama, Florida, South
Carolina, Tennessee, and Texas.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The following table presents the required disclosures prior to our adoption of ASU 2023-09. A reconciliation of the provision for income taxes to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31, 2024** |
|  Income tax expense at U.S. Federal statutory Rate (21%) | $7500 |
|  State income taxes | 2413 |
|  Taxes attributable to non-taxable entities | (2075) |
|  Over accrual in prior year | (337) |
|  Other | (67) |
|  Total income tax expense | $7434 |

---

Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2025** |
|  Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | $13 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and finance lease liabilities |  | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense limitation |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 170 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets | 183 | 1260 |
|  Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | $(4882) | $(6173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets |  | (1111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets and other | (12626) | (10451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | (17508) | (17735) |
|  Deferred tax liability | $(17325) | $(16475) |

---

The Company adopted ASU 2023-09 and has included the following table as a result of the adoption. A reconciliation of the income taxes paid for the year ended December 31, 2025 is as follows (in thousands):

---

| | |
|:---|:---|
|  Federal Taxes | $5012 |
|  State and Local Taxes: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut | 281.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida | 374.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana | 250.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee | 137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas | 373.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia | 252.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 240.0 |
|  Total cash taxes paid, net of refunds | $7202.0 |

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 17 – EMPLOYEE BENEFIT PLAN** 

The Company sponsors a qualified 401(k) plan that covers all U.S. employees. For the years ended December 31, 2024 and 2025, the Company contributions to the plan totaled $0.2 million and $0.3 million, respectively.

**NOTE 18 – SUBSEQUENT EVENTS** 

The date through which subsequent events have been evaluated is April 24, 2026. The financial statements were available to be issued at that time. Except as discussed below, the Company has identified no subsequent events that require adjustment to or disclosure in the consolidated financial statements.

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**ITG Parent, LLC** 

**CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **March 31,** |
|  | **2025** | **2026** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $3719 | $1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 141314 | 135533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 222094 | 262893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 17310 | 21230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 384437 | 421282 |
|  Property and equipment, net | 158492 | 156694 |
|  Operating lease right-of-use assets | 27926 | 26494 |
|  Finance lease right-of-use assets | 3019 | 2704 |
|  Goodwill | 187748 | 187748 |
|  Intangible assets, net | 211383 | 203136 |
|  Other long-term assets |  | 2450 |
|  Due from related party | 2832 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $975837 | $1003340 |
|  **LIABILITIES AND MEMBERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $41221 | $45681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 57245 | 65997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease obligations | 10969 | 10524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of finance lease obligations | 1221 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of equipment loans | 22493 | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of term loans | 16500 | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 149649 | 161959 |
|  Equipment loans, net | 65804 | 66436 |
|  Revolving line of credit | 30000 | 63000 |
|  Term loans, net | 623463 | 620314 |
|  Operating lease obligations, net | 17608 | 16598 |
|  Finance lease obligations, net | 1905 | 1584 |
|  Other long-term liabilities | 7100 | 6024 |
|  Contingent liability | 20088 | 20413 |
|  Deferred tax liability | 16475 | 15457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 932092 | 971785 |
|  **Commitments and contingencies (Note 15)** |  |  |
|  **Members' equity** | 43745 | 31555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and members' equity | $975837 | $1003340 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**ITG Parent, LLC** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** 

**(in thousands, except per unit amount)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2025** | **2026** |
|  **Revenue** | $225387 | $333922 |
|  **Cost of revenue, excluding depreciation and amortization** | 186605 | 281066 |
|  **Selling, general and administrative** | 14782 | 25572 |
|  **Depreciation and amortization** | 13257 | 20425 |
|  **Change in fair value of contingent liabilities** | 167 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 214811 | 328949 |
|  **Interest expense** | (6826) | (18225) |
|  **Other expense, net** | (988) | (919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before provision for income taxes | 2762 | (14171) |
|  **Provision (benefit) for income taxes** | 1184 | (1013) |
|  **Net income (loss)** | $1578 | $(13158) |
|  Earnings (loss) per unit – Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $0.01 | $(0.08) |
|  Weighted average number of units – Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and Diluted | 160000 | 160000 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**ITG Parent, LLC** 

**CONDENSED CONSOLIDATED STATEMENT OF MEMBERS' EQUITY (Unaudited)** 

**(in thousands)** 

---

| | |
|:---|:---|
| **For the three months ended March 31, 2025** | **Total Members'<br>Equity** |
|  **Balance at December 31, 2024** | $267369 |
|  Equity-based compensation | 645 |
|  Net income | 1578 |
|  **Balance at March 31, 2025** | $269592 |
| **For the three months ended March 31, 2026** | **Total Members'<br>Equity** |
|  **Balance at December 31, 2025** | $43745 |
|  Equity-based compensation | 1169 |
|  Distributions | (201) |
|  Net loss | (13158) |
|  **Balance at March 31, 2026** | $31555 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**ITG Parent, LLC** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2025** | **2026** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $1578 | $(13158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 6155 | 12178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 7102 | 8247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 302 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of operating right of use assets | 1836 | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (477) | (1018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of assets | (95) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of contingent liabilities | 167 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-based compensation | 645 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities, net of business acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 1560 | 5781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 27882 | (40799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 1600 | (4157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | (14706) | 10844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (1746) | (4335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of contingent liabilities |  | (1561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | 31803 | (18792) |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment | (12464) | (8529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of property and equipment | 305 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired | (3769) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (15928) | (8227) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of acquisition amounts due to sellers |  | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments made on term loans | (5905) | (4125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from line of credit | 2500 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments made on line of credit | (2500) | (127000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on finance leases |  | (297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to members |  | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from equipment loans | 10894 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments made on equipment loans | (2591) | (6457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 2398 | 24926 |
|  **NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS** | 18273 | (2093) |
|  **Cash and cash equivalents – beginning of period** | 7367 | 3719 |
|  **Cash and cash equivalents – end of period** | $25640 | $1626 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**ITG Parent, LLC** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $9916 | $26457.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for taxes | $638 | $678.0 |
|  **Supplemental disclosures of noncash investing and financing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued capital expenditures | $— | $658.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equity acquired through equipment loans | $— | $3102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term asset accrual | $— | $2450.0 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

<u>Organization</u> – ITG Parent, LLC ("ITG Parent") was formed on December 16, 2021, and had minimal activities until ITG Parent and ITG Purchaser, LLC acquired the outstanding membership units of ITG Communications, LLC ("ITG") and its wholly owned subsidiaries, Integrated Tech Group, LLC, TCB Telecom, LLC, Simplicity LLC ("Simplicity"), Broadband Technical Resources Incorporated ("BTR"), K&B Communications, LLC, and BTR Fiber, LLC on December 31, 2021. These entities perform installation, upgrade, maintenance and aerial and underground drops services for cable and fiber operators in the United States. In addition, it provides outside plant construction services including aerial and underground drops, fiber backhaul, aerial construction, directional boring and trenching, and multi-dwelling unit wiring. Collectively, ITG Parent and its subsidiaries, headquartered in Hendersonville, TN are referred to as the "Company" throughout this report.

<u>Basis of Accounting and Presentation</u> – The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

<u>Principles of Consolidation</u> – The accompanying consolidated financial statements include the accounts of ITG Parent and all of its wholly owned subsidiaries (collectively, the "Company"). All intercompany balances and transactions have been eliminated in consolidation.

<u>Unaudited Interim Financial Information</u> - The accompanying condensed consolidated balance sheets as of December 31, 2025 and March 31, 2026, the condensed consolidated statements of operations, members' equity and cash flows for the three months ended March 31, 2025 and 2026 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company's financial position as of March 31, 2026, and the results of its operations and its cash flows for the three months ended March 31, 2025 and 2026. The financial data and other information disclosed in these notes related to the three months ended March 31, 2025 and 2026 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period. The balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes as of and for the years ended December 31, 2024 and 2025.

<u>Estimates</u> – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ materially from those estimates, but management believes that the estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Significant estimates include estimated profit on contracts recognized over time based upon the output method, any variable consideration on revenue, incremental borrowing rates on operating leases, income taxes, fair value of assets acquired and liabilities assumed, contingent consideration issued in a business combination and equity-based compensation.

<u>Concentrations of Credit Risk</u> – The Company maintains cash balances at its bank. Accounts for each entity are insured by FDIC subject to certain limitations. At various times during the fiscal year, the Company's cash in bank balances may exceed the federally insured limits. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and trade accounts receivable.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

<u>Fair Value</u> – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows:

**Level 1** – Quoted prices in active markets for identical assets or liabilities.

**Level 2** – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

**Level 3** – Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities.

The fair values of the Company's cash and cash equivalents, accounts receivable, contract assets and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company's equipment and term loans and line of credit, which are Level 2 in the fair value hierarchy, approximates their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The fair value of the original contingent liability is determined based upon a Monte Carlo simulation using various inputs and assumptions regarding the Company, including the distributions for each class of equity based upon hypothetical valuations of the Company, an anticipated exit date and a discount rate. The fair values for the consideration of the subsequent acquisitions is determined based upon a Monte Carlo simulation using assumptions of the various inputs of the potential earnout payments, as discussed in Note 2. Amounts are reclassified out of contingent consideration when the value becomes known and payable. These liabilities are considered Level 3 fair values with the tables below noting the information for the liability in thousands.

---

| | |
|:---|:---|
|  Balance at December 31, 2024 | $8354 |
|  Change in fair value | 167 |
|  Balance at March 31, 2025 | $8521 |
|  Balance at December 31, 2025 | $20088 |
|  Change in fair value | 1886 |
|  Payment of contingent liabilities | (1561) |
|  Balance at March 31, 2026 | $20413 |

---

The Company follows the provisions of ASC Topic 820-10, *Fair Value Measurement,* for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company this applies to certain nonfinancial assets and liabilities acquired in business combinations, as well as contingent consideration amounts, and thereby measured at fair value. The Company has estimated such fair value primarily by third-party valuations and believes the long-term assets and liabilities recognized in accordance with those acquisitions would be considered Level 3 in the fair value hierarchy.

<u>Earnings per Unit ("EPU")</u> – Earnings per LLC member unit is calculated and reported under the "two-class" method. The "two-class" method is an earnings allocation method under which earnings per LLC member unit is calculated for each class of common LLC member units considering both distributions declared or accumulated and participation rights in undistributed earnings as if all such earnings had been distributed during the period.

The Company calculates basic earnings per common LLC member unit by dividing net income by the average number of each class of common LLC member unit outstanding during the period. Diluted earnings per

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

share is calculated in a similar manner after consideration of the potential dilutive effect of common LLC member unit equivalents on the average number of common LLC member units outstanding during the period. Dilution is not considered when a net loss is reported. Common LLC member unit equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per common LLC member unit. During the three months ended March 31, 2025 and 2026, the Company had no outstanding dilutive common LLC member units.

<u>Recent Accounting Pronouncements</u>

*Not Yet Adopted* 

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810), Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, to address stakeholder concerns about unintended consequences in transactions involving variable interest entities. Prior to adoption, if the legal acquiree was a VIE, the primary beneficiary of the VIE was always the accounting acquirer resulting in the application of acquisition accounting. Upon adoption, in certain situations, the primary beneficiary may not be the accounting acquirer and acquisition accounting may not be required. The update will be effective for annual periods beginning after December 15, 2026 but early adoption is permitted.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

**NOTE 2 – BUSINESS COMBINATIONS** 

*2025 Acquisitions* 

*Tilson Technology Acquisition* 

On August 25, 2025, the Company entered into an agreement with Tilson Technology Management, Inc. and Tilson Middle Street Holding, LLC (collectively "Tilson"), headquartered in Maine. The Company acquired certain assets and assumed certain liabilities of Tilson for an initial purchase price of $22.1 million in cash subject to customary purchase price adjustments, less $5 million for assets of Tilson sold to an unrelated third party. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $10.4 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $8.9 million, property and equipment of $12.0 million and $7.6 million of intangible assets. In addition, the Company assumed accounts payable of $3.5 million and accrued liabilities of $18.3 million.

*Vision Utility Acquisition* 

On August 30, 2025, the Company entered into an agreement with Vision Utility Services, Inc. (Vision), headquartered in Springdale, Arkansas. The Company acquired certain of the assets of Vision for an initial purchase price of $21.5 million in cash subject to customary purchase price adjustments plus the potential for additional earnout payment up to $5.0 million. The Company estimated the earnout payments had no fair value.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $1.6 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $6.5 million, property and equipment of $8.0 million and $5.4 million of intangible assets.

*Quasar Acquisition* 

On October 8, 2025, the Company entered into an agreement with the stockholders of Quasar, Inc. (Quasar), headquartered in Woodstock, Georgia, with operations in the United States, Poland and the United Kingdom. The Company acquired certain of the assets of Quasar for a purchase price of $43.6 million in cash subject to customary purchase price adjustments. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $11.6 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $13.6 million, property and equipment of $0.2 million and $18.1 million of intangible assets.

*Advantage Utilities* 

On November 2, 2025, the Company entered into an agreement with Advantage Utilities LLC (Advantage), headquartered in Newton, New Hampshire. The Company acquired certain of the assets of Advantage for a purchase price of $23.1 million in cash subject to customary purchase price adjustments plus the potential for additional earnout payments. The earnout payments will be calculated at 50% of the Adjusted EBITDA, as defined in the agreement, less depreciation expense for each of the three 12-month periods following the close of the acquisition. In order to be eligible for these payments, the target Adjusted EBITDA amount must be reached. The Company recorded the earnout payments at an estimated fair value of $5.4 million. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values.

Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $5.6 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $6.3 million, property and equipment of $4.3 million and $12.3 million of intangible assets.

*Additional Acquisitions* 

During the year ended December 31, 2025, the Company completed an additional three acquisitions in which the Company acquired certain assets of the entities. Each of the acquisitions is being accounted for as a business combination using the acquisition method of accounting. The total cash consideration for these acquisitions amounted to $14.3 million subject to customary purchase price adjustments. One of the acquisitions includes a potential earnout payment of $0.5 million if certain revenue and gross margin criteria are achieved in the succeeding 12-month period plus an additional 10% of any revenue increase year over year for each year of a three-year period. Another of the acquisitions includes up to $5 million in potential earnout payments, consisting of $2.5 million in each of the succeeding two years, if certain revenue and gross margin criteria are achieved during the two 12-month periods. The fair value assigned to the potential earnout payments was a total of $3.3 million resulting in total goodwill allocated to these acquisitions of $8.4 million.

*Pro Forma Financial Information (Unaudited)* 

The unaudited pro forma financial information for the quarter ended March 31, 2025, below gives effect to the seven acquisitions as if they had been completed on January 1, 2025. The pro forma results of operations are presented for informational purposes only. As such, they are not necessarily indicative of the Company's results had the acquisitions been completed on January 1, 2025, nor do they intend to represent the Company's future results.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

The unaudited pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions and does not reflect additional revenue opportunities following the acquisitions. The supplemental pro forma disclosures in the table below include adjustments for (i) depreciation and amortization expense that would have been recognized related to the acquired property and equipment and intangibles, and (ii) incremental interest expense associated with borrowings under our Credit Agreement for the any additional amounts borrowed for the acquisitions and the recapitalization on July 9, 2025, along with reduction of interest expense on historical borrowings of the acquisitions that were not assumed. (in thousands):

---

| | |
|:---|:---|
|  | **Three Months<br>Ended<br>March 31,<br>2025** |
|  Revenue | $391928 |
|  Net loss | $(12214) |

---

**NOTE 3 – CONTRACT ASSETS** 

The Company's contracts with customers generate certain contract balances in the normal execution of providing services. Contract assets include revenues recognized from unbilled revenues, and retainage amounts receivable pursuant to provisions in the contracts and may not be paid until the completion of the specific project and, in some instances, for even longer periods.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2026** |
|  Retainage receivables | $10042 | $10249 |
|  Unbilled revenues | 212052 | 252644 |
|  Total contract assets | $222094 | $262893 |

---

**NOTE 4 – PROPERTY AND EQUIPMENT** 

Property and equipment consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31,<br>2026** |
|  Leasehold improvements | $1325 | $1424 |
|  Machinery and equipment | 225884 | 233990 |
|  Furniture and fixtures | 1002 | 1056 |
|  Computers | 3077 | 3204 |
|  Total | 231288 | 239674 |
|  Less accumulated depreciation | (72796) | (82980) |
|  Property and equipment, net | $158492 | $156694 |

---

Depreciation expense amounted to $6.2 million and $12.2 million for the three months ended March 31, 2025 and 2026, respectively.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 5 – INTANGIBLE ASSETS** 

The Company had the following amounts related to intangible assets, all of which are amortizable (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Total** |
|  Customer relationships | $279830 | $(88263) | $191567 |
|  Trade name/trademarks | 25000 | (11111) | 13889 |
|  Developed technology | 4000 | (2286) | 1714 |
|  Non-compete agreements | 5870 | (1657) | 4213 |
|  Intangible assets, net | $314700 | $(103317) | $211383 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Total** |
|  Customer relationships | $279830 | $(95300) | $184530 |
|  Trade name/trademarks | 25000 | (11806) | 13194 |
|  Developed technology | 4000 | (2428) | 1572 |
|  Non-compete agreements | 5870 | (2030) | 3840 |
|  Intangible assets, net | $314700 | $(111564) | $203136 |

---

Amortization expense related to these intangible assets was approximately $7.1 million and $8.2 million for the three months ended March 31, 2025 and 2026, respectively.

**NOTE 6 – ACCRUED EXPENSES** 

Accrued expenses consists of the following as of (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31,<br>2026** |
|  Payroll and other compensation costs | $8400 | $10806 |
|  Insurance | 3810 | 7729 |
|  Interest | 9775 | 272 |
|  Sales tax payable | 1468 | 1588 |
|  Amounts due to sellers from acquisitions | 12269 | 11769 |
|  Accrued liabilities assumed in acquisition | 7911 | 7348 |
|  Other | 13612 | 26485 |
|  Total | $57245 | $65997 |

---

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 7 – DEBT** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31,<br>2026** |
|  Term loan | $660000 | $655875 |
|  Revolving line of credit | 30000 | 63000 |
|  Total principal amount | 690000 | 718875 |
|  Less: current portion of long term debt | (16500) | (16500) |
|  Less: debt issuance costs, net | (20037) | (19061) |
|  Total long-term debt, net | $653463 | $683314 |

---

*Credit Agreement* 

On July 9, 2025, the Company entered into a new $540.0 million senior secured credit agreement. The debt is collateralized by substantially all of the assets of the Company. The agreement provided a senior secured term loan of $540.0 million with a maturity date of July 9, 2031, and a senior secured revolving line of credit of $100.0 million with a maturity date of July 9, 2030.

The term loan agreement requires quarterly principal payments based on the aggregate principal balance of 0.625% or $3.4 million beginning on March 31, 2026, until December 31, 2027. Beginning on March 31, 2028, the quarterly principal payments increase to 1.25% of the aggregate principal balance or $6.8 million through the Maturity Date at which time any remaining balance is due in full.

The Credit Agreement includes a non-utilization fee which requires quarterly payments on any un-used portion of revolving loan initially equal to 0.375% subject to adjustment based upon the Company's consolidated first lien secured leveraged ratio (as defined in the agreement), on a quarterly basis.

The Credit Agreement provides for an interest rate equal to either the Base Rate or the SOFR plus the applicable rate, as defined in the agreement. The Base Rate charged is initially the Prime Rate or the Federal Funds Rate plus 0.5% plus the applicable rate of 3.75% and the SOFR is at the one-month SOFR plus 1% plus the applicable rate of 4.75% for the term loans and for the revolving line of credit the applicable rate is initially 3.50% for the Base Rate loans and the applicable rate is 4.50% for the SOFR loans. As of March 31, 2026, the interest rate is 10.25%.

The Credit Agreement provides for a mandatory prepayment equal to fifty percent of excess cash flow ("ECF") as defined within the agreement. This prepayment is due within 10 days of the date on which the annual audited financial statements are delivered until borrowings on the Credit Agreement are paid in full. The ECF begins with the year ending December 31, 2026. In addition, there are other events defined in the agreement, such as asset sales and casualty events, that would trigger mandatory prepayments. As of March 31, 2026, the Company is not subject to payments required under the ECF.

On August 29, 2025, the Company entered into an amendment to the Credit Agreement for an additional $75.0 million term loan with the same general payment terms, maturity date and interest rates. Furthermore, on December 30, 2025, there was an additional amendment for a $45.0 million term loan under the same Credit Agreement with no significant changes to any of the terms of the agreement. On the same date, the revolving line of credit was increased to $185.0 million.

The Credit Facility subjects the Company to a number of restrictive covenants, including financial covenants. These financial covenants include a consolidated first lien secured leverage ratio, as defined in the Credit Agreement. As of March 31, 2026, the Company was in compliance with all required covenants.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

*Previous Credit Agreement* 

On December 30, 2021, the Company entered into a $200.0 million Term Loan Credit and Guarantee Agreement. The Term Loan is secured by assets of the Company and is guaranteed by ITG Parent and subsidiaries. The loan was payable in quarterly installments of $2.5 million from March 31, 2024 through December 31, 2024 and $3.75 million from March 31, 2025 and each quarter thereafter until the loan was set to mature on December 31, 2026, at which time any remaining outstanding amount would be due. The Company also entered into a Revolving Loan, a Letter of Credit facility and a Swing Line facility as part of the agreement.

In 2022 and 2023, the Company entered amendments to the credit agreement which established a separate Term Loan A-1 and A-2 in which the Company borrowed $25.0 million and $20.0 million, respectively. These term loans had the same final maturity date as the original term loan and had total quarterly payments of $0.6 million each quarter in 2024 and a quarterly payment of $0.9 million beginning with the quarter ended March 31, 2025 through September 30, 2026 with the remainder due at the maturity date.

On February 3, 2024, the Company entered into the Third Amendment to the Credit Agreement and Incremental Facility Agreement that, among other things, establish a new Term Loan A-3 for an amount of $50.0 million to fund an acquisition. This term loan had the same final maturity date as the original term loan and had quarterly payments $0.6 million starting June 30, 2024 through December 31, 2024 and $0.9 million due starting March 31, 2025 through September 30, 2026 with the remainder due at the maturity date.

On March 30, 2024, the Company entered into the Fourth Amendment to the Credit Agreement and Incremental Facility Agreement that, among other things, establish a new Term Loan A-4 for an amount of $20.0 million to fund another acquisition. This term loan had the same final maturity date as the original term loan and has quarterly payments of $0.3 million due starting June 30, 2024 through December 31, 2024 and $0.4 million each quarter beginning with the quarter ended March 31, 2025 through September 30, 2026 with the remainder due at the maturity date. In addition, the Fourth Amendment increased the Revolving Credit Facility to a total commitment of $70.0 million.

The Term Loan, Term Loan A-1 and Term Loan A-3 accrue interest equal to the base rate, as defined in the Credit Agreement, (Base Rate Loan) plus an applicable margin. The Term Loan A-2 and Term Loan A-4 accrue interest equal to the SOFR, as defined in the Credit Agreement, (SOFR Loan) plus an applicable margin, and the Revolving Loan and Swing Line facility accrue interest at either the base rate or SOFR plus applicable margin

The outstanding amount on these term loans and revolving credit facility was paid on July 9, 2025, in connection with the Company entering into a new senior secured credit agreement.

*Equipment Loans* 

The Company has also executed a number of equipment loan agreements. The equipment loan agreements are based upon the type of equipment and are financed at stated rates per contract over various periods and with varying monthly payments. The interest rates are at various fixed market values ranging from 6.09% to 8.79%. The balance of these loans as of December 31, 2025 and March 31, 2026 was $88.3 million and $88.5 million, respectively.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 8 – LEASES** 

The details of the Company's operating leases are as follows for the three months ended March 31, (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2026** |
|  Operating lease expense | $2736 | $3735 |
|  Variable lease expense | 942 | 1940 |
|  Short-term lease expense | 29 | 288 |
|  Total lease expense | $3707 | $5963 |

---

Supplemental cash flow and other information related to operating leases for the three months ended March 31, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2026** |
|  Operating cash flows from operating leases | $2729 | $3863 |
|  Noncash investing activities: |  |  |
|  Lease liabilities arising from obtaining right-of-use assets during the year | $3496 | $2880 |

---

**NOTE 9 – EARNINGS PER UNIT** 

The Amended LLC Agreement prescribes the amount and priority of cash distributions that various classes of common LLC member units will receive. Distributions are declared periodically at the determination of the board of directors, which determination may include the imposition on all holders of common LLC member unit of certain terms and conditions on the receipt of any distributions (including, but not limited to, the repayment or return of all or any portion of such distributions to the Company in order to satisfy the Company's indemnification and other obligations in connection with the divestiture of any assets of the Company or its subsidiaries). All distributions are further subject to the retention and establishment of reserves, or payment to third parties, of such funds as the Board deems necessary with respect to the reasonable business needs and obligations of the Company. During the three months ended March 31, 2025 and 2026, the Company allocated 100% of the income (loss) to Class A Unit holders based on the provisions of the Amended LLC Agreement.

Net income per common unit was computed as follows (in thousands, except per unit amount):

---

| | |
|:---|:---|
| **March 31, 2025** | **Class A Units** |
|  **Allocation of net income:** |  |
|  Undistributed earnings | $1578 |
|  **Net income per common unit - basic and diluted:** |  |
|  Weighted average units outstanding | 160000 |
|  Net income per common unit - basic and diluted | $0.01 |
| **March 31, 2026** | **Class A Units** |
|  **Allocation of net loss:** |  |
|  Undistributed losses | $(13158) |
|  **Net loss per common unit - basic and diluted:** |  |
|  Weighted average units outstanding | 160000 |
|  Net loss per common unit - basic and diluted | $(0.08) |

---

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 10 – MEMBERS' EQUITY** 

Members' equity is comprised of several classes of units. Class A units are voting units and have first priority upon distribution with a return of capital plus an unpaid yield in accordance with the Amended and Restated Limited Liability Agreement ("Parent LLC Agreement"). As of December 31, 2025 and March 31, 2026, there are 160 million Class A units outstanding. Class B units are also voting units and have second priority distribution with a return of capital and an unpaid yield in accordance with the Parent LLC Agreement.

As of December 31, 2025 and March 31, 2026, there are 77.5 million vested Class B units and 10 million unvested Class B units that will vest after the owners of Class A units have received distributions that equal a certain multiple as defined in the Parent LLC Agreement. Class C, D and X units are all non-voting units. There were 10 million Class C units issued in conjunction with the acquisition of ITG to certain members of management. These units would receive distributions of up to $45 million in a waterfall calculation in accordance with the Parent LLC Agreement but are lower in priority than the Class A, B, D and X units. Class D units are management incentive units as discussed in Note 11. As of December 31, 2025 and March 31, 2026, there were a total of 20.7 million Class D units allocated to be issued. In conjunction with the acquisition of ITG, there were a total of 4 million Class X units issued to the former owners of ITG. These units would receive distributions of up to $4 million and an unpaid yield amount after Classes A and B receive a certain amount of distributions in accordance with the Parent LLC Agreement.

The profits and losses of the Company in any year are allocated among each class of units based upon the net amount that the holders of those units would receive upon a hypothetical liquidation and distribution as defined in the Parent LLC Agreement.

On July 9, 2025, the Company issued a special distribution of $226.1 million to members using proceeds from the Credit Agreement. Of this amount, $175.2 million was distributed to the owners of Class A units and the remainder was distributed to the Class B unitholders.

**NOTE 11 – EQUITY-BASED COMPENSATION** 

The Company accounts for equity grants to employees (Class D units) as equity-based compensation under ASC 718, Compensation—Stock Compensation. The Class D units of ITG Parent contain vesting provisions as defined in the agreement. Vested units do not forfeit upon termination and represent a residual interest. Equity-based compensation cost is measured at the estimated grant date fair value.

The Class D units issued to employees are measured at estimated fair value on the grant date based on a valuation using a Monte Carlo simulation based upon various inputs and assumptions. The Company utilizes the estimated weighted average of the expected fund life dependent on various exit scenarios to estimate the expected term of the awards. Expected volatility is based on the average of historical and implied volatility of a set of comparable companies, adjusted for size and leverage. The risk-free rates are based on the yields of U.S. Treasury instruments with comparable terms. Actual results may vary depending on the assumptions applied within the model.

During the three months ended March 31, 2025, the Company issued no Class D units and 114,434 Class D units were forfeited.

During the three months ended March 31, 2026, the Company issued a total of 1,475,000 Class D units to certain employees and no Class D units were forfeited. The grant date fair value of these units issued was determined to be approximately $3.2 million. Compensation expense of approximately $0.6 million and $1.2 million was recorded during the three months ended March 31, 2025 and 2026, respectively, and there is unrecognized compensation expense at March 31, 2026, of $16.2 million, which is expected to be recognized over a weighted-average period of 4.0 years.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 12 – SEGMENT REPORTING** 

Management has determined that the Company functions as a single operating segment and thus reports as a single reportable segment which derives revenues by providing specialty contracting services throughout the United States. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. In particular, management assessed the discrete financial information routinely reviewed by the Company's chief operating decision maker ("CODM"), its Chief Executive Officer, to monitor the Company's operating performance and support decisions regarding allocation of resources to its operations. The CODM assesses segment performance and determines annual budgeting and forecasting using net income, which is reported in the Company's consolidated statements of operations.

Specifically, performance is continuously monitored at the consolidated and, as necessary, the individual contract level to timely identify deviations from expected results.

Resource allocations are based on the needs of the customers and the capacity of the Company's service personnel to pursue new project opportunities, including reallocation of underutilized personnel where additional resources might be required to fully meet demand. Other factors further supporting this conclusion include substantial similarities throughout all of the Company's operations with respect to services provided, type of customers, and service delivery methodologies.

The following table presents selected financial information with respect to the Company's single operating segment as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2026** |
|  Revenue | $225387 | $333922 |
|  Cost of revenue, excluding depreciation and amortization | 186605 | 281066 |
|  Selling, general and administrative | 14782 | 25572 |
|  Depreciation and amortization | 13257 | 20425 |
|  Change in fair value of contingent liabilities | 167 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 214811 | 328949 |
|  Interest expense | (6826) | (18225) |
|  Other expense, net | (988) | (919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before provision for income taxes | $2762 | $(14171) |

---

The measure of segment assets is reported in the Company's consolidated balance sheets.

**NOTE 13 – MAJOR CUSTOMERS** 

For the three months ended March 31, 2025, one customer accounted for 38% of the Company's revenues. Accounts receivable from that customer is 42% of total accounts receivable as of December 31, 2025. In addition, there was a second customer that accounted for 29% of the Company's revenue for the three months ended March 31, 2025 and 7% of the Company's accounts receivable as of December 31, 2025.

For the three months ended March 31, 2026, one customer accounted for 37% of the Company's revenues. Accounts receivable from that customer is 44% of total accounts receivable as of March 31, 2026. In addition, there was a second customer that accounted for 24% of the Company's revenue for the three months ended March 31, 2026 and 4% of the Company's accounts receivable as of March 31, 2026.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 14 – RELATED PARTY TRANSACTIONS** 

The Company subcontracts certain services with an entity owned by family of one of the minority members. For the three months ended March 31, 2025 and 2026, we paid approximately $0.2 million and $0.4 million, respectively, to this entity. In addition, we engaged an entity owned by family of another minority member for subcontractor services and paid approximately $0.3 million and $0.3 million to this entity for the three months ended March 31, 2025 and 2026, respectively. These expenses are reflected in cost of revenue, excluding depreciation and amortization on the consolidated statements of operations.

In addition, the Company purchased uniform and apparel products from an entity owned by family of one of our management team. We paid $0.1 million and $0.1 million to this entity during the three months ended March 31, 2025 and 2026, respectively, and the expenses are included in cost of revenue, excluding depreciation and amortization on the consolidated statements of operations.

The Company has a property lease with an entity that is owned by certain of the minority members of ITG Parent. The Company paid a total of $0.1 million to the related entity for this lease during the three months ended March 31, 2025. During the first quarter of 2026, this property was sold by the minority members to an unrelated third party.

In conjunction with the initial acquisition, the Company is due approximately $2.4 million from certain members of the ITG Parent through a note receivable. The note receivable bears interest at the rate of 5.5% and does not have a specified maturity date. As of December 31, 2025 and March 31, 2026, approximately $0.4 million has been recorded for interest income due on the note.

In conjunction with the initial acquisition, the Company entered into an agreement with certain members in which it could owe $10.0 million upon a Trigger Event, as defined in the agreement, and would incur interest at a rate of 8% per annum. The fair value of this contingent payment is $11.4 million and $11.7 million as of December 31, 2025 and March 31, 2026, respectively.

**NOTE 15 – COMMITMENTS AND CONTINGENCIES** 

The Company is from time to time subject to legal proceedings and claims, which arise in the normal course of its business. In the opinion of management and legal counsel, the amount of losses that may be sustained, if any, would not have a material effect on the financial position, results of operations or cash flows of the Company.

**NOTE 16 – INCOME TAXES** 

On July 4, 2025, the "One Big Beautiful Bill Act" ("Act") was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in 2025. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures, accelerated bonus depreciation for property and equipment, changes in calculating interest expense limitations, and other provisions.

The Company provides for income taxes for the corporate tax return filed by Broadband Technical Resources Inc. based on the provisions of ASC 740, *Income Taxes.* ITG Parent, LLC; ITG Communications, LLC; Integrated Tech Group, LLC; TCB Telecom, LLC; Simplicity LLC; K&B Communications, LLC; and BTR Fiber, LLC are pass-through entities for tax paying purposes at both the federal and state level, except for certain states that have margin or franchise taxes that are considered income taxes for financial statement reporting purposes. Accordingly, no provisions are made for income tax liability for those entities on a federal level and also at the state level for those that recognize the pass-through status. Broadband Technical Resources, Inc. is a C-Corp and files federal and state income tax returns.

------

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

In calculating the provision for interim income taxes, in accordance with ASC Topic 740, an estimated annual effective tax rate is applied to year-to-date ordinary income, adjusted for any discrete events during the period. At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The Company's effective income tax rate for the three months ended March 31, 2025 and 2026, was 42.9% and 7.1%, respectively.

For annual periods, the Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change.

The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management's estimates of the ultimate outcome of various tax uncertainties. The Company recognizes penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying condensed consolidated statements of operations. The Company recognizes penalties and interest related to uncertain tax positions within the income tax expense line in the accompanying condensed consolidated statements of operations.

The Company files U.S. federal and certain state income tax returns. The income tax returns of the Company are subject to examination by U.S. federal and state taxing authorities for various time periods, depending on those jurisdictions' rules, generally after the income tax returns are filed.

**NOTE 17 – SUBSEQUENT EVENTS** 

The date through which subsequent events have been evaluated is May 21, 2026. The financial statements were available to be issued at that time. Except as discussed below, the Company has identified no subsequent events that require adjustment to or disclosure in the consolidated financial statements.

------

**19,512,196 Shares** 

**Class A Common Stock**![LOGO](g103576g00x41.jpg)

***Joint Bookrunners***

---

| | | | |
|:---|:---|:---|:---|
| **Morgan Stanley** | **Citigroup** | **UBS Investment Bank** | **Stifel** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BofA Securities** | **Baird** | **Santander** | **KeyBanc Capital Markets** | **Truist Securities** |

---

***Co-Managers***

---

| | | | |
|:---|:---|:---|:---|
| **Houlihan Lokey** | **BTIG** | **Capital One Securities** | **Regions Securities LLC** |

---

**Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

------

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. Other Expenses of Issuance and Distribution** 

The following table sets forth all expenses to be paid by the registrant, other than estimated underwriting discounts and commissions, in connection with this offering. All expenses will be borne by the registrant. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee.

---

| | |
|:---|:---|
|  | **Amount to be Paid** |
|  SEC Registration Fee | $63526 |
|  FINRA filing fee | 15500 |
|  Nasdaq listing fee | 325000 |
|  Printing | 450000 |
|  Legal fees and expenses | 8100000 |
|  Accounting fees and expenses | 2800000 |
|  Transfer agent and registrar fees | 3500 |
|  Miscellaneous expenses | 3242474 |
|  Total: | $15000000 |

---

**Item 14. Indemnification of Directors and Officers.** 

Section 145 of the DGCL authorizes a corporation's Board of Directors to grant, and authorizes a court to award, indemnity to directors, officers, employees or agents. As permitted by Section 102(b)(7) of the DGCL, the registrant's certificate of incorporation to be in effect upon the closing of this offering includes provisions that eliminate the personal liability of its directors and officers for monetary damages for breach of their fiduciary duty as directors and officers, except for liability (i) for any breach of the director's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful stock repurchases, redemptions or other distributions or (iv) for any transaction from which the director derived an improper personal benefit.

In addition, as permitted by Section 145 of the DGCL, the bylaws of the registrant provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The registrant shall indemnify its directors and officers for serving the registrant in those capacities or for
serving other business enterprises at the registrant's request, to the fullest extent permitted by Delaware law. Delaware law provides that a corporation may indemnify such person if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the registrant and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The registrant may, in its discretion, indemnify employees and agents in those circumstances where
indemnification is permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The registrant is required to advance expenses, as incurred, to its directors and officers in connection with
defending a proceeding, except that such director or officer shall undertake to repay such advances if it is ultimately determined that such person is not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The registrant is not obligated pursuant to the bylaws to indemnify a person with respect to proceedings
initiated by that person, except with respect to proceedings authorized by the registrant's Board of Directors or brought to enforce a right to indemnification.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The rights conferred in the bylaws are not exclusive, and the registrant is authorized to enter into
indemnification agreements with its directors, officers, employees and agents and to obtain insurance to indemnify such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The registrant may not retroactively amend the bylaw provisions to reduce its indemnification obligations to
directors, officers, employees and agents.

We also maintain directors' and officers' insurance to insure such persons against certain liabilities.

We intend to enter into separate indemnification agreements with our directors and officers. Each indemnification agreement will provide, among other things, for indemnification to the fullest extent permitted by law and our certificate of incorporation and bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements will provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our certificate of incorporation and bylaws.

These indemnification provisions may be sufficiently broad to permit indemnification of the registrant's officers and directors for liabilities (including reimbursement of expenses incurred) arising under the Securities Act.

The underwriting agreement filed as Exhibit 1.1 to this registration statement provides for indemnification by the underwriters of the registrant and its officers and directors for certain liabilities arising under the Securities Act and otherwise.

**Item 15. Recent Sales of Unregistered Securities.** 

In connection with our incorporation on January 15, 2026, under the laws of the State of Delaware, we issued 100 shares of our common stock, par value $0.001 per share, to Oaktree Main Fund for an aggregate purchase price of $0.10. The shares of our common stock described in this Item 15 were issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act as sales by an issuer not involving any public offering.

**Item 16. Exhibits and Financial Statement Schedules.** 

See the Exhibit Index immediately following the signature page hereto, which is incorporated by reference as if fully set forth herein.

**Item 17. Undertakings.** 

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For purposes of determining any liability under the Securities Act, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of
this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

**EXHIBIT INDEX** 

**Item 16. Exhibits** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Document** |
| 1.1 | [Form of Underwriting Agreement](d103576dex11.htm) |
| 3.1\* | [Certificate of Incorporation of ITG, Inc., dated January 15, 2026](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex31.htm) |
| 3.2\* | [Form of Certificate of Incorporation, as will be in effect immediately prior to the closing of this offering](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex32.htm) |
| 3.3\* | [Bylaws of ITG, Inc., dated January 15, 2026](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex33.htm) |
| 3.4\* | [Form of Amended and Restated Bylaws, as will be in effect immediately prior to the closing of this offering](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex34.htm) |
| 5.1 | [Opinion of Kirkland & Ellis LLP](d103576dex51.htm) |
| 10.1\* | [Credit Agreement, dated July 9, 2025, by and among ITG Communications, LLC, as borrower, ITG Purchaser, LLC, as holdings, Banco Santander, S.A., New York Branch, as administrative agent, U.S. Bank National Association, as collateral agent, the lenders party thereto from time to time and Banco Santander, S.A., New York Branch, Capital One, National Association, MUFG Bank, Ltd., Regions Capital Markets, A Division of Regions Bank, Truist Securities, Inc. and U.S. Bank National Association, as joint lead arrangers and joint bookrunners](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex101.htm) |
| 10.2\* | [Amendment No. 1 to the Credit Agreement](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex102.htm) |
| 10.3\* | [Amendment No. 2 to the Credit Agreement](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex103.htm) |
| 10.4 | [Form of Stockholders Agreement](d103576dex104.htm) |
| 10.5 | [Form of Tax Receivable Agreement](d103576dex105.htm) |
| 10.6 | [Form of Registration Rights Agreement](d103576dex106.htm) |
| 10.7\* | [Form of Director and Officer Indemnification Agreement](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex107.htm) |
| 10.8†\* | [Form of 2026 ITG, Inc. Omnibus Incentive Plan](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex108.htm) |
| 10.9†\* | [Employment Agreement, dated December 30, 2021, by and among ITG Communications, LLC, Integrated Tech Group, LLC and Michael G. Brooks](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex109.htm) |
| 10.10†\* | [Amendment to Employment Agreement, dated June 4, 2026, by and among ITG Communications, LLC, Integrated Tech Group, LLC and Michael G. Brooks](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1010.htm) |
| 10.11†\* | [Employment Agreement, dated December 30, 2021, by and among ITG Communications, LLC, Integrated Tech Group, LLC and Guilherme Elias](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1011.htm) |
| 10.12†\* | [Offer Letter, dated December 13, 2021, by and between ITG Communications, LLC and Joel Rivas](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1012.htm) |
| 10.13†\* | [Second Addendum to Offer Letter, dated June 4, 2026, by and between ITG Communications, LLC and Joel Rivas](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1013.htm) |
| 10.14†\* | [Employee Agreement Not to Compete, dated January 2, 2022, by and between ITG Communications, LLC and Joel Rivas](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1014.htm) |
| 10.15†\* | [ITG Protective Covenants Agreement, dated September 26, 2024, by and between ITG Communications, LLC and Joel Rivas](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1015.htm) |
| 10.16†\* | [Employment Agreement, dated February 27, 2026, by and among ITG Communications, LLC, Integrated Tech Group, LLC and Christopher H. Mecray](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1016.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Document** |
| 10.17†\* | [Offer Letter, dated March 13, 2026, by and among ITG Communications, LLC, Integrated Tech Group, LLC and Andrew D. Parrott](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1017.htm) |
| 10.18†\* | [Restrictive Covenant Agreement, dated March 20, 2026, by and between ITG Communications, LLC and Andrew D. Parrott.](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1018.htm) |
| 10.19†\* | [Form of Director Compensation Policy.](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1019.htm) |
| 10.20\* | [Letter Agreement, dated December 29, 2021, by and among ITG Parent, LLC, Michael G. Brooks, Peter A. Giacalone, Christopher Perkins, Troy McClendon, Tracey Giacalone, Christopher Cowart, Guilherme Elias and Jerry Taylor](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1020.htm) |
| 10.21\* | [Amendment No. 1 to Letter Agreement, dated June 4, 2026, by and among ITG Parent, LLC, Michael G. Brooks, Peter A. Giacalone, Christopher Perkins, Troy McClendon, Tracey Giacalone, Christopher Cowart, Guilherme Elias and Jerry Taylor](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex1021.htm) |
| 10.22 | [Form of Amended and Restated Limited Liability Company Agreement of ITG Parent, LLC](d103576dex1022.htm) |
| 16.1 | [Letter from RSM US LLP, dated as of June 22, 2026](d103576dex161.htm) |
| 21.1\* | [List of Subsidiaries of the Registrant](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex211.htm) |
| 23.1\* | [Consent of Kirkland & Ellis LLP (included in Exhibit 5.1)](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex51.htm) |
| 23.2 | [Consent of Grant Thornton LLP, as to ITG, Inc.](d103576dex232.htm) |
| 23.3 | [Consent of Grant Thornton LLP, as to ITG Parent, LLC](d103576dex233.htm) |
| 23.4 | [Consent of RSM US LLP, as to ITG Parent, LLC](d103576dex234.htm) |
| 23.5 | [Consent of Altman Solon US, LP](d103576dex235.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of the initial filing of this registration statement)](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576ds1.htm#sig) |
| 99.1\* | [Consent of Francis A. Braun III](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex991.htm) |
| 99.2\* | [Consent of Dylan G. Petre](http://www.sec.gov/Archives/edgar/data/0002110117/000119312526259828/d103576dex992.htm) |
| 107 | [Filing Fee Table](d103576dexfilingfees.htm) |

---

\* Previously filed.

† Management contract or compensatory plan or arrangement.

Financial Statement Schedules

All financial statement schedules are omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, ITG, Inc. has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Fort Lauderdale, State of Florida, on June 22, 2026.

---

| | |
|:---|:---|
| **ITG, Inc.** | **ITG, Inc.** |
| By: | /s/ Andrew D. Parrott |
|  | Name: Andrew D. Parrott |
|  | Title: Chief Executive Officer and Director |

---

\* \* \*

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Andrew D. Parrott<br> Andrew D. Parrott | Chief Executive Officer and Director *(Principal Executive Officer)* | June 22, 2026 |
| /s/ Christopher H. Mecray<br> Christopher H. Mecray | Chief Financial Officer<br> *(Principal Financial Officer and Principal Accounting Officer)* | June 22, 2026 |
| \*<br> Michael G. Brooks | Chair of the Board of Directors | June 22, 2026 |
| \*<br> Peter A. Giacalone | Director | June 22, 2026 |
| \*<br> William G. LaPerch | Director | June 22, 2026 |
| \*<br> James S. Lee | Director | June 22, 2026 |
| \*<br> Nicholas G. Papadakis | Director | June 22, 2026 |
| \*<br> Robert L. Wu | Director | June 22, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Andrew D. Parrott |
|  | Andrew D. Parrott |
|  | Attorney-in-Fact |

---

## Exhibit 1.1

**Exhibit 1.1** 

**[•] Shares** 

**ITG, INC.** 

**CLASS A COMMON STOCK, PAR VALUE $0.001 PER SHARE** 

**UNDERWRITING AGREEMENT** 

[•], 2026

------

[•], 2026

Morgan Stanley & Co. LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Stifel, Nicolaus & Company, Incorporated

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

c/o UBS Securities LLC

11 Madison Avenue

New York, New York 10010

c/o Stifel, Nicolaus & Company, Incorporated

787 Seventh Avenue, 11th Floor

New York, New York 10019

Ladies and Gentlemen:

ITG, Inc., a Delaware corporation (the "**Company**"), proposes, subject to the terms and conditions set forth in this agreement (this "**Agreement**"), to issue and sell to the several Underwriters named in Schedule I hereto (the "**Underwriters**") an aggregate of [•] shares of the Class A common stock, par value $0.001 per share, of the Company (the "**Class A Common Stock**"). Such shares of Class A Common Stock to be sold by the Company shall hereinafter be referred to as the "**Firm Shares**."

The Company and OCM Power VI AIV Holdings (Delaware), L.P., a Delaware limited partnership and stockholder of the Company (the "**Selling Stockholder**"), severally propose, subject to the terms and conditions set forth in this Agreement, to sell to the several Underwriters not more than [•] shares of Class A Common Stock (the "**Additional Shares**"), of which [•] shares of Class A Common Stock are to be issued and sold by the Company and [•] shares of Class A Common Stock are to be sold by the Selling Stockholder, if and to the extent that Morgan Stanley & Co. LLC ("**Morgan Stanley**"), Citigroup Global Markets Inc. ("**Citi**"), UBS Securities LLC ("**UBS**") and Stifel, Nicolaus & Company, Incorporated, as representatives of the offering (the "**Representatives**"), shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of Class A Common Stock granted to the Underwriters in Section 3 hereof.

------

The Firm Shares and the Additional Shares are hereinafter collectively referred to as the "**Shares**." The shares of Class A Common Stock, together with the shares of Class B common stock, par value $0.001 per share, of the Company, to be outstanding after giving effect to the sales contemplated hereby are hereinafter referred to as the "**Common Stock**." The Company and the Selling Stockholder are hereinafter sometimes collectively referred to as the "**Sellers**."

In connection with the offering contemplated by this Agreement, the "Transactions" (as such term is defined in the Registration Statement, the Time of Sale Prospectus and the Prospectus (each as defined below) under the caption "Organizational Structure—Transactions") were or will be effected, pursuant to which, among other things, a wholly owned subsidiary of the Company will become the sole managing member of ITG Parent, LLC, a Delaware limited liability company ("**ITG Parent**") and the Company will operate and control all of the business and affairs of ITG Parent and its direct and indirect subsidiaries, including ITG Communications, LLC, a Texas limited liability company ("**ITG OpCo**"). Through ITG Parent and its direct and indirect subsidiaries, including ITG OpCo, the Company will conduct its business, and the Company's principal asset will consist of directly- and indirectly-owned equity interests (such equity interests, "**LLC Interests**") in ITG Parent. The Company and ITG Parent are each referred to herein as a "**Company Party**" and, collectively, as the "**Company Parties**."

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form S-1 (File No. 333-296557), including a preliminary prospectus, relating to the Shares. The registration statement as amended at the time it becomes effective, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A under the Securities Act of 1933, as amended (the "**Securities Act**"), is hereinafter referred to as the "**Registration Statement**"; the prospectus in the form first used to confirm sales of Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the "**Prospectus**." If the Company has filed an abbreviated registration statement to register additional shares of Class A Common Stock pursuant to Rule 462(b) under the Securities Act (a "**Rule 462 Registration Statement**"), then any reference herein to the term "**Registration Statement**" shall be deemed to include such Rule 462 Registration Statement.

For purposes of this Agreement, "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act, "**preliminary prospectus**" shall mean each prospectus used prior to the effectiveness of the Registration Statement and each prospectus that omitted information pursuant to Rule 430A under the Securities Act that was used after such effectiveness and prior to the execution and delivery of this Agreement, "**Time of Sale Prospectus**" means the preliminary prospectus contained in the Registration Statement at the time of its effectiveness together with the documents

------

and pricing information set forth in Schedule II hereto, and "**broadly available road show**" means a "bona fide electronic road show" as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms "Registration Statement," "preliminary prospectus," "Time of Sale Prospectus" and "Prospectus" shall include the documents, if any, incorporated by reference therein as of the date hereof. The term "Time of Sale" means [•] [a.m. / p.m.], New York City time, on [•], 2026. Except where otherwise expressly provided, the term "affiliate" has the meaning set forth in Rule 405 promulgated under the Securities Act and the term "subsidiary" has the meaning set forth in Rule 405 promulgated under the Securities Act.

Morgan Stanley has agreed to reserve a portion of the Shares to be purchased by it under this Agreement for sale to the Company's directors, officers, employees and business associates and other parties related to the Company (collectively, "**Participants**"), as set forth in each of the Time of Sale Prospectus and the Prospectus under the heading "Underwriting (Conflicts of Interest)" (the "**Directed Share Program**"). The Shares to be sold by Morgan Stanley and its affiliates pursuant to the Directed Share Program, at the direction of the Company, are referred to hereinafter as the "**Directed Shares**". Any Directed Shares not orally confirmed for purchase by any Participant by the end of the business day on which this Agreement is executed will be offered to the public by the Underwriters as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Representations and Warranties of the Company Parties*. Each Company Party, jointly and severally, represents and warrants to and agrees with each of the Underwriters that, as of the date hereof, the Time of Sale, the Closing Date (as defined in Section 5) and any Option Closing Date (as defined in Section 3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose or pursuant to Section 8A under the Securities Act are pending before or, to the Company's knowledge, threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, will not contain, as of the date of such amendment or supplement, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein not misleading, (ii) the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable, will comply, as of the date of such amendment or supplement, in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iii) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date (as defined in Section 5) and any Option Closing Date (as defined in Section 3), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to

------

state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, (iv) each broadly available road show, if any, does not conflict with the Time of Sale Prospectus and when considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading and (v) the Prospectus, as of its date, does not contain and, as amended or supplemented, if applicable, as of the date of such amendment or supplement, will not contain, as of the date of such amendment or supplement, any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by, or on behalf of, such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the Underwriter Information (as defined in Section 11(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is not an "ineligible issuer" in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or, if filed after the date of this Agreement, will comply, when filed, in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule II hereto, and electronic road shows, if any, each furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not, without the Representatives' prior consent, prepare, use or refer to, any free writing prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company Parties have been duly incorporated or formed, as applicable, are validly existing as a corporation or limited liability company in good standing under the laws of the jurisdiction of its incorporation or organization, have the corporate or limited liability company power and authority to own or lease their property and to conduct their business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and are duly qualified to transact business and are in good standing (to the extent the concept of good standing is applicable in such jurisdiction) in each jurisdiction in which the conduct of their business or their ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to, individually or in the aggregate, have a material adverse effect on the condition, financial or otherwise, or on the earnings, business or operations of the Company Parties and their respective subsidiaries, taken as a whole (a "**Material Adverse Effect**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each subsidiary of the Company has been duly incorporated, organized or formed, as applicable, is validly existing as a corporation or other business entity in good standing under the laws of the jurisdiction of its incorporation, organization or formation (to the extent the concept of good standing is applicable in such jurisdiction), has the corporate or other business entity power and authority to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification (to the extent the concept of good standing is applicable in such jurisdiction), except to the extent that the failure to be so qualified or be in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and all of the issued shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable (to the extent such concepts are applicable under relevant law) and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for (i) any liens, encumbrances, equities or claims arising pursuant to indebtedness or financing arrangements described in the Time of Sale Prospectus and the Prospectus and (ii) such other liens, encumbrances, equities or claims as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and the performance by each of the Company Parties of their respective obligations hereunder have been duly authorized by all necessary corporate or limited liability company action, and this Agreement has been duly executed and delivered by each of the Company Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The authorized capital stock of the Company conforms as to legal matters to the description thereof contained in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) The shares of Common Stock (including the Shares to be sold by the Selling Stockholder) outstanding prior to the issuance of the Shares have been duly authorized and are validly issued, fully paid and non-assessable; and (ii) the Shares to be sold by the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of such Shares will not be subject to any preemptive or similar rights that have not been validly waived.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company Parties nor any of their respective subsidiaries is currently in violation of, and the execution and delivery by the Company Parties of, and the performance by the Company Parties of their respective obligations under, this Agreement will not contravene, (i) any provision of applicable law, (ii) the certificate of incorporation or by-laws (or similar organizational documents) of such Company Party or any subsidiary, (iii) any agreement or other instrument binding upon such Company Party or any of its subsidiaries that is material to the Company Party and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company Party or any subsidiary, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the Company Party of its obligations under this Agreement, except those that have been obtained or completed, such as have already been obtained or as may be required by the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") or such as have already been obtained or as may be required under the Securities Act or the rules and regulations thereunder, Securities Exchange Act of 1934, as amended (the "**Exchange Act**") or the rules and regulations thereunder, or by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares or as may be required for the approval of the listing of the Shares on the Nasdaq Global Select Market, except, in the cases of clauses (i), (iii) and (iv) as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of any of the Company Parties and their respective subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There are no legal, governmental or regulatory proceedings, actions, investigations, demands, claims, suits, arbitrations or inquiries (collectively, "**Proceedings**") pending or, to the knowledge of the Company Parties, threatened to which the Company Parties or any of their respective subsidiaries is a party or to which any of the properties of any of the Company Parties or any of their respective subsidiaries is subject other than Proceedings that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or a material adverse effect on the power or ability of the Company Parties to perform their respective obligations under this Agreement or to consummate the transactions contemplated by each of the Registration Statement, the Time of Sale Prospectus and the Prospectus. There are no Proceedings that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus and are not so described in all material respects; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that are not described in all material respects or filed as required.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company Parties are not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus will not be, required to register as an "investment company" as such term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except as permitted under Regulation M under the Exchange Act, neither the Company nor an affiliate of the Company has taken, directly or indirectly, any action designed to cause or result in, or which has constituted or which would reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company, to facilitate the sale or resale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Except as disclosed in the Registration Statement, the Time of Sale Prospectus or the Prospectus, the Company Parties (i) do not have any material lending or other relationship with any bank or lending affiliate of any Underwriter, and (ii) do not intend to use any of the proceeds from the sale of the Shares to repay any outstanding debt owed to any affiliate of any Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company Parties and each of their respective subsidiaries (A) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to pollution, human health and safety (as related to exposure to Hazardous Materials), and the environment, including, without limitation, ambient air, surface water, groundwater, sediment, land surface, or subsurface strata), natural resources, wildlife or ecosystems, including, without limitation, laws and regulations relating to the release or threatened release of, or exposure of any person to, any chemical, substance, material or waste that is regulated or defined as hazardous, toxic or radioactive, or as a pollutant or contaminant, or words of similar meaning due to its hazardous or dangerous properties or characteristics, in or under any law or regulation, and any petroleum or petroleum byproducts, asbestos-containing materials, toxic mold, or per- or polyfluoroalkyl substances ("**Hazardous Materials**") (any such laws or regulations, "**Environmental Laws**"), (B) hold all permits, licenses, registrations, or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as currently conducted, (C) are in compliance with all terms and conditions of any such permit, license, registration or approval, and (D) have not received, are not a party to, and are not aware of any pending or threatened (in writing) administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, notices of liability, investigations or proceedings relating to any Environmental Law or any permit, license, registration or other approval required thereunder, and are not a party to any outstanding order for clean-up or remediation, relating to any release of Hazardous Materials caused by the Company Parties or any of their respective subsidiaries, that has been issued under any Environmental Laws, except in the case of any and all of the foregoing, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Except as otherwise have been validly waived or complied with in connection with the issuance and sale of the Shares contemplated by this Agreement and as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no contracts, agreements or understandings between the Company Parties and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) None of the Company Parties nor any of their respective subsidiaries or controlled affiliates, nor any director or officer thereof, nor, to the knowledge of the Company Parties, any employee, agent or representative of any Company Party or of any of their subsidiaries or controlled affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government or government owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) (a "**Government Official**") to improperly influence official action by that Government Official for the benefit of the Company Parties or their respective subsidiaries or controlled affiliates, or to otherwise secure any improper advantage, or to any person in violation of (a) the U.S. Foreign Corrupt Practices Act of 1977, (b) the UK Bribery Act 2010, or (c) any other applicable law, regulation, order, decree or directive having the force of law and relating to bribery or corruption (collectively, the "**Anti-Corruption Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The operations of the Company Parties and each of their respective subsidiaries are and have been conducted at all times in compliance with all applicable anti-money laundering laws, rules, and regulations, including the financial recordkeeping and reporting requirements contained therein, and including the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020 (collectively, the "**Anti-Money Laundering Laws**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (i) None of the Company Parties nor any of their respective subsidiaries, nor any director, officer, or to the knowledge of the Company Parties, any employee, agent, controlled affiliate, or representative of any of the Company Parties or any of their respective subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the subject or target of any sanctions administered or enforced by the United States federal government (including the U.S. Department of the Treasury's Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty's Treasury, or any other relevant sanctions authority (collectively, "**Sanctions**"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) located, organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, North Korea and Syria (with respect to Syria only, until July 1, 2025)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Company Parties and each of their respective subsidiaries (a) have not, since April 24, 2019, engaged in, (b) are not now engaged in, and (c) will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was, or whose government is or was, the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Each of the Company Parties will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is or whose government is, the subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fund or facilitate any money laundering or terrorist financing activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other manner that would cause or result in a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company Parties and their respective subsidiaries have conducted and will conduct their businesses in compliance with Sanctions, and no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any of the Company Parties or any of their respective subsidiaries with respect to the Anti-Corruption Laws, the Anti-Money Laundering Laws or Sanctions is pending or, to

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the knowledge of the Company Parties, threatened. The Company Parties and their respective subsidiaries and controlled affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, and with the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) None of the Company or any of its subsidiaries or its controlled affiliates is a "covered foreign person" within the meaning of the investment regulations of the United States Department of the Treasury found at 31 C.F.R. Part 850 (the "**Outbound Investment Rules**"). To the Company's knowledge, it is not engaged in transactions that would require notification or be prohibited under the applicable Outbound Investment Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company Parties and each of their respective subsidiaries have good and marketable title to all real property owned by them which is material to the business of the Company Parties and their respective subsidiaries and good and marketable title to all other property (other than with respect to intellectual property, which is addressed exclusively in Section 1(y)) owned by them which is material to the business of the Company Parties and their respective subsidiaries, in each case free and clear of all mortgages, pledges, liens, security interests, claims, restrictions, encumbrances and defects except such as (i) are described in the Time of Sale Prospectus and the Prospectus, (ii) do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company Parties and their respective subsidiaries or (iii) could not reasonably be expected to have a Material Adverse Effect; and any real property and buildings held under lease by the Company Parties and their respective subsidiaries are held by them under valid, subsisting and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries, taken as a whole (subject to the effects of (x) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (y) the application of general principles of equity (including, without limitation concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and (z) applicable law and public policy with respect to rights to indemnity and contribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) (i) The Company Parties and their respective subsidiaries own or have a right to use all patents, inventions, copyrights (including rights in software), know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), domain names, trademarks, service marks, trade names, and any applications or registrations for any of the foregoing, together with the goodwill associated with any of the foregoing, and other intellectual property (collectively, "**Intellectual Property Rights**") used in or reasonably necessary to the conduct of their

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businesses as currently conducted ("**Company IP**"), (ii) the Intellectual Property Rights owned by the Company Parties or any of their respective subsidiaries are valid, subsisting and, to the Company's knowledge, enforceable, and there is no pending or, to the Company's knowledge, threatened action, suit or proceeding before any governmental authority by others against any Company Party challenging the validity or enforceability of any Company IP owned by any Company Party and their respective subsidiaries, except for office actions or similar communications in connection with the prosecution of any such Intellectual Property Rights, (iii) there is no pending or, to the Company's knowledge, threatened action, suit or proceeding before any governmental authority by others against any of the Company Parties nor any of their respective subsidiaries alleging any infringement, misappropriation or other violation of Intellectual Property Rights by any Company Party or any of their respective subsidiaries, (iv) to the Company's knowledge, no third party is infringing, misappropriating or otherwise violating, or has, in the last two (2) years, infringed, misappropriated or otherwise violated, any Company IP owned by any Company Party or any of their respective subsidiaries, (v) to the Company's knowledge, none of the Company Parties nor any of their respective subsidiaries infringes, misappropriates or otherwise violates, or, in the last two (2) years has infringed, misappropriated or otherwise violated, any Intellectual Property Rights of a third party, (vi) all employees and contractors engaged in, or that may engage in, the development of Intellectual Property Rights on behalf of the Company Parties or any of their respective subsidiaries have executed an assignment agreement whereby such employees or contractors assign all of their right, title and interest in and to such Intellectual Property Rights to the Company Parties or their applicable subsidiary, and to the Company's knowledge no such agreement has been breached or violated in any material respect, and (vii) the Company Parties and their respective subsidiaries take, and have taken, commercially reasonable efforts designed to maintain and protect the confidentiality of all information intended to be maintained as confidential, including any trade secrets and other material confidential Intellectual Property Rights; except, in each case with respect to the foregoing clauses (i) through (vii), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) With respect to artificial intelligence, advanced machine learning or other similar generative models (collectively, "**AI Tools**"), the Company Parties and their respective subsidiaries (i) use AI Tools in compliance in all material respects with all applicable license terms and laws; (ii) to the Company's knowledge, have not used AI Tools in a manner that materially and adversely affects the validity or enforceability of any Company IP owned by any Company Party; and (iii) to the Company's knowledge, have not knowingly disclosed, in the last two (2) years, any material trade secrets or material confidential or proprietary information in any prompts or inputs into any AI Tools other than AI Tools subject to written terms that restrict the applicable AI Tool's provider's right to train its models on such inputs, except, in each case with respect to the foregoing clauses (i) through (iii), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) (i) None of the Company Parties nor any of their respective subsidiaries develop, use or have developed, distribute or have used or have distributed any software or other materials under a "free," "open source," or similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) ("**Open Source Software**") in any manner that requires (A) the Company Parties or any of their respective subsidiaries to permit reverse engineering of any software code or other technology owned by the Company Parties or any of their respective subsidiaries or (B) any software code or other technology owned by the Company Parties or any of their respective subsidiaries to be (1) disclosed, delivered, licensed, distributed or otherwise made available to any other person in source code form, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge; except, in each case with respect to the foregoing clauses (A) or (B), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the material software owned by the Company Parties or their respective subsidiaries is subject to any source code escrow obligation against any Company Party or their respective subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) (i) Each of the Company Parties and their subsidiaries have, in the last two (2) years, complied and are presently in compliance in all material respects with all of its internal and external privacy policies, contractual obligations, applicable laws, statutes, and regulations of any governmental or governmental regulatory authority and any other legal obligations, in each case, relating to the collection, use, transfer, process, handling, analysis, import, export, storage, protection, disposal or disclosure by the Company Parties or any of their respective subsidiaries of personal or personally identifiable ("**Data Security Obligations**," and such data, "**Data**"); (ii) in the last two (2) years, none of the Company Parties nor their respective subsidiaries have received any written notification of, or written complaint regarding from any governmental authority, non-compliance with any Data Security Obligation that has not been resolved; (iii) there is no pending action, suit or proceeding, or, to the Company's knowledge, investigation, by or before any court or governmental agency, authority or body threatened alleging non-compliance with any Data Security Obligation; and (iv) in the last twelve (12) months, the Company Parties and their respective subsidiaries have not been required by applicable law to notify any individual or data protection authority of any information security breach, compromise or incident involving any Data; except, in each case with respect to the foregoing clauses (i) through (iv), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) (i) The Company Parties and each of their respective subsidiaries have taken commercially reasonable technical and organizational measures designed to maintain and protect the information technology systems and Data used in connection with the operation of the Company Parties' and their respective subsidiaries' businesses, (ii) without limiting the foregoing, the Company Parties and their respective subsidiaries have established, maintained,

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implemented and complied with, in all material respects, commercially reasonable information technology, information security, cyber security and data protection controls, policies and procedures, including oversight, access controls, encryption, technological and physical safeguards and business continuity/disaster recovery and security plans as required by applicable Data Security Obligations (as defined below), that are designed to protect against, detect and prevent breach, destruction, loss, unauthorized distribution, disclosure, use, access, disablement, misappropriation or modification, or other compromise or misuse of or relating to any information technology and computer systems, networks, hardware, software, websites, applications, equipment, technology, databases or Data (including personally identifiable information or protected health information and the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company Parties and their respective subsidiaries) used in connection with the operation of the Company Parties' and their subsidiaries' businesses ("**Breach**") and (iii) in the last two (2) years and to the Company's knowledge, there has been no such Breach, and the Company Parties and their respective subsidiaries have not been notified in writing of any such Breach; except, in each case with respect to the foregoing clauses (i) through (iii), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

"**Data Protection Laws**" means (a) to the extent applicable to the Company Parties, all applicable laws, rules and regulations related to data privacy, data protection or data security (including the Health Insurance Portability and Accountability Act of 1996 ("**HIPAA**"), Regulation (EU) 2016/679 of the European Parliament and of the Council (General Data Protection Regulation) and any implementation acts related thereto and the California Consumer Privacy Act of 2018 and the California Privacy Rights Act of 2020), and the requirements set forth in regulations by regulatory authorities such as the Food and Drug Administration (the "**FDA**"), Federal Trade Commission, Federal Communications Commission, the U.S. Department of Health and Human Services and applicable European Union data protection authorities, in each case of the foregoing, as amended, replaced or updated from time to time; (b) all current privacy policies of the Company; and (c) all third party privacy policies that the Company is contractually obligated to comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Company Parties and their respective subsidiaries have implemented and maintained policies, practices, and procedures to prevent unlawful harassment, discrimination, or retaliation in the workplace and have taken appropriate steps to assure compliance with such policies and procedures, and (i) no material labor dispute with the employees of the Company or any of its subsidiaries exists, or, to the knowledge of the Company, is imminent; (ii) the Company is not aware of any existing, threatened or imminent labor disturbance by the employees of any of its principal vendors, partners or contractors which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii) the Company Parties and their respective subsidiaries are and have been in material compliance with all applicable laws pertaining to employment and employment practices, wages and hours, terms and conditions of employment, and immigration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Company Parties and their respective subsidiaries and any "Employee Benefit Plan" (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "**ERISA**")) established or maintained by any of the Company Parties, their subsidiaries or their "ERISA Affiliates" (as defined below) (each, a "**Plan**") is and has been operated in compliance with its terms and all applicable laws, including ERISA and the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the "**Code**"), (ii) no "reportable event" (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Plan and no Plan, if terminated, would have any "amount of unfunded benefit liabilities" (as defined under ERISA), as the fair market value of the assets under each Plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan), (iii) none of the Company Parties, their subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (A) Title IV of ERISA with respect to termination of, or withdrawal from, any Plan, (B) Sections 412 and 430, 4971, 4975 or 4980B of the Code or (C) Sections 302 and 303, 406, 4063 and 4064 of ERISA, (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or failure to act, that would reasonably be expected to cause the loss of such qualification, (v) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental or other regulatory entity or agency with respect to any Plan that could reasonably be expected to result in liability to any of the Company Parties or their respective subsidiaries, and (vi) none of the Company Parties or any of their respective subsidiaries have any "accumulated post-retirement benefit obligations" (within the meaning of Statement of Financial Accounting Standards 106). "**ERISA Affiliate**" means, with respect to the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b), (c), (m) or (o) of the Code of which the Company or such subsidiary is a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The Company Parties and each of their respective subsidiaries, taken as a whole, are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are, in the reasonable judgment of the Company, prudent and customary in the businesses in which they are engaged; none of the Company Parties or any of their respective subsidiaries has been refused any insurance coverage sought or applied for, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and none of the Company Parties nor any of their respective subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Company Parties and each of their respective subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to obtain such certificates, authorizations or permits would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and none of the Company Parties or any of their respective subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) The financial statements of the Company included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes thereto, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and present fairly in all material respects the financial position of the Company as of the dates shown, and such financial statements have been prepared in conformity with generally accepted accounting principles in the United States ("**U.S. GAAP**") applied on a consistent basis throughout the periods covered thereby except as described therein. The financial statements of ITG Parent included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes thereto, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and present fairly in all material respects the consolidated financial position of ITG Parent and its consolidated subsidiaries as of the dates shown and its results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with U.S. GAAP applied on a consistent basis throughout the periods covered thereby except as described therein. The summary consolidated financial and operating information included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus present fairly in all material respects the information shown therein and, except for the "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) presented therein, have been compiled on a basis consistent with that of the audited or unaudited, as applicable, financial statements of ITG Parent included therein. All disclosures contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G under the Exchange Act, and Item 10 of Regulation S-K under the Securities Act, in each case to the extent applicable. The other financial information included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus has been derived from the accounting records of

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the ITG Parent and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby. The pro forma financial statements and the related notes thereto included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus present fairly in all material respects the information shown therein, have been prepared in accordance with the Commission's rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. The statistical, industry-related and market-related data included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus are based on or derived from sources which the Company Parties reasonably and in good faith believe are reliable and accurate and such data is consistent with the sources from which they are derived, in each case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has taken all necessary actions to ensure that, upon and at all times after the effectiveness of the Registration Statement, the Company and its subsidiaries and their respective officers and directors, in their capacities as such, will be in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated thereunder (it being understood that this Section 1(ii) shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act, and the rules and regulations promulgated thereunder as of an earlier date than it would otherwise be required to so comply under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) (i) RSM US LLP, who have certified certain financial statements of ITG Parent and delivered with respect to such audited financial statements and schedules filed with the Commission as part of the Registration Statement and included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, were, at the time of such audit, an independent registered public accounting firm with respect to ITG Parent within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States); and (ii) Grant Thornton LLP, who have certified certain financial statements of the Company Parties and their respective subsidiaries and delivered their reports with respect to the audited consolidated financial statements and schedules filed with the Commission as part of the Registration Statement and included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, is an independent registered public accounting firm with respect to the Company Parties within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) The Company Parties and their respective subsidiaries, taken as a whole, maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of the Company Parties' most recent audited fiscal year, there has been (A) no material weakness in any of the Company Parties' internal control over financial reporting (whether or not remediated) and (B) no change in the Company Parties' internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, such Company Party's internal control over financial reporting (it being understood that this Section 1(kk) shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act, and the rules and regulations promulgated thereunder as of an earlier date than it would otherwise be required to so comply under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) The Company has not sold, issued or distributed any shares of Class A Common Stock during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, equity incentive plans or other employee or director compensation plans or pursuant to outstanding options, rights or warrants, or as otherwise described in the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) The Registration Statement, the Prospectus, the Time of Sale Prospectus and any preliminary prospectus comply, and any amendments or supplements thereto will comply, with any applicable laws or regulations of foreign jurisdictions in which the Prospectus, the Time of Sale Prospectus or any preliminary prospectus, as amended or supplemented, if applicable, are distributed in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) No consent, approval, authorization or order of, or qualification with, any governmental body or agency, other than those obtained, is required in connection with the offering of the Directed Shares in any jurisdiction where the Directed Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) The Company has not offered, or caused Morgan Stanley or any Morgan Stanley Entity as defined in Section 12 to offer, Shares to any person pursuant to the Directed Share Program with the specific intent to unlawfully influence (i) a customer or supplier of the Company to alter the customer's or supplier's level or type of business with the Company, or (ii) a trade journalist or publication to write or publish favorable information about the Company or its products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) The Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required by law to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect) and have paid all taxes required to be paid thereon (except for cases in which the failure to file or pay would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or, except as currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Company), and no unpaid tax deficiency has been determined adversely to the Company or any of its subsidiaries which, individually or in the aggregate, has had (nor does the Company nor any of its subsidiaries have any written notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and which could reasonably be expected to have) a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) From the time of initial confidential submission of the Registration Statement to the Commission through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) The Company (i) has not alone engaged in any Testing-the-Waters Communication with any person other than Testing-the-Waters Communications with the consent of the Representatives with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms that each of the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communication other than those listed on Schedule III hereto. "**Written Testing-the-Waters Communication**" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. "**Testing-the-Waters Communication**" means any communication with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) As of the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers, none of (A) the Time of Sale Prospectus, (B) any free writing prospectus, when considered together with the Time of Sale Prospectus, and (C) any individual Written Testing-the-Waters Communication, when considered together with the Time of Sale Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Representations and Warranties of the Selling Stockholder*. The Selling Stockholder represents and warrants to and agrees with each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery by or on behalf of the Selling Stockholder of, and the performance by the Selling Stockholder of its obligations under, this Agreement, the Custody Agreement signed by the Selling Stockholder and Computershare Inc., as Custodian, relating to the deposit of the Shares to be sold by the Selling Stockholder (the "**Custody Agreement**") and the Power of Attorney appointing certain individuals as the Selling Stockholder's attorneys-in-fact to the extent set forth therein, relating to the transactions contemplated hereby and by the Registration Statement (the "**Power of Attorney**") will not contravene (i) any provision of applicable law, or (ii) the organizational documents of the Selling Stockholder (if the Selling Stockholder is a corporation, limited liability company, partnership or other entity), or (iii) any agreement or other instrument binding upon the Selling Stockholder, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Selling Stockholder, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the Selling Stockholder of its obligations under this Agreement or the Custody Agreement or Power of Attorney of the Selling Stockholder, except those that have already been obtained or completed or as may be required by the rules and regulations of FINRA or such as have already been obtained or as may be required under the Securities Act or the rules and regulations thereunder, the Exchange Act or the rules and regulations thereunder, or by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares or as may be required for the approval of the listing of the Shares on the Nasdaq Global Select Market, except, in the cases of clauses (i), (iii) and (iv) as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Selling Stockholder to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immediately prior to the sale of Additional Shares to the various Underwriters on any Option Closing Date, the Selling Stockholder will have, valid title to, or a valid "security entitlement" within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shares to be sold by the Selling Stockholder free and clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement, the Custody Agreement and the Power of Attorney and to sell, transfer and deliver the Shares to be sold by the Selling Stockholder or a security entitlement in respect of such Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custody Agreement and the Power of Attorney have been duly authorized, executed and delivered by or on behalf of the Selling Stockholder and are valid and binding agreements of the Selling Stockholder, subject to the effects of (x) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (y) the application of general principles of equity (including, without limitation concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and (z) applicable law and public policy with respect to rights to indemnity and contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon payment for the Shares to be sold by the Selling Stockholder pursuant to this Agreement, delivery of such Shares, as directed by the Underwriters, to Cede & Co. ("**Cede**") or such other nominee as may be designated by the Depository Trust Company ("**DTC**"), registration of such Shares in the name of Cede or such other nominee and the crediting of such Shares on the books of DTC to securities accounts of the Underwriters (assuming that neither DTC nor any such Underwriter has notice of any adverse claim (within the meaning of Section 8-105 of the New York Uniform Commercial Code (the "**UCC**")) to such Shares), (A) DTC shall be a "protected purchaser" of such Shares within the meaning of Section 8-303 of the UCC, (B) under Section 8-501 of the UCC, the Underwriters will acquire a valid security entitlement in respect of such Shares and (C) no action based on any "adverse claim", within the meaning of Section 8-102 of the UCC, to such Shares may be asserted against the Underwriters with respect to such security entitlement; for purposes of this representation, the Selling Stockholder may assume that when such payment, delivery and crediting occur, (x) such Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company's share registry in accordance with its certificate of incorporation, bylaws and applicable law, (y) DTC will be registered as a "clearing corporation" within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the accounts of the several Underwriters on the records of DTC will have been made pursuant to the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Selling Stockholder has delivered to the Representatives an executed lock-up agreement in substantially the form attached hereto as Exhibit A (the "**Lock-up Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Selling Stockholder has no reason to believe that the representations and warranties of the Company contained in Section 1 are not true and correct, is familiar with the Registration Statement, the Time of Sale Prospectus and the Prospectus and has no knowledge of any material fact, condition or information that has had, or may reasonably be expected to have, a Material Adverse Effect. The Selling Stockholder is not prompted by any material information concerning the Company or its subsidiaries which is not set forth in the Registration Statement, the Time of Sale Prospectus or the Prospectus to sell its Shares pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, as of the date of such amendment or supplement, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein not misleading, (ii) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date, the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading and (iii) the Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph are limited solely to statements or omissions made in reliance upon and in conformity with the information relating to such Selling Stockholder furnished in writing to the Company by or on behalf of such Selling Stockholder, expressly for use in the Registration Statement, the Time of Sale Prospectus or the Prospectus or any amendment or supplement thereto, it being understood and agreed that the only information furnished in writing by such Selling Stockholder consists of the name of such Selling Stockholder, the number of beneficially owned and offered shares and the address and other information with respect to such Selling Stockholder (excluding percentages), which appear in the Registration Statement or the Prospectus in the table (and corresponding footnotes) under the caption "Principal and Selling Stockholders".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Selling Stockholder nor any of its subsidiaries or controlled affiliates, nor any director or officer thereof, nor, to the Selling Stockholder's knowledge, any employee, agent or representative of the Selling Stockholder or of any of its subsidiaries or controlled affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any Government Official to improperly influence official action by that Government Official for the benefit of the Selling Stockholder or its subsidiaries or controlled affiliates, or to otherwise secure any improper advantage, or to any person in violation of the Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The operations of the Selling Stockholder and each of its subsidiaries are and have been conducted at all times in compliance with all applicable Anti-Money Laundering Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Neither the Selling Stockholder nor any of its subsidiaries, nor any director, officer, or to the knowledge of the Selling Stockholder, any employee, agent, controlled affiliate, or representative of the Selling Stockholder or any of its subsidiaries, is a Person that is, or is 50% or more owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the subject or target of any Sanctions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) located, organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, North Korea and Syria (with respect to Syria only, until July 1, 2025)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Selling Stockholder and each of its subsidiaries (a) have not, since April 24, 2019, engaged in, (b) are not now engaged in, and (c) will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was, or whose government is or was, the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Selling Stockholder will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is or whose government is, the subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fund or facilitate any money laundering or terrorist financing activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other manner that would cause or result in a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Selling Stockholder and its subsidiaries have conducted and will conduct their businesses in compliance with Sanctions, and no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Selling Stockholder or any of its subsidiaries with respect to the Anti-Corruption Laws, the Anti-Money Laundering Laws, or Sanctions is pending or, to the knowledge of the Selling Stockholder, threatened. The Selling Stockholder and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, and with the representations and warranties contained herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Selling Stockholder represents and warrants that it is not (i) an employee benefit plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Internal Revenue Code of 1986, as amended or (iii) an entity deemed to hold "plan assets" of any such plan or account under Section 3(42) of ERISA, 29 C.F.R. 2510.3-101, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Agreements to Sell and Purchase*. The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company the respective numbers of Firm Shares set forth in Schedule I hereto opposite its name at $[•] a share (the "**Purchase Price**").

On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, each Seller, severally and not jointly, agrees to sell to the Underwriters the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to [•] Additional Shares from the Company and up to [•] Additional Shares from the Selling Stockholder at the Purchase Price, provided, however, that the amount paid by the Underwriters for any Additional Shares shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Shares but not payable on such Additional Shares. The Representatives may exercise this right on behalf of the Underwriters in whole or from time to time in part by giving written notice to the Company and the Selling Stockholder not later than 30 days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such Additional Shares are to be purchased. Each purchase date must be at least one business day after the written notice is given and may not be earlier than the closing date for the Firm Shares or later than ten business days after the date of such notice. As used herein, "business day" means a day on which the Nasdaq Global Select Market is open for trading and on which banks in New York are open for business and are not permitted by law or executive order to be closed. Additional Shares may be purchased as provided in Section 5 hereof solely for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an "**Option Closing Date**"), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Terms of Public Offering*. The Sellers are advised by the Representatives that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in the Representatives' judgment is advisable. The Sellers are further advised by the Representatives that the Shares are to be offered to the public initially at $[•] a share (the "**Public Offering Price**") and to certain dealers selected by the Representatives at a price that represents a concession not in excess of $[•] a share under the Public Offering Price, and that any Underwriter may allow, and such dealers may reallow, a concession, not in excess of $[•] a share, to any Underwriter or to certain other dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Payment and Delivery*. Payment for the Firm Shares to be sold by the Company shall be made to the Company in Federal or other funds immediately available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on [•], 2026<sup>1</sup>, or at such other time on the same or such other date, not later than [•], 2026<sup>2</sup>, as shall be designated in writing by the Representatives. The time and date of such payment are hereinafter referred to as the "**Closing Date**."

Payment for any Additional Shares to be sold by each Seller shall be made to such Seller in federal or other funds immediately available in New York City against delivery of such Additional Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in Section 3 or at such other time on the same or on such other date, in any event not later than ten business days after the date of such notice, as shall be designated in writing by the Representatives.

The Firm Shares and Additional Shares shall be registered in such names and in such denominations as the Representatives shall request in writing not later than one full business day prior to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered to the Representatives on the Closing Date or an Option Closing Date, as the case may be, for the respective accounts of the several Underwriters, with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters duly paid, against payment of the Purchase Price thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Conditions to the Underwriters' Obligations*. The obligations of the Sellers to sell the Shares to the Underwriters and the several obligations of the Underwriters to purchase and pay for the Shares on the Closing Date are subject to the condition that the Registration Statement shall have become effective not later than 4:30 p.m. (New York City time) on the date hereof.

<sup>1</sup> [**NTD**: To be 2 business days after the date of the Underwriting Agreement.] 

<sup>2</sup> [**NTD**: To be 5 business days after the date inserted in accordance with the preceding footnote.] 

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The several obligations of the Underwriters are subject to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act shall be pending before or, to the knowledge of the Company, threatened by the Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the debt securities of the Company Parties or any of their respective subsidiaries by any "nationally recognized statistical rating organization," as such term is defined in Section 3(a)(62) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company Parties and their respective subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus that, in the Representatives' judgment, is material and adverse and that makes it, in the Representatives' judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of each of the Company Parties, to the effect set forth in Section 6(a) above and to the effect that the representations and warranties of the Company Party contained in this Agreement are true and correct as of the Closing Date and that the Company Party has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date.

The officers signing and delivering such certificates may rely upon the best of their knowledge as to proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received on each of the date hereof and the Closing Date, a Chief Financial Officer's certificate dated the date hereof or the Closing Date, as the case may be, with respect to certain financial data contained in the Prospectus and signed on behalf of the Company by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Kirkland & Ellis LLP, outside counsel for the Company Parties, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received on the Closing Date an opinion of Weil, Gotshal & Manges LLP, outside counsel for the Company Parties, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Latham & Watkins LLP, counsel for the Underwriters, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

With respect to the negative assurance letters to be delivered pursuant to Sections 6(d) and 6(f) above, Kirkland & Ellis LLP and Latham & Watkins LLP may state that their opinions and beliefs are based upon their participation in the preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus and any amendments or supplements thereto and review and discussion of the contents thereof, but are without independent check or verification, except as specified.

The opinions of Kirkland & Ellis LLP and Weil, Gotshal & Manges LLP described in Sections 6(d) and 6(e) above shall be rendered to the Underwriters at the request of the Company and shall so state therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and substance reasonably satisfactory to the Representatives, from each of Grant Thornton LLP and RSM US LLP, independent public accountants, containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; *provided* that each letter delivered on the Closing Date shall use a "cut-off date" not earlier than two business days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The "lock up" agreements, each substantially in the form of Exhibit A hereto, between the Representatives and certain securityholders, officers and directors of the Company listed in <u>Schedule IV</u> of this Agreement relating to restrictions on sales and certain other dispositions of or activities in respect of shares of Common Stock or certain other securities, delivered to the Representatives on or before the date hereof (the "**Lock-up Agreements**"), shall be in full force and effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Shares shall have been approved for listing on Nasdaq Global Select Market, subject only to official notice of issuance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to the Representatives on the applicable Option Closing Date of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate, dated the Option Closing Date and signed by an executive officer of the Company, confirming that the certificate delivered on the Closing Date pursuant to Section 6(b) hereof remains true and correct in all material respects (except for representations and warranties that are qualified by materiality, which shall be true and correct in all respects) as of such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate, dated the Option Closing Date and signed on behalf of the Company by the Chief Financial Officer of the Company confirming that the certificate delivered on the Closing Date pursuant to Section 6(c) hereof remains true and correct in all material respects as of such Option Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an opinion and negative assurance letter of Kirkland & Ellis LLP, outside counsel for the Company Parties, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 6(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an opinion and negative assurance letter of Kirkland & Ellis LLP, outside counsel for the Selling Stockholder, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date, in form and substance reasonably satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an opinion and negative assurance letter of Latham & Watkins LLP, counsel for the Underwriters, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 6(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from each of Grant Thornton LLP and RSM US LLP, independent public accountants, substantially in the same form and substance as the letter furnished to the Underwriters pursuant to Section 6(g) hereof; *provided* that the letter delivered on the Option Closing Date shall use a "cut-off date" not earlier than two business days prior to such Option Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such other documents as the Representatives may reasonably request with respect to the good standing of the Company and the due authorization and issuance of the Additional Shares to be sold on such Option Closing Date.

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With respect to the negative assurance letters to be delivered pursuant to Sections 6(i)(iii), 6(i)(iv) and 6(i)(v) above, Kirkland & Ellis LLP and Latham & Watkins LLP may state that their opinions and beliefs are based upon their participation in the preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus and any amendments or supplements thereto and review and discussion of the contents thereof, but are without independent check or verification, except as specified. With respect to Section 6(i)(iv) above, Kirkland & Ellis LLP may rely upon the representations of the Selling Stockholder contained herein and in the Custody Agreement and Power of Attorney of the Selling Stockholder and in other documents and instruments; *provided* that copies of such Custody Agreements and Powers of Attorney and of any such other documents and instruments shall be delivered to the Representatives and shall be in form and substance satisfactory to the Underwriters' counsel.

The opinions of Kirkland & Ellis LLP described in Sections 6(i)(iii) and 6(i)(iv) above shall be rendered to the Underwriters at the request of the Company and the Selling Stockholder, respectively, and shall so state therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Covenants of the Company Parties*. Each Company Party, jointly and severally, covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To furnish to the Representatives, without charge, fifteen signed copies of the Registration Statement (including exhibits thereto) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto) and to furnish to the Representatives in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section 7(e) or 7(f) below, as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To furnish to the Representatives a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by any Company Party and not to use or refer to any proposed free writing prospectus to which the Representatives reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, during such period after the first date of the public offering of the Shares as in the reasonable opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which Shares may have been sold by the Representatives on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to qualify as a dealer in securities in any jurisdiction or to file any general consent to service of process in any jurisdiction, or that would subject it to taxation in any jurisdiction where it is not now so subject.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To make generally available (which may be satisfied by filing with the Commission on its Electronic Data Gathering, Analysis and Retrieval System) to the Company's security holders and to the Representatives as soon as practicable an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to qualify as a dealer in securities in any jurisdiction or to file any general consent to service of process in any jurisdiction, or that would subject it to taxation in any jurisdiction where it is not now so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Securities Act and (ii) completion of the Restricted Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication, as then amended or supplemented, included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company also covenants with each Underwriter that, without the prior written consent of at least two of Morgan Stanley, Citi and UBS (collectively, the "**Designated Representatives**") on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of the Prospectus (the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Class A Common Stock or any securities convertible into or exercisable or exchangeable for Class A Common Stock, (2) enter into any swap, loan or other arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward or any other derivative transaction or instrument, however described or defined) that transfers to another, in whole or in part, directly or indirectly, any of the economic

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consequences of ownership of the Class A Common Stock, whether any such transaction described in clause 1 or 2 above is to be settled by delivery of Class A Common Stock or such other securities, in cash or otherwise, or (3) file any registration statement with the Commission relating to the offering of any shares of Class A Common Stock or any securities convertible into or exercisable or exchangeable for Class A Common Stock. Notwithstanding anything to the contrary contained herein, if (a) at least 150 days have elapsed since the date of the Prospectus and (b) the Restricted Period is scheduled to end during, or within five Trading Days of, a Blackout Period, then the Restricted Period will end ten calendar days prior to the commencement of such Blackout Period (the "**Conditional Early Release Date**"); provided, however, that promptly upon the Company's determination of the Conditional Early Release Date and in any event at least five Trading Days in advance of the Conditional Early Release Date, the Company shall notify the Designated Representatives of the date of the impending Conditional Early Release Date, and shall announce the Conditional Early Release Date through a major news service or on a Form 8-K at least two Trading Days in advance of the Conditional Early Release Date. For purposes of this Agreement, a "Trading Day" is a day on which the New York Stock Exchange and the Nasdaq Global Select Market are open for the buying and selling of securities, and "Blackout Period" means a broadly applicable and regularly scheduled period during which trading in the Company's securities would not be permitted under the Company's insider trading policy.

The restrictions contained in the preceding paragraph shall not apply to (A) the Shares to be sold hereunder or the issuance, transfer, redemption or exchange of securities of the Company Parties in connection with the transactions contemplated by this Agreement as described in the Time of Sale Prospectus and the Prospectus, (B) grants of stock options, stock awards, restricted stock, restricted stock units, securities convertible into or exercisable or exchangeable for shares of Class A Common Stock, or other compensatory equity-based awards and the issuance of shares of Class A Common Stock in connection with the exercise, vesting and/or settlement of any of the foregoing to the employees, officers, directors, advisors, or consultants of the Company or any of its subsidiaries pursuant to the terms of an equity compensation plan described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, (C) the issuance by the Company of shares of Class A Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof or the settlement of restricted stock units (including net settlement) as described in each of the Time of Sale Prospectus and Prospectus, (D) the filing by the Company of any registration statement on Form S-8 or amendment thereto relating to securities granted or to be granted pursuant to any plan described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction, (E) shares of Class A Common Stock or any securities convertible into or exercisable or exchangeable for shares of Class A Common Stock, or the entrance into an agreement to issue or sell shares of Class A Common Stock, in connection with any merger, joint venture, strategic alliances, commercial or other collaborative transaction or the acquisition (whether by means of merger, stock or equity purchase, asset purchase or otherwise) or licenses of the business, property, technology or other

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assets of another individual or entity or the assumption of an employee benefit plan in connection with a merger or acquisition, *provided* that (i) the aggregate number of shares of Class A Common Stock or any other securities convertible into or exercisable or exchangeable for shares of Class A Common Stock that the Company may issue or sell or agree to issue or sell pursuant to this clause (E) shall not exceed 10% of the total outstanding share capital of the Company immediately following the completion of the transactions contemplated by this Agreement determined on a fully diluted basis and as adjusted for stock splits, stock dividends and other similar events after the date of this Agreement and (ii) the recipients of any such shares of Class A Common Stock and securities issued pursuant to this clause (E) during the Restricted Period shall enter into an agreement substantially in the form of Exhibit A hereto on or prior to such issuance, (F) facilitating the establishment or amendment of a trading plan on behalf of a stockholder, officer or director of the Company or any of its subsidiaries pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Class A Common Stock, *provided* that (i) such plan does not provide for the transfer of Class A Common Stock during the Restricted Period (except as otherwise permitted under the lock-up agreement entered into by such stockholder, officer or director) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment or amendment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Class A Common Stock may be made under such plan during the Restricted Period, (G) sales of Class A Common Stock on behalf of the employees, officers, directors, advisors, or consultants of the Company or any of its subsidiaries to satisfy the withholding taxes payable upon the exercise, vesting and/or settlement of such employee's stock options, stock awards, restricted stock, restricted stock units, securities convertible into or exercisable or exchangeable for shares of Class A Common Stock, or other compensatory equity-based awards pursuant to the terms of an equity compensation plan described in each of the Time of Sale Prospectus and the Prospectus, or (H) the confidential submission by the Company of a resale shelf draft registration statement on Form S-1 with the Commission to the extent consistent with the Company's obligations under the registration rights agreement described in each of the Time of Sale Prospectus and the Prospectus; provided that (i) no public announcement of such confidential submission shall be made, (ii) if any demand was made for, or any right exercised with respect to, such registration of Shares or securities convertible, exercisable or exchangeable into Shares, no public announcement of such demand or exercise of rights shall be made (iii) the Company shall provide the Representatives with prior written notice of any such confidential submission at least one business day before such submission, or, if prior notice is not reasonably practicable, written notice promptly following such submission and in any event no later than one business day thereafter, and (iv) such notice shall be delivered on a confidential basis and shall specify only the anticipated or actual date of submission and that the submission is being made pursuant to the registration rights agreement described in each of the Time of Sale Prospectus and the Prospectus. If at least two of the Designated Representatives agree to release or waive the restrictions on the transfer of Shares set forth in a Lock-up Agreement for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver substantially in the form of Exhibit B hereto, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit C hereto through a major news service at least two business days before the effective date of the release or waiver if required by an applicable FINRA rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will use reasonable best efforts to effect and maintain the listing of the Shares on the Nasdaq Global Select Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Covenants of the Sellers*. Each Seller, severally and not jointly, covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Seller will deliver to each Underwriter (or its agent), prior to or at the Closing Date, a properly completed and executed Internal Revenue Service ("**IRS**") Form W-9 or an IRS Form W-8, as appropriate, together with all required attachments to such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller will deliver to each Underwriter (or its agent), on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and each Seller undertakes to provide such additional supporting documentation as each Underwriter may reasonably request in connection with the verification of the foregoing Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Expenses*. Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid all reasonably incurred expenses incident to the performance of the obligations of it and the Selling Stockholder under this Agreement, including: (i) the fees, disbursements and expenses of the Company's counsel, the Company's accountants and counsel for the Selling Stockholder in connection with the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of the Shares to the Underwriters, including any stamp, transfer or other similar taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or Legal Investment memorandum in connection with the offer and sale of the Shares under state securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section 7(g) hereof, including filing fees and the reasonably incurred fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or Legal Investment memorandum, (iv) all filing fees and the reasonably incurred fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Shares by the Financial Industry Regulatory Authority, provided that the aggregate amount payable by the Company with respect to the fees and

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disbursements of counsel for the Underwriters pursuant to clause (iii) and clause (iv) of this Section 9 shall not exceed $45,000, (v) all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Class A Common Stock and all costs and expenses incident to listing the Shares on the Nasdaq Global Select Market, (vi) the cost of printing certificates representing the Shares, (vii) the costs and charges of any transfer agent, registrar or depositary, (viii) the reasonably incurred costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost of any aircraft or ground transportation chartered in connection with the road show, provided that the Company shall only be responsible for half of the cost of any aircraft or ground transportation chartered in connection with the road show, if required (with the Underwriters being responsible for the other half of such expenses), (ix) the document production charges and expenses associated with printing this Agreement, (x) all reasonably incurred fees and disbursements of counsel incurred by the Underwriters in connection with the Directed Share Program and stamp duties, similar taxes or duties or other taxes, if any, incurred by the Underwriters in connection with the Directed Share Program and (xi) all other reasonably incurred costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section 9. It is understood, however, that except as provided in this Section 9, Section 11 entitled "Indemnity and Contribution," Section 12 entitled "Directed Share Program Indemnification" and the last paragraph of Section 14 below, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make.

The provisions of this Section 9 shall not supersede or otherwise affect any agreement that the Sellers may otherwise have for the allocation of such expenses among themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Covenants of the Underwriters*. Each Underwriter, severally and not jointly, covenants with the Sellers not to take any action that would result in the Company being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Indemnity and Contribution*. (a) (i)The Company agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act and their respective directors, officers and employees from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or

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investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any "road show" as defined in Rule 433(h) under the Securities Act (a "road show"), the Prospectus or any amendment or supplement thereto, or any Written Testing-the-Waters Communication or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements made therein not misleading, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters through the Representatives consists of the information described as such in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If and to the extent that the Representatives, shall have determined to exercise, on behalf of the Underwriters, the right to purchase Additional Shares granted to the Underwriters in Section 3 hereof and such Additional Shares are purchased by the Underwriters pursuant to Section 3 hereof, the Selling Stockholder agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act and their respective directors, officers and employees from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show, the Prospectus or any amendment or supplement thereto, or any Written Testing-the-Waters Communication or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements made therein not misleading, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters through the Representatives consists of the information described as such in paragraph (b) below. The liability of the Selling Stockholder under the indemnity agreement contained in this Section 11(a)(ii) shall be limited to an amount equal to the aggregate net proceeds (after deducting underwriting discounts and commissions but before deducting expenses) of the Additional Shares sold by such Selling Stockholder pursuant to this Agreement (the "**Selling Stockholder Proceeds**") less any amounts such Selling Stockholder actually pays pursuant to the contribution provisions of Section 11(d) below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, the Selling Stockholder, the directors of the Company, the officers of the Company who sign the Registration Statement and each person, if any, who controls the Company or the Selling Stockholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show, the Prospectus or any amendment or supplement thereto, or any Written Testing-the-Waters Communication or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements made therein not misleading, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, road show, or the Prospectus or any amendment or supplement thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: (i) the information concerning selling concessions appearing in first sentence of the first paragraph under the caption "Commissions and Discounts" in the section entitled "Underwriting (Conflicts of Interest)," (ii) the information concerning stabilization appearing in the second sentence of the sixteenth paragraph, the second and third sentence of the seventeenth paragraph, the second sentence of the eighteenth paragraph and the nineteenth paragraph in the section entitled "Underwriting (Conflicts of Interest)," and (iii) the information concerning sales to discretionary accounts appearing in the sole paragraph under the caption "Discretionary Sales" in the section entitled "Underwriting (Conflicts of Interest)" (collectively, the "**Underwriter Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 11(a) or **11(b),** such person (the "**indemnified party**") shall promptly notify the person against whom such indemnity may be sought (the "**indemnifying party**") in writing and the indemnifying party, upon request of the

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indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the reasonably incurred fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for (A) the fees and expenses of more than one separate firm (in addition to any local counsel) for all Underwriters and all persons, if any, who control any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or who are affiliates of any Underwriter within the meaning of Rule 405 under the Securities Act, (B) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Company, the directors of the Company, the officers of the Company who sign the Registration Statement and all persons, if any, who control the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and (C) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Selling Stockholder and all persons, if any, who control the Selling Stockholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Representatives, in the case of parties indemnified pursuant to Section 11(a), and by the Company and the Selling Stockholder, in the case of parties indemnified pursuant to Section 11(b). In the case of any such separate firm for the Selling Stockholder and such control persons of the Selling Stockholder, such firm shall be designated in writing by the Selling Stockholder / persons named as attorneys-in-fact for the Selling Stockholder under the Powers of Attorney. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior

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to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, wrongdoing, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section 11(a) or **11(b)** is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand from the offering of the Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Sellers on the one hand and the Underwriters on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (after deducting underwriting commissions and discounts but before deducting expenses) received by each Seller and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the Shares. The relative fault of the Sellers on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Sellers or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters' respective obligations to contribute pursuant to this Section 11 are several in proportion to the respective number of Shares they have purchased hereunder, and not joint. The liability of the Selling Stockholder under the contribution agreement contained in this Section 11(d) shall be limited to an amount equal to the Selling Stockholder Proceeds of the Selling Stockholder less any amounts that such Selling Stockholder actually pays pursuant to Section 11(a)(ii) above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sellers and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section 11 were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 11(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 11(e) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 11, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section 11 and the representations, warranties and other statements of the Company and the Selling Stockholder contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter, by or on behalf of the Selling Stockholder or any person controlling the Selling Stockholder, or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Directed Share Program Indemnification.* (a) The Company agrees to indemnify and hold harmless Morgan Stanley, each person, if any, who controls Morgan Stanley within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of Morgan Stanley within the meaning of Rule 405 of the Securities Act (each a "**Morgan Stanley Entity**" and collectively, the "**Morgan Stanley Entities**") from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) (i) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements made therein not misleading; (ii) that arise out of, or are based upon, the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase; or (iii) related to, arising out of, or in connection with the Directed Share Program, other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the bad faith or gross negligence of Morgan Stanley Entities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case any proceeding (including any governmental investigation) shall be instituted involving any Morgan Stanley Entity in respect of which indemnity may be sought pursuant to Section 12(a), the Morgan Stanley Entity seeking indemnity, shall promptly notify the Company in writing and the Company, upon request of the Morgan Stanley Entity, shall retain counsel reasonably satisfactory to the Morgan Stanley Entity to represent the Morgan Stanley Entity and any others the Company may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Morgan Stanley Entity shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Morgan Stanley Entity unless (i) the Company shall have agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Company and the Morgan Stanley Entity and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not, in respect of the legal expenses of the Morgan Stanley Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Morgan Stanley Entities. Any such separate firm for the Morgan Stanley Entities shall be designated in writing by Morgan Stanley. The Company shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Company agrees to indemnify the Morgan Stanley Entities from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time a Morgan Stanley Entity shall have requested the Company to reimburse it for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the Company agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by the Company of the aforesaid request and (ii) the Company shall not have reimbursed the Morgan Stanley Entity in accordance with such request prior to the date of such settlement. The Company shall not, without the prior written consent of Morgan Stanley, effect any settlement of any pending or threatened proceeding in respect of which any Morgan Stanley Entity is or could have been a party and indemnity could have been sought hereunder by such Morgan Stanley Entity, unless such settlement includes an unconditional release of the Morgan Stanley Entities from all liability on claims that are the subject matter of such proceeding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent the indemnification provided for in Section 12(a) is unavailable to a Morgan Stanley Entity or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then the Company in lieu of indemnifying the Morgan Stanley Entity thereunder, shall contribute to the amount paid or payable by the Morgan Stanley Entity as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand from the offering of the Directed Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and of the Morgan Stanley Entities on the other hand in connection with any statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand in connection with the offering of the Directed Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Directed Shares (after deducting underwriting commissions and discounts but before deducting expenses) and the total underwriting discounts and commissions received by the Morgan Stanley Entities for the Directed Shares, bear to the aggregate Public Offering Price of the Directed Shares. If the loss, claim, damage or liability is caused by an untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact, the relative fault of the Company on the one hand and the Morgan Stanley Entities on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the Company or by the Morgan Stanley Entities and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Morgan Stanley Entities agree that it would not be just or equitable if contribution pursuant to this Section 12 were determined by *pro rata* allocation (even if the Morgan Stanley Entities were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 12(c). The amount paid or payable by the Morgan Stanley Entities as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by the Morgan Stanley Entities in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 12, no Morgan Stanley Entity shall be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares distributed to the public were offered to the public exceeds the amount of any damages that such Morgan Stanley Entity has otherwise been required to pay. The remedies provided for in this Section 12 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity and contribution provisions contained in this Section 12 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Morgan Stanley Entity or the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Directed Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Termination*. The Underwriters may terminate this Agreement by notice given by the Representatives to the Company, if after the execution and delivery of this Agreement and prior to or on the Closing Date or any Option Closing Date, as the case may be, (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange or the Nasdaq Global Select Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or crisis that, in the Representatives' judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in the Representatives' judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Effectiveness; Defaulting Underwriters*. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 14 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements reasonably satisfactory to the Representatives and the Company for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter, the Company Parties or the Selling Stockholder. In any such case either the Representatives or the relevant Sellers shall have the right to postpone the Closing Date,

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but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of any Seller to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason any Seller shall be unable to perform its obligations under this Agreement, the Sellers will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Entire Agreement*. (a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company and the Selling Stockholder, on the one hand, and the Underwriters, on the other, with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Selling Stockholder acknowledge that in connection with the offering of the Shares: (i) the Underwriters have acted at arm's length, are not agents of, and owe no fiduciary duties to, the Company, the Selling Stockholder or any other person, (ii) the Underwriters owe the Company and the Selling Stockholder only those duties and obligations set forth in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent not superseded by this Agreement), if any, (iii) the Underwriters may have interests that differ from those of the Company and the Selling Stockholder, and (iv) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company and the Selling Stockholder waive to the full extent permitted by applicable law any claims they may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Selling Stockholder further acknowledges and agrees that, although the Underwriters may provide it with certain Regulation Best Interest and Form CRS disclosures or other related documentation in connection with the offering, the Underwriters are not making a recommendation to the Selling Stockholder to participate in the offering or sell any Shares at the Purchase Price, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Recognition of the U.S. Special Resolution Regimes*. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section 16, a "**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "**U.S. Special Resolution Regime**" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *Counterparts; Electronic Signatures*. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *Applicable Law*. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflict of laws principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *Jurisdiction and Venue*. The parties hereby submit to the jurisdiction of and venue in the federal courts located in the City of New York, New York in connection with any dispute related to this Agreement, any transaction contemplated hereby, or any other matter contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *Jury Waiver*. Each Company Party, the Selling Stockholder and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. *Headings*. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *Notices.* All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered, mailed or sent to c/o Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal and Compliance Division; c/o Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: General Counsel, Fax: 646-291-1469; c/o UBS Securities LLC, 11 Madison Avenue, New York, New York 10010, Attention: Equity Syndicate; and c/o Stifel, Nicolaus & Company, Incorporated, 787 Seventh Avenue, 11th Floor, New York, New York 10019; if to the Company Parties shall be delivered, mailed or sent to ITG, Inc., 2400 E Commercial Blvd Ste 1000, Fort Lauderdale, FL 33308, with a copy to (which copy shall not constitute constructive notice) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022; Attention: Joshua N. Korff; Michael Kim; Email: jkorff@kirkland.com; michael.kim@kirkland.com, and if to the Selling Stockholder shall be delivered, mailed or sent to Oaktree Capital Management, L.P., 11611 San Vicente Boulevard, Suite 700, Los Angeles, California 90049; Attention: James Lee; Robert Wu; E-mail: jalee@oaktreecapital.com; rwu@oaktreecapital.com, with a copy to (which copy shall not constitute constructive notice) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022; Attention: Joshua N. Korff; Michael Kim; Email: jkorff@kirkland.com; michael.kim@kirkland.com.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| ITG, Inc. | ITG, Inc. |
| By: |  |
|  | Name: |
|  | Title: |
| ITG Parent, LLC | ITG Parent, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Underwriting Agreement]

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| | |
|:---|:---|
| OCM Power VI AIV Holdings (Delaware), L.P. | OCM Power VI AIV Holdings (Delaware), L.P. |
| By:<br> Its:<br>By:<br> Its: | Oaktree Fund GP, LLC<br> General Partner<br>Oaktree Fund GP I, L.P.<br> Managing Member |
| By: |  |
|  | Name: James S. Lee |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| By: |  |
|  | Name: Robert L. Wu |
|  | Title: Authorized Signatory |

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[Signature Page to Underwriting Agreement]

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Accepted as of the date hereof

Morgan Stanley & Co. LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Stifel, Nicolaus & Company, Incorporated

Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto

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| | |
|:---|:---|
| By: | Morgan Stanley & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Underwriting Agreement]

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Accepted as of the date hereof

Morgan Stanley & Co. LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Stifel, Nicolaus & Company, Incorporated

Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto

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| | |
|:---|:---|
|  By: | Citigroup Global Markets Inc. |
|  By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Underwriting Agreement]

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Accepted as of the date hereof

Morgan Stanley & Co. LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Stifel, Nicolaus & Company, Incorporated

Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto

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| | |
|:---|:---|
|  By: | UBS Securities LLC |
|  By: |  |
|  | Name: |
|  | Title: |
|  By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Underwriting Agreement]

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Accepted as of the date hereof

Morgan Stanley & Co. LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Stifel, Nicolaus & Company, Incorporated

Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto

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| | |
|:---|:---|
| By: | Stifel, Nicolaus & Company, Incorporated |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Underwriting Agreement]

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**SCHEDULE I** 

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| | |
|:---|:---|
| **Underwriter** | **Number of Firm Shares<br>To Be Purchased** |
|  Morgan Stanley & Co. LLC |  |
|  Citigroup Global Markets Inc. |  |
|  UBS Securities LLC |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
|  BofA Securities, Inc. |  |
|  Robert W. Baird & Co. Incorporated |  |
|  Santander US Capital Markets LLC |  |
|  KeyBanc Capital Markets Inc. |  |
|  Truist Securities, Inc. |  |
|  Houlihan Lokey Capital, Inc. |  |
|  BTIG, LLC |  |
|  Capital One Securities, Inc. |  |
|  Regions Securities LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total: |  |

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**SCHEDULE II** 

**Time of Sale Prospectus** 

1. Preliminary Prospectus issued [•], 2026

2. [identify all free writing prospectuses filed by the Company under Rule 433(d) of the Securities Act]

3. Pricing information:

Firm Shares to be sold by the Company: [•]

Additional Shares to be sold by the Company: [•]

Additional Shares to be sold by the Selling Stockholder: [•]

Public Offering Price: $[•] per share

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**SCHEDULE III** 

**Testing the Waters Communications** 

1. Testing-the-Waters Presentation
dated May, 2026

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**SCHEDULE IV** 

**Persons or Entities Delivering Lock Up Agreements** 

1. OCM Power VI AIV Holdings (Delaware), L.P.

2. OCM ITG Aggregator, LLC

3. ITG Management Holdings, LLC

4. Andrew D. Parrott

5. Christopher H. Mecray

6. Michael G. Brooks

7. Guilherme Elias

8. Peter A. Giacalone

9. William LaPerch

10. Joel Rivas

11. Francis A. Braun III

12. James S. Lee

13. Nicholas G. Papadakis

14. Dylan G. Petre

15. Robert L. Wu

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**EXHIBIT A** 

**FORM OF LOCK-UP AGREEMENT** 

____________, 2026

Morgan Stanley & Co. LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Stifel, Nicolaus & Company, Incorporated

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

c/o UBS Securities LLC

11 Madison Avenue

New York, New York 10010

c/o Stifel, Nicolaus & Company, Incorporated

787 Seventh Avenue, 11th Floor

New York, New York 10019

Ladies and Gentlemen:

The undersigned understands that Morgan Stanley & Co. LLC ("**Morgan Stanley**"), Citigroup Global Markets Inc. ("**Citi**"), UBS Securities LLC ("**UBS**") and Stifel, Nicolaus & Company, Incorporated, as representatives of the several underwriters (collectively, the "**Representatives**"), propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with ITG, Inc., a Delaware corporation (the "**Company**"), ITG Parent, LLC, a Delaware limited liability company and OCM Power VI AIV Holdings (Delaware), L.P., a Delaware limited partnership, providing for the public offering (the "**Public Offering**") by the several Underwriters named therein, including the Representatives (the "**Underwriters**"), of shares (the "**Shares**") of the Class A common stock, par value $0.001 per share, of the Company (the "**Class A Common Stock**").

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To induce the Underwriters that may participate in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, except as provided in this Agreement, without the prior written consent of at least two of Morgan Stanley, Citi and UBS (collectively, the "**Designated Representatives**") on behalf of the Underwriters, he, she or it will not, and will not publicly disclose an intention to, during the period commencing on the date hereof and ending immediately after the close of the Trading Day occurring on the 180th day after the date of the final prospectus (the "**Prospectus**") relating to the Public Offering (such day, the "**180th Day**") or, if the 180th Day is not a Trading Day, ending immediately after the close of the last Trading Day immediately preceding the 180th Day (such period of time between the date hereof and, as the case may be, the 180th Day or the last Trading Day immediately preceding the 180th Day, referred to herein as the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Class A Common Stock owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, Class A Common Stock or such other securities which may be deemed to be beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) or any other securities so owned convertible into or exercisable or exchangeable for Class A Common Stock (collectively, the "**Restricted Securities**") or (2) enter into any hedging, swap, loan or other arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward or any other derivative transaction or instrument, however described or defined) that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of the Restricted Securities, whether any such transaction described in clause (1) or (2) above (any transaction described in clause (1) or (2) above, collectively, "**Transfers**") is to be settled by delivery of Class A Common Stock or such other securities, in cash or otherwise. The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transactions designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition of any Restricted Securities, even if any such sale or disposition transaction or transactions would be made or executed by or on behalf of someone other than the undersigned.

For purposes of this agreement, a "Trading Day" is a day on which the Nasdaq Global Select Market is open for the buying and selling of securities.

The foregoing paragraph shall not apply to the following, *provided* that in the case of any transfer or distribution pursuant to clauses (b) and (d) below, (A) each donee, distributee or transferee, as the case may be, shall sign and deliver a lock-up agreement substantially in the form of this agreement for the balance of the Restricted Period, except that with respect to any related series of transfers or distributions to transferees or distributees permitted under clause (d) that are deemed to occur simultaneously, only the ultimate transferee or distributee in such series shall be required to sign and deliver such a lock-up agreement (B) any such transfer shall not involve a disposition for value, (C) such transfers are not required to be reported during the Restricted Period in a filing with

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the Securities and Exchange Commission under Section 16(a) of the Exchange Act on Form 4 or Form 5 (or, in the case of sub-clause (b)(i)-(ii), any filing, if required, shall indicate in the footnotes thereto that the filing relates to circumstances described in the relevant sub-clause) and (D) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions relating to shares of Class A Common Stock or other securities acquired in the Public Offering (including the transactions described under the caption "Organizational Structure" in the Prospectus but excluding, solely in the case of officers and directors of the Company, any issuer-directed Shares purchased in the Public Offering) or acquired in open market or other transactions after the completion of the Public Offering, *provided* that no public report or filing with the Securities and Exchange Commission or otherwise is required or voluntarily made during the Restricted Period in connection with subsequent sales of Class A Common Stock or other securities acquired either in the Public Offering or in such open market or other transactions after the completion of the Public Offering (other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or forms));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfers, dispositions or distributions of shares of Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock as: (i) a bona fide gift, including, without limitation, to a charitable organization or educational institution, or for bona fide estate planning purposes, (ii) by will, testamentary document or intestacy, (iii) to any corporation, partnership, limited liability company or other entity that controls, is controlled by or managed by, or is under common control with, the undersigned, or the immediate family of the undersigned (as defined in FINRA Rule 5130(i)(5)), (iv) to any nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iii) above, (v) to any member of the undersigned's immediate family or to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned and/or any member of the undersigned's immediate family, or if the undersigned is a trust, to a trustor or beneficiary of the trust or to the estate of the beneficiary of such trust or (vi) to the Company upon the undersigned's death, disability or termination of employment or other service relationship with the Company; *provided* that such Class A Common Stock was issued to the undersigned pursuant to an agreement or equity award granted pursuant to an employee benefit plan, option, warrant or other right disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfers, dispositions or distributions of shares of Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock by operation of law, such as pursuant to a qualified domestic relations order, divorce settlement, divorce decree or separation agreement or pursuant to an order of a court or regulatory agency having jurisdiction over the undersigned, *provided* that any filing under Section 16(a) of the Exchange Act or any other public filing or disclosure by or on behalf of the undersigned that is required to be made during the Restricted Period as a result of such transfer, disposition or distribution shall include a statement that such transfer has occurred by operation of law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the undersigned is not an individual, transfers or distributions of shares of Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock to: (i) another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (ii) as part of a distribution, transfer or other disposition to any current or former, direct or indirect general or limited partners, limited liability company members or stockholders of the undersigned or holders of similar equity interests in the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Class A Common Stock, *provided* that (i) such plan does not provide for the transfer of Class A Common Stock during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Class A Common Stock may be made under such plan during the Restricted Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) the receipt by the undersigned from the Company of shares of Class A Common Stock or any security convertible into or exercisable or exchangeable for Common Stock upon the settlement or exercise of restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock (including, in each case, by way of "net" or "cashless" exercise, settlement or similar procedure), or (ii) transfers or dispositions by the undersigned to the Company in connection with the vesting, settlement or exercise of restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock (including, in each case, by way of "net" or "cashless" exercise), including any transfer to the Company for the payment of tax withholdings, estimated taxes or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A Common Stock, or in connection with the conversion of convertible securities;

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 *provided* that (1) any such shares of Class A Common Stock or any security convertible into or exercisable or exchangeable for Common Stock received by the undersigned shall be subject to the terms of this agreement, (2) to the extent a filing under Section 16(a) of the Exchange Act is required during the Restricted Period as a result of such transfers or dispositions pursuant to clause (f)(ii), it shall clearly indicate that the filing relates to the circumstances described in this clause (f)(ii); (3) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers; and (4) any such restricted stock units, restricted stock, options, warrants or rights are held by the undersigned pursuant to an agreement or equity award granted under a stock incentive plan or other equity award plan, each of which is disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shares of Class A Common Stock or securities convertible into or exercisable or exchangeable for Class A Common Stock transferred in "sell to cover" or similar open market transactions during the Restricted Period to satisfy any exercise price or tax withholding obligations (up to the amount required for such satisfaction) as a result of the vesting, exercise or settlement of restricted stock units, restricted stock, options, warrants or other rights to purchase or otherwise acquire Class A Common Stock or any security convertible into or exercisable or exchangeable for Class A Common Stock, provided that, any such shares of Class A Common Stock retained by the undersigned after giving effect to this provision shall remain subject to the provisions of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) shares of Class A Common Stock transferred pursuant to a *bona fide* third party tender offer, merger, consolidation or other similar transaction involving a Change of Control (as defined herein) of the Company (including, without limitation, the entering into any lock-up, voting or similar agreement pursuant to which the undersigned may agree to transfer, sell, tender or otherwise dispose of Restricted Securities or other such securities in connection with such transaction, or vote any Restricted Securities or other such securities in favor of any such transaction) and approved by the Company's board of directors; *provided that* in the event that such Change of Control transaction is not completed, the Class A Common Stock shall remain subject to the provisions of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities sold pursuant to a plan that complies with Rule 10b5-1 under the Exchange Act that has been entered into by the undersigned prior to the date of this agreement; provided that (1) any filing under Section 16(a) of the Exchange Act made during the Restricted Period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described above and (2) the undersigned does not otherwise voluntarily effect any other public filing or report regarding such sales or transfers during the Restricted Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) transfers of shares of Class A Common Stock or any securities convertible into or exercisable or exchangeable for Class A Common Stock to the Company pursuant to arrangements under which the Company has the option or right to repurchase such securities or a right of refusal with respect to such securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) sale of the undersigned's LLC Interests to the Company or any of its subsidiaries in connection with the purchase of LLC Interests from the undersigned by the Company or any of its subsidiaries with the net proceeds of the Public Offering, as described in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) conversion, exchange or reclassification of (1) any outstanding securities of the Company into shares of Class A Common Stock, or (2) Class A Common Stock into other securities, provided that any Class A Common Stock or other securities received by the undersigned upon such conversion, exchange or reclassification shall be subject to the provisions of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any sales of shares of Class A Common Stock by the undersigned to the Underwriters pursuant to the Underwriting Agreement.

"Change of Control" means the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an Underwriter pursuant to the Public Offering), of the Company's voting securities if, after such transfer, such person or group of affiliated persons would hold at least 50% of the outstanding voting securities of the Company (or the surviving entity).

In addition, the undersigned agrees that, without the prior written consent of at least two of the other Designated Representatives on behalf of the Underwriters, it will not, during the Restricted Period, make any demand for or exercise any right with respect to, the registration of any Restricted Securities. Notwithstanding the foregoing, to the extent the undersigned has demand and/or piggyback registration rights under any registration rights agreement described in the Prospectus, the undersigned may notify the Company privately that the undersigned is or will be exercising his, her or its demand and/or piggyback registration rights under any such registration rights agreement following the expiration of the Restricted Period and undertake preparations related thereto; provided that the foregoing notification and/or preparations do not request, require or result in the public filing of a registration statement with the Securities and Exchange Commission or any other public announcement of such proposed registration by the undersigned, the Company or any third party during the Restricted Period (and no such filing, public announcement or activity shall be voluntarily made or taken by the undersigned, the Company or any third party during the Restricted Period).

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing restrictions shall be equally applicable to any issuer-directed Shares the undersigned may purchase in the offering.

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If the undersigned is an officer or director of the Company, (i) the Representatives agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Class A Common Stock, at least two of the Designated Representatives will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by at least two of the Designated Representatives hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration or to an immediate family (as defined in FINRA Rule 5130(i)(5)) of the undersigned and (b) the transferee has agreed in writing to be bound by the same terms described in this agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

If at least two of the Designated Representatives release or waive the foregoing restrictions in connection with a transfer of shares of Class A Common Stock held by any other signatory to a lock-up agreement, shares of Class A Common Stock held by the undersigned shall be immediately, fully and irrevocably released in the same manner and on the same terms from any remaining restrictions in this agreement on a pro rata basis.

The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this agreement. The undersigned understands that the Company and the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may provide certain Regulation Best Interest and Form CRS disclosures or other related documentation to you in connection with the Public Offering, the Underwriters are not making a recommendation to you to participate in the Public Offering or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation.

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.

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In the event that one or more of the Designated Representatives withdraws or is terminated from, or declines to participate in, the Public Offering, all references in this agreement to the Designated Representatives shall refer to the remaining Designated Representatives. If the Designated Representatives all withdraw, are terminated from or decline to participate in the Public Offering, all references in this agreement to the Designated Representatives shall refer to the lead left book runner in the Public Offering ("Replacement Entity"), and in such event, any written consent, waiver or notice given or delivered in connection with this agreement by or to such Replacement Entity shall be deemed to be sufficient and effective for all purposes under this agreement. The undersigned understands that, if (i) the Company files with the Securities and Exchange Commission a notice of withdrawal of the Registration Statement on Form S-1 (which covers the Shares) pursuant to Rule 477 promulgated under the Securities Act, (ii) the Representatives, on the one hand, or the Company, on the other hand, informs the other in writing, prior to the execution of the Underwriting Agreement, that they have or it has determined not to proceed with the Public Offering, (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), or (iv) the Underwriting Agreement is not executed on or before [•], 2026 (provided that the Company may, by written notice to the undersigned prior to such date, extend such date for a period of up to an additional three months), then, in each case, this agreement shall automatically, and without any action on the part of any other party, be of no further force and effect, and the undersigned shall be automatically released from all obligations under this agreement.

This agreement and any claim, controversy or dispute arising under or related to this agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

This agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this agreement. Transmission by telecopy, electronic mail or other transmission method of an executed counterpart of this agreement will constitute due and sufficient delivery of such counterpart.

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| |
|:---|
| Very truly yours, |
| [NAME OF STOCKHOLDER / OFFICER/ DIRECTOR] |
| By: |
| Name: |
| Title: |
| If not signing in an individual capacity: |
| Name of Authorized Signatory (Print)<br> *(Indicate capacity of person signing if signing as a custodian, trustee, or on behalf of an entity).* |

---

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**EXHIBIT B** 

**FORM OF WAIVER OF LOCK-UP** 

_____________, 20__

[Name and Address of

Officer or Director

Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to [Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC] in connection with the offering by ITG, Inc. (the "**Company**") of _____ shares of Class A common stock, $0.001 par value (the "**Class A Common Stock**"), of the Company and the lock-up agreement dated ____, 2026 (the "**Lock-up Agreement**"), executed by you in connection with such offering, and your request for a [waiver] [release] dated ____, 20__, with respect to ____ shares of Class A Common Stock (the "**Shares**").

[Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC]<sup>1</sup> hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Agreement, but only with respect to the Shares, effective _____, 20__; provided, however, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-up Agreement shall remain in full force and effect.

<sup>1</sup> [**NTD**: To be updated as required pursuant to Section 7 of the Underwriting Agreement.] 

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [Morgan Stanley & Co. LLC<br> Citigroup Global Markets Inc.<br> UBS Securities LLC] | [Morgan Stanley & Co. LLC<br> Citigroup Global Markets Inc.<br> UBS Securities LLC] |
| By: | Morgan Stanley & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: | Citigroup Global Markets Inc. |
| By: |  |
|  | Name: |
|  | Title: |
| By: | UBS Securities LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

cc: ITG, Inc.

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**EXHIBIT C** 

**FORM OF PRESS RELEASE** 

ITG, Inc.

[Date]

ITG, Inc. (the "**Company**") announced today that [Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., UBS Securities LLC]<sup>1</sup>, representatives in the Company's recent public sale of _____ shares of its Class A common stock are [waiving][releasing] a lock-up restriction with respect to ____ shares of the Company's Class A common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will take effect on ____, 20__ , and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.** 

<sup>1</sup> [**NTD**: To be updated as required pursuant to Section 7 of the Underwriting Agreement.]

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g103576g0528024801129.jpg)

601 Lexington Avenue

New York, NY 10022

United States

+1 212 446 4800

www.kirkland.com

June 22, 2026

ITG, Inc.

2400 E Commercial Blvd Ste 1000

Fort Lauderdale, FL 33308

Re: <u>Registration Statement on Form S-1</u>

We are issuing this opinion in our capacity as special legal counsel to ITG, Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the proposed registration by the Company under the Securities Act of 1933, as amended (the "<u>Act</u>"), on a Registration Statement on Form S-1 (Registration No. 333-296557) initially publicly filed with the Securities and Exchange Commission on June 5, 2026 (as such registration statement is amended or supplemented, the "<u>Registration Statement</u>") of 22,439,025 shares of Class A common stock, par value $0.001 per share (the "<u>Common Stock</u>") that may be offered by the Company (the "<u>Shares</u>") (including up to 2,168,635 shares of Common Stock issuable by the Company and up to 758,194 shares of Common Stock that may be offered by the selling stockholder listed in the Registration Statement upon exercise of the underwriters' over-allotment option). The term "Shares" shall include any additional shares of common stock registered by the Company pursuant to Rule 462(b) under the Act in connection with the offering contemplated by the Registration Statement.

In connection therewith, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we have deemed necessary for the purpose of this opinion, including: (i) the corporate and organizational documents of the Company, including the form of Amended and Restated Certificate of Incorporation of the Company filed as Exhibit 3.2 to the Registration Statement (the "<u>Certificate of Incorporation</u>") to be filed with the Secretary of State of the State of Delaware, which will become effective prior to the sale of the Shares; (ii) minutes and records of the corporate proceedings of the Company with respect to the issuance and sale of the Shares; (iii) the form of Underwriting Agreement filed as Exhibit 1.1 to the Registration Statement (the "<u>Underwriting Agreement</u>"); and (iv) the Registration Statement.

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![LOGO](g103576dsp2.jpg)

ITG, Inc.

June 22, 2026

For purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. We have also assumed the legal capacity of all natural persons, the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto (other than the Company), and the due authorization, execution and delivery of all documents by the parties thereto (other than the Company). As to any facts material to the opinions expressed herein that we have not independently established or verified, we have relied upon statements and representations of officers and other representatives of the Company and others.

Based upon and subject to the assumptions, qualifications and limitations identified in this opinion, we are of the opinion that, when the Certificate of Incorporation is duly filed with the Secretary of State of the State of Delaware, the Shares will be duly authorized, and, when the Registration Statement becomes effective under the Act, the final Underwriting Agreement is duly executed and delivered by the parties thereto and the Shares are registered by the Company's transfer agent and delivered against payment of the agreed consideration therefor, all in accordance with the final Underwriting Agreement, the Shares will be validly issued, fully paid and non-assessable.

Our advice on every legal issue addressed in this opinion is based exclusively on the General Corporation Law of the State of Delaware.

For purposes of rendering our opinions expressed above, we have assumed that (i) the Registration Statement remains effective during the offer and sale of the Shares, (ii) at the time of the issuance, sale and delivery of each Share, there will not have occurred any change in law affecting the validity, legally binding character or enforceability of such Share.

We do not find it necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or "Blue Sky" laws of the various states to the issuance and sale of the Shares.

This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion speaks only as of the date that the Registration Statement becomes effective under the Act, and we assume no obligation to revise or supplement this opinion after the date of effectiveness should the General Corporation Law of the State of Delaware be changed by legislative action, judicial decision or otherwise after the date hereof.

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![LOGO](g103576dsp2.jpg)

ITG, Inc.

June 22, 2026

This opinion is furnished to you in connection with the filing of the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act.

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our firm under the heading "Legal Matters" in the Registration Statement. This opinion and consent may also be incorporated by reference in a subsequent registration statement on Form S-1 filed pursuant to Rule 462(b) under the Act with respect to the registration of additional securities for sale in the offering contemplated by the Registration Statement and shall cover such additional securities, if any, registered on such subsequent registration statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.

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| |
|:---|
|  Very truly yours, |
|  /s/ Kirkland & Ellis LLP |
|  KIRKLAND & ELLIS LLP |

---

## Exhibit 10.4

**Exhibit 10.4** 

**STOCKHOLDERS AGREEMENT OF** 

**ITG, INC.** 

THIS STOCKHOLDERS AGREEMENT, dated as of [•] (as it may be amended or otherwise modified from time to time in accordance with the terms hereof, this "<u>Agreement</u>"), is entered into by and among ITG, Inc., a Delaware corporation (the "<u>Company</u>"), OCM Power VI AIV Holdings (Delaware), L.P., a Delaware limited partnership ("<u>Oaktree Blocked Fund</u>"), OCM ITG Aggregator, LLC, a Delaware limited liability company ("<u>Oaktree Aggregator</u>" and, together with Oaktree Blocked Fund, the "<u>Investors</u>"), and ITG Management Holdings, LLC, a Delaware limited liability company ("<u>Management Holdings</u>").

**RECITALS** 

**WHEREAS**, Oaktree Blocked Fund owns Class A Common Stock of the Company and Oaktree Aggregator and Management Holdings own, directly or indirectly, outstanding limited liability company interests in ITG Parent, LLC, a Delaware limited liability company ("<u>ITG Parent</u>"), which limited liability company interests constitute and are defined as "Common Units" pursuant to the Second Amended and Restated Limited Liability Company Agreement of ITG Parent, dated as of the date hereof (as it may be amended or otherwise modified from time to time, the "<u>LLC Agreement</u>," and such limited liability company interests, the "<u>Common Units</u>");

**WHEREAS**, the Company is contemplating an offering and sale of the shares of Class A Common Stock in an underwritten initial public offering (the "<u>IPO</u>");

**WHEREAS**, in connection with and immediately prior to the IPO, the Company will be a party to a series of reorganization transactions with ITG Parent and various other parties as a result of which, among other things, (i) the Company will hold, indirectly through its subsidiary ITG Intermediate, LLC, a Delaware limited liability company ("<u>Intermediate</u>"), Common Units, (ii) Intermediate will become the sole managing member of ITG Parent, and (iii) Oaktree Aggregator and Management Holdings will become holders of Class B Common Stock;

**WHEREAS**, upon completion of the IPO, Oaktree Blocked Fund will continue to be a record holder of shares of Class A Common Stock and Oaktree Aggregator and Management Holdings will continue to be the record holders of shares of Class B Common Stock;

**WHEREAS**, immediately following the completion of the IPO, (i) the Company will contribute the net proceeds of the IPO to Intermediate, which will contribute such net proceeds to ITG Parent in exchange for additional Common Units, and such net proceeds would be used by the subsidiaries of ITG Parent to repay approximately $120.0 million in aggregate principal amount of borrowings outstanding under its revolving credit facility and approximately $241.0 million in aggregate principal amount of borrowings outstanding under its term loan facility, and, to the extent of any remaining net proceeds, for general corporate purposes to support the growth of the business, and (ii) in the event that the underwriters exercise their option to purchase additional shares of Class A Common Stock to cover over-allotments, the Company will use the net proceeds of such sale to purchase Common Units directly from ITG Parent, and ITG Parent will use such net proceeds to purchase a portion of the Common Units held by Oaktree Aggregator and Management Holdings for cash; and

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**WHEREAS**, in connection with, and effective upon the completion of the IPO (such date of completion, the "<u>IPO Date</u>"), the Company, the Investors and Management Holdings wish to set forth certain understandings between such parties, including with respect to certain governance and voting matters; and

**WHEREAS**, this Agreement shall become effective upon the Closing on the IPO Date.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree as follows:

**AGREEMENT** 

Section 1.01 <u>Definitions</u>. As used in this Agreement, the following terms shall have the following meanings:

"<u>Action</u>" means any claim, charge, demand, action, cause of action, inquiry, audit, suit, arbitration, indictment, litigation, hearing or other proceeding (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private).

"<u>Affiliate</u>" means, when used with reference to another Person, any Person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with, such other Person; provided that, for the avoidance of doubt, Affiliates of Oaktree shall include its employees in their capacities as such but shall exclude advisors, consultants, operating partners and similar service providers.

"<u>Agreement</u>" has the meaning set forth in the introductory paragraph.

"<u>Authorized Recipients</u>" has the meaning set forth in <u>Section</u> <u>1.05(a)</u>.

"<u>Beneficial Owner</u>" means, with respect to any security, any Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has (a) voting power, which includes the power to vote, or to direct the voting of, such security or (b) investment power, which includes the power to dispose, or to direct the disposition of, such security. The terms "<u>Beneficially Own</u>" and "<u>Beneficial Ownership</u>" shall have correlative meanings.

"<u>Board</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required to close.

"<u>Bylaws</u>" means the amended and restated bylaws of the Company, as in effect on the IPO Date, as may be amended or otherwise modified from time to time.

"<u>Certificate of Incorporation</u>" means the amended and restated certificate of incorporation of the Company, as in effect on the IPO Date, as may be amended or otherwise modified from time to time.

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"<u>Chosen Courts</u>" has the meaning set forth in <u>Section</u> <u>1.07(k)</u>.

"<u>Class</u> <u>A Common Stock</u>" means the Class A common stock, par value $0.001 per share, of the Company.

"<u>Class</u> <u>B Common Stock</u>" means the Class B common stock, par value $0.001 per share, of the Company.

<u>"Closing"</u> means the closing of the IPO on the IPO Date.

"<u>Common Stock</u>" means the Class A Common Stock and the Class B Common Stock.

"<u>Confidential Information</u>" has the meaning set forth in <u>Section</u> <u>1.05(a)</u>.

"<u>Company</u>" has the meaning set forth in the preamble.

"<u>DGCL</u>" means the Delaware General Corporation Law, as amended from time to time.

"<u>Director</u>" means a member of the Board.

"<u>Equity Incentive Plan</u>" means the Company's Omnibus Incentive Plan adopted on the IPO Date (or any similar replacement plan subsequently approved by the Board and the stockholders as required by the DGCL or any applicable exchange listing requirements), as it may be amended or otherwise modified from time to time.

"<u>Equity Securities</u>" means, with respect to any Person, all of the shares, interests, rights, participations, preferred equity certificates, convertible preferred equity certificates or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in, including any limited or general partnership interest and any limited liability company membership interest) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

"<u>Full Board</u>" means the total number of Directors constituting the entire Board as determined in accordance with the Certificate of Incorporation and Bylaws.

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

"<u>Independent Director</u>" has the meaning set forth in <u>Section</u> <u>1.02(a)</u>.

"<u>Investors</u>" has the meaning set forth in the preamble.

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"<u>IPO</u>" has the meaning set forth in the recitals.

"<u>IPO Date</u>" has the meaning set forth in the recitals.

"<u>ITG Parent</u>" has the meaning set forth in the recitals.

"<u>Management Holdings</u>" has the meaning set forth in the recitals.

"<u>Necessary Action</u>" shall mean, with respect to the Company and a specified result, all actions (to the extent such actions are not prohibited by applicable law and are within the Company's control, and in the case of any action that requires a vote or other action on the part of the Board to the extent such action is consistent with fiduciary duties that the Company's directors may have in such capacity) necessary to cause such result, including (i) calling meetings of stockholders, (ii) assisting in preparing or furnishing forms of ballots, proxies, consents or similar instruments, if applicable, in each case, with respect to shares of Voting Stock, and facilitating the collection or processing of such ballots, proxies, consents, or instruments, (iii) executing agreements, documents, certificates and other similar written instruments, (iv) making, or causing to be made, with any government, governmental department or agency, or political subdivision thereof, all filings, registrations, or similar actions that are required to achieve such result, (v) nominating or appointing, or taking steps to cause the nomination or appointment of, certain Persons (including to fill vacancies) and providing the highest level of support for the election or appointment of such Persons to the Board or any committee thereof, including in connection with the annual or special meeting of stockholders of the Company, and (vi) paying any costs, expenses or fees arising out of or in connection with any of the foregoing.

"<u>Nominating and Corporate Governance Committee</u>" means the nominating and corporate governance committee of the Board or any committee of the Board authorized to perform the function of recommending to the Board the nominees for election as Directors or nominating the nominees for election as Directors.

"<u>Oaktree</u>" means Oaktree Capital Management L.P. and any successor thereto.

"<u>Oaktree Aggregator</u>" has the meaning set forth in the recitals.

"<u>Oaktree Designee</u>" has the meaning set forth in <u>Section 1.02(b)</u>.

"<u>Oaktree Blocked Fund</u>" has the meaning set forth in the recitals.

"<u>Oaktree Group</u>" means Oaktree and its Affiliates, including the Investors and Management Holdings.

"<u>Person</u>" means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an exempted company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity.

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"<u>Registration Rights Agreement</u>" means the Registration Rights Agreement, dated as of the date hereof and as may be amended or otherwise modified from time to time, by and among the Company, the Investors and the other parties thereto from time to time.

"<u>Restricted Shares</u>" means shares of Common Stock awarded under the Equity Incentive Plan subject to time and performance vesting restrictions.

"<u>Stockholders</u>" means holders of Common Stock of the Company.

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

"<u>Tax Receivable Agreement</u>" means the Tax Receivable Agreement, dated as of the date hereof and as may be amended or otherwise modified from time to time, by and among the Company, the Investors and the other parties thereto.

"<u>Trigger Event</u>" means such time, if any, upon which the Oaktree Group ceases to Beneficially Own shares of Voting Stock representing, in the aggregate, at least 40% of the voting power of the then-outstanding Voting Stock of the Company that are not Restricted Shares.

"<u>Voting Stock</u>" means any Equity Securities of the Company entitled to vote generally in the election of directors.

Section 1.02 <u>Board of Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Composition of Initial Board. As of the IPO Date, the Board shall comprise nine (9) Directors, (i) the following six (6) of whom shall be deemed to have been designated by the Investors as Oaktree Designees (as defined below): Michael Brooks, Peter Giacalone, James Lee, Robert Wu, Nicholas Papadakis and Dylan Petre; (ii) one (1) of whom shall be the Company's current chief executive officer, Andrew Parrott; and (iii) the following two (2) of whom shall be deemed "Independent Directors": William LaPerch and Francis A. Braun III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Nomination of Oaktree Designees</u>. Notwithstanding anything herein to the contrary, following the IPO Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Until the Trigger Event, the Investors, acting collectively, shall have the right, but not the obligation, to nominate to the Board six (6) Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For so long as the Oaktree Group Beneficially Owns shares of Voting Stock representing, in the aggregate, at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 35%, but less than 40%, of the voting power of the then-outstanding Voting Stock of the Company that are not Restricted Shares, the Investors, acting collectively, shall have the right, but not the obligation, to nominate to the Board five (5) Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 30%, but less than 35%, of the voting power of the then-outstanding Voting Stock of the Company that are not Restricted Shares, the Investors, acting collectively, shall have the right, but not the obligation, to nominate to the Board four (4) Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 20%, but less than 30%, of the voting power of the then-outstanding Voting Stock of the Company that are not Restricted Shares, the Investors, acting collectively, shall have the right, but not the obligation, to nominate to the Board three (3) Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) 10%, but less than 20%, of the voting power of the then-outstanding Voting Stock of the Company that are not Restricted Shares, the Investors, acting collectively, shall have the right, but not the obligation, to nominate to the Board two (2) Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) 5%, but less than 10%, of the voting power of the then-outstanding Voting Stock of the Company that are not Restricted Shares, the Investors, acting collectively, shall have the right, but not the obligation, to nominate to the Board one (1) Director.

Any such Director(s) nominated pursuant to <u>Section 1.02(b)(i)</u> or <u>Section 1.02(b)(ii)</u> shall be the "<u>Oaktree Designee</u>" or "<u>Oaktree Designees</u>," as applicable. In the event the size of the Full Board is increased, the Investors' nomination rights set forth in <u>Section 1.02(b)(i)</u> or <u>Section 1.02(b)(ii)</u> shall be proportionately increased such that the Investors have the right to nominate Directors representing the same percentage of the Full Board, rounded up to the nearest whole director, following such increase as prior to such increase.

The Investors shall designate each Oaktree Designee for nomination by delivering to the Company (i) a written notice at least ninety (90) days prior to the one (1) year anniversary of the filing of the definitive proxy statement for the preceding annual meeting (or such shorter period as is agreed in writing by the Company) setting forth the individual to be nominated and such individual's business address, telephone number and e-mail address and (ii) a signed D&O questionnaire (based on a form to be provided by the Company) duly completed by such individual; <u>provided</u>, that if the Investors shall fail to deliver such written notice, the Investors shall be deemed to have designated the Oaktree Designee(s) whose term is expiring.

For the avoidance of doubt, with respect to any person designated by the Investors pursuant to this <u>Section 1.02(b)</u>, the Investors shall only be required to comply with the provisions of this <u>Section</u> <u>1.02(b)</u> and the Investors shall not be required to comply with the advance notice provision of the Bylaws. Notwithstanding anything in this <u>Section</u> <u>1.02(b)</u> to the contrary, the Investors may also directly nominate individuals to serve on the Board pursuant to and in accordance with applicable law (including stock exchange regulations) and the advance notice provisions of the Bylaws.

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If the Company adopts a policy that directors own a minimum amount of equity securities in the Company, Oaktree Designees shall not be subject to such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>CEO Director</u>. Notwithstanding anything herein to the contrary, following the IPO Date, the Company's chief executive officer shall be a Director, which shall initially be Andrew Parrott. Any such Director shall be the "<u>CEO Director</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Resignation of Oaktree Designees</u>. For so long as the Investors are entitled to designate at least one (1) individual for nomination to the Board, the Investors shall have the exclusive right to request the removal of any Oaktree Designee, with or without cause and at any time, by sending a written notice to such Oaktree Designee and the Company's Secretary stating the name of the Oaktree Designee or the Oaktree Designees whose removal from the Board is requested. Such Oaktree Designee or Oaktree Designees shall immediately tender their resignation upon such request or the Company shall thereafter take all Necessary Action to facilitate the removal of such Oaktree Designee from the Board. If at any point the number of Oaktree Designees then serving on the Board exceeds the number of Directors which the Investors are entitled to nominate pursuant to <u>Section 1.02(b)</u> (each, an "<u>Excess Director</u>"), then, unless the Board otherwise requests, the Investors shall cause the Excess Director to offer to tender their resignation at least sixty (60) days prior to the expected date of the Company's next annual meeting of stockholders for which the Company has not yet proposed a slate of directors; <u>provided</u>, that, for the avoidance of doubt, such resignation may be made effective as of the last day of the then-current term of such Excess Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Committees</u>. Subject to applicable law, the Board may delegate any of its power and authority to manage the business and affairs of the Company to any standing or special committee upon such terms as it sees fit as permitted by law and as set forth in the resolutions creating such committee. As of the IPO Date, (i) the initial members of the Compensation Committee shall be William LaPerch, who shall be chairperson of such committee, James Lee and Robert Wu; (ii) the initial members of the Nominating and Corporate Governance Committee shall

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be James Lee, who shall be chairperson of such committee, Robert Wu and Dylan Petre; and (iii) the initial members of the Audit Committee shall be Francis Braun III, who shall be the chairperson of such committee, William LaPerch and Nicholas Papadakis. Subject to applicable laws and stock exchange regulations, and subject to requisite independence requirements applicable to such committee, (A) prior to the Trigger Event, the Investors shall be entitled to designate a majority of the members of the Compensation Committee and the Nominating and Corporate Governance Committee, and (B) for so long as the Investors are entitled to designate one (1) or more Directors pursuant to <u>Section 1.02(b)</u>, the Investors shall be entitled to designate at least one (1) member of each committee of the Board; <u>provided</u>, <u>further</u>, that, any special committee established to evaluate any transaction in which the Oaktree Group has an interest which is in conflict with the interests of the Company shall not include any Oaktree Designee. It is understood by the parties hereto that the Investors shall not be required to have the Oaktree Designees represented on any committee and any failure to exercise such right in this section in a prior period shall not constitute any waiver of such right in a subsequent period. Each committee shall keep regular minutes and report to the Board when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reimbursement of Expenses</u>. Any Director who is not an employee of the Company or any of its Subsidiaries shall be entitled to cash and/or equity compensation and is eligible to participate in Company equity plans and indemnification in connection with his or her role as a director, and each Oaktree Designee shall be entitled to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board, or any committees thereof and meetings of the Stockholders of the Company (if attending in their capacity as a Director at the request of the Board). Any Oaktree Designee may assign the rights set forth in this Section 1.02(g) to any member of the Oaktree Group at the option of such Oaktree Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Liability for Election of Recommended Directors.</u> None of the Company or any of the Oaktree Group, nor any officer, director, stockholder, partner, employee or agent of any such party, makes any representation or warranty as to the fitness or competence of the nominee of any party hereunder to serve on the Board by virtue of such party's execution of this Agreement or by the act of such party in voting for such nominee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Additional Company Obligations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees to take all Necessary Action to cause the individuals designated in accordance with <u>Section</u> <u>1.02(b)</u> and <u>Section</u> <u>1.02(c)</u> to be elected as members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company shall take all Necessary Action (A) to maintain in effect at all times customary directors and officers liability insurance and fiduciary liability insurance with benefits, terms, conditions, retentions and levels of coverage that are at least as favorable, in the aggregate, to the insured parties as provided in the Company's policies in effect as of the IPO Date; provided that, upon any Oaktree Designee ceasing to serve on the Board for any reason, the Company shall take all actions reasonably necessary to extend such directors' and officers' liability insurance coverage (or purchase a "tail" or "runoff" policy) for a period of not less than six (6) years from the time at which such Oaktree Designee ceases to serve on the Board, in respect of any act or omission occurring at or prior to such cessation of service, on terms and conditions no less favorable than those in

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the policy in effect at the time of such cessation, and (B) to ensure the Certificate of Incorporation and the Bylaws shall at all times provide for indemnification, exculpation and advancement of expenses with respect to all Directors (including, for the avoidance of doubt, the Oaktree Designees) to the fullest extent permitted under applicable law. The Company shall not alter, in any manner adverse to the Oaktree Designees, any rights to indemnification and exculpation from liabilities currently afforded to members of the Board, provided they are permitted by applicable law, pursuant to the Certificate of Incorporation, the Bylaws or any indemnification agreement, in each case, as in effect as of the IPO Date. If the Company or any of its respective successors or assigns (i) shall consolidate with or merge into any other corporation or entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially all of its properties and assets to any individual, corporation or other entity, then, and in each such case, proper provisions shall be made so that the successors and assigns of the Company shall covenant to afford to each of the Oaktree Designees such rights to indemnification and exculpation from liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At any time the Board is classified in accordance with the terms of the Certificate of Incorporation, including at the IPO Date, the Oaktree Designees shall be apportioned among the three classes of Directors as nearly equal in number as possible, and any remaining Oaktree Designees will be designated a Class III Director, in each case unless otherwise requested by the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As of the IPO Date, the Company is a "controlled company." For so long as the Company qualifies as a "controlled company" under the applicable listing standards then in effect, the Company will elect to be a "controlled company" for purposes of such applicable listing standards and will disclose in its annual meeting proxy statement that it is a "controlled company" and the basis for that determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Voting at Meetings of Stockholders</u>. Each of the Investors and Management Holdings, so long as such party holds Equity Securities of the Company, agrees to vote, and to procure the vote of its Affiliates, to vote in person or by proxy, or to act by written consent (if applicable) with respect to all Voting Stock Beneficially Owned by it to cause the election of the Persons designated pursuant to this Section 1.02.

Section 1.03 <u>Information Rights and Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Oaktree Group Beneficially Owns shares of Voting Stock representing, in the aggregate, at least five percent (5%) of the voting power of the then-outstanding Voting Stock, the Company shall provide to the Investors and any of their designated representatives: (1) monthly consolidated financial statements of the Company and its Subsidiaries, consisting of (i) an income statement, (ii) a balance sheet, and (iii) a statement of cash flows, in each case prepared in good faith and in reasonable detail, within thirty (30) days after the end of each month; (2) access to any portal or equivalent means of dissemination of information to the Board maintained by the Company; and (3) reasonable access, during normal business hours, with reasonable prior notice and so long as such access does not unreasonably interfere with the operations of the Company or its Subsidiaries, to examine the books and records of the Company and its Subsidiaries and to any officer of the Company or its Subsidiaries to

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discuss the affairs, finances and condition of the Company and its Subsidiaries; <u>provided</u>, each Investor may waive the right to receive all or any portion of the foregoing information and access at any time at the election of such Investor by providing written notice to the Company, which notice may specify a time period for the duration of such waiver (and, for the avoidance of doubt, following such specified time period, the applicable rights set forth in this <u>Section 1.03(a)</u> shall no longer be deemed waived).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as the Oaktree Group Beneficially Owns shares of Voting Stock representing, in the aggregate, at least five percent (5%) of the voting power of the then-outstanding Voting Stock, the Company shall keep each Oaktree Designee serving as a Director informed, on a current basis, of any events, discussions, notices or changes with respect to any tax, criminal or regulatory investigation or action involving the Company or any of its Subsidiaries that could reasonably be expected to be material to the Company, and shall reasonably cooperate with the Investors and their respective Affiliates in an effort to avoid or mitigate any cost or regulatory consequences to the Investors or their Affiliates that might arise from such investigation or action (including by reviewing written submissions in advance, attending meetings with authorities and coordinating and providing assistance in meeting with regulators).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For so long as any Investor or any other member of the Oaktree Group needs access to information from the Company for purposes of complying with their respective income tax reporting obligations, the Company shall promptly provide, or cause to be provided, all reasonably requested information and supporting documentation to such Investor or such member of the Oaktree Group (or their respective tax advisors or counsel) to allow such Investor or such member of the Oaktree Group to timely file their respective income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company, the Investors and Management Holdings shall reasonably coordinate and cooperate with one another with respect to (i) exchanging and providing such information to each other in connection with any regulatory notifications, filings or other obligations of each party or any of their respective Affiliates, (ii) making any applicable regulatory notifications and filings of each party or any of their respective Affiliates and (iii) taking such other action to comply with any applicable regulatory obligations of each party or any of their respective Affiliates; provided that such material may be redacted or provided on an outside-counsel-only basis, as necessary, (x) to comply with contractual arrangements, (y) to address good faith legal privilege or confidentiality concerns and (z) to comply with applicable law. In addition, each party shall supply such reasonable assistance as may be reasonably requested by any other party in connection with the foregoing.

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Section 1.04 <u>Consent Rights</u>. So long as the Oaktree Group Beneficially Owns shares of Voting Stock representing, in the aggregate, twenty five percent (25%) or more of the voting power of the then-outstanding Voting Stock, without the prior written consent of the Investors (which consent may be withheld or granted in their discretion) the Company shall not, and shall cause its Subsidiaries not to, amend, modify, repeal or waive (a) any rights of any Investor or any other member of the Oaktree Group provided by, or increase any obligations of any Investor or any other member of the Oaktree Group imposed by, the Bylaws or the Certificate of Incorporation, or (b) the Company's related party transactions policy, the charter of the disclosure committee (or any successor committee performing a similar function), if any, or any similar policy applicable to the Oaktree Group in its capacity as a Beneficial Owner of shares of Voting Stock in a manner that disproportionately adversely affects the Investors or any other member of the Oaktree Group; provided that each Investor may waive the requirement that it consent to all or any of the foregoing actions at any time at the election of such Investor by providing written notice to the Company.

Section 1.05 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor and Management Holdings agrees to hold, and to use its reasonable efforts to cause its authorized representatives to hold, in strict confidence, the books and records of the Company and all information relating to the Company's properties, operations, financial condition or affairs, in each case, which are furnished to it pursuant to the terms of this Agreement, including to a Director appointed in accordance with this Agreement (collectively, the "<u>Confidential Information</u>"). Notwithstanding anything herein to the contrary, Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by an Investor, (ii) is or becomes available to an Investor or Management Holdings or any of their respective Authorized Recipients (as defined below) on a nonconfidential basis from a third-party source, which source, to the knowledge of such Investor or Management Holdings, as applicable, is not bound by a legal duty of confidentiality to the Company in respect of such Confidential Information, or (iii) is independently developed by an Investor or Management Holdings or its Authorized Recipients. Notwithstanding anything herein to the contrary, an Investor or Management Holdings may disclose any Confidential Information to (x) any of its representatives and (y) any Affiliates (the persons in clauses (x) and (y), collectively, the "<u>Authorized Recipients</u>"). If an Investor, Management Holdings or any of their respective Authorized Recipients is required or requested by law or regulation or any legal or judicial process to disclose any Confidential Information, if disclosure of Confidential Information is required by any Governmental Entity having authority over such Investor, Management Holdings or such Authorized Recipient, or if disclosure of Confidential Information is required in connection with the tax affairs of such Investor, Management Holdings or such Authorized Recipient, such Investor, Management Holdings or such Authorized Recipient, as the case may be, may disclose only such portion of such Confidential Information as may be required or requested without liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, any Oaktree Designee may disclose any information about the Company and its Subsidiaries received by such Oaktree Designee (whether or not in his/her capacity as a Director of the Company) to the other Oaktree Designees and to the Investors; provided that any such information disclosed that would otherwise constitute Confidential Information shall be treated by the Investors in accordance with <u>Section 1.05(a)</u>.

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Section 1.06 <u>Representations and Warranties</u>. The Company represents and warrants to each Investor and Management Holdings that (i) the Company is duly authorized to execute, deliver and perform this Agreement; (ii) this Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms; and (iii) the execution, delivery and performance by the Company of this Agreement does not violate or conflict with or result in a breach by the Company of or constitute (or with notice or lapse of time or both constitute) a default by the Company under the Certificate of Incorporation or Bylaws, any existing applicable law, rule, regulation, judgment, order, or decree of any governmental authority exercising any statutory or regulatory authority of any of the foregoing, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties or assets, or any agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their respective properties or assets may be bound.

Section 1.07 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (i) delivered personally to the recipient, (ii) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid) or (iii) transmitted, if sent by email transmission before 5:00 p.m. New York time on a Business Day, and otherwise on the next Business Day. Such notices, demands and other communications shall be sent to the Company and the Investors at the addresses indicated below or, in each case, to any such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

If to the Investors, addressed as follows:

c/o Oaktree Capital Management, L.P.

11611 San Vicente Boulevard, Suite 700

Los Angeles, California 90049

Attention: James Lee; Robert Wu

E-mail: [\*\*\*]; [\*\*\*]

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

Weil, Gotshal & Manges LLP

1999 Avenue of the Stars, Suite 1800

Los Angeles, CA 90067

Attention: Tana Ryan; Alice Yuan

E-mail: Tana.Ryan@weil.com; Alice.Yuan@weil.com

If to the Company, addressed as follows:

ITG, Inc.

2400 E. Commercial Boulevard, Suite 1800

Fort Lauderdale, Florida 33308

Attention: Andrew Parrott

E-mail: [\*\*\*]

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

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Joshua N. Korff; Michael Kim

E-mail: Joshua.Korff@kirkland.com; Michael.Kim@kirkland.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Applicable Laws and Other Requirements</u>. Nothing in this Agreement shall be construed to require the Investors, the Company or their respective directors, partners or fiduciaries to take, or fail to take, any action in violation of the laws, stock exchange listing requirements or fiduciary or other legal duties applicable to, in each case, the Investors, the Company and their respective directors, partners or fiduciaries. Further, nothing in this Agreement shall be construed to modify, limit or supersede any Investor's rights as a Stockholder pursuant to the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Aggregation of Shares</u>. For the avoidance of doubt, for purposes of determining whether any party meets any threshold contained herein which is based on having Beneficial Ownership of shares of the Voting Stock, such determinations or provisions shall be deemed to include all shares of Voting Stock of which any member of the Oaktree Group has Beneficial Ownership, provided such member of the Oaktree Group is a party to this Agreement or becomes party to this Agreement pursuant to <u>Section 1.07(h)</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Headings and Sections</u>. 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 words "including" or "include" 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. The use of the words "or," "either" and "any" shall not be exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Amendment</u>. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the Investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Waiver</u>. 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. Any waiver by the Company or any Investor of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall only be effective if executed in writing by the party making such waiver. The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Successors and Assigns</u>. All covenants and agreements contained in this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided, that no Person claiming by, through or under a party (whether as such party's successor in interest or otherwise), as distinct from such party itself, shall have any rights as, or in respect to, a party to this Agreement (including the right to approve or vote on any matter or to notice thereof). Notwithstanding anything herein to the contrary, each of the Investors may, in the sole discretion of such Investor, assign any rights granted to such Investor under this Agreement to any transferee thereof in connection with any transfer of Common Stock or Common Units to such transferee. In the event an Investor elects any such assignment, such Investor shall provide written notice of such assignment to the Company and shall cause the applicable transferee to become a party to this Agreement by executing a joinder to this Agreement in substantially the form attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more separate counterparts, any one of which need not contain the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Remedies</u>. Each party hereto 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 applicable law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law; Venue and Forum</u>. This Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if both the Court of Chancery

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of the State of Delaware and the federal courts within the State of Delaware decline to accept jurisdiction over a particular matter, any other state court within the State of Delaware, and, in each case, any appellate court therefrom (together, the "Chosen Courts"), for the purposes of any Action arising out of this Agreement (and agrees that no such Action relating to this Agreement shall be brought by it or any of its Subsidiaries except in such courts). Each of the parties further agrees that, to the fullest extent permitted by applicable law, service of any process, summons, notice or document by U.S. registered mail to such person's respective address set forth in Section 1.07(a) shall be effective service of process for any Action in the State of Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the parties hereto irrevocably and unconditionally waives (and agrees not to plead or claim), any objection to the laying of venue of any Action arising out of this Agreement or any of the other transactions contemplated by this Agreement in the Chosen Courts, or that any such Action, brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Mutual Waiver of Jury Trial</u>. As a specifically bargained inducement for each of the parties to enter into this Agreement (with each party having had opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal proceeding relating to or arising in any way from this Agreement or the transactions contemplated herein, and any lawsuit or legal proceeding relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction by a judge sitting without a jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Strict Construction</u>. 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. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Entire Agreement</u>. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof. There are no other agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Delivery by Email</u>. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of facsimile, PDF, or electronic signature, 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. No party hereto or to any such agreement or instrument shall raise the use of facsimile, PDF, or electronic signature to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Further Action</u>. The parties agree to execute and deliver all documents, provide all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Termination</u>. This Agreement shall terminate as it relates to Management Holdings and each Investor, or any transferee thereof joined to this Agreement in accordance with Section 1.07(h), at such time as Management Holdings or such Investor, or any transferee thereof, respectively, ceases to own any Equity Securities of the Company, except that such termination shall not affect (i) rights perfected or obligations incurred by such Investor or transferee, respectively, under this Agreement prior to such termination, and (ii) rights or obligations expressly stated to survive such cessation of ownership of Equity Securities of the Company, provided that any rights of the Investors and Management Holdings under the Registration Rights Agreement, the LLC Agreement or the Tax Receivable Agreement shall survive in accordance with the terms of the Registration Rights Agreement, the LLC Agreement and the Tax Receivable Agreement, respectively; and provided, further that any indemnification rights of the Investors shall survive such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Adjustments Upon Change of Capitalization</u>. In the event of any change in the outstanding Equity Securities of the Company, by reason of dividends, splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the term "Voting Stock" shall refer to and include the Equity Securities received or resulting therefrom, but only to the extent such Equity Securities are received in exchange for or in respect of Voting Stock, and all ownership thresholds set forth in this Agreement shall be equitably adjusted to reflect such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Effectiveness</u>. This Agreement shall become effective upon the Closing on the IPO Date; provided, that this Agreement shall be of no force and effect (i) prior to the Closing and (ii) if the IPO has not been consummated within ten (10) Business Days from the date of this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first written above.

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| |
|:---|
| **<u>Company:</u>** |
| **ITG, INC.** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **<u>Investors:</u>** |
| **OCM POWER VI AIV HOLDINGS (DELAWARE), L.P.** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **OCM ITG AGGREGATOR, LLC** |
| By: |
| Name: |
| Title: |

---

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| |
|:---|
| **<u>Management Holdings:</u>** |
| **ITG MANAGEMENT HOLDINGS, LLC** |
| By: |
| Name: |
| Title: |

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*[Signature Page to Stockholders Agreement of ITG, Inc.]*

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**EXHIBIT A** 

**FORM OF JOINDER AGREEMENT** 

This JOINDER AGREEMENT, dated as of [ ], 20[ ] (this <u>"Joinder</u>"), is delivered pursuant to that certain Stockholders Agreement, dated as of [•], 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Stockholders</u> <u>Agreement</u>") of ITG, Inc., a Delaware corporation (the "<u>Company</u>"), by and among the Company and the parties signatory thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Stockholders Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joinder to the Stockholders Agreement</u>. Upon the execution of this Joinder by the undersigned and
delivery hereof to the Company, the undersigned hereby becomes a party to the Stockholders Agreement, with all the rights, privileges and responsibilities of [the Investors // Management Holdings] thereunder. The undersigned hereby agrees that it
shall comply with and be fully bound by the terms of the Stockholders Agreement as if it had been a signatory thereto as of the date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Incorporation by Reference</u>. All terms and conditions of the Stockholders Agreement are hereby
incorporated by reference in this Joinder as if set forth herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Address</u>. All notices under the Stockholders Agreement to the undersigned shall be directed 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.

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| |
|:---|
| **[NAME OF PARTY]** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| Acknowledged and agreed<br> as of the date first set forth above:<br>**ITG, INC.** |
| By: |
| Name:<br> Title: |

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## Exhibit 10.5

**Exhibit 10.5** 

**TAX RECEIVABLE AGREEMENT** 

**by and among** 

**ITG, INC.,** 

**CERTAIN OTHER PERSONS NAMED HEREIN,** 

**and** 

**THE AGENT** 

**DATED AS OF** 

**[•]** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **RECITALS** | **RECITALS** | **1** |
| **ARTICLE I DEFINITIONS** | **ARTICLE I DEFINITIONS** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 1.1** | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 1.2** | Other Definitional and Interpretative Provisions | 12 |
| **ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFITS** | **ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFITS** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 2.1** | Exchange Schedule | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 2.2** | Closing Date Blocker Attributes Schedule | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 2.3** | Corporate Attributes Schedule | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 2.4** | Tax Benefit Schedule | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 2.5** | Procedure: Amendments | 15 |
| **ARTICLE III TAX BENEFIT PAYMENTS** | **ARTICLE III TAX BENEFIT PAYMENTS** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 3.1** | Payments | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 3.2** | No Duplicative Payments | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 3.3** | Coordination of Benefits | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 3.4** | Threshold Exchange | 17 |
| **ARTICLE IV TERMINATION** | **ARTICLE IV TERMINATION** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 4.1** | Early Termination by the Corporation | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 4.2** | Early Termination upon Change of Control | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 4.3** | Breach of Agreement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 4.4** | Early Termination Notice | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 4.5** | Payment upon Early Termination | 20 |
| **ARTICLE V SUBORDINATION AND LATE PAYMENTS** | **ARTICLE V SUBORDINATION AND LATE PAYMENTS** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 5.1** | Subordination | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 5.2** | Late Payments by the Corporation | 21 |
| **ARTICLE VI PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION** | **ARTICLE VI PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 6.1** | Participation in the Corporation's Tax Matters | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 6.2** | Consistency | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 6.3** | Cooperation | 22 |

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| | | |
|:---|:---|:---|
|  **ARTICLE VII MISCELLANEOUS** | **ARTICLE VII MISCELLANEOUS** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.1** | Notices | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.2** | Counterparts | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.3** | Entire Agreement; No Third Party Beneficiaries | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.4** | Governing Law | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.5** | Severability | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.6** | Successors: Assignment | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.7** | Amendments: Waivers | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.8** | Titles and Subtitles | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.9** | Reconciliation | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.10** | Consent to Jurisdiction | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.11** | Waiver of Jury Trial | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.12** | Withholding | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.13** | Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.14** | Confidentiality | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.15** | No Similar Agreements | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.16** | Change in Law | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section 7.17** | Agent | 28 |

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**TAX RECEIVABLE AGREEMENT** 

This TAX RECEIVABLE AGREEMENT (this "<u>Agreement</u>"), dated as of [•], is hereby entered into by and among ITG, Inc., a Delaware corporation (the "<u>Corporation</u>"), ITG Parent, LLC, a Delaware limited liability company (the "<u>Company</u>"), each of the persons listed on Exhibit A from time to time a party hereto (the "<u>TRA Holders</u>" and each a "<u>TRA Holder</u>"), and the Agent.

**RECITALS** 

WHEREAS, the Company, which is classified as a partnership for U.S. federal income tax purposes, has issued (and may after the Closing Date issue) limited liability company interests ("<u>Units</u>") to certain Persons, providing such Persons an interest in the profits and/or losses of and distributions from the Company;

WHEREAS, on the Closing Date, the Corporation will issue shares of its Class A Common Stock to certain purchasers in an initial public offering of its Class A Common Stock (the "<u>IPO</u>");

WHEREAS, on the Closing Date, the Corporation Group will acquire Units from the Company or other holders of Units (the "<u>Purchase</u>");

WHEREAS, from and after the closing of the IPO, under certain circumstances, (i) each member of the Company (other than the Corporation Group) will have the right from time to time to require the Company to redeem all or a portion of such member's Units (and, in connection with such redemption, a corresponding number of shares of Class B Common Stock held by the relevant member will automatically be transferred to the Corporation for no consideration and canceled) for, at the election of the Corporation, either cash or shares of Class A Common Stock, which may be effected, at the election of the Corporation, as a direct exchange by the Corporation Group of shares of Class A Common Stock or cash for such Units (and, in either case, any such corresponding shares of Class B Common Stock will be automatically transferred to the Corporation for no consideration and cancelled), (ii) the Corporation Group may otherwise acquire Units from a member of the Company (other than the Corporation Group) or from the Company in a transaction that is treated as a disguised sale of Units for U.S. federal income tax purposes, and (iii) the Company may make one or more distributions (including deemed distributions) to its members in respect of their Units that result in a Basis Adjustment (any such transaction described in clause (i), clause (ii), or clause (iii), including (for the avoidance of doubt) any such transaction occurring in connection with a Change of Control, in each case, an "<u>Exchange</u>"), and as a result of any such Exchange, the Corporation is expected to obtain or be entitled to certain Tax benefits as further described herein;

WHEREAS, the Company and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Code and any corresponding provisions of state and local Tax law for the Taxable Year that includes the Closing Date and each Taxable Year in which an Exchange occurs, which election is expected to result, with respect to the Corporation, in an adjustment to the Tax basis of the assets owned by the Company and such Subsidiaries in connection with the Purchase and each Exchange;

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WHEREAS, ITG Blocker, LLC, a Delaware limited liability company (the "<u>Blocker</u>"), is taxable as a corporation for U.S. federal income tax purposes and, immediately prior to the Reorganization Transactions, is wholly owned by OCM Power VI AIV Holdings (Delaware), L.P. ("<u>Blocker Owner</u>");

WHEREAS, Blocker Owner has entered into certain reorganization transactions with the Corporation in connection with the Blocker Mergers (the "<u>Reorganization Transactions</u>"), and as a result of such transactions the Corporation Group has succeeded to certain Tax attributes of the Blocker as further described herein;

WHEREAS, the Company has certain Tax attributes attributable to the assets it owns (or is deemed to own) immediately prior to the Reorganization Transactions as further described herein; and

WHEREAS, this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized by the Corporation as a result of (i) the Purchase, (ii) the Exchanges, (iii) the Reorganization Transactions, (iv) the Common Basis and (v) certain of the payments made pursuant to this Agreement.

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

**ARTICLE I** 

**DEFINITIONS** 

**Section 1.1** <u>Definitions</u>. As used in this Agreement, the terms set forth in this <u>Article</u> <u>I</u> shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined).

"<u>Accrued Amount</u>" has the meaning set forth in <u>Section</u> <u>3.1(b)</u>.

"<u>Actual Tax Liability</u>" means, with respect to any Taxable Year, the sum of (x) (i) the liability for U.S. federal income Taxes of the Corporation Group (calculated by assuming, in order to avoid double counting, that state and local Taxes are not deductible by the Corporation Group for U.S. federal income Tax purposes) and (ii) without duplication, the portion of any liability for U.S. federal income Taxes imposed directly on the Company (or the Company's applicable Subsidiaries or other Persons in which the Company owns a direct or indirect equity interest), but only with respect to such Taxes (including under Section 6225 of the Code or any similar provision of state, local, or non-U.S. law) imposed on the taxable income of the Company (or such applicable Subsidiaries or other Persons) that is allocable to the Corporation Group (including under Section 704 of the Code or any similar provision of state, local, or non-U.S. law) or otherwise attributable to the Corporation Group in accordance with the LLC Agreement (in each case, using the same methods, elections, conventions, and similar practices used on the relevant Corporation Return) and (y) the product of (i) the amount of the U.S. federal taxable income for such Taxable Year reported on the Corporation's IRS Form 1120 (or any successor form) (calculated by excluding deductions for state and local Taxes) and (ii) the Assumed State and Local Tax Rate. The Actual Tax Liability shall be determined using reasonable estimation methodologies for calculating the portion of any of the foregoing items attributable to U.S. state or local Taxes.

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"<u>Affiliate</u>" means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person.

"<u>Agent</u>" means ITG MH Manager, LLC or such other Person designated as such pursuant to <u>Section</u> <u>7.17</u>.

"<u>Agreed Rate</u>" means a per annum rate of SOFR plus 100 basis points.

"<u>Agreement</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Amended Schedule</u>" has the meaning set forth in <u>Section</u> <u>2.5(b)</u>.

"<u>Assumed State and Local Tax Rate</u>" means the tax rate equal to the sum of the product of (x) the Company's income and franchise Tax apportionment rate(s) for each state and local jurisdiction in which the Company files income or franchise Tax Returns for the relevant Taxable Year and (y) the highest corporate income and franchise Tax rate(s) for each such state and local jurisdiction in which the Company files income or franchise Tax Returns for such relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing shall be reduced by the assumed federal income Tax benefit received by the Corporation with respect to state and local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (a) the Corporation's marginal U.S. federal income tax rate for the relevant Taxable Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)). As an illustration of the calculation of the Assumed State and Local Tax Rate for a Taxable Year (before taking into account any U.S. federal benefit of state or local tax deductions), if the Corporation Group solely files Tax Returns in State 1 and State 2 in a Taxable Year (and no local jurisdictions), the maximum applicable corporate Tax rates in effect in such states in such Taxable Year are 6.5% and 5.5%, respectively, and the apportionment factors for such states in such Taxable Year are 55% and 45% respectively, then the Assumed State and Local Tax Rate for such Taxable Year is equal to 6.05% (i.e., 6.5% multiplied by 55% plus 5.5% multiplied by 45%).

"<u>Authorized Recipient</u>" has the meaning set forth in <u>Section</u> <u>7.14</u>.

"<u>Basis Adjustment</u>" means any adjustment to the Tax basis of a Reference Asset as a result of (i) the Purchase or (ii) an Exchange and the payments made pursuant to this Agreement with respect to the Purchase or such Exchange (as calculated under <u>Article II</u>), including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) under Sections 734(b), 743(b), 754 and 755 of the Code (in situations where, following an Exchange, the Company remains classified as a partnership for U.S. federal income tax purposes); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) under Sections 704(c)(1)(B), 732(b), 734(b), 737 and 1012 of the Code and, without duplication, as a result of any basis adjustment to which the Company or Corporation Group (without duplication) succeeds, including pursuant to Treasury Regulations Section 1.743-1(g)(3) and any subsequent similar guidance and comparable sections of U.S. state and local income and franchise tax law (in situations where, as a result of one or more Exchanges, the Company or any of the Company's Subsidiaries becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes), and in each case, comparable sections of state and local Tax laws.

For the avoidance of doubt, (X) the amount of any Basis Adjustment resulting from an Exchange of Units shall be determined without regard to any adjustment under Section 743(b) of the Code attributable to such Units prior to such Exchange and (Y) payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are (a) made to Blocker Owner (or their successors or assigns) or (b) treated as Imputed Interest.

"<u>Beneficial Owner</u>" means, with respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) voting power, which includes the power to vote, or to direct the voting of, such security and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security.

The terms "<u>Beneficially Own</u>" and "<u>Beneficial Ownership</u>" shall have correlative meanings.

"<u>Blocker</u>" has the meaning set forth in the recitals.

"<u>Blocker Mergers</u>" means those certain merger transactions consummated on or prior to the Closing Date and any transaction related thereto, which resulted in Blocker merging with and into ITG Intermediate, LLC.

"<u>Blocker Owner</u>" has the meaning set forth in the recitals.

"<u>Board</u>" means the board of directors of the Corporation.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which the banks in New York are authorized by law to be closed.

"<u>Certificate of Incorporation</u>" means the amended and restated certificate of incorporation of the Corporation, as in effect on the date hereof, as may be further amended or amended and restated from time to time.

"<u>Change of Control</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person" or "group" (within the meaning of Sections 13(d) of the Exchange Act (excluding any "person" or "group" who, on the Closing Date, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation's then outstanding voting securities)) becomes the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation's then outstanding voting securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the shareholders of the Corporation approve a plan of complete liquidation or dissolution of Corporation or (B) there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation's assets, other than such sale or other disposition by the Corporation of all or substantially all of the Corporation's assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there is consummated a merger or consolidation of the Corporation with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the board of directors of the Corporation immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (B) all of the Persons who were the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the following individuals cease for any reason to constitute a majority of the number of directors of the Corporation then serving: (A) on or before the Trigger Event, individuals who, on the Closing Date, constitute the Board and any new director designated for nomination by the Sponsor in accordance with the Corporation Charter and (B) following the Trigger Event, individuals who were directors of the Corporation on the Closing Date or any new director whose appointment or election to the Board or nomination for election by the Corporation's shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors of the Corporation on the Closing Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause (iv), excluding any such director whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a "person" (as used in Section 13(d) of the Exchange Act), in each case, other than the Board.

Notwithstanding the foregoing, a "<u>Change of Control</u>" 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 Class A Common Stock and Class B Common Stock of the Corporation 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 all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions.

"<u>Change of Control Date</u>" means the date on which a Change of Control occurs.

"<u>Class</u> <u>A Common Stock</u>" has the meaning set forth in the LLC Agreement.

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"<u>Class</u> <u>B Common Stock</u>" has the meaning set forth in the LLC Agreement.

"<u>Closing Date</u>" means the date on which the IPO is consummated.

"<u>Closing Date Blocker Attributes</u>" means (i) the Tax basis in the Reference Assets determined under Sections 734(b), 743(b) and 754 of the Code, including for the avoidance of doubt, Treasury Regulations Section 1.743-1(h), and, in each case, the comparable sections of U.S. state and local tax law), that is attributable to Units owned (directly or indirectly) by the Blocker as of immediately prior to the Reorganization Transactions and directly or indirectly acquired by the Corporation in connection with the Reorganization Transactions (including, for the avoidance of doubt, any Tax basis in the Reference Assets that is attributable to such Units and results from the Reorganization Transactions) and (ii) any loss carryforwards, tax credit carryforwards, and Section 163(j) of the Code (and any comparable provisions of U.S. federal, state, or local Tax law) carryforwards of the Blocker determined as of immediately prior to the IPO.

"<u>Closing Date Blocker Attributes Schedule</u>" has the meaning set forth in <u>Section</u> <u>2.2</u>.

"<u>Code</u>" has the meaning set forth in the recitals of this Agreement.

"<u>Company</u>" has the meaning set forth in the recitals of this Agreement.

"<u>Common Basis</u>" means any Tax basis (including as a result of an adjustment pursuant to Section 734(b) of the Code) in the Reference Assets (at each of the times referenced in the definition thereof) owned by the Company or any Person in which the Company owns a direct or indirect interest that is treated as a partnership or disregarded entity for purposes of the applicable Tax (but only to the extent such Person is not held through any entity treated as a corporation for purposes of the applicable Tax) to the extent such Tax basis is depreciable under Section 167 of the Code, amortizable under Section 197 of the Code, or otherwise reported as amortizable or depreciable on IRS Form 4562 for U.S. federal income Tax purposes (excluding any Tax basis attributable to Basis Adjustments or Closing Date Blocker Attributes).

"<u>Confidential Information</u>" has the meaning set forth in Section 7.14.

"<u>Control</u>" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. The term "<u>Controlled</u>" shall have a correlative meaning.

"<u>Corporate Attributes</u>" means (i) the Tax attributes of the Corporation Group (including any loss carryforwards, tax credit carryforwards and Section 163(j) of the Code (and any comparable provisions of U.S. federal, state, or local Tax law) carryforwards) determined as of immediately prior to the IPO and (ii) any Common Basis attributable to Units owned (directly or indirectly) by the Corporation Group (taking into account Section 704(c) of the Code).

"<u>Corporation</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Corporation Charter</u>" means the Amended and Restated Certificate of Incorporation of the Corporation in effect as of the Closing Date.

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"<u>Corporation Group</u>" means the Corporation and any Subsidiary of the Corporation, other than the Company or a Subsidiary of the Company.

"<u>Corporation Letter</u>" means a letter prepared by the Corporation in connection with the performance of its obligations under this Agreement, which states that the relevant Schedules, notices or other information to be provided by the Corporation to the Agent, along with all supporting schedules and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other information were delivered by the Corporation to the Agent. Such letter shall identify any material assumptions or operating procedures or principles that were used for purposes of the underlying calculations.

"<u>Corporation Return</u>" means the U.S. federal and/or state and local Tax Return of the Corporation (including any consolidated group of which the Corporation is a member, as further described in <u>Section</u> <u>7.13(a)</u>) filed with respect to any Taxable Year.

"<u>Covered Person</u>" has the meaning set forth in <u>Section</u> <u>7.17(b)</u>.

"<u>Cumulative Net Realized Tax Benefit</u>" for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination.

"<u>Default Rate</u>" means a per annum rate of SOFR plus 500 basis points.

"<u>Determination</u>" shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of any state and local Tax law or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax.

"<u>Disputing Party</u>" has the meaning set forth in <u>Section</u> <u>7.9</u>.

"<u>Early Termination</u>" has the meaning set forth in <u>Section</u> <u>4.1</u>.

"<u>Early Termination Date</u>" means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

"<u>Early Termination Effective Date</u>" has the meaning set forth in <u>Section</u> <u>4.4</u>.

"<u>Early Termination Notice</u>" has the meaning set forth in <u>Section</u> <u>4.4</u>.

"<u>Early Termination Payment</u>" has the meaning set forth in <u>Section</u> <u>4.5(b)</u>.

"<u>Early Termination Rate</u>" means a per annum rate of the lesser of (a) 6.5% and (b) SOFR plus 100 basis points.

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"<u>Early Termination Schedule</u>" has the meaning set forth in <u>Section</u> <u>4.4</u>.

"<u>Exchange</u>" has the meaning set forth in the recitals of this Agreement.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Exchange Schedule</u>" has the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Expert</u>" has the meaning set forth in <u>Section</u> <u>7.9</u>.

"<u>Future TRAs</u>" has the meaning set forth in <u>Section</u> <u>5.1</u>.

"<u>Hypothetical Tax Liability</u>" means, with respect to any Taxable Year, the sum of (x) (i) the liability for U.S. federal income Taxes of the Corporation Group (calculated by assuming, in order to avoid double counting, that state and local Taxes are not deductible by the Corporation Group for U.S. federal income Tax purposes) and (ii), without duplication, the portion of any liability for U.S. federal income Taxes imposed directly on the Company (or the Company's applicable Subsidiaries or other Persons in which the Company owns a direct or indirect equity interest), but only with respect to such Taxes (including under Section 6225 of the Code or any similar provision of state, local, or non-U.S. law) imposed on the taxable income of the Company (or such applicable Subsidiaries or other Persons) that is allocable to the Corporation Group (including under Section 704 of the Code or any similar provision of state, local, or non-U.S. law) or otherwise attributable to the Corporation Group in accordance with the LLC Agreement (in each case, using the same methods, elections, conventions, and similar practices used on the relevant Corporation Return) and (y) the product of (i) the amount of the U.S. federal taxable income for such Taxable Year reported on the Corporation's IRS Form 1120 (or any successor form) (calculated by excluding deductions for state and local Taxes) and (ii) the Assumed State and Local Tax Rate, but in determining the liability in clause (x) and the amount in clause (y), above, without taking into account any Basis Adjustments, any Closing Date Blocker Attributes, any Corporate Attributes, and any deductions attributable to Imputed Interest. The Hypothetical Tax Liability shall be determined (A) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to any Basis Adjustments, any Closing Date Blocker Attributes, any Corporate Attributes, or any Imputed Interest and (B) using reasonable estimation methodologies for calculating the portion of any of the foregoing items attributable to U.S. state or local Taxes.

"<u>Imputed Interest</u>" means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state, local, or non-U.S. law arising with respect to the Corporation's payment obligations under this Agreement.

"<u>IPO</u>" has the meaning set forth in the recitals of this Agreement.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>LLC Agreement</u>" means the Amended and Restated Limited Liability Company Agreement of the Company dated as of the date hereof, as the same may be amended, amended and restated or replaced from time to time.

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"<u>Material Objection Notice</u>" has the meaning set forth in <u>Section</u> <u>4.4</u>.

"<u>Net Tax Benefit</u>" has the meaning set forth in <u>Section</u> <u>3.1(b)</u>.

"<u>Non-TRA Portion</u>" has the meaning set forth in <u>Section</u> <u>2.4(b)(ii)</u>.

"<u>Objection Notice</u>" has the meaning set forth in <u>Section</u> <u>2.5(a)</u>.

"<u>Payment Date</u>" means any date on which a payment is required to be made pursuant to this Agreement.

"<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

"<u>Purchase</u>" has the meaning set forth in the recitals of this Agreement.

"<u>Realized Tax Benefit</u>" means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination.

"<u>Realized Tax Detriment</u>" means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

"<u>Reconciliation Dispute</u>" has the meaning set forth in <u>Section</u> <u>7.9</u>.

"<u>Reconciliation Procedures</u>" means the procedures described in <u>Section</u> <u>7.9</u>.

"<u>Reference Asset</u>" means any asset that is held by the Company, or any Person in which the Company owns a direct or indirect interest that is treated as a partnership or disregarded entity for purposes of the applicable Tax (but only to the extent such Person is not held through any entity treated as a corporation for purposes of the applicable Tax), immediately prior to the IPO, the Purchase or the Reorganization Transactions, or at the time of an Exchange, any other direct or indirect acquisition of Units by the Corporation Group or any other transaction that adjusts, or changes the interest of the Corporation Group in, Common Basis, as applicable. A Reference Asset also includes any asset that is "substituted basis property" under Section 7701(a)(42) of the Code with respect to a Reference Asset.

"<u>Reorganization Transactions</u>" has the meaning set forth in the recitals of this Agreement.

"<u>Schedule</u>" means any of the following: (i) an Exchange Schedule, (ii) a Closing Date Blocker Attributes Schedule, (iii) a Corporate Attributes Schedule, (iv) a Tax Benefit Schedule or (v) the Early Termination Schedule.

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"<u>Senior Obligations</u>" has the meaning set forth in <u>Section</u> <u>5.1</u>.

"<u>SOFR</u>" means for any month (or portion thereof) during any period, an interest rate per annum equal to the secured overnight financing rate, on the date (such date a "<u>Determination Date</u>") that is two (2) Business Days prior to the first day of such month, as reported by the Wall Street Journal; <u>provided</u>, that at no time shall SOFR be less than 0%. If as of 5:00 p.m. (New York time) on a Determination Date the secured overnight financing rate has not been published in the Wall Street Journal, then the rate used will be the secured overnight financing rate published by the Wall Street Journal most recently preceding such Determination Date. In the event the Agent determines that SOFR ceases to be a widely recognized benchmark rate, the Agent (with the Corporation's consent, such consent not to be unreasonably withheld, conditioned, or delayed) shall select an alternate benchmark rate (the "<u>Replacement Rate</u>"), in which case, the Replacement Rate shall, subject to the next two sentences, replace SOFR for all purposes under this Agreement. In connection with the establishment and application of the Replacement Rate, this Agreement shall be amended solely with the consent of the Corporation and the Agent, as may be necessary or appropriate, in the reasonable judgment of the Corporation and the Agent, to effect the provisions of this definition. The Replacement Rate shall be applied in a manner consistent with market practice; provided that, to the extent such market practice is not administratively feasible for the Corporation, such Replacement Rate shall be applied as otherwise reasonably determined by the Corporation and the Agent.

"<u>Subsidiaries</u>" means, with respect to any Person, as of the date of any determination, any other Person as to which such first Person owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such other Person.

"<u>Sunset Date</u>" has the meaning set forth in the Corporation Charter.

"<u>Tax Benefit Payment</u>" has the meaning set forth in <u>Section</u> <u>3.1(b)</u>.

"<u>Tax Benefit Schedule</u>" has the meaning set forth in <u>Section</u> <u>2.4(a)</u>.

"<u>Tax Proceeding</u>" has the meaning set forth in <u>Section</u> <u>6.1</u>.

"<u>Tax Return</u>" means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.

"<u>Taxable Year</u>" means a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of state or local Tax law, as applicable (which, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the date hereof.

"<u>Taxes</u>" means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect to net income or profits, and any interest related to such Tax.

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"<u>Taxing Authority</u>" means any federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

"<u>Threshold Exchange Units</u>" has the meaning set forth in <u>Section</u> <u>3.4</u>.

"<u>TRA Holder</u>" has the meaning set forth in the preamble to this Agreement.

"<u>TRA Portion</u>" has the meaning set forth in <u>Section</u> <u>2.4(b)(ii)</u>.

"<u>Treasury Regulations</u>" means the final, temporary and proposed regulations promulgated under the Code from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year.

"<u>Trigger Event</u>" has the meaning set forth in the Certificate of Incorporation.

"<u>Units</u>" has the meaning set forth in the recitals of this Agreement.

"<u>Valuation Assumptions</u>" means, as of an Early Termination Date, the assumptions that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in each Taxable Year ending on or after such Early Termination Date, the Corporation Group will have taxable income sufficient to fully utilize (and will fully utilize) the deductions arising from all Basis Adjustments, the Closing Date Blocker Attributes, the Corporate Attributes and the Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would be paid on the due date, without extensions, for filing the Corporation Return for the applicable Taxable Year) in which such deductions would become available,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any loss or credit carryovers (including any excess business interest expense) generated by deductions or losses arising from any Basis Adjustment, the Closing Date Blocker Attributes, the Corporate Attributes or Imputed Interest that are available in the Taxable Year that includes the Early Termination Date will be utilized by the Corporation Group on a pro rata basis from such Early Termination Date through the earlier of (x) the scheduled expiration date under applicable Tax law of such carryovers or (y) the fifth (5th) anniversary of the Early Termination Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the U.S. federal income tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable Year by the Code and the tax rates for U.S. state and local income taxes shall be the Assumed State and Local Tax Rate, in each case as in effect on the Early Termination Date, except to the extent any change to such tax rates for such Taxable Years have already been enacted into law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any non-amortizable Reference Assets will be disposed of for cash at their fair market value in a fully taxable transaction for Tax purposes on the fifteenth (15th) anniversary of the Early Termination Date and any cash equivalents will be disposed of twelve (12) months following the Early Termination Date, <u>provided</u>, that in the event of a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale (if applicable) of the relevant asset in the Change of Control (if earlier than the applicable fifteenth (15th) anniversary),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the stock of or other interests in Subsidiaries that are treated as C corporations for U.S. federal income Tax purposes will never be disposed of (unless disposed of in connection with the transaction constituting the Change of Control),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if, at the Early Termination Date, there are Units (other than Units directly or indirectly owned by the Corporation Group) that have not been transferred in an Exchange, then all such Units shall be deemed to be redeemed in an Exchange in exchange for the market value of the Class A Common Stock or the amount of cash that would be received by the applicable holder had such Units actually been redeemed in an Exchange on the Early Termination Date, and (for the avoidance of doubt) (1) any shares of Class B Common Stock corresponding to such Units shall be deemed to have been transferred to the Corporation for no consideration and cancelled in such Exchange and (2) the Corporation Group will be deemed to have any Tax attributes that it would have had if an actual Exchange occurred (including any adjustments pursuant to Section 743(b) of the Code and any increased share of Common Basis),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) with respect to Taxable Years where the Payment Date has passed, any unpaid Tax Benefit Payments and any applicable interest will be paid on the Early Termination Date at the Default Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) each Tax Benefit Payment for the relevant Taxable Year will be due and payable and satisfied on the due date (without extensions) under applicable law as of the Early Termination Effective Date for filing of IRS Form 1120 (or any successor form) of the Corporation.

**Section 1.2** <u>Other Definitional and Interpretative Provisions</u>. The words "hereof," "herein" and "hereunder" and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation," whether or not they are in fact followed by those words or words of like import. "Writing," "written" and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.

References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.

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**ARTICLE II** 

**DETERMINATION OF CERTAIN REALIZED TAX BENEFITS** 

**Section 2.1** <u>Exchange Schedule</u>. Within one hundred twenty (120) calendar days after the extended due date of the U.S. federal Corporation Return for each Taxable Year in which the Purchase or any Exchange has been effected by a TRA Holder, the Corporation shall deliver to the Agent a schedule (an "<u>Exchange Schedule</u>") that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments with respect to the Reference Assets as a result of the Exchanges effected by such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable.

**Section 2.2** <u>Closing Date Blocker Attributes Schedule</u>. Within one hundred twenty (120) calendar days after the extended due date of the U.S. federal Corporation Return for each Taxable Year that ends on or after the Closing Date, the Corporation shall deliver to the Agent a schedule (a "<u>Closing Date</u> <u>Blocker</u> <u>Attributes Schedule</u>") that shows, in reasonable detail necessary to perform the calculations required by this Agreement, (i) the Tax attributes comprising Closing Date Blocker Attributes that remain available for use by the Corporation Group with respect to such Taxable Year or future Taxable Years, and (ii) any applicable limitations on the use of such attributes for Tax purposes.

**Section 2.3** <u>Corporate Attributes Schedule</u>. Within one hundred twenty (120) calendar days after the extended due date of the U.S. federal Corporation Return for each Taxable Year that ends on or after the Closing Date, the Corporation shall deliver to the Agent a schedule (a "<u>Corporate Attributes Schedule</u>") that shows, in reasonable detail necessary to perform the calculations required by this Agreement, (i) the Tax attributes comprising Corporate Attributes that remain available for use by the Corporation Group with respect to such Taxable Year or future Taxable Years, and (ii) any applicable limitations on the use of such attributes for Tax purposes.

**Section 2.4** <u>Tax Benefit Schedule</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tax Benefit Schedule</u>. Within one hundred twenty (120) calendar days after the extended due date of the U.S. federal Corporation Return for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized Tax Detriment and the components thereof for such Taxable Year, (B) the Accrued Amount with respect to any such Net Tax Benefit, (C) the Tax Benefit Payment determined pursuant to <u>Section</u> <u>3.1(b)</u> due to each such TRA Holder, and (D) the portion of such Tax Benefit Payment and Accrued Amount that the Corporation intends to treat as Imputed Interest (a "<u>Tax Benefit Schedule</u>"), (ii) a reasonably detailed calculation by the Corporation of the Hypothetical Tax Liability (the "without" calculation), (iii) a reasonably detailed calculation by the Corporation of the Actual Tax Liability (the "with" calculation), (iv) a copy of the Corporation Return for such Taxable Year, (v) a Corporation Letter supporting such Tax Benefit Schedule and (vi) any other

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work papers reasonably requested by the Agent. All costs and expenses incurred in connection with the provision and preparation of any Schedules, calculations, other work papers, or the Corporation Letter to the Agent or any TRA Holder in connection with this <u>Article II</u> shall be borne by the Company. In addition, the Corporation shall allow the Agent reasonable access at no cost to the appropriate representatives of the Corporation in connection with a review of such Tax Benefit Schedule. The Tax Benefit Schedule will become final as provided in <u>Section</u> <u>2.5(a)</u> and may be amended as provided in <u>Section</u> <u>2.5(b)</u> (subject to the procedures set forth in <u>Section</u> <u>2.5(b)</u>) and subject, in each case, to the Reconciliation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Applicable Principles</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>General Intent</u>. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Corporation's actual liability for Taxes for such Taxable Year (computed with the adjustments described in this Agreement) that is attributable to the Basis Adjustments, the Closing Date Blocker Attributes, the Corporate Attributes and Imputed Interest, determined using a "with and without" methodology. For the avoidance of doubt, (1) such "actual" liability for Taxes (and the computation of Actual Tax Liability) will take into account the deduction of the portion of the Tax Benefit Payment and Accrued Amount that must be accounted for as Imputed Interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the Corporation (as applicable), (2) in addition to using the Assumed State and Local Tax Rate for purposes of determining the state and local Hypothetical Tax Liability and the state and local Actual Tax Liability, the Corporation may use reasonable estimation methodologies for calculating the portion of any Realized Tax Benefit or Realized Tax Detriment attributable to U.S. state or local Taxes, and (3) each Exchange shall (to the extent permitted by applicable law) give rise to Basis Adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Additional Calculation Principles</u>. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryforwards or carrybacks of any Tax item (such as a net operating loss) attributable to the Basis Adjustments, the Closing Date Blocker Attributes, the Corporate Attributes and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations and the corresponding provisions of state and local Tax laws, as applicable, governing the use, limitation, and expiration of carryforwards or carrybacks of the relevant type. If a carryforward or carryback of any Tax item includes a portion that is attributable to the Basis Adjustments, the Closing Date Blocker Attributes, the Corporate Attributes, or Imputed Interest (a "<u>TRA Portion</u>") and another portion that is not so attributable (a "<u>Non-TRA Portion</u>"), such respective portions shall be considered to be used in accordance with the "with and without" methodology so that: (1) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion; and (2) in the case of a carryback of a Non- TRA Portion, such carryback shall not affect the original "with and without" calculation made in the applicable prior Taxable Year. For the avoidance of doubt, the TRA Portion of any Tax item when such item is incurred shall be determined using a marginal "with and without" methodology by calculating (1) the amount of such Tax item for all Tax purposes taking into account the Basis Adjustments, the Closing Date Blocker Attributes, the Corporate Attributes or Imputed Interest and (2) the amount of such Tax item for all Tax purposes without taking into account the Basis Adjustments, the Closing Date Blocker Attributes, the Corporate Attributes or Imputed Interest, with the TRA Portion equal to

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the excess of the amount specified in clause (1) over the amount specified in clause (2) (but only if such excess is greater than zero). The parties agree that (1) any payment under this Agreement to OCM ITG Aggregator, LLC or ITG Management Holdings, LLC (or their successors or assigns), including the Accrued Amount (but other than amounts accounted for as Imputed Interest), will be treated as a subsequent upward adjustment to the purchase price of Units exchanged or sold (or deemed exchanged or sold) by OCM ITG Aggregator, LLC or ITG Management Holdings, LLC (or their successors or assigns) and will have the effect of creating additional Basis Adjustments to Reference Assets for the Corporation in the year of payment, and (2) as a result, such additional Basis Adjustments will be incorporated into the calculation for the year of payment and into future year calculations, as appropriate.

**Section 2.5** <u>Procedure: Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Corporation delivers to the Agent (or any TRA Holder) a Schedule under this Agreement, including any Amended Schedule delivered pursuant to <u>Section</u> <u>2.5(b)</u>, and any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver to the Agent schedules, valuation reports, if any, and work papers, as determined by the Corporation or reasonably requested by the Agent, providing reasonable detail regarding the preparation of the Schedule, and (y) allow the Agent reasonable access at no cost to the appropriate representatives of the Corporation, as determined by the Corporation or requested by the Agent, in connection with the review of such Schedule. Subject to <u>Section</u> <u>2.5(b)</u>, an applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from the first date on which the Agent has received the applicable Schedule or amendment thereto unless (i) the Agent, within thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporation with notice of an objection to such Schedule ("<u>Objection Notice</u>") made in good faith or (ii) the Agent provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date a waiver from the Agent has been received by the Corporation. If the Corporation and Agent, for any reason, are unable to successfully resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporation of such Objection Notice, the Corporation and Agent shall employ the Reconciliation Procedures under <u>Section</u> <u>7.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to the Agent, (iii) to comply with the Expert's determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporation Return filed for such Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an "<u>Amended Schedule</u>"). Unless otherwise agreed to in writing by the Agent, the Corporation shall provide an Amended Schedule to the Agent (A) within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (v) of the preceding sentence and (B) in connection

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with the delivery of the Tax Benefit Schedule for the year of the applicable payment in the event of an adjustment pursuant to clause (vi) of the preceding sentence. For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant to <u>Section</u> <u>2.5(a)</u>, the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs.

**ARTICLE III** 

**TAX BENEFIT PAYMENTS** 

**Section 3.1** <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within five (5) calendar days after a Tax Benefit Schedule delivered to the Agent becomes final in accordance with <u>Section</u> <u>2.5(a)</u> and, if applicable, <u>Section</u> <u>7.9</u>, the Corporation shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder for such Taxable Year. Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account previously designated by the TRA Holder to the Corporation, or as otherwise agreed by the Corporation and the TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments and the payments provided for pursuant to the preceding sentence will be computed separately for each TRA Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A "<u>Tax Benefit Payment</u>" in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax Benefit that is apportioned to such TRA Holder in accordance with the percentages set forth on Exhibit A and the Accrued Amount with respect thereto for such Taxable Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The "<u>Net Tax Benefit</u>" for a Taxable Year shall be an amount equal to the excess, if any, of (i) 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over (ii) the total amount of payments previously made under this <u>Section</u> <u>3.1</u> (excluding payments attributable to Accrued Amounts); <u>provided</u>, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The "<u>Accrued Amount</u>" with respect to any portion of a Net Tax Benefit shall equal an amount determined in the same manner as interest on such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporation Return for such Taxable Year until the Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Units in the Purchase or an Exchange, as applicable and unless otherwise required by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, unless a TRA Holder delivers a written notification to the Corporation before the end of the Taxable Year in which the IPO occurs (or, in the case of a TRA Holder subject to Section 3.4, the first Taxable Year in which they become entitled to payments under this Agreement or in the case of an Exchange after the Taxable Year of the IPO, the Taxable Year of such Exchange, as applicable) that includes a stated maximum selling price (within the meaning of Treasury Regulations Section 15A.453-1(c)(2)) with respect to this Agreement, with respect to such TRA Holder, the Corporation and the TRA Holder agree that this Agreement does not have a stated maximum selling price for such TRA Holder within the meaning of Treasury Regulations Section 15A.453-1(c)(2). If a TRA Holder does provide such a timely notice, then (1) the stated maximum selling price (within the meaning of Treasury Regulations Section 15A.453-1(c)(2)) with respect to this Agreement with respect to such TRA Holder shall not exceed the amount specified by such TRA Holder in such timely notice and (2) the aggregate Tax Benefit Payments to such TRA Holder under this Agreement (other than amounts accounted for as interest under the Code) shall not exceed such stated maximum selling price to the extent specified by such TRA Holder in such timely notice.

**Section 3.2** <u>No Duplicative Payments</u>. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to achieve this intent.

**Section 3.3** <u>Coordination of Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If for any reason the Corporation does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then (i) the Corporation will pay the same proportion of each Tax Benefit Payment due to each TRA Holder in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent the Corporation makes a payment to a TRA Holder in respect of a particular Taxable Year under <u>Section</u> <u>3.1(a)</u> (taking into account <u>Section</u> <u>3.3(a)</u>, but excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of such payment that should have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under <u>Section</u> <u>3.1(a)</u> until such TRA Holder has foregone an amount of payments equal to such excess and (ii) the Corporation will pay the amount of such TRA Holder's foregone payments to the other Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment is due under this Agreement, to the maximum extent possible, receives aggregate payments under <u>Section</u> <u>3.1(a)</u> (taking into account <u>Section</u> <u>3.3(a)</u>, but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder. For the avoidance of doubt, no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment.

**Section 3.4** <u>Threshold Exchange Requirement</u>. Notwithstanding anything to the contrary herein, any and all Tax Benefit Payments that would otherwise be made pursuant to this Agreement to OCM ITG Aggregator, LLC or ITG Management Holdings, LLC with respect to any Closing Date Blocker Attributes or Corporate Attributes shall be held by the Corporation for the benefit of such TRA Holder (without any interest thereon, other than the Accrued Amount) until such time as such TRA Holder has exchanged Units

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in one or more Exchanges equal to 5% of the Units held by such TRA Holder (as determined immediately prior to the IPO) (such Units, the "<u>Threshold Exchange Units</u>"). Promptly following the time such TRA Holder has exchanged, in the aggregate, a number of Units equal to or exceeding the Threshold Exchange Units, such withheld amount shall be paid by the Corporation to such TRA Holder and, thereafter, no further amounts shall be withheld with respect to such TRA Holder pursuant to this <u>Section</u> <u>3.4</u>.

**ARTICLE IV** 

**TERMINATION** 

**Section 4.1** <u>Early Termination by the Corporation</u>. With the written consent of a majority of its independent directors and the Agent, the Corporation may terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to <u>Section</u> <u>4.5</u>, <u>provided</u>, <u>however</u>, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by the TRA Holders (such termination, an "<u>Early Termination</u>"). Upon payment of the Early Termination Payment by the Corporation, the Corporation shall not have any further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment previously due and payable but unpaid as of the Early Termination Notice and (ii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment).

**Section 4.2** <u>Early Termination upon Change of Control</u>. In the event of a Change of Control, unless otherwise waived in writing by the Agent, all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the Change of Control Date and shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on such Change of Control Date, (b) payment of any Tax Benefit Payment in respect of a TRA Holder agreed to by the Corporation and such TRA Holder as due and payable but unpaid as of the Early Termination Notice, and (c) payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including such Change of Control Date (except to the extent that the amount described in clause (c) is included in the Early Termination Payment). In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each case the term "Change of Control Date" for the term "Early Termination Date."

**Section 4.3** <u>Breach of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, as a result of failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then, unless otherwise waived or directed in writing by the Agent, such breach shall be treated as an Early Termination and all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment

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previously due and payable but unpaid as of the date of the breach, and (iii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of the breach (except to the extent that the amount described in clause (iii) is included in the Early Termination Payment). Notwithstanding the foregoing, in the event that the Corporation breaches any of its material obligations under this Agreement, then, unless otherwise waived in writing by the Agent, the TRA Holders shall be entitled to elect to receive the amounts set forth in clauses (i), (ii), and (iii) above or to seek specific performance of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. The Corporation shall use its commercially reasonable efforts to maintain sufficient available funds for the purpose of making required payments under this Agreement and shall use its commercially reasonable efforts to avoid entering into credit agreements that could be reasonably anticipated to materially delay the timing of any payments under this Agreement. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporation fails to make any payment due pursuant to this Agreement as a result of and to the extent the Corporation has insufficient funds to make such payment despite using reasonable best efforts to obtain funds to make such payment (including by causing the Company or any of its Subsidiaries to distribute or lend funds to facilitate such payment, and by accessing any revolving credit facilities or other sources of available credit to fund any such amounts); provided that the interest provisions of <u>Section</u> <u>5.2</u> shall apply to such late payment; provided, further, that the Corporation shall promptly (and in any event, within two (2) Business Days), pay all such unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporation has, and to the extent the Corporation has, sufficient funds to make such payment, and the failure of the Corporation to do so shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the Corporation shall be deemed to be funds sufficient and available to pay such unpaid payments, together with any accrued and unpaid interest thereon.

**Section 4.4** <u>Early Termination Notice</u>. If the Corporation chooses to exercise its right of early termination under <u>Section</u> <u>4.1</u> above, the Corporation shall deliver to the Agent notice of such intention to exercise such right (the "<u>Early Termination Notice</u>"). Upon delivery of the Early Termination Notice or the occurrence of an event described in <u>Section</u> <u>4.2</u> or <u>Section</u> <u>4.3(a)</u>, the Corporation shall deliver (i) a schedule showing in reasonable detail the calculation of the Early Termination Payment (the "<u>Early Termination Schedule</u>") and (ii) any other work papers reasonably requested by the Agent. In addition, the Corporation shall allow the Agent reasonable access at no cost to the appropriate representatives of the Corporation in connection with a review of such Early Termination Schedule. The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which the Agent has received such Schedule or amendment thereto unless (x) the Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporation with notice of an objection to such Schedule made in good faith ("<u>Material Objection Notice</u>") or (y) the Agent provides a written waiver of such right of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule becomes binding on the date a waiver from the Agent has been received by the Corporation (the "<u>Early Termination Effective Date</u>"). If the Corporation and Agent, for any reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporation of the Material Objection Notice, the Corporation and Agent shall employ the Reconciliation Procedures under <u>Section</u> <u>7.9</u>.

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**Section 4.5** <u>Payment upon Early Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within three (3) calendar days after the Early Termination Effective Date, the Corporation shall pay to each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporation and the TRA Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Early Termination Payment</u>" shall equal, with respect to each TRA Holder, an amount equal to (i) the present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporation to such TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied, *plus* (ii) any Tax Benefit Payment due and payable with respect to such TRA Holder that is unpaid as of the Early Termination Date, *plus* (iii) any Tax Benefit Payment not yet due and payable with respect to such TRA Holder for a Taxable Year ending prior to the Early Termination Date, *plus* (iv) any interest accruing on the amounts described in <u>clauses</u> <u>(i)</u> through <u>(iii)</u> (which shall include interest accruing on the amount described in <u>clause</u> <u>(i)</u> from the Early Termination Date). For the avoidance of doubt, no TRA Holder shall be required to return any portion of any previously received Early Termination Payment in the event of a later determination occurring after the date on which such Early Termination Payment was made.

**ARTICLE V** 

**SUBORDINATION AND LATE PAYMENTS** 

**Section 5.1** <u>Subordination</u>. To the extent that any payment under this Agreement is prohibited at the time payment is due by, and would precipitate an "event of default" under, the terms of agreements governing any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries (such obligations, "<u>Senior Obligations</u>"), such payment obligation nevertheless shall accrue for the benefit of TRA Parties and the Corporation shall make such payments at the first opportunity that such payments would not precipitate an "event of default" under the terms of the Senior Obligations. Notwithstanding any other provision of this Agreement to the contrary, to the extent that the Corporation or any of its Affiliates enters into future Tax receivable or other similar agreements ("<u>Future TRAs</u>"), the Corporation shall ensure that the terms of any such Future TRA shall provide that the Tax attributes subject to this Agreement are considered senior in priority to any Tax attributes subject to any such Future TRA for purposes of calculating the amount and timing of payments under any such Future TRA and that the obligation to make payments under any such Future TRA will be junior and subordinated to the obligations to make payments under this Agreement. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporation fails to make any Tax Benefit Payment when due is governed by <u>Section</u> <u>4.3(a)</u>.

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**Section 5.2** <u>Late Payments by the Corporation</u>. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement (including if not paid pursuant to <u>Section</u> <u>5.1</u>) shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable.

**ARTICLE VI** 

**PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION** 

**Section 6.1** <u>Participation in the Corporation</u><u>'</u><u>s Tax Matters</u>. Except as otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation, including without limitation preparing, filing or amending any Tax Return and defending, contesting or settling any issue pertaining to Taxes of the Corporation. Notwithstanding the foregoing, the Corporation (i) shall notify the Agent of, and keep the Agent reasonably informed with respect to, the portion of any audit, examination, or any other administrative or judicial proceeding (a "<u>Tax Proceeding</u>") of the Corporation by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of the TRA Holders under this Agreement, (ii) shall provide the Agent with reasonable opportunity to provide information and other input to the Corporation and its advisors concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter into any settlement with respect to any such portion of a Tax Proceeding that could have a material effect on the TRA Holders' rights (including the right to receive payments) under this Agreement without the written consent of the Agent, such consent not to be unreasonably withheld, conditioned, or delayed; <u>provided</u>, <u>however</u>, that the Corporation shall not be required to take any action, or refrain from taking any action, that is inconsistent with any provision of the LLC Agreement; <u>provided, further</u>, that if the Agent fails to respond to any notice with respect to the settlement of any such Tax Proceeding within thirty (30) calendar days of its receipt of the applicable notice, the Agent shall be deemed to have consented to the proposed settlement; and <u>provided</u>, <u>further</u>, that, notwithstanding anything to the contrary contained herein, the Corporation shall prepare, file, and/or amend all Tax Returns in accordance with applicable law (including with respect to the calculation of taxable income and any calculations required to be made under this Agreement) and nothing in this Agreement shall prevent the Agent or any TRA Holder from disputing such Tax matters in accordance with <u>Section</u> <u>7.9</u>.

**Section 6.2** <u>Consistency</u>. The Corporation and the TRA Holders agree to report and cause to be reported for all purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments, Closing Date Blocker Attributes, Common Basis, Corporate Attributes, Imputed Interest, and each Tax Benefit Payment) in a manner consistent with that set forth in any Schedule required to be provided by or on behalf of the Corporation under this Agreement, as finally determined pursuant to <u>Section</u> <u>2.5</u> unless otherwise required by applicable law. The Corporation shall (and shall cause its Subsidiaries, including the Company, to) use commercially reasonable efforts (for the avoidance of doubt, taking into account the interests and entitlements of all TRA Parties under this Agreement) to defend the Tax treatment contemplated by this Agreement and any Schedule in any audit, examination, or any other administrative or judicial proceeding. If the Corporation and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30) calendar days, the Corporation and such TRA Holder shall employ the Reconciliation Procedures under <u>Section</u> <u>7.9</u>.

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**Section 6.3** <u>Cooperation</u>. Each TRA Holder shall use commercially reasonable efforts to (i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporation shall reimburse the TRA Holder for any reasonable third-party costs and expenses incurred pursuant to this <u>Section</u> <u>6.3</u>. Upon the request of any TRA Party, the Corporation shall cooperate in taking any action reasonably requested by such TRA Party in connection with its Tax or financial reporting and/or the consummation of any assignment or transfer of any of its rights and/or obligations under this Agreement, including without limitation, providing any information or executing any documentation.

**ARTICLE VII** 

**MISCELLANEOUS** 

**Section 7.1** <u>Notices</u>. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered by means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if emailed before 5:00 p.m. Los Angeles, California time on a Business Day, and otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

If to the Corporation or the Company, to:

ITG, Inc.

2400 E. Commercial Boulevard, Suite 1800

Fort Lauderdale, Florida 33308

Attention: Andrew Parrott

E-mail: [\*\*\*]

with copies (which shall not constitute notice to the Corporation or the Company) to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Joshua N. Korff; Michael Kim

E-mail: [\*\*\*]

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Weil, Gotshal & Manges LLP

1999 Avenue of the Stars, Suite 1800

Los Angeles, CA 90067

Attention: Tana Ryan; Alice Yuan

E-mail: Tana.Ryan@weil.com; Alice.Yuan@weil.com

If to the Agent, to:

c/o Oaktree Capital Management, L.P.

11611 San Vicente Boulevard, Suite 700

Los Angeles, California 90049

Attention: James Lee; Robert Wu

E-mail: [\*\*\*]

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

Weil, Gotshal & Manges LLP

1999 Avenue of the Stars, Suite 1800

Los Angeles, CA 90067

Attention: Tana Ryan; Alice Yuan

E-mail: [\*\*\*]

If to a TRA Holder other than the Agent, to the address set forth in the records of the Company.

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

**Section 7.2** <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

**Section 7.3** <u>Entire Agreement; No Third Party Beneficiaries</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

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**Section 7.4** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

**Section 7.5** <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

**Section 7.6** <u>Successors: Assignment</u>. Each party agrees that Agent (subject to <u>Section</u> <u>7.17(a)</u>) and each TRA Holder may assign, sell, transfer, delegate, or otherwise dispose of, whether voluntarily or involuntarily, or by operation of law, any right or obligation under this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. Except for those enumerated above, this Agreement does not create, and shall not be construed as creating, any rights or claims enforceable by any person or entity not a party to this Agreement. For the avoidance of doubt, each TRA Holder may, at its discretion, impose on any permitted assignee or transferee additional restrictions on further assignment, sale, transfer, delegation or disposition of rights or obligations under this Agreement in connection with any assignment, sale, transfer, delegation or other disposition of such TRA Holder's rights or obligations under this Agreement; provided, such TRA Holder will provide written notice to the Corporation and Agent of any such additional restrictions.

**Section 7.7** <u>Amendments: Waivers</u>. No provision of this Agreement may be amended unless such amendment is approved in writing by each of the Corporation and by the Agent.

**Section 7.8** <u>Titles and Subtitles</u>. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

**Section 7.9** <u>Reconciliation</u>. In the event that the Corporation and the Agent or any TRA Holder (as applicable, the "<u>Disputing Party</u>") are unable to resolve a disagreement with respect to any Schedule, including the calculations required to produce the schedules described in <u>Article II</u> and <u>Section</u> <u>4.4</u>, or <u>Section</u> <u>6.2</u>, within the relevant period designated in this Agreement ("<u>Reconciliation Dispute</u>"), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert in the particular area of disagreement, acting as an expert and not as an arbitrator (the "<u>Expert</u>"), mutually acceptable to the Corporation and the Disputing Party. Unless the Corporation and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporation or the Disputing Party or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondents of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve (a) any matter relating to the Exchange Schedule or

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an amendment thereto, a Closing Date Blocker Attributes Schedule or an amendment thereto, Corporate Attributes Schedule or an amendment thereto, or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days, and (c) any matter related to treatment of any tax-related item as contemplated in <u>Section</u> <u>6.2</u> within fifteen (15) calendar days or, in each case, as soon thereafter as is reasonably practicable after such matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation except as provided in the next sentence. The Corporation and the Disputing Party shall each bear its own costs and expenses of such proceeding, unless (i) the Expert adopts such Disputing Party's position, in which case the Corporation shall reimburse such Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporation's position, in which case such Disputing Party shall reimburse the Corporation for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this <u>Section</u> <u>7.9</u> shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this <u>Section</u> <u>7.9</u> shall be binding on the Corporation and its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction.

**Section 7.10** <u>Consent to Jurisdiction</u>. Each party hereto irrevocably submits to the exclusive jurisdiction of the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party hereto further agrees that service of any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party's respective address set forth in the Company's books and records or such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum.

**Section 7.11** <u>Waiver of Jury Trial</u>. Because disputes arising in connection with complex transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. Therefore, to achieve the best combination of the benefits of the judicial system and of arbitration, each party to this agreement (including the Company) hereby waives all rights to trial by jury in any action or proceeding brought to resolve any dispute between or among any of the parties hereto, whether arising in contract, tort, or otherwise, arising out of, connected with, related or incidental to this agreement, the transactions contemplated hereby and/or the relationships established among the parties hereunder.

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**Section 7.12** <u>Withholding</u>. The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state, local or non-U.S. Tax law; <u>provided</u>, that the Corporation shall have first notified the applicable payee of its intent to deduct or withhold, and the Corporation and the applicable payee shall have discussed in good faith whether such Taxes can be mitigated to the extent permitted under applicable law, and the Corporation shall have used commercially reasonable efforts to mitigate such withholding. To the extent that amounts are so properly withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the relevant TRA Holder.

**Section 7.13** <u>Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation becomes a member of an affiliated, consolidated, combined, or unitary group of corporations that files a consolidated, combined, or unitary income Tax Return pursuant to Sections 1501 *et seq*. of the Code or any corresponding provisions of U.S. state or local Tax law, or would be eligible to become a member of such a group at the election of one or members of that group, then, subject to the application of the Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder or the Company or any Subsidiary of the Company transfers one or more assets to a corporation (or a Person classified as a corporation for Tax purposes) with which the Corporation does not file a consolidated Tax Return pursuant to Section 1501 of the Code or any provisions of state or local Tax law, such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g. calculating the gross income of the entity and determining the Realized Tax Benefit or Realized Tax Detriment of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset. Thus, for example, in determining the Hypothetical Tax Liability of the entity, the taxable income of the entity shall be determined by treating the entity as having sold the asset for its fair market value and recovering any basis applicable to such asset (using the Tax basis that such asset would have had at such time if no Basis Adjustments had been made), while the Actual Tax Liability of the entity would be determined by treating the entity as having sold the asset for its fair market value and recovering the actual Tax basis of the asset that reflects any Basis Adjustments. For purposes of this <u>Section</u> <u>7.13</u>, a transfer of a partnership interest shall be treated as a transfer of the transferring partner's share of each of the assets and liabilities of that partnership.

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**Section 7.14** <u>Confidentiality</u>. Each TRA Holder and the Agent agrees to hold, and to use its reasonable efforts to cause its authorized representatives to hold, in strict confidence, the books and records of the Corporation and all information relating to the Corporation's properties, operations, financial condition or affairs, in each case, which are furnished to it pursuant to the terms of this Agreement (collectively, the "<u>Confidential Information</u>"). Notwithstanding anything herein to the contrary, Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by a TRA Holder or the Agent, (ii) is or becomes available to a TRA Holder, the Agent, or any of their respective Authorized Recipients (as defined below) on a nonconfidential basis from a third-party source, which source, to the knowledge of such TRA Holder or the Agent, as applicable, is not bound by a legal duty of confidentiality to the Corporation in respect of such Confidential Information, or (iii) is independently developed by a TRA Holder, the Agent or their Authorized Recipients. Notwithstanding anything herein to the contrary, a TRA Holder or the Agent may disclose any Confidential Information to (x) any of its representatives, (y) any Affiliates or (z) in the case of a TRA Holder, any bona fide prospective assignee of such TRA Holder's rights under this Agreement, or prospective merger or other business combination partner of such TRA Holder (the persons in clauses (x), (y) and (z), collectively, the "<u>Authorized Recipients</u>"). If a TRA Holder, the Agent or any of their respective Authorized Recipients is required or requested by law or regulation or any legal or judicial process to disclose any Confidential Information, if disclosure of Confidential Information is required by any entity or body exercising executive, legislative, judicial, regulatory or administrative functions of government with authority over such TRA Holder, Agent or Authorized Recipient, or if disclosure of Confidential Information is required in connection with the tax affairs of such TRA Holder, Agent or Authorized Recipient, such TRA Holder, the Agent or Authorized Recipient, as the case may be, may disclose only such portion of such Confidential Information as may be required or requested without liability hereunder.

**Section 7.15** <u>No Similar Agreements</u>. Neither the Corporation nor any of its Subsidiaries shall enter into any additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporation is obligated to pay amounts with respect to tax benefits resulting from any net operating losses or other tax attributes to which the Corporation becomes entitled as a result of a transaction) without the prior written consent of the Agent.

**Section 7.16** <u>Change in Law</u>. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income and all applicable state and local Tax purposes or would have other material adverse Tax consequences to the TRA Holder and/or its direct or indirect owners, then at the election of the TRA Holder (with the prior written consent of the Agent) and to the extent specified by the TRA Holder, this Agreement (i) shall cease to have further effect with respect to such TRA Holder, or (ii) shall otherwise be amended in a manner determined by the TRA Holder to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment shall not result in (I) an increase in or acceleration of payments by the Corporation, or (II) a decrease in the amounts payable to other TRA Holders, in each case, under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

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**Section 7.17** <u>Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By executing this Agreement, each of the TRA Holders shall be deemed to have irrevocably constituted the Agent as his, her or its agent and attorney in fact with full power of substitution to act from and after the date hereof and to do any and all things and execute any and all documents on behalf of such TRA Holders which may be necessary, convenient or appropriate to facilitate any matters under this Agreement, including but not limited to: (i) execution of the documents and certificates required pursuant to this Agreement; (ii) except to the extent specifically provided in this Agreement, receipt and forwarding of notices and communications pursuant to this Agreement; (iii) administration of the provisions of this Agreement; (iv) any and all consents, waivers, amendments or modifications deemed by the Agent, in its sole and absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection therewith; (v) amending this Agreement or any of the instruments to be delivered to the Corporation pursuant to this Agreement; (vi) taking actions the Agent is expressly authorized to take pursuant to the other provisions of this Agreement; (vii) negotiating and compromising, on behalf of such TRA Holders, any dispute that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or any other agreement contemplated hereby and executing, on behalf of such TRA Holders, any settlement agreement, release or other document with respect to such dispute or remedy; and (viii) engaging attorneys, accountants, agents or consultants on behalf of such TRA Holders in connection with this Agreement or any other agreement contemplated hereby and paying any fees related thereto. The Agent may be replaced at any time by a two-thirds vote of the TRA Holders (the voting power of each TRA Holder shall be determined in accordance with the percentages set forth on <u>Exhibit A</u>), with such vote being effective seven (7) days after written notice of such vote is delivered to the Corporation. Provided that, the aforementioned two-thirds vote requirement shall be reduced to a simple majority vote in the event that the Agent has resigned, ceased to legally exist, or died. All reasonable, documented out-of-pocket costs and expenses incurred by the Agent in its capacity as such shall be promptly reimbursed by the Corporation upon invoice and reasonable support therefor by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, none of the Agent, any of its Affiliates, or any of the Agent's or its Affiliates' respective directors, officers, employees or other agents (each a "<u>Covered Person</u>") shall be liable, responsible or accountable in damages or otherwise to any TRA Holder, Company or the Corporation for damages arising from any action taken or omitted to be taken by the Agent or any other Person with respect to Company or the Corporation, except in the case of any action or omission which constitutes, with respect to such Person, willful misconduct or fraud. Each of the Covered Persons may consult with legal counsel, accountants, and other experts selected by it, and any act or omission suffered or taken by it on behalf of the TRA Holders or in furtherance of the interests of the TRA Holders in good faith in reliance upon and in accordance with the advice of such counsel, accountants, or other experts shall create a rebuttable presumption of the good faith and due care of such Covered Person with

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respect to such act or omission; provided that such counsel, accountants, or other experts were selected with reasonable care. Each of the Covered Persons may rely in good faith upon, and shall have no liability to Company, the Corporation or the TRA Holders for acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

[*Signature Pages Follow*]

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IN WITNESS WHEREOF, the Corporation, the Company, the Agent, and the TRA Holders have duly executed this Agreement as of the date first written above.

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| |
|:---|
| **<u>CORPORATION:</u>** |
| **ITG, INC.** |
| By: |
| Name: |
| Title: |
| **<u>COMPANY</u>** |
| **ITG PARENT, LLC** |
| By: |
| Name: |
| Title: |
| **<u>AGENT:</u>** |
| **ITG MH MANAGER, LLC** |
| By: |
| Name: |
| Title: |

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*[The signatures of the TRA Holders are attached in Schedule A.*]

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**Exhibit A** 

**TRA Holders** 

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| | | |
|:---|:---|:---|
| <u>TRA Holder</u> | <u>Percentage Interest</u> |  |
|  OCM ITG Aggregator, LLC | [ | •]% |
|  ITG Management Holdings, LLC | [ | •]% |
|  OCM Power VI AIV Holdings (Delaware), L.P. | [ | •]% |

---

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**Schedule A - Signatures of TRA Holders** 

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| |
|:---|
| **<u>TRA HOLDERS:</u>** |
| **OCM ITG AGGREGATOR, LLC** |
| By: |
| Name: |
| Its: |
| **ITG MANAGEMENT HOLDINGS, LLC** |
| By: |
| Name: |
| Its: |

---

---

| |
|:---|
| **OCM POWER VI AIV HOLDINGS (DELAWARE), L.P.** |
| By: |
| Name: |
| Its: |

---

## Exhibit 10.6

**Exhibit 10.6** 

**ITG, Inc.** 

**<u>REGISTRATION RIGHTS AGREEMENT</u>**

THIS REGISTRATION RIGHTS AGREEMENT (this "<u>Agreement</u>") is made as of [**•**], 2026 among ITG, Inc., a Delaware corporation (the "<u>Company</u>"), each of the investors listed on the signature pages hereto under the caption "Sponsor Investors" (collectively, the "<u>Sponsor Investors</u>"), each Person listed on the signature pages under the caption "Other Investors" or who executes a Joinder as an "Other Investor" (collectively, the "<u>Other Investors</u>") and each of the executives listed on the signature pages under the caption "Executives" or who executes a Joinder as an "Executive" (collectively, the "<u>Executives</u>"). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in <u>Exhibit A</u> attached hereto.

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

Section 1 <u>Demand Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requests for Registration</u>. At any time and from time to time, the Sponsor Investors may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration statement ("<u>Long-Form Registrations</u>") or on Form S-3 or any similar short-form registration statement ("<u>Short-Form Registrations</u>"), if available (any such requested registration, a "<u>Demand Registration</u>"). The Sponsor Investors may request that any Demand Registration be made pursuant to Rule 415 under the Securities Act (a "<u>Shelf Registration</u>") and (if the Company is a WKSI at the time any such request is submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an "<u>Automatic Shelf Registration Statement</u>"). Each request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. The Sponsor Investors will be entitled to request an unlimited number of Demand Registrations. The Company will pay all Expenses, whether or not any such registration is consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice to Other Holders</u>. Within four (4) Business Days after receipt of any such request, the Company will give written notice of the Demand Registration to all other Holders and, subject to the terms of <u>Section</u> <u>1(e)</u>, will include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within four (4) Business Days after the receipt of the Company's notice; <u>provided</u> that, with the written consent of the Sponsor Investors, the Company may, or at the written request of the Sponsor Investors, the Company shall, instead provide notice of the Demand Registration to all other Holders within three (3) Business Days following the non-confidential filing of the registration statement with respect to the Demand Registration so long as such registration statement is not an Automatic Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of Registrations</u>. All Long-Form Registrations will be underwritten registrations unless otherwise approved by the Sponsor Investors. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short-form registration statement unless otherwise requested by the Sponsor Investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shelf Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For so long as a registration statement for a Shelf Registration (a "<u>Shelf Registration Statement</u>") is and remains effective, the Sponsor Investors will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities available for sale pursuant to such registration statement ("<u>Shelf Registrable Securities</u>"). If the Sponsor Investors desire to sell Registrable Securities pursuant to an underwritten offering, then the Sponsor Investors may deliver to the Company a written notice (a "<u>Shelf Offering Notice</u>") specifying the number of Shelf Registrable Securities that the Sponsor Investors desire to sell pursuant to such underwritten offering (the "<u>Shelf Offering</u>"). As promptly as practicable, but in no event later than two (2) Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within three (3) Business Days after the Company's receipt of the Shelf Offering Notice, the maximum number of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to <u>Section</u> <u>1(e)</u> and <u>Section</u> <u>7</u>, will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in any event within fourteen (14) days after the receipt of a Shelf Offering Notice), but subject to <u>Section</u> <u>1(e)</u>, use its best efforts to consummate such Shelf Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Sponsor Investors desire to engage in an underwritten block trade or bought deal pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement) (each, an "<u>Underwritten Block Trade</u>"), then notwithstanding the time periods set forth in <u>Section</u> <u>1(d)(i)</u>, the Sponsor Investors may notify the Company of the Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to commence. If requested by the Sponsor Investors, the Company will promptly notify other Holders of such Underwritten Block Trade and such notified Holders (each, a "<u>Potential Participant</u>") may elect whether or not to participate no later than the next Business Day (*i.e.* one (1) Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the Sponsor Investors), and the Company will as expeditiously as possible use its best efforts to facilitate such Underwritten Block Trade (which may close as early as two (2) Business Days after the date it commences); <u>provided</u> that, notwithstanding the provisions of <u>Section</u> <u>1(d)(i)</u>, no Holder (other than Holders of Sponsor Investor Registrable Securities) will be permitted to participate in an Underwritten Block Trade without the written consent (which may be given by email) of the Sponsor Investors. Any Potential Participant's request to participate in an Underwritten Block Trade shall be binding on the Potential Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All determinations as to whether to complete any Shelf Offering and as to the timing, manner, price and other terms of any Shelf Offering contemplated by this <u>Section</u> <u>1(d)</u> shall be determined by the Sponsor Investors, and the Company shall use its best efforts to cause any Shelf Offering to occur in accordance with such determinations as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company will, at the request of the Sponsor Investors, file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Sponsor Investors to effect such Shelf Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to the terms of <u>Section</u> <u>1(f</u>), the Company will use best efforts to keep the Shelf Registration Statement continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise (the "<u>Shelf Period</u>"). Subject to <u>Section</u> <u>1(f)</u>, the Company shall not be deemed to have used its best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority on Demand Registrations and Shelf Offerings</u>. The Company will not include in any Demand Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Demand Registration or a Shelf Offering is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such offering (prior to the inclusion of any securities which are not Registrable Securities) the number of Registrable Securities requested to be included by any Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in an underwritten offering and the managing underwriters for such offering advise the Company that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing and/or method of distribution of the offering, then the Company shall exclude from such offering the number of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any Registrable Securities of any other Holders as set forth in this <u>Section</u> <u>1(e)</u>, which, for the avoidance of doubt, may be all such Executive Registrable Securities requested to be included in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Restrictions on Demand Registration and Shelf Offerings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company may postpone, for up to 60 days (or with the consent of the Sponsor Investors, a longer period) from the date of the request (the "<u>Suspension Period</u>"), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the following conditions are met: (A) the Company determines that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable law, and either (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction or (y) such transaction renders the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a post effective basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this <u>Section</u> <u>1(f)(i)</u> only once in any twelve (12)-month period (for avoidance of doubt, in addition to the Company's rights and obligations under <u>Section</u> <u>4(a)(vi)</u>) unless additional delays or suspensions are approved in writing by the Sponsor Investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in <u>Section</u> <u>1(f)(i)</u> above or pursuant to <u>Section</u> <u>4(a)(vi)</u> (a "<u>Suspension Event</u>"), the Company will give a notice to the Holders whose Registrable Securities are registered pursuant to such Shelf Registration Statement (a "<u>Suspension Notice</u>") to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an "<u>End of Suspension Notice</u>") from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted Suspension Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Selection of Underwriters</u>. The Sponsor Investors shall select each of the legal counsel to the Company, the investment banker(s) and manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Distributions of Registrable Securities to Partners or Members.</u> In the event the Sponsor Investors request to participate in a registration pursuant to this <u>Section</u> <u>1</u> in connection with a distribution of Registrable Securities to its partners or members, the registration shall provide for resale by such partners or members, if requested by the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Registration Rights</u>. Except as provided in this Agreement, the Company will not grant to any Person(s) the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the Sponsor Investors; <u>provided</u> that, with the prior approval of the Sponsor Investors, the Company may grant rights to employees of the Company and its Subsidiaries to participate in Piggyback Registrations so long as they sign a Joinder as an "Executive" and Holder of "Executive Registrable Securities" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Revocation of Demand Notice or Shelf Offering Notice</u>. At any time prior to the effective date of the registration statement relating to a Demand Registration or the "pricing" of any offering relating to a Shelf Offering Notice, the Sponsor Investors who initiated such Demand Registration or Shelf Offering may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders (including, for the avoidance of doubt, the other Participating Sponsor Investors), in each case by providing written notice to the Company and the Company shall immediately cease all efforts to secure effectiveness of the registration statement relating to such Demand Registration or the "pricing" of the offering relating to such Shelf Offering Notice, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Confidentiality</u>. Each Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such notice (or the existence thereof) without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement).

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Section 2 <u>Piggyback Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Piggyback</u>. Whenever the Company proposes to register any of its equity securities under the Securities Act (including primary and secondary registrations, and other than pursuant to an Excluded Registration) (a "<u>Piggyback Registration</u>"), the Company will give prompt written notice (and in any event within three (3) Business Days after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of <u>Section</u> <u>2(b)</u> and <u>Section</u> <u>2(c)</u>, will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after delivery of the Company's notice; provided that the Company shall not be required to provide such notice or include any Registrable Securities in such registration if the Sponsor Investors elect not to include any Sponsor Investor Registrable Securities in such registration, unless the Sponsor Investors otherwise consent in writing. Any Participating Sponsor Investor may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Priority on Primary Registrations</u>. Other than the securities the Company proposes to register on its own behalf, the Company will not include in any Piggyback Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) <u>first</u>, the securities the Company proposes to sell, (ii) <u>second</u>, the Registrable Securities requested to be included in such registration by any Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iii) <u>third</u>, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten primary offering on behalf of the Company and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing and/or method of distribution of the offering, the Company shall first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Priority on Secondary Registrations</u>. Other than the securities the Company proposes to register on its own behalf, the Company will not include in any Piggyback Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company's equity securities (other than pursuant to <u>Section</u> <u>1</u> hereof), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) <u>first</u>, the securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, (ii) <u>second</u>, the Registrable Securities requested to be included in such registration by any other Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iii) <u>third</u>,

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other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten secondary offering and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall be permitted to first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Right to Terminate Registration</u>. The Company will have the right to terminate or withdraw any registration initiated by it under this <u>Section</u> <u>2</u>, whether or not any holder of Registrable Securities has elected to include securities in such registration; *provided* that a Sponsor Investor may continue the registration as a Demand Registration pursuant to the terms of <u>Section</u> <u>1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Underwriters</u>. If any Piggyback Registration is an underwritten offering, the Sponsor Investors shall select each of the legal counsel for the Company, the investment banker(s) and manager(s) for the offering.

Section 3 <u>Stockholder Lock-Up Agreements</u> <u>and Company Holdback Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stockholder Lock-up Agreements</u>. In connection with any underwritten Public Offering, each Holder will enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors. Without limiting the generality of the foregoing, each Holder hereby agrees that in connection with the initial Public Offering and in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC) (collectively, "<u>Securities</u>"), or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, "<u>Other Securities</u>"), (ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a "<u>Sale Transaction</u>"), or (iv) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of (A) the date on which the Company gives notice to the Holders that a preliminary prospectus for such underwritten Public Offering has been circulated to potential investors or (B) the "pricing" of such offering, and continuing to the date that is (x) 180 days following the date of the final prospectus for such underwritten Public Offering in the case of the initial Public Offering or (y) 90 days following the date of the final prospectus in the case of any other such underwritten Public Offering (each such period, or such shorter period as agreed to by the managing underwriters, a "<u>Holdback Period</u>"), in each case with such modifications and exceptions as may be approved by the Sponsor Investors; <u>provided</u>, <u>however</u>, that the foregoing restrictions shall not apply to (i) Securities acquired in the public market subsequent to the initial Public Offering, (ii) distributions-in-kind to a Holder's partners or members, (iii) transfers to Affiliates, but only if such Affiliates agree to be bound by the restrictions herein, (iv) conversion or exchange of Securities or Other Securities into Common Equity, (v) any pledge, hypothecation or other grant of a security interest in Securities or Other Securities to one or more banks, financial or lending institutions as collateral or security for any loan, advance, margin loan or extension of credit or similar financing activity or arrangements and any transfer upon foreclosure upon or enforcement of such Securities or Other Securities, *provided* that the terms of such pledge,

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hypothecation or other grant of a security interest shall provide that such Securities or Other Securities may not be transferred to the applicable bank, financial or lending institution until the expiration of the applicable Holdback Period, and (vi) to the extent otherwise set forth in the lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering signed by each Holder in connection with any underwritten Public Offering. The Company may impose stop-transfer instructions with respect to any Securities or Other Securities subject to the restrictions set forth in this <u>Section</u> <u>3(a)</u> until the end of such Holdback Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Holdback Agreement</u>. The Company (i) will not file any registration statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such underwritten Public Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will cause each holder of Securities and Other Securities (including each of its directors and executive officers) to agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration (if otherwise permitted), unless approved in writing by the Sponsor Investors and the underwriters managing the Public Offering and to enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors.

Section 4 <u>Registration Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Company Obligations</u>. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with (or submit confidentially to) the SEC a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the Sponsor Investors covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each Holder of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration

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statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (<u>provided</u> that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to <u>Section</u> <u>1(f)</u>, if required by applicable law or to the extent requested by the Sponsor Investors, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market makers to register as such with respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) enter into and perform such customary agreements (including, as applicable, underwriting agreements in customary form) and take all such other actions as the Sponsor Investors or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in and preparing "road shows," investor presentations, marketing events and other selling efforts and effecting a stock or unit split or combination, recapitalization or reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company's officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable judgment of such Holder and its counsel should be included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) use best efforts to (A) make Short-Form Registration available for the sale of Registrable Securities and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Equity included in such registration statement for sale in any jurisdiction, and in the event any such order is issued, use best efforts to obtain promptly the withdrawal of such order;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any account at which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) have appropriate officers of the Company, and use reasonable best efforts to cause representatives of the Company's independent registered public accountants, to participate in any due diligence discussions reasonably requested by any selling Sponsor Investor or any underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or business information for the Company's most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) take no direct or indirect action prohibited by Regulation M under the Exchange Act; <u>provided</u>, <u>however</u>, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock Exchange, Nasdaq or any other national securities exchange on which the shares of Common Equity are or are to be listed, and to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) in the case of any underwritten offering, use its best efforts to obtain, and deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company's independent public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) use its best efforts to provide (A) a legal opinion of the Company's outside counsel, dated the effective date of such registration statement addressed to the Company, (B) on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a Demand Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of

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the applicable sale, (1) one or more legal opinions of the Company's outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more "negative assurances letters" of the Company's outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (3) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) if requested by any Participating Sponsor Investor, cooperate with such Participating Sponsor Investor and with the managing underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Officer Obligations</u>. Each Holder that is an officer of the Company agrees that if and for so long as he or she is employed by the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Automatic Shelf Registration Statements</u>. If the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Sponsor Investors do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the Sponsor Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investors may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company shall, at the request of the Sponsor Investors, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Additional Information</u>. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to such seller's participation in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>In-Kind Distributions</u>. If any Sponsor Investor (and/or any of their Affiliates) seeks to effectuate an in-kind distribution of all or part of their Registrable Securities to their respective direct or indirect equityholders, the Company will, subject to any applicable lock-ups, reasonably cooperate with and assist such stockholder, such equityholders and the Company's transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such stockholder (including the delivery of instruction letters by the Company or its counsel to the Company's transfer agent, the delivery of customary legal opinions by counsel to the Company and the delivery of Common Equity without restrictive legends, to the extent no longer applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Su</u><u>spended Distributions</u>. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section</u> <u>4(a)(vi)</u>, such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person's receipt of the copies of a supplemented or amended prospectus as contemplated by <u>Section</u> <u>4(a)(vi)</u>, subject to the Company's compliance with its obligations under <u>Section</u> <u>4(a)(vi)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Registrable Securities Transactions</u>. If requested by any Holder in connection with any transaction involving any Registrable Securities (including any sale or other transfer of such securities without registration under the Securities Act, any loan, advance, margin loan or extension of credit or similar financing activity or arrangement with respect to such Registrable Securities and any pledge, hypothecation or other grant of a security interest of such Registrable Securities), the Company agrees to provide such Holder with customary and reasonable assistance to facilitate such transaction, including, without limitation, (i) such action as such Holder may reasonably request from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act and (ii) entering into an "issuer's agreement" in connection with any margin loan with respect to such securities in customary form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Trading Window.</u> The Company shall (i) use its best efforts to notify the Sponsor Investors of each "closing" and "opening" date under the trading windows established by the Company's insider trading policy, in each case, at least two Business Days prior to each such date and (ii), at the request of the Sponsor Investors, confirm to the Sponsor Investors whether a trading window is open at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Sale Coordination.</u> Each Other Investor and each Executive agrees that, prior to effecting any sale or other disposition of Common Equity to the public pursuant to and in reliance on Rule 144 (or any similar rule then in effect) through a broker, dealer or market maker, in an unregistered block trade to a financial institution, in a privately negotiated transaction under "Section 4(a)(1)-1/2" of the Securities Act or in any other transaction in which such Holder transfers Common Equity, such Holder shall provide the Company and the Sponsor Investors with written notice of such intended sale or disposition at least five (5) Business Days prior to any such sale or disposition (which notice shall include the approximate number of Securities or Other Securities proposed to be sold and the anticipated timing and manner of sale). For the avoidance of doubt, this provision shall not restrict the ability of any Holder of Other Investor Registrable Securities or Executive Registrable Securities to sell Securities pursuant to Rule 144, subject to the volume limitations and other requirements thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Spin-Off.</u> In the event that the Company effects the separation of any portion of its business into one or more entities (each, a "NewCo"), whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization, reorganization or similar transaction, and any Holder will receive equity interests in any such NewCo as part of such separation, the Company shall cause any such NewCo to enter into a registration rights agreement with each such Holder that provides each such Holder with registration rights vis-à-vis such NewCo that are substantially identical to those set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Other</u>. To the extent that any of the Participating Sponsor Investors is or may be deemed to be an "underwriter" of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in <u>Section</u> <u>6</u> shall be applicable to the benefit of such Participating Sponsor Investor in their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Participating Sponsor Investor shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort letters addressed to such Participating Sponsor Investor.

Section 5 <u>Expenses</u>.

Except as expressly provided herein, all out-of-pocket expenses incurred by the Company or any Sponsor Investor in connection with the performance of or compliance with this Agreement and/or in connection with any sale, transfers, distributions or other disposition of Registrable Securities by any Sponsor Investor, including pursuant to a Demand Registration, Piggyback Registration or Shelf Offering, whether or not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or "blue sky" laws, (iii) all expenses associated with filings required to be made with the SEC by any Sponsor Investors reporting a change in beneficial ownership, (iv) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Free Writing Prospectuses), (v) all fees and disbursements of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (vi) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vii) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public Offering), (viii) all applicable rating agency fees with respect to the Registrable Securities, (ix) all fees and disbursements of legal counsel for the Company, (x) all reasonable fees and disbursements of one legal counsel for selling Holders selected by the Sponsor Investors (which may be the same counsel as selected for the Company) together with any necessary local counsel as may be required by the Sponsor Investors, (xi) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xii) all fees and expenses of any special experts or other Persons retained by the Company or the Sponsor Investors in connection with any Demand Registration, Piggyback Registration or Shelf Offering, (xiii) all of the Company's internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xiv) all expenses related to the "road-show" for any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as "<u>Expenses</u>." The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person's account and all transfer taxes (if any) attributable to the sale of Registrable Securities.

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Section 6 <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to time, each Holder, such Holder's officers, directors, employees, agents, fiduciaries, stockholders, managers, partners, members, Affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the "<u>Indemnified Parties</u>") against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, "<u>Losses</u>") caused by, resulting from, arising out of, based upon or related to any of the following (each, a "<u>Violation</u>") by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this <u>Section</u> <u>6</u>, collectively called an "<u>application</u>") executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the "blue sky" or securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any Violation or alleged Violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission, made in such registration statement, any such prospectus, preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein or by such Indemnified Party's failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By Holders</u>. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and non-appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <u>provided</u> that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Claim Procedure</u>. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> that the failure to give prompt notice will impair any Person's right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification and approved by the Sponsor Investors, at the expense of the indemnifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contribution</u>. If the indemnification provided for in this <u>Section</u> <u>6</u> is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause (i) of this <u>Section</u> <u>6(d)</u> is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations; <u>provided</u> that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable, alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this <u>Section</u> <u>6(d)</u> were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of <u>Section</u> <u>11(f)</u> of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Release</u>. No indemnifying party will, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-exclusive</u> <u>Remedy</u><u>;</u> <u>Survival</u>. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this <u>Section</u> <u>6</u> applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement.

Section 7 <u>Cooperation with Underwritten Offerings</u>. No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or "green shoe" option requested by the underwriters; <u>provided</u> that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, <u>Section</u> <u>3</u>, <u>Section</u> <u>4</u> and/or this <u>Section</u> <u>7</u>, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the underwriters created thereby with respect to such registration.

Section 8 <u>Subsidiary Public Offering</u><u>.</u> If, after an initial Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, *mutatis mutandis*, to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary's obligations under this Agreement as if it were the Company hereunder.

Section 9 <u>Joinder</u>. The Company may from time to time (with the prior written consent of the Sponsor Investors) permit any Person who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from such Person in the form of <u>Exhibit</u> <u>B</u> attached hereto (a "Joinder"). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become the category of Registrable Securities (i.e. Sponsor Investor Registrable Securities, Other Investor Registrable Securities or Executive Registrable Securities), and such Person shall be deemed the category of Holder (i.e. Sponsor Investor, Other Investor or Executive), in each case as set forth on the signature page to such Joinder.

Section 10 <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendments and Waivers</u>. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only with the prior written consent of the Company and the Sponsor Investors who are then Holders; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e., Sponsor Investors, Other Investors or Executives) in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. 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 prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way (including, without limitation, Amended and Restated Limited Liability Company Agreement, dated as of December 20, 2021 (the "<u>ITG Parent LLC Agreement</u>") by and among ITG Parent, LLC and the Initial Members listed on Schedule A thereto, and the other documents referred to therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Successors and Assigns</u>. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns. Each of the Sponsor Investors may assign its rights hereunder to its Affiliates; provided that such purchaser or transferee shall, as a condition to the effectiveness of such assignment, be required to cause such prospective transferee to execute and deliver to the Company a Joinder. Except as otherwise provided herein, the rights under this Agreement are personal to the Holders and are not assignable without the prior written consent of each of the Company and the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address specified on the signature page hereto or any Joinder and to any holder, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party's address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. The Company's address is:

**ITG, Inc.** 

2400 E. Commercial Blvd Ste 1000

Fort Lauderdale, Florida 33308

Attn: Andy Parrott, Mike Brooks, Chris Mecray

Email: aparrott@itgcomm.com, mbrooks@itgcomm.com, cmecray@itgcomm.com

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<u>With a copy to:</u>

**Kirkland & Ellis LLP**

601 Lexington Avenue

New York, New York 10022

Attn: Joshua N. Korff, P.C., Michael Kim, P.C.

Email: jkorff@kirkland.com; michael.kim@kirkland.com

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Business Days</u>. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. The corporate law of the State of Delaware will govern all issues and questions concerning the relative rights of the Company and its equityholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will 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. In furtherance of the foregoing, the internal law of the State of Delaware will control the interpretation and construction of this Agreement (and all schedules and exhibits hereto), even though under that jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>MUTUAL WAIVER OF JURY TRIAL</u>. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>CONSENT TO JURISDICTION AND SERVICE OF PROCESS</u>. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF (I) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE AND (II) THE COURT OF CHANCERY OF THE STATE OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY'S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY (I) IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR (II) THE COURT OF CHANCERY OF THE STATE OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS

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BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL AND UNAPPEALABLE JUDGMENT IN ANY ACTION OR PROCEEDING SO BROUGHT SHALL BE CONCLUSIVE AND MAY BE ENFORCED BY SUIT ON THE JUDGMENT IN ANY JURISDICTION WITHIN OR OUTSIDE THE UNITED STATES OR IN ANY OTHER MANNER PROVIDED IN LAW OR IN EQUITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Recourse</u>. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word "including" in this Agreement will be by way of example rather than by limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Electronic Delivery</u>. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will 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 will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Further Assurances</u>. In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Dividends, Recapitalizations, etc.</u> If at any time or from time to time there is any change in the capital structure of the Company by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions hereof so that the rights and privileges granted hereby will continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Third-Party Beneficiaries</u>. No term or provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Current Public Information.</u> At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will take such further action as the Sponsor Investors may reasonably request, all to the extent required to enable such Holders to sell Registrable Securities pursuant to Rule 144.

\* \* \* \* \*

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IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

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| |
|:---|
| **ITG, INC.** |
| By: |
| Its: |

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| |
|:---|
| **SPONSOR INVESTORS:** |
| **OCM ITG AGGREGATOR, LLC** |
| By: |
| Its: |

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Address:

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| |
|:---|
| **OCM POWER VI AIV HOLDINGS (DELAWARE), L.P.** |
| By: |
| Its: |

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Address: <br>

***[****Signature Page to Registration Rights Agreement****]***

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| |
|:---|
| **OTHER INVESTORS:** |
| **ITG MANAGEMENT HOLDINGS, LLC** |
| By: |
| Its: |

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Address:

***[****Signature Page to Registration Rights Agreement****]***

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**<u>EXHIBIT A</u>**

**DEFINITIONS** 

"<u>Affiliate</u>" of any Person means any other Person controlled by, controlling or under common control with such Person and, in the case of an individual, also includes any member of such individual's Family Group; <u>provided</u> that the Company and its Subsidiaries will not be deemed to be Affiliates of any holder of Registrable Securities. As used in this definition, "control" (including, with its correlative meanings, "controlling," "controlled by" and "under common control with") will mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).

"<u>Agreement</u>" has the meaning set forth in the recitals.

"<u>Automatic Shelf Registration Statement</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Business Day</u>" means a day that is not a Saturday or Sunday or a day on which banks in New York City are authorized or requested by law to close.

"<u>Charitable Gifting Event</u>" means any transfer by a Sponsor Investor, or any subsequent transfer by such holder's members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered into in connection with any underwritten offering.

"<u>Charitable Organization</u>" means a charitable organization as described by <u>Section</u> <u>501(c)(3)</u> of the Internal Revenue Code of 1986, as in effect from time to time.

"<u>Common Equity</u>" means the Company's shares of Class A common stock, par value $0.001 per share.

"<u>Company</u>" has the meaning set forth in the preamble and shall include its successor(s).

"<u>Demand Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>End of Suspension Notice</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Excluded Registration</u>" means any registration (i) pursuant to a Demand Registration (which is addressed in <u>Section</u> <u>1(a)</u>), or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms.

"<u>Executives</u>" has the meaning set forth in the recitals.

"<u>Executive Registrable Securities</u>" means any Common Equity held (directly or indirectly) by the management employees of the Company who are listed as "Executives" on the signature page hereto or to a Joinder.

"<u>Expenses</u>" has the meaning set forth in <u>Section</u> <u>5</u>.

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"<u>Family Group</u>" means (i) in the case of a Holder who is an individual, such individual's spouse, parents and descendants (whether natural or adopted), any trust or estate planning vehicle or entity solely for the benefit of such individual and/or the individual's spouse, parents and/or descendants, and any charitable remainder trust in which such Holder serves as trustee, (ii) in the case of a Holder that is a trust, the beneficiary of such trust, and (iii) corporations, partnerships or limited liability companies in which such trusts, such individual's spouse, parents and descendants (whether natural or adopted) are the only shareholders, partners, or members.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority.

"<u>Free Writing Prospectus</u>" means a free writing prospectus, as defined in Rule 405.

"<u>Holdback Period</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Holder</u>" means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder).

"<u>Indemnified Parties</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>ITG Parent LLC Agreement</u>" has the meaning set forth in <u>Section</u> <u>10(d)</u>.

"<u>Joinder</u>" has the meaning set forth in <u>Section</u> <u>9</u>.

"<u>Long-Form Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Losses</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>NewCo</u>" has the meaning set forth in <u>Section</u> <u>4(j)</u>.

"<u>Other Investors</u>" has the meaning set forth in the recitals.

"<u>Other Investor Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Other Investors or any of their Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (i)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Other Securities</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Participating Sponsor Investors</u>" means any Sponsor Investor(s) participating in the request for a Demand Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade.

"<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

"<u>Piggyback Registrations</u>" has the meaning set forth in <u>Section</u> <u>2(a)</u>.

"<u>Potential Participant</u>" has the meaning set forth in <u>Section</u> <u>1(d)(ii)</u>.

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"<u>Public Offering</u>" means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act.

"<u>Qualified Independent Underwriter</u>" has the meaning set forth by FINRA in Section 5121(f)(12), or any successor provision thereto.

"<u>Registrable Securities</u>" means Sponsor Investor Registrable Securities, Other Investor Registrable Securities and Executive Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144 following the consummation of the initial Public Offering, (c) distributed to the direct or indirect partners or members of a Sponsor Investor (other than the managing member of a Sponsor Investor), (d) repurchased by the Company or a Subsidiary of the Company, or (e) registered under a registration statement on Form S-8 (or any successor form). For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing, following the consummation of an initial Public Offering, any Registrable Securities held by any Person (other than any Sponsor Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 will be deemed not to be Registrable Securities.

"<u>Rule 144</u>", "<u>Rule 158</u>", "<u>Rule 405</u>", "<u>Rule 415</u>" and "<u>Rule 430B</u>" mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor rule then in force.

"<u>Sale Transaction</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Shelf Offering</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Offering Notice</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Period</u>" has the meaning set forth in <u>Section</u> <u>1(d)(v)</u>.

"<u>Shelf Registration</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Shelf Registrable Securities</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Registration Statement</u>" has the meaning set forth in <u>Section</u> <u>1(d)</u>.

------

"<u>Short-Form Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Sponsor Investors</u>" has the meaning set forth in the recitals; provided that any decision to be made under this Agreement by the Sponsor Investors shall be made by the holders of a majority of all Sponsor Investor Registrable Securities.

"<u>Sponsor Investor Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Sponsor Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (i)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Subsidiary</u>" means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity.

"<u>Suspension Event</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Suspension Notice</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Suspension Period</u>" has the meaning set forth in <u>Section</u> <u>1(f)(i)</u>.

"<u>Underwritten Block Trade</u>" has the meaning set forth in <u>Section</u> <u>1(d)(ii)</u>.

"<u>Violation</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>WKSI</u>" means a "well-known seasoned issuer" as defined under Rule 405.

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**<u>EXHIBIT B</u>**

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of __________________, 20__ (as amended, modified and waived from time to time, the "<u>Registration Rights Agreement</u>"), among ITG, Inc., a Delaware corporation (the "<u>Company</u>"), and the other persons named as parties therein (including pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Rights Agreement.

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Rights Agreement as a Holder in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned will be deemed for all purposes to be a Holder, **[a Sponsor Investor / an Executive / an Other Investor thereunder]** and the undersigned's ____ shares of Class A common stock will be deemed for all purposes to be **[Sponsor Investor / Executive / Other Investor]** Registrable Securities under the Registration Rights Agreement.

Accordingly, the undersigned has executed and delivered this Joinder as of the ___ day of ____________, 20___.

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| |
|:---|
|  Signature |
|  Print Name |

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 Address:<br>

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| |
|:---|
|  Agreed and accepted as of |
|  ________________, 20___: |
| **ITG, Inc.** |
| By: |
| Its: |

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## Exhibit 10.22

**Exhibit 10.22** 

**ITG PARENT, LLC** 

**SECOND AMENDED AND RESTATED** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

Dated as of [•]

THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED BY THIS SECOND 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.

THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED BY THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS SET FORTH IN THIS AGREEMENT.

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  **ARTICLE I DEFINITIONS** | **ARTICLE I DEFINITIONS** | **3** |
|  **ARTICLE II ORGANIZATIONAL MATTERS** | **ARTICLE II ORGANIZATIONAL MATTERS** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | Formation of Company | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02. | Second Amended and Restated Limited Liability Company Agreement | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03. | Name | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04. | Purpose; Powers | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05. | Principal Office; Registered Office | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06. | Term | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07. | No State-Law Partnership | 16 |
|  **ARTICLE III MEMBERS; UNITS; CAPITALIZATION** | **ARTICLE III MEMBERS; UNITS; CAPITALIZATION** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | Members | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02. | Units | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03. | Recapitalization; the Corporation's Indirect Capital Contributions; the Option Unit Redemptions | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04. | Authorization and Issuance of Additional Units | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05. | Repurchase or Redemption of Shares of Class A Common Stock | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06. | Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07. | Negative Capital Accounts | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08. | No Withdrawal | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09. | Loans From Members | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10. | Corporate Equity Plans | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11. | Dividend Reinvestment Plan, Employee Stock Purchase Plan, Equity Incentive Plan or Other Plan | 25 |
|  **ARTICLE IV DISTRIBUTIONS** | **ARTICLE IV DISTRIBUTIONS** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01. | Distributions | 25 |
|  **ARTICLE V CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS** | **ARTICLE V CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01. | Capital Accounts | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02. | Allocations | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03. | Regulatory Allocations | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04. | Final Allocations | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05. | Tax Allocations | 31 |

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i

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| | | |
|:---|:---|:---|
|  **ARTICLE VI MANAGEMENT** | **ARTICLE VI MANAGEMENT** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01. | Authority of Manager; Officer Delegation | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02. | Actions of the Manager | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.03. | Resignation; No Removal | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.04. | Vacancies | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.05. | Transactions Between the Company and the Manager | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.06. | Reimbursement for Expenses | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.07. | Delegation of Authority | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.08. | Limitation of Liability of Manager | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.09. | Investment Company Act | 36 |
|  **ARTICLE VII RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER** | **ARTICLE VII RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01. | Limitation of Liability and Duties of Members | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02. | Lack of Authority | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.03. | No Right of Partition | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.04. | Indemnification | 38 |
|  **ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS** | **ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01. | Records and Accounting | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02. | Fiscal Year | 39 |
|  **ARTICLE IX TAX MATTERS** | **ARTICLE IX TAX MATTERS** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.01. | Preparation of Tax Returns | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.02. | Tax Elections | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.03. | Tax Controversies | 40 |
|  **ARTICLE X RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS** | **ARTICLE X RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.01. | Transfers by Members | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.02. | Permitted Transfers | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.03. | Restricted Units Legend | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.04. | Transfer | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.05. | Assignee's Rights | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.06. | Assignor's Rights and Obligations | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.07. | Overriding Provisions | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.08. | Certain Transactions with respect to the Corporation | 45 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.09. | Unvested Units | 48 |
|  **ARTICLE XI REDEMPTION AND DIRECT EXCHANGE RIGHTS** | **ARTICLE XI REDEMPTION AND DIRECT EXCHANGE RIGHTS** | **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.01. | Redemption Right of a Member | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.02. | Election and Contribution of the Corporation | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.03. | Direct Exchange Right of the Corporation | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.04. | Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.05. | Effect of Exercise of Redemption or Direct Exchange | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.06. | Tax Treatment | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.07. | Management Holdings | 56 |
|  **ARTICLE XII ADMISSION OF MEMBERS** | **ARTICLE XII ADMISSION OF MEMBERS** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.01. | Substituted Members | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.02. | Additional Members | 57 |
|  **ARTICLE XIII WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS** | **ARTICLE XIII WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS** | **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.01. | Withdrawal and Resignation of Members | 57 |
|  **ARTICLE XIV DISSOLUTION AND LIQUIDATION** | **ARTICLE XIV DISSOLUTION AND LIQUIDATION** | **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.01. | Dissolution | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.02. | Winding up | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.03. | Deferment; Distribution in Kind | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.04. | Cancellation of Certificate | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.05. | Reasonable Time for Winding Up | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.06. | Return of Capital | 59 |
|  **ARTICLE XV GENERAL PROVISIONS** | **ARTICLE XV GENERAL PROVISIONS** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.01. | Confidentiality | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.02. | Amendments | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.03. | Title to Company Assets | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.04. | Addresses and Notices | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.05. | Binding Effect; Intended Beneficiaries | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.06. | Creditors | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.07. | Waiver | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.08. | Counterparts | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.09. | Applicable Law | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.10. | Waiver of Jury Trial | 63 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.11. | Severability | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.12. | Further Action | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.13. | Execution and Delivery by Electronic Signature and Electronic Transmission | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.14. | Entire Agreement | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.15. | Remedies | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.16. | Descriptive Headings; Interpretation | 64 |

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iv

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**<u>Schedules</u>**

Schedule 1 - Schedule of Pre-IPO Members

Schedule 2 - Schedule of Members

Schedule 3 - Initial Officers

**<u>Exhibits</u>**

Exhibit A – Form of Joinder Agreement

v

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**ITG PARENT, LLC** 

**SECOND AMENDED AND RESTATED** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

This SECOND 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 ITG Parent, LLC, a Delaware limited liability company (the *"****Company****"),* dated as of [•], 2026 (the *"****Effective Date***"*),* is entered into by and among the Company, ITG, Inc., a Delaware corporation (the "***Corporation***"), ITG Intermediate, LLC, a Delaware limited liability company ("***Intermediate***"), as the managing member of the Company, ITG Management Holdings, LLC, a Delaware limited liability company ("***Management Holdings***"), 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 <u>Article I</u>;

WHEREAS, the Company was formed as a limited liability company with the name "ITG Parent, LLC", 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 16, 2021;

WHEREAS, prior to the IPO (as defined herein), the Company was governed by that certain Amended and Restated Limited Liability Company Agreement of the Company, effective as of December 30, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, together with all schedules, exhibits and annexes thereto, the *"****Initial LLC Agreement****"*), among certain of the existing members of the Company listed on <u>Schedule 1</u> hereto;

WHEREAS, in connection with the IPO, the Company, the Corporation and various other parties have agreed to consummate certain transactions (the "***Reorganization***"), including (i) the liquidation of ITG Splitter, L.P., a Delaware limited partnership ("***Splitter***"), and the distribution of certain of its assets (including its Original Units (as defined herein)) to its partners, including Oaktree Power Opportunities Fund VI Master Holdings (Delaware), L.P., a Delaware limited partnership ("***OPOF VI***"), Oaktree Fund AIF Series, L.P. – Series W, a Delaware limited partnership ("***GP DE AIF***"), ITG Blocker, LLC, a Delaware limited liability company ("***Blocker***"), and Oaktree Fund AIF Series (Cayman), L.P. – Series R, a Cayman limited partnership ("***GP Cayman AIF***") and subsequent contributions by (a) GP Cayman AIF of its Original Units to OPOF VI and (b) OPOF VI and GP DE AIF of their Original Units to OCM ITG Aggregator, LLC, a Delaware limited liability company ("***Aggregator***" and together with Blocker, the "***Splitter Members***"), pursuant to which the Splitter Members will become Members (the "***Splitter Liquidation***"), (ii) the contribution by Aggregator and Management Holdings of nominal cash to the Corporation in exchange for Class B Common Stock (as defined herein), and (iii) (A) the merger of ITG Intermediate 2, LLC, a Delaware limited liability company with and into the Blocker, with the Blocker surviving such merger and (B), immediately thereafter, the merger of Blocker with and into Intermediate, with Intermediate surviving such merger (collectively, the "***Blocker Mergers***");

WHEREAS, simultaneously with and contingent upon the consummation of the Reorganization, but immediately prior to the Blocker Mergers, the Company will convert all of the Original Units into Common Units (as defined herein) (the *"****Recapitalization****")* as provided herein;

------

WHEREAS, <u>Schedule 1</u> hereto sets forth the name and respective Common Units of each Member as of immediately following the Reorganization and Recapitalization (such Members, the "***Pre-IPO Members***");

WHEREAS, the Corporation will issue and sell shares of Class A Common Stock to public investors in the IPO, and 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 contribute the net proceeds that it receives from the IPO (the *"****IPO Net Proceeds****")* to Intermediate, which will contribute such IPO Net Proceeds to the Company in exchange for Common Units, and such IPO Net Proceeds would be used by the Company and its Subsidiaries to repay approximately $120 million in aggregate principal amount of borrowings outstanding under its revolving credit facility and approximately $241 million in aggregate principal amount of borrowings outstanding under its term loan facility, and to the extent of any remaining IPO Net Proceeds, for general corporate purposes to support the growth of the business ("***Debt Paydown and Corporate Purposes***");

WHEREAS, in the event the underwriters exercise all or any portion of the Over-Allotment Option, the Corporation will contribute the net proceeds that it receives from such Over-Allotment Option exercise (the *"****Option Net Proceeds****")* to the Company in exchange for Common Units (and the Corporation would become a party hereto and a Member of the Company), and the Company will use the Option Net Proceeds contributed by the Corporation to redeem a portion of the Common Units held by certain Members (the *"****Option Unit Redemptions***"); and

WHEREAS, in connection with the foregoing matters, the Company and the Members desire to continue the Company without dissolution and, simultaneously with but contingent upon the consummation of the Reorganization, amend and restate the Initial LLC Agreement in its entirety as of the Effective Date to reflect, among other things, (a) the Recapitalization, (b) the addition of the Corporation and the Splitter Members as Members, (c) the designation of the Blocker (and subsequently Intermediate as successor to the Blocker as a result of the Blocker Mergers) as sole Manager of the Company and (d) the other rights and obligations of the Members, the Company and the Manager, in each case, as provided and agreed upon in the terms of this Agreement as of the Effective Date, at which time the Initial 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 Initial LLC Agreement is hereby amended and restated in its entirety and the Company, Intermediate and the other Members, each intending to be legally bound, each hereby agrees as follows:

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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 <u>Section</u> <u>12.02</u>.

*"****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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Regulations Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to minimum gain).

*"****Admission Date****"* has the meaning set forth in <u>Section</u> <u>10.06</u>.

*"****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 to this Agreement.

*"****Assignee****"* means a Person to whom a Unit has been transferred but who has not become a Member pursuant to <u>Article XII</u>.

*"****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 for full or partial Taxable Years commencing on or after the Effective Date, *less* prior losses of the Company allocated to such Member for full or partial Taxable Years commencing on or after the Effective Date and to the extent such prior losses are available to reduce such income, in each case, as reasonably determined by the Manager in consultation with the Oaktree Representative *over* (ii) the cumulative Tax Distributions made to such Member after the closing date of the IPO pursuant to <u>Sections 4.01(b)(</u><u>i</u><u>)</u>, <u>4.01(b)(ii)</u> and <u>4.01(b)(iii)</u>; *provided* that, in the case of the Corporation and Intermediate, 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) shall in no event be less than an amount (taken together) 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.

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*"****Beneficial Owner****"* means, with respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) voting power, which includes the power to vote, or to direct the voting of, such security and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) investment power, which includes the power to dispose of, or to direct the disposition of, such security.

The terms *"****Beneficially Own****"* and *"****Beneficial Ownership****"* shall have correlative meanings.

*"****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.

*"****Blocker****"* has the meaning set forth in the Recitals.

*"****Blocker Mergers****"* has the meaning set forth in the Recitals.

*"****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 Regulations 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.

*"****Capital Account****"* means the capital account maintained for a Member in accordance with <u>Section</u> <u>5.01</u>.

*"****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 <u>Article III</u> hereof.

*"****Cash Settlement"* **means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent.

*"****Certificate****"* means the Company's Certificate of Formation as filed with the Secretary of State of the State of Delaware or amended and restated from time to time.

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*"****Change of Control****"* means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any "person" or "group" (within the meaning of Section 13(d) of the Exchange Act
(excluding any "person" or "group" who, on the Closing Date, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation's then outstanding voting
securities)) becomes the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation's then outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the shareholders of the Corporation approve a plan of complete liquidation or dissolution of the
Corporation or (ii) there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation's assets, other than such
sale or other disposition by the Corporation of all or substantially all of the Corporation's assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporation in
substantially the same proportions as their ownership of the Corporation immediately prior to such sale or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is consummated a merger or consolidation of the Corporation with any other corporation or other entity,
and, immediately after the consummation of such merger or consolidation, either (i) the Corporate 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 (ii) all of the Persons who were the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such
merger or consolidation do not Beneficially Own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the following individuals cease for any reason to constitute a majority of the number of directors of the
Corporation then serving: (i) on or before the Trigger Event (as defined in the Corporation's certificate of incorporation), individuals who, on the Closing Date, constitute the Corporate Board and any new director designated for
nomination by the Investors (as defined in the Stockholders Agreement) in accordance with the Stockholders Agreement and the Corporation's certificate of incorporation and (ii) following the Trigger Event, individuals who were directors
of the Corporation on the Closing Date or any new director whose appointment or election to the Corporate Board or nomination for election by the Corporation's shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors of the Corporation on the Closing Date or whose appointment, election or nomination for election was previously so approved or
recommended by the directors referred to in this clause (d), excluding any such director whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a "person" (as used in Section 13(d) of the Exchange Act), in each case, other than the Corporate Board.

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Notwithstanding the foregoing, a "<u>Change of Control</u>" 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 Class A Common Stock and Class B Common Stock of the Corporation 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 all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions.

*"****Change of Control Date****"* has the meaning set forth in <u>Section</u> <u>10.08(a)</u>.

*"****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.

*"****Closing Date****"* means the date on which the IPO is consummated.

*"****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 five (5) 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, conversions, 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.

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*"****Company****"* has the meaning set forth in the preamble to this Agreement.

*"****Confidential Information****"* has the meaning set forth in <u>Section</u> <u>15.01</u>.

*"****Controlling Party****"* has the meaning set forth in <u>Section</u> <u>6.06</u>.

*"****Corporate Board****"* means the board of directors of the Corporation.

*"****Corporate Equity Incentive Plan****"* means the 2026 Equity Incentive Plan of the Corporation adopted on the Closing Date, 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 preamble to this Agreement.

*"****Corresponding Management Unit***" means a Management Holdings Interest held by a Management Holdings Member that corresponds to a Common Unit held by Management Holdings.

*"****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 Corporation, the Company or any of their respective 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 Corporation, the Company or any of their respective Subsidiaries owes such obligation is not an Affiliate of the Company.

*"****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.

"***DGCL***" means the Delaware General Corporation Law, as it may be amended from time to time, and any successor thereto.

*"****Direct Exchange****"* has the meaning set forth in <u>Section</u> <u>11.03(a)</u>.

*"****Discount****"* has the meaning set forth in <u>Section</u> <u>6.06</u>.

*"****Distributable Cash****"* means, as of any relevant date on which a determination is being made by the Manager regarding a potential distribution pursuant to <u>Section</u> <u>4.01(a)</u>, 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).

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*"****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 none of the following shall be a Distribution: (a) 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 or (b) any other payment made by the Company to a Member that is not properly treated as a "distribution" for purposes of Sections 731, 732, or 733 or other applicable provisions of the Code.

*"****Distribution Tax Rate****"* means a rate equal 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 applies to any Member (or any direct or indirect partner or owner thereof in the case of a Member that is a "pass-through entity" for U.S. federal income tax purposes) 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), as reasonably determined by the Manager in consultation with the Oaktree Representative.

*"****Effective Date****"* has the meaning set forth in the preamble to this Agreement.

*"****Election Notice****"* has the meaning set forth in <u>Section</u> <u>11.01(c)</u>.

*"****Equity Plan****"* means any stock or equity purchase plan, stock option or restricted stock plan or other similar equity compensation plan now or hereafter adopted by the Corporation or the Company and approved by the Corporate Board and Corporation stockholders as required by the DGCL or any applicable exchange listing requirements, including the Corporate Equity Incentive 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.

*"****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. "Event of Withdrawal" shall not include an event that (a) terminates the existence of a Member for income tax purposes (including, without limitation, (i) a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, (ii) a deemed sale of assets by, or deemed liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or (iii) merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Member) but that (b) does not terminate the existence of such Member under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Units of such trust that is a Member).

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*"****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 <u>Section</u> <u>11.03(b)</u>.

*"****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 (for the avoidance of doubt, including any encumbrances) in an arm's-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 <u>Section</u> <u>14.02</u>, the Liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent.

*"****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 <u>Section</u> <u>8.02</u>.

*"****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.

*"****GP Cayman AIF****"* has the meaning set forth in the Recitals.

*"****GP DE AIF***" has the meaning set forth in the Recitals.

*"****Indemnified Person****"* has the meaning set forth in <u>Section</u> <u>7.04(a)</u>.

*"****Initial LLC Agreement****"* has the meaning set forth in the Recitals.

*"****Intermediate***" has the meaning set forth in the preamble to this Agreement.

*"****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.

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*"****IPO Common Unit Subscription Agreement****"* means, if the Over-Allotment Option is exercised, 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.

*"****Issuance Agreement***" has the meaning set forth in <u>Section</u> <u>3.03(a)</u>.

*"****Joinder****"* means a joinder to this Agreement, in form and substance substantially similar to <u>Exhibit A</u> to this Agreement.

*"****Law****"* means all laws, statutes, ordinances, rules and regulations of any Governmental Entity.

*"****Liquidator****"* has the meaning set forth in <u>Section</u> <u>14.02</u>.

*"****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 <u>Section</u> <u>5.01(b)</u>.

*"****Management Co-Redemption****"* has the meaning set forth in <u>Section</u> <u>11.01(b)</u>.

"***Management Holdings***" has the meaning set forth in the preamble to this Agreement.

"***Management Holdings Action***" has the meaning set forth in Section 11.07(a).

"***Management Holdings Agreement***" means that certain Second Amended and Restated Limited Liability Company Agreement of Management Holdings, dated as of the Effective Date (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time).

*"****Management Holdings Interest***" means a common unit in Management Holdings owned by a Management Holdings Member.

*"****Management Holdings Member***" means a member of Management Holdings.

*"****Manager****"* has the meaning set forth in <u>Section</u> <u>6.01(a)</u>.

*"****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

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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 <u>Article XII</u> but in each case only so long as such Person is shown or, subject to <u>Section</u> <u>10.07(a)</u>, deemed 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. For the avoidance of doubt, the Corporation shall not be a Member until such time as it owns Units.

*"****Minimum Gain****"* means "partnership minimum gain" determined pursuant to Treasury Regulations 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 Section 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 <u>Section</u> <u>5.03</u> and <u>Section</u> <u>5.04</u>).

"***Oaktree***" means Oaktree Capital Management, L.P. and any successor thereto.

"***Oaktree Complete Redemption Date***" means the date upon which Oaktree Persons, collectively, no longer own any of the aggregate economic interests in the Company.

"***Oaktree Fund***" means each of Aggregator, OPOF VI, GP DE AIF or any successor entity to any of the foregoing managed by Oaktree.

"***Oaktree Persons***" means, collectively, (a) any Oaktree Fund, (b) any general or limited partnership, corporation or limited liability company having as a general partner, controlling equity holder or managing member (whether directly or indirectly) Oaktree or an Affiliate of Oaktree, or (c) any successor of any of the foregoing; provided that "Oaktree Persons" shall not include the Corporation or its Subsidiaries or Management Holdings.

*"****Oaktree Redemption****"* has the meaning set forth in <u>Section</u> <u>11.01(b)</u>.

"***Oaktree Representative***" means ITG MH Manager, LLC, a Delaware limited liability company, or such other Person designated by Oaktree.

*"****Oaktree Sale Percentage****"* has the meaning set forth in <u>Section</u> <u>11.01(b)</u>.

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*"****Officer****"* has the meaning set forth in <u>Section</u> <u>6.01(b)</u>.

*"****OPOF VI****"* has the meaning set forth in the Recitals.

*"****Optionee****"* means a Person to whom a stock option is granted under any Equity Plan.

*"****Original Units****"* means the Class A Units, the Class B Units, the Class C Units, the Class D Units and the Class X Units (each as defined in the Initial LLC Agreement) of the Company.

*"****Other Agreements****"* has the meaning set forth in <u>Section</u> <u>10.04</u>.

*"****Over-Allotment Option****"* has the meaning set forth in the Recitals.

*"****Partnership Representative****"* has the meaning set forth in <u>Section</u> <u>9.03</u>.

*"****Percentage Interest****"* means, 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. The Percentage Interest of each Member shall be calculated to the fourth decimal place.

*"****Permitted Transfer****"* has the meaning set forth in <u>Section</u> <u>10.02</u>.

*"****Permitted Transferee****"* has the meaning set forth in <u>Section</u> <u>10.02</u>.

*"****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.

*"****Pre-IPO Members****"* has the meaning set forth in the Recitals.

*"****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 <u>Section</u> <u>5.01(b)</u>.

*"****Pubco Offer****"* has the meaning set forth in <u>Section</u> <u>10.08(b)</u>.

*"****Quarterly Tax Distributio****n"* has the meaning set forth in <u>Section</u> <u>4.01(b)(</u><u>i</u><u>)</u>.

*"****Recapitalization****"* has the meaning set forth in the Recitals.

*"****Redeemed Units****"* has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

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*"****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 <u>Section</u> <u>11.01(a)</u>.

*"****Redemption****"* has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

*"****Redemption Date****"* has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

*"****Redemption Notice****"* has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

*"****Redemption Right****"* has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

*"****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).

*"****Reorganization****"* has the meaning set forth in the Recitals.

"***Restricted Unit Award Agreement***" means an agreement among any Management Holdings Member, Management Holdings and the Company, governing the issuance or other terms of Management Holdings Interests to such Management Holdings Member.

*"****Retraction Notice****"* has the meaning set forth in <u>Section</u> <u>11.01(d)</u>.

*"****Revised Partnership Audit Provisions****"* means the provisions of Subchapter C of Chapter 63 of the Code (Sections 6221 *et seq*.), as amended by Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance) of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law Number 114-74 and any subsequent amendments thereto, together with any Treasury Regulations or other guidance issued thereunder.

*"****Schedule of Members****"* has the meaning set forth in <u>Section</u> <u>3.01(b)</u>.

*"****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.

*"****Share Settlement****"* means a number of shares of Class A Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units.

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*"****Splitter****"* has the meaning set forth in the Recitals.

*"****Splitter Liquidation****"* has the meaning set forth in the Recitals.

*"****Splitter Members****"* has the meaning set forth in the Recitals.

*"****Stock Exchange****"* means The Nasdaq Global Select Market.

*"****Stockholders Agreement****"* means that certain Stockholders Agreement, dated as of the Effective Date, by and among the Corporation, certain stockholders of the Corporation and certain of the Members as of the Effective Date (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).

*"****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.

*"****Substituted Member****"* means a Person that is admitted as a Member to the Company pursuant to <u>Section</u> <u>12.01</u>.

*"****Tax Distributions****"* has the meaning set forth in <u>Section</u> <u>4.01(b)(</u><u>i</u><u>)</u>.

*"****Tax Receivable Agreement****"* means that certain Tax Receivable Agreement, dated as of the Effective Date, by and among the Corporation and the Company, on the one hand, and the TRA Holders (as such term is defined in the Tax Receivable Agreement) party thereto, 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 <u>Section</u> <u>9.02</u>.

*"****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 equity or other interest (legal or beneficial) in any Member if substantially all of the assets of such Member consist solely of Units.

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*"****Treasury Regulations****"* means the final, temporary and (to the extent they can be relied upon or are otherwise explicitly referenced in this Agreement) 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, 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 Corporate Shares****"* means shares of Class A Common Stock issuable pursuant to awards granted under an Equity Plan that are not Vested Corporate Shares.

"***Unvested Unit***" means any Common Unit that is not a Vested Unit.

*"****Value****"* means (a) for any stock option or other incentive equity award granted under an Equity Plan that requires the holder thereof to exercise such award, the Market Price for the Trading Day immediately preceding the date of exercise of such award under the Equity Plan and (b) for any other incentive equity award granted under an Equity Plan that does not require the holder thereof to exercise such award, the Market Price for the Trading Day immediately preceding the Vesting Date.

*"****Vested Corporate Shares****"* means the shares of Class A Common Stock issued pursuant to awards granted under an Equity Plan that are vested pursuant to the terms thereof or any award or similar agreement relating thereto.

"***Vested Unit***" means, on any date of determination, any Common Unit to the extent (a) a Member's right to any such Common Unit has vested as a result of the Corresponding Management Unit having vested in accordance with the terms of the applicable Restricted Unit Award Agreement or (b) such Common Unit is not subject to vesting.

*"****Vesting Date****"* has the meaning set forth in <u>Section</u> <u>3.10(c)(ii)</u>.

ARTICLE II

ORGANIZATIONAL MATTERS

Section 2.01. <u>Formation of Company</u>. The Company was formed on December 16, 2021 pursuant to the provisions of the Delaware Act. The filing of the Certificate of Formation of the Company with the Secretary of State of the State of Delaware is hereby ratified and confirmed in all respects.

Section 2.02. <u>Second Amended and Restated Limited Liability Company Agreement</u>. The Members hereby execute this Agreement for the purpose of amending, restating and superseding the Initial 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 <u>Section</u> <u>2.06</u> the rights

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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. <u>Name</u>. The name of the Company is "ITG Parent, 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.

Section 2.04. <u>Purpose; Powers</u>. 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. <u>Principal Office; Registered Office</u>. 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 Delaware 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. <u>Term</u>. 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 <u>Article XIV</u>.

Section 2.07. <u>No State-Law Partnership</u>. 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 <u>Section</u> <u>2.07</u>, 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.

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ARTICLE III

MEMBERS; UNITS; CAPITALIZATION

Section 3.01. <u>Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the reorganization transactions (as described in the Recitals), the Splitter Members acquired Original Units (which will be converted into Common Units pursuant to the Recapitalization in accordance with <u>Section</u> <u>3.03</u>) and were admitted as Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall maintain a schedule setting forth: (i) the name and address of each Member and (ii) the aggregate number of outstanding Units and the number and class of Units held by each Member (such schedule, the "***Schedule of Members***")*.* The applicable Schedule of Members in effect as of the Effective Date and after giving effect to the Reorganization and Recapitalization is set forth as <u>Schedule 2</u> 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Member shall be required or, except as approved by the Manager pursuant to <u>Section</u> <u>6.01</u> 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 (other than the Corporation or its Subsidiaries in accordance with the terms of this Agreement).

Section 3.02. <u>Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 a single class of Common Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>3.04(a)</u>, the Manager may cause the Company to (i) issue additional Common Units at any time in its sole discretion and (ii) create one or more 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, notwithstanding anything to the contrary in this <u>Section</u> <u>3.02(b)</u> or <u>Section</u> <u>3.04(a)</u>, as long as there are any Members (other than the Corporation and its Subsidiaries) (x) 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 (y) no such new class

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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, in each case of clauses (x) and (y) other than in connection with the creation and issuance of one or more classes or series of Units issued in accordance with any Equity Plan; *provided further,* that no Units or other Equity Securities shall be issued except in compliance with the Securities Act and all other applicable securities Laws, including the availability of an exemption from registration thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Common Units that correspond to Corresponding Management Units are subject to the same vesting, forfeiture and other terms and conditions as set forth in Restricted Unit Award Agreements applicable to Corresponding Management Units, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unvested Units shall be subject to the terms of this Agreement and the Restricted Unit Award Agreements applicable to the Corresponding Management Units. ITG MH Manager, LLC, as manager of Management Holdings, shall have sole and absolute discretion to interpret and administer the Restricted Unit Award Agreements and to adopt such amendments thereto or otherwise determine the terms and conditions of such Corresponding Management Units (and if Management Holdings no longer exists, the Company shall have such rights in respect of any Equity Securities received in exchange for such Corresponding Management Units). Unvested Units that fail to vest as a result of the Corresponding Management Units' failure to vest and are forfeited by the applicable Member in connection with the corresponding forfeiture of such Corresponding Management Units, or Vested Units that are forfeited by the applicable Member as a result of the Corresponding Management Units' forfeiture, in each case, in accordance with the Management Holdings Agreement or the Restricted Unit Award Agreement, shall be cancelled by the Company (and corresponding shares of Class B Common Stock held by the applicable Member shall be automatically cancelled, in each case for no consideration) and shall not be entitled to any Distributions pursuant to <u>Section</u> <u>4.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section</u> <u>15.02</u>, 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, subject and pursuant to <u>Sections 3.02(b)</u>, <u>3.04(a)</u> or <u>3.10</u>.

Section 3.03. <u>Recapitalization; the Corporation</u><u>'</u><u>s Indirect Capital Contributions; the Option Unit</u> <u>Redemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Schedule 1</u> are hereby converted, as of the Effective Date, taking into account and adjusted for any distribution considered an advance to a Pre-IPO Member that remains outstanding as of the Effective Date and giving effect to such conversion and the other transactions related to the Recapitalization, into the number of Common Units set forth opposite the name of the respective Member

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on the Schedule of Members attached hereto as <u>Schedule 2</u>. Such Common Units set forth on <u>Schedule 2</u> are hereby issued and outstanding as of the Effective Date and the holders of such Common Units are Members hereunder. The terms and conditions applicable to any Original Unit set forth in the applicable subscription agreement, Restricted Unit Award Agreement or other agreement pursuant to which such Original Unit was issued (the applicable "***Issuance Agreement***"), including (without limitation) any vesting, forfeiture, repurchase and similar restrictions, shall continue in full force and effect with respect to the Common Units held by the holder of such Original Units following the Recapitalization in accordance with the terms of the applicable Issuance Agreement and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Immediately following the IPO, the Corporation will contribute the IPO Net Proceeds to Intermediate, which will contribute the IPO Net Proceeds received from the Corporation to the Company as a Capital Contribution in exchange for Common Units, and the Company will use the IPO Net Proceeds for Debt Paydown and Corporate Purposes. To the extent the underwriters in the IPO exercise the Over-Allotment Option in whole or in part, the Corporation will contribute the Option Net Proceeds to the Company as a Capital Contribution in exchange for Common Units, and the Company will use the Option Net Proceeds to effect the Option Unit Redemption. In each case, as applicable, <u>Schedule 2</u> shall be updated to reflect such issuances and redemptions.

Section 3.04. <u>Authorization and Issuance of Additional Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise determined by the Manager in good faith to be fair and reasonable to the stockholders and other equityholders of the Corporation and to the Members to preserve the intended economic effect of this <u>Section</u> <u>3.04</u>, <u>Section</u> <u>11.01</u> and the other provisions hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, in each case, disregarding, for purposes of maintaining the one-to-one ratio, (A) Unvested Corporate Shares (subject to <u>Section</u> <u>3.10(c)</u>) or (B) treasury stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation's preferred stock or other debt or equity securities (including, without limitation, warrants, options or rights) 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 or other debt or equity securities (including, without limitation, warrants, options or rights) of the Corporation so issued, transferred, delivered, repurchased or redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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 <u>Section</u> <u>3.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall only be permitted to issue additional Common 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 <u>Section</u> <u>3.02</u>, this <u>Section</u> <u>3.04</u>, <u>Section</u> <u>3.10</u> and <u>Section</u> <u>3.11</u>. Subject to the foregoing, the Manager may cause the Company to issue additional Common 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 <u>Section</u> <u>3.04</u> without the requirement of any consent or acknowledgement of any other Member; *provided further,* that no Units or other Equity Securities shall be issued except in compliance with the Securities Act and all other applicable securities Laws, including the availability of an exemption from registration thereunder.

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Section 3.05. <u>Repurchase or Redemption of Shares of Class</u> <u>A Common Stock</u>. 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.

Section 3.06. <u>Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>15.03</u>, 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 or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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Section 3.07. <u>Negative Capital Accounts</u>. 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. <u>No Withdrawal</u>. 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. <u>Loans From Members</u>. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions of <u>Section</u> <u>3.01(c)</u>, 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. <u>Corporate Equity Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Options Granted to Persons other than 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 a Person other than an LLC Employee is duly exercised:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation shall, as soon as practicable after such exercise, contribute to the Company (directly or indirectly through a Capital Contribution by one or more of its Subsidiaries) an amount equal to the exercise price paid to the Corporation by such exercising Person in connection with the exercise of such stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to <u>Section</u> <u>3.10(a)(</u><u>i</u><u>)</u>, the Corporation (or one or more of its Subsidiaries, as applicable) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation (or one or more of its Subsidiaries, as applicable) shall receive in exchange for such Capital Contributions (as deemed made under <u>Section</u> <u>3.10(a)(ii)</u>), a number of Common Units equal to the number of shares of Class A Common Stock for which such option was exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation shall sell to the Optionee, and the Optionee shall purchase from the Corporation, 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. Notwithstanding the foregoing, the Corporation may in its discretion permit a cashless exercise of such stock option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>3.10(b)(</u><u>i</u><u>)</u> hereof. The purchase price for such shares of Class A Common Stock to the Company (or such Subsidiary) shall be the Value of such shares of Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>3.10(b)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation shall, as soon as practicable after such exercise, contribute to the Company (directly or indirectly through a Capital Contribution by one or more of its Subsidiaries) an amount equal to the exercise price received by the Corporation in connection with such exercise under <u>Section</u> <u>3.10(b)(</u><u>i</u><u>)</u> and the amount of cash received by the Corporation in connection with the sale under <u>Section</u> <u>3.10(b)(ii)</u>, excluding, for the avoidance of doubt, any payment in respect of payroll taxes or other tax withholdings. The Corporation (or one or more of its Subsidiaries, as applicable) 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.

The number of shares of Class A Common Stock sold to the Company under <u>Section</u> <u>3.10(b)(ii)</u>, the number of shares of Class A Common Stock transferred to the Optionee under <u>Section</u> <u>3.10(b)(iii)</u>, and the number of Common Units received by the Corporation under <u>Section</u> <u>3.10(b)(iv)</u> shall be reduced so as to account for any payroll, withholding, or other taxes in the event that the LLC Employee net settles the stock option in connection with the applicable exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Stock Issued 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 (other than in connection with a stock option) 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 or any shares of Class A Common Stock issued in connection with the settlement of restricted stock units or performance stock units) in consideration for services performed for the Company or any Subsidiary:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the date that the Value of such shares is includible in taxable income of such LLC Employee (such date, the "***Vesting Date***"), the following events will be deemed to have occurred: (1) the Corporation shall be deemed to have sold 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 Company (or such Subsidiary) shall be deemed to have delivered such shares of Class A Common Stock to such LLC Employee, (3) the Corporation (directly or indirectly through a Capital Contribution by one or more of its Subsidiaries) shall be deemed to have contributed the purchase price for such shares of Class A Common Stock to the Company as a Capital Contribution, and (4) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company shall issue to the Corporation (or one or more of its Subsidiaries, as applicable) on the Vesting Date a number of Common Units equal to the number of shares of Class A Common Stock issued under <u>Section</u> <u>3.10(c)(</u><u>i</u><u>)</u> in consideration for a Capital Contribution that the Corporation (or one or more of its Subsidiaries, as applicable) is deemed to make to the Company pursuant to clause (3) of <u>Section</u> <u>3.10(c)(ii)</u> above.

The number of shares of Class A Common Stock issued to the LLC Employee under <u>Section</u> <u>3.10(c)(i)</u>, the number of shares of Class A Common Stock sold to the Company or a Subsidiary under <u>Section</u> <u>3.10(c)(ii)(1)</u>, the number of shares of Class A Common Stock delivered to the LLC Employee under <u>Section</u> <u>3.10(c)(ii)(2)</u>, and the number of Common Units received by the Corporation under <u>Section</u> <u>3.10(c)(iii)</u> shall be reduced so as to account for any payroll, withholding, or other taxes that an LLC Employee elects to net settle in connection with the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Future Equity Incentive Plans.* Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from adopting, modifying or terminating equity incentive plans for the benefit of employees, directors or other service providers 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 <u>Section</u> <u>3.10</u> in order to preserve the economic intent of this <u>Section</u> <u>3.10</u> may become necessary or advisable and that any approval or consent to any such amendments reasonably 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. If any employee share purchase plan or similar plan is adopted by the Corporation, <u>Section</u> <u>3.10(b)</u> shall be applied to any share purchases thereunder *mutatis mutandis*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Anti-dilution Adjustments.* For all purposes of this <u>Section</u> <u>3.10</u>, 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 or grant documentation.

Section 3.11. <u>Dividend Reinvestment Plan, Employee Stock Purchase Plan, Equity Incentive Plan or Other Plan</u>. Except as may otherwise be provided in this <u>Article III</u>, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, employee stock 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 (directly or indirectly through one or more of its Subsidiaries) to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation (or one or more of its Subsidiaries, as applicable) a number of Common Units equal to the number of new shares of Class A Common Stock so issued. In connection with any transaction described in this <u>Section</u> <u>3.11</u>, the Manager shall be permitted to cause the Company to make such issuances or redemptions of Common Units, or make such adjustments to the capitalization of the Company, as necessary to preserve the one-to-one ratios described in <u>Section</u> <u>3.04(a)</u>.

ARTICLE IV

DISTRIBUTIONS

Section 4.01. <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Distributable Cash; Other Distributions.* To the extent permitted by applicable Law and hereunder and subject to <u>Section</u> <u>4.01(c)</u>, the Manager may cause the Company to declare Distributions to Members 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 <u>Section</u> <u>4.01</u> 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 as of the close of business on such record date; *provided, however,* that the Manager shall have the obligation to cause the Company to make Distributions as set forth in <u>Sections</u> <u>4.01(b)</u> and <u>14.02</u>; *provided, further,* that notwithstanding any other provision herein to the contrary, no Distributions shall be made to any Member to the extent such Distribution would violate the Delaware Act. In furtherance of the foregoing, it is intended that the Manager shall, to the extent permitted by applicable Law, have the right in its sole discretion to cause the Company to make Distributions of Distributable Cash to the Members pursuant to this <u>Section</u> <u>4.01(a)</u> on a *pro rata* basis in accordance with each Member's Percentage Interest 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 <u>Section</u> <u>4.01(a)</u> and <u>Section</u> <u>4.01(b)</u>, (i) the Company shall not make a distribution (other than Tax Distributions under <u>Section</u> <u>4.01(b)</u> but only to the extent of a Member's Assumed Tax Liability) to any Member in respect of any Unvested Units and (ii) with

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respect to any amounts that would otherwise have been distributed to a Member but for the preceding clause (i), such amount shall be held in trust by the Company for the benefit of such Member unless and until such time as such Unvested Units become Vested Units, and within five (5) Business Days of such vesting time, the Company shall distribute such amounts to such Member; provided, however, if any Unvested Units are forfeited pursuant to the terms of the Equity Plan or Restricted Unit Award Agreement, such Member holding such Unvested Units shall have no right to receive any Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Tax Distributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each Taxable Year (or portion thereof), 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 reasonably determines is necessary or desirable 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 <u>Section</u> <u>4.01(b)(</u><u>i</u><u>)</u> shall be estimated by the Company on a quarterly basis and, to the extent feasible, shall be distributed to the Members (together with a statement showing the calculation of such Tax Distribution and an estimate of the Company's net taxable income allocable to each Member for such period) 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 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 an additional 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 Taxable 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 Taxable Year based on such final accounting shall promptly be distributed to such Member. For the avoidance of doubt, any excess Tax Distributions a Member receives with respect to any Taxable Year shall reduce future Tax Distributions otherwise required to be made to such Member with respect to any subsequent Taxable Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>4.01(b)</u> on any given date, the Tax Distributions to such Member shall be increased to ensure that all Distributions made pursuant to this <u>Section</u> <u>4.01(b)</u> 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

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to which such Members are otherwise entitled, Distributions pursuant to this <u>Section</u> <u>4.01(b)</u> 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 as soon as funds become available sufficient to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled, provided that any such future Tax Distributions shall still be pro-rata with respect to such Member's current Percentage Interest at the time of such future Tax Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 received for the relevant Taxable Years based on such recalculated Assumed Tax Liability promptly shall be distributed to such Members, except, for the avoidance of doubt, to the extent Distributions were made to such Members pursuant to <u>Section</u> <u>4.01(a)</u> and this <u>Section</u> <u>4.01(b)</u> in the relevant Taxable Years sufficient to cover such shortfall (except that any Tax Distribution pursuant to this sentence shall be made pro-rata with respect to such Member's Percentage Interest at the time of such subsequent Tax Distribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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 Initial LLC Agreement) pursuant to Section 4.2 of the Initial LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Limitations*. Notwithstanding anything herein to the contrary, without the prior written consent of the Agent (as defined in the Tax Receivable Agreement), the Corporation hereby agrees and acknowledges that, subject to payment obligations required to comply with applicable Law, so long as the Tax Receivable Agreement is outstanding and in effect, any Distributions to the Corporation (including Tax Distributions) made pursuant to this Agreement shall be used by the Corporation solely in order to meet its obligations pursuant to the Tax Receivable Agreement.

ARTICLE V

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

Section 5.01. <u>Capital Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulations Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the reasonable discretion of the Manager in consultation with the Oaktree Representative), upon the occurrence of the events specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (or any other event to the extent determined by

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the Manager to be permitted under applicable law), increase or decrease the Book Values of the Company's properties and the Capital Accounts in accordance with the rules of such Treasury Regulation and Treasury Regulations Section 1.704-1(b)(2)(iv)(g) (and any other applicable Treasury Regulations under Code Section 704(b)) to reflect a revaluation of the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Article V</u> 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Regulations 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Book Value of any property of the Company is adjusted pursuant to <u>Section</u> <u>5.01(a)</u> or Treasury Regulations 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Regulations Section 1.704-1(b)(2)(iv)(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Regulations 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. <u>Allocations</u>. Except as otherwise provided in <u>Section</u> <u>5.03</u> and <u>Section</u> <u>5.04</u> (and excluding any Profits or Losses allocated pursuant to such sections), Net Profits and Net Losses for any Taxable Year or other Fiscal Period (and to the extent determined necessary and appropriate by the Manager, any allocable items of gross income, gain, loss and expense includable in the computation of Profits and Losses) shall be allocated among the Members in a manner such that, after giving effect to the special allocations set forth in <u>Section</u> <u>5.03</u> and all Distributions

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through the end of such Taxable Year or other Fiscal Period, the Capital Account balances of the Members (for this purpose, increasing a Member's Capital Account balance by such Member's share of Minimum Gain or partner nonrecourse debt minimum gain (as defined in Treasury Regulations Section 1.704-2(i)(3))) are, as nearly as possible, pro rata in accordance with their respective Percentage Interests, assuming that any Common Units which are subject to vesting conditions in accordance with any applicable Equity Plan or individual award agreement are fully vested.

Section 5.03. <u>Regulatory Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Losses attributable to partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulations Section 1.704-2(i). If there is a net decrease during a Taxable Year or other Fiscal Period in partner nonrecourse debt minimum gain (as defined in Treasury Regulations Section 1.704-2(i)(3)), Profits for such Taxable Year or other Fiscal Period (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 Regulations Section 1.704-2(i)(4). This <u>Section</u> <u>5.03(a)</u> is intended to be a partner nonrecourse debt minimum gain chargeback provision that complies with the requirements of Treasury Regulations Section 1.704-2(i) and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nonrecourse deductions (as determined according to Treasury Regulations Section 1.704-2(c)) for any Taxable Year or other Fiscal Period shall be allocated pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in <u>Section</u> <u>5.03(a)</u>, if there is a net decrease in the Minimum Gain during any Taxable Year or other Fiscal Period, each Member shall be allocated Profits for such Taxable Year or other Fiscal Period (and, if necessary, for subsequent Taxable Years or other Fiscal Periods) in the amounts and of such character as determined according to Treasury Regulations Section 1.704-2(f). This <u>Section</u> <u>5.03(b)</u> is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulations Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Member that unexpectedly receives an adjustment, allocation or distribution described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) (4), (5) or (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year or other Fiscal Period, computed after the application of <u>Sections 5.03(a)</u> and <u>5.03(b)</u> but before the application of any other provision of this <u>Article V</u>, then Profits for such Taxable Year or other Fiscal Period shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This <u>Section</u> <u>5.03(c)</u> is intended to be a qualified income offset provision as described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the allocation of Net Losses to a Member as provided in <u>Section</u> <u>5.02</u> 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 <u>Section</u> <u>5.03(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Profits and Losses described in <u>Section</u> <u>5.01(b)(v)</u> 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 Regulations Section 1.704-1(b)(2)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The allocations set forth in <u>Section</u> <u>5.03(a)</u> through and including <u>Section</u> <u>5.03(e)</u> (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 <u>Article V</u>, but subject to the Regulatory Allocations, income, gain, deduction and loss with respect to the Company may, in the reasonable discretion of the Manager, 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 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 <u>Section</u> <u>5.03(a)</u> or <u>Section</u> <u>5.03(b)</u> 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. <u>Final Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any contrary provision in this Agreement except <u>Section</u> <u>5.03</u>, 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 Taxable Year of the event requiring such adjustments or allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any holder of Common 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 Units, the Company shall make forfeiture allocations in respect of such Unvested 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).

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Section 5.05. <u>Tax Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Section, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 using any method permitted under applicable Law, with such choice of method to be determined in the discretion of the Manager with the consent of the Oaktree Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Book Value of any asset of the Company is adjusted pursuant to <u>Section</u> <u>5.01(a)</u>, including adjustments to the Book Value of any asset of the Company in connection with the execution of this Agreement or the IPO, 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 any method permitted under applicable Law, with such choice of method to be determined in the discretion of the Manager with the consent of the Oaktree Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members as reasonably determined by the Manager taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of determining a Member's share of the Company's "excess nonrecourse liabilities" within the meaning of Treasury Regulations Section 1.752-3(a)(3), each Member's share of profits shall be determined pursuant to any proper method, as reasonably determined by the Manager; *provided,* that each year the Manager shall use its reasonable best efforts (using in all instances any proper method, including without limitation the "additional method" described in Treasury Regulations Section 1.752-3(a)(3)) to allocate a sufficient amount of the excess nonrecourse liabilities to those Members who would have at the end of the applicable Taxable Year, but for such allocation, taxable income due to the deemed distribution of money to such Member pursuant to Section 752(b) of the Code that is in excess of such Member's adjusted tax basis in its Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Allocations pursuant to this <u>Section</u> <u>5.05</u> 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.

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ARTICLE VI

MANAGEMENT

Section 6.01. <u>Authority of Manager; Officer Delegation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Intermediate (as the successor in interest to the Blocker), as the sole managing member of the Company (Intermediate, 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 <u>Section</u> <u>6.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Schedule 3</u> 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 <u>Section</u> <u>6.07</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, neither the Manager nor any Officer authorized by the Manager shall have the authority, on behalf of the Company, either directly or indirectly, without the prior approval of the Manager and the holders of a majority of the Common Units then outstanding (excluding all Common Units held directly or indirectly by the Corporation), to take any action that would result in the failure of the Company (or any Subsidiary of the Company that is a partnership or disregarded entity for U.S. federal income tax purposes as of the Effective Date) to be taxable as a partnership (or, with respect to any such Subsidiary, as a partnership or disregarded entity) for purposes of U.S. federal income tax (or take any action that would have a similar effect), or take any position inconsistent with treating the Company as a partnership (or any such Subsidiary as a partnership or disregarded entity) for purposes of U.S. federal income tax, except as required by Law.

Section 6.02. <u>Actions of the Manager</u>. The Manager may act through any Officer or through any other Person or Persons to whom authority and duties have been delegated pursuant to <u>Section</u> <u>6.07</u>.

Section 6.03. <u>Resignation; No Removal</u>. 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. <u>Vacancies</u>. 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. <u>Transactions Between the Company and the Manager</u>. 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 <u>Sections 3.02</u>, <u>3.04</u>, <u>3.05</u> or <u>3.10</u>. 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 Initial LLC Agreement or that the board of managers of the Company or the Corporate Board has approved in connection with the Reorganization, Recapitalization or the IPO as of the date of this Agreement, including the Tax Receivable Agreement and the Registration Rights Agreement.

Section 6.06. <u>Reimbursement for Expenses</u>. 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 Class A Common Stock of the Corporation, which is the parent entity of, and controls, the Manager (in such capacity, the "***Controlling Party***"), will be publicly traded and, therefore, the Corporation will have access to the public capital markets and that such status and the services performed by the Manager will

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inure to the benefit of the Company and all Members; therefore, the Controlling Party and the Manager shall be reimbursed by the Company for any reasonable out-of-pocket expenses incurred by Controlling Party or the Manager on behalf of the Company, including without limitation all fees, expenses and costs associated with the Reorganization and 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, SEC and FINRA filing fees and offering expenses) and maintaining their respective corporate existence. The Members further acknowledge and agree that the services performed by the Management Holdings Members, as LLC Employees of the Company and its Subsidiaries, will inure to the benefit of the Company and all Members; therefore, Management Holdings shall be reimbursed for any reasonable out-of-pocket expenses incurred by Management Holdings on behalf of the Company or in connection with holding its Common Units in the Company, including maintaining its corporate existence. In the event that shares of Class A Common Stock are sold to underwriters 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 Corporation shall be deemed to have contributed (directly or indirectly through one or more of its Subsidiaries) to the Manager, and 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, provided that, in each case, the deemed contribution and payment in clauses (i) and (ii) shall not be determinative for applicable income tax reporting purposes. To the extent practicable, expenses incurred by the Controlling Party, the Manager or Management Holdings 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 Controlling Party, the Manager, Management Holdings or any of their respective Affiliates by the Company pursuant to this <u>Section</u> <u>6.06</u> 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 Corporation (whether or not incurred in its capacity as the Controlling Party or otherwise), the Manager or Management Holdings or any payments made pursuant to the Tax Receivable Agreement.

Section 6.07. <u>Delegation of Authority</u>. 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.

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Section 6.08. <u>Limitation of Liability of Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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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. <u>Investment Company Act</u>. 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.

Section 6.10. <u>Investment Opportunities and Conflicts of Interest</u>. The holders of Units expressly acknowledge and agree that, subject to the provisions of this <u>Section</u> <u>6.10</u>, (i) the Oaktree Persons are, both presently and in the future, permitted to own a controlling interest in, manage the operations of, have investments in or maintain other business relationships with entities engaged in businesses similar to or related to the businesses of the Company and its Subsidiaries (including in areas in which the Company or any of its Subsidiaries may in the future engage in business), and in related businesses other than through the Company or any of its Subsidiaries (an "***Other Business***"), (ii) the Oaktree Persons have and may develop relationships with businesses that are and may be competitive with the Company or any of its Subsidiaries, (iii) no Oaktree Person shall be prohibited by virtue of their investments in the Company or its Subsidiaries or their service on the board of directors or board of managers of the Corporation or any Subsidiary (if applicable) from pursuing and engaging in any such activities, (iv) no Oaktree Person (including any of their respective representatives serving on the board of directors or board of managers (or participating as nonvoting observer thereof) of the Corporation or any Subsidiary (if applicable) shall be obligated to inform the Company or any such board of any such opportunity, relationship or investment, (v) the other holders of Units shall not acquire or be entitled to any interest or participation in any Other Business as a result of the participation therein of any Oaktree Person or any of their Affiliates (including any of their respective representatives serving on the Board), and (vi) the involvement of Oaktree or any of its Affiliates (including any of their respective representatives serving on the board of directors or board of managers (or participating as nonvoting observer thereof) of the Corporation or any Subsidiary (if applicable)) in any Other Business shall not constitute a conflict of interest by such Persons with respect to the Company, any of its Subsidiaries, any holder of Units or any of their respective Affiliates.

ARTICLE VII

RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER

Section 7.01. <u>Limitation of Liability and Duties of Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Articles IV</u> or <u>XIV</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>6.08</u> 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.

Section 7.02. <u>Lack of Authority</u>. 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. <u>No Right of Partition</u>. 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.

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Section 7.04. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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), is or was the Partnership Representative, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right to indemnification and the advancement of expenses conferred in this <u>Section</u> <u>7.04</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>7.04(a)</u> 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 <u>Section</u> <u>7.04</u>. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance in 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification and advancement of expenses provided for in this <u>Section</u> <u>7.04</u> 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)

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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 <u>Section</u> <u>7.04</u> 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 <u>Section</u> <u>7.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this <u>Section</u> <u>7.04</u> 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 <u>Section</u> <u>7.04</u> to the fullest extent permitted by any applicable portion of this <u>Section</u> <u>7.04</u> that shall not have been invalidated and to the fullest extent permitted by applicable Law.

ARTICLE VIII

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS

Section 8.01. <u>Records and Accounting</u>. 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. Subject to any approval rights of the Oaktree Representative with respect to such matters, all matters concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to <u>Articles IV</u> and <u>V</u> 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. <u>Fiscal Year</u>. The Fiscal Year of the Company shall end on December 31 of each year or such other date as may be established by the Manager.

Section 8.03. <u>Inspection Rights</u>. The Company shall permit each Member and each of its designated representatives, at such Member's sole cost and expense, to examine the books and records of the Company or any of its Subsidiaries at the principal office of the Company or such other location as the Manager shall reasonably approve during normal business hours and upon reasonable notice for any purpose reasonably related to such Member's interest as a member of the Company; provided, that the Manager has a right to keep confidential from the Members certain information in accordance with Section 18-305 of the Delaware Act.

ARTICLE IX

TAX MATTERS

Section 9.01. <u>Preparation of Tax Returns</u>. 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 fifty (150) days of the close of each Taxable Year, to each Member a completed IRS Schedule K-1 (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 Manager 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 in a manner consistent with this Agreement, 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.

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Section 9.02. <u>Tax Elections</u>. The Taxable Year shall be the Fiscal Year set forth in <u>Section</u> <u>8.02</u>, 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. <u>Tax Controversies</u>. The Manager shall cause the Company to take all necessary actions required by Law to designate the Manager 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 Manager is hereby authorized to designate an individual to be the sole designated 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 Manager (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 partnership representative or designated individual designated prior to the Effective Date to resign, be revoked or replaced, as applicable), including (as applicable) by filing certifications pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d) and completing IRS Form 8979 or any other form or certificate required pursuant to Treasury Regulations Section 301.6223-1(e)(1). 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 the Members shall cooperate to the extent reasonably requested by the Company in connection therewith. The Partnership Representative shall exercise its powers and duties in consultation with the Oaktree Representative with respect to any of the foregoing examinations or proceedings to the extent that such examinations or proceedings could reasonably be expected to adversely impact Aggregator or Management Holdings (including by impacting payments under the Tax Receivable Agreement). 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

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attorneys, in carrying out its duties as the Partnership Representative. The provisions of this <u>Section</u> <u>9.03</u> 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. <u>Transfers by Members</u>. No holder of Units shall Transfer any interest in any Units, except Transfers (a) pursuant to and in accordance with <u>Sections 10.02</u> and <u>10.09</u> 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 <u>Section</u> <u>6.04</u>. Notwithstanding the foregoing, "***Transfer***" shall not include (i) an event that terminates the existence of a Member for income tax purposes (including, without limitation, a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, a deemed sale of assets by, or deemed liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Member), but that does not terminate the existence of such Member under applicable state Law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Units of such trust that is a Member), (ii) any indirect Transfer of Units held by the Manager by virtue of any Transfer of Equity Securities in the Corporation, (iii) any indirect Transfer of Units held by a Member by virtue of (x) any Transfer of a partnership interest (or similar equity interest) in an investment fund or investment partnership that is a direct or indirect equityholder of a Member or (y) any Transfer by a Management Holdings Member that is permitted, and only to the extent permitted, under the Management Holdings Agreement and the applicable Restricted Unit Award Agreement, (iv) any Transfer by Management Holdings to a Management Holdings Member that is permitted under the Management Holdings Agreement, or (v) any direct or indirect Transfer of Units in connection with the transactions contemplated by the Reorganization.

Section 10.02. <u>Permitted Transfers</u>. The restrictions contained in <u>Section</u> <u>10.01</u> shall not apply to any of the following Transfers (each, a *"****Permitted Transfer****"* and each transferee, a "***Permitted Transferee***"): (a)(i) a Transfer pursuant to a Redemption or Direct Exchange in accordance with <u>Article XI</u> hereof or (ii) a Transfer by a Member to the Corporation or any of its Subsidiaries, or (b)(i) a Transfer by a Member to an Affiliate, a limited partner, or an Affiliate of a limited partner of such Member or (ii) following the Oaktree Complete Redemption Date, (A) a Transfer made by Management Holdings to any Management Holdings Member in connection with any Redemption or Direct Exchange to be made in accordance with <u>Article XI</u> (which Transfer shall be permitted to occur following delivery by Management Holdings of a Redemption Notice in respect of Redeemed Units that correspond to Corresponding Management Units held by such Management Holdings Members (and after which, such Management Holdings Member shall be deemed to be the Redeeming Member with respect thereto)), and (B) if such Redemption or Direct Exchange cannot be or is not consummated, a subsequent Transfer by such transferee Member to Management Holdings with respect to the same Common Units; *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

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Transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement (by delivery of a Joinder) and comply with the other requirements of <u>Section</u> <u>10.04</u> 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 <u>Section</u> <u>10.02</u>, 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 <u>Section</u> <u>10.07(b)</u>.

Section 10.03. <u>Restricted Units Legend</u>. 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 [●], AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "***SECURITIES ACT***"), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF ITG PARENT, LLC, AS IT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED, OR OTHERWISE MODIFIED FROM TIME TO TIME, AND ITG PARENT, 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 ITG PARENT, 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. <u>Transfer</u>. 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.

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Section 10.05. <u>Assignee</u><u>'</u><u>s Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, in consultation with the Oaktree Representative. The Members hereby agree that any such determination by the Manager is made by "agreement of the partners" within the meaning of Treasury Regulations Section 1.706-4(f). 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless and until an Assignee becomes a Member pursuant to <u>Article XII</u>, 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 <u>Section</u> <u>10.06</u>, 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).

Section 10.06. <u>Assignor</u><u>'</u><u>s Rights and Obligations</u>. 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 <u>Section</u> <u>10.06</u>, duties, liabilities or obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable provisions of <u>Section</u> <u>6.08</u> and <u>Section</u> <u>7.04</u> 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 <u>Article XII</u> (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. <u>Overriding Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Sections 10.05</u> and <u>10.06</u> 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

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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 <u>Article X</u>; *provided*, that any Permitted Transferee pursuant to a Permitted Transfer of the type set forth in <u>Section</u> <u>10.02(b)(ii)</u> that is redeemed or exchanged pursuant to <u>Article XI</u> substantially concurrently with the consummation of such Permitted Transfer shall be deemed to be set forth on the Schedule of Members until such time as such Redemption or Direct Exchange is consummated, with no further action required by the Manager (provided that the Manager shall amend the Schedule of Members following the consummation of such Redemption or Direct Exchange to reflect the occurrence thereof); *provided*, *further*, that if such Redemption or Direct Exchange is not consummated reasonably promptly following such Permitted Transfer, then the Manager shall promptly amend the Schedule of Members to either reflect such Permitted Transferee or any subsequent Permitted Transfer by such Permitted Transferee, as described in <u>Section</u> <u>10.02(b)(ii)</u>, as applicable, in order to maintain a definitive record of ownership of the Units in accordance with <u>Section</u> <u>3.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of <u>Section</u> <u>10.01</u>, <u>Section</u> <u>10.02</u>, <u>Article XI</u> and <u>Article XII</u>), in no event shall any Member Transfer any Units to the extent such Transfer would:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Corporation, the Company or any of its Subsidiaries is a party; *provided* that the payee or creditor to whom the Corporation, the Company or any of its Subsidiaries owes such obligation is not an Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 or similar arrangements established for the benefit of minors or other permitted transfers to minors under the Management Holdings Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cause the Company to be (or create a material risk 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 any successor provision thereto under the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) result in the Company having 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)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

Section 10.08. <u>Certain Transactions with respect to the Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with a Change of Control Transaction, the Manager shall have the right (which determination, prior to the Oaktree Complete Redemption Date, shall require the consent of the Oaktree Representative), to require each Member (other than the Corporation, the Manager and their respective subsidiaries) to effect 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 will be exchanged for shares of Class A Common Stock (or economically equivalent cash or securities of a successor entity), subject to the right of such Member to elect to receive a Cash Settlement pursuant to this <u>Section</u> <u>10.08(a)</u> and such shares of Class B Common Stock are cancelled for no consideration, *mutatis mutandis,* in accordance with the Redemption provisions of <u>Article XI</u> (applied for this purpose as if the Corporation had delivered an Election Notice that specified a Share Settlement with respect to such Redemption or, if such Member has made a Cash Election, a Cash Settlement with respect to the Units subject to such Cash Election) and otherwise in accordance with this <u>Section</u> <u>10.08(a)</u> it being understood that the Corporation may elect a Direct Exchange in connection with the foregoing, and the remaining provisions of this <u>Section</u> <u>10.08(a)</u> shall apply, mutatis mutandis, with respect to such Direct Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary in this Section 10.08(a) or Article XI, if any of the conditions described in clauses (i) through (ix) of Section <u>11.01(e)</u> exists with respect to such Member (or, in the case of Management Holdings, any applicable Corresponding Management Holdings Member) as of the Change of Control Date, such Member may elect (a "***Cash Election***"), by written notice to the Company and the Corporation delivered on or prior to the Change of Control Date, to exchange all or the applicable portion of such Member's Units subject to such Redemption for a Cash Settlement in lieu of shares of Class A Common Stock; *provided* that a Cash Election shall be effective solely with respect to Units as to which one or more of the conditions described in clauses (i) through (ix) of <u>Section</u> <u>11.01(e)</u> exists as of the Change of Control Date. For purposes of any Cash Election, (A) the Corporation shall be deemed to have delivered an Election Notice specifying a Cash Settlement with respect to the applicable Units, (B) <u>Section</u> <u>11.01(c)</u>, <u>Section</u> <u>11.02</u> and <u>Section</u> <u>11.03</u> shall apply *mutatis mutandis* to such Cash Settlement, except that the availability of such Cash Election shall not be subject to the Corporation's election or cash-availability limitation in <u>Section</u> <u>11.01(c)</u>, and (C) <u>Section</u> <u>11.01(d)</u> shall not apply to such Cash Election; *provided, further*, that, if (x) the Corporation maintains an "Up-C" corporate structure following the completion of the applicable Change of Control Transaction, and (y) any Cash Settlement payable pursuant to a Cash Election is funded with cash other than cash available from a Secondary Offering, the Corporation and the Company shall be permitted to take such action as is necessary to preserve the one-to-one ratios required by Section 3.04(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any such Redemption pursuant to this <u>Section</u> <u>10.08(a)</u> 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 <u>Section</u> <u>10.08(a)</u>, the *"****Change of Control Date****"*). From and after the Change of Control Date, (i) the Units subject to such Redemption shall be deemed to be transferred to the Corporation (or a Subsidiary thereof) and any corresponding shares of Class B Common Stock shall be deemed cancelled for no consideration, in each case, on the Change of Control Date and (ii) each such Member shall cease to have any rights with respect to the Units 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 or, if such Member has made a Cash Election, the Cash Settlement) and shall cease to have any rights with respect to any corresponding shares of Class B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event the Manager desires to initiate the provisions of this <u>Section</u> <u>10.08</u>, 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 applicable 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 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), and the procedures for making a Cash Election under this <u>Section</u> <u>10.08(a)</u> and, to the extent then known by the Corporation or the Manager, whether any condition described in clauses (i) through (ix) of <u>Section</u> <u>11.01(e)</u> exists or is expected to exist as of the Change of Control Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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 and any Cash Election in accordance with the terms of <u>Article XI</u>, including taking any action and delivering any document required pursuant to this <u>Section</u> <u>10.08(a)</u> 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.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (other than the Corporation, the Manager and their respective subsidiaries) 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 and the Corporation) 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 enable and permit the Members (other than the Manager and the Corporation) 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 shall use reasonable best efforts to enable such Members to participate in such transaction in respect of such Units 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a transaction or proposed transaction constitutes both a Change of Control Transaction and a Pubco Offer, the provisions of <u>Section</u> <u>10.08(a)</u> shall take precedence over the provisions of <u>Section</u> <u>10.08(b)</u> with respect to such transaction, and the provisions of <u>Section</u> <u>10.08(b)</u> shall be subordinate to provisions of <u>Section</u> <u>10.08(a)</u>, and may only be triggered if the Manager elects to waive the provisions of <u>Section</u> <u>10.08(a)</u>.

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Section 10.09. <u>Unvested Units</u>. With respect to any shares of Class B Common Stock corresponding to Unvested Units in accordance with any applicable Equity Plan or Restricted Unit Award Agreement, 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 Unvested Units have become Vested Units in accordance with the applicable Equity Plan or Restricted Unit Award Agreement.

ARTICLE XI

REDEMPTION AND DIRECT EXCHANGE RIGHTS

Section 11.01. <u>Redemption Right of a Member</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section</u> <u>11.01(b)</u> and <u>Section</u> <u>11.07</u>, 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 the Transfer of which is prohibited pursuant to <u>Sections</u> <u>10.07(b)</u> or <u>10.07(c)</u> of this Agreement) in whole or in part (such Common Units, the "***Eligible Units***", and such right, the "***Redemption Right****"*) at any time and from time to time following the waiver or expiration of any contractual lock-up period relating to the shares of the Corporation that may be applicable to such Member. 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 Eligible 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 (and prior to the Oaktree Complete Redemption Date, the Oaktree Representative) 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 <u>Section</u> <u>11.03</u> and unless the Redeeming Member timely has delivered a Retraction Notice as provided in <u>Section</u> <u>11.01(d)</u> or has revoked or delayed a Redemption as provided in <u>Section</u> <u>11.01(e)</u>, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>11.01(c)</u>, 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 <u>Section</u> <u>11.01(a)</u> and the Redeemed Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Section</u> <u>11.01(a)(i)(y)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this <u>Article XI</u>, during the period from the Effective Date until the Oaktree Complete Redemption Date, (i) if at any time (subject to any limitations in this Agreement and applicable Law) one or more Oaktree Fund elects to exercise a Redemption Right (an "***Oaktree Redemption***"), Management Holdings shall transfer, in a Redemption or Direct Exchange (as applicable), a percentage of its Eligible Units that corresponds to the percentage of the Oaktree Funds' Eligible Units (relative to the Oaktree Funds' total aggregate Eligible Units held) in respect of which a Redemption Right is being exercised (such percentage, the "***Oaktree Sale Percentage***"), and (ii) Management Holdings shall not be permitted to exercise its Redemption Right pursuant to <u>Section</u> <u>11.01(a)</u> independently of an Oaktree Redemption (any such mandatory Redemption event, a "***Management Co-Redemption***"). In furtherance of the foregoing, if a redeeming Oaktree Fund delivers a Redemption Notice, Management Holdings shall be deemed to have delivered a Redemption Notice for purposes of a simultaneous Management Co-Redemption, with the number of Redeemed Units with respect thereto to be calculated based on the Oaktree Sale Percentage. A Management Co-Redemption shall be effectuated at the same time and on the same terms (including by means of a Direct Exchange, if elected by the Corporation pursuant to Section 11.03(a)) as the corresponding Oaktree Redemption. If a redeeming Oaktree Fund retracts, revokes or delays its Redemption or Direct Exchange, as applicable, a corresponding action shall be deemed to be taken with respect to the Management Co-Redemption, so that in all instances, until the Oaktree Complete Redemption Date, a Management Co-Redemption shall occur or not occur together with the Oaktree Redemption giving rise to such Management Co-Redemption. In connection with any Management Co-Redemption, Management Holdings agrees to take such actions and provide such cooperation (including as to the calculation of Redeemed Units, if applicable) as may be reasonably requested by the Company or the Corporation in connection with consummating such Management Co-Redemption. For the avoidance of doubt, the terms of <u>Section</u> <u>11.01(d)</u> and <u>Section</u> <u>11.01(e)</u> pertaining to Management Holdings Members shall not apply in the case of a Management Co-Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall have the option (as determined solely by a majority of its directors who are disinterested) as provided in <u>Section</u> <u>11.02</u> 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

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that the Corporation has cash available from a Secondary Offering in an amount equal to at least the Redeemed Units Equivalent. 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 <u>Section</u> <u>11.03</u>), 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, neither the Corporation nor the Company shall effectuate a Cash Settlement that is to be funded by a Secondary Offering unless the Corporation has authorized and consummated such Secondary Offering by no later than the Redemption Date for the purpose of satisfying such Cash Settlement. If for any reason the Corporation is unable to complete such Secondary Offering by the Redemption Date, then the applicable Redeemed Units shall instead be redeemed by Share Settlement, notwithstanding that the Corporation may have initially elected a Cash Settlement of such Redeemed Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 Corporation's Election Notice for such Redemption. 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 <u>Section</u> <u>11.01</u> arising from the Redemption Notice. In the event that Management Holdings is the Redeeming Member, any retraction that is permitted under this <u>Section</u> <u>11.01(d)</u> (subject to <u>Section</u> <u>11.01(b)</u>) may be made or not made separately as to Redeemed Units that correspond to Corresponding Management Units held by different Management Holdings Members that have requested a Redemption pursuant to the terms of the Management Holdings Agreement, in which case the provisions of this <u>Section</u> <u>11.01(d)</u> shall be applied to reflect such partial retraction, *mutatis mutandis*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeeming Member shall also be entitled to revoke its Redemption Notice or delay the consummation of a Redemption (or, subject to <u>Section</u> <u>11.01(b)</u>, in the case of Management Holdings, revoke that portion of the Redemption Notice or delay that portion of the Redemption corresponding to the Corresponding Management Units held by any particular requesting Management Holdings Member pursuant to the terms of the Management Holdings Agreement) if any of the following conditions exists:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member (or Corresponding Management Holdings 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Redeeming Member (or Corresponding Management Holdings Member) is in possession of any material non-public information concerning the Corporation, the receipt of which results in such Redeeming Member (or Corresponding Management Holdings 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (or Corresponding Management Holdings Member) at or immediately following the Redemption shall have been issued by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Corporation shall have failed to comply in any material respect with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member (or Corresponding Management Holdings Member) to consummate the resale of Class A Common Stock to be received upon such Redemption pursuant to an effective registration statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period.

If a Redeeming Member delays the consummation of a Redemption pursuant to this <u>Section</u> <u>11.01(e)</u>, 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall be obligated to effectuate a Redemption if such Redemption could (as determined in the sole discretion of the Manager (which determination, prior to the Oaktree Complete Redemption Date, shall require the consent of the Oaktree Representative)) cause the Company to be 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.

Section 11.02. <u>Election and Contribution of the Corporation</u>. Unless the Redeeming Member has timely delivered a Retraction Notice as provided in <u>Section</u> <u>11.01(d)</u>, or has revoked or delayed a Redemption as provided in <u>Section</u> <u>11.01(e)</u>, subject to <u>Section</u> <u>11.03</u> on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall make (directly or indirectly through one or more of its Subsidiaries) a Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement,

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as determined by the Corporation in accordance with <u>Section</u> <u>11.01(c)</u>) and (ii) in the event of a Share Settlement, the Company shall issue to the Corporation (or one or more of its Subsidiaries, as applicable) 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 <u>Section</u> <u>11.03</u>, in the event that the Corporation elects a Cash Settlement, the Corporation shall only be obligated to contribute (directly or indirectly through one or more of its Subsidiaries) 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. For the avoidance of doubt, any Capital Contribution made by the Corporation (directly or indirectly through one or more of its Subsidiaries) pursuant to this <u>Section</u> <u>11.02</u> must be paid by the Company to the Redeeming Member and may not be used by the Company for any other purpose. The timely delivery of a Retraction Notice shall terminate all of the Company's and the Corporation's rights and obligations under this <u>Section</u> <u>11.02</u> arising from the Redemption Notice.

Section 11.03. <u>Direct Exchange Right of the Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this <u>Article XI</u> (save for the limitations set forth in <u>Section</u> <u>11.01(c)</u>regarding the Corporation's option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of the Members under <u>Section</u> <u>11.01</u>, 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 <u>Section</u> <u>11.01(c)</u>), 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 (or a Subsidiary of the Corporation) (a *"****Direct Exchange****"*) (rather than contributing (directly or indirectly through one or more of its Subsidiaries) the Share Settlement or the Cash Settlement, as the case may be, to the Company in accordance with <u>Section</u> <u>11.02</u> 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 <u>Section</u> <u>11.03</u>, the Corporation (or a Subsidiary of the Corporation) shall acquire the Redeemed Units and may contribute such Redeemed Units to one or more of the Corporation's Subsidiaries, and the Corporation or such Subsidiary or Subsidiaries shall be treated for all purposes of this Agreement as the owner of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, at any time prior to a Redemption Date (including after delivery of an Election Notice pursuant to <u>Section</u> <u>11.01(c)</u>), 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 <u>Section</u> <u>11.01(c)</u>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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided by this <u>Section</u> <u>11.03</u>, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (or a Subsidiary of the Corporation), who may contribute such Redeemed Units to one or more of the Corporation's Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation (or a Subsidiary of 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 (or a Subsidiary of the Corporation) pursuant to <u>Section</u> <u>11.03(c)(i)(y)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company shall (x) register the Corporation (or one or more of its Subsidiaries, as applicable) 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 <u>Section</u> <u>11.03(c)(i)(x)</u> and the Redeemed Units, and issue to the Corporation a certificate for the number of Redeemed Units.

Section 11.04. <u>Reservation of Shares of Class</u> <u>A Common Stock; Listing; Certificate of the Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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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 <u>Article XI</u> shall be interpreted and applied in a manner consistent with any corresponding provisions of the Corporation's certificate of incorporation (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. <u>Effect of Exercise of Redemption or Direct Exchange</u>. 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 11.06. <u>Tax Treatment</u>. 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 "disguised sale" of partnership interests within the meaning of Section 707 of the Code (in the case of a Redemption) or a sale within the meaning of Section 1001 of the Code (in the case of a Direct Exchange), in each case, between the Corporation (or a Subsidiary of the Corporation) and the Redeeming Member for U.S. federal and applicable state and local income tax purposes.

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Section 11.07. <u>Management Holdings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By virtue of their ownership of Corresponding Management Units, Management Holdings Members indirectly hold interests in the Company. In applying the provisions of this Agreement (other than <u>Section</u> <u>11.01(b)</u> prior to the Oaktree Complete Redemption Date) and in order to determine equitably the rights and obligations of Management Holdings and the Management Holdings Members, the Manager, the Company, the Corporation and/or Management Holdings may treat (a) the Common Units held by Management Holdings as if they were hypothetically directly held by the Management Holdings Members having an indirect economic interest therein and (b) any Management Holdings Member as if it were hypothetically a Member with a corresponding interest in a proportionate portion of the Common Units owned by such Management Holdings Member. Accordingly, with respect to Management Holdings, upon (i) any issuance of additional Units or other Equity Securities of the Company to Management Holdings for the benefit of any Management Holdings Member (or the occurrence of any event that causes the repurchase, redemption or forfeiture of any Units), (ii) the Transfer of Units by Management Holdings or (iii) any merger, consolidation, sale of all or substantially all of the assets of the Company, issuance of debt or any other similar capital transaction of the Company (each, a "***Management Holdings Action***"), Management Holdings and/or the Manager, as applicable, may take any action or make any adjustment with respect to the Corresponding Management Units to replicate, as closely as possible, such Management Holdings Action (including the effects thereof). Likewise, if Management Holdings takes any action with respect to its own securities that would be a Management Holdings Action if such action were taken by the Company with respect to its securities (to the extent permitted by this Agreement and the Management Holdings Agreement), the Manager may take any action or make any adjustment with respect to the Common Units to replicate, as closely as possible, such action (including the effects thereof). The Members shall take all actions reasonably requested by the Manager in connection with any Management Holdings Action and this <u>Section</u> <u>11.07(a)</u> to the extent not inconsistent with this Agreement. For the avoidance of doubt, nothing in this <u>Section</u> <u>11.07(a)</u> shall (i) require or authorize any issuance, cancellation, reclassification or other change to Units except as permitted by, and subject to, <u>Article III</u> (including <u>Sections 3.02</u> and <u>3.04</u>), (ii) be construed to modify the one-to-one maintenance and capitalization mechanics set forth in Section 3.04, (iii) alter or override the application of any provision of this Agreement that expressly references Management Holdings, (iv) confer Member status on any Management Holdings Member, except as provided in <u>Article XII</u>, or (v) modify this <u>Article XI</u> (including as to timing, eligibility or other limitations hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the Oaktree Complete Redemption Date, for purposes of determining the applicability of any contractual lock-up period or Black-Out Period or the Redemption Date, if the Redeeming Member is Management Holdings, then such determination shall be made by reference to the applicable Management Holdings Member holding Corresponding Management Units corresponding to the Redeemed Units (or portion thereof) subject to such Redemption.

ARTICLE XII

ADMISSION OF MEMBERS

Section 12.01. <u>Substituted Members</u>. Subject to the provisions of <u>Article X</u> 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.

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Section 12.02. <u>Additional Members</u>. Subject to the provisions of <u>Article X</u> 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.

ARTICLE XIII

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

Section 13.01. <u>Withdrawal and Resignation of Members</u>. Except in the event of Transfers pursuant to <u>Section</u> <u>10.06</u> and the Manager's right to resign pursuant to <u>Section</u> <u>6.03</u>, 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 <u>Article XIV</u>. 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 <u>Article XIV</u>, but prior to such Member receiving the full amount of Distributions from the Company to which such Member is entitled pursuant to <u>Article XIV</u>, 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 <u>Section</u> <u>10.06</u>, such Member shall cease to be a Member.

ARTICLE XIV

DISSOLUTION AND LIQUIDATION

Section 14.01. <u>Dissolution</u>. 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a dissolution of the Company under Section 18-801(4) of the Delaware Act, unless the Company is continued without dissolution pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Delaware Act; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Delaware Act.

Except as otherwise set forth in this <u>Article XIV</u>, 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.

Section 14.02. <u>Winding up</u>. Subject to <u>Section</u> <u>14.05</u>, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following any payments pursuant to the foregoing <u>Section</u> <u>14.02(b)</u>, all remaining assets of the Company shall be distributed to the Members in accordance with <u>Section</u> <u>4.01(a)</u> 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 <u>Section</u> <u>14.02</u> and <u>Section</u> <u>14.03</u> 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.

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Section 14.03. <u>Deferment; Distribution in Kind</u>. Notwithstanding the provisions of <u>Section</u> <u>14.02</u>, 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 <u>Section</u> <u>14.02</u>, the Liquidators may, in their sole discretion, distribute to 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 <u>Section</u> <u>14.02(c)</u>, (b) as tenants in common and in accordance with the provisions of <u>Section</u> <u>14.02(c)</u>, 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 <u>Article V</u>. The Liquidators shall determine the Fair Market Value of any property distributed.

Section 14.04. <u>Cancellation of Certificate</u>. 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 <u>Section</u> <u>14.04</u>.

Section 14.05. <u>Reasonable Time for Winding Up</u>. 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 <u>Sections 14.02</u> and <u>14.03</u> in order to minimize any losses otherwise attendant upon such winding up.

Section 14.06. <u>Return of Capital</u>. 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. <u>Confidentiality</u>.

Each of the Members (other than the Corporation or its Subsidiaries) agrees that, without limiting the applicability of any other agreement to which any Member may be subject, no Member shall directly or indirectly disclose at any time 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

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, any Oaktree Person may disclose Confidential Information (subject to customary obligations of confidentiality with respect to the information so disclosed) (A) to its Affiliates and any of their respective partners, officers, directors, managers, members, employees, accountants, attorneys or other advisors or representatives, (B) as part of such Oaktree Person's or any of its Affiliates' ordinary course of business, including normal reporting, rating or review procedures (including normal credit rating and pricing process) or (C) in connection with such Oaktree Person's or any of its Affiliates' normal fund raising, marketing, informational or reporting activities at a customary level of detail.

Section 15.02. <u>Amendments</u>. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of the terms and conditions of this Agreement which terms and conditions expressly (i) 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 or (ii) reserve rights to the Oaktree Representative may be made without obtaining the consent of the Oaktree Representative, as applicable; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any of the terms and conditions of this Agreement which would (i) reduce the amounts distributable to a Member pursuant to <u>Articles IV</u> and <u>XIV</u> in a manner that is not *pro rata* with respect to all Members, (ii) increase the liabilities of such Member hereunder, (iii) 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 <u>Article XII</u>) or (iv) materially and adversely affect the rights of any Member under <u>Section</u> <u>3.04</u>, <u>Section</u> <u>3.05</u>, <u>Section</u> <u>7.01</u>, <u>Section</u> <u>7.04</u>, <u>Article X</u> or <u>Article XI</u>, shall be effective against such affected Member or holder of Units, as the case may be, without the prior written consent of the holders of 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, (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 or (iii) to issue Units in accordance with <u>Section</u> <u>3.02(b)</u>; *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 the Agent (as defined in the Tax Receivable Agreement).

Section 15.03. <u>Title to Company Assets</u>. 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 15.04. <u>Addresses and Notices</u>. 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:

ITG Parent, LLC

c/o Oaktree Capital Management, L.P.

11611 San Vicente Boulevard, Suite 700

Los Angeles, California 90049

Attention: James Lee; Robert Wu

E-mail: jalee@oaktreecapital.com; rwu@oaktreecapital.com

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

Weil, Gotshal & Manges LLP

1999 Avenue of the Stars, Suite 1800

Los Angeles, California 90067

Attention: Tana Ryan; Alice Yuan

E-mail: Tana.Ryan@weil.com; Alice.Yuan@weil.com

To the Corporation:

ITG, Inc.

c/o Oaktree Capital Management, L.P.

11611 San Vicente Boulevard, Suite 700

Los Angeles, California 90049

Attention: James Lee; Robert Wu

E-mail: jalee@oaktreecapital.com; rwu@oaktreecapital.com

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

Weil, Gotshal & Manges LLP

1999 Avenue of the Stars, Suite 1800

Los Angeles, California 90067

Attention: Tana Ryan; Alice Yuan

E-mail: Tana.Ryan@weil.com; Alice.Yuan@weil.com

To the Members, as set forth on <u>Schedule 2</u>.

Section 15.05. <u>Binding Effect; Intended Beneficiaries</u>. 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 15.06. <u>Creditors</u>. 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 15.07. <u>Waiver</u>. 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 15.08. <u>Counterparts</u>. 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.

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Section 15.09. <u>Applicable Law</u>. 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 <u>SECTION</u> <u>15.04</u> (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.

Section 15.10. <u>Waiver of Jury Trial</u>. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

Section 15.11. <u>Severability</u>. 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. <u>Further Action</u>. 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. <u>Execution and Delivery by Electronic Signature and Electronic Transmission</u>. 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.

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Section 15.14. <u>Entire Agreement</u>. This Agreement, those documents expressly referred to herein (including the Registration Rights Agreement, the Tax Receivable Agreement and the Stockholders Agreement), any indemnity agreements entered into in connection with the Initial 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 Initial LLC Agreement is superseded by this Agreement as of the Effective Date and shall be of no further force and effect thereafter.

Section 15.15. <u>Remedies</u>. 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.

Section 15.16. <u>Descriptive Headings; Interpretation</u>. 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.

\* \* \* \* \*

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

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **ITG PARENT, LLC** | **ITG PARENT, LLC** |
| By: |  |
|  | Name: |
|  | Title: |
| **CORPORATION:** | **CORPORATION:** |
| **ITG, INC.** | **ITG, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

*[Signature Page to Second Amended and Restated Limited Liability Company Agreement of ITG Parent, LLC]*

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---

| | |
|:---|:---|
| **MEMBERS:** | **MEMBERS:** |
| **ITG INTERMEDIATE, LLC** | **ITG INTERMEDIATE, LLC** |
| By: |  |
|  | Name: |
|  | Title: |
| **ITG MANAGEMENT HOLDINGS, LLC** | **ITG MANAGEMENT HOLDINGS, LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCM ITG AGGREGATOR, LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCM ITG AGGREGATOR, LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

*[Signature Page to Second Amended and Restated Limited Liability Company Agreement of ITG Parent, LLC]*

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**<u>SCHEDULE 1</u>**

**SCHEDULE OF PRE-IPO MEMBERS** 

*On file with the Company* 

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**<u>SCHEDULE 2</u>**

**SCHEDULE OF MEMBERS** 

*On file with the Company* 

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**<u>SCHEDULE 3</u>**

**INITIAL OFFICERS** 

Andrew Parrott – Chief Executive Officer

Christopher Mecray – Chief Financial Officer

Michael Brooks – Executive Chairman

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**EXHIBIT A** 

**FORM OF JOINDER AGREEMENT** 

This JOINDER AGREEMENT, dated as of [ <u> </u>], 20[<u> </u>] (this "***Joinder***"), is delivered pursuant to that certain Second Amended and Restated Limited Liability Company Agreement, dated as of [•] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "***LLC Agreement***") of ITG Parent, LLC, a Delaware limited liability company (the "***Company***"), by and among the Company, ITG, Inc., a Delaware corporation, ITG Intermediate, LLC, a Delaware limited liability company and the managing member of the Company (the "***Manager***"), 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. <u>Joinder to the LLC Agreement</u>. Upon the execution of this Joinder by the undersigned and delivery hereof
to the Manager, 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. <u>Incorporation by Reference</u>. All terms and conditions of the LLC Agreement are hereby incorporated by
reference in this Joinder as if set forth herein in full.

3. <u>Address</u>. All notices under the LLC Agreement to the undersigned shall be directed 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.

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| |
|:---|
| **[NAME OF NEW MEMBER]** |
| By: |
| Name: |
| Title: |

---

------

Acknowledged and agreed

as of the date first set forth above:

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| |
|:---|
| **ITG PARENT, LLC** |
| By: ITG INTERMEDIATE, LLC, its Managing Member |
| By: |
| Name: |
| Title: |

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## Exhibit 16.1

**Exhibit 16.1** 

June 22, 2026

Securities and Exchange Commission

Washington, D.C. 20549

Commissioners:

We have read ITG Parent, LLC's statements included under the "Change in Auditor" sections in ITG, Inc.'s Amendment No. 1 to its Form S-1 filed on June 22, 2026 and we agree with such statements concerning our firm.

/s/ RSM US LLP

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated February 13, 2026, with respect to the financial statement of ITG, Inc. contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Charlotte, North Carolina

June 22, 2026

## Exhibit 23.3

**Exhibit 23.3** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated April 24, 2026, with respect to the consolidated financial statements of ITG Parent, LLC contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Charlotte, North Carolina

June 22, 2026

## Exhibit 23.4

**Exhibit 23.4** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use in this Amendment No. 1 to the Registration Statement (No. 333-296557) on Form S-1 of ITG, Inc. of our report dated February 13, 2026, relating to the consolidated financial statements of ITG Parent, LLC, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ RSM US LLP

Coral Gables, FL

June 22, 2026

## Exhibit 23.5

**Exhibit 23.5** 

**<u>Consent of Altman Solon US, LP</u>**

Altman Solon US, LP ("Altman Solon") hereby consents to the inclusion by ITG, Inc. ("ITG") in its Registration Statement on Form S-1 and any drafts thereof or amendments or supplements thereto submitted to or filed with the U.S. Securities and Exchange Commission and in any registration statement for the same offering that is to be effective upon filing with the U.S. Securities and Exchange Commission pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "Registration Statement") of (i) our name and all references thereto, (ii) references to our preparation of a report for ITG regarding its market opportunity, and (iii) the statements set out in Schedule I hereto.

Altman Solon hereby further consents to the filing of this consent as an exhibit to the Registration Statement.

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| | |
|:---|:---|
|  ALTMAN SOLON US, LP | ALTMAN SOLON US, LP |
|  By: Altman Solon US GP, LLC, its General Partner | By: Altman Solon US GP, LLC, its General Partner |
| By: | /s/ Rory J. Altman |
|  Name: Rory J. Altman | Name: Rory J. Altman |
|  Title: Managing Partner | Title: Managing Partner |

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June 22, 2026

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**<u>SCHEDULE I</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This prospectus also contains data and estimates derived from a March 2026 industry report commissioned by us and prepared by Altman Solon US, LP, a third-party strategy consulting firm (the "Altman Solon Report"). The Altman Solon Report does not constitute financial, legal or investment advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual investment in the United States in outsourced engineering and construction services for digital and other utility infrastructure increased from approximately $14.8 billion in 2022 to approximately $26.9 billion in 2025, and is forecasted to grow to approximately $33.2 billion in 2029, according to the Altman Solon Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. According to the Altman Solon Report, fiber passings in the United States are expected to increase from approximately 100 million in 2025 to approximately 150 million by 2029, with an estimated 10-12 million new passings annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. According to the Altman Solon Report, the market for wireless infrastructure engineering and maintenance services in 2025 is estimated to be approximately $5.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. According to the Altman Solon Report, annual investment in data center wireline infrastructure is forecasted to grow from approximately $4.7 billion in 2025 to approximately $6.8 billion in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. According to the Altman Solon Report, these adjacencies include in 2025 approximately $4.0 billion of water and gas utility infrastructure services and approximately $14.0 billion of electric utility distribution contracting.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ITG, Inc./DE/**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A common stock, par value $0.001 per share | 457(a) | 17560976 | $20.50 | $360000008.00 | 0.0001381 | $49716.00 |
| Fees Previously Paid | 2 | Equity | Class A common stock, par value $0.001 per share | 457(a) | 4878049 | $20.50 | $100000004.50 |  | $13810.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $460000012.50  |  | $63526.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $13810.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $49716.00  |

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 **Offering Note** <br>

<sup>1</sup> (a) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended. (b) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

<sup>2</sup> (a) The Registrant previously paid a registration fee of $13,810.00 in connection with the initial filing of the Registration Statement on Form S-1 on June 5, 2026. The fee was estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act. This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a). (b) See note 1(b) above.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---