Document:

Registration Rights Agreement

 Exhibit 4.1 

 
  
 REGISTRATION RIGHTS AGREEMENT 
 among 

HEALTH INSURANCE INNOVATIONS, INC. 
 and 
 THE STOCKHOLDERS NAMED HEREIN 

Dated as of February 13, 2013 
  

 
  

 REGISTRATION RIGHTS AGREEMENT 

among 
 HEALTH INSURANCE INNOVATIONS, INC. 
 and 

THE STOCKHOLDERS NAMED HEREIN 
 REGISTRATION RIGHTS AGREEMENT, dated as of February 13, 2013 (as amended from time to time, this “Agreement”), among Health Insurance Innovations, Inc., a Delaware corporation
(“HII”), and each of the parties listed on Annex A (the “Initial Stockholders” and, as Annex A is updated and amended pursuant to Section 11(c), the “Stockholders”). 

W I T N E S S E T H: 
 WHEREAS, HII has agreed to provide the Stockholders the registration rights provided herein; 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 SECTION 1.
Definitions. As used in this Agreement, the following terms have the following meanings: 
 “Agreement” is
defined in the preamble. 
 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in Tampa, Florida or New York City, New York are authorized by law to close. 
 “Class A
Shares” means shares of Class A common stock, par value $0.001 per share, of HII. 
 “Class B
Shares” means shares of Class B common stock, par value $0.001 per share, of HII. 
 “Commission”
means the U.S. Securities and Exchange Commission or any successor thereto. 
 “Common Equity Securities” means
the Class A Shares and all shares hereafter authorized of any class or series of common stock or other common equity interests of HII and any and all securities of any kind whatsoever of HII or any successor thereof which may be issued on or
after the date hereof in respect of, in exchange for, or upon conversion of shares of Common Equity Securities 

 
pursuant to a merger, consolidation, stock split, reverse split, stock dividend, recapitalization of HII or otherwise, which shares have the right (subject to the rights of any class or series of
preferred stock or other preferred equity interests of HII) to participate in the distribution of the assets and earnings of HII without limit as to per share (or other denomination) amount; provided that Common Equity Securities shall not
include the Class B Shares. 
 “Company” means Health Plan Intermediaries Holdings, LLC, a Delaware limited
liability company. 
 “Demanding Stockholder” is defined in Section 2(a). 

“Demand Notice” is defined in Section 2(a). 
 “Demand Registration” is defined in Section 2(a). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, and any successor statute
thereto and the rules and regulations of the Commission promulgated thereunder. 
 “Exchange Agreement” means
the Exchange Agreement dated as of the date hereof among HII, the Company and the other parties thereto, as the same may be amended from time to time in accordance with the terms thereof. 

“indemnified party” and “indemnifying party” are defined in Section 7(c). 

“Initial Stockholders” is defined in the preamble. 

“Existing Shares” means the Registrable Securities issued to the holders of Series B Membership Interests immediately
prior to the IPO pursuant to the LLC Agreement. 
 “IPO” means the initial public offering of Class A
Shares by HII. 
 “HPI” means Health Plan Intermediaries, LLC, a Florida limited liability company. 

“LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the Company dated as of
February 13, 2013, as such agreement may be amended from time to time. 
 “Losses” is defined in Section
7(a). 

  
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 “Notice” is defined in Section 2(a). 

“Partner Distribution” is defined in Section 2(a). 

“Permitted Transferee” is defined in Section 11(c). 

“Person” means any natural person, corporation, limited partnership, general partnership, limited liability company,
joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a
representative capacity and any government or agency or political subdivision thereof. 
 “Piggyback Notice” is
defined in Section 3(a). 
 “Piggyback Registration” is defined in Section 3(a). 

“Proceeding” means an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the
prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments
and supplements to the Prospectus, including, without limitation, post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Securities” means (a) all shares or other denominations of Common Equity Securities issuable upon
exchange or conversion of any Series B Membership Interests in the Company (together with a corresponding number of Class B Shares) and (b) any other shares or other denominations of Common Equity Securities otherwise held by the Stockholders
from time to time (including, without limitation, any Common Equity Securities issued or distributed by way of dividend, stock split or other distribution after the date hereof). For the avoidance of doubt, a holder of Registrable Securities may
include in any registration (including, without limitation, “shelf” registration) Common Equity Securities issuable upon exchange or conversion of Class B Shares and/or Series B Membership Interests in the Company without having effected
such exchange or conversion as long as such exchange or conversion is effected prior to disposition thereof in accordance with such registration. As to any particular Registrable 

  
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Securities, once issued such securities shall cease to be Registrable Securities when (i) a Registration Statement covering such Registrable Securities has been declared effective under the
Securities Act by the Commission and such Registrable Securities have been disposed of pursuant to such effective Registration Statement, (ii) they have been distributed to the public pursuant to Rule 144, or (iii) they have been sold to
any Person to whom the rights under this Agreement are not assigned in accordance with this Agreement. No Registrable Securities may be registered under more than one Registration Statement at any one time. 

“Registration Statement” means any registration statement of HII under the Securities Act which permits the public
offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including, without limitation, the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits
and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission. 
 “Shelf Offering” is defined in Section 2(e).

 “Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, and any successor
statute thereto and the rules and regulations of the Commission promulgated thereunder. 
 “Series B Membership
Interests” is defined in the LLC Agreement. 
 “Sub” means Health Plan Intermediaries Sub, LLC, a
Delaware limited liability company. 
 “Stockholders” is defined in the preamble. 

“Subsequent Holder” is defined in Section 11(c). 

“Take-Down Notice” is defined in Section 2(e). 

“underwritten registration” or “underwritten offering” means a registration in which securities of HII
are sold to an underwriter for reoffering to the public. 
 “HII” is defined in the preamble. 

  
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 SECTION 2. Demand Registration. 

(a) Requests for Registration. Subject to the limits set forth below, at any time after the completion of the IPO, each of HPI (or
its designated Permitted Transferee) and Sub (or its designated Permitted Transferee) shall have the right by delivering a written notice to HII (a “Demand Notice”, and the Stockholder submitting such Demand Notice, a
“Demanding Stockholder”) to require HII to register, pursuant to the terms of this Agreement under and in accordance with the provisions of the Securities Act, the number of Registrable Securities requested to be so registered
pursuant to the terms of this Agreement (a “Demand Registration”). Within ten (10) days after receipt by HII of a Demand Notice, HII shall give written notice (the “Notice”) of such Demand Notice to all other
holders of Registrable Securities and shall, subject to the provisions of subsection (b), include in such registration all Registrable Securities with respect to which HII received written requests for inclusion therein within ten (10) days
after such Notice is given by HII to such holders. A Demand Notice (including a Demand Notice that is also a Take-Down Notice) shall only be binding on HII if the sale of all Registrable Securities requested to be registered (pursuant to the Demand
Notice and in response to the Notice) is reasonably expected to result in aggregate gross proceeds in excess of $25,000,000. 

Following receipt of a Demand Notice for a Demand Registration, HII shall use its reasonable best efforts to file a Registration
Statement as promptly as practicable, but not later than 60 days after such Demand Notice, and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as practicable
after the filing thereof. 
 Each of HPI and Sub shall be entitled to request four (4) Demand Registrations; provided,
however, that there shall be no limit to the number of Demand Registrations that constitute “shelf” registrations as contemplated by the next succeeding sentence. After such time as HII shall become eligible to use Form S-3 (or
comparable form) for the registration under the Securities Act of any of its securities, HPI or Sub shall be entitled to request that any Demand Registration for which such Stockholder is delivering a Demand Notice be a “shelf”
registration pursuant to Rule 415 under the Securities Act, and each of HPI and Sub shall be entitled to an unlimited number of Demand Registrations that constitute “shelf” registrations. Notwithstanding any other provisions of this
Section 2, in no event shall more than one Demand Registration occur within any six (6) month period from the effective date of any Registration Statement filed pursuant to a prior Demand Notice. 

No Demand Registration shall be deemed to have occurred for purposes of this Section 2 if (i) the Registration Statement
relating to such Demand Registration does not become effective, (ii) the Registration Statement relating to such Demand Registration is not maintained effective for the period required pursuant to this subsection (a), (iii) the offering of
the Registrable Securities 

  
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pursuant to the Registration Statement relating to such Demand Registration is subject to a stop order, injunction or similar order or requirement of the Commission during such period, or
(iv) the Demand Registration does not become effective because the Demanding Stockholder withdraws its Demand Notice because a material adverse change has occurred, or is reasonably likely to occur, in the condition (financial or otherwise),
prospects, business, assets or results of operations of HII and its subsidiaries taken as a whole subsequent to the date of the delivery of the Demand Notice. 
 All requests made pursuant to this Section 2 will specify the amount of Registrable Securities to be registered and the intended methods of disposition thereof. 

HII shall be required to maintain the effectiveness of the Registration Statement (except in the case of a requested “shelf”
registration) with respect to any Demand Registration for a period of at least 180 days after the effective date thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually been sold;
provided, however, that such period shall be extended for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities included in such registration at the request of (x) an underwriter
or (y) HII pursuant to the provisions of this Agreement. HII shall be required to maintain the effectiveness of a “shelf” Registration Statement with respect to any Demand Registration at all times until the third anniversary of the
effective date thereof, or, if earlier, until all Registrable Securities included in such Registration Statement have actually been sold; provided, however, that any Stockholder owning Common Equity Securities that have been included on a
“shelf” Registration Statement may request that such Common Equity Securities be removed from such Registration Statement, in which event HII shall promptly either withdraw such Registration Statement if the Common Equity Securities of
such Stockholder are the only Common Equity Securities still covered by such Registration Statement or file a post-effective amendment to such Registration Statement removing such Common Equity Securities. 

Notwithstanding anything contained herein to the contrary, HII hereby agrees that (i) each Demand Registration that is a
“shelf” registration pursuant to Rule 415 under the Securities Act shall contain all language (including, without limitation, on the Prospectus cover sheet, the principal stockholders’ chart and the plan of distribution) as may be
reasonably requested by a holder of Registrable Securities to allow for a distribution to, and resale by, the direct and indirect affiliates, partners, members or stockholders of a holder of Registrable Securities (a “Partner
Distribution”) and (ii) HII shall, at the reasonable request of any holder of Registrable Securities seeking to effect a Partner Distribution, file any Prospectus supplement or post-effective amendments and otherwise take any action
reasonably necessary to include such language, if such language was not included in the initial Registration Statement, or revise such language if deemed reasonably necessary by such holder to effect such Partner Distribution. 

  
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 (b) Priority on Demand Registration. If any of the Registrable Securities registered
pursuant to a Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter or underwriters advise the holders of such securities in writing that in its or their view the total number or dollar amount of
Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be included by other holders of securities entitled to include securities
in such offering pursuant to incidental or piggyback registration rights), then the number of Registrable Securities that in the opinion of such managing underwriter or underwriters can be sold without adversely affecting such offering shall be
included in the following order: 
 (i) first, subject to the following paragraph, Existing Shares, on a pro rata
basis based upon the number of Registrable Securities owned; and 
 (ii) second, any other shares of Common
Equity Securities, on a pro rata basis based upon the number of Common Equity Securities owned. 
 In connection with any Demand
Registration to which the provisions of this subsection (b) apply, no securities other than Registrable Securities shall be covered by such Demand Registration, and such registration shall not reduce the number of available Demand Registrations
under this Section 2 in the event that the Registration Statement excludes more than 20% of the aggregate number of Registrable Securities requested to be included by the Demanding Stockholder. Notwithstanding anything herein to the contrary, if the
managing underwriter or managing underwriters (if any) determine that the inclusion of the number of Existing Shares proposed to be included in any such offering would adversely affect the marketability of such offering, HII may exclude such number
of Existing Shares as necessary or desirable to negate such adverse impact. 
 (c) Postponement of Demand Registration.
HII shall be entitled to postpone (but not more than once in any twelve-month period), for a reasonable period of time not in excess of 75 days, the filing of a Registration Statement (but not the preparation of such Registration Statement) if HII
delivers to the holders requesting registration a resolution of the board of directors of HII that, in the good faith judgment of the board of directors of HII, such registration and offering would reasonably be expected to materially adversely
affect any bona fide material financing of HII or any material transaction under consideration by HII or would require disclosure of information that has not been disclosed to the public and is not otherwise required to be disclosed at that time,
the premature 

  
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disclosure of which would materially adversely affect HII. Such board resolution shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The
holders receiving such board resolution shall keep the information contained in such board resolution confidential on the same terms set forth in Section 5(p). If HII shall so postpone the filing of a Registration Statement, the holder who made
the Demand Registration shall have the right to withdraw the request for registration by giving written notice to HII within 20 days of the anticipated termination date of the postponement period, as provided in the board resolution delivered to the
holders, and in the event of such withdrawal, such request shall not be counted for purposes of the number of Demand Registrations to which such holder is entitled pursuant to the terms of this Agreement. 

(d) Use, and Suspension of Use, of “Shelf” Registration Statement. If HII has filed a “shelf” Registration
Statement and has included Registrable Securities therein, HII shall be entitled to suspend (but not more than an aggregate of 90 days in any twelve month period), for such period of time as is reasonably necessary not in excess of 75 days, the
offer or sale of Registrable Securities pursuant to such Registration Statement by any holder of Registrable Securities if (i) a “road show” is not then in progress with respect to a proposed offering of Registrable Securities by such
holder pursuant to such Registration Statement and such holder has not executed an underwriting agreement with respect to a pending sale of Registrable Securities pursuant to such Registration Statement and (ii) HII delivers to the holders of
Registrable Securities included in such Registration Statement a resolution of the board of directors of HII that, in the good faith judgment of the board of directors of HII, such offer or sale would reasonably be expected to materially adversely
affect any bona fide material financing of HII or any material transaction under consideration by HII or would require disclosure of information that has not been disclosed to the public and is not otherwise required to be disclosed at that time,
the premature disclosure of which would materially adversely affect HII. Such board resolution shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such board resolution
shall keep the information contained in such certificate confidential on the same terms set forth in Section 5(p). In addition, a holder of Registrable Securities may not use a “shelf” Registration Statement to effect the sale of any such
securities unless such holder has given HII at least two Business Days advance written notice of the date or dates of a proposed sale of such securities by such holder pursuant to such Registration Statement (which notice may be given as often as
such holder desires), and upon receipt of such a notice, HII agrees to provide prompt written notice to such holder if such “shelf” Registration Statement is not then usable (whether for reasons described above or otherwise). 

  
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 (e) Underwritten “Shelf” Take-Downs. Subject to Section 2(d), at any
time that any “shelf” Registration Statement is effective, if any holder or group of holders of Registrable Securities delivers a notice to HII (a “Take-Down Notice”) stating that it intends to effect an underwritten
offering or distribution of all or part of the Registrable Securities included by it on such “shelf” Registration Statement (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in the
Shelf Offering, then HII shall use reasonable best efforts to amend or supplement the “shelf” Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering
(taking into account the inclusion of Registrable Securities by any other holders thereof pursuant to this Section 2(e)). In connection with any Shelf Offering: (i) HII shall, promptly after receipt of a Take-Down Notice, deliver such notice to
all other holders of Registrable Securities included in such “shelf” Registration Statement and permit each holder to include its Registrable Securities included on the “shelf” Registration Statement in the Shelf Offering if such
holder notifies the proposing holders and HII within two (2) Business Days after delivery of the Take-Down Notice to such holder, and in the event that the managing underwriter or underwriters advise the holders of such securities in writing
that in its or their view the total number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be included
by other holders of securities entitled to include securities in such offering pursuant to incidental or piggyback registration rights), such underwriter(s), if any, may limit the number of shares which would otherwise be included in such Shelf
Offering in the same manner as is described in Section 2(b). 
 SECTION 3. Piggyback Registration. 

(a) Right to Piggyback. If, at any time after the completion of the IPO, HII proposes to file a registration statement under the
Securities Act with respect to an offering of Common Equity Securities (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto, (ii) filed solely in connection with an exchange offer or any employee
benefit or dividend reinvestment plan or (iii) filed pursuant to Section 2 hereof), whether or not for its own account, then, each such time, HII shall give prompt written notice of such proposed filing at least fifteen (15) days
before the anticipated filing date (the “Piggyback Notice”) to all of the holders of Registrable Securities. The Piggyback Notice shall offer such holders the opportunity to include in such registration statement the number of
Registrable Securities as each such holder may request (a “Piggyback Registration”). Subject to subsection (b) hereof, HII shall include in each such Piggyback Registration all Registrable Securities with respect to which HII has
received written requests for inclusion therein within ten (10) days after notice has been given to the applicable holder. The holders of Registrable Securities exercising their rights under this subsection (a) shall be permitted to withdraw
all or part of the Registrable Securities from a Piggyback Registration at any time prior to the effective date of such Piggyback Registration. HII shall not be required to maintain the effectiveness of the Registration

  
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Statement for a Piggyback Registration beyond the earlier to occur of (i) 180 days after the effective date thereof and (ii) consummation of the distribution by the holders of the
Registrable Securities included in such Registration Statement; provided, however, that any Stockholder owning Common Equity Securities that has been included in such Registration Statement may request that such Common Equity Securities be
removed from such Registration Statement, in which event HII shall promptly either withdraw such Registration Statement or file a post-effective amendment to such Registration Statement removing such Common Equity Securities. 

(b) Priority on Piggyback Registrations. HII shall use its reasonable best efforts to cause the managing underwriter or
underwriters of a proposed underwritten offering to permit holders of Registrable Securities requested to be included in the registration for such offering to include all such Registrable Securities on the same terms and conditions as any other
shares of capital stock, if any, of HII included therein. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering have informed HII in writing that in its or their view the total number or dollar
amount of Common Equity Securities that the holders, HII and any other Persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the success of such offering, then the number of
Common Equity Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering shall be included in the following order: 

(i) first, the Common Equity Securities for the account of HII or, if the holders of Registrable Securities have in
accordance with this Agreement approved the granting of registration rights to any third party, any third party initiating such registration; 
 (ii) second, subject to the following paragraph, the Existing Shares, on a pro rata basis based upon the number of Registrable Securities owned; and 

(iii) third, Common Equity Securities for the account of any other Persons, on a pro rata basis based upon the number of
Registrable Securities owned. 
 Notwithstanding anything contained herein to the contrary, HII hereby agrees that (i) any
Piggyback Registration that is a “shelf” registration pursuant to Rule 415 under the Securities Act shall contain all language (including, without limitation, on the Prospectus cover sheet, the principal stockholders’ chart and the
plan of distribution) as may be reasonably requested by a holder of Registrable Securities to allow for a Partner Distribution and (ii) HII shall, at the reasonable request of any holder of Registrable Securities seeking to effect a Partner
Distribution, file any Prospectus supplement or post-effective amendments and 

  
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otherwise take any action reasonably necessary to include such language, if such language was not included in the initial Registration Statement, or revise such language if deemed reasonably
necessary by such holder to effect such Partner Distribution. Notwithstanding anything herein to the contrary, if the managing underwriter or managing underwriters (if any) determine that the inclusion of the number of Existing Shares proposed to be
included in any such offering would adversely affect the marketability of such offering, HII may exclude such number of Existing Shares as necessary or desirable to negate such adverse impact. 

Notwithstanding anything herein to the contrary, in respect of any offering under this Agreement (whether under Section 2, Section 3 or
otherwise) no Stockholder or any of its affiliates (other than HII), officers, directors, members, stockholders or representatives shall be required directly or indirectly to make any representations or warranties to, or agreements with, HII or the
underwriters (including, without limitation, agreements with respect to indemnification) other than representations, warranties or agreements regarding such Stockholder, its ownership of and title to the Registrable Securities and its intended
method of distribution, and any liability of any such Stockholder or its affiliates (other than HII) to any underwriter or other Person under such underwriting agreement shall be limited to liability arising from breach of its representations and
warranties and shall be limited to an amount equal to the total price at which the securities sold by such Stockholder were offered to the public (net of discounts and commissions paid by such Stockholder in connection with such offering).

 SECTION 4. Restrictions On Sale During Registration. 

(a) Each holder of Registrable Securities agrees, in connection with any underwritten offering made pursuant to a Registration Statement
filed pursuant to Section 2 or Section 3 hereof (whether or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an
underwritten offering, not to effect any sale or distribution of any Common Equity Securities (except as part of such underwritten offering), including a sale pursuant to Rule 144, or to give any Demand Notice during the period commencing on the
date of the request (which shall be no earlier than 14 days prior to the expected “pricing” of such offering) and continuing for not more than 90 days (with respect to any underwritten public offering other than the IPO made prior to the
second anniversary of the completion of the IPO and thereafter 60 days rather than 90) after the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a “shelf” registration) pursuant to which such public
offering shall be made or such shorter period as is required by the managing underwriter; provided, however, that HII and all executive officers and directors of HII must be subject to the same restrictions, and provided further, that such
restrictions shall expire as to any such request if the relevant offering is not consummated within 45 days of the date of such request. Each holder of Registrable Securities agrees to enter into

 
a “lock-up” agreement containing provisions consistent in all material respects with this Section 4(a) for the benefit of the managing underwriters of any such underwritten
offering. HII agrees to request each of its executive officers and independent directors to enter into a “lock-up” agreement containing provisions consistent in all material respects with this Section 4(a) for the benefit of the
managing underwriters of any such underwritten offering, but HII shall have no further obligation if any executive officer or independent director does not so agree. 
 (b) HII, if requested (pursuant to a written notice) by the managing underwriter or underwriters of any underwritten offering made pursuant to a Registration Statement filed pursuant to Section 2 or
Section 3 hereof, shall not effect any public sale or distribution of its Common Equity Securities during the 14 days prior to and the 90-day period (or, after the second anniversary of the completion of the IPO, the 60-day period) beginning on the
“pricing” of such offering, except as part of such underwritten registration, or unless such managing underwriter or underwriters otherwise agree in writing, provided that such restrictions shall expire as to any such request if the
relevant offering is not consummated within 45 days of the date of such request, and provided further that this Section 4(b) shall not apply to any sale pursuant to a registration statement (i) on Form S-4, Form S-8 or any successor forms
thereto or (ii) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan, or apply to any sales or grants of Common Equity Securities pursuant to employee benefit plans or contracts of HII or its
subsidiaries. 
 SECTION 5. Registration Procedures. If and whenever HII is required to effect the registration of
any Registrable Securities under the Securities Act as provided in Section 2 or Section 3 hereof, HII shall effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition
thereof, and pursuant thereto HII shall cooperate in the sale of the securities and shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the Commission a Registration Statement or Registration Statements on any form which shall be available for the sale of the Registrable Securities by the holders thereof or HII
in accordance with the intended method or methods of distribution thereof (including, without limitation, a Partner Distribution), and use its reasonable best efforts to cause such Registration Statement to become effective and to remain effective
as provided herein; provided, however, that no later than ten (10) days before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including, without limitation, documents that would be incorporated or
deemed to be incorporated therein by reference), HII shall furnish or otherwise make available to the holders of the Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all
such 

  
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documents proposed to be filed. HII shall not file any such Registration Statement or Prospectus or any amendments or supplements thereto (including, without limitation, such documents that, upon
filing, would be incorporated or deemed to be incorporated by reference therein) with respect to a Demand Registration to which the holders of a majority of the Registrable Securities covered by such Registration Statement, their counsel, or the
managing underwriters, if any, shall reasonably object, unless, in the opinion of HII and its counsel, such filing is necessary to comply with applicable law. 
 (b) Prepare and file with the Commission such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during
the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by
any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or
any similar provisions then in force) under the Securities Act; provided, however, that any holder of Registrable Securities that has been included on a “shelf” registration statement may request that such holder’s
Registrable Securities be removed from such registration statement, in which event HII shall promptly either withdraw such registration statement or file a post-effective amendment to such registration statement removing such Registrable Securities.

 (c) Notify each selling holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly, and (if
requested by any such Person) confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any notice from the Commission that there will be a review of a Registration Statement and, to the extent requested by a holder of Registrable Securities, promptly provide such holders, their counsel and the
managing underwriters, if any, with a copy of any SEC comments received by HII in connection therewith, (iii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration
Statement or related Prospectus or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (v) if
at any time the representations and warranties of HII contained in any agreement (including, without limitation, any underwriting agreement) contemplated by Section 5(o) below cease to be true and correct, (vi) of the receipt by HII of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for

  
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such purpose, and (vii) of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction. 
 (e) If requested by the managing
underwriters, if any, or any holder of Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and
such holders may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after HII has received
such request. 
 (f) Furnish or make available to each selling holder of Registrable Securities, its counsel and each managing
underwriter, if any, without charge, at least five conformed copies of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding
schedules, all documents incorporated or deemed to be incorporated therein by reference and all exhibits, unless requested by such holder, counsel or underwriter). 
 (g) Deliver to each selling holder of Registrable Securities, its counsel and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus)
and each amendment or supplement thereto as such Persons may reasonably request in connection with the distribution of the Registrable Securities; and HII, subject to the last paragraph of this Section 5, hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such
amendment or supplement thereto. 

  
 14 

 (h) Prior to any public offering of Registrable Securities, use its reasonable best efforts
to register or qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests and to keep each such registration or
qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable such holders of Registrable Securities to
consummate the disposition of such Registrable Securities in such jurisdiction; provided, however, that HII will not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or
(ii) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject. 
 (i) Unless the Registrable Securities to be sold are uncertificated, cooperate with the selling holders of Registrable Securities and the managing underwriters, if any, to facilitate the timely
preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable Securities represented by
the certificates so delivered by such holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, or
holders may request at least two Business Days prior to any sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within ten (10) Business Days prior to having to issue the securities. 

(j) Use its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities within the United States, except as may be required solely as a consequence of the nature of such selling holder’s business, in which case HII will cooperate in all reasonable respects
with the filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities. 

(k) Upon the occurrence of any event contemplated by subsection (c)(vii) above, prepare a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 

  
 15 

 (l) Prior to the effective date of the Registration Statement relating to the Registrable
Securities, provide a CUSIP number for the Registrable Securities. 
 (m) Provide and cause to be maintained a transfer agent and
registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement. 
 (n) Use its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be authorized to be listed on a national securities exchange if shares of the
particular class of Registrable Securities are at that time listed on such exchange. 
 (o) Enter into such agreements
(including, without limitation, an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other actions reasonably requested by the holders of a majority of the Registrable Securities being
sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is
entered into and whether or not the registration is an underwritten registration, (i) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm the same if and when requested, (ii) furnish to the selling holders of such Registrable Securities opinions of counsel and a negative assurance letter
to HII and updates thereof (which counsel, opinions and letter (in form, scope and substance, in the case of such opinions and such letter) shall be reasonably satisfactory to the selling holders of such Registrable Securities, the managing
underwriters, if any, and counsels to the selling holders of the Registrable Securities), addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters customarily covered in opinions and
negative assurance letters requested in underwritten offerings and such other matters as may be reasonably requested by such holders, counsel and underwriters, (iii) obtain “cold comfort” letters and updates thereof from the
independent certified public accountants of HII (and, if necessary, any other independent certified public accountants of any subsidiary of HII or of any business acquired by HII for which financial statements and financial data are, or are required
to be, included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such accountants shall be prohibited from so
addressing such letters by applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of 

  
 16 

 
the type customarily covered in “cold comfort” letters in connection with underwritten offerings, which form and substance shall be acceptable to the selling holders of the Registrable
Securities, (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures substantially to the effect set forth in Section 7 hereof with respect to all parties to be indemnified pursuant to
said Section and (v) deliver such documents and certificates as may be reasonably requested by any holder of Registrable Securities being sold, such holder’s counsel and the managing underwriters, if any, to evidence the continued validity
of the representations and warranties made pursuant to subsection (o)(i) above and to evidence compliance with the conditions contained in the underwriting agreement or other agreement entered into by HII. The above shall be done at each closing
under such underwriting or similar agreement, or as and to the extent required thereunder. 
 (p) Make available for inspection
by the selling holders of Registrable Securities, any underwriter participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where
normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of HII and its subsidiaries, and cause the officers and employees of HII and its subsidiaries to supply all information in
each case reasonably requested by any such holder, underwriter, attorney or accountant in connection with such Registration Statement; provided, however, that any information that is not publicly available at the time of delivery of
such information shall be kept confidential by such Persons (other than disclosure by such Persons to such Persons’ respective affiliates) unless (i) disclosure of such information is required by court or administrative order or other
legal process, (ii) disclosure of such information is required by law, or (iii) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by such Person. In the case of a
proposed disclosure pursuant to (i) or (ii) above, such Person shall, to the extent practical, be required to give HII written notice of the proposed disclosure prior to such disclosure and, if requested by HII, at HII’s expense,
assist HII in seeking to prevent or limit the proposed disclosure. 
 (q) Comply with all applicable rules and regulations of the
Commission and make available to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, or any similar rule promulgated under the Securities Act, no later than
forty-five (45) days after the end of any twelve (12) month period (or ninety (90) days after the end of any twelve (12) month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of HII after the
effective date of a Registration Statement, which statements shall cover one of said twelve (12) month periods. 

  
 17 

 (r) Cause its officers to support the marketing of the Registrable Securities covered by the
Registration Statement (including, without limitation, participation in “road shows”), to the extent reasonably requested. 
 Notwithstanding anything contained herein to the contrary, HII hereby agrees that (i) any Demand Registration that is a “shelf” registration pursuant to Rule 415 under the Securities Act
shall contain all language (including, without limitation, on the prospectus cover sheet, the principal stockholders’ chart and the plan of distribution) as may be reasonably requested by a holder of Registrable Securities. HII may require each
seller of Registrable Securities as to which any registration is being effected to furnish to HII in writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as
HII may, from time to time, reasonably request in writing. 
 Each holder of Registrable Securities agrees if such holder has
Registrable Securities covered by such Registration Statement that, upon receipt of any notice from HII of the happening of any event of the kind described in subsection (c) (iii), (iv), (v), (vi) or (vii) hereof, such holder will
forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus until such holder is advised in writing by HII that the disposition may be resumed and, if applicable, has received copies of the
supplemented or amended Prospectus contemplated by subsection (k) hereof, together with any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided, however, that
HII shall extend the time periods under Section 2 with respect to the length of time that the effectiveness of a Registration Statement must be maintained by the amount of time the holder is required to discontinue disposition of such securities.

 SECTION 6. Registration Expenses. All fees and expenses incident to the performance of or compliance with this
Agreement by HII (including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Financial Industry Regulatory Authority and
the Commission, (B) of compliance with securities or Blue Sky laws, including, without limitation, any fees and disbursements of counsel for the underwriters in connection with Blue Sky qualifications of the Registrable Securities pursuant to
Section 5(h) and (C) of listing and registration with a national securities exchange or national market interdealer quotation system), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable
Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by the holders of a majority of the Registrable Securities
included in any Registration Statement), (iii) messenger, telephone and delivery expenses of HII, (iv) fees and disbursements of counsel for HII, (v) expenses of HII incurred in connection with

  
 18 

 
any road show, (vi) fees and disbursements of all independent certified public accountants referred to in Section 5(o)(iii) hereof (including, without limitation, the expenses of any
“cold comfort” letters required by this Agreement) and any other persons, including special experts retained by HII, (vii) rating agency fees and (viii) reasonable fees and disbursements of one counsel reasonably acceptable to
HII for the holders of Registrable Securities whose shares are included in a Registration Statement, which counsel shall be selected by the holders of a majority of the Registrable Securities included in such Registration Statement) shall be borne
by HII whether or not any Registration Statement is filed or becomes effective. In addition, HII shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange on which similar securities issued by HII are then listed and rating agency fees
and the fees and expenses of any Person, including special experts, retained by HII. 
 HII shall not be required to pay
(i) fees and disbursements of any counsel retained by any holder of Registrable Securities or by any underwriter (except as set forth in clauses 6(i)(B) and (viii)), (ii) any underwriter’s fees (including discounts, commissions or
fees of underwriters, selling brokers, dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by HII) or (iii) any other
expenses of the holders of Registrable Securities not specifically required to be paid by HII pursuant to the first paragraph of this Section 6. 
 SECTION 7. Indemnification.  
 (a) Indemnification by HII. HII
shall, without limitation as to time, indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the affiliates,
officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) and the officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each such controlling person, each underwriter, if any, and each Person who controls (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable
attorneys’ fees and any legal or other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively,
“Losses”), as incurred, arising out of or based upon 

  
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any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, offering circular or other document (including, without limitation, any related Registration
Statement, notification or the like) incident to any such registration, qualification, or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by HII of the Securities Act or any rule or regulation thereunder applicable to HII and relating to action or inaction required of HII in connection with any such registration, qualification, or compliance,
and will reimburse each such holder, each of its affiliates, officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees and each person controlling such holder, each such underwriter, and each person
who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability, or action, provided, however, that HII will
not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or omission by such holder or underwriter, but only to the extent, that such untrue statement (or
alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to HII by such holder. It is
agreed that the indemnity agreement contained in this Section 7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of HII (which consent shall
not be unreasonably withheld). 
 (b) Indemnification by Holder of Registrable Securities. In connection with any
Registration Statement in which a holder of Registrable Securities is participating, such holder of Registrable Securities shall furnish to HII in writing such information as HII reasonably requests for use in connection with any Registration
Statement or Prospectus and agrees to indemnify, to the fullest extent permitted by law, severally and not jointly, HII, its directors, officers, accountants, attorneys, agents and employees, each Person who controls HII (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, partners, members, managers, stockholders, accountants, attorneys, agents or employees of such controlling persons, and each underwriter, if
any, and each person who controls such underwriter (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), from and against all Losses arising out of or based on any untrue statement of a material fact
contained in any such Registration Statement, Prospectus, offering circular or other document, or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will
reimburse HII and such directors, officers, partners, members, managers, stockholders, accountants, attorneys, employees, agents, persons, 

  
 20 

 
underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each
case to the extent, but in each case only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering circular or other document in reliance upon and in conformity with written information
furnished to HII by such holder specifically for use in connection with the preparation of such Registration Statement, Prospectus, offering circular or other document; provided, however, that the obligations of such holder hereunder
shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld);
and provided further, however, that the liability of each selling holder of Registrable Securities hereunder shall be limited to the net proceeds received by such selling holder from the sale of Registrable Securities covered by such Registration
Statement. In addition, insofar as the foregoing indemnity relates to any such untrue statement or omission made in the preliminary Prospectus but eliminated or remedied in the amended Prospectus on file with the Commission at the time the
Registration Statement becomes effective or in the final Prospectus filed pursuant to applicable rules of the Commission or in any supplement or addendum thereto and such new Prospectus is delivered to the underwriter, the indemnity agreement herein
shall not inure to the benefit of such underwriter, any controlling person of such underwriter and their respective Representatives, if a copy of the final Prospectus filed pursuant to such rules, together with all supplements and addenda thereto
was not furnished to the Person asserting the loss, liability, claim or damage at or prior to the time such furnishing is required by the Securities Act. 
 (c) Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “indemnified party”), such indemnified party shall give prompt notice to the
party from which such indemnity is sought (the “indemnifying party”) of any claim or of the commencement of any Proceeding with respect to which such indemnified party seeks indemnification or contribution pursuant hereto;
provided, however, that the delay or failure to so notify the indemnifying party shall not relieve the indemnifying party from any obligation or liability except to the extent that the indemnifying party has been prejudiced by such
delay or failure. The indemnifying party shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of such claim or Proceeding, to, unless in the
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at the indemnifying party’s expense, the defense of any such claim or Proceeding,
with counsel reasonably satisfactory to such indemnified party; provided, however, that an indemnified party shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense

  
 21 

 
thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party agrees to pay such fees and expenses or (ii) the
indemnifying party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such indemnified party; in which case the indemnified
party shall have the right to employ counsel and to assume the defense of such claim or proceeding; provided further, however, that the indemnifying party shall not, in connection with any one such claim or Proceeding or separate but substantially
similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any
time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not such defense is assumed by the indemnifying party, such indemnified party will not be subject to any liability for any settlement made without
its consent (but such consent will not be unreasonably withheld, delayed or conditioned). The indemnifying party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party, from all liability in respect of such claim or litigation for which such indemnified party would be
entitled to indemnification hereunder. 
 (d) Contribution. If the indemnification provided for in this Section 7 is
unavailable to an indemnified party in respect of any Losses (other than in accordance with its terms), then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or
omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such indemnifying party
or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation or by any other method of allocation that does not
take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this subsection (d), an indemnifying party that 

  
 22 

 
is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds from the sale of the Registrable Securities sold by
such indemnifying party exceeds the amount of any damages that such indemnifying party 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. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in any underwriting
agreement entered into in connection with any underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

SECTION 8. Rule 144. After the completion of the IPO, HII shall file the reports required to be filed by it under the
Securities Act and the Exchange Act in a timely manner, and will take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable Securities, HII shall deliver to such holder a written statement as to whether it
has complied with such requirements. 
 SECTION 9. Underwritten Registrations. If any Demand Registration is an
underwritten offering or there is any Shelf Offering, the holders of a majority of the Registrable Securities to be sold pursuant to such underwritten Demand Registration or to be included in such Shelf Offering shall have the right to select the
investment banker or investment bankers and managers to administer the offering, provided such Persons are reasonably acceptable to HII. HII shall have the right to select the investment banker or investment bankers and managers to administer any
Piggyback Registration. 
 SECTION 10. Limitation On Subsequent Registration Rights. From and after the date of this
Agreement HII shall not, without the prior written consent of the holders of two-thirds of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of HII, giving such holder or prospective holder
any registration rights the terms of which are equivalent to or more favorable than the registration rights granted to holders of Registrable Securities hereunder, or which would reduce the amount of Registrable Securities the holders can include in
any registration filed pursuant to Section 2 hereof, unless such rights are subordinate to those of the holders of Registrable Securities. 

  
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 SECTION 11. Miscellaneous.  

(a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of holders of two-thirds of the Registrable Securities; provided, however, that in no event shall
the obligations of any holder of Registrable Securities be materially increased or the rights of any Stockholder be adversely affected (without similarly adversely affecting the rights of all Stockholders), except upon the written consent of such
holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least two-thirds of the Registrable Securities being sold by such holders pursuant to such
Registration Statement. 
 (b) Notices. All notices, requests, consents and other communications hereunder to any party
shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this subsection (b)) or nationally recognized overnight courier, addressed to such party at the address or
facsimile number set forth in HII’s records in the case of a Stockholder, or below with respect to HII, or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties: 

If to HII, to: 

15438 N. Florida Avenue, Suite 201 
 Tampa, Florida, 33613 
 Telephone: (877) 376-5831 

Facsimile: (877) 376-5832 
 Attention: Michael W. Kosloske 
 with a copy (which shall not constitute notice
to HII) to: 
 Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York, NY 10017 
 Telephone: (212) 450-4135 

Facsimile: (212) 701-5135 
 Attention: Deanna Kirkpatrick 
 Each such notice or other communication shall be
deemed received on the date sent to the recipient thereof in accordance with this subsection (b), if sent prior to 5:00 p.m. in the place of receipt and such day is a Business Day; otherwise, such Notice shall be deemed not to have been received
until the next succeeding Business Day. 

  
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 (c) Successors and Assigns; Stockholder Status. This Agreement shall inure to the
benefit of the recipients of a Partner Distribution (provided that in connection with a Partner Distribution a single Person shall have been appointed and duly authorized to serve as agent on behalf of all such transferees with respect to all
matters that are the subject of this Agreement, including the giving and receiving of notice on behalf of such transferees) and shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including
subsequent holders (each, a “Subsequent Holder”) of Registrable Securities that, alone or taken together with their Affiliates, acquired, directly or indirectly, from a Stockholder or Stockholders, not less than 20% of the
Registrable Securities held by such Stockholder or Stockholders (together with their Affiliates) as of the date hereof (each, a “Permitted Transferee”); provided, however, that such Permitted Transferee shall not be
entitled to such rights unless such Permitted Transferee shall have executed and delivered to HII an Addendum Agreement substantially in the form of Exhibit A hereto promptly following the acquisition of such Registrable Securities, in which event
such Permitted Transferee shall be deemed a Stockholder for purposes of this Agreement and Annex A shall be updated by HII accordingly, and provided further that no such Subsequent Holder shall have any rights under this Agreement at such time as
such Subsequent Holder’s Registrable Securities are freely tradable without volume limitations under Rule 144. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto
and their respective Permitted Transferees any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. It is understood and agreed that no assignment or transfer by any of HPI and Sub of
any of the Demand Registrations to which it is entitled pursuant to the third paragraph of Section 2(a) will result in an increase in the number of Demand Registrations (that do not constitute “shelf” registrations) to which HII is
otherwise subject. 
 (d) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) Headings. The section
and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (f) Governing Law. This Agreement and the rights of the parties hereunder will be governed by, construed and enforced in accordance with the laws of the State of New York without regard to
conflicts of law principles thereof. 

  
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 (g) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (h) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein, with respect to the registration rights granted by HII with respect to Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to
such subject matter. 
 (i) Securities Held by HII or its Subsidiaries. Whenever the consent or approval of holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held by HII or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage.

 (j) Termination. This Agreement shall terminate on the date when no Registrable Securities remain outstanding; provided
that Section 6 and Section 7 shall survive any termination. 
 (k) Specific Performance. The parties hereto recognize and
agree that money damages may be insufficient to compensate the holders of any Registrable Securities for breaches by HII of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available
in the event of any such breach. 
 (l) Consent to Jurisdiction. The parties hereto agree that any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in the United States District Court for
the Southern District of New York or the Supreme Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such suit, action or proceeding. 

  
 26 

 
Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such
court, by any of the methods specified for the giving of notices pursuant to subsection (b) of this Section 11. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter
have based on venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided notice in accordance with the methods specified in subsection (b) of this Section 11) in any
suit, action or proceeding brought in such courts. 
 (m) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 [Signature pages follow]

  
 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized representatives as of the day and year first above written. 
  

			
	 HEALTH INSURANCE INNOVATIONS, INC.

		
	 By:
	 	/s/ Michael W. Kosloske
		 	Name: Michael W. Kosloske
		 	Title: Chief Executive Officer

  

			
	 HEALTH PLAN INTERMEDIARIES, LLC

		
	By:	 	/s/ Michael W. Kosloske
		 	Name: Michael W. Kosloske
		 	Title: Chief Executive Officer
	
	HEALTH PLAN INTERMEDIARIES SUB, LLC
		
	By:	 	/s/ Michael W. Kosloske
		 	Name: Michael W. Kosloske
		 	Title: Chief Executive Officer

 Annex A 
 STOCKHOLDERS 
 Health Plan Intermediaries, LLC 

Health Plan Intermediaries Sub, LLC 

 Exhibit A 
 ADDENDUM AGREEMENT 
 This ADDENDUM AGREEMENT is made this
            day of             , 20    , by and between
                     (the “New Stockholder”) and Health Insurance Innovations, Inc. (“HII”), pursuant to a
Registration Rights Agreement (as amended from time to time, the “Agreement”) dated as of             , 2013, by and among HII and the Stockholders. 

Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 

W I T N E S S E T H: 
 WHEREAS, HII has agreed to provide registration rights with respect to the Registrable Securities as set forth in the Agreement; 
 WHEREAS, the New Stockholder has acquired Registrable Securities directly or indirectly from a Stockholder; and 
 WHEREAS, HII and the Stockholders have required in the Agreement that all persons desiring registration rights must enter into an Addendum Agreement binding the New Stockholder to the Agreement to the
same extent as if it were an original party thereto; 
 NOW, THEREFORE, in consideration of the mutual promises of the parties,
the New Stockholder acknowledges that it has received and read the Agreement and that the New Stockholder shall be bound by, and shall have the benefit of, all of the terms and conditions set out in the Agreement to the same extent as if it were a
Stockholder originally party to the Agreement. 
  

			
	 [NAME]

		
	 By:
	 	 
		 	Name:
		 	Title:
	
	Address for Notices:
		
	Facsimile No.	 	

 AGREED TO pursuant to Section 11(c) of the Agreement. 

 

			
	 HEALTH INSURANCE INNOVATIONS, INC.

		
	 By:
	 	 
		 	Name:
		 	Title:Third Amended and Restated Limited Liability Agreement

 Exhibit 10.1 

 
  
 THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 of

 HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 

Dated as of February 13, 2013 
  

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

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
		 	ARTICLE 1	  			
		 	DEFINED TERMS	  			
			
	Section 1.01.	 	 Definitions
	  	 	2	  
	Section 1.02.	 	 Other Definitional and Interpretative Provisions
	  	 	9	  
			
		 	ARTICLE 2	  			
		 	ORGANIZATION	  			
			
	Section 2.01.	 	 Formation; Amendment and Restatement
	  	 	10	  
	Section 2.02.	 	 Company Name
	  	 	10	  
	Section 2.03.	 	 Purposes of the Company
	  	 	10	  
	Section 2.04.	 	 Principal Place of Business
	  	 	10	  
	Section 2.05.	 	 Registered Office and Agent
	  	 	11	  
	Section 2.06.	 	 Qualification in Other Jurisdictions
	  	 	11	  
	Section 2.07.	 	 Term
	  	 	11	  
	Section 2.08.	 	 No State-law Partnership
	  	 	11	  
			
		 	ARTICLE 3	  			
		 	CAPITALIZATION	  			
			
	Section 3.01.	 	 Membership Interests; Capitalization
	  	 	11	  
	Section 3.02.	 	 Authorization and Issuance of Additional Membership Interests
	  	 	13	  
	Section 3.03.	 	 Repurchase or Redemption of Class A Shares
	  	 	14	  
	Section 3.04.	 	 Changes in Common Stock
	  	 	14	  
			
		 	ARTICLE 4	  			
		 	MEMBERS	  			
			
	Section 4.01.	 	 Names and Addresses
	  	 	14	  
	Section 4.02.	 	 No Liability for Status as Member
	  	 	15	  
	Section 4.03.	 	 No Restrictions of Business Pursuits of Member
	  	 	15	  
	Section 4.04.	 	 Transactions Between Members and the Company
	  	 	15	  
	Section 4.05.	 	 Meeting of Members
	  	 	15	  
	Section 4.06.	 	 Action by Members Without Meeting
	  	 	16	  
	Section 4.07.	 	 Limited Rights of Members
	  	 	16	  

  
 i 

							
			
		 	ARTICLE 5	  			
		 	DISTRIBUTIONS	  			
			
	Section 5.01.	 	 Distributions
	  	 	16	  
	Section 5.02.	 	 Distributions for Payment of Income Tax
	  	 	16	  
	Section 5.03.	 	 Limitations on Distributions
	  	 	17	  
	Section 5.04.	 	 Withholding
	  	 	17	  
			
		 	ARTICLE 6	  			
		 	ALLOCATIONS AND TAX MATTERS	  			
			
	Section 6.01.	 	 Capital Accounts and Adjusted Capital Accounts
	  	 	18	  
	Section 6.02.	 	 Additional Capital Contributions
	  	 	19	  
	Section 6.03.	 	 Allocations of Net Profits and Net Losses
	  	 	19	  
	Section 6.04.	 	 Special Allocations
	  	 	19	  
	Section 6.05.	 	 Allocation for Income Tax Purposes
	  	 	21	  
	Section 6.06.	 	 Other Allocation Rules
	  	 	22	  
	Section 6.07.	 	 Regulatory Compliance
	  	 	22	  
	Section 6.08.	 	 Certain Costs And Expenses
	  	 	22	  
			
		 	ARTICLE 7	  			
		 	MANAGEMENT AND CONTROL OF BUSINESS	  			
			
	Section 7.01.	 	 Management
	  	 	23	  
	Section 7.02.	 	 Certain Covenants
	  	 	23	  
	Section 7.03.	 	 Investment Company Act
	  	 	23	  
			
		 	ARTICLE 8	  			
		 	OFFICERS	  			
			
	Section 8.01.	 	 Officers
	  	 	23	  
	Section 8.02.	 	 Other Officers and Agents
	  	 	24	  
	Section 8.03.	 	 Chief Executive Officer
	  	 	24	  
	Section 8.04.	 	 Treasurer
	  	 	24	  
	Section 8.05.	 	 Secretary
	  	 	24	  
	Section 8.06.	 	 Other Officers
	  	 	24	  
			
		 	ARTICLE 9	  			
		 	TRANSFERS OF INTERESTS; ADMITTANCE OF NEW MEMBERS	  			
			
	Section 9.01.	 	 Transfer of Membership Interests
	  	 	25	  
	Section 9.02.	 	 Transfer of HII’s Interest
	  	 	25	  
	Section 9.03.	 	 Recognition of Transfer; Substituted and Additional Members
	  	 	25	  
	Section 9.04.	 	 Expense of Transfer; Indemnification
	  	 	27	  
	Section 9.05.	 	 Exchange Agreement
	  	 	27	  
	Section 9.06.	 	 Recapitalization
	  	 	27	  

  
 ii 

							
			
		 	ARTICLE 10	  			
		 	DISSOLUTION AND TERMINATION	  			
			
	Section 10.01.	 	 Dissolution
	  	 	27	  
	Section 10.02.	 	 Termination
	  	 	29	  
			
		 	ARTICLE 11	  			
		 	EXCULPATION AND INDEMNIFICATION	  			
			
	Section 11.01.	 	 Exculpation
	  	 	29	  
	Section 11.02.	 	 Indemnification
	  	 	30	  
	Section 11.03.	 	 Expenses
	  	 	30	  
	Section 11.04.	 	 Non-Exclusivity
	  	 	30	  
	Section 11.05.	 	 Insurance
	  	 	31	  
			
		 	ARTICLE 12	  			
		 	ACCOUNTING AND RECORDS; TAX MATTERS	  			
			
	Section 12.01.	 	 Accounting and Records
	  	 	31	  
	Section 12.02.	 	 Tax Returns
	  	 	31	  
	Section 12.03.	 	 Tax Partnership
	  	 	31	  
	Section 12.04.	 	 Tax Elections
	  	 	31	  
	Section 12.05.	 	 Tax Matters Member
	  	 	32	  
			
		 	ARTICLE 13	  			
		 	ARBITRATION	  			
			
		 	ARTICLE 14	  			
		 	MISCELLANEOUS PROVISIONS	  			
			
	Section 14.01.	 	 Entire Agreement
	  	 	34	  
	Section 14.02.	 	 Binding on Successors
	  	 	34	  
	Section 14.03.	 	 Managing Member’s Business
	  	 	34	  
	Section 14.04.	 	 Debt or Equity Financing
	  	 	34	  
	Section 14.05.	 	 Governing Law
	  	 	34	  
	Section 14.06.	 	 Headings
	  	 	34	  
	Section 14.07.	 	 Severability
	  	 	35	  
	Section 14.08.	 	 Notices
	  	 	35	  
	Section 14.09.	 	 Amendments
	  	 	35	  
	Section 14.10.	 	 Consent to Jurisdiction
	  	 	36	  
	Section 14.11.	 	 WAIVER OF JURY TRIAL
	  	 	36	  

  
 iii

 THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

of 

HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 
 This THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of Health Plan Intermediaries Holdings, LLC, a Delaware limited liability company ( the
“Company”), dated as of February 13, 2013, is adopted, executed and agreed to, for good and valuable consideration, by Health Insurance Innovations, Inc., a Delaware corporation (“HII”), Health Plan
Intermediaries, LLC, a Florida limited liability company (“HPI”) and Health Plan Intermediaries Sub, LLC, a Delaware limited liability company (“HPIS”), as Members. Capitalized terms used but not simultaneously
defined are defined in or by reference to Section 1.01. 
 W I T N E S S E T H: 

WHEREAS, the Company was formed as a limited liability company on July 16, 2012, pursuant to the Delaware Limited Liability Company
Act (6 Del.C. §18-101, et seq.) (as amended from time to time, the “Delaware LLC Act”) by the filing of its Certificate of Formation (as amended, the “Certificate”) with the Secretary of State;

 WHEREAS, HII and the Company have entered into an underwriting agreement (the “IPO Underwriting Agreement”)
with the several underwriters (the “IPO Underwriters”) named therein, providing for the initial public offering (the “IPO”) of 5,066,667 Class A Shares (as defined below) of HII; 

WHEREAS, prior to the execution hereof, HPI and HPIS were the sole members of the Company (the “Prior Members”) under
the Second Amended and Restated Liability Company Agreement of the Company dated as of November 7, 2012 (the “Prior LLC Agreement”) pursuant to which the Company has heretofore been governed; 

WHEREAS, in connection with the IPO, it is contemplated that (i) immediately prior to consummation of the IPO (the
“Effective Time”), all of the limited liability company interests in the Company held by the Prior Members (the “Prior LLC Interests”) will be converted into the number of Series B Membership Interests (as defined
below) set forth opposite each Prior Member’s name in Exhibit A hereto, (ii) at the Effective Time, all of the shares of common stock of HII held by the Prior Members will be converted into the number of Class B Shares (as defined below)
equal to the number of Series B Membership Interests issued to such Prior Member, (iii) immediately after the IPO, HII will contribute the net proceeds thereof to the Company in exchange for 5,066,667 Series A Membership Interests (as defined
below), and (iv) if and to the extent the IPO Underwriters exercise their over-allotment option to purchase Optional Securities (as defined below) pursuant to Section 3 of the IPO Underwriting Agreement,

 
HII will issue additional Class A Shares and use the net proceeds thereof to purchase an equal number of Series B Membership Interests and Class B Shares from HPI, which Series B Membership
Interests will immediately thereafter be recapitalized into Series A Membership Interests and which Class B Shares will immediately thereafter be cancelled (collectively, the “IPO Transactions”); and 

WHEREAS, the Prior Members desire to amend and restate the Prior LLC Agreement as set forth herein to give effect to IPO Transactions and
to reflect the admission of HII as a Member and as sole managing member. 
 NOW, THEREFORE, the Members and the Company hereby
agree as follows: 
 ARTICLE 1 
 DEFINED TERMS 
 Section 1.01. Definitions.
As used in this Agreement, the following terms have the following meanings: 
 “Adjusted Capital Account”
means, with respect to any Member, the balance in such Member’s Capital Account as of the end of the relevant Fiscal Year or period, adjusted as follows: 
 (a) increased by the sum of (x) any amounts which such Member is obligated or has agreed to contribute (but has not yet contributed) to the Company and (y) the amounts which such Member is
obligated to restore or is deemed to be obligated to restore pursuant to Treas. Reg. §1.704-1(b)(2)(ii)(c), Treas. Reg. §1.704-2(g)(1) and Treas. Reg. §1.704-2(i)(5); and 

(b) decreased by the items described in subclauses (4), (5) and (6) of Treas. Reg. §1.704-1(b)(2)(ii)(d)
with respect to such Member. 
 “Affiliate” means, when used with respect to a specified Person, any Person
which (a) directly or indirectly Controls, is Controlled by or is Under Common Control with such specified Person, (b) is an officer, director, general partner, trustee or manager of such specified Person or of a Person described in clause
(a), or (c) is a Relative of such specified Person or of an individual described in clauses (a) or (b). 

“Agreement” is defined in the preamble. 
 “Applicable Law” means, to the extent applicable to the Company or its activities or any Member, as applicable: (a) all U.S. federal and state statutes and laws and all statutes and
laws of foreign countries; (b) all rules and regulations (including interpretations thereof) of all regulatory 

  
 2 

 
agencies, organizations and bodies; and (c) all rules and regulations (including interpretations thereof) of all self-regulatory agencies, organizations and bodies now or hereafter in
effect. 
 “Assumed Tax Liability” means an amount equal to the Assumed Tax Rate multiplied by the aggregate
amount of all items of income, gain, deduction, loss, and credit allocated to such Member pursuant to Section 6.05 (computed without regard to (i.e., ignoring) any reduction in income attributable to any basis adjustments with respect to
a Member as a result of the Company’s election pursuant to Section 754 of the Code). 
 “Assumed Tax
Rate” means, for any taxable year, the highest marginal effective rate of federal, state, and local income tax applicable to an individual resident in Tampa, Florida (or, if higher, a corporation doing business in Tampa, Florida), taking
into account any allowable deductions in respect of such state and local taxes in computing a Member’s liability for federal income tax; provided that the Assumed Tax Rate will initially be set at 45.5 percent, and will be adjusted, at
the discretion of the Managing Member, at any time that the applicable tax rates change. 
 “Book Value” means,
with respect to any property, such property’s adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial Book Value of any property contributed by a Member to the Company shall be the Fair Market Value of such property as reasonably determined by the Managing Member; 

(b) The Book Values of all properties shall be adjusted to equal their respective Fair Market Values as determined in the
Managing Member’s discretion in connection with (i) the acquisition of an interest in the Company by any new or existing Member in exchange for more than a de minimis capital contribution to the Company, (ii) the distribution
by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company, or (iii) the liquidation of the Company within the meaning of Treas. Reg. §1.704-1(b)(2)(ii)(g)(I) (other than
pursuant to Section 708(b)(1)(B) of the Code); 
 (c) The Book Value of property distributed to a Member
shall be the Fair Market Value of such property as determined by the Managing Member; and 
 (d) The Book Value
of all property shall be increased (or decreased) to reflect any adjustments to the adjusted tax basis of such property pursuant to Section 734(b) of the Code or Section 743(b) of the Code, but only to the extent that such adjustments are
taken into account in determining Capital Accounts pursuant to Treas. Reg. §1.704-1 (b)(2)(iv)(m) and clause (f) of the definition of Net Profits and Net Losses; provided, however, that Book Value shall not be adjusted pursuant to
this clause (d) to the extent the Managing Member determines that an adjustment pursuant to clause (b) hereof 

  
 3 

 
is necessary or appropriate in connection with the transaction that would otherwise result in an adjustment pursuant to this clause (d). 

If the Book Value of property has been determined or adjusted pursuant to clauses (b) or (d) hereof, such Book Value shall
thereafter be adjusted by the Depreciation taken into account with respect to such property for purposes of computing Net Profits and Net Losses and other items allocated pursuant to Article 6. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in Tampa, Florida or New
York, New York are authorized by law to close. 
 “Capital Account” is defined in Section 6.01(a).

 “Capital Contribution” means the amount of all cash capital contributions by a Member to the Company and the
Fair Market Value of any property contributed by a Member to the Company (net of any liabilities secured by such property that the Company is considered to assume or take subject to under Section 752 of the Code). 

“Certificate” is defined in the recitals. 
 “Class A Shares” means the class A common stock, par value $0.001 per share, of HII. 
 “Class B Shares” means the class B common stock, par value $0.001 per share, of HII. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” is defined in the preamble. 
 “Company Minimum Gain” means “partnership minimum gain” as that term is defined in Treas. Reg. §1.704-2(d). 

“Control,” including the correlative terms “Controlling,” “Controlled by” and
“Under Common Control with” means possession, directly or indirectly (through one or more intermediaries), of the power to direct or cause the direction of management or policies (whether through ownership of securities or any
partnership or other ownership interest, by contract or otherwise) of a Person. 
 “Delaware LLC Act” is defined
in the recitals. 
 “Depreciation” means, for each Fiscal Year, an amount equal to the depreciation,
amortization or other cost recovery deduction allowable for federal income tax purposes with respect to property for such taxable year, except that with respect to any property the Book Value of which differs from its adjusted tax basis at the
beginning of such taxable year, Depreciation shall be an amount which bears the same ratio to such beginning Book Value as the federal 

  
 4 

 
income tax depreciation, amortization or other cost recovery deduction for such taxable year bears to such beginning adjusted tax basis; provided that if the adjusted tax basis of any
property at the beginning of such taxable year is zero, Depreciation with respect to such property shall be determined with reference to such beginning value using any reasonable method selected by the Managing Member. 

“Dispute” is defined in Article 13. 
 “Economic Risk of Loss” has the meaning assigned to such term in Treas. Reg. §1.752-2(a). 
 “Effective Time” is defined in the recitals. 
 “Equity
Securities” means, as applicable, (a) any capital stock, membership interests, other share capital or securities containing any profit participation features, (b) any securities directly or indirectly convertible or exercisable
into or exchangeable for any capital stock, membership interests, other share capital or securities containing any profit participation features, (c) any rights or options directly or indirectly to subscribe for or to purchase any capital
stock, membership interests, other share capital or securities containing any profit participation features or to subscribe for or to purchase any securities directly or indirectly convertible or exercisable into or exchangeable for any capital
stock, membership interests, other share capital or securities containing any profit participation features, (d) any share appreciation rights, phantom share rights or other similar rights, or (e) any equity securities, rights or
instruments issued or issuable with respect to any of the foregoing referred to in clauses (a) through (d) above in connection with a combination, subdivision, recapitalization, merger, consolidation, conversion, share exchange or other
reorganization or similar event or transaction. 
 “Exchange Agreement” means the Exchange Agreement dated as of
the date hereof among HII, HPI, HPIS and the Company. 
 “Exchange Rate” is defined in the Exchange Agreement;
provided that for purposes of Section 3.02 and Section 3.03, the “Exchange Rate” for determining the number of Series A Membership Interests to be issued, forfeited, vested, redeemed, repurchased or otherwise dealt with in
connection with similar actions involving Class A Shares shall be the same for Series A Membership Interests as it is at the time under the Exchange Agreement for Exchanges (as defined in the Exchange Agreement) of Series B Membership Interests
for Class A Shares. 
 “Fair Market Value” means, with respect to specified property as of any date, the
fair market value for such property as between a willing buyer under no compulsion to buy and a willing seller under no compulsion to sell in an arm’s length transaction occurring on such date, taking into account all relevant factors
determinative of value (including in the case of securities any restrictions on transfer applicable thereto), as is reasonably determined in good faith by the Managing Member. 

  
 5 

 “Fiscal Year” means, except as otherwise required by Applicable Law, for
the Company’s financial reporting and federal income tax purposes, a period commencing January 1 and ending December 31 of each year, or such other period as the Managing Member may determine. 

“Indemnitee” is defined in Section 11.02. 
 “Initiating Party” is defined in Article 13. 
 “Investment
Company Act” means the Investment Company Act of 1940, as amended from time to time. 
 “IPO” is
defined in the recitals. 
 “IPO Underwriters” is defined in the recitals. 

“IPO Underwriting Agreement” is defined in the recitals. 

“Losses” is defined in Section 11.02. 
 “Majority Holders,” at any time, means Members holding a majority of the Series B Membership Interests at such time outstanding; provided, however, that if the outstanding
Series B Membership Interests represent less than 25% of the aggregate Series B Membership Interests issued at the Effective Time, “Majority Holders” shall mean the Managing Member. 

“Managing Member” means HII. 
 “Member” means each Person listed on Exhibit A hereto and each other Person that becomes a member of the Company as provided herein, so long as such Person continues as a member of the
Company. 
 “Member Nonrecourse Debt” has the meaning assigned to the term “partner nonrecourse debt”
in Treas. Reg. §1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” has the meaning assigned to the
term “partner nonrecourse debt minimum gain” in Treas. Reg. §1.704-2(i)(2). 
 “Member Nonrecourse
Deductions” has the meaning assigned to the term “partner nonrecourse deductions” in Treas. Reg. §1.704-2(i)(1). 
 “Net Profits” and “Net Losses” for any Fiscal Year or other period means, respectively, an amount equal to the Company’s taxable income or loss for such taxable
year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or 

  
 6 

 
deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication):

 (a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in
computing Net Profits and Net Losses pursuant to this definition of “Net Profits” and “Net Losses” shall be added to such taxable income or loss; 

(b) Any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as
Section 705(a)(2)(B) of the Code expenditures pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of “Net Profits” and “Net
Losses” shall be subtracted from such taxable income or loss; 
 (c) In the event the Book Value of any
asset is adjusted pursuant to clause (b), clause (c) or clause (d) of the definition of Book Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of
loss (if the adjustment decreases the Book Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; 

(d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Book Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Book Value; 

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such
taxable income or loss, there shall be taken into account Depreciation for such taxable year; 
 (f) To the
extent an adjustment to the adjusted tax basis of any asset pursuant to Section 734(b) of the Code is required, pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result
of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment
decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; and 
 (g) Any items that are allocated pursuant to Section 6.04 shall be determined by applying rules analogous to those set forth in clauses (a) through (f) hereof but shall not be taken into
account in computing Net Profits and Net Losses. 
 “Nonrecourse Deductions” is defined in Treas. Reg.
§1.704-2(b). 

  
 7 

 “Notice” is defined in Section 14.08. 

“Optional Securities” as used herein has the meaning ascribed to it in the IPO Underwriting Agreement. 

“Prior LLC Agreement” is defined in the preamble. 

“Panel” is defined in Article 13. 
 “Percentage Interest” of each Member is set forth on Exhibit A hereto, which may be amended from time to time and which shall be equal to a fraction (expressed as a percentage), the
numerator of which is the number of Series A Membership Interests and Series B Membership Interests held by such Member and the denominator of which is the number of Series A Membership Interests and Series B Membership Interests held by all the
Members (it being understood that if the Company hereafter issues any Equity Securities other than Series A Membership Interests or Series B Membership Interests, then this definition shall be changed pursuant to an amendment of this Agreement in
accordance with the terms hereof). 
 “Permitted Transferee” means (i) the spouse of such Member,
(ii) any trust, or family partnership or family limited liability company, the sole beneficiary of which is such Member, the spouse of, or any Person related by blood or adoption to, such Member, (iii) an Affiliate of such Member,
(iv) in the context of a distribution by such Member to its direct or indirect equity owners substantially in proportion to such ownership, the partners, members or stockholders of such Member, or the partners, members or stockholders of such
partners, members or stockholders, (v) any Member and (vi) any Transferee in a Transfer that complies with Article 9. 

“Permitted Transferee Member” means a Permitted Transferee that is admitted as a Member pursuant to the terms of this
Agreement. 
 “Person” means any natural person, corporation, limited partnership, general partnership, limited
liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee, or
entity in a representative capacity, and any government or agency or political subdivision thereof. 
 “Registration
Rights Agreement” means the Registration Rights Agreement dated as of the date hereof among HII and the other parties thereto. 
 “Regulatory Allocations” is defined in Section 6.04(b). 

“Relative” means any Person’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships and any Person sharing such Person’s household (other than a tenant or employee). 

  
 8 

 “Responding Party” is defined in Article 13. 

“Secretary of State” means the Secretary of State of the State of Delaware. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Series A Membership Interests” is defined in Section 3.01(a). 

“Series B Membership Interests” is defined in Section 3.01(a). 

“Subsidiary” means (a) any corporation, limited liability company or other entity, a majority of the capital stock
or other equity interests of which having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly, with power to vote, by the Company or any
direct or indirect Subsidiary of the Company or (b) a partnership in which the Company or any direct or indirect Subsidiary is a general partner. 
 “Subsidiary Partnership” means an entity which is a partnership for U.S. federal income tax purposes and which is Controlled by the Company. 

“Tax Distribution Date” is defined in Section 5.02. 

“Tax Matters Member” is defined in Section 12.05(a). 

“Tax Receivable Agreement” means the Tax Receivable Agreement dated February 13, 2013 among HII, the Company and
the other parties thereto. 
 “Transfer” is defined in Section 9.01. 

“Transaction Documents” means, collectively, this Agreement, the Exchange Agreement, the Registration Rights Agreement
and the Tax Receivable Agreement. 
 “Treasury Regulations” or “Treas. Reg.” means the Federal
income tax regulations promulgated under the Code, as such Treasury Regulations may be amended from time to time (it being understood that all references herein to specific sections of the Treasury Regulations shall be deemed also to refer to any
corresponding provisions of succeeding Treasury Regulations). 
 Section 1.02. Other Definitional and Interpretative
Provisions. 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. The headings
and captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Annexes are to Articles, Sections, Exhibits and Annexes of this
Agreement unless otherwise specified. Any 

  
 9 

 
capitalized term used in any Exhibit and not otherwise defined therein has the meaning ascribed to such term 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, restated, 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. References to “law,” “laws” or to a particular statute or law shall be deemed also to
include any and all Applicable Laws. 
 ARTICLE 2 
 ORGANIZATION 
 Section 2.01. Formation; Amendment and
Restatement. The Company was formed as a Delaware limited liability company under and pursuant to the Delaware LLC Act. The Members agree to continue the Company as a limited liability company under the Delaware LLC Act, upon the terms and
subject to the conditions set forth in this Agreement. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Delaware LLC Act and this Agreement. To the extent that the rights, powers, duties,
obligations and liabilities of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Delaware LLC Act, control. 

Section 2.02. Company Name. The name of the Company is Health Plan Intermediaries Holdings, LLC. The business of the Company
may be conducted under that name or such other names as the Managing Member may from time to time designate; provided, however, that the Company complies with Applicable Law relating to name changes and the use of fictitious and
assumed names. 
 Section 2.03. Purposes of the Company. The purposes of the Company are to carry on any lawful
business or activity and to have and exercise all of the powers, rights and privileges which a limited liability company organized pursuant to the Delaware LLC Act may have and exercise. The Company shall not conduct any business which is forbidden
by or contrary to Applicable Law. 
 Section 2.04. Principal Place of Business. The principal place of business of
the Company shall be 15438 N. Florida Avenue, Suite 201, Tampa, Florida, 33613 or such other place as the Managing Member may designate from time to time. The Company may establish 

  
 10 

 
or abandon from time to time such additional offices and places of business as the Managing Member may deem appropriate in the conduct of the Company’s business. 

Section 2.05. Registered Office and Agent. The name of the registered agent for service of process of the Company and the
address of the Company’s registered office in the State of Delaware shall be the initial registered agent named in the Certificate and the office of the initial registered agent named in the Certificate, or such other agent or office in the
State of Delaware as the Managing Member or the officers may from time to time determine. 
 Section 2.06. Qualification
in Other Jurisdictions. The Managing Member or a duly authorized officer of the Company shall execute, deliver and file certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in the
jurisdictions in which the Company may wish to conduct business. In those jurisdictions in which the Company may wish to conduct business in which qualification or registration under assumed or fictitious names is required or desirable, the Managing
Member or a duly authorized officer of the Company shall cause the Company to be so qualified or registered in compliance with Applicable Law. 
 Section 2.07. Term. The term of the Company shall continue indefinitely unless the Company is dissolved in accordance with the provisions of this Agreement and the Delaware LLC Act.

 Section 2.08. No State-law Partnership. The Members intend that the Company shall not be a partnership (including
a limited partnership) or joint venture, and that no Member or officer shall be a partner or joint venturer of any other Member or officer by virtue of this Agreement, for any purposes other than as is set forth in the last sentence of this
Section 2.08, and this Agreement shall not be construed to the contrary. The Members intend that the Company be treated as a partnership for U.S. federal income tax purposes and under state tax laws, and the Company shall not elect to be
treated as an association taxable as a corporation. 
 ARTICLE 3 

CAPITALIZATION 
 Section 3.01. Membership Interests; Capitalization. 
 (a) Membership
Interests; Capitalization. Each Member’s interest in the Company, including such Member’s interest, if any, in the capital, income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company
matters as provided in this Agreement, shall be represented by units of limited liability company interest (each, a “Membership Interest”). The Company shall have two authorized classes of Membership Interests, designated
“Series A Membership Interests” and “Series B Membership Interests.” The total number of authorized Membership Interests consists of an unlimited number of 

  
 11 

 
authorized Series A Membership Interests and 20,000,000 Series B Membership Interests. The ownership by a Member of Membership Interests shall entitle such Member to allocations of profits and
losses and other items and distributions of cash and other property as is set forth in Article 5 and Article 6, respectively. 

(b) Issuances of Series A Membership Interests to Managing Member. Immediately after consummation of the IPO, the Company shall
issue to the Managing Member the number of Series A Membership Interests set forth opposite the Managing Member’s name under the column “Series A Membership Interests” set forth on Exhibit A. The Managing Member shall hold all Series
A Membership Interests and additional Series A Membership Interests may only be issued to the Managing Member in accordance with the terms and conditions of this Agreement. 
 (c) Issuances of Series B Membership Interests. At the Effective Time, the Company shall convert the Membership Interests of the Prior Members issued pursuant to the Prior LLC Agreement into the
number of Series B Membership Interests set forth opposite such Member’s name under the column “Series B Membership Interests” on Exhibit A. After the Effective Time, for each Series B Membership Interest the Company issues to a
Member, HII shall issue one Class B Share to such Member. 
 (d) Members. The Managing Member and the Persons listed on
Exhibit A are the sole Members of the Company as of the date hereof. Exhibit A may be amended by the Company from time to time in accordance with Section 4.01. 
 (e) Certificates; Legends. Membership Interests shall be issued in uncertificated form; provided that, at the request of any Member, the Managing Member shall cause the Company to issue one
or more certificates to any such Member holding Series B Membership Interests representing in the aggregate the Series B Membership Interests held by such Member. If any Series B Membership Interest certificate is issued, then such certificate shall
bear a legend substantially in the following form: 
 THIS CERTIFICATE EVIDENCES
SERIES B MEMBERSHIP INTERESTS REPRESENTING A MEMBERSHIP INTEREST IN HEALTH PLAN
INTERMEDIARIES HOLDINGS, LLC AND IS A SECURITY WITHIN THE MEANING OF ARTICLE 8
OF THE UNIFORM COMMERCIAL CODE. THE MEMBERSHIP INTEREST IN HEALTH PLAN
INTERMEDIARIES HOLDINGS, LLC REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR
STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST IN
HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC REPRESENTED BY THIS CERTIFICATE IS SUBJECT
TO RESTRICTIONS ON TRANSFER SET 

  
 12 

 
FORTH IN THE THIRD AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC, DATED AS OF
FEBRUARY 13, 2013, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 

Section 3.02. Authorization and Issuance of Additional Membership Interests. 

(a) The Managing Member shall have the right to cause the Company to issue and/or create and issue at any time after the date hereof, and
for such amount and form of consideration as the Managing Member may determine, additional Membership Interests (of Series A Membership Interests, Series B Membership Interests or new classes) or other Equity Securities of the Company (including
creating classes or series thereof having such powers, designations, preferences and rights as may be determined by the Managing Member), subject to Section 14.09. The Managing Member shall have the power to make such amendments to this
Agreement in order to provide for such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or appropriate to give effect to such additional authorization or issuance in accordance with the provisions
of this Section 3.02(a), subject to Section 14.09. 
 (b) At any time HII issues one or more Class A Shares (other
than an issuance of the type covered by Section 3.02(d) or an issuance of Optional Securities), HII shall promptly contribute to the Company all the net proceeds (if any) received by HII with respect to such Class A Share or Class A
Shares. Upon the contribution by HII to the Company of all of such net proceeds so received by HII, the Managing Member shall cause the Company to issue a number of Series A Membership Interests determined based upon the Exchange Rate then in
effect, registered in the name of HII. 
 (c) At any time HII issues one or more shares of capital stock of HII (other than
Class A Shares or Class B Shares), HII shall contribute all (but not less than all) the net proceeds (if any) received by HII with respect to such share or shares of capital stock to the Company. After HII contributes to the Company all (but
not less than all) such net proceeds so received by HII, then, subject to the provisions of Section 3.02(a) and Section 14.09, the Managing Member shall cause the Company to issue a corresponding number of Membership Interests or other
Equity Securities of the Company (other than Series A Membership Interests or Series B Membership Interests) (such corresponding number of Membership Interests to be determined in good faith by the Managing Member, taking into account the powers,
designations, preferences and rights of such capital stock) registered in the name of HII. 
 (d) At any time HII issues one or
more Class A Shares in connection with an equity incentive program, whether such share or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the
Managing Member shall cause the Company to issue a corresponding number of Series A Membership Interests, registered in the name of HII (determined based upon the Exchange Rate then in effect); provided that HII shall be required to
contribute all (but not less than all) the net 

  
 13 

 
proceeds (if any) received by HII from or otherwise in connection with such issuance of one or more Class A Shares, including the exercise price of any option exercised, to the Company. If
any such Class A Shares so issued by HII in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Series A Membership Interests that are issued by the Company to HII in connection therewith in
accordance with the preceding provisions of this Section 3.02(d) shall be subject to vesting or forfeiture on the same basis; if any of such Class A Shares vest or are forfeited, then a corresponding number of the Series A Membership
Interests (determined based upon the Exchange Rate then in effect) issued by the Company in accordance with the preceding provisions of this Section 3.02(d) shall automatically vest or be forfeited. Any cash or property held by either HII or
the Company or on either’s behalf in respect of dividends paid on restricted Class A Shares that fail to vest shall be returned to the Company upon the forfeiture of such restricted Class A Shares. 

(e) For purposes of this Section 3.02, “net proceeds” means gross proceeds to HII from the issuance of Class A Shares
or other securities less all bona fide out-of-pocket expenses of HII, the Company and their respective Subsidiaries in connection with such issuance. 
 Section 3.03. Repurchase or Redemption of Class A Shares. If, at any time, any Class A Shares are repurchased or redeemed (whether by exercise of a put or call, automatically or by
means of another arrangement) by HII for cash, then the Managing Member shall cause the Company, immediately prior to such repurchase or redemption of Class A Shares, to redeem a corresponding number of Series A Membership Interests held by HII
(determined based upon the Exchange Rate then in effect), at an aggregate redemption price equal to the aggregate purchase or redemption price of the Class A Share or Class A Shares being repurchased or redeemed by HII (plus any expenses
related thereto) and upon such other terms as are the same for the Class A Share or Class A Shares being repurchased or redeemed by HII. 
 Section 3.04. Changes in Common Stock. Any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of Class A Shares shall be accompanied by an identical subdivision or combination, as applicable, of the Series A Membership Interests. 

ARTICLE 4 

MEMBERS 
 Section 4.01. Names and Addresses. The names and addresses of the Members are set forth on Exhibit A attached hereto and made a part hereof. The Managing Member shall cause Exhibit A to be
amended from time to time to reflect the admission of any additional Member, the withdrawal or termination of any Member, receipt by the Company of notice of any change of address of a Member or the occurrence of any other event requiring amendment
of Exhibit A. 

  
 14 

 Section 4.02. No Liability for Status as Member. 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 shall have any personal liability whatsoever solely by reason of its status as a Member,
whether to the Company or to any creditor of the Company, for the debts, obligations or liabilities of the Company or for any of its losses beyond the amount of such Member’s personal obligation to pay its Capital Contribution to the Company,
and as otherwise set forth in the Delaware LLC Act or under Applicable Law. Except as otherwise expressly provided in the Delaware LLC Act, the liability of each Member for Capital Contributions shall be limited to the amount of Capital
Contributions required to be made by such Member in accordance with the provisions of this Agreement, but only when and to the extent the same shall become due pursuant to the provisions of this Agreement. In no event shall any Member enter into any
agreement or instrument that would create or purport to create personal liability on the part of any other Member for any debts, obligations or liabilities of the Company without the prior written consent of such other Member. It is acknowledged and
agreed that no Member is obligated to pay or make any future Capital Contribution to the Company. 
 Section 4.03. No
Restrictions of Business Pursuits of Member. This Agreement shall not preclude or limit in any respect the right of any Member to engage in or possess any interest in other business ventures of any kind, nature or description. 

Section 4.04. Transactions Between Members and the Company. Except as otherwise provided by Applicable Law, a Member may, but
shall not be obligated to, lend money to the Company, act as a surety or guarantor for the Company, or transact other business with the Company, and has the same rights and obligations when transacting business with the Company as a person or entity
who is not a Member, provided such transactions shall be entered into on terms and conditions customary in arm’s length transactions between unrelated parties. 
 Section 4.05. Meeting of Members. Any action permitted or required to be taken by the Members pursuant to this Agreement may be considered at a meeting of such Members held not less than ten
days after notification thereof shall have been given by the Managing Member to all Members. Such notification may be given by the Managing Member, in its discretion, at any time. Any such notification shall state briefly the purpose, time and place
of the meeting. All such meetings shall be held within or outside the State of Delaware at such reasonable place as the Managing Member shall designate and during normal business hours, and may be held by means of conference telephone or other
communications equipment by means of which all persons participating in the meeting can hear each other. The Members may vote at any such meeting in person or by proxy. Participation in such a meeting shall constitute presence in person at such
meeting. No notice of the time, place or purpose of any meeting need be given to any Member who, either before or after the time of such meeting, waives such notice in writing. At any meeting of the Members, the Managing Member, whether present in
person or by proxy, shall, except as otherwise provided by law or by this Agreement, constitute a quorum. Whenever any Company action is to be taken by vote of the Members at a meeting, it shall be authorized

  
 15 

 
upon receiving the affirmative vote of the Managing Member. For the avoidance of doubt, Members owning Series B Membership Interests shall not be entitled, with respect to such Series B
Membership Interests, to vote on or approve or consent to any action permitted or required to be taken or any determination required to be made by the Company or the Members, including the right to vote on or approve or consent to any merger or
consolidation involving the Company, or any amendment to this Agreement, other than pursuant to Section 14.09. 

Section 4.06. Action by Members Without Meeting. Any action permitted or required to be taken by the Members pursuant to this
Agreement may be effected at a meeting of the Members or by consent in writing or by electronic transmission of the Managing Member, with the same effect as if taken at a meeting of the Members. 

Section 4.07. Limited Rights of Members. Other than as provided in this Article 4 and Article 10 (and Article 7 in the case
of the Managing Member), no Member, in such Person’s capacity as a Member, shall have the power or authority to act for or on behalf of, or to bind, the Company, or to vote at any meeting of the Members. 

ARTICLE 5 

DISTRIBUTIONS 
 Section 5.01. Distributions. To the extent permitted by Applicable Law and hereunder, distributions to Members may be declared by the Managing Member out of funds legally available therefor in
such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; such distribution 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 Managing Member shall have the obligation to make
distributions as set forth in Sections 5.02 and 10.01; and 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 render the
Company insolvent. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to
this Section 5.01, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof. In furtherance of the foregoing, it is intended that the Managing Member
shall, to the extent permitted by Applicable Law and hereunder, have the right in its sole discretion to make distributions to the Members pursuant to this Section 6.01 in such amounts as shall enable HII to meet its obligations pursuant to the
Tax Receivable Agreement. 
 Section 5.02. Distributions for Payment of Income Tax. On or about each date (a
“Tax Distribution Date”) that is five (5) Business Days prior to the date on which estimated U.S. 

  
 16 

 
federal income tax payments are required to be made by calendar year individual taxpayers and each due date for the U.S. federal income tax return of an individual calendar year taxpayer (without
regard to extensions), the Company shall make a distribution to each Member of cash in an amount equal to such Member’s Assumed Tax Liability, if any, for such taxable period (the “Tax Distributions”). Distributions pursuant to
this Section 5.02 shall be treated as an advance distribution under Section 5.01 and shall be offset against future distributions that such holder of Membership Interests would otherwise be entitled to receive pursuant to
Section 5.01. The calculation of Assumed Tax Liability shall take into account the carryforward of prior losses and the character of the items allocated (e.g., capital or ordinary) and shall treat each distribution made pursuant to this
Section 5.02 as a payment of taxes or estimated taxes. If on a Tax Distribution Date there are not sufficient funds on hand to distribute to each Member the full amount of such Member’s Assumed Tax Liability, distributions pursuant to this
Section 5.02 shall be made to the Members to the extent of the available funds in proportion to each Member’s Assumed Tax Liability and the Company shall make future distributions as soon as funds become available to pay the remaining
portion of such Member’s Assumed Tax Liability. To the extent that, on any Tax Distribution Date, a Member would otherwise be entitled to receive less than its Percentage Interest of the aggregate Tax Distributions to be paid on such date, the
Tax Distributions to such Member shall be increased to ensure that all distributions made pursuant to this Section 5.02 shall be made on a pro rata basis in accordance with Percentage Interests. In the event of any audit adjustment by a taxing
authority that affects the calculation of any Member’s Tax Distribution for any taxable year, or in the event the Company files an amended return which has such effect, each Member’s Tax Distribution with respect to such year shall be
recalculated by giving effect to such audit adjustment or changes reflected in such amended return, as applicable (and by including therein an additional amount that, when distributed to the Members pursuant to this sentence, will be sufficient to
satisfy the obligation of any Member or former Member in connection therewith for interest or penalties), and (x) any shortfall in the amount of Tax Distributions the Members and former Members received for the relevant taxable years based on
such recalculated Tax Distribution amount shall promptly be distributed to such Members and successors of former Members, except to the extent that Distributions were made to such Members and former Members pursuant to Section 5.01 in the
relevant taxable years and (y) any excess in the amount of Tax Distributions the Members received for the relevant taxable years based on such recalculated Tax Distribution shall be applied against, and reduce the amount of, subsequent Tax
Distributions due to such Member or successor Member. 
 Section 5.03. Limitations on Distributions. Notwithstanding
anything to the contrary contained in this Agreement, distributions to Members shall be subject to the restrictions contained in §18-607 of the Delaware LLC Act. 
 Section 5.04. Withholding. 
 (a) Authority to Withhold; Treatment of
Withheld Amounts. Each Member hereby authorizes the Company and the Managing Member on behalf of the Company to withhold and 

  
 17 

 
to pay over, or otherwise to pay, any withholding or other taxes payable by the Company (pursuant to any provision of United States federal, state or local or foreign law) with respect to such
Member or as a result of such Member’s participation in the Company; and if and to the extent that the Company shall be required to withhold or pay any such withholding or other taxes, such Member shall be deemed for all purposes of this
Agreement to have received a payment from the Company as of the time such withholding or other tax is paid, which payment shall be deemed to be a distribution with respect to such Member’s Membership Interest in the Company. 

(b) Indemnification. Each Member shall, to the fullest extent permitted by Applicable Law, indemnify and hold harmless the Managing
Member and each other Person (other than the Company) who is or who is deemed to be the responsible withholding agent for United States federal, state or local or foreign income tax purposes against all claims, liabilities and expenses of whatever
nature (other than any claims, liabilities and expenses in the nature of penalties and accrued interest thereon that result from such Managing Member’s or such other Person’s gross negligence, willful misconduct or fraud) relating to the
Company’s, the Managing Member’s or such other Person’s obligation to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable by the Company or any of its Affiliates with respect to such Member or as a
result of such Member’s participation in the Company. 
 (c) Refunds. In the event that the Company receives a refund
of taxes previously withheld, the economic benefit of such refund shall be apportioned among the Members in a manner reasonably determined by the Managing Member to offset the prior operation of this Section 5.04 in respect of such withheld
taxes. 
 ARTICLE 6 
 ALLOCATIONS AND TAX MATTERS 
 Section 6.01. Capital Accounts and Adjusted Capital Accounts. 
 (a)
Establishment of Capital Accounts. There shall be established and maintained for each Member on the books of the Company a capital account (a “Capital Account”). Each Member’s Capital Account (a) shall be increased
by (i) the amount of money contributed by such Member to the Company, (ii) the Book Value of property contributed by that Member to the Company (net of liabilities secured by the contributed property that the Company is considered to
assume or take subject to under Section 752 of the Code) and (iii) allocations to such Member of Net Profits and any other items of income or gain allocated to such Member, and (b) shall be decreased by (i) the amount of money
distributed to such Member by the Company, (ii) the Book Value of property distributed to such Member by the Company (net of liabilities secured by the distributed property that such Member is considered to assume or take subject to under
Section 752 of the Code), and (iii) allocations to such Member of Net Losses and any other items of loss or deduction allocated to such Member. The Capital Accounts shall also be increased or decreased to reflect a revaluation of Company
property pursuant to paragraph (b) of the 

  
 18 

 
definition of Book Value. On the transfer of all or part of a Member’s Membership Interests, the Capital Account of the transferor that is attributable to the transferred Membership
Interests shall carryover to the Permitted Transferee Member in accordance with the provisions of Treas. Reg. §1.704-1(b)(2)(iv)(1). A Member that has more than one class of Membership Interests shall have a single Capital Account that reflects
all such Membership Interests. 
 (b) Negative Balances; Interest. None of the Members shall have any obligation to the
Company or to any other Member to restore any negative balance in its Capital Account. No interest shall be paid by the Company on any Capital Contributions. 
 (c) No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital Account or to receive any distribution from the Company, except as
expressly provided herein. 
 Section 6.02. Additional Capital Contributions. No Member shall be required to make
any additional Capital Contributions to the Company or lend any funds to the Company, although any Member may agree with the Managing Member and become obligated to do so. 
 Section 6.03. Allocations of Net Profits and Net Losses. Subject to Section 6.04, Net Profits or Net Losses for any Fiscal Year or other period shall be allocated to the Members in
proportion to their respective Percentage Interests. 
 Section 6.04. Special Allocations. 

(a) Notwithstanding any other provision of this Agreement, the following allocations shall be made for each Fiscal Year or other period:

 (i) Notwithstanding any other provision of this Section 6.04, if there is a net decrease in Company
Minimum Gain during any taxable period, each Member shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treas. Reg. §1.704-2(f), (g)(2) and (j). For
purposes of this Section 6.04, each Member’s Capital Account shall be determined and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Article 6 with
respect to such taxable period. This Section 6.04(a)(i) is intended to comply with the partnership minimum gain chargeback requirement in Treas. Reg. §1.704-2(f) and shall be interpreted consistently therewith. 

(ii) Notwithstanding the other provisions of this Section 6.04 (other than 6.04(a)(i) above), if there is a net
decrease in Member Nonrecourse Debt Minimum Gain during any taxable period, any Member with a share of Member Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Company income and gain for such period
(and, if necessary, subsequent periods) in the manner and amounts provided in Treas. Reg. §1.704-2(i)(4) and (j)(2). For purposes of 

  
 19 

 
this Section 6.04, each Member’s Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the
application of any other allocations pursuant to this Section 6.04(a), other than Section 6.04(a)(i) above, with respect to such taxable period. This Section 6.04(a)(ii) is intended to comply with the Member nonrecourse debt minimum
gain chargeback requirement in Treas. Reg. §1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii) Except as provided in Sections 6.04(a)(i) and 6.04(a)(ii) above, in the event any Member unexpectedly receives any
adjustments, allocations or distributions described in Treas. Reg. §1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the
extent required by such Treasury Regulations, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant
to Sections 6.04(a)(i) and 6.04(a)(ii). 
 (iv) In the event any Member has a deficit balance in its Adjusted
Capital Account at the end of any taxable period, such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this
Section 6.04(a)(iv) shall be made only if and to the extent that such Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided in this Section 6.04(a) have been tentatively made as if this
Section 6.04(a)(iv) were not in this Agreement. 
 (v) Nonrecourse Deductions for any taxable period shall
be allocated to the Members in accordance with their Percentage Interests. 
 (vi) Member Nonrecourse Deductions
for any taxable period shall be allocated 100% to the Member that bears the Economic Risk of Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treas. Reg.
§1.704-2(i) or Treas. Reg. §1.704-2(k). If more than one Member bears the Economic Risk of Loss with respect to a Member Nonrecourse Debt, Member Nonrecourse Deductions attributable thereto shall be allocated between or among such Members
in accordance with the ratios in which they share such Economic Risk of Loss. 
 (b) Curative Allocation. The allocations
set forth in Section 6.04(a) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory
Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 6.04(b). Therefore, notwithstanding any other provision of this
Article 6 (other than the Regulatory Allocations), but subject to the Code and the Treasury Regulations, the Managing Member shall make such offsetting special 

  
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allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account
balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement. In exercising its discretion under this Section 6.04(b), the Managing Member shall
take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 
 (c) Notwithstanding any other provisions of this Section 6.04, if, following the application of Sections 6.04(a) and 6.04(b), the Managing Member determines in its sole discretion that the allocation
provisions in Sections 6.04(a) and 6.04(b) do not reflect the economic arrangements among the Members, then Net Profits and Net Losses shall, following the application of Sections 6.04(a) and 6.04(b), be allocated in the sole discretion of the
Managing Member in a manner that the Managing Member concludes reflects the economic arrangements of the Members. 

Section 6.05. Allocation for Income Tax Purposes. 
 (a) Except as provided in Section 6.05(b), 6.05(c) and 6.05(d), each item of income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members
in the same manner as such items are allocated for book purposes under Sections 6.03 and 6.04. 
 (b) The Members recognize that
there may be a difference between the Book Value of a Company asset and the asset’s adjusted tax basis at the time of the property’s contribution or revaluation pursuant to this Agreement. In such a case, all items of tax depreciation,
cost recovery, amortization, and gain or loss with respect to such asset shall be allocated among the Members to take into account the disparities between the Book Values and the adjusted tax basis with respect to such properties in accordance with
the provisions of Sections 704(b) and 704(c) of the Code and the Treasury Regulations under those sections using the “traditional method” set forth in Treas. Reg. §1.704-3(b); provided, however, that any tax items not required
to be allocated under Sections 704(b) or 704(c) of the Code shall be allocated in the same manner as such gain or loss would be allocated for book purposes under Sections 6.03 and 6.04. Items allocated under this Section 6.05(b) shall neither
be credited nor charged to the Members’ Capital Accounts. 
 (c) All items of income, gain, loss, deduction and credit
allocated to the Members in accordance with the provisions hereof and basis allocations recognized by the Company for federal income tax purposes shall be determined without regard to any election under Section 754 of the Code that may be made
by the Company; provided, however, such allocations, once made, shall be adjusted as necessary or appropriate to take into account the adjustments permitted by Sections 734 and 743 of the Code. 

  
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 (d) If any deductions for depreciation, cost recovery or depletion are recaptured as
ordinary income upon the sale or other disposition of Company properties, the ordinary income character of the gain from such sale or disposition shall be allocated among the Members in the same ratio as the deductions giving rise to such ordinary
income character were allocated. 
 Section 6.06. Other Allocation Rules. All items of income, gain, loss, deduction
and credit allocable to Membership Interests that have been transferred shall be allocated between the transferor and the transferee based on the portion of the calendar year during which each was recognized as the owner of such Membership
Interests, without regard to the results of Company operations during any particular portion of that calendar year and without regard to whether cash distributions were made to the transferor or the transferee during that calendar year; provided,
however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the regulations thereunder. 
 Section 6.07. Regulatory Compliance. The foregoing provisions are intended to comply with Treas. Reg. § 1.704-1(b), and shall be interpreted and applied as provided in such Treasury
Regulations. If the Managing Member shall determine that the manner in which the Capital Accounts or Adjusted Capital Accounts, or any increases or decreases thereto, are computed, or the manner in which any allocations are made under Sections 6.03
and 6.04, should be adjusted in order to comply with Sections 704(b) and 704(c) of the Code and Treasury Regulations thereunder, the Managing Member shall make such modifications, provided that the Managing Member shall not modify the manner of
making distributions pursuant to this Agreement. 
 Section 6.08. Certain Costs And Expenses. The Company shall
(a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing
services to the Company) incurred in pursuing and conducting, or otherwise related to, the business of the Company, and (b) in the sole discretion of the Managing Member, reimburse the Managing Member for any out-of-pocket costs, fees and
expenses incurred by it in connection therewith. To the extent that the Managing Member reasonably determines in good faith that its expenses are related to the business conducted by the Company and/or its subsidiaries (including any good faith
allocation of a portion of expenses that so relate to the business of the Company and/or its subsidiaries and that also relate to other businesses or activities of the Managing Member), then the Managing Member may cause the Company to pay or bear
all such expenses of the Managing Member, including, costs of securities offerings not borne directly by Members, compensation and meeting costs of its board of directors, cost of periodic reports to its stockholders, litigation costs and damages
arising from litigation, accounting and legal costs and franchise taxes (which are not based on, or measured by, income) provided that the Company shall not pay or bear any income tax obligations of the Managing Member; provided
further that the payment of Tax Distributions to the Managing Member shall not be prevented by the foregoing. Payments under this Section 6.08 are intended to constitute reasonable compensation for past or present services and are not
“distributions” within the meaning of §18-607 of the Delaware LLC Act. 

  
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 ARTICLE 7 
 MANAGEMENT AND CONTROL OF BUSINESS 
 Section 7.01. Management. (a) The Members shall possess all rights and powers as provided in the Delaware LLC Act and otherwise by Applicable Law. 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 Managing Member of all such powers and rights conferred on them by the Delaware LLC Act with respect to the management and
control of the Company. 
 (b) Other than with respect to the actions described in Section 10.01(a), the Managing Member
shall have the power and authority to delegate to one or more other Persons the Managing Member’s rights and powers to manage and control the business and affairs of the Company, including to delegate to agents and employees of a Member or the
Company (including any officers thereof), and to delegate by a management agreement or another agreement with, or otherwise to, other Persons. The Managing Member may authorize any Person (including any Member or officer of the Company) to enter
into and perform any document on behalf of the Company. 
 (c) The Managing Member 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, reorganization or other combination of the Company with or into another entity. 

Section 7.02. Certain Covenants. The Managing Member shall not, without the prior written consent of the Majority Holders,
cause the merger of the Company with or into HII or any other Subsidiary thereof. 
 Section 7.03. Investment Company
Act. The Managing Member shall use its best efforts to insure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

ARTICLE 8 

OFFICERS 
 Section 8.01. Officers. The officers of the Company shall be a Chief Executive Officer, a Treasurer and a Secretary, and unless determined otherwise by the Managing Member or the Chief
Executive Officer, each other officer of HII shall also be an officer of the Company, with the same title. All officers shall be appointed by the Managing Member (or by the Chief Executive Officer to the extent the Managing Member delegates such
authority to the Chief Executive Officer) and shall hold office until their successors are appointed by the Managing 

  
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Member (or by the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer). Two or more offices may be held by the same individual. The
officers of the Company may be removed by the Managing Member (or by the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer) at any time for any reason or no reason. 

Section 8.02. Other Officers and Agents. The Managing Member may appoint such other officers and agents as it may deem
necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Managing Member. 

Section 8.03. Chief Executive Officer. The Chief Executive Officer shall be the chief executive officer of the Company and
shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present thereat. Except as the Managing Member shall
authorize the execution thereof in some other manner, he or she shall execute bonds, mortgages and other contracts on behalf of the Company. 
 Section 8.04. Treasurer. The Treasurer shall have the custody of Company funds and securities and shall keep full and accurate account of receipts and disbursements in a book belonging to the
Company. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries as may be designated by the Managing Member or the Chief Executive Officer. The Treasurer shall disburse the funds of
the Company as may be ordered by the Managing Member or the Chief Executive Officer, taking proper vouchers for such disbursements. He or she shall render to the Managing Member and the Chief Executive Officer whenever either of them may request it,
an account of all his or her transactions as Treasurer and of the financial condition of the Company. If required by the Managing Member, the Treasurer shall give the Company a bond for the faithful discharge of his or her duties in such amount and
with such surety as the Managing Member shall prescribe. 
 Section 8.05. Secretary. The Secretary shall give, or
cause to be given, notice of all meetings of Members and all other notices required by Applicable Law or by this Agreement, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto
directed by the Chief Executive Officer, or by the Managing Member. He or she shall record all the proceedings of the meetings of the Company in a book to be kept for that purpose, and shall perform such other duties as may be assigned to him or her
by the Managing Member or by the Chief Executive Officer. 
 Section 8.06. Other Officers. Other officers, if any,
shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the Managing Member or by the Chief Executive Officer. 

  
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 ARTICLE 9 
 TRANSFERS OF INTERESTS; ADMITTANCE OF NEW MEMBERS 

Section 9.01. Transfer of Membership Interests. Other than as provided for below in this Section 9.01 or in
Section 9.02, no Member may sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being herein collectively called a “Transfer”) all or any portion of its
Membership Interest except with the written consent of the Managing Member, which may be granted or withheld in its sole discretion. Without the consent of the Managing Member (but otherwise in compliance with Sections 9.01 and 9.02), a Member may,
at any time, (a) Transfer any portion of such Member’s Membership Interest pursuant to the Exchange Agreement, and (b) Transfer any portion of such Member’s Membership Interest to a Permitted Transferee of such Member. Any
Transfer of Series B Membership Interests to a Permitted Transferee of such Member must be accompanied by the transfer of an equal number of corresponding Class B Shares to such Permitted Transferee. Any purported Transfer of all or a portion of a
Member’s Membership Interest not complying with this Section 9.01 shall be void ab initio and shall not create any obligation on the part of the Company or the other Members to recognize that purported Transfer or to recognize the
Person to which the Transfer purportedly was made as a Member. A Person acquiring a Member’s Membership Interest pursuant to this Section 9.01 shall not be admitted as a substituted or additional Member except in accordance with the
requirements of Section 9.03, but such Person shall, to the extent of the Membership Interest transferred to it, be entitled to such Member’s (i) share of distributions, (ii) share of profits and losses, including Net Profits and
Net Losses, and (iii) Capital Account in accordance with Section 6.01(a). Notwithstanding anything in this Section 9.01 or elsewhere in this Agreement to the contrary, if a Member Transfers all or any portion of its Membership
Interest after the designation of a record date and declaration of a distribution pursuant to Section 5.01 and before the payment date of such distribution, the transferring Member (and not the Person acquiring all or any portion of its
Membership Interest) shall be entitled to receive such distribution in respect of such transferred Membership Interest. 

Section 9.02. Transfer of HII’s Interest. HII may not Transfer all or any portion of its Membership Interest held in the
form of Series A Membership Interests at any time. 
 Section 9.03. Recognition of Transfer; Substituted and Additional
Members. (a) No direct or indirect Transfer of all or any portion of a Member’s Membership Interest may be made, and no purchaser, assignee, transferee or other recipient of all or any part of such Membership Interest shall be admitted
to the Company as a substituted or additional Member hereunder, unless: 
 (i) the provisions of
Section 9.01 or Section 9.02, as applicable, shall have been complied with; 
 (ii) in the case of a
proposed substituted or additional Member (other than a Permitted Transferee described in clauses (i) through (v) of the definition thereof) that is 

  
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(i) a competitor or potential competitor of HII, the Company or their Subsidiaries, (ii) a Person with whom the HII, the Company or their Subsidiaries has had or is expected to have a
material commercial or financial relationship or (iii) likely to subject HII, the Company or their Subsidiaries to any material legal or regulatory requirement or obligation, or materially increase the burden thereof, in each case as determined
by the Managing Member in its sole discretion, the admission of the purchaser, assignee, transferee or other recipient as a substituted or additional Member shall have been approved by the Managing Member; 

(iii) the Managing Member shall have been furnished with the documents effecting such Transfer, in form and substance
reasonably satisfactory to the Managing Member, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Managing Member shall have executed (and the Managing Member
hereby agrees to execute) any other documents on behalf of itself and the Members required to effect the Transfer; 
 (iv) the provisions of Section 9.03(b) shall have been complied with; 
 (v) the Managing Member shall be reasonably satisfied that such Transfer will not (A) result in a violation of the Securities Act or any other Applicable Law; or (B) cause an assignment under
the Investment Company Act; 
 (vi) such Transfer would not cause the Company to lose its status as a partnership
for federal income tax purposes and, without limiting the generality of the foregoing, such Transfer shall not be effected on or through an “established securities market” or a “secondary market or the substantial equivalent
thereof,” as such terms are used in Section 1.7704-1 of the Treasury Regulations; 
 (vii) the Managing
Member shall have received the opinion of counsel, if any, required by Section 9.03(c) in connection with such Transfer; and 
 (viii) all necessary instruments reflecting such Transfer and/or admission shall have been filed in each jurisdiction in which such filing is necessary in order to qualify the Company to conduct business
or to preserve the limited liability of the Members. 
 (b) Each substituted Member and additional Member shall be bound by all
of the provisions of this Agreement. Each substituted Member and additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement or a joinder agreement in
customary form), in form and substance reasonably satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such substituted or additional Member
to be bound by all the terms and provisions of this Agreement with respect to the Membership Interest acquired by such substituted or additional Member. The 

  
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admission of a substituted or additional Member shall not require the consent of any Member other than the Managing Member (if and to the extent such consent of the Managing Member is expressly
required by this Article 9). As promptly as practicable after the admission of a substituted or additional Member, the books and records of the Company and Exhibit A shall be changed to reflect such admission. 

(c) As a further condition to any Transfer of all or any part of a Member’s Membership Interest, the Managing Member may, in its
discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained at the sole expense of the transferring Member, reasonably satisfactory in form and substance to the Managing
Member, as to such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not
result in a violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to the Exchange Agreement.

 Section 9.04. Expense of Transfer; Indemnification. All reasonable costs and expenses incurred by the Managing
Member and the Company in connection with any Transfer of a Member’s Membership Interest, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member.
In addition, the transferring Member hereby indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their Affiliates may become subject arising out of or
based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 

Section 9.05. Exchange Agreement. In connection with any Transfer of any portion of a Member’s Membership Interest
pursuant to the Exchange Agreement, the Managing Member shall cause the Company to take any action as may be required under the Exchange Agreement or requested by any party thereto to effect such Transfer promptly. 

Section 9.06. Recapitalization. Upon any Transfer to HII of any Series B Membership Interests from HPI, HPIS or their
successors and assigns in connection with an exercise by the IPO Underwriters of their over-allotment option to purchase Optional Securities pursuant to Section 3 of the IPO Underwriting Agreement, such Series B Membership Interests shall
immediately be recapitalized into Series A Membership Interests. 
 ARTICLE 10 

DISSOLUTION AND TERMINATION 

Section 10.01. Dissolution.  

  
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 (a) The Company shall be dissolved and its affairs wound up upon the occurrence of any of
the following events: 
 (i) an election by the Managing Member to dissolve, wind up or liquidate the Company;

 (ii) the sale, disposition or transfer of all or substantially all of the assets of the Company; 

(iii) the entry of a decree of dissolution of the Company under §18-802 of the Delaware LLC Act; or 

(iv) at any time there are no members of the Company, unless the Company is continued in accordance with the Delaware LLC
Act. 
 (b) In the event of a dissolution pursuant to Section 10.01(a), the relative economic rights of each class of
Membership Interests immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 10.01(f) in connection with such dissolution, taking into
consideration tax and other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with Applicable Laws. 
 (c) Dissolution of the Company shall be effective on the day on which the event occurs giving rise to the dissolution, but the Company will not terminate until the assets of the Company have been
distributed as provided in this Section 10.01 and any filings required by the Delaware LLC Act have been made. 
 (d) Upon
dissolution, the Company shall be liquidated and wound up in an orderly manner in accordance with the provisions of this Section 10.01. The Managing Member or a Person selected by the Managing Member to act as liquidating trustee, shall wind up
the affairs of the Company pursuant to this Agreement. The Managing Member or liquidating trustee, as applicable, is authorized, subject to the Delaware LLC Act, to sell, exchange or otherwise dispose of the assets of the Company, or to distribute
Company assets in kind, as the Managing Member or liquidating trustee shall determine to be in the best interests of the Members. The reasonable out-of-pocket expenses incurred by the Managing Member or liquidating trustee in connection with winding
up the Company (including legal and accounting fees and expenses), all other liabilities or losses of the Company or the Managing Member or liquidating trustee incurred in accordance with the terms of this Agreement, and reasonable compensation for
the services of the liquidating trustee shall be borne by the Company. Except as otherwise required by law and except in connection with any gross negligence or willful misconduct of the Managing Member or liquidating trustee, the Managing Member or
liquidating trustee shall not be liable to any Member or the Company for any loss attributable to any act or omission of the Managing Member or liquidating trustee taken in good faith in connection with the winding up

  
 28 

 
of the Company and the distribution of Company assets. The Managing Member or liquidating trustee may consult with counsel and accountants with respect to winding up the Company and distributing
its assets and shall be justified in acting or omitting to act in accordance with the advice or opinion of such counsel or accountants, provided that the Managing Member or liquidating trustee shall have used reasonable care in selecting such
counsel or accountants. 
 (e) Upon dissolution of the Company, the expenses of liquidation (including compensation for the
services of the liquidating trustee and legal and accounting fees and expenses) and the Company’s liabilities and obligations to creditors shall be paid, or reasonable provisions shall be made for payment thereof, in accordance with Applicable
Law, from cash on hand or from the liquidation of Company properties. 
 (f) 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 this Section 10.01 to minimize any losses otherwise attendant upon such winding up. Notwithstanding the generality of the foregoing, within 180
calendar days after the effective date of dissolution of the Company, the assets of the Company shall be distributed in the following manner and order: (i) all debts and obligations of the Company, if any, shall first be paid, discharged or
provided for by adequate reserves; and (ii) the balance shall be distributed to the Members in accordance with Section 5.01. 
 (g) The Managing Member or liquidating trustee shall not be personally liable for the return of Capital Contributions or any portion thereof to the Members (it being understood and agreed that any such
return shall be made solely from Company assets). 
 Section 10.02. Termination. The Company shall terminate when
all of the assets of the Company, after payment or reasonable provision for the payment of all debts, liabilities and obligations of the Company, shall have been distributed in the manner provided for in this Article 10 and the Certificate shall
have been canceled in the manner required by the Delaware LLC Act. 
 ARTICLE 11 

EXCULPATION AND INDEMNIFICATION 

Section 11.01. Exculpation. To the fullest extent permitted by Applicable Law, and except as otherwise expressly provided
herein, no Indemnitee shall be liable to the Company or any other Indemnitee for any Losses, which at any time may be imposed on, incurred by, or asserted against, the Company or any other Indemnitee as a result of or arising out of the activities
of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed by such Indemnitee to be conferred on such Indemnitee, except to the extent such Losses arise out of (i) the Indemnitee’s
failure to act in good faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, 

  
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and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii) the Indemnitee’s material breach of this
Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. 

Section 11.02. Indemnification. To the fullest extent permitted by Applicable Law, each of (a) the Members, the Managing
Member and their respective Affiliates, (b) the stockholders, members, managers, directors, officers, partners, employees and agents of the Members and the Managing Member and their respective Affiliates, and (c) the officers of the
Company (each, an “Indemnitee”) shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and
other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative (collectively, “Losses”), which at any time may be imposed on, incurred by, or asserted against,
the Indemnitee as a result of or arising out of this Agreement, the Company, its assets, business or affairs or the activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed to be
conferred on such Indemnitee; provided, however, that the Indemnitee shall not be entitled to indemnification for any Losses to the extent such Losses arise out of (i) the Indemnitee’s failure to act in good faith and in a manner
such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii) the
Indemnitee’s material breach of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee acted in a manner specified in clause (i), (ii) or (iii) above. Any indemnification pursuant to this
Article 11 shall be made only out of the assets of the Company and no Member shall have any personal liability on account thereof. 
 Section 11.03. Expenses. Expenses (including reasonable legal fees and expenses) incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding described in
Section 11.02 shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding, upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such
amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in this Article 11. 

Section 11.04. Non-Exclusivity. The indemnification and advancement of expenses set forth in this Article 11 shall not be
exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, the Delaware LLC Act, this Agreement, any other agreement, a policy of insurance or otherwise. The indemnification and
advancement of expenses set forth in this Article 11 shall continue as to an Indemnitee who has ceased to be a named Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors and permitted assigns of such a
Person. 

  
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 Section 11.05. Insurance. The Company may purchase and maintain insurance on
behalf of the Indemnitees against any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such liability
under this Article 11. 
 ARTICLE 12 
 ACCOUNTING AND RECORDS; TAX MATTERS 
 Section 12.01. Accounting and Records. The books and records of the Company shall be made and maintained, and the financial position and the results of its operations recorded, at the expense
of the Company, in accordance with such method of accounting as is determined by the Managing Member. The books and records of the Company shall reflect all Company transactions and shall be made and maintained in a manner that is appropriate and
adequate for the Company’s business. 
 Section 12.02. Tax Returns. The Company shall prepare and timely file
all U.S. federal, state and local and foreign tax returns required to be filed by the Company. Unless otherwise agreed by the Managing Member, any income tax return of the Company shall be prepared by an independent public accounting firm of
recognized national standing selected by the Managing Member. Each Member shall furnish to the Company all pertinent information in its possession relating to the Company’s operations that is necessary to enable the Company’s tax returns
to be timely prepared and filed. The Company shall deliver to each Member as soon as practicable, but in any event within 180 days, after the end of the applicable Fiscal Year, a Schedule K-1 together with such additional information as may be
required by the Members in order to file their individual returns reflecting the Company’s operations. The Company shall bear the costs of the preparation and filing of its tax returns. 

Section 12.03. Tax Partnership. Neither the Company nor any Member shall make an election for the Company to be excluded from
the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or to be classified as other than a partnership pursuant to Treas. Reg. §301.7701-3. 

Section 12.04. Tax Elections. The Managing Member shall, on behalf of the Company, make the following elections on the
appropriate forms or tax returns: 
 (a) to adopt the calendar year as the Company’s taxable year or Fiscal Year, if
permitted under the Code; 
 (b) to adopt the accrual method of accounting and to keep the Company’s books and records on
the U.S. federal income tax method; 

  
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 (c) to elect to amortize the organizational expenses of the Company as permitted by
Section 709(b) of the Code; 
 (d) as required by the Tax Receivable Agreement, to make an election under Section 754
of the Code with respect to the Company (and to cause each Subsidiary Partnership to make such an election under Section 754 of the Code), which elections shall be in effect for each Fiscal Year in which any Member Transfers Series B Membership
Interests pursuant to the Exchange Agreement; and 
 (e) any other election the Managing may deem appropriate and in the best
interests of the Members. 
 Section 12.05. Tax Matters Member. 

(a) The Managing Member shall be the “tax matters partner” of the Company as defined in Section 6231(a)(7) of the Code (the
“Tax Matters Member”). The Tax Matters Member shall take such action as may be necessary to cause to the extent possible each other Member to become a notice partner within the meaning of Section 6231 (a)(8) of the Code.
The Tax Matters Member shall inform each other Member of all significant matters that may come to its attention in its capacity as Tax Matters Member by giving notice thereof on or before the fifth day after becoming aware thereof and, within that
time, shall forward to each other Member copies of all significant written communications it may receive in that capacity. 
 (b)
Any cost or expense incurred by the Tax Matters Member in connection with its duties, including the preparation for or pursuance of administrative or judicial proceedings, shall be paid by the Company. 

(c) Any Member that enters into a settlement agreement with respect to any partnership item (within the meaning of Section 6231(a)(3)
of the Code) shall notify the other Members of such settlement agreement and its terms within 90 days from the date of the settlement. 
 (d) No Member shall file a request pursuant to Section 6227 of the Code for an administrative adjustment of partnership items for any taxable year without first notifying the other Members. If the
Managing Member consents to the requested adjustment, the Tax Matters Member shall file the request for the administrative adjustment on behalf of the Members. If such consent is not obtained within 30 days from such notice, or within the period
required to timely file the request for administrative adjustment, if shorter, any Member, including the Tax Matters Member, may file a request for administrative adjustment on its own behalf. Any Member intending to file a petition under Sections
6226 or 6228 of the Code or other Section of the Code with respect to any item involving the Company shall notify the other Members of such intention and the nature of the contemplated proceeding. In the case where the Tax Matters Member is the
Member intending to file such petition on behalf of the Company, such notice 

  
 32 

 
shall be given within a reasonable period of time to allow the other Members to participate in the choosing of the forum in which such petition will be filed. 

(e) If any Member intends to file a notice of inconsistent treatment under Section 6222(b) of the Code, such Member shall give
reasonable notice under the circumstances to the other Members of such intent and the manner in which the Member’s intended treatment of an item is (or may be) inconsistent with treatment of that item by the other Members. 

ARTICLE 13 

ARBITRATION 
 The Members shall attempt in good faith to resolve all claims, disputes and other disagreements arising hereunder or under the Exchange Agreement (each, a “Dispute”) by negotiation. If a
Dispute cannot be resolved in such manner, such Dispute shall, at the request of any party, after providing written notice to the other parties to the Dispute, be submitted to arbitration in The City of New York in accordance with the Commercial
Arbitration Rules of the American Arbitration Association then in effect. The proceeding shall be confidential. The party initially asserting the Dispute (the “Initiating Party”) shall notify the other party (the “Responding
Party”) of the name and address of the arbitrator chosen by the Initiating Party and shall specifically describe the Dispute in issue to be submitted to arbitration. Within 30 days of receipt of such notification, the Responding Party shall
notify the Initiating Party of its answer to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and address of the arbitrator chosen by the Responding Party. If the Responding Party does not appoint an arbitrator
during such 30-day period, appointment of the second arbitrator shall be made by the American Arbitration Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who shall serve
as president of the panel of arbitrators (the “Panel”) thus composed. If the two arbitrators so chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator,
the third arbitrator will be appointed by the American Arbitration Association upon the request of the arbitrators or either of the parties. In all cases, the arbitrators must be persons who are knowledgeable about, and have recognized ability and
experience in dealing with, the subject matter of the Dispute. The arbitrators will act by majority decision. Any decision of the arbitrators shall (a) be rendered in writing and shall bear the signatures of at least two arbitrators, and
(b) identify the members of the Panel. Absent fraud or manifest error, any such decision of the Panel shall be final, conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of
the arbitration shall be borne equally by the parties to the arbitration; provided, however, that each party shall pay for and bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the
arbitration. The parties shall complete all discovery within 30 days after the Panel is composed, shall complete the presentation of evidence to the Panel within 15 days after the completion of discovery, and a final decision with respect to the
matter submitted to arbitration shall be rendered within 15 days after the completion of presentation of evidence. 

  
 33 

 
The parties shall cause to be kept a record of the proceedings of any matter submitted to arbitration hereunder. 
 ARTICLE 14 
 MISCELLANEOUS PROVISIONS 

Section 14.01. Entire Agreement. This Agreement and the other Transaction Documents constitute the entire agreement and
understanding by the Members and the Company with respect to the subject matter hereof and supersede any prior agreement or understanding by the Members with respect to such subject matter. 

Section 14.02. Binding on Successors. 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. 
 Section 14.03. Managing Member’s Business. HII, as the sole Managing Member of the Company,
hereby agrees that it (a) will not conduct any business other than the management and ownership of the Company and its Subsidiaries and (b) shall not own any other assets (other than on a temporary basis). Notwithstanding the foregoing,
HII may take such actions and own such assets as are necessary or appropriate to comply with Applicable Law, including compliance with its responsibilities as a public company under the U.S. federal securities laws, incur indebtedness and take any
other action or own any other asset that the board of directors of HII determines in good faith is in the best interest of the Company. 
 Section 14.04. Debt or Equity Financing. HII shall not dividend or distribute to its stockholders all or any portion of the proceeds of any debt or equity financing (including a financing
involving any equity-linked securities); provided, however, that HII may use the proceeds of a financing involving solely the issuance of common stock of HII to repurchase other common stock held by a stockholder of HII as long as such
repurchase is done at a price that does not exceed the gross price per share of common stock issued in such financing. 

Section 14.05. Governing Law. This Agreement and the rights of the parties hereunder will be governed by, construed and
enforced in accordance with the laws of the State of Delaware without regard to conflicts of law principles thereof. 

Section 14.06. Headings. All headings herein are inserted only for convenience and ease of reference and are not to be
considered in the construction or interpretation of any provision of this Agreement. 

  
 34 

 Section 14.07. Severability. If any provision of this Agreement, or the
application of such provision to any Person or circumstance, shall be held illegal, invalid or unenforceable, the remainder of this Agreement or the application of such provision to other persons or circumstances shall not be affected thereby.

 Section 14.08. Notices. All notices, requests, consents and other communications hereunder (each, a
“Notice”) to the Company or any Member shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 14.08) or nationally recognized
overnight courier, addressed to such Member at the address or facsimile number set forth in Exhibit A hereto, or below with respect to the Company, or such other address or facsimile number as may hereafter be designated in writing by such party to
the other parties: 
 If to the Company, to: 
 Health Plan Intermediaries Holdings, LLC 
 15438 N. Florida Avenue, Suite 201

 Tampa, Florida, 33613 
 Facsimile No.: (877) 376-5832 
 Attention: General Counsel 

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

Davis Polk & Wardwell LLP 
 450 Lexington Avenue 
 New York, NY 10017 

Telephone: (212) 450-4125 
 Facsimile: (212) 701-5125 
 Attention: Deanna Kirkpatrick 

Each Notice shall be deemed received on the date sent to the recipient thereof in accordance with this Section 14.08, if sent prior
to 5:00 p.m. in the place of receipt and such day is a Business Day; otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day. 
 Section 14.09. Amendments. This Agreement may be amended (including, for purposes of this Section 14.09, any amendment effected directly or indirectly by way of a merger or consolidation
of the Company) or waived, in whole or in part, by the Managing Member; provided, however, that (i) to the extent any amendment or waiver, including any amendment or waiver of the Exhibits attached hereto, would disproportionately
and adversely affect the rights of any Member holding Series B Membership Interests compared with the rights of any other Member holding Series B Membership Interests, such amendment or waiver may only be made by the Managing Member upon the prior
written consent of such disproportionately and 

  
 35 

 
adversely affected Member, (ii) to the extent any amendment or waiver, including any amendment or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the
rights of holders of Series B Membership Interests compared with the rights of holders of Series A Membership Interests or any other series or class of Membership Interest, such amendment or waiver may only be made by the Managing Member upon the
prior written consent of the Majority Holders, and (iii) the following provisions may not be amended by the Managing Member in any manner adverse to a Member holding Series B Membership Interests without the prior written consent of the
Majority Holders: Section 5.01, Section 5.02, Article 6, Section 7.02, Section 9.03(a)(vi), Section 12.02, Section 12.03, Section 12.04(d) and Section 14.04. 

Section 14.10. Consent to Jurisdiction. Subject to Article 13, the parties hereto agree that any suit, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in the United States District Court for the Southern
District of New York or the Supreme Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding. Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such court, by any of
the methods specified for the giving of Notices pursuant to Section 14.08. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on venue, inconvenience
of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 14.08) in any suit, action or proceeding brought in such courts.

 Section 14.11. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 [Signature pages follow]

  
 36 

 IN WITNESS WHEREOF, HII, the Company and the Members named below have duly executed
this Agreement as of the date first written above. 
  

					
	 HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC

		
	By:	 	/s/ Michael W. Kosloske
		 	Name:	 	Michael W. Kosloske
		 	Title:	 	Chief Executive Officer

  

					
	HEALTH PLAN INTERMEDIARIES, LLC
		
	By:	 	/s/ Michael W. Kosloske
		 	Name:	 	Michael W. Kosloske
		 	Title:	 	Chief Executive Officer

  

					
	HEALTH PLAN INTERMEDIARIES SUB, LLC
		
	By:	 	Health Plan Intermediaries, LLC, its sole member
		
	By:	 	/s/ Michael W. Kosloske
		 	Name:	 	Michael W. Kosloske
		 	Title:	 	Chief Executive Officer

  

					
	HEALTH INSURANCE INNOVATIONS, INC.
		
	By:	 	/s/ Michael W. Kosloske
		 	Name:	 	Michael W. Kosloske
		 	Title:	 	Chief Executive Officer

 Exhibit A 

 

													
	 Name and Address of Member
	  	Number of
Series A
Membership
Interests	 	  	Number of
Series B
Membership
Interests	 	  	Percentage
Interest	 
	 Health Insurance Innovations, Inc.

15438 N. Florida Avenue, Suite 201

Tampa, Florida, 33613
	  	 	5,066,667	  	  	 	0	  	  	 	36.9	% 
	 Health Plan Intermediaries Sub, Inc.

15438 N. Florida Avenue, Suite 201

Tampa, Florida, 33613
	  	 	0	  	  	 	86,667	  	  	 	0.6	% 
	 Health Plan Intermediaries, Inc.

15438 N. Florida Avenue, Suite 201

Tampa, Florida, 33613
	  	 	0	  	  	 	8,580,000	  	  	 	62.5	% 
				
	 Total
	  	 	5,066,667	  	  	 	8,666,667	  	  	 	100	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]