Document:

EX-10.2

 Exhibit 10.2 

TAX RECEIVABLE AGREEMENT 
 by and
among 
 SHOALS TECHNOLOGIES GROUP, INC., 

CERTAIN OTHER PERSONS NAMED HEREIN, 

and 
 THE AGENT 

DATED AS OF 
 [DATE] 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 RECITALS
	  	 	1	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.1
	  	Definitions	  	 	2	 
	 Section 1.2
	  	Other Definitional and Interpretative Provisions	  	 	10	 
		
	 ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFITS
	  	 	10	 
	 Section 2.1
	  	Exchange Schedule	  	 	10	 
	 Section 2.2
	  	Closing Date Basis Schedule	  	 	11	 
	 Section 2.3
	  	Tax Benefit Schedule	  	 	11	 
	 Section 2.4
	  	Procedure: Amendments	  	 	12	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	13	 
	 Section 3.1
	  	Payments	  	 	13	 
	 Section 3.2
	  	No Duplicative Payments	  	 	14	 
	 Section 3.3
	  	Pro Rata Payments	  	 	14	 
	 Section 3.4
	  	Coordination of Benefits.	  	 	15	 
		
	 ARTICLE IV TERMINATION
	  	 	15	 
	 Section 4.1
	  	Early Termination by the Corporation	  	 	15	 
	 Section 4.2
	  	Early Termination upon Change of Control	  	 	15	 
	 Section 4.3
	  	Breach of Agreement	  	 	16	 
	 Section 4.4
	  	Early Termination Notice	  	 	17	 
	 Section 4.5
	  	Payment upon Early Termination	  	 	17	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	17	 
	 Section 5.1
	  	Subordination	  	 	17	 
	 Section 5.2
	  	Late Payments by the Corporation	  	 	18	 
		
	 ARTICLE VI PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION
	  	 	18	 
	 Section 6.1
	  	Participation in the Corporation’s Tax Matters	  	 	18	 
	 Section 6.2
	  	Consistency	  	 	18	 
	 Section 6.3
	  	Cooperation	  	 	18	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	19	 
	 Section 7.1
	  	Notices	  	 	19	 
	 Section 7.2
	  	Counterparts	  	 	19	 
	 Section 7.3
	  	Entire Agreement; No Third Party Beneficiaries	  	 	20	 
	 Section 7.4
	  	Governing Law	  	 	20	 
	 Section 7.5
	  	Severability	  	 	20	 
	 Section 7.6
	  	Successors: Assignment	  	 	20	 

  
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	 Section 7.7
	  	Amendments: Waivers	  	 	20	 
	 Section 7.8
	  	Titles and Subtitles	  	 	20	 
	 Section 7.9
	  	Reconciliation	  	 	20	 
	 Section 7.10
	  	Consent to Jurisdiction	  	 	21	 
	 Section 7.11
	  	Waiver of Jury Trial	  	 	22	 
	 Section 7.12
	  	Withholding	  	 	22	 
	 Section 7.13
	  	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	  	 	22	 
	 Section 7.14
	  	Confidentiality	  	 	23	 
	 Section 7.15
	  	No Similar Agreements	  	 	23	 
	 Section 7.16
	  	Change in Law	  	 	23	 

  
 iii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of [DATE], is hereby entered into by and among Shoals Technologies
Group, Inc., a Delaware corporation (the “Corporation”), Shoals Parent LLC, a Delaware limited liability company (the “Company”), Oaktree Power Opportunities Fund IV (Delaware) Holdings, L.P., a Delaware limited
partnership (“Oaktree Power”), Dean Solon, an individual (together with his Affiliates, the “Founder”), each of the Exchange TRA Holders from time to time party hereto, each of the Reorganization TRA Holders from
time to time party hereto (and, together with the Exchange TRA Holders, the “TRA Holders”), and the Agent. 
 RECITALS 

WHEREAS, the Company, which is classified as a partnership for U.S. federal income tax purposes, has issued (and may after the Closing Date
issue) limited liability company interests (“Units”) to certain Persons, providing such Persons an interest in the profits and/or losses of and distributions from the Company; 

WHEREAS, the Corporation is the managing member of the Company; 

WHEREAS, on the Closing Date, the Corporation will issue shares of its Class A Common Stock to certain purchasers in an initial public
offering of its Class A Common Stock (the “IPO”); 
 WHEREAS, on the Closing Date, the Corporation will purchase Units
(i) directly from the Company and (ii) from the Founder using proceeds of the IPO (collectively, the “Purchase”); 

WHEREAS, from and after the closing of the IPO, under certain circumstances, (i) each member of the Company (other than the Corporation)
will have the right from time to time to require the Company to redeem all or a portion of such member’s Units (together with any corresponding shares of Class B Common Stock) for shares of Class A Common Stock or, at the election of
the Corporation, cash, which may be effected by the Corporation effecting a direct exchange of shares of Class A Common Stock or cash for such Units (together with any such corresponding shares of Class B Common Stock), and (ii) the
Company may make one or more distributions (including deemed distributions) to its members in respect of their Units that result in a Basis Adjustment (in each case, an “Exchange”), and as a result of any such Exchange, the
Corporation is expected to obtain or be entitled to certain Tax benefits as further described herein; 
 WHEREAS, the Company and each of
its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), and any
corresponding provisions of state and local Tax law for the Taxable Year that includes the Closing Date and each Taxable Year in which an Exchange (as defined below) occurs, which election is expected to result, with respect to the Corporation, in
an adjustment to the Tax basis of the assets owned by the Company and such Subsidiaries in connection with the Purchase and each Exchange; 

 WHEREAS, Shoals Investment CTB LLC, a Delaware limited liability company (the
“Blocker”), is taxable as a corporation for U.S. federal income tax purposes and, immediately prior to the Reorganization Transactions (as defined below), is wholly owned by Oaktree Power; 

WHEREAS, Oaktree Power has entered into certain reorganization transactions with the Corporation in connection with the Blocker Merger (the
“Reorganization Transactions”), and as a result of such transactions the Corporation has succeeded to certain Tax attributes of the Blocker as further described herein; 

WHEREAS, this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized by
the Corporation as a result of (i) the Purchase, (ii) the Exchanges, (iii) the Reorganization Transactions and (iii) certain of the payments made pursuant to this Agreement; 

WHEREAS, the Board of Directors of the Corporation has declared a dividend to the Corporation’s sole stockholder, Oaktree Power,
consisting of Oaktree Power’s rights and obligations under this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and the
respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the terms set forth in this Article I shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“Accrued Amount” has the meaning set forth in Section 3.1(b). 

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for Taxes of (i) the Corporation
and (ii) without duplication, the Company, but only with respect to Taxes imposed on the taxable income of the Company that is allocable to the Corporation (or to the other members of the consolidated group of which the Corporation is a member
for such Taxable Year). 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly,
through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agent” means Oaktree Power or such other Person designated as such pursuant to Section 7.6.

  
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 “Agreed Rate” means a per annum rate of LIBOR plus 100 basis points. 

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

“Amended Schedule” has the meaning set forth in Section 2.4(b). 

“Assumed State and Local Tax Rate” means the tax rate equal to the sum of the product of (x) the Company’s income
and franchise Tax apportionment rate(s) for each state and local jurisdiction in which the Company files income or franchise Tax Returns for the relevant Taxable Year and (y) the highest corporate income and franchise Tax rate(s) for each such
state and local jurisdiction in which the Company files income or franchise Tax Returns for each relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing shall be reduced by the assumed federal
income Tax benefit received by the Corporation with respect to state and local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (a) the Corporation’s marginal U.S. federal income tax rate for the
relevant Taxable Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)). 
 “Basis
Adjustment” means any adjustment to the Tax basis of a Reference Asset as a result of (i) the Purchase or (ii) an Exchange and the payments made pursuant to this Agreement with respect to the Purchase or such Exchange (as
calculated under Article II), including, but not limited to: 
 (i) under Sections 734(b), 743(b), 754 and 755 of the Code (in
situations where, following an Exchange, the Company remains classified as a partnership for U.S. federal income tax purposes); and 
 (ii)
under Sections 732(b), 734(b) and 1012 of the Code and, without duplication, as a result of any basis adjustment to which the Company succeeds, including pursuant to proposed Treasury Regulations
Section 1.743-1(g) and any subsequent similar guidance and comparable sections of U.S. state and local income and franchise tax law (in situations where, as a result of one or more Exchanges, the Company
or any of the Company’s Subsidiaries becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes), and in each case, comparable sections of state and local Tax laws. 

For the avoidance of doubt, (X) the amount of any Basis Adjustment resulting from an Exchange of Units shall be determined without regard to any
adjustment under Section 734(b) or Section 743(b) of the Code attributable to such Units prior to such Exchange and (Y) payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such
payments are (a) made to Oaktree Power (or its successors or assigns) or (b) treated as Imputed Interest. 

  
 3 

 “Beneficial Owner” means, with respect to a security, a Person who directly
or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares: 
 (i) voting
power, which includes the power to vote, or to direct the voting of, such security and/or 
 (ii) investment power, which
includes the power to dispose of, or to direct the disposition of, such security. 
 The terms “Beneficially Own” and “Beneficial
Ownership” shall have correlative meanings. 
 “Blocker Merger” means that certain merger transaction consummated
on the day immediately preceding the Closing Date and any transaction related thereto, which resulted in the Blocker merging with and into the Corporation, with the Corporation remaining as the surviving corporation. 

“Blocker” has the meaning set forth in the recitals. 

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

“Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York are authorized by law
to be closed. 
 “Change of Control” means the occurrence of any of the following events: 

(i) any “person” or “group” (within the meaning of Sections 13(d) of the Exchange Act (excluding any “person” or
“group” who, on the Closing Date, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities)) becomes the Beneficial Owner
of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities; 

(ii) (A) the shareholders of the Corporation approve a plan of complete liquidation or dissolution of Corporation or (B) there is
consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation’s assets, other than such sale or other disposition by the
Corporation of all or substantially all of the Corporation’s assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporation in substantially the same proportions as
their ownership of the Corporation immediately prior to such sale or other disposition; 
 (iii) there is consummated a merger or
consolidation of the Corporation with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the board of directors of the Corporation immediately prior to the merger or
consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (B) all of the Persons who were
the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting
securities of the Person resulting from such merger or consolidation; or 

  
 4 

 (iv) the following individuals cease for any reason to constitute a majority of the number
of directors of the Corporation then serving: individuals who were directors of the Corporation on the Closing Date or any new director whose appointment or election to the Board or nomination for election by the Corporation’s shareholders was
approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors of the Corporation on the Closing Date or whose appointment, election or
nomination for election was previously so approved or recommended by the directors referred to in this clause (iv). 
 Notwithstanding the
foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Class A Common
Stock and Class B Common Stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the
shares of, an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

“Change of Control Date” means the date on which a Change of Control occurs. 

“Class A Common Stock” has the meaning set forth in the LLC Agreement. 

“Class B Common Stock” has the meaning set forth in the LLC Agreement. 

“Closing Date” means the date on which the IPO is consummated. 

“Closing Date Basis” means the existing Tax basis in the Reference Assets (including under Sections 734(b), 743(b) and 754 of
the Code, including for the avoidance of doubt, Section 1.743-1(h) of the Treasury Regulations and, in each case, the comparable sections of U.S. state and local tax law) determined as of immediately
prior to the IPO, that is attributable to Units owned (directly or indirectly) by the Blocker as of immediately prior to the Reorganization Transactions and directly or indirectly acquired by the Corporation in connection with the Reorganization
Transactions. 
 “Closing Date Basis Schedule” has the meaning set forth in Section 2.2. 

“Code” has the meaning set forth in the recitals of this Agreement. 

“Company” has the meaning set forth in the recitals of this Agreement. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. The term “Controlled” shall have a correlative meaning. 

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

  
 5 

 “Corporation Letter” means a letter prepared by the Corporation in
connection with the performance of its obligations under this Agreement, which states that the relevant Schedules, notices or other information to be provided by the Corporation to the Agent, along with all supporting schedules and work papers, were
prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other
information were delivered by the Corporation to the Agent. Such letter shall identify any material assumptions or operating procedures or principles that were used for purposes of the underlying calculations. 

“Corporation Return” means the U.S. federal and/or state and local Tax Return of the Corporation (including any
consolidated group of which the Corporation is a member, as further described in Section 7.13(a)) filed with respect to any Taxable Year. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax
Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be
determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of any
state and local Tax law or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Disputing Party” has the meaning set forth in Section 7.9. 

“Early Termination” has the meaning set forth in Section 4.1. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Effective Date” has the meaning set forth in Section 4.4. 

“Early Termination Notice” has the meaning set forth in Section 4.4. 

“Early Termination Payment” has the meaning set forth in Section 4.5(b). 

“Early Termination Rate” means a per annum rate of LIBOR plus 100 basis points. 

“Early Termination Schedule” has the meaning set forth in Section 4.4. 

“Exchange” has the meaning set forth in the recitals in the Agreement. For the avoidance of doubt, this definition shall
include any Exchange occurring in connection with a Change of Control. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 

  
 6 

 “Exchange Schedule” has the meaning set forth in
Section 2.1. 
 “Exchange TRA Holder” means any Person listed on Exhibit A. 

“Expert” has the meaning set forth in Section 7.9. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, (x) the liability for Taxes of the Corporation
and, without duplication, the Company, but only with respect to Taxes of the Company allocable to the Corporation or to the other members of the consolidated group of which the Corporation is a member for such Taxable Year (in each case, using the
same methods, elections, conventions, and similar practices used on the relevant Corporation Return), but without taking into account (i) any Basis Adjustments, (ii) any Closing Date Basis and (iii) any deduction attributable to
Imputed Interest for the Taxable Year. The Hypothetical Tax Liability shall be determined (A) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to any Basis Adjustments, the
Closing Date Basis, and Imputed Interest, (B) using the Assumed State and Local Tax Rate, solely for purposes of calculating the state and local Hypothetical Tax Liability of the Corporation and (C), to the extent not addressed in clause
(B) of this sentence, using reasonable estimation methodologies for calculating the portion of any of the foregoing items attributable to U.S. state or local Taxes. 

“ICE LIBOR” has the meaning set forth below under “LIBOR.” 

“Imputed Interest” means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any
similar provision of any state and local Tax law with respect to the Corporation’s payment obligations under this Agreement. For the avoidance of doubt, Imputed Interest shall not include any Accrued Amount. 

“IPO” has the meaning set forth in the recitals of this Agreement. 

“IRS” means the U.S. Internal Revenue Service. 

“LIBOR” means during any period, a rate per annum equal to the ICE LIBOR rate for a period of one month (“ICE
LIBOR”), as published on the applicable Bloomberg screen page (or such other commercially available source providing quotations of ICE LIBOR as may be designated by the Corporation from time to time) at approximately 11:00 a.m., London
time, two (2) Business Days prior to the commencement of such period, for dollar deposits (for delivery on the first day of such period) with a term equivalent to such period. If ICE LIBOR ceases to be published, “LIBOR” shall mean a
rate, selected by the Corporation in good faith, with characteristics similar to ICE LIBOR or consistent with market practices generally; 

“LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company dated as of the date
hereof, as the same may be amended, amended and restated or replaced from time to time. 
 “Material Objection Notice” has
the meaning set forth in Section 4.4. 
 “Net Tax Benefit” has the meaning set forth in
Section 3.1(b). 

  
 7 

 “Objection Notice” has the meaning set forth in
Section 2.4(a). 
 “Payment Date” means any date on which a payment is required to be made
pursuant to this Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture, limited
liability company, estate, trust, business association, organization, governmental entity or other entity. 
 “Purchase”
has the meaning set forth in the recitals of this Agreement. 
 “Realized Tax Benefit” means, for a Taxable Year, the
excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable Year, such liability shall not
be included in determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Realized Tax
Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing
Authority for any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” has the meaning set forth in Section 7.9. 

“Reconciliation Procedures” means the procedures described in Section 7.9. 

“Reference Asset” means any asset that is held by the Company, or any Person in which the Company owns a direct or indirect
interest that is treated as a partnership or disregarded entity for purposes of the applicable Tax (but only to the extent such Person is not held through any entity treated as a corporation for purposes of the applicable Tax), immediately prior to
the Purchase or at the time of an Exchange, as applicable. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. 

“Reorganization TRA Holder” means any Person listed on Exhibit B. 

“Reorganization Transactions” has the meaning set forth in the recitals of this Agreement. 

“Schedule” means any of the following: (i) an Exchange Schedule, (ii) a Closing Date Basis Schedule, (iii) a
Tax Benefit Schedule or (iv) the Early Termination Schedule. 
 “Senior Obligations” has the meaning set forth in
Section 5.1. 

  
 8 

 “Subsidiaries” means, with respect to any Person, as of the date of any
determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of
such Person. 
 “Tax Benefit Payment” has the meaning set forth in Section 3.1(b). 

“Tax Benefit Schedule” has the meaning set forth in Section 2.3(a). 

“Tax Proceeding” has the meaning set forth in Section 6.1. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of
state or local Tax law, as applicable (which, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the date hereof. 

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority” means any federal,
national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi- governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

 “TRA Holder” means any Exchange TRA Holder, any Reorganization TRA Holder, and each of their respective successors and
permitted assigns pursuant to Section 7.6. 
 “Treasury Regulations” means the final, temporary
and proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

“Units” has the meaning set forth in the recitals of this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that (i) in each Taxable Year ending on
or after such Early Termination Date, the Corporation will have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments, the Closing Date Basis, and the Imputed Interest during such Taxable Year or future Taxable
Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit
Payments would be paid on the due date, without extensions, for filing the Corporation Return for the applicable Taxable Year) in which such deductions would become available, (ii) any loss or credit carryovers generated by deductions or losses
arising from any Basis Adjustment, the Closing Date Basis or Imputed Interest that are available in the Taxable Year that includes the Early 

  
 9 

 
Termination Date will be utilized by the Corporation in the earliest possible Taxable Year permitted by the Code and the Treasury Regulations (iii) the U.S. federal income tax rates that
will be in effect for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable Year by the Code and the tax rates for U.S. state and local income taxes shall be the Assumed State and Local Tax
Rate, in each case as in effect on the Early Termination Date, except to the extent any change to such tax rates for such Taxable Years have already been enacted into law; (iv) any non-amortizable
Reference Assets to which any Basis Adjustment is attributable will be disposed of for cash at their fair market value in a fully taxable transaction for Tax purposes on the later of (A) the fifteenth anniversary of the Purchase or Exchange
which gave rise to such Basis Adjustment and (B) the Early Termination Date, provided, that in the event of a Change of Control, such non-amortizable,
non-depreciable assets shall be deemed disposed of at the time of sale (if applicable) of the relevant asset in the Change of Control (if earlier than the applicable fifteenth (15th) anniversary), (v) the
stock of or other interests in Subsidiaries that are treated as C corporations for U.S. federal income Tax purposes will never be disposed of (unless disposed of in connection with the transaction constituting the Change of Control), and
(vi) if, at the Early Termination Date, there are Units (other than Units directly or indirectly owned by the Corporation) that have not been transferred in an Exchange, then all such Units and (if applicable) shares of Class B Common
Stock shall be deemed to be transferred in an Exchange effective on the Early Termination Date. 
 Section 1.2
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. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to
herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of
reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to
any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

Section 2.1 Exchange Schedule. Within ninety (90) calendar days after the extended due date of the U.S.
federal Corporation Return for each Taxable Year in which the Purchase or any Exchange has been effected by a TRA Holder, the Corporation shall deliver to the Agent a schedule (an “Exchange Schedule”) that shows, in reasonable
detail necessary to perform the calculations required by this Agreement, including with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments with respect to the Reference Assets as a
result of the Exchanges effected by such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable. 

  
 10 

 Section 2.2 Closing Date Basis Schedule. Within ninety
(90) calendar days after the extended due date of the U.S. federal Corporation Return for each Taxable Year that ends on or after the Closing Date, the Corporation shall deliver to the Agent a schedule (a “Closing Date Basis
Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, (i) the Tax attributes comprising Closing Date Basis that remain available for use by the Corporation with respect to such
Taxable Year and future Taxable Years, and (ii) any applicable limitations on the use of such attributes for Tax purposes. 

Section 2.3 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the extended due date of the U.S. federal Corporation Return for
any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized Tax
Detriment and the components thereof for such Taxable Year, (B) the Accrued Amount with respect to any such Net Tax Benefit (C) the Tax Benefit Payment determined pursuant to Section 3.1(b) due to each such TRA
Holder, and (D) the portion of such Tax Benefit Payment and Accrued Amount that the Corporation intends to treat as Imputed Interest (a “Tax Benefit Schedule”), (ii) a reasonably detailed calculation by the Corporation of the
Hypothetical Tax Liability (the “without” calculation), (iii) a reasonably detailed calculation by the Corporation of the Actual Tax Liability (the “with” calculation), (iv) a copy of the Corporation Return for such Taxable Year,
(v) a Corporation Letter supporting such Tax Benefit Schedule and (v) any other work papers reasonably requested by the Agent. All costs and expenses incurred in connection with the provision and preparation of any Schedules, calculations,
other work papers, or the Corporation Letter to the Agent or any TRA Holder in connection with this Article II shall be borne by the Company. In addition, the Corporation shall allow the Agent reasonable access at no cost to the appropriate
representatives of the Corporation in connection with a review of such Tax Benefit Schedule. The Tax Benefit Schedule will become final as provided in Section 2.4(a) and may be amended as provided in
Section 2.4(b) (subject to the procedures set forth in Section 2.4(b)).  
 (b)
Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Corporation’s actual liability for Taxes for such Taxable Year that is attributable to
the Basis Adjustments, the Closing Date Basis, and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, (i) such actual liability for Taxes will take into account the deduction of the
portion of the Tax Benefit Payment and Accrued Amount that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the Corporation, and (ii) in addition to
using the Assumed State and Local Tax Rate for purposes of determining the state and local Hypothetical Tax Liability, the Corporation may use reasonable estimation methodologies for calculating the portion of any Realized Tax Benefit or Realized
Tax Detriment attributable to U.S. state or local Taxes. For 

  
 11 

 
purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryforwards or carrybacks of any Tax item (such as a net operating loss) attributable to the
Basis Adjustments, the Closing Date Basis, and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations and the corresponding provisions of state and local Tax laws, as applicable, governing the use,
limitation, and expiration of carryforwards or carrybacks of the relevant type. If a carryforward or carryback of any Tax item includes a portion that is attributable to the Basis Adjustment, the Closing Date Basis, or Imputed Interest (a
“TRA Portion”) and another portion that is not so attributable (a “Non-TRA Portion”), such respective portions shall be considered to be used in accordance with the “with
and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion; and (ii) in the case of a carryback of a Non-TRA Portion, such carryback shall not affect the original “with and without” calculation made in the applicable prior Taxable Year. For the avoidance of doubt, the TRA Portion of any Tax item when such
item is incurred shall be determined using a marginal “with and without” methodology by calculating (i) the amount of such Tax item for all Tax purposes taking into account the Basis Adjustments, the Closing Date Basis or Imputed
Interest and (ii) the amount of such Tax item for all Tax purposes without taking into account the Basis Adjustments, the Closing Date Basis or Imputed Interest, with the TRA Portion equal to the excess of the amount specified in clause
(i) over the amount specified in clause (ii) (but only if such excess is greater than zero). The parties agree that (i) any payment under this Agreement to the Founder (or Founder’s successors or assigns), including the Accrued Amount
(but other than amounts accounted for as Imputed Interest), will be treated as a subsequent upward adjustment to the purchase price of Units exchanged by the Founder and will have the effect of creating additional Basis Adjustments to Reference
Assets for the Corporation in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the calculation for the year of payment and into future year calculations, as appropriate. 

Section 2.4 Procedure: Amendments. 

(a) Whenever the Corporation delivers to the Agent (or any TRA Holder) a Schedule under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver to the Agent schedules, valuation reports, if any, and work papers, as determined by the
Corporation or reasonably requested by the Agent, providing reasonable detail regarding the preparation of the Schedule, and (y) allow the Agent reasonable access at no cost to the appropriate representatives of the Corporation, as determined
by the Corporation or requested by the Agent, in connection with the review of such Schedule. Subject to Section 2.3(b), an applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days
from the first date on which the Agent has received the applicable Schedule or amendment thereto unless (i) the Agent, within thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporation
with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) the Agent provides a written waiver of such right of any Objection Notice within the period described in clause
(i) above, in which case such Schedule or amendment thereto becomes binding on the date a waiver from the Agent has been received by the Corporation. If the Corporation and Agent, for any reason, are unable to successfully resolve the issues
raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporation of such Objection Notice, the Corporation and Agent shall employ the Reconciliation Procedures under Section 7.9. 

  
 12 

 (b) The applicable Schedule for any Taxable Year may be amended from time to time by the
Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the
Schedule was provided to the Agent, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporation Return filed for such
Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). Unless otherwise agreed to in writing by the Agent, the Corporation
shall provide an Amended Schedule to the Agent (A) within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (v) of the preceding sentence and (B) in connection with the delivery of the Tax
Benefit Schedule for the year of the applicable payment in the event of an adjustment pursuant to clause (vi) of the preceding sentence. For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant
to Section 2.4(a), the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the
Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs. 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1 Payments. 

(a) Within five (5) calendar days after a Tax Benefit Schedule delivered to the Agent becomes final in accordance with
Section 2.4(a), the Corporation shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder for such Taxable Year. Each such payment shall be made by check, by wire transfer of immediately available
funds to the bank account previously designated by the TRA Holder to the Corporation, or as otherwise agreed by the Corporation and the TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax
payments, including, without limitation, U.S. federal or state estimated income Tax payments. 
 (b) A “Tax Benefit Payment”
in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax Benefit that is Attributable to such TRA Holder and the Accrued Amount with respect thereto for such Taxable Year. A
Net Tax Benefit is “Attributable” to a Reorganization TRA Holder to the extent that it is derived from Closing Date Basis (with the Net Tax Benefit and Accrued Amount with respect thereto apportioned among Reorganization TRA Holders
in accordance with the percentages set forth on Exhibit B). A Net Tax Benefit is “Attributable” to an Exchange TRA Holder to the extent that it is derived from a Basis Adjustment (with the Net Tax Benefit and Accrued Amount with
respect thereto apportioned among Exchange TRA Holders in accordance 

  
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with the percentages set forth on Exhibit A). Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess,
if any, of (i) 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over (ii) the total amount of payments previously made under this Section 3.1 (excluding payments attributable to Accrued
Amounts); provided, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment. The “Accrued Amount” with respect to any portion of a Net Tax Benefit
shall equal an amount determined in the same manner as interest on such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporation Return for such Taxable Year
until the Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Units from the Founder in the Purchase or an
Exchange unless otherwise required by law. 
 Section 3.2 No Duplicative Payments. It is intended that the
provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Cumulative Net Realized Tax
Benefit, and the Accrued Amount thereon, being paid to the TRA Holders. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental results. 

Section 3.3 Pro Rata Payments. Notwithstanding anything in Section 3.1 to the
contrary, to the extent that the aggregate Realized Tax Benefit of the Corporation is limited in a particular Taxable Year because the Corporation does not have sufficient taxable income, the aggregate Net Tax Benefit for such Taxable Year shall be
deemed Attributable to each TRA Holder for purposes of Section 3.1(b) in proportion to the portion of such Net Tax Benefit that would be Attributable to such TRA Holder under Section 3.1(b) if the
Corporation had sufficient taxable income so that there were no such limitation; provided, that, for the avoidance of doubt, for purposes of allocating among the TRA Holders the aggregate Net Tax Benefit with respect to any Taxable Year, the
operation of this Section 3.3 with respect to any prior Taxable Years shall be taken into account so as to eliminate as quickly as possible, proportionately, the difference with respect to each TRA Holder between
(i) the aggregate Net Tax Benefit that would be Attributable to such TRA Holder under Section 3.1(b) with respect to each such Taxable Year (on a cumulative basis) if the Corporation had sufficient taxable income so
that there were no limitation under this clause (a) and (ii) the actual aggregate Net Tax Benefit deemed Attributable to such TRA Holder under Section 3.1(b) with respect to each such Taxable Year (on a cumulative
basis) by operation of this Section 3.3. Consistent with the foregoing, the Exchange Schedule and the Closing Date Basis Schedule for a given Taxable Year shall reflect the operation of this
Section 3.3 in respect of previous Taxable Years, with the relevant Tax attributes in such Exchange Schedule and Closing Date Basis Schedule that are Attributable to a TRA Holder being adjusted to reflect payments received
in respect of such attributes (the intention of the parties being to avoid duplicative payments and maintain records sufficient to allow the Corporation to allocate Tax Benefit Payments consistent with the terms of this
Section 3.3). 

  
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 Section 3.4 Coordination of Benefits. 

(a) If for any reason the Corporation does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement
in respect of a particular Taxable Year, then (i) the Corporation will pay the same proportion of each Tax Benefit Payment due to each TRA Holder in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no
Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full. 

(b) To the extent the Corporation makes a payment to a TRA Holder in respect of a particular Taxable Year under
Section 3.1(a) (taking into account Section 3.3 and Section 3.4(a), but excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of such
payment that should have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder has foregone an amount of
payments equal to such excess and (ii) the Corporation will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment
is due under this Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a) (taking into account Section 3.3 and Section 3.4(a), but
excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder. 

ARTICLE IV 
 TERMINATION

 Section 4.1 Early Termination by the Corporation. With the written approval of a
majority of its independent directors and the Agent, the Corporation may terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5,
provided, however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by the TRA Holders (such termination, an “Early Termination”). Upon payment of the Early Termination Payment
by the Corporation, the Corporation shall not have any further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment previously due and payable but unpaid as of the Early Termination Notice and (ii) any Tax
Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). 

Section 4.2 Early Termination upon Change of Control. In the event of a Change of Control,
unless otherwise waived in writing by the Agent, all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the Change of Control Date and shall include, but not be
limited to the following: (a) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on such Change of Control Date, (b) payment of any Tax Benefit Payment in respect of a TRA Holder agreed
to by the Corporation and such TRA Holder as due and payable but unpaid as of the Early Termination Notice, and (c) payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including such Change of Control Date
(except to the extent that the amount described in clause (c) is included in the Early Termination Payment). In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by
substituting in each case the term “Change of Control Date” for the term “Early Termination Date.” 

  
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 Section 4.3 Breach of Agreement. 

(a) In the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to make any
payment when due, as a result of failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then, unless
otherwise waived or directed in writing by the Agent, such breach shall be treated as an Early Termination and all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been
delivered on the date of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment
previously due and payable but unpaid as of the date of the breach, and (iii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of the breach (except to the extent that the amount described in clause
(iii) is included in the Early Termination Payment). Notwithstanding the foregoing, in the event that the Corporation breaches any of its material obligations under this Agreement, then, unless otherwise waived in writing by the Agent, the TRA
Holders shall be entitled to elect to receive the amounts set forth in clauses (i), (ii), and (iii) above or to seek specific performance of the terms hereof. 

(b) The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment
is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant
to this Agreement within three (3) months of the date such payment is due. The Corporation shall use its commercially reasonable efforts to maintain sufficient available funds for the purpose of making required payments under this Agreement and
shall use its commercially reasonable efforts to avoid entering into credit agreements that could be reasonably anticipated to materially delay the timing of any payments under this Agreement. Notwithstanding anything in this Agreement to the
contrary, it shall not be a breach of this Agreement if the Corporation fails to make any payment due pursuant to this Agreement as a result of and to the extent the Corporation has insufficient funds to make such payment despite using reasonable
best efforts to obtain funds to make such payment (including by causing the Company or any of its Subsidiaries to distribute or lend funds to facilitate such payment, and by accessing any revolving credit facilities or other sources of available
credit to fund any such amounts); provided that the interest provisions of Section 5.2 shall apply to such late payment; provided, further, that the Corporation shall promptly (and in any event, within two (2) Business Days), pay all such
unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporation has, and to the extent the Corporation has, sufficient funds to make such payment, and the failure of the Corporation to do so
shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the Corporation shall be deemed to be funds sufficient and available
to pay such unpaid payments, together with any accrued and unpaid interest thereon. 

  
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 Section 4.4 Early Termination Notice. If the Corporation
chooses to exercise its right of early termination under Section 4.1 above, the Corporation shall deliver to the Agent notice of such intention to exercise such right (the “Early Termination Notice”). Upon
delivery of the Early Termination Notice or the occurrence of an event described in Section 4.2 or Section 4.3(a), the Corporation shall deliver (i) a schedule showing in reasonable detail the
calculation of the Early Termination Payment (the “Early Termination Schedule”) and (ii) any other work papers reasonably requested by the Agent. In addition, the Corporation shall allow the Agent reasonable access at no cost
to the appropriate representatives of the Corporation in connection with a review of such Early Termination Schedule. The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on
which the Agent has received such Schedule or amendment thereto unless (x) the Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporation with notice of a material objection to such
Schedule made in good faith (“Material Objection Notice”) or (y) the Agent provides a written waiver of such right of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule
becomes binding on the date a waiver from the Agent has been received by the Corporation (the “Early Termination Effective Date”). If the Corporation and Agent, for any reason, are unable to successfully resolve the issues raised in
such notice within thirty (30) calendar days after receipt by the Corporation of the Material Objection Notice, the Corporation and Agent shall employ the Reconciliation Procedures under Section 7.9. 

Section 4.5 Payment upon Early Termination. 

(a) Within three (3) calendar days after the Early Termination Effective Date, the Corporation shall pay to each TRA Holder its Early
Termination Payment. Each such payment shall be made by check, by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporation and the TRA Holder. 

(b) The “Early Termination Payment” shall equal, with respect to each TRA Holder, the present value, discounted at the Early
Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporation to such TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied.

 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax
Benefit Payment, Early Termination Payment or any other payment required to be made by the Corporation to any TRA Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and
payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with all current or future
unsecured obligations of the Corporation that are not Senior Obligations. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporation fails to make any Tax Benefit Payment
when due is governed by Section 4.3(a). 

  
 17 

 Section 5.2 Late Payments by the Corporation. The
amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement shall be payable together with any interest thereon,
computed at the Default Rate and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable. 

ARTICLE VI 

PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporation’s Tax Matters. Except as
otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation, including without limitation preparing, filing or amending any Tax Return and defending, contesting
or settling any issue pertaining to Taxes of the Corporation. Notwithstanding the foregoing, the Corporation (i) shall notify the Agent of, and keep the Agent reasonably informed with respect to, the portion of any audit, examination, or any other
administrative or judicial proceeding (a “Tax Proceeding”) of the Corporation by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of the TRA Holders under this Agreement, (ii) shall
provide the Agent with reasonable opportunity to provide information and other input to the Corporation and its advisors concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter into any settlement with respect to
any such portion of a Tax Proceeding that could have a material effect on the TRA Holders’ rights (including the right to receive payments) under this Agreement without the written consent of the Agent, such consent not to be unreasonably
withheld, conditioned or delayed; provided, however, that the Corporation shall not be required to take any action, or refrain from taking any action, that is inconsistent with any provision of the LLC Agreement; provided,
further, that, notwithstanding anything to the contrary contained herein, the Corporation shall prepare, file, and/or amend all Tax Returns in accordance with applicable law (including with respect to the calculation of taxable income and any
calculations required to be made under this Agreement) and nothing in this Agreement shall prevent the Agent or any TRA Holder from disputing such Tax matters in accordance with Section 7.9. 

Section 6.2 Consistency. The Corporation and the TRA Holders agree to report and cause to be reported for all
purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments, Imputed Interest, and each Tax
Benefit Payment) in a manner consistent with that set forth in any Schedule required to be provided by or on behalf of the Corporation under this Agreement, as finally determined pursuant to Section 2.4 unless otherwise
required by applicable law. If the Corporation and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30) calendar days, the Corporation and such TRA Holder shall employ
the Reconciliation Procedures under Section 7.9. 
 Section 6.3 Cooperation. Each
TRA Holder shall (i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under
this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the Corporation and its representatives to provide 

  
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explanations of documents and materials and such other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in clause
(i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporation shall reimburse the TRA Holder for any reasonable third-party costs and expenses incurred pursuant to this
Section 6.3. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, demands or other communications to be given or delivered under or by reason
of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered by means of electronic mail (with hard copy sent to the recipient by
reputable overnight courier service (charges prepaid) that same day) if emailed before 5:00 p.m. Portland, Tennessee time on a Business Day, and otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient
by reputable overnight courier service (charges prepaid). All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

If to the Corporation or the Company, to: 

Shoals Technologies Group, Inc. 

1400 Shoals Way 
 Portland, TN
37148 
 Attention: [•] 
 E-mail: [•] 
 with a copy (which shall not constitute notice to the Corporation or the Company) to:

 Kirkland & Ellis LLP 

[•] 
 [•] 

Attention: [•] 
 E-mail: [•] 
 If to a TRA Holder other than the Agent, to the address set forth in the records of the
Company. 
 Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth
above. 
 Section 7.2 Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same
counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
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 Section 7.3 Entire Agreement; No Third Party Beneficiaries.
This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the
benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement. 
 Section 7.4 Governing Law. This Agreement shall be governed by, and
construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.6 Successors: Assignment. Each party agrees that Agent and each TRA Holder may assign, sell,
transfer, delegate, or otherwise dispose of, whether voluntarily or involuntarily, or by operation of law, any right or obligation under this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties and their
respective successors and assigns. Except for those enumerated above, this Agreement does not create, and shall not be construed as creating, any rights or claims enforceable by any person or entity not a party to this Agreement. 

Section 7.7 Amendments: Waivers. No provision of this Agreement may be amended unless such amendment is
approved in writing by each of the Corporation and by the Agent. 
 Section 7.8 Titles and Subtitles. The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

Section 7.9 Reconciliation. In the event that the Corporation and the Agent or any TRA Holder (as applicable,
the “Disputing Party”) are unable to resolve a disagreement with respect to any Schedule, including the calculations required to produce the schedules described in Section 2.4 and
Section 4.4, or Section 6.2, within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to
a nationally recognized expert in the particular area of disagreement, acting as an expert and not as an arbitrator (the “Expert”), mutually acceptable to the Corporation and the 

  
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Disputing Party. Unless the Corporation and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the
Corporation or the Disputing Party or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondents of written notice of a Reconciliation Dispute,
the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve (a) any matter relating to the Exchange Schedule or an amendment thereto, a Closing Date Basis Schedule or an amendment
thereto, or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days, and (c) any matter
related to treatment of any tax-related item as contemplated in Section 6.2 within fifteen (15) calendar days or, in each case, as soon thereafter as is reasonably practicable
after such matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or
any Tax Return reflecting the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to
adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation except as provided in the next sentence. The Corporation and the Disputing Party
shall each bear its own costs and expenses of such proceeding, unless (i) the Expert adopts such Disputing Party’s position, in which case the Corporation shall reimburse such Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporation’s position, in which case such Disputing Party shall reimburse the
Corporation for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of
this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on
the Corporation and its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction. 

Section 7.10 Consent to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction of
the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party hereto
further agrees that service of any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party’s respective address set forth in the Company’s books
and records or such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with
respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or
proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

  
 21 

 Section 7.11 Waiver of Jury Trial. Because disputes arising
in connection with complex transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their
disputes be resolved by a judge applying such applicable laws. Therefore, to achieve the best combination of the benefits of the judicial system and of arbitration, each party to this agreement (including the Company) hereby waives all rights to
trial by jury in any action or proceeding brought to resolve any dispute between or among any of the parties hereto, whether arising in contract, tort, or otherwise, arising out of, connected with, related or incidental to this agreement, the
transactions contemplated hereby and/or the relationships established among the parties hereunder. 
 Section 7.12
Withholding. The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under
the Code or any provision of U.S. federal, state, local or non-U.S. Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld
amounts shall be treated for all purposes of this Agreement as having been paid to the relevant TRA Holder. 

Section 7.13 Admission of the Corporation into a Consolidated Group; Transfers of Corporate
Assets. 
 (a) If the Corporation becomes a member of an affiliated, consolidated, combined, or unitary group of corporations that files
a consolidated, combined, or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax law, or would be eligible to become a member of such a group at the election of
one or members of that group, then, subject to the application of the Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit
Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder or the Company or any Subsidiary of
the Company transfers one or more assets to a corporation (or a Person classified as a corporation for Tax purposes) with which the Corporation does not file a consolidated Tax Return pursuant to Section 1501 of the Code or any provisions of
state or local Tax law, such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g. calculating the gross income of the entity and determining the Realized Tax Benefit or Realized Tax Detriment
of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the
contributed asset. Thus, for example, in determining the Hypothetical Tax Liability of the entity, the taxable income of the entity shall be determined by treating the entity as having sold the asset for its fair market value, recovering any basis
applicable to such asset (using the Tax basis that such asset would have had at such time if no Basis Adjustments had been made), while the Actual Tax Liability of the entity would be determined by recovering the actual Tax basis of the asset that
reflects any Basis Adjustments. For purposes of this Section 7.13, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that
partnership. 

  
 22 

 Section 7.14 Confidentiality. Each TRA Holder and the Agent
agrees to hold, and to use its reasonable efforts to cause its authorized representatives to hold, in strict confidence, the books and records of the Corporation and all information relating to the Corporation’s properties, operations,
financial condition or affairs, in each case, which are furnished to it pursuant to the terms of this Agreement (collectively, the “Confidential Information”). Notwithstanding anything herein to the contrary, Confidential
Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by a TRA Holder or the Agent, (ii) is or becomes available to a TRA Holder, the
Agent, or any of their respective Authorized Recipients (as defined below) on a nonconfidential basis from a third-party source, which source, to the knowledge of such TRA Holder or the Agent, as applicable, is not bound by a legal duty of
confidentiality to the Corporation in respect of such Confidential Information, or (iii) is independently developed by a TRA Holder, the Agent or their Authorized Recipients. Notwithstanding anything herein to the contrary, a TRA Holder or the
Agent may disclose any Confidential Information to (x) any of its representatives, (y) any Affiliates or (z) in the case of a TRA Holder, any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or
prospective merger or other business combination partner of such TRA Holder (the persons in clauses (x), (y) and (z), collectively, the “Authorized Recipients”). If a TRA Holder, the Agent or any of their respective Authorized
Recipients is required or requested by law or regulation or any legal or judicial process to disclose any Confidential Information, if disclosure of Confidential Information is required by any entity or body exercising executive, legislative,
judicial, regulatory or administrative functions of government with authority over such TRA Holder, Agent or Authorized Recipient, or if disclosure of Confidential Information is required in connection with the tax affairs of such TRA Holder, Agent
or Authorized Recipient, such TRA Holder, the Agent or Authorized Recipient, as the case may be, may disclose only such portion of such Confidential Information as may be required or requested without liability hereunder. 

Section 7.15 No Similar Agreements. Neither the Corporation nor any of its Subsidiaries shall enter into any
additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporation is obligated to pay amounts with respect to tax benefits resulting from any net operating losses or other tax
attributes to which the Corporation becomes entitled as a result of a transaction) without the prior written consent of the Agent. 

Section 7.16 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual
or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange to be
treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income and all applicable state and local Tax purposes or would have other material adverse Tax consequences to the TRA Holder and/or
its direct or indirect owners, then at the election of the TRA Holder (with the prior written consent of the Agent) and to the extent specified by the TRA Holder, this Agreement (i) shall cease to have further effect with respect to such TRA
Holder, or (ii) shall otherwise be amended in a manner determined by the TRA Holder 

  
 23 

 
to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment shall not result in (I) an increase in or acceleration of
payments by the Corporation, or (II) a decrease in the amounts payable to other TRA Holders, in each case, under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such
amendment. 
 [Signature Pages Follow] 

  
 24 

 IN WITNESS WHEREOF, the Corporation, the Company, the Agent, and the TRA Holders have duly
executed this Agreement as of the date first written above. 
  

			
	CORPORATION:
	
	Shoals Technologies Group, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	COMPANY:
	
	Shoals Parent LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	AGENT:
	
	Oaktree Power Opportunities Fund IV (Delaware) Holdings, L.P.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [The signatures of the TRA Holders are attached in Schedule A.]EX-10.3

 Exhibit 10.3 

SHOALS TECHNOLOGIES GROUP, INC. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of _______________, 2021 among Shoals
Technologies Group, Inc., a Delaware corporation (the “Company”), each of the investors listed on the signature pages hereto under the caption “Sponsor Investors” (collectively, the “Sponsor
Investors”), Dean Solon and the other members of the Solon Group from time to time party hereto (collectively, the “Solon Group Investors”), each Person listed on the signature pages under the caption “Other
Investors” or who executes a Joinder as an “Other Investor” (collectively, the “Other Investors”) and each of the executives listed on the signature pages under the caption “Executives” or who executes a
Joinder as an “Executive” (collectively, the “Executives”). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in Exhibit A attached hereto. 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1
Demand Registrations. 
 (a) Requests for Registration. Each of (i) the holders of a majority of the
Sponsor Investor Registrable Securities at any time and from time to time and (ii) the holders of a majority of the Solon Group Registrable Securities at any time and from time to time following the first anniversary of the closing of the
initial Public Offering may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration statement (“Long-Form
Registrations”) or on Form S-3 or any similar short-form registration statement (“Short-Form Registrations”), if available (any such requested registration, a “Demand
Registration”). Each of the holders of a majority of the Sponsor Investor Registrable Securities and the holders of a majority of the Solon Group Registrable Securities may request that any Demand Registration be made pursuant to Rule 415
under the Securities Act (a “Shelf Registration”) and (if the Company is a WKSI at the time any such request is submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf
Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”). Each request for a Demand Registration must specify the approximate number or
dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. Each of the holders of a majority of the Sponsor Investor Registrable Securities and the holders of a
majority of the Solon Group Registrable Securities will be entitled to request an unlimited number of Demand Registrations for which the Company will pay all Registration Expenses, whether or not any such registration is consummated. 

(b) Notice to Other Holders. Within four Business Days after receipt of any such request, the Company will give written
notice of the Demand Registration to all other Holders and, subject to the terms of Sections 1(e) and 1(g) and any applicable restrictions set forth in Section 10, will include in such Demand Registration (and
in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten days after the
receipt of the Company’s notice; provided that, with the written consent of the Sponsor Investors, the Company may, or at the written request of the Sponsor Investors, the Company shall, instead provide notice of the Demand Registration
to all other Holders within three Business Days following the non-confidential filing of the registration statement with respect to the Demand Registration so long as such registration statement is not an
Automatic Shelf Registration Statement. For the avoidance of doubt, the Company’s obligation to include Registrable Securities in the Demand Registration as set forth above will not be affected by its decision to provide notice after the non-confidential filing of the registration statement. 

 (c) Form of Registrations. All
Long-Form Registrations will be underwritten registrations unless otherwise approved by the Sponsor Investors. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any
applicable short form unless otherwise requested by the Sponsor Investors. 
 (d) Shelf Registrations. 

(i) For so long as a registration statement for a Shelf Registration (a “Shelf Registration
Statement”) is and remains effective, each of (i) the holders of a majority of the Sponsor Investor Registrable Securities at any time and from time to time and (ii) the holders of a majority of the Solon Group Registrable
Securities at any time and from time to time following the first anniversary of the closing of the initial Public Offering will have the right to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities
pursuant to such registration statement (“Shelf Registrable Securities”). If either of the holders of a majority of the Sponsor Investor Registrable Securities or the holders of a majority of the Solon Group Registrable Securities
desires to sell Registrable Securities pursuant to an underwritten offering, then each of the holders of a majority of the Sponsor Investor Registrable Securities and the holders of a majority of the Solon Group Registrable Securities may deliver to
the Company a written notice (a “Shelf Offering Notice”) specifying the number of Shelf Registrable Securities that the Sponsor Investors or the Solon Group desires to sell pursuant to such underwritten offering (the “Shelf
Offering”). As promptly as practicable, but in no event later than two Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable
Securities that have been identified as selling stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within seven (7) days
after the Company’s receipt of the Shelf Offering Notice, the maximum number of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to Sections 1(e) and 1(g) and
Section 7, will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in
any event within fourteen (14) days after the receipt of a Shelf Offering Notice), but subject to Sections 1(e) and 1(g), use its best efforts to consummate such Shelf Offering. 

(ii) If the holders of a majority of the Sponsor Investor Registrable Securities or the holders of a majority
of the Solon Group Registrable Securities desires to engage in an underwritten block trade or bought deal pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an
already existing Shelf Registration Statement) (each, an “Underwritten Block Trade”), then notwithstanding the time periods set forth in Section 1(d)(i), then each of (i) the holders of a
majority of the Sponsor Investor Registrable Securities at any time and from time to time and (ii) the holders of a majority of the Solon Group Registrable Securities at any time and from time to time following the first anniversary of the
closing of the initial Public Offering may notify the Company of the Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to commence. If requested by the holders of a majority of the
Sponsor Investor Registrable Securities or the holders of a majority of the Solon Group Registrable Securities, the Company will promptly notify other Holders of such Underwritten Block Trade and such notified Holders (each, a “Potential
Participant”) may elect whether or not to participate no later than the next Business Day (i.e. one (1) Business Day prior to the day such offering is to commence) (unless 

  
 -2- 

 
a longer period is agreed to by the Sponsor Investors or the Solon Group), and the Company will as promptly as reasonably practicable use its best efforts to facilitate such Underwritten Block
Trade (which may close as early as two (2) Business Days after the date it commences); provided further that, notwithstanding the provisions of Section 1(d)(i), no Holder (other than Holders
of Sponsor Investor Registrable Securities or, following the third anniversary of the closing of the initial Public Offering, Holders of Solon Group Registrable Securities) will be permitted to participate in an Underwritten Block Trade without the
written consent of the Sponsor Investors. Any Potential Participant’s request to participate in an Underwritten Block Trade shall be binding on the Potential Participant. 

(iii) All determinations as to whether to complete any Shelf Offering and as to the timing, manner, price and
other terms of any Shelf Offering contemplated by this Section 1(d) shall be determined by the Sponsor Investors, and the Company shall use its best efforts to cause any Shelf Offering to occur in accordance with such
determinations as promptly as practicable. 
 (iv) The Company will, at the request of the Sponsor Investors
or the Solon Group, file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Sponsor Investors or the Solon Group to
effect such Shelf Offering. 
 (v) Subject to the terms of Section 1(f), the
Company will use best efforts to keep the Shelf Registration Statement continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and
method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise (the “Shelf Period”). Subject to Section 1(f), the Company shall not be deemed to have used its
best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of Registrable Securities covered thereby not being able to
offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 

(e) Priority on Demand Registrations and Shelf Offerings. The Company will not include in any Demand Registration any
securities which are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Demand Registration or a Shelf Offering is an underwritten offering and the managing underwriters advise the Company in writing that in
their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities (if any), which can be sold therein without
adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such offering (prior to the inclusion of any securities which are not Registrable Securities) (i)
first, the number of Sponsor Investor Registrable Securities and Solon Group Registrable Securities requested to be included which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective
Participating Sponsor Investors and Participating Solon Group Investors on the basis of the number of Registrable Securities owned by each such Participating Sponsor Investor and Participating Solon Group Investor (subject to any applicable
limitations set forth in Section 1(g)); and (ii) second, the number of Registrable Securities requested to be included by any other Holders (subject to any applicable restrictions set forth in
Section 10) which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder.
Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in an underwritten offering and the managing underwriters for such offering advise the Company that in
their opinion the inclusion of some or all of such Executive Registrable Securities could adversely 

  
 -3- 

 
affect the marketability, proposed offering price, timing and/or method of distribution of the offering, then the Company shall exclude from such offering the number of such Executive Registrable
Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any Registrable Securities of any other Holders as set forth in this Section 1(e), which, for the avoidance of
doubt, may be all such Executive Registrable Securities requested to be included such offering. 
 (f) Restrictions on
Demand Registration and Shelf Offerings. 
 (i) The Company may postpone, for up to 60 days (or with the
consent of the Sponsor Investors and, if the number of Solon Group Registrable Securities being sold in the applicable offering is greater than the number of Sponsor Investor Registrable Securities being sold in the applicable offering, the Solon
Group, a longer period) from the date of the request (the “Suspension Period”), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf
Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the following conditions are met: (A) the Company determines that the offer or sale of Registrable
Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any
material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would
require disclosure of material non-public information not otherwise required to be disclosed under applicable law, and either (x) the Company has a bona fide business purpose for preserving the
confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with SEC
requirements, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a post effective
basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this Section 1(f)(i) only once in any twelve (12)-month period (for
avoidance of doubt, in addition to the Company’s rights and obligations under Section 4(a)(vi)) unless additional delays or suspensions are approved by the Sponsor Investors and, if the number of Solon Group
Registrable Securities being sold in the applicable offering is greater than the number of Sponsor Investor Registrable Securities being sold in the applicable offering, the Solon Group. 

(ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as
set forth in Section 1(f)(i) above or pursuant to Section 4(a)(vi) (a “Suspension Event”), the Company will give a notice to the Holders whose Registrable Securities are registered
pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so
long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice
from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such
effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted
Suspension Period). 

  
 -4- 

 (g) Limitation on Allocation of Registrable Securities. 

(i) With respect to the first Demand Registration or Shelf Offering following the initial Public Offering, if
(x) such Demand Registration or Shelf Offering would close on or prior to the first anniversary of the closing of the initial Public Offering and (y) the number of Solon Group Registrable Securities as a percentage of all Registrable
Securities requested to be included in such Demand Registration or Shelf Offering exceeds 22.5% (after giving effect to any applicable change in the number of Registrable Securities to be included in an underwritten Demand Registration or Shelf
Offering pursuant to Section 1(e)), then the Company will include in such Demand Registration or Shelf Offering (prior to the inclusion of any securities which are not Registrable Securities) (I) the number of Solon
Group Registrable Securities requested to be included such that the number of Solon Group Registrable Securities as a percentage of all Registrable Securities equals 22.5% and (II) the entire number of Sponsor Investor Registrable Securities
requested to be included pro rata among the respective Participating Sponsor Investors on the basis of the number of Sponsor Investor Registrable Securities owned by each such Participating Sponsor Investor. 

(ii) With respect to any Demand Registration or Shelf Offering following the initial Public Offering, if
(x) clause (i) of this Section 1(g) does not apply to such Demand Registration or Shelf Offering and (y) the number of Solon Group Registrable Securities as a percentage of all Registrable Securities requested to
be included in such Demand Registration or Shelf Offering exceeds 50.0% (after giving effect to any applicable change in the number of Registrable Securities to be included in an underwritten Demand Registration or Shelf Offering pursuant to
Section 1(e)), then the Company will include in such Demand Registration or Shelf Offering (prior to the inclusion of any securities which are not Registrable Securities) (I) the number of Solon Group Registrable
Securities requested to be included such that the number of Solon Group Registrable Securities as a percentage of all Registrable Securities equals 50.0% and (II) the entire number of Sponsor Investor Registrable Securities requested to be
included pro rata among the respective Participating Sponsor Investors on the basis of the number of Sponsor Investor Registrable Securities owned by each such Participating Sponsor Investor. 

(h) Selection of Underwriters. The Sponsor Investors shall select the legal counsel to the Company, the investment
banker(s) and manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering. 

(i) Distributions of Registrable Securities to Partners or Members. In the event the Sponsor Investors request to
participate in a registration pursuant to this Section 1 in connection with a distribution of Registrable Securities to its partners or members, the registration shall provide for resale by such partners or members, if
requested by the Sponsor Investors. 
 (j) Other Registration Rights. Except as provided in this Agreement, the
Company will not grant to any Person(s) the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities,
without the prior written consent of the Sponsor Investors and, following the third anniversary of the closing of the initial Public Offering, the Solon Group; provided that, with the prior approval of the Sponsor Investors, the Company may
grant rights to employees of the Company and its Subsidiaries to participate in Piggyback Registrations so long as they sign a Joinder as an “Executive” and Holder of “Executive Registrable Securities” hereunder. 

  
 -5- 

 (k) Revocation of Demand Notice or Shelf Offering Notice. At any
time prior to the effective date of the registration statement relating to a Demand Registration or the “pricing” of any offering relating to a Shelf Offering Notice, the Sponsor Investors or member of the Solon Group who initiated such
Demand Registration or Shelf Offering may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders
(including, for the avoidance of doubt, the other Participating Sponsor Investors), in each case by providing written notice to the Company, and the Company shall immediately cease all efforts to secure effectiveness of such registration statement.

 (l) Confidentiality. Each Holder agrees to treat as confidential the receipt of any notice hereunder (including
notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such notice (or the existence thereof) without the prior written
consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement). 

Section 2 Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act
(including primary and secondary registrations, and other than pursuant to an Excluded Registration) (a “Piggyback Registration”), the Company will give prompt written notice (and in any event within three Business
Days after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 2(b) and
Section 2(c), will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within ten (10) days after delivery of the Company’s notice; provided that the Company shall not be required to provide such notice or include any Registrable Securities in such
registration if the Sponsor Investors elect not to include any Sponsor Investor Registrable Securities in such registration, unless the Sponsor Investors otherwise consent in writing. Any Participating Sponsor Investor may withdraw its request for
inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement becoming effective. 

(b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of
the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting
the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Sponsor
Investor Registrable Securities and Solon Group Registrable Securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective
Participating Sponsor Investors and Participating Solon Group Investors on the basis of the number of Registrable Securities requested to be included in such registration by each such Participating Sponsor Investor and Participating Solon Group
Investor, (iii) third, the Registrable Securities requested to be included in such registration by any other Holders (subject to any applicable restrictions set forth in Section 10) which, in the opinion of such
underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iv) fourth, other securities requested to be included in such
registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a
Piggyback Registration that is an underwritten primary offering on behalf of the Company and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable
Securities could adversely affect the marketability, proposed offering price, timing and/or method of distribution of the offering, the Company shall first exclude from such offering the number (which may be all) of such Executive Registrable
Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering. 

  
 -6- 

 (c) Priority on Secondary Registrations. If a Piggyback Registration
is an underwritten secondary registration on behalf of holders of the Company’s equity securities (other than pursuant to Section 1 hereof), and the managing underwriters advise the Company in writing that in their
opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the
offering, the Company will include in such registration (i) first, the securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such
adverse effect, (ii) second, the Sponsor Investor Registrable Securities and Solon Group Registrable Securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such
adverse effect, pro rata among the respective Participating Sponsor Investors and Participating Solon Group Investors on the basis of the number of Registrable Securities requested to be included in such registration by each such Participating
Sponsor Investor and Participating Solon Group Investor, (iii) third, the Registrable Securities requested to be included in such registration by any other Holders (subject to any applicable restrictions set forth in
Section 10) which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iv)
fourth, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive
Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten secondary offering and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion
of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall be permitted to first exclude from such offering the
number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering. 

(d) Right to Terminate Registration. The Company will have the right to terminate or withdraw any registration initiated
by it under this Section 2, whether or not any holder of Registrable Securities has elected to include securities in such registration; provided, that Holders may continue the registration as a Demand Registration
pursuant to the terms of Section 1. 
 (e) Selection of Underwriters. If any Piggyback
Registration is an underwritten offering, the Sponsor Investors shall select the legal counsel for the Company, the investment banker(s) and manager(s) for the offering. 

Section 3 Stockholder Lock-Up Agreements and Company Holdback
Agreement. 
 (a) Stockholder Lock-up Agreements. In connection with any
underwritten Public Offering, each Holder will enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions
as may be approved by the Sponsor Investors and, following the first anniversary of the closing of the initial Public Offering, the Solon Group. Without limiting the generality of the foregoing, each Holder hereby agrees that in connection with the
initial Public Offering and in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales
pursuant to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC)
(collectively, 

  
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“Securities”), or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, “Other Securities”), (ii) enter
into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or
Other Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a “Sale Transaction”), or (iv) publicly disclose the
intention to enter into any Sale Transaction, commencing on the date on which the Company gives notice to the Holders that a preliminary prospectus has been circulated for such underwritten Public Offering or the “pricing” of such offering
and continuing to the date that is (x) 180 days following the date of the final prospectus for such underwritten Public Offering in the case of the initial Public Offering or (y) 90 days following the date of the final prospectus in the case
of any other such underwritten Public Offering (each such period, or such shorter period as agreed to by the managing underwriters, a “Holdback Period”), in each case with such modifications and exceptions as may be approved by the
Sponsor Investors and, following the first anniversary of the closing of the initial Public Offering, the Solon Group; provided, however, that the foregoing restrictions shall not apply to (i) Securities acquired in the public
market subsequent to the initial Public Offering, (ii) distributions-in-kind to a Holder’s partners or members, (iii) transfers to Affiliates, but only if
such Affiliates agree to be bound by the restrictions herein, (iv) conversion or exchange of Securities or Other Securities into Common Equity and (v) the extent otherwise set forth in the lock-up,
holdback or similar agreements requested by the underwriter(s) managing agreements signed by each Holder in connection with any underwritten Public Offering. The Company may impose stop-transfer instructions with respect to any Securities or Other
Securities subject to the restrictions set forth in this Section 3(a) until the end of such Holdback Period. 

(b) Company Holdback Agreement. The Company (i) will not file any registration statement for a Public Offering or
cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such underwritten Public Offering, or a registration on Form
S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any
then outstanding Other Securities) and (ii) will cause each holder of Securities and Other Securities (including each of its directors and executive officers) to agree not to effect any Sale Transaction during any Holdback Period, except as
part of such underwritten registration (if otherwise permitted), unless approved in writing by the Sponsor Investors, the underwriters managing the Public Offering and, following the first anniversary of the closing of the initial Public Offering,
the Solon Group, and to enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by
the Sponsor Investors and, following the first anniversary of the closing of the initial Public Offering, the Solon Group. 

Section 4 Registration Procedures. 

(a) Company Obligations. Whenever the Holders have requested that any Registrable Securities be registered pursuant to
this Agreement or have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the
Company will as expeditiously as possible: 
 (i) prepare and file with (or submit confidentially to) the SEC
a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the
Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the
counsel selected by the Sponsor Investors covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel); 

  
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 (ii) notify each Holder of (A) the issuance by the SEC
of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder; 

(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended
methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten
Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;

 (iv) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if
any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents
incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or
supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus);

 (v) use its best efforts to register or qualify such Registrable Securities under such other securities or
blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller (provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or
(B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice
thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any
registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been 

  
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obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, and
(C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the prospectus included in such registration
statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section 1(f), if required by applicable law or to the extent requested by
the Sponsor Investor, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale
agreement, or other similar agreement, relating to the offering shall cease to be true and correct; 
 (vii)
(A) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without
limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any
self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements; 

(viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not later
than the effective date of such registration statement; 
 (ix) enter into and perform such customary
agreements (including, as applicable, underwriting agreements in customary form) and take all such other actions as the Sponsor Investors, the Solon Group or the underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in “road shows,” investor presentations, marketing events and other selling efforts and
effecting a stock or unit split or combination, recapitalization or reorganization); 
 (x) obtain for each
selling Holder and any underwriter: 
 (A) an opinion of counsel for the Company, covering the matters
customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such selling Holder and/or underwriters, and 

(B) a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for
receipt of a “comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures” letter) signed by the independent registered public accountants who have certified the Company’s
financial statements included in such registration statement (and, if necessary, any other independent registered public accountant of any Subsidiary of the Company or any business acquired by the Company from which financial statements and
financial data are, or are required to be, included in the registration statement); 

  
 -10- 

 (xi) make available for inspection by any seller of
Registrable Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records,
pertinent corporate and business documents and properties of the Company, as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives and
independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto;

 (xii) take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand
Registration or Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the
Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading; 

(xiii) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective
date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiv) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a
controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the
reasonable judgment of such Holder and its counsel should be included; 
 (xv) use its best efforts to
(A) make Short-Form Registration available for the sale of Registrable Securities and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or
preventing the use of any related prospectus or suspending the qualification of any Common Equity included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, best efforts to obtain promptly
the withdrawal of such order; 
 (xvi) use its best efforts to cause such Registrable Securities
covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(xvii) cooperate with the Holders covered by the registration statement and the managing underwriter or agent,
if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any
account at which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

  
 -11- 

 (xviii) have appropriate officers of the Company prepare and
make presentations at any “road shows” and before analysts and rating agencies, as the case may be, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise use its best efforts
to cooperate as reasonably requested by the selling Holders and the underwriters in the offering, marketing or selling of the Registrable Securities; 

(xix) have appropriate officers of the Company, and cause representatives of the Company’s independent
registered public accountants, to participate in any due diligence discussions reasonably requested by any selling Holder or any underwriter; 

(xx) if requested by any underwriter or the Sponsor Investors, agree, and cause the Company and any directors
or officers of the Company to agree, to be bound by customary “lock-up” agreements restricting the ability to dispose of Company securities and file or cause the filing of any registration statement
under the Securities Act; 
 (xxi) if requested by any managing underwriter, include in any prospectus or
prospectus supplement updated financial or business information for the Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view
of the managing underwriter; 
 (xxii) cooperate and assist in any filings required to be made with the FINRA
and in the performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of FINRA; 

(xxiii) otherwise use best efforts to cooperate as reasonably requested by the selling Holders and the
underwriters in the offering, marketing or selling of the Registrable Securities; 
 (xxiv) otherwise use
best efforts to comply with all applicable rules and regulations of the SEC and all reporting requirements under the rules and regulations of the Exchange Act; 

(xxv) cause any officer of the Company to participate fully in the sale process in a manner customary for
persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows and other investor meetings; 

(xxvi) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided,
however, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; 

(xxvii) cooperate with each Holder covered by the registration statement and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the
New York Stock Exchange, Nasdaq or any other national securities exchange on which the shares of Common Equity are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent
Underwriter acceptable to the managing underwriter; 
 (xxviii) in the case of any underwritten offering,
use its best efforts to obtain, and deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company’s independent public accountants in
customary form and covering such matters of the type customarily covered by cold comfort letters; 

  
 -12- 

 (xxix) use its best efforts to provide (A) a legal
opinion of the Company’s outside counsel, dated the effective date of such registration statement addressed to the Company, (B) on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a
Demand Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal opinions of the
Company’s outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker,
placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more “negative assurances letters” of the Company’s outside counsel, dated such date, in form and substance as is
customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the
Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting
in the sale of the Registrable Securities and (3) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities; 

(xxx) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use
its best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; 

(xxxi) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic
Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 

(xxxii) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years,
at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the
Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and
keep such registration statement effective during the period during which such registration statement is required to be kept effective; 

(xxxiii) if requested by any Participating Sponsor Investor, cooperate with such Participating Sponsor Investor
and with the managing underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in
connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects; and 

(xxxiv) use best efforts to take any action requested by the selling Holders, including any action described in
clauses (i) through (xxxiii) above to prepare for and facilitate any “over-night deal” or other proposed sale of Registrable Securities over a limited timeframe. 

  
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 (b) Officer Obligations. Each Holder that is an officer of the
Company agrees that if and for so long as he or she is employed by the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other
duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows. 

(c) Automatic Shelf Registration Statements. If the Company files any Automatic Shelf Registration Statement for the
benefit of the holders of any of its securities other than the Holders, and the Sponsor Investors do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the
Sponsor Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investors may be added to such Shelf Registration Statement at a later time
through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company
shall, at the request of the Sponsor Investors, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration
Statement. 
 (d) Additional Information. The Company may require each seller of Registrable Securities as to which
any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to such seller’s
participation in such registration. 
 (e) In-Kind Distributions. If any
Holder seeks to effectuate an in-kind distribution of all or part of its Common Equity to its direct or indirect equityholders, the Company will, subject to applicable
lock-up, holdback or similar agreements pursuant to Section 3(a), reasonably cooperate with and assist such Holder, such equityholders and the Company’s transfer agent to
facilitate such in-kind distribution in the manner reasonably requested by such Holder (including the delivery of instruction letters by the Company or its counsel to the Company’s transfer agent and the
delivery of Common Equity without restrictive legends, to the extent no longer applicable). 
 (f) Suspended
Distributions. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(a)(vi), such Person will
immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by
Section 4(a)(vi), subject to the Company’s compliance with its obligations under Section 4(a)(vi). 

(g) Other. To the extent that any of the Participating Sponsor Investors or Participating Solon Group Investors is or
may be deemed to be an “underwriter” of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in Section 6 shall be applicable to
the benefit of such Participating Sponsor Investor or Participating Solon Group Investor in their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Participating Sponsor Investor or
Participating Solon Group Investor shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary
opinions and comfort letters addressed to such Participating Sponsor Investor or Participating Solon Group Investor. 

  
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 Section 5 Registration Expenses. 

Except as expressly provided herein, all
out-of-pocket expenses incurred by the Company or any Sponsor Investor or Solon Group Investor in connection with the performance of or compliance with this Agreement
and/or in connection with any Demand Registration, Piggyback Registration or Shelf Offering, whether or not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and
any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word
processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing
prospectuses and Company Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters
required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and
expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the
case of the initial Public Offering), (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all fees and disbursements of legal counsel for the Company, (ix) all reasonable fees and disbursements of one
legal counsel for selling Holders selected by the Sponsor Investors and, separately, if any Solon Group Registrable Securities are to be included in the applicable registration statement, one legal counsel selected by the Solon Group (each of which
may be the same counsel as selected for the Company) together with any necessary local counsel as may be required by the Sponsor Investors, (x) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities,
(xi) all fees and expenses of any special experts or other Persons retained by the Company, the Solon Group or the Sponsor Investors in connection with any Registration, (xii) all of the Company’s internal expenses (including all
salaries and expenses of its officers and employees performing legal or accounting duties) and (xiii) all expenses related to the “road-show” for any underwritten offering, including all travel, meals and lodging. All such expenses
are referred to herein as “Registration Expenses.” The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and
pay, all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person’s account and all transfer taxes (if any) attributable to the sale of Registrable Securities. 

Section 6 Indemnification and Contribution. 

(a) By the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without
limitation as to time, each Holder, such Holder’s officers, directors employees, agents, fiduciaries, stockholders, managers, partners, members, affiliates, direct and indirect equityholders, consultants and representatives, and any successors
and assigns thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to
actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, “Losses”) caused by, resulting from, arising out of, based upon or related to any of the following (each, a
“Violation”) by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or
Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 6, collectively called an
“application”) executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the
“blue sky” or securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation
by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any
such registration, qualification or compliance. In addition, the Company will reimburse such Indemnified Party 

  
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for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any
such case to the extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission, made in such registration statement, any such prospectus, preliminary prospectus or
Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such
Indemnified Party expressly for use therein or by such Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party
with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such indemnity and
reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller. 

(b) By Holders. In connection with any registration statement in which a Holder is participating, each such Holder will
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its
officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and appealable judgment, order or decree of a
court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein;
provided that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such
registration statement. 
 (c) Claim Procedure. Any Person entitled to indemnification hereunder will (i) give
prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice will impair any Person’s right to indemnification hereunder only to the extent
such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification
and approved by the Sponsor Investor, at the expense of the indemnifying party. 
 (d) Contribution. If the
indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any
Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such 

  
 -16- 

 
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions
which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause (i) of this Section 6(d) is not permitted by applicable law, then in such proportion
as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in
connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution will be limited, in the case of
each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the
indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the
contribution pursuant to this Section 6(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an
indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the
subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e) Release. No indemnifying party will, except with the consent of the indemnified party, consent to the entry of any
judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

(f) Non-exclusive Remedy; Survival. The indemnification and
contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the
indemnitors of first resort in all such circumstances to which this Section 6 applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer,
director or controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement. 

Section 7 Cooperation with Underwritten Offerings. No Person may participate in any underwritten registration
hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without
limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested
to include in such registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the
terms of such underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with,
Section 3, Section 4 and/or this Section 7, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the
Holders, the Company and the underwriters created thereby with respect to such registration. 

  
 -17- 

 Section 8 Subsidiary Public Offering. If, after an initial
Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, mutatis
mutandis, to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement as if it were the Company hereunder. 

Section 9 Rules 144 and 144A and Regulation S. The Company covenants that it will file the reports required to be
filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the reasonable request of the Sponsor Investors, make
publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time), and it will take such further action as
the Sponsor Investors may reasonably request, all to the extent required from time to time to enable the Sponsor Investors to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided
by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Holder, the
Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

Section 10 Transfer of Registrable Securities. 

(a) Transfer Restrictions. No Executive or Other Investor (together, the “Restricted Holders”) shall
transfer any interest in such Restricted Holder’s Common Equity, except (i) transfers to Permitted Transferees pursuant to Section 10(b) below, (ii) in connection with the Company’s or the Sponsor
Investors’ exercise of the Repurchase Rights (if applicable) or (iii) pursuant to Section 10(d) below. Unless the Sponsor Investors consent otherwise in advance in writing, in no event shall any transfer of Common
Equity (other than to a Permitted Transferee) be made for any consideration other than cash payable upon consummation of such transfer or in installments over time (transfers described in clauses (i) through (iii) above are referred to herein,
collectively, as “Exempt Transfers”). 
 (b) Permitted Transferees. The restrictions set forth in
Section 10(a) shall not apply with respect to any transfer of Common Equity to any Permitted Transferee; provided that, the restrictions contained in this Agreement shall continue to be applicable to the
Company’s Common Equity after any such transfer and that the transferees of such Common Equity shall have agreed in writing to be bound by the provisions of this Agreement affecting the Common Equity so transferred; and provided further
that, except as otherwise provided for in any agreement between a Restricted Holder and any of its Permitted Transferees, such Permitted Transferee of such Restricted Holder shall succeed to all rights attributable to such Restricted Holder
hereunder regarding the transferred Common Equity. Notwithstanding the foregoing, no Restricted Holder shall avoid the provisions of this Agreement by making one or more transfers to one or more Permitted Transferees and then disposing of all or any
portion of such Restricted Holder’s interest in any such Permitted Transferee or otherwise causing such Permitted Transferee to no longer be a part of such Restricted Holder’s Family Group or an Affiliate, as applicable. 

(c) Trusts and Service Providers. If a Restricted Holder or its Permitted Transferee is a trust or estate planning
vehicle or entity of which a beneficiary, or a member of the Family Group of a beneficiary, is an employee, officer, director, other service provider or consultant of the Company or its Subsidiaries (such trust, the “Trust,” and
such employee, officer, director, other service provider or consultant, the “Service Provider”), then any provision of this Agreement or any other agreements relating 

  
 -18- 

 
to the Common Equity held by the Trust that refers to a Restricted Holder’s employment or engagement by the Company or its Subsidiaries shall, as it relates to the Trust, be deemed to be a
reference to the Service Provider’s employment or engagement by the Company or its Subsidiaries, and the Trust shall be bound by and subject to any terms, conditions or restrictions under such agreements by and to which the Service Provider
would be bound and subject if the Common Equity held by the Trust were held by the Service Provider instead of the Trust. 

(d) Coordination. 

(i) Except as otherwise expressly provided in this Section 10, a Restricted Holder
may transfer Common Equity only at such time as the Sponsor Investors are also selling Common Equity in a Public Offering, to the public pursuant to Rule 144 (or any similar rule then in effect) effected through a broker, dealer or market maker, in
an unregistered block sale to a financial institution, in a privately negotiated transaction under “Section 4(a)(1)-1/2” of the Securities Act or in any other transaction in which the Sponsor
Investors transfer Common Equity to a party other than a Permitted Transferee (together, a “Sponsor Sale”) and then only up to a number of shares of Common Equity (a “Transfer Amount”) equal to (1) the product
of (x) the aggregate number of shares of Common Equity held by such Restricted Holder immediately prior to such Sponsor Sale (excluding for this purpose shares of Common Equity that are already transferable by such Restricted Holder as a result
of one or more Transfer Amounts available to such Restricted Holder as a result of the application of the next occurring proviso below) multiplied by (y) a fraction, the numerator of which is the aggregate number of shares of Common Equity
being sold by the Sponsor Investors in such Sponsor Sale and the denominator of which is the total number of shares of Common Equity held by all Restricted Holders immediately prior to such Sponsor Sale less (2) any shares of Common Equity
previously sold by such Restricted Holder in connection with a registration pursuant to the terms of Section 1 or Section 2; provided that, if at the time of any Sponsor Sale, a Restricted
Holder chooses not to transfer any Transfer Amount or is otherwise restricted from transferring or not permitted to transfer all or any portion of any Transfer Amount at such time (including as part of the initial Public Offering), such Restricted
Holder shall retain the right to transfer an aggregate number of shares of Common Equity in connection with a future Sponsor Sale by the Sponsor Investors (in addition to any rights to transfer shares of Common Equity in accordance with this
Section 10(d) in connection with such future Sponsor Sale by the Sponsor Investors) equal to such prior Transfer Amount(s) not sold by such Restricted Holder. Upon the written request from time to time of any Restricted
Holder, the Company shall inform such Restricted Holder of the number of shares of Common Equity that such Restricted Holder may transfer in reliance on this Section 10(d) subject to the terms and conditions hereof. 

(ii) In the event that any Sponsor Investor plans to sell Common Equity in a Sponsor Sale, then, unless this
Agreement provides for different procedures applicable to such particular Sponsor Sale (in which case, such procedures set forth in this Agreement shall control), such Sponsor Investor will notify the Company in writing as promptly as practicable in
advance of such Sponsor Sale, and the Company will, within three Business Days after receiving such notice from such Sponsor Investor, notify each Restricted Holder in writing of the proposed Sponsor Sale, which written notice shall set forth
(i) such Restricted Holder’s Transfer Amount as a result of such Sponsor Sale and (ii) the number of shares of Common Equity, if any, that are already transferable by such Restricted Holder as a result of one or more Transfer Amounts
available to such Restricted Holder as a result of the application of the proviso in the first sentence of Section 10(d)(i)). Any Restricted Holder shall be permitted to transfer such shares of Common Equity pursuant to
this Section 10 at any time following the date of the Sponsor Sale by the Sponsor Investor(s). 

  
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 (f) Effect on Registration Rights. The provisions of this
Section 10 shall govern and control any allocations or rights to registrations of the Restricted Holders, including, but not limited to, pursuant to Sections 1(b), 1(e), 1(g), 2(b) and 2(c) above. 

(g) Termination of Transfer Restrictions. The provisions of this Section 10 shall terminate on
the third anniversary of the date of this Agreement unless earlier amended, modified or waived pursuant to Section 13(a). 

Section 11 Trading Windows. The Company shall (i) use its reasonable best efforts to notify the Sponsor
Investors and the Solon Group of each “closing” and “opening” date under the trading windows established by the Company’s insider trading policy, in each case, at least two Business Days prior to each such date and (ii), at
the request of the Sponsor Investors or the Solon Group, confirm to the Sponsor Investors and the Solon Group whether a trading window is open at such time. 

Section 12 Joinder; Additional Parties; Transfer of Registrable Securities. 

(a) Joinder. The Company may from time to time (with the prior written consent of the Sponsor Investors) permit any
Person who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from
such Person in the form of Exhibit B attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become the category of
Registrable Securities (i.e., Sponsor Investor Registrable Securities, Solon Group Registrable Securities, Other Investor Registrable Securities or Executive Registrable Securities), and such Person shall be deemed the category of Holder (i.e.,
Sponsor Investor, Solon Group Investor, Other Investor or Executive), in each case as set forth on the signature page to such Joinder. 

(b) Legend. Each certificate (if any) evidencing any Registrable Securities and each certificate issued in exchange for
or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) will be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN
A REGISTRATION RIGHTS AGREEMENT DATED AS OF _______________, 2021 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S EQUITYHOLDERS, AS AMENDED. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY
THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 The Company will imprint such legend on certificates evidencing Registrable
Securities outstanding prior to the date hereof. The legend set forth above will be removed from the certificates evidencing any securities that have ceased to be Registrable Securities. 

Section 13 General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended,
modified or waived only with the prior written consent of the Company, the Sponsor Investors and, following the first anniversary of the closing of the initial Public Offering, the Solon 

  
 -20- 

 
Group; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e., Sponsor Investors, Solon Group, Other
Investors or Executives) in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable
Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and
will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or
its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement. 

(b) Remedies. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically
(without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this
Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other
injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect and to any extent under any applicable law or regulation in any jurisdiction, (i) the
application of that provision to another Person or circumstances shall not be affected thereby and that provision shall be enforced to the greatest extent permitted by law and (ii) such prohibition, invalidity, illegality or unenforceability
will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such
prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement.
Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or
representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way, including, without limitation, the LLC Agreement and the other documents referred to therein. 

(e) Successors and Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and
be enforceable by the Company and its successors and permitted assigns and the Holders and their respective successors and permitted assigns (whether so expressed or not). 

(f) Notices. Any notice, demand or other communication to be given under or by reason of the provisions of this
Agreement will be in writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; but if not,
then on the next Business Day (provided that any such notice under this clause (ii) will not be effective unless within one Business Day after the notice is sent, a copy of such notice is sent to the recipient by first-class mail, return
receipt requested, or reputable overnight courier service (charges prepaid)), (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed
to the recipient by first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address specified on the signature page hereto or any Joinder and to any holder, or at

  
 -21- 

 
such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt
of notice by giving prior written notice of the change to the sending party as provided herein. The Company’s address is: 

Shoals Technologies Group, Inc. 

1400 Shoals Way 

Portland, Tennessee 37148 

Attn:     Chief Executive Officer and General Counsel 

Email:   Jason.Whitaker@shoals.com 

      [•] 

With a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 

New York, New York 10022 

Attn: Joshua N. Korff, P.C., 

         Michael Kim, P.C. 

Facsimile: (212) 446-4900 

Email: jkorff@kirkland.com 

   michael.kim@kirkland.com 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending
party. 
 (g) Business Days. If any time period for giving notice or taking action hereunder expires on a day that is
not a Business Day, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday. 

(h) Governing Law. The corporate law of the State of Delaware will govern all issues and questions concerning the
relative rights of the Company and its equityholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and
construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York. 
 (i) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY
BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR
ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 
 (j) CONSENT TO JURISDICTION AND SERVICE OF
PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER
PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH

  
 -22- 

 
PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN
THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND
THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (k) No Recourse. Notwithstanding anything to the contrary
in this Agreement, the Company and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer,
employee, general or limited partner or member of any Holder or any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law,
it being expressly agreed and acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder
or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with
this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
 (l)
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement will be by way of
example rather than by limitation. 
 (m) No Strict Construction. The language used in this Agreement will be deemed
to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party. 

(n) Counterparts. This Agreement may be executed in multiple counterparts, any one of which need not contain the
signature of more than one party, but all such counterparts taken together will constitute one and the same agreement. 
 (o)
Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the
extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or
instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or
thereto will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to
deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party
forever waives any such defense. 

  
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 (p) Further Assurances. In connection with this Agreement and the
transactions contemplated hereby, each Holder agrees to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and
the transactions contemplated hereby. 
 (q) Dividends, Recapitalizations, Etc. If at any time or from time to time
there is any change in the capital structure of the Company by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate
adjustment will be made in the provisions hereof so that the rights and privileges granted hereby will continue. 
 (r) No
Third-Party Beneficiaries. No term or provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise
expressly provided herein. 
 *     *     *     *     * 

  
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 IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above. 
  

			
	SHOALS TECHNOLOGIES GROUP, INC.
		
	 By:
	 	
              
       

	 Its:
	 	
              
       

 [Signature Page to Registration Rights Agreement] 

 
			
	SPONSOR INVESTORS:
	
	OAKTREE POWER OPPORTUNITIES FUND IV (DELAWARE) HOLDINGS, L.P.
	
	 By: Oaktree Fund GP, LLC

	 Its: General Partner

	
	 By: Oaktree Fund GP I, L.P.

	 Its: Managing Member

		
	 By:
	 	
              
           

	 Name: Jason Lee

	 Its: Authorized Signatory

		
	 By:
	 	
              
               

	 Name: Peter Jonna

	 Its: Authorized Signatory

	
	 Address:

	
	 333 S. Grand Ave., 28th Floor

	 Los Angeles, CA 90071

 [Signature Page to Registration Rights Agreement] 

 
			
	 SOLON GROUP:

 

	  

Name: Dean Solon

		
	 Address:
	 	
 

			
	
	  

	
	  

	
	 SOLON HOLDCO I, GP

		
	 By:
	 	
              
           

	 Name: Dean Solon

	 Title: Partner

			
		
	 Address:
	 	
 

			
	
	  

	
	  

	
	 SOLON HOLDCO II, GP

		
	 By:
	 	
              
           

	 Name: Dean Solon

	 Title: Partner

			
		
	 Address:
	 	  

	
	  

	
	  

 [Signature Page to Registration Rights Agreement] 

 
			
	 OTHER INVESTORS:

 

	  

Name:

		
	 Address:
	 	  

	
	  

	
	  

 [Signature Page to Registration Rights Agreement] 

 
			
	 EXECUTIVES:

	
	 SHOALS MANAGEMENT HOLDINGS LLC

	
	 By: Shoals Parent LLC

	 Its: Manager

		
	 By:
	 	          

	 Name: Jason Whitaker

	 Title:

		
	 Address:
	 	              

	
	
                 

	
                 

	
	
             

	 Name:
	 	
		
	 Address:
	 	          

	          

	          

	
	          

	 Name:

		
	 Address:
	 	          

	          

	          

 [Signature Page to Registration Rights Agreement] 

 EXHIBIT A 

DEFINITIONS 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such
Person and, in the case of an individual, also includes any member of such individual’s Family Group; provided that the Company and its Subsidiaries will not be deemed to be Affiliates of any holder of Registrable Securities. As used in
this definition, “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) will mean possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

“Agreement” has the meaning set forth in the recitals. 

“Automatic Shelf Registration Statement” has the meaning set forth in Section 1(a).

 “Business Day” means a day that is not a Saturday or Sunday or a day on which banks in New York City are
authorized or requested by law to close. 
 “Charitable Gifting Event” means any transfer by a Sponsor
Investor, or any subsequent transfer by such holder’s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered
into in connection with any underwritten offering. 
 “Charitable Organization” means a charitable
organization as described by Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time. 

“Common Equity” means the Company’s shares of Class A common stock, par value $0.001 per share.

 “Company” has the meaning set forth in the preamble and shall include its successor(s). 

“Demand Registrations” has the meaning set forth in Section 1(a). 

“End of Suspension Notice” has the meaning set forth in Section 1(f)(ii). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
federal law then in force, together with all rules and regulations promulgated thereunder. 
 “Excluded
Registration” means any registration (i) pursuant to a Demand Registration (which is addressed in Section 1(a)), or (ii) in connection with registrations on Form
S-4 or S-8 promulgated by the SEC or any successor or similar forms).  

“Executives” has the meaning set forth in the recitals. 

“Executive Registrable Securities” means, irrespective of which Person actually holds such securities, any
Common Equity held by the management employees of the Company who are listed as “Executives” on the signature page hereto or to a Joinder. 

“Exempt Transfers” has the meaning set forth in Section 10(a). 

  
 A-1 

 “Family Group” means with respect to any individual, such
individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established
solely for the benefit of such individual or such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holdback Period” has the meaning set forth in Section 3(a). 

“Holder” means a holder of Registrable Securities who is a party to this Agreement (including by way of
Joinder). 
 “Indemnified Parties” has the meaning set forth in Section 6(a).

 “Inspectors” has the meaning set forth in Section 4(a)(xi). 

“Joinder” has the meaning set forth in Section 9(a). 

“LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of Shoals Parent,
LLC, dated as of [•], 2021, as amended, restated, supplemented or otherwise modified. 
 “Long-Form
Registrations” has the meaning set forth in Section 1(a). 
 “Losses”
has the meaning set forth in Section 6(c). 
 “Other Investors” has the meaning
set forth in the recitals. 
 “Other Investor Registrable Securities” means, irrespective of which Person
actually holds such securities, (i) any Common Equity held (directly or indirectly, and including deemed ownership as set forth in the definition of Registrable Securities) by any Other Investors or any of their Affiliates, and (ii) any
equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any
recapitalization, merger, consolidation or other reorganization. 
 “Participating Solon Group Investors”
means any member of the Solon Group participating in the request for a Demand Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade. 

“Participating Sponsor Investors” means any Sponsor Investor(s) participating in the request for a Demand
Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade. 
 “Permitted Transferee”
means any transferee pursuant to a transfer of Common Equity (i) by any Holder to or among such Holder’s Family Group (including, without limitation, for estate planning purposes) or pursuant to applicable laws of descent and distribution,
provided that (x) Common Equity may not be transferred to a Holder’s spouse in connection with a divorce proceeding and (y) any Holder that is a trust or estate planning vehicle or entity must remain for the benefit of the same
person(s) for so long as such trust holds Common Equity or (ii) in the case of the Sponsor Investor, to any of its Affiliates (other than the Company or any of its Subsidiaries) or limited partners. 

  
 A-2 

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

“Piggyback Registrations” has the meaning set forth in Section 2(a). 

“Preemption Notice” has the meaning set forth in Section 1(i). 

“Public Offering” means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to
the public of Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act. 

“Registrable Securities” means Sponsor Investor Registrable Securities, Solon Group Registrable Securities,
Other Investor Registrable Securities and Executive Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public
Offering, (b) sold in compliance with Rule 144 following the consummation of the initial Public Offering, (c) distributed to the direct or indirect partners or members of a Sponsor Investor or (d) repurchased by the Company or a
Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or
indirectly, such Registrable Securities (upon redemption, exchange, conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not
such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable
Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing, following the consummation of an initial Public Offering, any Registrable Securities held by any Person (other than any Sponsor
Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 will be deemed not to be Registrable Securities. 

“Registration Expenses” has the meaning set forth in Section 5. 

“Repurchase Rights” means the right of the Company, the Sponsor Investor and/or any designee thereof to
repurchase Common Equity from any director, officer, employee, other service provider or consultant of the Company and/or its Subsidiaries upon the termination of such Person’s employment or engagement with the Company and/or its Subsidiaries
or other event pursuant to an agreement approved by the board of directors of the Company between the Company and such Person. 

“Restricted Holders” has the meaning set forth in Section 10(a). 

“Rule 144,” “Rule 144A,” “Rule 158,” “Rule 405,”
“Rule 415,” “Rule 403B,” “Rule 462” and “Regulation S” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will
be amended from time to time, or any successor rule then in force. 
 “Sale Transaction” has the meaning
set forth in Section 3(a). 

  
 A-3 

 “SEC” means the United States Securities and Exchange
Commission. 
 “Securities” has the meaning set forth in Section 3(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law
then in force, together with all rules and regulations promulgated thereunder. 
 “Service Provider” has
the meaning set forth in Section 10(c). 
 “Shelf Offering” has the meaning set
forth in Section 1(d)(i). 
 “Shelf Offering Notice” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Period” has the meaning set forth in
Section 1(d)(v). 
 “Shelf Registration” has the meaning set forth in
Section 1(a). 
 “Shelf Registrable Securities” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Registration Statement” has the
meaning set forth in Section 1(d). 
 “Short-Form Registrations” has the meaning
set forth in Section 1(a). 
 “Solon Group” means (i) Dean Solon,
(ii) Solon Holdco I, GP, (iii) Solon Holdco II, GP, (iv) any Permitted Transferee to which Common Equity of the Company is transferred by Dean Solon, Solon Holdco I, GP or Solon Holdco II, GP, (v) any member of Dean Solon’s
Family Group and (vi) the successors or estate of Dean Solon; provided that with respect to any calculation of the Common Equity held by the Solon Group pursuant to this Agreement, such calculation shall include the aggregate Common
Equity held by all Persons set forth herein as part of the Solon Group. For purposes of this Agreement, any approval, consent or other determination of the Solon Group shall be made by (i) Dean Solon, for so long as Dean Solon holds any Common
Equity, or (ii) if Dean Solon no longer holds any Common Equity, the member of the Solon Group holding the plurality of the Common Equity collectively held by the Solon Group at the time of such approval, consent or other determination. 

“Solon Group Registrable Securities” means, irrespective of which Person actually holds such securities,
(i) any Common Equity held (directly or indirectly, and including deemed ownership as set forth in the definition of Registrable Securities) by any member of the Solon Group or any of Affiliates of the Solon Group, and (ii) any equity
securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger,
consolidation or other reorganization; provided that any decision to be made under this Agreement by the Solon Group shall be made by the holders of a majority of all Solon Group Registrable Securities. 

“Sponsor Investors” has the meaning set forth in the recitals; provided that any decision to be made under
this Agreement by the Sponsor Investors shall be made by the holders of a majority of all Sponsor Investor Registrable Securities. 

“Sponsor Investor Registrable Securities” means, irrespective of which Person actually holds such securities,
(i) any Common Equity held (directly or indirectly, and including deemed ownership as set forth in the definition of Registrable Securities) by any Sponsor Investor or any of its Affiliates or Permitted Transferees, and (ii) any equity
securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization,
merger, consolidation or other reorganization. 

  
 A-4 

 “Sponsor Sale” has the meaning set forth in
Section 10(d)(i). 
 “Subsidiary” means, with respect to the Company, any
corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or
one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such
Person or Persons will be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company,
partnership, association or other business entity. 
 “Suspension Event” has the meaning set forth in
Section 1(f)(ii). 
 “Suspension Notice” has the meaning set forth in
Section 1(f)(ii). 
 “Suspension Period” has the meaning set forth in
Section 1(f)(i). 
 “Transfer Amount” has the meaning set forth in
Section 10(d)(i). 
 “Trust” has the meaning set forth in
Section 10(c). 
 “Violation” has the meaning set forth in
Section 6(a). 
 “WKSI” means a “well-known seasoned issuer” as defined
under Rule 405. 

  
 A-5 

 EXHIBIT B 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of
_______________, 2021 (as amended, modified and waived from time to time, the “Registration Agreement”), among Shoals Technologies Group, Inc., a Delaware corporation (the “Company”), and the other persons
named as parties therein (including pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement. 

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by,
and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an original signatory to the Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder, an
Other Investor thereunder and the undersigned’s ____ shares of Common Equity will be deemed for all purposes to be Other Investor Registrable Securities under the Registration Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder as of the ___ day of ____________, 20___. 

 

			
	  

	 Signature

	
	  

	 Print Name

		
	 Address:
	 	  

	
	  

	
	  

  

	
	 Agreed and Accepted as of

	
	 ________________, 20___:

	
	SHOALS TECHNOLOGIES GROUP, INC.
	
	 By: ________________________

	
	 Its: ________________________

 

  
 B-1

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