Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIRD
AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 QL HOLDINGS LLC

 A Delaware Limited Liability Company 

Dated as of July 1, 2020 
 THE UNITS
REPRESENTED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE DELAWARE SECURITIES ACT OF 1972, AS
AMENDED, OR SIMILAR LAWS OR ACTS OF OTHER STATES IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS. THE SALE OR OTHER DISPOSITION OF THE UNITS IS RESTRICTED AS STATED IN THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT. BY THE
EXECUTION OF THIS AGREEMENT AND THE ACQUISITION OF THE UNITS REPRESENTED HEREBY, EACH MEMBER REPRESENTS, AMONG OTHER THINGS, THAT HE, SHE OR IT IS ACQUIRING HIS, HER OR ITS UNITS FOR INVESTMENT AND WITHOUT A VIEW TO DISTRIBUTION AND THAT HE, SHE OR
IT WILL NOT SELL OR OTHERWISE DISPOSE OF HIS, HER OR ITS UNITS WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID ACTS AND THE RULES AND REGULATIONS ISSUED THEREUNDER. 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Construction	  	 	10	 
		
	 ARTICLE II ORGANIZATION
	  	 	11	 
	 Section 2.01.
	 	Formation; Effective Date	  	 	11	 
	 Section 2.02.
	 	Name	  	 	11	 
	 Section 2.03.
	 	Registered Office; Registered Agent; Principal Office	  	 	11	 
	 Section 2.04.
	 	Purpose	  	 	11	 
	 Section 2.05.
	 	Term	  	 	11	 
		
	 ARTICLE III MEMBERSHIP INTERESTS
	  	 	11	 
	 Section 3.01.
	 	Members	  	 	11	 
	 Section 3.02.
	 	Representations and Warranties of the Members	  	 	11	 
	 Section 3.03.
	 	Common Units	  	 	13	 
	 Section 3.04.
	 	New Members	  	 	14	 
	 Section 3.05.
	 	Liability to Third Parties	  	 	14	 
	 Section 3.06.
	 	Lack of Authority	  	 	14	 
	 Section 3.07.
	 	Withdrawal	  	 	14	 
	 Section 3.08.
	 	Founder Covenants	  	 	14	 
	 Section 3.09.
	 	Information Rights	  	 	15	 
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS
	  	 	17	 
	 Section 4.01.
	 	Contributions	  	 	17	 
	 Section 4.02.
	 	Profits and Losses	  	 	17	 
	 Section 4.03.
	 	Return of Contributions	  	 	17	 
	 Section 4.04.
	 	Advances by Members	  	 	17	 
		
	 ARTICLE V DISTRIBUTIONS
	  	 	17	 
	 Section 5.01.
	 	Distributions of Cash from Operations	  	 	17	 
		
	 ARTICLE VI DIRECTORS
	  	 	19	 
	 Section 6.01.
	 	Management by Directors	  	 	19	 
	 Section 6.02.
	 	Number of Directors	  	 	19	 
	 Section 6.03.
	 	Vacancies; Removal; Resignation	  	 	21	 
	 Section 6.04.
	 	Meetings	  	 	21	 
	 Section 6.05.
	 	Action by Written Consent	  	 	22	 
		
	 ARTICLE VII OFFICERS
	  	 	23	 
	 Section 7.01.
	 	Officers	  	 	23	 
	 Section 7.02.
	 	Compensation	  	 	23	 
	 Section 7.03.
	 	Term of Office; Removal; Filling of Vacancies	  	 	23	 
	 Section 7.04.
	 	Chief Executive Officer	  	 	23	 
	 Section 7.05.
	 	Powers and Duties	  	 	23	 
		
	 ARTICLE VIII MEETINGS OF MEMBERS
	  	 	24	 
	 Section 8.01.
	 	Meetings	  	 	24	 

  
 i 

							
	 Section 8.02.
	 	Proxies	  	 	25	 
	 Section 8.03.
	 	Conduct of Meetings	  	 	25	 
	 Section 8.04.
	 	Action by Written Consent or Telephone Conference	  	 	25	 
	 Section 8.05.
	 	Attendance at Meetings	  	 	25	 
		
	 ARTICLE IX TRANSFER OF UNITS
	  	 	26	 
	 Section 9.01.
	 	Permitted Transfers	  	 	26	 
	 Section 9.02.
	 	Right of First Offer	  	 	27	 
	 Section 9.03.
	 	Tag Along Rights	  	 	28	 
	 Section 9.04.
	 	Company Sale; Drag Along	  	 	31	 
	 Section 9.05.
	 	Preemptive Rights	  	 	34	 
	 Section 9.06.
	 	Redemption of Class B Units	  	 	35	 
	 Section 9.07.
	 	Definition of Termination Event	  	 	37	 
	 Section 9.08.
	 	ICP Put Option	  	 	37	 
		
	 ARTICLE X PROTECTIVE PROVISIONS
	  	 	41	 
	 Section 10.01.
	 	Required Consents	  	 	41	 
		
	 ARTICLE XI RESTRICTIVE COVENANTS; NON-COMPETITION
	  	 	43	 
	 Section 11.01.
	 	Non-Competition	  	 	43	 
	 Section 11.02.
	 	Reasonableness of Restrictions	  	 	44	 
		
	 ARTICLE XII INDEMNIFICATION
	  	 	45	 
	 Section 12.01.
	 	Right to Indemnification	  	 	45	 
	 Section 12.02.
	 	Advance Payment	  	 	45	 
	 Section 12.03.
	 	Nonexclusivity of Rights	  	 	46	 
	 Section 12.04.
	 	Savings Clause	  	 	46	 
	 Section 12.05.
	 	Limitation on Liability	  	 	46	 
		
	 ARTICLE XIII CORPORATE OPPORTUNITY
	  	 	46	 
	 Section 13.01.
	 	Opportunities	  	 	46	 
	 Section 13.02.
	 	Acknowledgement Regarding ICP	  	 	47	 
		
	 ARTICLE XIV REGISTRATION RIGHTS
	  	 	47	 
	 Section 14.01.
	 	Piggyback Registration	  	 	47	 
	 Section 14.02.
	 	Registration Procedures	  	 	48	 
	 Section 14.03.
	 	Registration Expenses	  	 	50	 
	 Section 14.04.
	 	Indemnification by the Company	  	 	50	 
	 Section 14.05.
	 	Indemnification by the Participating Holder	  	 	51	 
	 Section 14.06.
	 	Conduct of Indemnification Proceedings	  	 	51	 
	 Section 14.07.
	 	Lock Up	  	 	51	 
	 Section 14.08.
	 	Termination of Rights	  	 	52	 
	 Section 14.09.
	 	Registration Rights Agreement	  	 	52	 
		
	 ARTICLE XV TAX MATTERS
	  	 	52	 
	 Section 15.01.
	 	Tax Returns	  	 	52	 
	 Section 15.02.
	 	Tax Elections	  	 	52	 

  
 ii 

							
	 Section 15.03.
	 	Company Representation In Tax Matters	  	 	53	 
	 Section 15.04.
	 	Entity Taxes	  	 	54	 
	 Section 15.05.
	 	Information and Cooperation	  	 	55	 
	 Section 15.06.
	 	No State-Law Partnership	  	 	55	 
	 Section 15.07.
	 	Classification for Tax Purposes	  	 	55	 
	 Section 15.08.
	 	Board Approval	  	 	55	 
		
	 ARTICLE XVI BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS
	  	 	55	 
	 Section 16.01.
	 	Maintenance of Books	  	 	55	 
	 Section 16.02.
	 	Fiscal Year	  	 	55	 
	 Section 16.03.
	 	Accounts	  	 	56	 
	 Section 16.04.
	 	Management of Fiscal Affairs	  	 	56	 
	 Section 16.05.
	 	Employer I.D. Number	  	 	56	 
	 Section 16.06.
	 	Withholding Taxes	  	 	56	 
	 Section 16.07.
	 	Qualification to do Business	  	 	56	 
		
	 ARTICLE XVII DISSOLUTION, LIQUIDATION, AND TERMINATION
	  	 	56	 
	 Section 17.01.
	 	Dissolution	  	 	56	 
	 Section 17.02.
	 	Liquidation and Dissolution	  	 	57	 
	 Section 17.03.
	 	Deficit Capital Accounts	  	 	57	 
	 Section 17.04.
	 	Certificate of Cancellation	  	 	58	 
		
	 ARTICLE XVIII GENERAL PROVISIONS; MISCELLANEOUS COVENANTS
	  	 	58	 
	 Section 18.01.
	 	Survival of Representations and Warranties	  	 	58	 
	 Section 18.02.
	 	Notices	  	 	58	 
	 Section 18.03.
	 	Entire Agreement	  	 	58	 
	 Section 18.04.
	 	Confidentiality	  	 	59	 
	 Section 18.05.
	 	Effect of Waiver or Consent	  	 	60	 
	 Section 18.06.
	 	Amendment or Modification	  	 	60	 
	 Section 18.07.
	 	Binding Act	  	 	60	 
	 Section 18.08.
	 	Governing Law; Severability	  	 	60	 
	 Section 18.09.
	 	Further Assurances	  	 	61	 
	 Section 18.10.
	 	No Third Party Benefit	  	 	61	 
	 Section 18.11.
	 	Waiver of Certain Rights	  	 	61	 
	 Section 18.12.
	 	Counterparts	  	 	61	 
	 Section 18.13.
	 	Waiver of Right to Jury Trial	  	 	61	 
	 Section 18.14.
	 	Specific Performance	  	 	61	 
	 Section 18.15.
	 	Conversion into a Corporation; Public Offering	  	 	61	 

  
 iii 

			
	LIST OF SCHEDULES, APPENDICES AND EXHIBITS
		
	Schedule I	  	List of Class A Members, Class A Units and Member Capital Contributions
		
	Schedule II	  	List of Class B Members and Class B Units
		
	Schedule III	  	Issued and Outstanding Common Units
		
	Appendix I	  	Tax Allocations
		
	Exhibit A	  	Form of Joinder Agreement

  
 iv 

 THIRD AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 QL HOLDINGS LLC

 A Delaware Limited Liability Company 

This Third Amended and Restated Limited Liability Company Agreement (this “Agreement”) of QL Holdings LLC, a Delaware limited
liability company (the “Company”), dated July 1, 2020, is made by and among the parties identified on Schedule I and Schedule II attached hereto (each such party, a “Member” and, together with
each other Member and those other parties admitted to the Company from time to time as hereinafter provided, the “Members”), and Steven Yi, Eugene Nonko and Ambrose Wang (each, a “Founder” and, collectively, the
“Founders”) 
 WITNESSETH:  

WHEREAS, the Founders, QuoteLab Holdings, Inc., a Delaware corporation (“QLH”), White Mountains Capital, Inc., a
Delaware corporation (“WMC”), Insignia QL Holdings, LLC, a Delaware limited liability company (“ICP Main Fund Buyer”), Insignia A QL Holdings, LLC, a Delaware limited liability company (“ICP Parallel Fund
Buyer”) and certain other former Class B Members executed that certain Second Amended and Restated Limited Liability Company Agreement of the Company, dated February 26, 2019 (the “Existing LLC Agreement”). 

WHEREAS, as of the date of this Agreement, the Members desire to amend and restate the Existing LLC Agreement in its entirety as set
forth below. 
 NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01.
Definitions. As used in this Agreement, the following terms have the following meanings: 
 “6226 Election” has the
meaning given that term in Section 15.03(a). 
 “Act” shall mean the Delaware Limited Liability Company Act (6
Del. Code Section 18.01 - 101 et. seq.), and any successor statute, as amended from time to time. 
 “Additional Tax
Distribution” has the meaning given that term in Section 5.01(c). 

  
 1 

 “Affiliate” shall mean, with respect to any Person, any other Person that,
directly or indirectly, Controls or is Controlled by or is under common Control with such Person. 
 “Agreement” has the
meaning given that term in the preamble. 
 “Alternative Sale” has the meaning given that term in
Section 9.08(c). 
 “Alternative Sale Amount” has the meaning given that term in Section 9.08(c).

 “Annual Operating Plan” has the meaning given that term in Section 3.09(b). 

“Available Units” has the meaning given that term in Section 9.05(c). 

“BBA Rules” shall mean Subchapter C of Chapter 63 of the Code (Sections 6221 et seq.), as enacted by the Bipartisan Budget Act
of 2015, and any Regulations and other guidance promulgated thereunder, and any similar state or local legislation, regulations or guidance. 

“Board of Directors” has the meaning given that term in Section 6.01. 

“Business” shall mean the development and/or implementation of advertising-related technologies, strategies, solutions and/or
services to facilitate advertising transactions involving potential purchasers of insurance, travel or financial, education or home services, media companies and/or service providers, including, but not limited to, the operation of “owned and
operated” lead sourcing sites, publisher-side demand management and/or optimization platforms, demand-side platforms, and/or the MediaAlpha exchange, on both an open and closed market basis in connection with such advertising-related
technologies, strategies, solutions and/or services. 
 “Business Day” shall mean any day other than a Saturday, a Sunday,
or any other day on which banks generally are required or authorized to be closed in New York, New York. 
 “Capital
Account” shall mean the account maintained for each Member pursuant to Appendix I. 
 “Capital Contribution”
shall mean any contribution by a Member to the capital of the Company. 
 “Cause”, with respect to any Person that is
engaged under, or party to, a written employment, services or equity incentive agreement with the Company (or any Subsidiary) which includes a definition of “for cause” or “Cause”, shall be as defined in such agreement or, in the
absence of such an agreement or with respect to any other Person, shall mean (i) such Person’s (A) plea of guilty or nolo contendere to, or indictment for, any felony or (B) conviction of a crime involving moral turpitude that
has had or could reasonably be expected to have a material adverse effect on the Company or any of its Subsidiaries, (ii) such Person’s commitment of an act of fraud, embezzlement, misappropriation or breach of fiduciary duty against the
Company or any of its Subsidiaries, (iii) such Person’s failure for any reason after ten (10) days’ written notice thereof to correct or cease any refusal or willful failure to comply with the lawful, reasonably appropriate
requirement of the 

  
 2 

 
Company, the Management Member (or any of their respective Subsidiaries), as communicated by the Chief Executive Officer of the Company or the Board of Directors in writing, (iv) such
Person’s chronic absence from work other than for medical reasons, (v) such Person’s use of illegal drugs that has materially affected the performance of such Person’s duties, (vi) gross negligence or willful misconduct in
such Person’s duties that has caused substantial injury to the Company, the Management Member (or any of their respective Subsidiaries), or (vii) such Person’s breach of any material provision under any written agreement with the
Company, the Management Member (or any of their respective Subsidiaries). 
 “Certificate” has the meaning given that term
in Section 2.01. 
 “Class A Member” has the meaning given that term in Section 9.02(a). 

“Class A Units” has the meaning given that term in Section 3.03(a). 

“Class B Member” shall mean any Member holding Class B Units. 

“Class B Restricted Units Award” shall mean an agreement by and among the Company, the Management Member (if applicable) and
any holder of Class B Units or Class 2 Units of the Management Member pursuant to which such Class B Units were issued. 
 “Class B
Units” has the meaning given that term in Section 3.03(a). 
 “Closing Date Units” means the 284,211
Class A Units acquired by ICP Main Fund Buyer and ICP Parallel Fund Buyer, collectively, on the ICP Investment Date (as adjusted for any unit split, unit dividend or unit combination). 

“Code” shall mean the Internal Revenue Code of 1986 and any successor statute, as amended from time to time. 

“Commission” has the meaning given that term in Section 14.01(a). 

“Common Units” has the meaning given that term in Section 3.03(a). 

“Company” has the meaning given that term in the preamble. 

“Company Representative” shall mean for any relevant taxable year of the Company to which the BBA Rules apply, WMC, acting in
the capacity of the “partnership representative” (as such term is defined under the BBA Rules), or such other Person as may be appointed by the Board of Directors. 

“Company Sale” has the meaning given that term in Section 9.04(a). 

“Complete Holders” has the meaning given that term in Section 9.05(c). 

“Contingent Consideration” has the meaning given that term in Section 9.08(c). 

  
 3 

 “Control” (including, with correlative meanings, the terms “Controlled
by” and “under common Control with”), with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, control of the board of directors, by contract or otherwise. 
 “Corporate Opportunity” has the
meaning given that term in Section 13.01(a). 
 “Credit Agreement” shall mean that certain Credit Agreement,
dated as of February 26, 2019, among the Company, QuoteLab, LLC, a Delaware limited liability company, the Subsidiaries of the Company from time to time party thereto, the lenders from time to time party thereto and Monroe Capital Management
Advisors, LLC, as the administrative agent. 
 “Designating Member” has the meaning given that term in
Section 6.02(a). 
 “Director” has the meaning given that term in Section 6.02(b). 

“Distributable Cash” shall mean all cash, revenues and funds received by the Company from its operations and assets, less the
sum of the following (to the extent paid or set aside by the Company): (i) all principal and interest payments on indebtedness and all other sums paid to lenders; (ii) all cash expenditures incurred in the normal operation of the
Company’s business; and (iii) such reserves as the Board of Directors, in its sole discretion, deems reasonably necessary for the proper operation of the Company’s business. 

“Drag Along Group” has the meaning given that term in Section 9.04(a). 

“Drag Along Percentage” has the meaning given that term in Section 9.04(a). 

“Drag Along Right” has the meaning given that term in Section 9.04(a). 

“Encumbrance” means any security interest, claim, lien, pledge, option, encumbrance, charge, agreement, voting trust, proxy or
other arrangement or restriction. 
 “Entity” shall mean any general partnership, limited partnership, corporation, joint
venture, trust, business trust, limited liability company, limited liability partnership, cooperative or association. 
 “Entity
Taxes” shall mean any U.S. federal, state, local and other taxes imposed on or payable by the Company or any Subsidiary of the Company under the BBA Rules (including any interest, fines, assessments, penalties or additions to tax imposed in
connection therewith or with respect thereto). 
 “Estimated Tax Distribution” has the meaning given that term in
Section 5.01(c). 
 “Exchange Act” has the meaning given that term in Section 18.04(d). 

“Existing LLC Agreement” has the meaning given that term in the recitals. 

  
 4 

 “Fair Market Value” shall mean, as of any date, the fair market value of
the Company or any applicable asset, as the case may be, as determined in good faith by the Board of Directors or, if applicable, pursuant to Section 9.08. 

“Final Put Trigger Date” has the meaning given that term in Section 9.08(a). 

“First Put Trigger Date” has the meaning given that term in Section 9.08(a). 

“Founder” and “Founders” have the meanings given those terms in the recitals. 

“Full Participation Amount” has the meaning given that term in Section 9.08(d). 

“Full Participation Notice” has the meaning given that term in Section 9.08(d). 

“GAAP” shall mean United States generally accepted accounting principles. 

“Governmental Body” shall mean any federal, state or other court or governmental body, any subdivision, agency, commission or
authority thereof, or any quasi-governmental or private body exercising any regulatory or taxing authority thereunder, domestic or foreign. 

“ICP” shall mean, individually and collectively, as the context may require, ICP Main Fund Buyer, ICP Parallel Fund Buyer and
their respective Permitted Transferees. Any decision or action by ICP hereunder shall be made or taken by the Person(s) holding 51% of the aggregate Units held by ICP. 

“ICP Investment Date” means February 26, 2019. 

“ICP Main Fund” means Insignia Capital Partners, L.P. 

“ICP Main Fund Buyer” has the meaning given that term in the recitals. 

“ICP Parallel Fund” means Insignia Capital Partners (Parallel A), L.P. 

“ICP Parallel Fund Buyer” has the meaning given that term in the recitals. 

“ICP Representatives” has the meaning given that term in Section 6.02(b)(ii). 

“Incomplete Holders” has the meaning given that term in Section 9.05(c). 

“Indemnified Party” has the meaning given that term in Section 14.06. 

“Indemnifying Party” has the meaning given that term in Section 14.06. 

“Indemnitee” has the meaning given that term in Section 12.01. 

“Involuntary Transfer” shall mean any Transfer, proceeding, order or action by or in which (a) a Member shall be
involuntarily deprived or divested of any right, title or interest in or to any of the Units or (b) a holder of Management Member Units shall be involuntarily deprived or divested of any right, title or interest in or to any such Management
Member 

  
 5 

 
Units, including in each case, without limitation, any seizure under levy of attachment or execution, any Transfer in connection with bankruptcy, any Transfer to a state or to a public officer or
agency pursuant to any statute pertaining to escheat or abandoned property, or any Transfer pursuant to divorce or separation agreement or a final decree of a court in a divorce action. 

“IPO Entity” has the meaning given that term in Section 18.15. 

“IPO Reorganization” has the meaning given that term in Section 18.15. 

“IPO Securities” has the meaning given that term in Section 18.15. 

“Joinder Agreement” has the meaning given that term in Section 3.04. 

“Judgment” shall mean any final judgment, order, award, writ, injunction, ruling or decree of any Governmental Body or
arbitrator having competent jurisdiction. 
 “Law” shall mean any federal, state or local statute, law, ordinance, rule,
regulation, Judgment, directive or principle of common law applicable to a Person or any such Person’s Subsidiaries, properties, assets, officers, directors, employees or agents. 

“Liquidation Event” shall mean (i) any merger, sale or recapitalization of the Company, in which the Members of the
Company immediately prior to such merger, sale or recapitalization, together with their Affiliates, do not, immediately after such merger, sale or recapitalization, hold at least a majority of the voting securities of the Company or voting
securities of the resulting or surviving entity or the ultimate parent entity of such resulting or surviving entity or have the right to appoint a majority of the members of the Board of Directors (or similar governing body) of the Company or of the
resulting or surviving entity or the ultimate parent entity of such resulting or surviving entity; or (ii) the sale, lease, Transfer, or other disposition, in a single transaction or series of related transactions, by the Company and/or its
Subsidiaries to a Third Party of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole, except where such sale, lease, Transfer or other disposition is pursuant to the grant of a security interest or mortgage or
similar agreement entered into in connection with a financing transaction (it being understood that a foreclosure under such agreement shall not be covered by this exception); provided, however, that a conversion from a limited liability company to
a corporation shall not, in and of itself, be a Liquidation Event. 
 “Management Member” means QL Management Holdings LLC,
a Delaware limited liability company. 
 “Management Member LLC Agreement” means that certain Limited Liability Company
Agreement of the Management Member, dated as of July 1, 2020, as may be amended, restated or otherwise modified from time to time in accordance with its terms. 

“Management Member Representatives” has the meaning given that term in Section 6.02(b)(iii). 

  
 6 

 “Management Member Units” means the Class 1 Units and Class 2 Units of the
Management Member. 
 “Member” and “Members” have the meanings given those terms in the preamble. 

“Member Group” means each of (a) ICP, (b) WMC and its Permitted Transferees and (c) the Founders, QLH and their
respective Permitted Transferees. 
 “Membership Interest” shall mean the ownership interest of a Member in the Company,
including, without limitation, rights to distributions (liquidating or otherwise), allocations and information, and to consent, approve or vote upon matters upon which Members are entitled to so consent, approve or vote upon hereunder. Each
Member’s Membership Interest shall be represented by Units of Membership Interest which shall be designated as Class A Units or Class B Units. The number of Class A Units and Class B Units and the Membership Interests owned on the
date hereof by the Class A Members and the Class B Members is shown on Schedule I and Schedule II, respectively. In the event that the Membership Interest of any Class A Member or Class B Member changes as a result of the
admission of new Class A Members or Class B Members to the Company or otherwise, the Directors shall prepare, or cause the Company to prepare, a revised Schedule I or Schedule II, as applicable, showing the number of Units and the
Membership Interest then owned by each Class A Member (and their respective Capital Contributions) and each Class B Member. 

“New Securities” has the meaning given that term in Section 9.05(a). 

“Offer Notice” has the meaning given that term in Section 9.02(b). 

“Offer Price” has the meaning given that term in Section 9.02(b). 

“Offered Units” has the meaning given that term in Section 9.02(b). 

“Opportunity” has the meaning given that term in Section 13.01(a). 

“Option Period” has the meaning given that term in Section 9.02(c). 

“Other Business” has the meaning given that term in Section 13.02. 

“Other Members” has the meaning given that term in Section 9.02(b). 

“Outside Closing Date” has the meaning given that term in Section 9.08(c). 

“Outside Redemption Date” has the meaning given that term in Section 9.08(a). 

“Participating Holder” has the meaning given that term in Section 14.01(c). 

“Participating Offeree” has the meaning given that term in Section 9.03(a). 

“Participation Acceptance Notice” has the meaning given that term in Section 9.03(a). 

  
 7 

 “Participation Notice” has the meaning given that term in
Section 9.03(a). 
 “Participation Threshold” has the meaning given that term in
Section 3.03(b)(ii). 
 “Participation Units” has the meaning given that term in Section 9.03. 

“Permitted Transferee” has the meaning given that term in Section 9.01(b); provided, however, that with respect to
QLH, “Permitted Transferee” means any Permitted Transferee (as defined in Section 9.01(b)(ii)) of any of the Founders. 

“Person” shall mean any individual or Entity, and the heirs, executors, administrators, legal representatives, successors and
assigns of such Person as the context may require. 
 “Piggyback Registration” has the meaning given that term in
Section 14.02. 
 “Preemptive Rights Notice” has the meaning given that term in Section 9.05(b).

 “Proceeding” has the meaning given that term in Section 12.01. 

“Profits” and “Losses” have the meanings given those terms in Appendix I. 

“Proposed Transaction” has the meaning given that term in Section 9.02(a). 

“Public Offering” shall mean a public offering of Units (or any IPO Securities) of any class pursuant to an effective
registration statement under the Securities Act. 
 “Purchase Agreement” shall mean that certain Securities Purchase
Agreement, dated as of February 3, 2019, by and among the Company, ICP Main Fund Buyer and ICP Parallel Fund Buyer. 
 “Put
Closing” has the meaning given that term in Section 9.08(a). “Put Closing Date” has the meaning given that term in Section 9.08(a). 

“Put Notice” has the meaning given that term in Section 9.08(a). “Put Option” has the meaning given that term
in Section 9.08(a). 
 “Put Option Redemption Price” has the meaning given that term in
Section 9.08(b). 
 “Put Trigger Date” has the meaning given that term in Section 9.08(a). 

“Put Units” has the meaning given that term in Section 9.08(a). 

“QLH” has the meaning given that term in the recitals. 

  
 8 

 “Qualified Public Offering” shall mean an initial Public Offering, on an
internationally recognized U.S. or foreign exchange and underwritten by a firm of national standing, in which the proceeds received by the Company (or any Successor or other IPO Entity), net of underwriting discounts and commissions, equal or exceed
$100 million and at a minimum enterprise value immediately prior to the initial Public Offering (assuming a price per equity security in such initial Public Offering multiplied by the number of IPO Securities at the time outstanding or issuable upon
the exercise of outstanding options and warrants) of $450 million. 
 “Registrable Securities” has the meaning given that
term in Section 14.01(a). 
 “Regulations” shall mean the income tax regulations promulgated under the Code and
in effect, as amended, supplemented or modified from time to time. 
 “Related Party Transaction” has the meaning given that
term in Section 10.01(l). 
 “Required Consents” has the meaning given that term in Section 10.01.

 “Restricted Business” has the meaning given that term in Section 11.01(a). 

“Restricted Unit Plan” has the meaning given that term in Section 18.03. 

“Restricted Unit Redemption Amount” has the meaning given that term in Section 9.06. 

“Right of First Offer” has the meaning given that term in Section 9.02(c). 

“ROFO Acceptance Notice” has the meaning given that term in Section 9.02(c). 

“ROFO Allotment” has the meaning given that term in Section 9.02(c). 

“ROFO Transferor” has the meaning given that term in Section 9.02(a). 

“Sale Request” has the meaning given that term in Section 9.04(a). 

“Second Put Trigger Date” has the meaning given that term in Section 9.08(a). 

“Securities Act” has the meaning given that term in Section 3.02(i). 

“Seller” has the meaning given that term in Section 9.04(a). 

“Sub Board” shall have the meaning given that term in Section 6.02(c). 

“Subsequent Meeting” has the meaning given that term in Section 6.04(b). 

“Subsidiary” shall mean, with respect to any Person, another Person (i) more than 50% of the total combined voting power
of all classes of equity securities or other voting interests of which, or more than 50% of the equity securities of which, is owned, directly or indirectly, by such first Person or (ii) with respect to which such first Person has the direct or
indirect power to direct or cause the direction of the management and policies of such entity, whether by contract or otherwise, and, unless the context otherwise requires, when used herein shall mean a Subsidiary of the Company. 

  
 9 

 “Successor” has the meaning given that term in Section 18.15.

 “Tag Along Right” has the meaning given that term in Section 9.03(a). 

“Tag Along Transaction” has the meaning given that term in Section 9.03. 

“Tax Contest” shall mean any audit or administrative or judicial proceeding involving any asserted tax liability relating to
the Company or its operations. 
 “Tax Distribution” has the meaning given that term in Section 5.01(c). 

“Tax Rate” has the meaning given that term in Section 5.01(c). 

“Terminating Member” has the meaning given that term in Section 9.06. 

“Termination Event” has the meaning given that term in Section 9.07. 

“Third Party” has the meaning given that term in Section 9.04(a). 

“Transfer” has the meaning given that term in Section 9.01. 

“Transferor” has the meaning given that term in Section 9.03. 

“Units” shall mean Class A Units and Class B Units. 

“Unit Fair Market Value” shall mean, as of any date and with respect to any Unit, the amount that would be distributed in
respect of such Unit if the Company were sold on such date, on a cash-free, debt-free basis, at a price equal to the Fair Market Value of the Company, and the net proceeds from such sale were distributed in accordance with Section 

17.02(b). 

“Unitholder” shall mean any holder of Units. 

“WMC” has the meaning given that term in the recitals. 

“WMC Representatives” has the meaning given that term in Section 6.02(b)(i). 

Other terms defined herein have the meanings so given them. 

Section 1.02. Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine,
feminine and neuter. All references to Articles and Sections refer to Articles and Sections of this Agreement, and all references to Schedules and Exhibits are to Schedules and Exhibits attached hereto, each of which is made a part hereof for all
purposes. 

  
 10 

 ARTICLE II 

ORGANIZATION 
 Section 2.01.
Formation; Effective Date. The Company was organized as a Delaware limited liability company on March 7, 2014 by the filing of a certificate of formation (the “Certificate”) with the Office of the Secretary of the State
of Delaware under and pursuant to the Act. This Agreement shall be effective as of the date set forth in the preamble to this Agreement. 

Section 2.02. Name. The name of the Company is “QL Holdings LLC”, a Delaware limited liability company, and all Company
business must be conducted in that name or such other names that comply with applicable Law as the Board of Directors may select from time to time. 

Section 2.03. Registered Office; Registered Agent; Principal Office. The registered agent and office of the Company required by
the Act to be maintained in the State of Delaware shall be The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 or such other agent or office (which need not be a place of business of the Company) as the
Board of Directors may designate from time to time in the manner provided by Law. The principal office of the Company shall be at such place as the Board of Directors may designate from time to time. The Company may have such other offices as the
Board of Directors may designate from time to time. 
 Section 2.04. Purpose. The purpose of the Company is to engage in any
lawful act or activity for which limited liability companies may be organized under Delaware Law. 
 Section 2.05. Term. The
Company commenced on the date the Certificate was filed with the Secretary of State of the State of Delaware. The Company shall have a perpetual existence. 

ARTICLE III 
 MEMBERSHIP INTERESTS

 Section 3.01. Members. The Members of the Company are set forth on Schedule I and Schedule II, which designate
the Members as such and shall be amended from time to time to reflect the withdrawal of Members and the admission of new Members pursuant to this Agreement. 

Section 3.02. Representations and Warranties of the Members. Each Member severally (and not jointly) represents and warrants to
the Company and each other Member as of the date hereof that: 
 (a) if such Member is a corporation, it is duly organized, validly
existing, and in good standing under the Law of the state of its incorporation; 
 (b) if such Member is a limited liability company,
it is duly organized, validly existing, and (if applicable) in good standing under the Law of the state of its organization; 

  
 11 

 (c) if such Member is an Entity other than a corporation or limited liability company, it
is duly formed, validly existing, and (if applicable) in good standing under the Law of the state of its formation and the representations and warranties in clauses (a) and (b) above, if applicable, are true and correct with respect to
each partner (other than limited partners), trustee, or other member thereof; 
 (d) if such Member is an Entity, it has full corporate,
limited liability company, partnership, trust, or other applicable power and authority to execute, deliver and agree to this Agreement and to perform its obligations hereunder and all necessary actions by its board of directors, managers, members,
partners, trustees, beneficiaries, or other Persons necessary for the due authorization, execution, delivery, and performance of this Agreement by that Member have been duly taken; 

(e) if such Member is an individual, he or she has full legal capacity to execute, deliver and agree to this Agreement and to perform
his or her obligations hereunder; 
 (f) such Member has duly executed and delivered this Agreement; 

(g) such Member’s authorization, execution, delivery, and performance of this Agreement do not conflict with any other agreement or
arrangement to which that Member is a party or by which it is bound; 
 (h) such Member acquired its Membership Interest for its own
account, for investment only and not with a view to the distribution thereof, except to the extent provided in or contemplated by this Agreement; 

(i) such Member recognizes that (i) the Membership Interests have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”), in reliance upon an exemption from such registration, and agrees that it will not sell, offer for sale, Transfer, pledge or hypothecate its Membership Interests, in whole or in part, (A) in the absence of an
effective registration statement covering such Membership Interests under the Securities Act, unless such sale, offer of sale, Transfer, pledge or hypothecation is exempt from registration for any proposed sale and (B) except in compliance with
all applicable provisions of this Agreement, and (ii) the restrictions on Transfer imposed by this Agreement may severely affect the liquidity of an investment in the Membership Interests; and 

(j) such Member (i) is an “accredited investor” as such term is defined in Rule 501 promulgated under the Securities Act,
(ii) is in such a financial situation that it can afford to bear the economic risk of holding the Membership Interests for an indefinite period of time and suffer complete loss of its investment in the Membership Interests, and (iii) is
knowledgeable and experienced in financial and business matters such that it is capable of evaluating the merits and risks of its purchase of the Membership Interests. 

  
 12 

 Section 3.03. Common Units. 

(a) The Company has established two classes of common Units (collectively, the “Common Units”), designated as Class A
Common Units (“Class A Units”) and Class B Common Units (“Class B Units”), respectively, which have the designations, preferences, rights, powers and duties set forth herein. The Class B Units are reserved for
issuance to Directors, officers, employees, consultants, service providers and advisors of the Company and its Subsidiaries as the Board of Directors may determine from time to time and will, except as otherwise may be determined by the Board of
Directors, immediately after any such issuance (or on the date hereof in the case of Class B Units issued prior to the date hereof), be contributed to the Management Member in exchange for Class 2 Units of the Management Member. Any Class B Unit
that is forfeited to or redeemed by the Company from the Management Member pursuant to Section 9.06 may be subsequently reissued by the Company in accordance with this Section 3.03(a). The Management Member shall provide
consulting services, and shall cause its members to provide consulting services, to the Company upon request from time to time. As of the date of this Agreement, 169,943 Class B Units are authorized. The number of issued and outstanding Class A
Units and Class B Units as of the date of this Agreement is shown on Schedule III. 
 (b) In addition to the other rights,
privileges, obligations and duties set forth herein, the terms and provisions of the Common Units include the following: 

(i) Voting Rights. Each holder of Class A Units shall have the right to one vote per Class A Unit, shall be entitled to
notice of any meeting of Members in accordance with this Agreement, and shall be entitled to vote upon such matters and in such manner as may be provided by Law. Except as required by Law, the Class B Units shall each be non-voting and the holders
thereof shall not be entitled to notice of meetings of the Members or written consent in lieu thereof. 
 (ii) Profits Interest. The
Class B Units are intended to constitute “profits interests”, within the meaning of Revenue Procedure 2001-43, for U.S. federal income tax purposes and may be issued from time to time in exchange for the provision of future services to or
for the benefit of the Company. The Company may make the Class B Units subject to the terms and conditions of an equity or Unit incentive plan, as the same may be amended or modified from time to time in accordance with its terms. The Board of
Directors shall determine a “Participation Threshold” for each Class B Unit. The “Participation Threshold” for any Class B Unit as of any date of determination, with respect to (i) any Class B Unit issued prior
to the ICP Investment Date, shall equal the aggregate amount that would have been received by the holders of the Company’s Units outstanding on the date of issuance of such Class B Unit if the Company were to have been sold on such date, on a
cash-free, debt-free basis, at a price equal to the Fair Market Value of the Company, and the net proceeds therefrom were distributed in accordance with Section 17.02(b) and (ii) unless otherwise determined by the Board of Directors
acting with unanimous consent, any Class B Unit issued on or after the ICP Investment Date, shall equal the sum of (x) the aggregate amount that would be received by the holders of the Company’s Units outstanding on the date of issuance of
such Class B Unit if the Company were sold on such date, on a cash-free, debt-free basis, at a price equal to the Fair Market Value of the Company, and the net proceeds therefrom were distributed in accordance with Section 17.02(b), plus
(y) a return equal to 8% per annum, compounding annually, on the amount described in clause (x) above for the period commencing on the date of issuance of such Class B Unit and ending on (and including) such date of determination. No
Class B Unit shall participate in any distribution made pursuant to Section 5.01 or Section 17.02(b) hereof unless and until an aggregate amount equal to the Participation Threshold with respect to such Class B Unit has been
distributed pursuant to Section 5.01 and/or Section 17.02(b) during the period from and after the most recent date of issuance of such Class B 

  
 13 

 
Unit and up to and including the date of such distribution (after giving effect to any distributions on such date), but, with respect to any Class B Unit issued prior to the ICP Investment Date,
excluding distributions of any Redemption Distribution Amount (as defined in the Existing LLC Agreement) or Adjustment Amount (as defined in the Existing LLC Agreement). 

Section 3.04. New Members. Additional Persons may be admitted to the Company as Members and Unitholders and Membership Interests
may be issued to those persons and to existing Members on such terms and conditions as determined by a majority of the Board of Directors and subject to compliance with the provisions of this Agreement (including Section 9.05) and
obtaining, to the extent required by Section 10.01, the Required Consents. The terms of admission or issuance must specify the number of Units, class of Units, the price per Unit and Membership Interests applicable thereto and may
provide for the creation of different classes or groups of Members having different rights, powers and duties. The Board of Directors shall reflect the creation of any new class or group in an amendment to this Agreement indicating the different
rights, powers, and duties thereof. Any such admission shall be effective only after the new Member has executed and delivered to the Board of Directors a joinder agreement setting forth the new Member’s notice address, its agreement to be
bound by this Agreement, the purchase price of its Membership Interest (or additional Membership Interest) and its representation and warranty that the representations and warranties in Section 3.02 are true and correct with respect to
the new Member, in substantially the form attached hereto as Exhibit A (the “Joinder Agreement”). 

Section 3.05. Liability to Third Parties. Except as to any obligation it may have under the Act to repay funds that may have been
wrongfully distributed to it, no Member or Director shall be liable for the debts, obligations or liabilities of the Company, including under a judgment, decree or order of a court. 

Section 3.06. Lack of Authority. No Member (other than a Member who is, and who is acting in the capacity of, a Director) has the
authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company, or to incur any expenditures on behalf of the Company, in each case except for such powers as such Member may be granted in his or her
capacity as an officer acting within the scope of such officer’s authority. 
 Section 3.07. Withdrawal. A Member does not
have the right to withdraw from the Company as a Member (except in connection with a Transfer of its entire Membership Interest in accordance with this Agreement) and any attempt to violate the provisions of this Section 3.07 shall be
legally ineffective and void ab initio. 
 Section 3.08. Founder Covenants. As an inducement to each of WMC, ICP Main Fund Buyer
and ICP Parallel Fund Buyer to execute, deliver and perform its obligations hereunder and in consideration therefor, each Founder hereby covenants and agrees that such Founder shall (and shall cause its Permitted Transferees to): 

(a) not (i) Transfer any shares of QLH capital stock, (ii) permit QLH to issue any new shares or rights to acquire shares of
QLH capital stock to any Person, or (iii) grant, or permit QLH to grant, any beneficial interest, security interest, pledge or hypothecation of shares of QLH capital stock, in each case, without the prior written consent of WMC and ICP;
provided, however, that shares of QLH capital stock may be Transferred by a holder thereof to a Permitted Transferee in accordance with, and subject to the restrictions set forth in, Section 9.01 as though such shares of QLH capital
stock were Units; and 

  
 14 

 (b) in his, her or its capacity as a stockholder of QLH, (i) cause QLH to take or
refrain from taking, as the case may be, all such actions as may be necessary to comply with QLH’s obligations as a Member hereunder and (ii) to the extent that any member(s) of the board of directors of QLH refuses or otherwise fails to
approve any action that may be required in order for QLH to comply with such obligations, promptly take all such actions as may be necessary to remove such director(s) from the board of directors of QLH, and appoint, elect or cause to be elected
replacement director(s) to the board of directors of QLH. 
 Section 3.09. Information Rights. 

(a) All Members. 

(i) All Members shall have the right to receive from the Company a copy of the Certificate and this Agreement, as amended from time to time,
and, upon reasonable demand for any purpose reasonably related to the Member’s interest as a Member, such other information regarding the Company as is required by the Act, subject to reasonable conditions and standards established by the Board
of Directors from time to time, which may include, without limitation, withholding of, or restrictions on, the use of confidential information. Notwithstanding the foregoing, each Member whose Units have met their Participation Threshold (if any) in
any applicable year shall be entitled to receive from the Company a form K-1 or any successor federal tax form annually (and any equivalent forms for state and local income tax purposes) and any other information timely requested by such Member
(with such Member bearing any reasonable out-of-pocket costs incurred in connection with such request) if such other information is reasonably necessary to prepare or file any other tax return of such Member (or its direct or indirect owners). 

(ii) The Company shall permit the Members, upon reasonable prior notice, to visit and inspect the Company’s properties, to examine its
books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be determined by the Board of Directors; provided, however, that the Company shall not
be obligated under this Section 3.09(a)(ii) to furnish access or information to any Member that the Board of Directors determines in good faith to be a competitor of the Company or to furnish information which the Board of Directors
determines in good faith is confidential and should not, therefore, be disclosed. 
 (b) Class A Members. From and after the
date hereof, (w) ICP, so long as ICP owns any Common Units, (x) WTM, so long as WTM owns any Common Units, (y) the Founders, so long as the Founders own, directly or indirectly, including through QLH or the Management Member, any
Common Units, and (z) each other Class A Member, so long as such Class A Member, collectively with its Affiliates, holds, directly or indirectly, including through QLH or the Management Member, at least five percent (5%) of the
Class A Units at the time issued and outstanding, in each case, shall have the right to receive from the Company the following information: 

  
 15 

 (i) as soon as available after the end of each fiscal year of the Company, and in any event
within seventy-five (75) days after the end of each fiscal year of the Company, an audited consolidated balance sheet of the Company and its Subsidiaries as of the end of such year and audited consolidated statements of income, retained
earnings and cash flows of the Company and its Subsidiaries for such year, all prepared in accordance with GAAP consistently applied and setting forth, in each case in comparative form, the figures for the previous fiscal year, all in reasonable
detail. Such financial statements shall be accompanied by a report and opinion thereon by independent public accountants approved by the Board of Directors; 

(ii) as soon as available after the end of each fiscal quarter of the Company (other than the fourth fiscal quarter of each fiscal year), and
in any event within thirty (30) days after the end of each fiscal quarter of the Company (other than the fourth fiscal quarter of each fiscal year), an unaudited consolidated balance sheet of the Company and its Subsidiaries as of the end of
such quarter, and unaudited consolidated statements of income, retained earnings and cash flows of the Company and its Subsidiaries for such fiscal quarter and for the current fiscal year to the end of such fiscal quarter, prepared in accordance
with GAAP consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto) and setting forth, in each case in comparative form, the figures for the previous fiscal quarter, all in reasonable detail; 

(iii) as soon as available after the end of each fiscal month of the Company, and in any event within thirty (30) days after the end of
each fiscal month of the Company, an unaudited consolidated balance sheet of the Company and its Subsidiaries as of the end of such month, and unaudited consolidated statements of income, retained earnings and cash flows of the Company and its
Subsidiaries for such month and for the current fiscal year to the end of such month, prepared in accordance with GAAP consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto); 

(iv) at least thirty (30) calendar days prior to the end of each fiscal year of the Company, a proposed annual budget and operating plan
of the Company and its Subsidiaries (each, an “Annual Operating Plan”) for the next fiscal year, prepared on a monthly basis (which shall be subject to the approval of each applicable Member Group as provided in
Section 10.01), and reasonably promptly after any Required Consents have been obtained, the final Annual Operating Plan actual adopted by the Board of Directors for each fiscal year (or in the event that any Required Consent is not
obtained, the prior fiscal year’s Annual Operating Plan updated pursuant to Section 10.01(g)); and 
 (v) such other
financial or other information or data concerning the Company’s affairs and the affairs of its Subsidiaries as may be reasonably required in order to meet any regulatory requirements applicable to such Member. In the event the Company is deemed
to be a significant subsidiary of White Mountains Insurance Group, Ltd., the timetables for reporting set forth above may become accelerated. 

  
 16 

 ARTICLE IV 

CAPITAL CONTRIBUTIONS 

Section 4.01. Contributions. The Capital Contributions of the Members as of the date of this Agreement are set forth on
Schedule I, which Schedule I shall be revised from time to time to reflect the withdrawal of Members and the admission of new Members and to reflect changes in the number and class of Units and/or Capital Contributions of each Member.
The Members acknowledge and agree that Schedule I may be maintained as a confidential record by the Company, and that, notwithstanding anything to the contrary set forth herein, to the extent permitted under applicable Law, each Member (other
than Members holding Class A Units) waives such Member’s right to inspect any such information other than such Member’s ownership of Units. 

Section 4.02. Profits and Losses. The Profits and Losses of the Company shall be allocated amongst the Members in accordance with
the provisions of Appendix I attached hereto. 
 Section 4.03. Return of Contributions. A Member is not entitled to the
return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account or its Capital Contributions, except as provided in this Agreement. Except to the extent required to be paid pursuant to this Agreement,
an unrepaid Capital Contribution is not a liability of the Company or of any Member. A Member is not required to contribute or to lend any cash or property to the Company to enable the Company to return any Member’s Capital Contributions or to
make any other payment. 
 Section 4.04. Advances by Members. With the consent of the Board of Directors, and any Required
Consents pursuant to Section 10.01, any Member may advance funds to or on behalf of the Company on terms approved by the Board of Directors. An advance described in this Section 4.04 constitutes a loan from the Member to the
Company, and is not a Capital Contribution. 
 ARTICLE V 

DISTRIBUTIONS 
 Section 5.01.
Distributions of Cash from Operations. 
 (a) The Board of Directors has the authority to retain and reinvest the cash from the
Company’s operations and dispositions of the Company’s assets. The Board of Directors shall direct the officers of the Company to make good faith efforts to collect the accounts receivable of the Company. Except as otherwise set forth in
this Agreement, distributions to Members of Distributable Cash or other assets shall be made only at such times and in such amounts as authorized by a majority of the Board of Directors, and other than as set forth in this Agreement, the Board of
Directors shall have no obligation or duty to distribute Distributable Cash or other assets to the Members prior to the dissolution and liquidation of the Company; provided, however, that the Board of Directors shall distribute cash to
pay in full Tax Distributions in accordance with Section 5.01(c). 

  
 17 

 (b) Any distributions (other than distributions upon a dissolution of the Company pursuant
to Section 17.01, which shall be made in accordance with Section 17.02(b)), shall be made to the holders of Class A Units and Class B Units pro rata in proportion to the number of such Units held by each Member;
provided, however, that no distribution shall be made in respect of a Class B Unit until the Participation Threshold applicable to such Class B Unit (determined pursuant to Section 3.03(b)(ii)) has been satisfied.
Notwithstanding the foregoing, any distribution otherwise payable with respect to a Class B Unit that is not a vested Unit shall be retained by the Company and, either, (i) once such Class B Unit is vested, distributed to the holder of such
Class B Unit or (ii) if such Class B Unit is forfeited, distributed in accordance with the preceding sentence. 
 (c) In one or more
installments and no later than February 28th following each fiscal year of the Company, to the extent there is Distributable Cash, the Company shall distribute to each Member (including holders of Class B Units (whether vested or not vested))
an aggregate amount of cash (the “Estimated Tax Distribution”) equal to (i) the highest effective marginal federal and state income tax rate applicable to Persons who are Members or who beneficially own Units through their
ownership in a Member (taking into account the character of the taxable income allocable to the applicable Member for the applicable year and the deductibility of state taxes against federal income) (the “Tax Rate”), multiplied by
(ii) the estimated amount of such Member’s allocable share of the taxable income of the Company for such year, if any, reduced by payments of estimated taxes paid by the Company on behalf of such Member or with respect to such Member
pursuant to a group return. The Company shall use reasonable efforts to make such Estimated Tax Distributions for each fiscal year that is twelve (12) months in four quarterly installments on dates that correspond to the date that estimated tax
payments are owed by individuals to the Internal Revenue Service. In addition, on or before April 15th following each fiscal year of the Company, the Company shall distribute to each Member (including holders of Class B Units (whether vested or
not vested)) an amount of cash (the “Additional Tax Distribution”, and together with the Estimated Tax Distribution, the “Tax Distribution”) equal to (A) the Tax Rate multiplied by the actual amount of such
Member’s allocable share of the taxable income of the Company for such year, if any, minus (B) the Estimated Tax Distribution with respect to such year paid to such Member minus (C) payments of estimated taxes paid by the Company on
behalf of such Member or with respect to such Member pursuant to a group return with respect to such year. For purposes of computing the Estimated Tax Distribution and the Additional Tax Distribution, a Member’s allocable share of taxable
income of the Company shall exclude any allocations to a Member under Section 704(c) of the Code with respect to property contributed by the Member (including such allocations from the sale or disposition of such property), and any adjustments
pursuant to Code Sections 734, 743 and 754 and any amounts required to be included in income as a result of a change in accounting method from the cash method to the accrual method and deductions allocated under Section 6 of Appendix I.
In determining the amount of a Tax Distribution, the Board of Directors may reduce a Member’s allocable share of taxable income by prior year loss allocations to such Member, but only to the extent such losses have not previously been used to
reduce determinations of a Member’s allocable share of taxable income for purposes of determining Tax Distributions. In the event that a Tax Distribution pursuant to this clause (c) is limited by the amount of Distributable Cash, the
amount distributable to each Member shall be reduced pro rata in proportion to the amounts the Members would otherwise receive under this clause (c). Any Tax Distribution shall be considered an advance of a distribution pursuant to
Section 5.01(a). 

  
 18 

 ARTICLE VI 

DIRECTORS 
 Section 6.01.
Management by Directors. Except for any matters for which the approval of the Members is required by nonwaivable provisions of applicable Law or as otherwise set forth in this Agreement: (i) the powers of the Company shall be exercised
by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, a board of directors (the “Board of Directors”); and (ii) the Board of Directors may make all decisions and take
all actions for the Company. Except as expressly provided herein, all decisions and actions taken by the Board of Directors shall require the affirmative vote of a majority of the Directors at the time in office. 

Section 6.02. Number of Directors. 

(a) The Board of Directors shall be comprised of natural Persons (each such Person is referred to herein as a “Director” and
they are collectively referred to herein as the “Directors”). Each Director is a “manager” within the meaning of the Act. The Board of Directors shall be comprised of no more than six (6) Directors as set forth below.
The Board of Directors may from time to time elect one (1) Director to serve as Chairman. The initial Chairman of the Board of Directors shall be Morgan W. Davis. Upon the Chairman’s death, insanity, retirement, resignation or removal, the
remaining Directors may, but shall not be required to, designate another Director as the Chairman. The Chairman shall preside at meetings of the Board of Directors and of the Members. Directors do not need to be residents of Delaware. Neither the
Members nor the Board of Directors shall have the authority to remove or replace any Director, except as provided in Section 6.03. In the event that any Member or Members authorized to designate Directors pursuant to this
Section 6.02 (solely for purposes of this Section 6.02, each such Member, a “Designating Member”) shall lose such right in accordance with Section 6.02(b), the Director(s) designated by such
Designating Member shall automatically be removed (provided, however, that in the event that a Designating Member loses the right to designate only one Director designated by such Designating Member, such Designating Member shall be
entitled to determine which such Director designated by such Designating Member shall be removed), and the number of Directors comprising the Board of Directors shall be automatically and correspondingly reduced by the number of such removed
Directors; provided, however, that if such reduction in the number of Directors would result in (x) one Designating Member no longer having the right to designate any Directors pursuant to this Section 6.02 and
(y) an even number of Directors designated by each of the other Designating Members, then in lieu of a reduction in the size of the Board of Directors, such removal shall result in a vacancy on the Board of Directors, and such vacancy on the
Board of Directors shall be filled by the holders of a majority of Class A Units then outstanding. 
 (b) The following individuals
shall be the members of the Board of Directors: 
 (i) for so long as WMC, collectively with its Affiliates, continues to hold,
directly or indirectly, at least twelve and one-half percent (12.5%) of the issued and outstanding Class A Units, two Directors designated by WMC; and for so long as WMC, collectively with its Affiliates, continues to hold at least five
percent (5%) but less than twelve and 

  
 19 

 
one-half percent (12.5%) of the issued and outstanding Class A Units, one Director designated by WMC (in either such case, the “WMC Representative(s)”). The WMC
Representatives shall initially be Morgan W. Davis and Chris Delehanty. Each WMC Representative shall hold office until such WMC Representative’s death, insanity, retirement, resignation or removal. For so long as at least one WMC
Representative serves on the Board of Directors, each committee of the Board of Directors shall include at least one WMC Representative as a member. 

(ii) for so long as ICP continues to hold, directly or indirectly, at least twelve and one-half percent (12.5%) of the issued and
outstanding Class A Units, one Director designated by ICP Main Fund and one Director designated by ICP Parallel Fund; and for so long as ICP continues to hold at least five percent (5%) but less than twelve and one-half percent
(12.5%) of the issued and outstanding Class A Units, one Director designated by ICP Main Fund (in either case, the “ICP Representative(s)”). The ICP Representatives shall initially be Tony Broglio and Nick Detrempe. Each
ICP Representative shall hold office until such ICP Representative’s death, insanity, retirement, resignation or removal. For so long as at least one ICP Representative serves on the Board of Directors, each committee of the Board of Directors
shall include at least one ICP Representative as a member. 
 (iii) for so long as the Founders continue, collectively, directly or
indirectly through QLH, the Management Member or another Permitted Transferee, to own at least twelve and one-half percent (12.5%) of the issued and outstanding Class A Units, two Directors designated by the Founders; and for so long as
the Founders continue, collectively, directly or indirectly through QLH, the Management Member or another Permitted Transferee, to own at least five percent (5%) but less than twelve and one-half percent (12.5%) of the issued and
outstanding Class A Units, one (1) Director designated by the Founders (in either case, the “Management Member Representative(s)”); provided, however, that, for so long as at least two Management Member
Representatives serve on the Board of Directors, one (1) of the Management Member Representatives shall be the then-current Chief Executive Officer of the Company. The Management Member Representatives shall initially be Steven Yi (the Chief
Executive Officer) and Eugene Nonko. Each Management Member Representative shall hold office until such Management Member Representative’s death, insanity, retirement, resignation or removal. For purposes of clarification, for purposes of
determining the percentage of the issued and outstanding Class A Units held by the Founders pursuant to this Section 6.02(b), each Founder shall be deemed to own indirectly (i) a number of Class A Units equal to the number
of Class 1 Units of the Management Member held directly or indirectly by such Founder and his Permitted Transferees and (ii) such portion of the Class A Units held by QLH that is equivalent to his or her percentage ownership of QLH. 

(c) If any board of managers, board of directors or similar governing body of any Subsidiary (a “Sub Board”) consists of
(i) one or more Management Member Representatives and one or more WMC Representatives, then an equal number of ICP Representatives shall also be appointed to such Sub Board; (ii) one or more ICP Representatives and one or more WMC
Representatives, then an equal number of Management Member Representatives shall also be appointed to such Sub Board; or (iii) one or more ICP Representatives and one or more Management Member Representatives, then an equal number of WMC
Representatives shall also be appointed to such Sub Board. 

  
 20 

 Section 6.03. Vacancies; Removal; Resignation. Except as otherwise provided in
the last sentence of Section 6.02(a), any vacancy on the Board of Directors shall be filled by a Director designated by the Person or Persons originally entitled to designate such Director, unless such Person or Persons have lost the
right to make such designation pursuant to Section 6.02(b). Except as otherwise provided herein, any Director can be removed or replaced only by delivery of a written notice to the Company by the Person or Persons who were originally
entitled to designate such Director. Any Director may be removed “for cause” by the majority of the other Directors at the time in office. For purposes of this Section 6.03, “for cause” means (i) commission of an
act of fraud or embezzlement against the Company or any Subsidiary, (ii) conviction of a felony or a crime involving moral turpitude, or (iii) breach of fiduciary duty owed to the Company (including its Subsidiaries) or the Members, in
each case, pursuant to a Judgment. Removal of a Director shall have no effect on such Director’s ownership of Units. Any Director may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified
therein, or if no time is specified, at the time of its receipt by the remaining Directors. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. 

Section 6.04. Meetings. 

(a) Unless otherwise required by Law or this Agreement, a majority of the total number of Directors fixed by this Agreement shall constitute
a quorum for the transaction of business of the Board of Directors, and the act of a majority of the Directors present at a meeting at which a quorum is present shall be the act of the Board of Directors; provided, however, that if at
any meeting of the Board of Directors a WMC Representative, an ICP Representative or a Management Member Representative is not present, the WMC Representative, ICP Representative or Management Member Representative, as applicable, that is present
may cast the vote of such absent Director (and such absent Director shall be deemed present at such meeting for the purposes of constituting a quorum). Subject to the requirements of the Act or this Agreement with respect to notice of meetings,
Directors may participate in and hold a meeting of the Board of Directors by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in
such meeting shall constitute attendance and presence in person at such meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully
called or convened. 
 (b) Notwithstanding anything set forth in Section 6.04(a) hereof, for so long as there are (x) any
WMC Representatives serving on the Board of Directors, the presence of at least one (1) WMC Representative, (y) any ICP Representatives serving on the Board of Directors, the presence of at least one (1) ICP Representative, and
(z) any Management Member Representatives serving on the Board of Directors, the presence of at least one (1) Management Member Representative, in each case, is required to constitute a quorum for the transaction of business of the Board
of Directors; provided, however, that if all of the WMC Representatives then in office, all of the ICP Representatives then in office or all of the Management Member Representatives then in office, as applicable, are absent from two
(2) consecutive properly noticed meetings of the Board of Directors, the second such meeting shall be adjourned until such time as determined by the Directors so present at such meeting, which time shall be set forth in a notice of such
subsequent meeting of the Board of Directors (“Subsequent Meeting”) given to all Directors at least five (5) Business Days prior to such Subsequent Meeting, and if such absent Director(s) are not present at such Subsequent
Meeting, the presence of a majority of the total number of Directors fixed by this Agreement (whether or not such majority includes such absent Directors) shall constitute a quorum of the Board of Directors. 

  
 21 

 (c) Meetings of the Board of Directors may be held at such place or places as shall be
determined from time to time by the Directors. Attendance of a Director at a meeting shall constitute a waiver of notice of such meeting, except where a Director attends a meeting for the express purpose of objecting to the transaction of any
business on the ground that the meeting is not lawfully called or convened. 
 (d) Regular meetings of the Board of Directors shall be held
at such times and places as shall be designated from time to time by the Directors. Notice of such regular meetings shall be provided at least three (3) Business Days in advance in writing. 

(e) Unless otherwise waived by all of the Directors, special meetings of the Board of Directors may be called by any Director with at least
two (2) Business Days prior notice, other than in exigent circumstances in which case special meetings of the Board of Directors may be called by any Director with at least twenty-four (24) hours prior notice to each other Director. Such
notice shall state generally the purpose or purposes of such meeting, or the business to be transacted at such meeting. 
 (f) The Company
shall pay the reasonable out-of-pocket expenses incurred by the Directors in connection with their attendance at meetings of the Board of Directors or any committees thereof. 

Section 6.05. Action by Written Consent. Any action permitted or required by the Act or this Agreement to be taken at a meeting of
the Board of Directors may be taken without a meeting if a consent in writing, setting forth the action to be taken, is signed by a majority of Directors, including at least one WMC Representative, one ICP Representative and one Management Member
Representative (in each case, so long as there is at least one WMC Representative, one ICP Representative and one Management Member Representative, as applicable, then serving on the Board of Directors). A facsimile, electronic mail or other
electronic transmission consenting to an action to be taken and transmitted by a Director shall be deemed to be written, signed and dated for purposes of this Section 6.05 to the extent permitted by Law. Such consent shall have the same
force and effect as a unanimous vote at a meeting of the Board of Directors and may be stated as such in any document or instrument filed with the Secretary of State of Delaware, and the execution of such consent shall constitute attendance or
presence in person at a meeting of the Board of Directors. Promptly after the Board of Directors takes any action by written consent, the Company shall promptly provide a copy of such action by written consent to each Director who did not execute
such action by written consent. 

  
 22 

 ARTICLE VII 

OFFICERS 
 Section 7.01.
Officers. Subject to any Required Consents pursuant to Section 10.01, the Board of Directors may designate one or more individuals (who may or may not be Directors) to serve as officers of the Company. The Company shall have such
officers as the Board of Directors may from time to time determine, which officers may (but need not) include a Chief Executive Officer, a Chief Technology Officer, a Chief Financial Officer, a Chief Marketing Officer, a President, one or more Vice
Presidents (and in the case of each such Vice President, with such descriptive title, if any, as the Board of Directors shall deem appropriate), a Secretary, an Assistant Secretary and a Treasurer. Any two or more offices may be held by the same
person. The Chief Executive Officer of the Company is and, until removed in accordance with Section 10.01, shall be Steven Yi. The Chief Technology Officer is and, until removed in accordance with Section 10.01, shall be
Eugene Nonko. The Chief Financial Officer is and, until removed in accordance with Section 10.01, shall be Tigran Sinanyan. The Chief Marketing Officer is and, until removed in accordance with Section 10.01, shall be Ambrose
Wang. The foregoing sentence is not intended to create a contract for employment by and between the Company and the foregoing individual or to give such individual a right to enforce any provision of this Section 7.01. The other officers
of the Company shall be designated by the Board of Directors. 
 Section 7.02. Compensation. The Company shall have the
authority to pay and provide compensation and other benefits to the officers and employees of the Company (and its Subsidiaries). The compensation and benefits of all officers of the Company (and its Subsidiaries) shall be fixed from time to time by
the Board of Directors, unless otherwise delegated by the Directors to a particular officer. 
 Section 7.03. Term of Office;
Removal; Filling of Vacancies. Each officer of the Company shall hold office at the pleasure of the Board of Directors until his successor is chosen and qualified in his stead or until his earlier death, resignation, retirement, disqualification
or removal from office. Any officer designated by the Board of Directors may be removed at any time by the Directors for any reason, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Designation of
an officer shall not of itself create contract rights. If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors. The Board of Directors may abolish any office at any time. 

Section 7.04. Chief Executive Officer. The Chief Executive Officer of the Company shall have day-to-day supervision of the affairs
of the Company, subject at all times to the authority of the Board of Directors. 
 Section 7.05. Powers and Duties. The several
officers of the Company shall perform such other duties and services and exercise such further powers as may be provided by statute or this Agreement, or as the Board of Directors may from time to time determine or as may be assigned to them by any
competent superior officer. The Board of Directors may also at any time limit or circumvent the enumerated duties, services and powers of any officer. In addition to the designation of officers and the enumeration of their respective duties,
services and powers, the Board of Directors may grant powers of attorney to individuals to act as agent for or on behalf of the Company, to do any act which would be binding on the Company, to incur any expenditures on behalf of or for the Company,
or to execute, deliver and perform any agreements, acts, transactions or other matters on behalf of the Company. Such powers of attorney may be revoked or modified as deemed necessary by a majority of the Board of Directors. 

  
 23 

 ARTICLE VIII 

MEETINGS OF MEMBERS 

Section 8.01. Meetings. 

(a) A quorum shall be present at a meeting of Members if the holders of a majority of Class A Units then issued and outstanding are
represented at the meeting in person or by proxy. At any meeting at which a vote is to be taken on a class or series basis, a quorum shall be present with respect to that class or series if the holders of a majority of the Units then issued and
outstanding of that class or series are represented at the meeting in person or by proxy. With respect to any matter to be voted on at a meeting, except as otherwise expressly provided herein, the affirmative vote of the holders of a majority of the
issued and outstanding Class A Units at which a quorum is present shall be the act of the Members. The holders of Class B Units shall not be entitled to vote in respect of any such Units on any matter to be voted on by the Members. 

(b) All meetings of the Members shall be held at the principal place of business of the Company or at such other place within or without the
State of Delaware as shall be specified or fixed in the notices or waivers of notice thereof; provided, however, that any or all Members entitled to vote may participate in any such meeting by means of conference telephone or similar
communications equipment pursuant to Section 8.04. 
 (c) The chairman of the meeting shall have the power to adjourn such
meeting from time to time, without any notice other than announcement at the meeting of the time and place of the holding of the adjourned meeting. If such meeting is adjourned by the Members, such time and place shall be determined by a vote of the
holders of a majority of the Class A Units present at the meeting. Upon the resumption of such adjourned meeting, but subject to the presence of a quorum, any business may be transacted that might have been transacted at the meeting as
originally called. 
 (d) An annual meeting of the Members, for the purpose of the delivery of an annual report of the Board of Directors,
may, but need not be, held. Any annual meeting of the Members shall be held at such place, within or without the State of Delaware, on such date and at such time as the Board of Directors shall fix and set forth in the notice of such meeting. 

(e) Special meetings of the Members for any proper purpose or purposes may be called at any time by any of the Directors. Only business
within the purpose or purposes described in the notice (or waiver thereof) required by this Agreement may be conducted at a special meeting of the Members. No Member shall have the power to require that a special meeting of the Members be held. 

(f) Written or printed notice (including by electronic mail or other electronic transmission as permitted by Law) stating the place, day and
hour of a meeting of the Members and the purpose or purposes for which such meeting is called, shall be delivered not less than seven nor more than sixty (60) calendar days before the date of such meeting, either personally or by mail
(including by electronic mail or other electronic transmission as permitted by Law), by or at the direction of the Board of Directors, to each Member entitled to vote at such meeting. If 

  
 24 

 
mailed, any such notice shall be deemed to be delivered on the third day after it is deposited in the United States mail, addressed to the Member at such Member’s address provided under his
signature to this Agreement, with postage thereon prepaid. Notice of any meeting may be waived by Members holding at least seventy-five percent (75%) of the issued and outstanding Class A Units. 

(g) The date on which notice of a meeting of Members is mailed (including by electronic mail or other electronic transmission as permitted by
Law) shall be the record date for the determination of the Members entitled to notice of or to vote at such meeting, including any adjournment thereof. 

Section 8.02. Proxies. A Member may vote either in person or by proxy executed in writing by the Member. Electronic mail or other
electronic transmission or similar transmission by the Member, or a facsimile or similar reproduction of a writing executed by the Member shall be treated as an execution in writing for purposes of this Section 8.02. A proxy shall be
revocable unless the proxy form conspicuously states that the proxy is irrevocable or this Agreement provides otherwise. 

Section 8.03. Conduct of Meetings. All meetings of the Members shall be presided over by the chairman of the meeting, who shall be
the Chairman of the Board of Directors so long as a Chairman has been designated or, if not, a Director (or representative thereof) designated by a majority of the Board of Directors. The chairman of any meeting of Members shall determine the order
of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seem to him or her in order. 

Section 8.04. Action by Written Consent or Telephone Conference. Subject to Section 10.01, any action which is submitted by
the Board of Directors to the Members and which could be taken by the Members at a meeting of Members may be taken by the Members by written consent of the Members holding at least a majority of the then outstanding Class A Units (or of the
class or series, if such vote is on a class or series basis). Electronic mail or other electronic transmission consenting to an action to be taken and transmitted by a Member, or by a Person or Persons authorized to act for a Member, shall be deemed
to be a written consent for purposes of this Section 8.04 to the extent permitted by Law. Promptly after the Members take any action by written consent, the Company shall promptly provide a copy of such action by written consent to each Member
who did not execute such action by written consent. 
 Section 8.05. Attendance at Meetings. Members may participate in and hold
a meeting by means of conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at
such meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 

  
 25 

 ARTICLE IX 

TRANSFER OF UNITS 

Section 9.01. Permitted Transfers. No holder of Units may sell, assign, hypothecate, grant or suffer a security interest or pledge
in, or otherwise transfer (a “Transfer”) any Units except in accordance with this Article IX: 
 (a) Prior to a
Public Offering or Liquidation Event, no holder of Units may Transfer any Units other than (i) in compliance with Section 9.02 (Right of First Offer) and Section 9.03 (Tag Along Rights), including to an Other Member or
the Company pursuant to Section 9.02 or as a Participating Offeree pursuant to Section 9.03, pursuant to Section 9.04 (Company Sale; Drag Along) or pursuant to Section 14.01 (Piggyback Registration),
or (ii) as follows: 
 1. with the written consent of a majority of the Board of Directors, including the affirmative
vote of at least one (1) Director designated by each Member or group of Members that are entitled to designate a Director; 

2. except in the case of the Management Member, to such holder’s Permitted Transferees (as defined in
Section 9.01(b) below); provided, however, that such Permitted Transferee shall agree in writing, prior to and as a condition precedent to such Transfer, to be bound by the terms of this Agreement by the execution and
delivery of a Joinder Agreement; or 
 3. pursuant to a repurchase of Units by the Company from a Member who provides
services to the Company (or any Subsidiary) or the Management Member, as applicable, either (A) in accordance with the terms of this Agreement and the applicable Class B Restricted Units Award or (B) in connection with the cessation of
such services, pursuant to a written agreement between the Company, such Member and, if applicable, a holder of Management Member Units providing for the right of such repurchase upon termination of service at a price no greater than the price
originally paid therefor by such Member, or, if greater, with the written consent of a majority of the Board of Directors, including the affirmative vote of at least one (1) Director designated by each Member or group of Members that are
entitled to designate a Director. 
 (b) For purposes hereof a “Permitted Transferee” shall mean: 

(i) with respect to any Person that is not a natural Person (but excluding QLH), such Person’s Affiliates, and shall include, in the
case of WMC or any other Member whose ultimate parent entity is publicly held, any continuing or new ultimate parent entity of such Member (and such Person’s Affiliates) in connection with a change of control transaction (whether by merger,
consolidation, corporate reorganization, share exchange, share sale, change in the board of directors or otherwise in a single transaction or series of related transactions) involving the ultimate parent entity of such Member; 

  
 26 

 (ii) with respect to any Person that is a natural person, (A) in the event of a bona
fide estate planning transaction in which the Member retains voting control of any Class A Units Transferred, made for no consideration and not made with the intent to or result of circumventing the intent of this Agreement, (i) such
Person’s spouse, lineal descendants (including adopted children) or ancestors, (ii) any custodian or trustee of any trust, partnership, limited liability company or other entity wholly for the benefit of, or the ownership interests of
which are owned wholly by, such Member and/or any such Member’s spouse, lineal descendants (including adopted children) or ancestors or (iii) a charitable foundation under the control of such Person, (B) upon the death of such Person,
his or her estate, heirs, executors or administrators or, a trustee of a trust under his or her will or transferee by intestacy, or (C) the Management Member. 

Section 9.02. Right of First Offer. 

(a) Right of First Offer. In the event that any Member holding Class A Units (a “Class A Member”) (such Member,
for purposes of this Section 9.02(a), a “ROFO Transferor”) proposes to effect a Transfer of all or any portion of the Class A Units held by such ROFO Transferor, other than pursuant to
Section 9.01(a)(ii) (Permitted Transfers), Section 9.03 as a Participating Offeree, Section 9.04 (Drag Along) or Section 14.01 (Registration Rights) (a “Proposed Transaction”), such
ROFO Transferor shall, prior to Transferring any Class A Units, comply with the provisions of this Section 9.02(a) and, if applicable, Section 9.03 hereof. 

(b) Offer Notice. Such ROFO Transferor shall deliver written notice (the “Offer Notice”) of its desire to consummate
a Proposed Transaction to the Company and the other Class A Members (the “Other Members”). The Offer Notice shall specify (i) the name of the prospective transferee and the total number of Class A Units of the ROFO
Transferor proposed to be Transferred in the Proposed Transaction (the “Offered Units”), (ii) the purchase price per Unit proposed to be paid therefor (the “Offer Price”), the payment terms, type of
consideration and type of transfer to be effectuated, (iii) the proposed time and place of closing, and (iv) any other economic or material non-economic terms and conditions of such Proposed Transaction. The Offer Notice shall constitute
an irrevocable offer to sell all of the Offered Units to the Other Members and, with respect to any Offered Units not acquired by the Other Members, to the Company, on the basis described below. 

(c) Other Members Right of First Offer. For a period of thirty (30) calendar days after the date of each Offer Notice given
pursuant to Section 9.02(b) (each, an “Option Period”), the Other Members shall have the right to purchase any or all of the Offered Units at the Offer Price (and in the same form of consideration specified in the Offer
Notice) in accordance with this Section 9.02(c) (the “Right of First Offer”). Each Other Member electing to exercise the Right of First Offer shall deliver within the Option Period a written notice to the ROFO Transferor
and the Company (a “ROFO Acceptance Notice”) specifying the number of Offered Units that such Other Member will purchase from the ROFO Transferor on the terms set forth in the Offer Notice, which ROFO Acceptance Notice shall
constitute an irrevocable offer to purchase such number of Offered Units. Each Other Member shall initially have the right to purchase up to that number of Offered Units which is equal to the product obtained by multiplying (x) the total number
of Offered Units by (y) a fraction, the numerator of which is the total number of Class A Units held by such Other Member on the date of the Offer Notice and the denominator of which is the total number of Class A Units held by all of
the Other Members on the date of the 

  
 27 

 
Offer Notice (such number of Offered Units, an Other Member’s “ROFO Allotment”). In the event any Other Member does not elect to acquire any or all of its ROFO Allotment,
then all Other Members who have elected pursuant to a valid ROFO Acceptance Notice to purchase a number of Offered Units greater than their ROFO Allotment shall, in addition to their ROFO Allotment, have the right to purchase the unclaimed ROFO
Allotments pro rata based upon their relative holdings of Class A Units. The process described in the preceding sentence shall be applied iteratively until all of the Offered Units have been allocated to purchasing Other Members;
provided, however, that if there remain unclaimed ROFO Allotments after the expiration of the Option Period, then the Company shall have the option (exercisable upon written notice to the ROFO Transferor within five (5) Business
Days after the end of the Option Period) to purchase all or any portion of such unclaimed ROFO Allotments on and subject to the terms of the Right of First Offer. The ROFO Transferor shall notify each Other Member and the Company promptly after the
end of the Option Period of the number of Offered Units which it has been allocated for purchase. The closing for any purchase of Units by any Other Member or the Company under this Section 9.02 shall take place within sixty
(60) calendar days after the expiration of the applicable Option Period. At such closing, the ROFO Transferor shall deliver a duly executed assignment agreement transferring such Offered Units to each such Other Member or the Company, as the
case may be, free and clear of any Encumbrance, against delivery of the purchase price therefor. Each of the ROFO Transferor and the purchasing Other Member(s) or the Company, as the case may be, shall bear its own costs and expenses in connection
with a purchase and sale pursuant to this Section 9.02, and shall be entitled to receive customary representations and warranties (e.g., as to authority, enforceability, title and no brokers, as applicable) from the other party to such
transaction. 
 (d) Sale to Proposed Transferee. In the event that the Other Members and the Company do not elect to exercise their
respective Rights of First Offer as set forth in this Section 9.02 with respect to all of the Offered Units, the ROFO Transferor may consummate a sale of the remaining Offered Units to a proposed transferee at a price per Unit not less
than the Offer Price and on terms and conditions that are substantially similar in all material respects to (and on economic terms that are no more favorable than) those terms and conditions set forth in the Offer Notice (including as to the form of
consideration), subject to compliance with the provisions of Section 9.03. If the ROFO Transferor’s Transfer to a proposed transferee is not consummated on or prior to the date that is ninety (90) calendar days after the later
of the expiration of the Right of First Offer and the expiration of the Tag Along Right set forth in Section 9.03, if applicable, the Proposed Transaction described in the applicable Offer Notice shall be deemed to have lapsed and any
subsequent Transfers of Units shall be in violation of the provisions of this Agreement unless the ROFO Transferor once again complies with the provisions of this Section 9.02 and Section 9.03 in connection with such Proposed
Transaction. 
 Section 9.03. Tag Along Rights. In the event that any Class A Member (such Class A Member, for
purposes of this Section 9.03, a “Transferor”) proposes to Transfer all or any portion of the Class A Units held by such Transferor in a Proposed Transaction with respect to which the Rights of First Offer under
Section 9.02 above are not exercised with respect to all of the Offered Units of such Transferor proposed to be Transferred in such Proposed Transaction (for purposes of this Section 9.03, a “Tag Along
Transaction”), such Transferor may Transfer such remaining Offered Units (the “Participation Units”) only after complying with, and pursuant to and in accordance with the following provisions of, this
Section 9.03. 

  
 28 

 (a) When desiring to effect a Tag Along Transaction, the Transferor shall give prior
written notice of such intended Tag Along Transaction to the Other Members. Such notice (the “Participation Notice”) shall set forth (i) the name of the prospective transferee and the total number of potential Participation
Units held by the Transferor, (ii) the purchase price per Unit proposed to be paid therefor, the payment terms, type of consideration and type of transfer to be effectuated, (iii) the proposed time and place of closing, and (iv) any
other economic or material non-economic terms and conditions of such Tag Along Transaction, and may be given concurrently with the Offer Notice required by Section 9.02. Each such Other Member desiring to participate in such Tag Along
Transaction (each, a “Participating Offeree”) shall, by delivering notice in writing to the Transferor and to the Company (a “Participation Acceptance Notice”) within thirty (30) calendar days following the
delivery of the Participation Notice by the Transferor to such Other Member, have the opportunity and right (the “Tag Along Right”) to sell to the purchasers in such Tag Along Transaction (on the same terms and conditions as the
Transferor (provided that (i) ICP shall not be required to enter into or agree to any non-competition, non-solicitation, no-hire or similar covenant (other than employee non-solicitation or no-hire covenants that are limited to ICP and
its direct and indirect owners and are not otherwise applicable to Affiliates (including other portfolio companies) of ICP or such direct and indirect owners and cover only the Company’s senior management employees) or make representations or
warranties concerning the operation, business, capitalization, liabilities, financial condition or assets of the Company and its Subsidiaries or their respective businesses or any other Member of the Company and (ii) the maximum aggregate
liability of any ICP Participating Offeree in connection with such Transfer shall be capped at the new proceeds actually received by such ICP Participating Offeree)) up to that number of Class A Units equal to the product obtained by
multiplying (i) the number of Participation Units by (ii) a fraction, the numerator of which is the total number of Class A Units held by such Other Member on the date of the Participation Notice and the denominator of which is the
total number of Class A Units held by the Transferor and all of the Participating Offerees on the date of the Participation Notice. The Participation Acceptance Notice shall indicate the maximum number of Participation Units that such
Participating Offeree would be willing to Transfer in such Tag Along Transaction (not to exceed such Participating Offeree’s pro rata share as described above). 

(b) Promptly after the date by which the Participating Offerees were required to deliver Participation Acceptance Notices to the Transferor
(and in any event within ten (10) calendar days thereafter), the Transferor shall notify each Participating Offeree which has delivered a Participation Acceptance Notice of the number of Participation Units elected to be sold by such
Participating Offeree that will be included in the Tag Along Transaction and the date on which the Tag Along Transaction will be consummated, which shall be no later than sixty (60) calendar days after the date by which the Participating
Offerees were required to deliver Participation Acceptance Notices to the Transferor. In the event that the Transferor fails to complete the Tag Along Transaction within ninety (90) calendar days after the date of the Participation Notice, the
Tag Along Transaction described in the Participation Notice shall be deemed to have lapsed and any subsequent Transfers of Units shall be in violation of the provisions of this Agreement unless the Transferor once again complies with the provisions
of this Section 9.03 in connection with such Tag Along Transaction. 

  
 29 

 (c) At the closing of any Tag Along Transaction, the Transferor, together with all
Participating Offerees, shall deliver to the proposed transferee such documents and/or instruments required by the proposed transferee to be executed and delivered in connection with such Tag Along Transaction (provided that (i) ICP
shall not be required to enter into or agree to any non-competition, non-solicitation, no-hire or similar covenant (other than employee non-solicitation or no-hire covenants that are limited to ICP and its direct and indirect owners and are not
otherwise applicable to Affiliates (including other portfolio companies) of ICP or such direct and indirect owners and cover only the Company’s senior management employees) or make representations or warranties concerning the operation,
business, capitalization, liabilities, financial condition or assets of the Company and its Subsidiaries or their respective businesses or any other Member of the Company and (ii) the maximum aggregate liability of any ICP Participating Offeree
in connection with such Transfer shall be capped at the new proceeds actually received by such ICP Participating Offeree) and shall receive in exchange therefor the consideration to be paid or delivered by the proposed transferee. The Transferor and
each of the Participating Offerees shall bear their own costs and expenses in connection with a Tag Along Transaction. Each Participation Acceptance Notice shall be irrevocable and each such Participating Offeree delivering a Participation
Acceptance Notice shall be obligated to sell, but only on terms and conditions no less favorable than those terms and conditions specified in the Participation Notice (and, with respect to any ICP Participating Offeree, subject to the proviso in the
first sentence of this Section 9.03(c)), such number of Participation Units as specified in such ICP Participating Offeree’s Participation Acceptance Notice. To the extent that any prospective transferee in a Tag Along Transaction
refuses to purchase any or all of the Class A Units tendered by a Participating Offeree pursuant to this Section 9.03, the Transferor shall not sell any Participation Units to such prospective transferee unless, simultaneously with
such sale, such Transferor purchases such tendered Class A Units from such Participating Offeree on the same terms and conditions as the Transferor receives with respect to its Participation Units in the Tag Along Transaction; provided,
however, that the Transferor shall not be subject to this prohibition to the extent any Participating Offeree refuses to comply with the same requirements as the Transferor complies with in connection with the Tag Along Transaction which are
reasonably necessary to consummate such sale, including the execution and delivery of agreements with, and the making of representations and warranties to, the prospective transferee (but, with respect to any ICP Participating Offeree, subject to
the proviso in the first sentence of this Section 9.03(c)). 
 (d) In connection with any Tag Along Transaction, the
Participating Offerees shall be obligated to become liable in respect of any representations, warranties, covenants, indemnities or otherwise to the prospective transferee to the same extent as the Transferor; provided that (i) ICP shall
not be required to enter into or agree to any non-competition, non-solicitation, no-hire or similar covenant (other than employee non-solicitation or no-hire covenants that are limited to ICP and its direct and indirect owners and are not otherwise
applicable to Affiliates (including other portfolio companies) of ICP or such direct and indirect owners and cover only the Company’s senior management employees) or make representations or warranties concerning the operation, business,
capitalization, liabilities, financial condition or assets of the Company and its Subsidiaries or their respective businesses or any other Member of the Company and (ii) the maximum aggregate liability of any ICP Participating Offeree in
connection with such Transfer shall be capped at the new proceeds actually received by such ICP Participating Offeree). Without limiting the generality of the foregoing, but subject to the proviso set forth above, each Participating Offeree agrees
to execute and deliver such agreements as may be reasonably requested by the prospective transferee to which the Transferor will also be party, including, without limitation, agreements to (A) (1) make individual representations,
warranties, covenants 

  
 30 

 
and other agreements as to the unencumbered title to its Class A Units being Transferred and its power, authority and legal right to Transfer such Class A Units and the absence of any
adverse claim with respect to such Class A Units and (2) be liable as to such representations, warranties, covenants and other agreements and (B) be liable (whether by purchase price adjustment, indemnity payments or otherwise) in
respect of representations, warranties, covenants and agreements in respect of the Company and its Subsidiaries; provided, however, that in the case of the foregoing clause (B), each Participating Offeree’s liability in respect of
such representations, warranties, covenants and agreements shall be on a pro rata (based on the proportion of the aggregate transaction consideration received) but several (and not joint) basis with all other Participating Offerees and the
Transferor and, in the case of each of the foregoing clauses (A) and (B), such liability shall not exceed the proceeds actually received by such Participating Offeree for his or its Class A Units, and, to the extent that an indemnification
escrow has been established, such liability shall be satisfied out of any funds escrowed for such purpose prior to recourse against such Participating Offeree. 

Section 9.04. Company Sale; Drag Along. 

(a) If at any time the Member or Members of the Company holding at least a majority of the then outstanding Class A Units (such Member
or Members being referred to herein as the “Drag Along Group”) elect to consummate, or cause the Company to consummate, any transaction, whether by sale of Units, sale of assets of the Company or any Subsidiary, merger,
recapitalization, reorganization or otherwise, pursuant to which one or more parties other than the Company or the Members or any of their respective Affiliates (each a “Third Party”) shall own in excess of fifty percent
(50%) of the Class A Units of the Company or all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis, in each case, in a single transaction or series of related transactions (such transaction, a
“Company Sale”), then the Drag Along Group shall be entitled, at their option, to require each other Member (including the Management Member on behalf of the holders of Management Member Units) (each, a “Seller”) to
include all of his, her or its Common Units (other than the portion of Common Units held by any Founder (including any Common Units held indirectly through QLH or the Management Member) or the Management Member that a Founder or other holder of
Management Member Units agrees to contribute to a customary equity rollover) in such Company Sale (the “Drag Along Right”). The Drag Along Right shall be exercised by written notice (the “Sale Request”) to each
Seller at least twenty (20) calendar days prior to the closing of the proposed Company Sale. The Sale Request shall set forth the terms and conditions of such proposed Company Sale, including the name of the prospective transferee, the number
of Units and/or securities convertible or exercisable into Units proposed to be sold or exchanged by the Drag Along Group and the Sellers in the proposed Company Sale, the percentage of Common Units which are being sold in such Company Sale (the
“Drag Along Percentage”), the amount and type of consideration to be received by the Members, the proposed time and place of closing and any other material terms and conditions of the proposed Company Sale. In the event that a
proposed Company Sale that is the subject of a Sale Request is consummated, each Seller shall be obligated to consummate, consent to and raise no objection to such Company Sale and take all other actions reasonably necessary or desirable to
consummate such Company Sale on the terms proposed by the Drag Along Group as set forth in the Sale Request (subject to the other provisions of this Section 9.04). Without limiting the generality of the foregoing, but subject to the
other provisions of this Section 9.04, (i) if the Company Sale is structured as a merger, consolidation or sale of assets, each Seller will vote or 

  
 31 

 
cause to be voted all the Common Units that he, she or it holds or with respect to which he, she or it has the power to direct the voting in favor of such proposed Company Sale and will waive all
appraisal, dissenters and similar rights and hereby grants a proxy in favor of the Drag Along Group to vote the Seller’s Common Units of the Company in accordance with this Section 9.04(a) and (ii) if the Company Sale is
structured as a sale or redemption of Units, each Seller will agree to sell the Drag Along Percentage of its Units on the same terms and conditions as the Drag Along Group. Each proxy granted in the foregoing sentence is irrevocable, coupled with an
interest and shall survive until the earlier of the consummation or abandonment of any Company Sale. 
 (b) Subject to the other provisions
of this Section 9.04, each Member, whether in his, her or its capacity as a Seller, Member, officer or Director of the Company, shall take or cause to be taken all actions reasonably requested by the Drag Along Group in order to
expeditiously consummate any Company Sale that is the subject of a Sale Request, including, without limitation, executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments as may be reasonably requested
and otherwise cooperating with the Drag Along Group and any prospective transferee. Without limiting the generality of the foregoing, but subject to the other provisions of this Section 9.04, each Member agrees to execute and deliver
such agreements as may be reasonably requested by the Drag Along Group to which such Drag Along Group will also be party, including, without limitation, agreements to (i) (1) make individual representations, warranties, covenants and other
agreements as to the unencumbered title to its Units and its power, authority and legal right to transfer such Units and the absence of any adverse claim with respect to such Units and (2) be liable as to such representations, warranties,
covenants and other agreements and (ii) be liable (whether by purchase price adjustment, indemnity payments or otherwise) in respect of representations, warranties, covenants and agreements in respect of the Company and its Subsidiaries;
provided, however, that in the case of the foregoing clause (ii), each Member’s liability in respect of such representations, warranties, covenants and agreements shall be on a pro rata (based on the proportion of the aggregate
transaction consideration received) but several (and not joint) basis with all other Members and, in the case of each of the foregoing clauses (i) and (ii), such liability (together with any other liability of such Member in such Company Sale,
including for payment of expenses pursuant to Section 9.04(c)) shall not exceed the proceeds actually received by such Member for his or its Units, and, to the extent that an indemnification escrow has been established, such liability
shall be satisfied out of any funds escrowed for such purpose prior to recourse against such Member. In connection with any Company Sale, no Seller shall be obligated to agree to any non-competition, non-solicitation, no-hire or similar covenant
that restricts its business activity before or after the closing of such Company Sale (other than employee non-solicitation or no-hire covenants that are limited to the direct and indirect owners of such Seller and are not otherwise applicable to
Affiliates (including other portfolio companies) of such Seller or such direct and indirect owners and cover only the Company’s senior management employees). If any holder of Common Units is given an option as to the form and amount of
consideration to be received in any Company Sale that the subject of a Sale Request, all holders of Common Units will be given the same option. To the maximum extent permitted by Law, with respect to any actions taken or omitted by any officer or
Director of the Company in furtherance of such Person’s obligations under this Section 9.04, each of the Company and each of the Members (including the Management Member on behalf of the holders of Management Member Units) hereby
waives any claim or cause of action against any such Person for any breach of fiduciary duty. 

  
 32 

 (c) Each Member (including the Management Member on behalf of the holders of Management
Member Units) shall be obligated to pay, from the proceeds otherwise to be received by such Member in a Company Sale, such Member’s pro rata amount (based on the proportion of the aggregate transaction consideration received by all Members
participating in such Company Sale) of expenses incurred in connection with such Company Sale for the benefit of all Sellers that are not otherwise paid by the Company or the acquiring party (provided, however, that expenses incurred
by or on behalf of a Seller for its, her or his sole benefit shall not be considered expenses incurred for the benefit of all Sellers; provided further, however, that the expenses incurred in connection with a Company Sale by
any Founder that, at the time of a Company Sale, has a service relationship with the Company or any Subsidiary shall be paid by the Company or the acquiring party). Notwithstanding the foregoing, the Company shall reimburse ICP for up to $250,000 of
reasonable and documented out-of-pocket expenses incurred by ICP in connection with any actual or potential Company Sale, regardless of whether such expenses are for the benefit of all Sellers. 

(d) For the avoidance of doubt, the proceeds of any Company Sale will be distributed to the Members in accordance with
Section 17.02(b) (after taking into account the portion of Common Units held by any Founder (including any Common Units held indirectly through QLH or the Management Member) or the Management Member that such Founder or other holder of
Management Member Units, as applicable, agrees to contribute to a customary equity rollover as a part of such Company Sale). 
 (e)
Notwithstanding anything to the contrary in this Agreement, neither the Company nor any Unitholder shall enter into, and the Board of Directors shall not approve or authorize or permit or cause the Company or any Subsidiary to enter into, any
Company Sale pursuant to a definitive agreement entered into prior to the date that is the third anniversary of the ICP Investment Date, without the prior written consent of ICP unless the aggregate amount of (i) the net proceeds payable to ICP
in connection with the consummation of the applicable Company Sale in respect of the Closing Date Units, plus (ii) the aggregate amount of distributions (including any Tax Distributions) made by the Company to ICP in respect of the Closing Date
Units up to and including the date on which such Company Sale is consummated equals or exceeds, (x) with respect to any Company Sale for which a binding definitive agreement is entered into prior to the date that is eighteen (18) months
after the ICP Investment Date, an amount equal to the result of (1) 1.5 multiplied by (2) the Adjusted Purchase Price (as defined in the Purchase Agreement), or (y) with respect to any Company Sale for which a binding definitive
agreement is entered into from and after the date that is eighteen (18) months after the ICP Investment Date, but prior to the third anniversary of the ICP Investment Date, an amount equal to the result of (1) 2.0 multiplied by
(2) the Adjusted Purchase Price (as defined in the Purchase Agreement). For the avoidance of doubt, this Section 9.04 may be enforced against any Member other than ICP with respect to any Company Sale, notwithstanding that such
Company Sale does not satisfy the requirements of this Section 9.04(e). 

  
 33 

 Section 9.05. Preemptive Rights. 

(a) Right to Purchase New Securities. If the Company or any Subsidiary proposes to issue or sell New Securities (as hereinafter
defined), the Company will, or will cause such Subsidiary to, first offer each Class A Member the right to purchase a portion of such New Securities equal to a fraction, the numerator of which shall equal the number of Class A Units
outstanding, on a fully diluted basis (after assuming the exercise or conversion of all outstanding securities which are exercisable for or convertible into Class A Units) then held by such Member, and the denominator of which shall equal the
aggregate number of Class A Units then outstanding on a fully diluted basis (after assuming the exercise or conversion of all outstanding securities which are exercisable for or convertible into Class A Units) and held by all Class A
Members (with such portion hereinafter referred to as each Class A Member’s “pro rata share” for purposes of this Section 9.05). For purposes of this Section 9.05, “New Securities” shall
mean (x) any Units or other equity securities of the Company or any Subsidiary, whether now authorized or not, and rights, options or warrants to purchase equity securities of the Company or any Subsidiary, and other securities of the Company
or any Subsidiary of any type whatsoever that are, or may become, convertible into, or exchangeable or exercisable for, equity securities of the Company or any Subsidiary and any borrowings, direct or indirect, from financial institutions or other
persons by the Company or any Subsidiary, whether or not presently authorized, including any type of loan or payment endorsed by any type of debt instrument, but only to the extent such borrowings contain any equity features and (y) any debt
securities of the Company or any Subsidiary issued to any Member of the Company or any Affiliate of any Member of the Company; provided, however, that “New Securities” shall not include: 

(i) equity securities of the Company or any Subsidiary issued as a pro rata dividend to holders of equity securities of, or upon any
subdivision or combination of equity securities of, the Company or any Subsidiary, in each case, approved by the Board of Directors; 

(ii) securities issued in connection with a Public Offering; 

(iii) equity securities of the Company or any Subsidiary issued pursuant to an employee or incentive plan approved by the Board of
Directors, including any such equity securities issued to the Management Member pursuant to such plan; 
 (iv) equity securities of
the Company or any Subsidiary, not to exceed twenty (20%) percent of the fully diluted ownership interests (after assuming the exercise or conversion of all outstanding securities which are exercisable for or convertible into ownership
interests) of the Company or such Subsidiary, as the case may be, issued pursuant to an acquisition or similar business combination, whether structured as a merger, consolidation or otherwise, approved pursuant to Section 10.01, if
applicable; or 
 (v) equity securities of the Company or any Subsidiary, not to exceed five (5%) percent of the fully diluted
ownership interests (after assuming the exercise or conversion of all outstanding securities which are exercisable for or convertible into ownership interests) of the Company or Subsidiary, as the case may be, (A) issued pursuant to any loan
agreement or debt financing from a bank or similar financial or lending institution that is not Affiliated with any Member of the Company, which loan agreement or debt financing evidences indebtedness incurred in compliance with, or for which no
Required Consents are required pursuant to, clause (iv) of Section 10.01(a), or (B) in connection with strategic transactions involving the Company or any Subsidiary, including joint ventures and manufacturing, marketing or
distribution arrangements; provided, however, that such strategic arrangements are primarily for other than equity financing purposes. 

  
 34 

 (b) Notice of Issuance of New Securities. In the event the Company (or any
Subsidiary) proposes to issue New Securities, the Company shall give the Class A Members written notice of such intention, describing the type and terms of the New Securities, the price and terms upon which the Company (or such Subsidiary)
proposes to issue the same, the anticipated closing date and any other material terms or conditions of such issuance (a “Preemptive Rights Notice”). Each Class A Member shall have twenty (20) calendar days after its
receipt of a Preemptive Rights Notice to elect to purchase up to such Class A Member’s pro rata share of the New Securities, for the price and upon the other terms and conditions specified in the Preemptive Rights Notice, by giving written
notice thereof to the Company stating the quantity of New Securities to be purchased. 
 (c) Right of Over-Allotment. Each
Class A Member shall have a right of over-allotment such that, if any Class A Member fails to exercise its right hereunder to purchase such Class A Member’s full pro rata share of any New Securities covered by a Preemptive Rights
Notice (the “Incomplete Holders”), the Class A Members purchasing their full respective pro rata share of such New Securities (the “Complete Holders”) may elect to purchase up to their pro rata share of New
Securities which have not been purchased by the Incomplete Holders (the “Available Units”) as hereinafter provided. Promptly following the end of the twenty (20) calendar day period following the Company’s delivery of
Preemptive Rights Notices, the Company shall give written notice to the Complete Holders of the amount of Available Units, if any. Each Complete Holder shall have fifteen (15) calendar days from the date such notice is given by the Company to
elect to purchase up to such Complete Holder’s pro rata share of such Available Units, for the price and upon the other terms and conditions specified in the Preemptive Rights Notice, by giving written notice thereof to the Company stating the
quantity of Available Units to be purchased. 
 (d) Sale to Third Parties. In the event the Class A Members fail to exercise
the preemptive right and the right of over-allotment set forth above within the periods referred to above for the full amount of New Securities proposed to be issued in any Preemptive Rights Notice, the Company (or the applicable Subsidiary) shall
have ninety (90) days after the expiration of the over-allotment period to sell any New Securities not elected to be purchased by the Class A Members, at a price and upon terms no more favorable to the purchasers thereof than specified in
the Preemptive Rights Notice. In the event the Company (or the applicable Subsidiary) does not, within such ninety (90) day period, sell such New Securities covered by the Preemptive Rights Notice that are not elected to be purchased by the
Class A Members, the Company (or such Subsidiary) shall not thereafter issue or sell such New Securities without first offering such securities to the Class A Members in the manner provided above. 

(e) Expiration of Preemptive Rights. The preemptive right granted under this Section 9.05 shall expire upon a Qualified
Public Offering. 
 Section 9.06. Redemption of Class B Units. Subject to the last sentence of this Section 9.06,
upon the occurrence of a Termination Event (as defined in Section 9.07) in respect of a holder of Class B Units or Class 2 Units of the Management Member (a “Terminating Member”), the Company shall have the right, but
not the obligation, at any time within four (4)

  
 35 

 
months after the Termination Event, to elect by written notice to redeem some or all of (a) the Class B Units then held by such Terminating Member or (b) the Class B Units then held by
the Management Member which are attributable to the Class 2 Units of the Management Member then directly or indirectly held by such Terminating Member, in each case, at a purchase price per Class B Unit equal to the Restricted Unit Redemption
Amount. In the event the redemption right in the foregoing sentence is being exercised with respect to Class B Units held by the Management Member which are attributable to Class 2 Units of the Management Member with respect to which the Management
Member intends to make a corresponding repurchase of Class 2 Units of the Management Member from a Terminating Member, then the Company shall effect such redemption by either (i) redeeming the applicable Class B Units from the Management Member
immediately followed by the Management Member’s payment of the Restricted Unit Redemption Amount received in respect of such Class B Units to the applicable Terminating Member in exchange for the redemption of a corresponding number of Class 2
Units of the Management Member or (ii) having the Management Member issue directly to the Terminating Member the Class B Units to be redeemed in exchange for the corresponding Class 2 Units of the Management Member held by such applicable
Terminating Member immediately followed by the Company’s repurchase of such Class B Units directly from such applicable Terminating Member. As used herein, the “Restricted Unit Redemption Amount” shall mean (a) $0.00 with
respect to each Class B Unit which is unvested under the terms of the applicable Class B Restricted Units Award as of the effective date of the Termination Event and (b) with respect to each Class B Unit which is vested under the terms of the
applicable Class B Restricted Units Award as of the effective date of the Termination Event, (i) in the event of a Termination Event deemed to be for Cause or resulting from such Terminating Member’s breach of any non-competition,
confidentiality or non-solicitation covenants to which such Terminating Member is bound or pursuant to an Involuntary Transfer, $0.00, and (ii) otherwise, an amount equal to the Unit Fair Market Value of such Unit. The Company shall pay to such
Terminating Member or, if applicable, the Management Member, the Restricted Unit Redemption Amount in exchange for and in full satisfaction of the Terminating Member’s or Management Member’s entire interest in the Class B Units that the
Company elects to redeem under this Section 9.06. Payment of the Restricted Unit Redemption Amount shall be made within thirty (30) calendar days after the Company gives notice of its election to redeem such Class B Units, by
delivery of a cashier’s check or wire transfer of immediately available funds. Notwithstanding the foregoing, to the extent the Board of Directors determines in its reasonable discretion that the terms of any agreement evidencing any
indebtedness of the Company Subsidiary would prohibit the Company from paying the entire amount of any Restricted Unit Redemption Amount in cash during the four (4) month period after the applicable Termination Event, the Company shall have the
right, but not the obligation, to pay all or any portion of such Restricted Unit Redemption Amount (but only to the extent so prohibited) by executing and delivering to any Terminating Member an unsecured promissory note issued by the Company for
the Restricted Unit Redemption Amount. Such note shall mature on the earlier to occur of (i) the third anniversary of the date of such note and (ii) a Liquidation Event, the dissolution of the Company in accordance with
Section 17.01 or an initial Public Offering. The principal amount of each such note shall be payable in equal annual installments, and the due date of the first installment shall be fixed by the Board of Directors no later than the first
anniversary of the date of such note; provided, however, that to the extent the Board of Directors determines in its reasonable discretion that the terms of any agreement evidencing any indebtedness of the Company Subsidiary would
prohibit the Company from paying any installment (or any portion thereof) in 

  
 36 

 
cash on the original due date of such installment, such installment (or such portion thereof) shall be deferred and shall become due and payable upon the due date of the next installment or, if
applicable, upon the maturity of the note. Interest shall accrue on the outstanding principal balance of any such note from the date of such note until the date such principal amount is repaid at an annually compounded rate per annum equal to the
lesser of (A) The Wall Street Journal prime rate or (B) the maximum rate permissible under applicable Law; provided, however, that in no event shall the rate of interest be lower than the short-term Applicable Federal Rate,
compounded semiannually, for the month in which the note is issued, and such interest shall be payable to the Terminating Member annually starting on the due date of the first installment. Any Class B Units redeemed by the Company under this
Section 9.06 shall be deemed canceled and available for future issuance pursuant to this Agreement. Notwithstanding the foregoing, in the event of a conflict between the terms of this Section 9.06 and the terms of any
individual Class B Restricted Units Award, the terms of such Class B Restricted Units Award shall control. 
 Section 9.07.
Definition of Termination Event. A “Termination Event” shall have occurred with respect to a holder of Class B Units or Class 2 Units of the Management Member upon any of the following events: 

(a) any attempted Transfer by such holder of any Class B Unit or Class 2 Unit of the Management Member that is in violation of this
Agreement or the Management Member LLC Agreement or, to the extent of any conflict between this Agreement or the Management Member LLC Agreement and the applicable Class B Restricted Units Award, the applicable Class B Restricted Units Award (which
attempted Transfer shall, for the avoidance of doubt, be considered null and void); 
 (b) the termination of such Person’s
employment with the Company (or any Subsidiary) or other service relationship as a director, manager, officer, employee, consultant or advisor of the Company (or any Subsidiary); 

(c) any Involuntary Transfer; or 

(d) such other event or events as may be described in the applicable Class B Restricted Units Award. 

Section 9.08. ICP Put Option. 

(a) On each of (i) the date that is the fifth anniversary of the ICP Investment Date (the “First Put Trigger Date”),
(ii) the date that is the seventh anniversary of the ICP Investment Date (the “Second Put Trigger Date”), and (iii) the date that is the ninth anniversary of the ICP Investment Date (the “Final Put Trigger
Date” and, together with the First Put Trigger Date and the Second Put Trigger Date, each, a “Put Trigger Date”), ICP shall have the right, but not the obligation, by delivery of a written notice to the Company on or prior
to such Put Trigger Date (a “Put Notice”), to require the Company to redeem all, but not less than all, of the Units held by ICP as of the relevant Put Closing Date (as defined below) (the “Put Units”) for an amount
of cash equal to the Put Option Redemption Price (as defined below) (each such right, a “Put Option”). With respect to each Put Option, the closing of the Company’s redemption of the Put Units (the “Put
Closing”) shall occur on the date specified by the Company to ICP in writing, 

  
 37 

 
which date shall be no earlier than the applicable Put Trigger Date and no later than the date that is twelve (12) months after such Put Trigger Date (such later date, with respect to the
applicable Put Option, the “Outside Redemption Date” and the date of such closing, the “Put Closing Date”). ICP’s exercise of any Put Option shall be irrevocable and may not be withdrawn by ICP without the
prior written consent of the Board of Directors. In the event that any member of ICP Transfers any of its Units at any time, whether before or after the exercise of a Put Option by ICP (or the occurrence of any Liquidation Event, as applicable) to
any Person that is not a member of ICP (i.e., not a Permitted Transferee of ICP Main Fund Buyer or ICP Parallel Fund Buyer or another member of ICP), each Put Option and the rights set forth in Section 9.08(d) with respect to such
Transferred Units shall terminate and be of no further force or effect. 
 (b) The “Put Option Redemption Price” shall
equal the aggregate Unit Fair Market Value of the Put Units as of the Put Closing Date (determined without taking into account any discounts for illiquidity, lack of marketability or other similar discounts), which Unit Fair Market Value, solely for
the purpose of determining the Put Option Redemption Price, shall be determined as follows: At least seventy-five days prior to the Put Closing Date, the Board of Directors (which shall be deemed to exclude the ICP Representatives for all purposes
of this Section 9.08) shall deliver to ICP a statement setting forth its determination of Unit Fair Market Value, together with reasonable support therefor, and ICP shall deliver to the Board of Directors a statement setting forth its
determination of Unit Fair Market Value, together with reasonable support therefor. To the extent of any disagreement between ICP and the Board of Directors regarding the Unit Fair Market Value, ICP and the Board of Directors shall use commercially
reasonable efforts to negotiate a resolution to such disagreements during the thirty-day period following the delivery of such statements. If ICP and the Board of Directors are unable to resolve such differences during such thirty-day period, then
at the end of such thirty-day period, ICP and the Company shall (i) jointly engage an independent appraiser or valuation specialist that is acceptable to ICP and to the Company, (ii) each promptly submit a statement setting forth its
respective determination of Unit Fair Market Value to such independent appraiser or valuation specialist, together with any written supporting documentation and calculations, and (iii) jointly instruct such independent appraiser or valuation
specialist to, within thirty days after such independent appraiser or valuation specialist is retained by ICP and the Company, determine the Unit Fair Market Value by selecting either ICP’s determination of Unit Fair Market Value or the Board
of Directors’ determination of Unit Fair Market Value. ICP and the Company shall not engage in ex parte communications with the independent appraiser or valuation specialist, and the independent appraiser or valuation specialist shall
make its decision solely on the basis of one written submission by each of ICP and the Company. No discovery shall be permitted and no hearing shall be held. 

(c) If ICP validly exercises a Put Option in accordance with this Section 9.08, the Company may, in lieu of effecting the Put
Closing on or prior to the Outside Redemption Date, engage a nationally recognized investment banking firm reasonably acceptable to ICP to conduct a marketing process with respect to a Liquidation Event and, on or prior to the Outside Redemption
Date, enter into a binding definitive agreement to consummate a Liquidation Event with a bona fide Third Party purchaser that has sufficient financial resources to consummate such Liquidation Event (whether through customary debt and equity
commitments, cash on hand, other available financing or a combination of the foregoing) in which all Class A Members participate (an “Alternative Sale”) and actually consummate such Alternative Sale no later than 180 days after

  
 38 

 
the Outside Redemption Date (the “Outside Closing Date”). In the event that the Company elects to pursue and, on or prior to the Outside Redemption Date, actually enters into a
binding definitive agreement with respect to an Alternative Sale in lieu of effecting the Put Closing on or prior to the Outside Redemption Date, upon the consummation of such Alternative Sale on or prior to the Outside Closing Date and
notwithstanding anything to the contrary in this Agreement, ICP shall be entitled to receive an amount (the “Alternative Sale Amount”) in respect of the Put Units equal to the aggregate amount of the Unit Fair Market Value with
respect to all of the Units held by ICP as of the date such Alternative Sale is consummated, which Unit Fair Market Value, solely for the purposes of determining the Alternative Sale Amount, shall be determined on the basis of a Fair Market Value
for the Company and its Subsidiaries, taken as a whole, based on the transaction value ascribed to the Company and its Subsidiaries (or the assets of the Company and its Subsidiaries, as applicable) in such Alternative Sale; provided,
however, that if the consideration payable in connection with such Alternative Sale consists of any deferred, contingent or escrowed consideration (“Contingent Consideration”), such Contingent Consideration shall not be taken
into account for purposes of determining such ascribed transaction value and Alternative Sale Amount and, when and if such Contingent Consideration is actually received by the Company or its Members, the Company shall promptly recalculate the
Alternative Sale Amount taking into account the amount of Contingent Consideration so received and distribute or cause to be paid to ICP the amount of any such increase to the Alternative Sale Amount resulting therefrom. The Company shall reimburse
each of ICP, WMC and the Founders for all reasonable out-of-pocket transaction expenses incurred in good faith by such Persons in connection with any Alternative Sale. To the extent that the consummation of such Alternative Sale does not otherwise
result in the sale, Transfer or other disposition of all of ICP’s Membership Interest (e.g., a sale by the Company of all or substantially all of its assets), immediately following the consummation of such Alternative Sale and the
payment to ICP of the Alternative Sale Amount, ICP’s entire Membership Interest shall be redeemed by the Company for no additional consideration and ICP shall make the deliveries, representations and warranties set forth in paragraph
(f) below; provided, however, that ICP’s rights to receive any Contingent Consideration that increases the Alternative Sale Amount shall survive such redemption. In the event that the Company, in lieu of effecting the Put
Closing on or prior to the Outside Redemption Date, engages a nationally recognized investment banking firm reasonably acceptable to ICP to conduct a marketing process with respect to a Liquidation Event but (x) does not actually enter into a
binding definitive agreement for an Alternative Sale on or prior to the Outside Redemption Date or (y) enters into a binding definitive agreement for an Alternative Sale on or prior to the Outside Redemption Date but does not actually
consummate such Alternative Sale on or prior to the Outside Closing Date, the Company shall effect the Put Closing within thirty calendar days after the Outside Redemption Date or the Outside Closing Date, as applicable. 

(d) Notwithstanding the foregoing, if at any time prior to ICP’s exercise of a Put Option in accordance with this
Section 9.08, the Company enters into a binding definitive agreement to consummate a Liquidation Event that would not otherwise result in the sale, lease, Transfer or other disposition of all or substantially all of the Company’s
assets or the sale, Transfer or other disposition of all of ICP’s Membership Interest, (i) the Company shall promptly notify ICP in writing of the entry into such binding definitive agreement and the Full Participation Amount (as defined
below) implied thereby and shall provide a copy of such binding definitive agreement to ICP and (ii) ICP shall have the right, but not the obligation, to elect to sell, Transfer or otherwise dispose of all of the Units held by ICP in such
Liquidation Event, by delivering written 

  
 39 

 
notice thereof to the Company (a “Full Participation Notice”) on or prior to 5 p.m. New York City time on the date that is 10 Business Days after the date on which the Company
provides such notice to ICP. If ICP timely delivers a Full Participation Notice, ICP’s exercise of such right shall be irrevocable and may not be withdrawn by ICP without the prior written consent of the Board of Directors and, upon the
consummation of such Liquidation Event and notwithstanding anything to the contrary in this Agreement, ICP shall be entitled to receive an amount (the “Full Participation Amount”) in respect of its entire Membership Interest equal
to the aggregate amount of the Unit Fair Market Value with respect to each Unit held by ICP as of the date such Liquidation Event is consummated, which Unit Fair Market Value, solely for the purposes of determining the Full Participation Amount,
shall be determined on the basis of a Fair Market Value for the Company and its Subsidiaries, taken as a whole, based on the transaction value ascribed to the Company and its Subsidiaries (or the assets of the Company and its Subsidiaries, as
applicable) in such Liquidation Event; provided, however, that if the consideration payable in connection with such Liquidation Event consists of any Contingent Consideration, such Contingent Consideration shall not be taken into
account for purposes of determining such ascribed transaction value and the Full Participation Amount and, when and if such Contingent Consideration is actually received by the Company or its Members, the Company shall promptly recalculate the Full
Participation Amount taking into account the amount of Contingent Consideration so received and distribute or cause to be paid to ICP the amount of any such increase to the Full Participation Amount resulting therefrom. To the extent that the
consummation of such Liquidation Event does not otherwise result in the sale, Transfer or other disposition of all of ICP’s Membership Interest (e.g., a sale by the Company of all or substantially all of its assets), immediately
following the consummation of such Liquidation Event and the payment to ICP of the Full Participation Amount, ICP’s entire Membership Interest shall be redeemed by the Company for no additional consideration and ICP shall make the deliveries,
representations and warranties set forth in paragraph (f) below; provided, however, that ICP’s rights to receive any Contingent Consideration that increases the Full Participation Amount shall survive such redemption. The
rights of ICP pursuant to this Section 9.08(d) shall not affect the rights of the Member’s pursuant to Section 9.04. 

(e) If not validly exercised prior thereto, each Put Option shall terminate and be of no further force and effect upon and following the
first to occur of (i) 5 p.m. New York City time on the applicable Put Trigger Date; (ii) the consummation of a Qualified Public Offering and (iii) 5 p.m. New York City time on the date on which the Company enters into a binding
definitive agreement for a Liquidation Event; provided, however, that if the Company enters into such a binding definitive agreement for a Liquidation Event and does not ultimately consummate such Liquidation Event, the right of the
ICP to exercise each Put Option with a Put Trigger Date occurring thereafter shall be reinstated and the provisions of this Section 9.08 shall continue to apply thereafter. If not validly exercised prior thereto, ICP’s rights under
Section 9.08(d) shall terminate and be of no further force and effect upon and following the first to occur of (i) the Final Put Trigger Date; (ii) the consummation of a Qualified Public Offering; and (iii) 5 p.m. New York
City time on the date that is 10 Business Days after the date on which the Company provides notice to ICP as required by Section 9.08(d); provided, however, that if the Company enters into a binding definitive agreement for
a Liquidation Event with respect to which ICP exercises its rights under Section 9.08(d) and does not ultimately consummate such Liquidation Event, ICP’s rights under Section 9.08(d) shall be reinstated and the
provisions of this Section 9.08 shall continue to apply thereafter. 

  
 40 

 (f) The Put Closing shall be held at the primary offices of the Company on the Put Closing
Date. At the Put Closing, the Company shall pay the Put Option Redemption Price to ICP in immediately available funds to one or more accounts designated in writing by ICP at least two (2) Business Days prior to the Put Closing Date and ICP
shall (i) surrender all of the Put Units held by it to the Company for immediate redemption, (ii) represent and warrant to the Company (on a several and not joint basis) that (x) ICP has full right, title and interest in and to such
Put Units, (y) ICP has all necessary power and authority and has taken all necessary action to consummate the redemption of such Put Units pursuant to the Put Option, and (z) such Put Units are free and clear of all Encumbrances, other
than any Encumbrances created under this Agreement or applicable securities laws and (iii) execute and deliver to the Company a customary release of any and all claims by ICP with respect to such Put Units and ICP’s Membership Interest.

 ARTICLE X 
 PROTECTIVE
PROVISIONS 
 Section 10.01. Required Consents. In addition to any other vote required by Law or the other provisions of this
Agreement, none of the Company, any of the Company’s Subsidiaries, or the Management Member shall, either directly or indirectly, and whether by amendment, merger, consolidation or otherwise, take any of the following actions without the prior
written consent or affirmative majority vote of (x) ICP, so long as ICP, in the aggregate, owns, directly or indirectly, at least twelve and one-half percent (12.5%) of the issued and outstanding Class A Units, (y) WMC, so long
as WMC and its Permitted Transferees in the aggregate own, directly or indirectly, at least twelve and one-half percent (12.5%) of the issued and outstanding Class A Units and/or (z) the Founders, so long as the Founders and their
respective Permitted Transferees in the aggregate own, directly or indirectly (including through the Management Member and QLH), at least twelve and one-half percent (12.5%) of the issued and outstanding Class A Units (the
“Required Consents”): 
 (a) (i) grant or issue any Class B Units, or make any determination of the Participation
Threshold in respect thereto, or issue, or make any determination of the pricing of, any other options, equity appreciation rights, profits interests or other management equity, (ii) issue any equity appreciation rights or similar rights,
(iii) make any non-pro rata redemption, repurchase or acquisition of any Units, Membership Interests or any options, equity appreciation rights, profits interests or other equity or equity-linked securities (other than pursuant to
Section 9.06 or a Class B Restricted Unit Award entered into on or prior to the date hereof or pursuant to an equity incentive award agreement entered into after the date hereof in compliance with clause (i) of this
Section 10.01(a)), or (iv) issue any debt securities or incur any indebtedness for borrowed money (other than any debt securities or indebtedness for borrowed money of the Company and its Subsidiaries that is outstanding as of the
ICP Investment Date or that is incurred from time to time after the ICP Investment Date under the Credit Agreement) that would result, at the time of its issuance or incurrence, in the ratio of the (x) the aggregate amount of the indebtedness
for borrowed money of the Company and its Subsidiaries, less the aggregate amount of unrestricted cash of the Company and its Subsidiaries, in each case, determined on a consolidated basis in accordance with GAAP as of the date of such incurrence,
to (y) the amount of consolidated net income of the Company and its Subsidiaries for the most recently completed twelve (12)-month fiscal period of the Company, determined in accordance with GAAP, after adding back any interest, tax,
depreciation or amortization expenses to the extent deducted from such consolidated net income exceeding 4:1; 

  
 41 

 (b) acquire any Entity, any equity interest in any Person or any business (whether by
purchase of equity interests or assets or otherwise) or make any expenditure, in each case, in excess of $20,000,000 that is not included in the current Annual Operating Plan established pursuant to Section 10.01(g); 

(c) sell or otherwise dispose of assets with an aggregate value in excess of $20,000,000, in one or more transactions, whether related
or unrelated (other than in the ordinary course of business), that are not included in the current Annual Operating Plan established pursuant to Section 10.01(g); 

(d) pledge, encumber or subject to a lien any asset (other than (i) pursuant to any indebtedness incurred in compliance with, or
for which no Required Consents are required pursuant to, clause (iv) of Section 10.01(a) or (ii) in connection with any other bona fide Company purpose in the ordinary course of business consistent with past practice); 

(e) make any changes in accounting methods or policies (other than as required by GAAP), or make any change in the Company’s or any
of its Subsidiary’s auditors; 
 (f) amend or modify its organizational documents (including this Agreement and the Certificate),
whether by merger or otherwise, in a manner that would adversely impact any unique rights held by any member of such Member Group, or that would adversely impact any other rights held by any member of such Member Group in a manner that is
disproportionate to the impact on rights held by the other holders of Class A Units; 
 (g) adopt or approve any Annual Operating
Plan; provided, however, that in the absence of an approved Annual Operating Plan for any fiscal year of the Company, the prior fiscal year’s Annual Operating Plan shall apply for such fiscal year, subject to a five percent
(5%) increase in each operating expense line item; 
 (h) materially change the nature of the business, the strategic direction
or line of business of the Company or any of the Subsidiaries of the Company in a manner that is not specified in the current Annual Operating Plan that has been approved pursuant to Section 10.01(g); 

(i) make investments in any other Person (other than a wholly-owned Subsidiary of the Company) or enter into any joint venture or similar
business arrangement, except in connection with an acquisition entered into in compliance with, or for which no Required Consents are required pursuant to, Section 10.01(b); 

(j) hire or fire the chief executive officer, chief financial officer, chief technology officer or chief operating officer, whether in
their capacities as employees or limited liability company officers of the Company and its Subsidiaries, or enter into an, or amend or revise the terms of any existing, employment agreement with any such key management executive; provided,
however, that the consent of the Founders shall not be required under this Section 10.01(j) for the firing of any Founder; 

  
 42 

 (k) change the size of the Board of Directors (or similar governing body of any Subsidiary
of the Company), other than proportionate increases to the size of the Board of Directors (or similar governing body) in connection with capital raising activities of the Company and its Subsidiaries (based on the aggregate amount of proceeds
generated by any such capital raising transaction); 
 (l) enter into any transaction, contract or agreement with any Member or
Unitholder, any officer, director, other equity holder or employee of the Company or any of its Subsidiaries or any Affiliate of any of the foregoing (any of the foregoing, but excluding the transactions described in the following parenthetical, a
“Related Party Transaction”) (other than any transaction, contract or agreement entered into on an arms-length basis, any issuance of New Securities in compliance with, or that is exempt from, the provisions of
Section 9.05, the Company’s exercise of its rights pursuant to Section 9.02, the consummation of the Put Closing pursuant to Section 9.08 or any redemption of Class B Units pursuant to
Section 9.06); 
 (m) declare or pay any non-pro-rata dividends or distributions; 

(n) consummate any Public Offering other than a Qualified Public Offering; or 

(o) file or otherwise commence any proceeding for bankruptcy protection;  

provided, however, that, notwithstanding the foregoing, the consent of ICP (or any member of ICP’s Member Group) shall not be required for
any of the foregoing actions taken by the Company or any of the Company’s Subsidiaries in connection with the satisfaction of the Put Option in accordance with Section 9.08. For purposes of determining the vote of the majority of
the Class A Units held by the Founders’ Member Group for purposes of this Section 10.01, each Founder shall be deemed to own indirectly such portion of the Class A Units held by (i) QLH that is equivalent to such
Founder’s percentage ownership of QLH and (ii) the Management Member that is equivalent to such Founder’s percentage ownership of the Management Member. 

ARTICLE XI 
 RESTRICTIVE COVENANTS;
NON-COMPETITION 
 Section 11.01. Non-Competition. 

(a) Each Founder covenants that, until the earlier of (i) the date on which such Founder ceases to own, directly or indirectly,
any Units, or (ii) the second anniversary of the date of termination of the Founder’s employment or other service relationship with the Company (or any Subsidiary), such Founder shall not, and shall cause its respective Affiliates not to,
directly or indirectly, in any capacity, engage in or have any direct or indirect ownership interest in, other than ownership of one percent (1%) or less of the equity of a publicly-traded company, or permit its name to be used in connection
with, any business anywhere in the world which is engaged, either directly or indirectly, in (A) the Business or any other business being conducted by the Company or any Subsidiary or (B) any other business, product or service of the
Company (or any Subsidiary) that is in the process of being formed or is the subject of a then current strategic 

  
 43 

 
plan or reflected in the then current annual budget or under active discussion by the Board of Directors and with respect to which such Founder is actively engaged or has learned or received
confidential information, in the case of (A) or (B), as of the earlier of (i) the date on which such Founder ceases to own, directly or indirectly, any Units, or (ii) the date of termination of the Founder’s employment or
other service relationship with the Company (or any Subsidiary) (the “Restricted Business”). Each Founder acknowledges and agrees that the Restricted Business is conducted worldwide and that more narrow geographical limitations of
any nature on this non-competition covenant (and the covenant set forth in Section 11.01(b)) are therefore not appropriate. 

(b) Each Founder covenants that, until the second anniversary of the date of termination of the Founder’s employment or other service
relationship with the Company (or any Subsidiary), such Founder shall not (and shall cause its respective Affiliates not to), (A) hire any Person who then is or, within the previous six (6) months was, an employee, contractor, service
provider or consultant of the Company, any Subsidiary of the Company or their respective Affiliates, solicit the employment or engagement of services of any such Person, or persuade, induce or attempt to persuade or induce any such Person to leave
his, her or its employment or to refrain from providing services to the Company or any Subsidiary of the Company, or (B) solicit or induce, or in any manner attempt to solicit or induce, or cause or authorize any other Person to solicit or
induce any Person to cease, diminish or not commence doing business with the Company or any Subsidiary of the Company. Notwithstanding the foregoing, general advertisements or solicitations not specifically targeting, and not made with the intent to
target, employees, contractors, service providers or consultants of the Company, any Subsidiary of the Company or their respective Affiliates will not be deemed a violation of this Section 11.01(b). 

Section 11.02. Reasonableness of Restrictions. 

(a) Each Founder acknowledges that the restrictions contained herein are reasonable restraints upon such Founder and further acknowledges any
violation of the terms of the covenants contained in this paragraph could have a substantial detrimental effect on the Company and its Subsidiaries. Each Founder has carefully considered the nature and extent of the restrictions imposed upon him and
the rights and remedies conferred upon the Company under the provisions of this Article XI and hereby acknowledges and agrees that the same are reasonable in time and territory, are designed to eliminate competition which would otherwise be
unfair to the Company, do not stifle such Founder’s inherent skill and experience, would not operate as a bar to such Founder’s sole means of support, and are fully required to protect the legitimate interest of the Company and do not
confer a benefit upon the Company disproportionate to the detriment of such Founder. 
 (b) Each Founder agrees that any damages resulting
from any violation by such Founder of any of the covenants contained in this Article XI will be impossible to ascertain and for that reason agrees that the Company shall be entitled to an injunction without the necessity of posting bond, from
any court of competent jurisdiction restraining any violation of any or all of said covenants, either directly or indirectly, and such right to injunction shall be cumulative and in addition to whatever other remedies the Company may have. 

  
 44 

 (c) If any portion of the covenants contained in this Article XI are held to be
unreasonable, arbitrary or against public policy, the covenants herein shall be considered divisible both as to time and as to geographical area, and each month of the period shall be deemed to be a separate period of time. In the event any court
determines the specified time period or geographic area to be unreasonable, arbitrary or against public policy, a lesser time period or geographical area which is determined to be reasonable, nonarbitrary or not against public policy may be enforced
against a breaching Founder. 
 (d) The existence of any claim or cause of action by a Founder against the Company, whether predicated upon
this Agreement or otherwise, shall not constitute a defense to the enforcement of the covenants contained in this Article XI, but shall be litigated separately. 

ARTICLE XII 
 INDEMNIFICATION 

Section 12.01. Right to Indemnification. In accordance with the Act, the Company shall indemnify and hold harmless the Company
Representative (in its capacity as such), each Member, each officer, employee, agent or Affiliate thereof and each Director or officer of the Company (individually, in each case, an “Indemnitee”) to the fullest extent permitted by
Law from and against any and all losses, claims, demands, costs, damages, liabilities (joint or several), expenses of any nature (including reasonable attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising
from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative (hereinafter a “Proceeding”), in which the Indemnitee may be involved or threatened to be involved, as a party
or otherwise, arising out of or incidental to such Indemnitee’s relationship with the Company and its Subsidiaries, regardless of whether the Indemnitee continues to be a Member, or an officer, employee, agent or an Affiliate thereof, or a
Director or officer of the Company at the time any such liability or expense is paid or incurred; provided, however, that this provision shall not eliminate or limit the liability of an Indemnitee, and the Company shall not indemnify
any Indemnitee, (i) for any breach of the Indemnitee’s duty of loyalty to the Company (or any Subsidiary) or the Members, (ii) for acts or omissions by such Indemnitee constituting willful misconduct or a knowing violation of Law or
this Agreement or any other written agreement with the Company or any of its Subsidiaries, (iii) for any Entity Taxes attributable to the Indemnitee (determined in accordance with Section 15.04) or (iv) for any liability
arising out of a breach of a representation or warranty or covenant contained in the Purchase Agreement. 
 Section 12.02. Advance
Payment. The right to indemnification conferred in this Article XII shall include the right to be paid or reimbursed by the Company the reasonable expenses incurred by an Indemnitee who was, is or is threatened to be made, a party to a
Proceeding (including as a witness) in advance of the final disposition of the Proceeding and without any determination as to the Indemnitee’s ultimate entitlement to indemnification; provided, however, that the payment or
reimbursement of such expenses incurred by any such Indemnitee in advance of the final disposition of a Proceeding shall be made only upon delivery to the Company of a written undertaking, by or on behalf of such Indemnitee, to repay all amounts so
advanced if it shall ultimately be determined that such Indemnitee is not entitled to be indemnified under this Article XII with respect to such Proceeding. 

  
 45 

 Section 12.03. Nonexclusivity of Rights. The right to indemnification and the
advancement, reimbursement and payment of expenses conferred in this Article XII shall not be exclusive of any other right which an Indemnitee may have or hereafter acquire under any Law (common or statutory), provision of the Certificate or
this Agreement, agreement or vote of Members or Directors or otherwise. Each Indemnitee is an express third party beneficiary of, and shall be entitled to enforce, the provisions of this Article XII. 

Section 12.04. Savings Clause. If this Article XII or any portion hereof shall be invalidated on any ground by any court of
competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnitee to the fullest extent permitted by any applicable portion of this Article XII that shall not have been invalidated and to the fullest
extent permitted by applicable Law. 
 Section 12.05. Limitation on Liability. No Indemnitee shall be personally liable to the
Company or any other Indemnitee for any action taken or omitted from being taken by such Indemnitee in such Indemnitee’s capacity as a Member (or officer, employee, agent or Affiliate thereof) or officer or director of the Company unless
(i) such Indemnitee breached a duty of loyalty to the Company (or any Subsidiary) or the Members or (ii) such act or omission constituted willful misconduct by such Indemnitee or a knowing violation of Law or this Agreement or any other
written Agreement by such Indemnitee. The foregoing shall not apply to any responsibility or liability under a criminal statute or liability for the payment of taxes under Federal, state, or local Law. 

ARTICLE XIII 
 CORPORATE
OPPORTUNITY 
 Section 13.01. Opportunities. 

(a) For purposes of this Article XIII, the term “Opportunity” shall mean any present or potential investment or
business idea, prospect, opportunity, activity, transaction or matter which arises from or is reasonably related to the Business or any other business hereinafter conducted by the Company or any Subsidiary from time to time, including, but not
limited to, reasonable extensions of the Company’s strategies, solutions, services and proprietary technology. 
 (b) With respect to
any Founder, until the earlier of (i) the date on which such Founder ceases to own, directly or indirectly, any Units, or (ii) the second anniversary of the date of termination of the Founder’s employment or other service relationship
with the Company (or any Subsidiary), if such Founder becomes aware of or is presented with a potential business idea, prospect, transaction or matter which may be an Opportunity for the Company (or any Subsidiary) (a “Corporate
Opportunity”): 
 (i) such Founder shall provide notice of the Corporate Opportunity to the Board of Directors of the Company
promptly after becoming aware of such Corporate Opportunity and, subject to clause (ii) below, shall give the Company the right, as between such Founder and the Company, to pursue such Corporate Opportunity; and 

  
 46 

 (ii) without derogation of the restrictions contained in Article XI hereof, if the
Board of Directors declines to pursue such Corporate Opportunity, such Founder may, subject at all times to compliance with the provisions of Article XI, pursue and take advantage of such Corporate Opportunity. 

Section 13.02. Acknowledgement Regarding ICP and WTM. Each Member expressly acknowledges and agrees that (a) ICP and WTM and
their respective Affiliates are permitted to have, and may presently or in the future have, investments or other business relationships with entities (other than through the Company or any of its Subsidiaries) engaged in the same business as, or a
similar business to the business of, the Company or any of its Subsidiaries (an “Other Business”), (b) ICP and WTM have and may develop strategic relationships with businesses that are or may be competitive with or
complementary to the Company or any of its Subsidiaries or any business conducted by them, (c) neither ICP nor WTM will be prohibited, by virtue of their investments in the Company or otherwise, from pursuing and engaging in any such
activities, (d) ICP and WTM will not be obligated to inform the Company or its Subsidiaries or the Board of Directors of, or present to the Company or its Subsidiaries or the Board of Directors, any Corporate Opportunity or any other
relationship or investment made, considered or pursued by ICP or WTM, (e) neither the Company nor any of its Subsidiaries nor any Member or Unitholder will acquire or be entitled to any interest or participation in any Corporate Opportunity or
Other Business as a result of participation therein by ICP or WTM, and (f) the involvement of ICP or WTM in any Other Business will not constitute a conflict of interest by such Person with respect to the Company, the Member and Unitholders or
any of the Company’s Subsidiaries; provided, however, that the acknowledgements and agreements made with respect to clauses (a), (b) and (c) above are subject to ICP’s and WTM’s compliance with the
confidentiality obligations of Section 18.04. 
 ARTICLE XIV 

REGISTRATION RIGHTS 

Section 14.01. Piggyback Registration. 

(a) If the Company at any time or from time to time following a Public Offering proposes to file a registration statement under the
Securities Act with respect to an offering of Units or other equity interests convertible into Units, including Common Units (or the IPO Securities) (“Registrable Securities”), for cash (i) for the Company’s own account
(other than any registration statement on Form S-4 or S-8 (or any successor or similar form that may be adopted by the Securities and Exchange Commission (the “Commission”)) or (ii) for the account of any holders of Registrable
Securities, then the Company at each such time shall give prompt written notice of such proposed filing to each holder of Registrable Securities (but in no event less than ten (10) Business Days before the anticipated filing date), and such
notice shall offer each holder of Registrable Securities the opportunity to register such number of Registrable Securities as such holder may request, by notice to the Company within five (5) Business Days after the date of such notice from the
Company, on the same terms and conditions as the other Registrable Securities to be included in such offering. 

  
 47 

 (b) If the registration of which the Company gives notice pursuant to
Section 14.01(a) is for an underwritten public offering, (i) the notice provided by the Company shall so state, (ii) the right of any holder of Registrable Securities to cause the Company to register such holder’s
Registrable Securities pursuant to this Section 14.01 shall be conditioned upon the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein and (iii) all holders of Registrable
Securities proposing to include their Registrable Securities in the registration shall enter into an underwriting agreement in customary form for such an underwritten offering with the representative(s) of the underwriters selected by the Company.
The Company shall have no obligation to consult with or obtain the consent of any holder of Registrable Securities in selecting any underwriters or investment bankers for an offering registered pursuant to this Section 14.01. 

(c) Notwithstanding any other provision of this Section 14.01, if an offering for which the Company gives notice pursuant to
Section 14.01(a) is to be underwritten and the representative(s) of the underwriters for the offering advise(s) the Company that marketing factors require a limitation on the number of securities to be underwritten, (i) the Company
shall so advise all holders of Registrable Securities requesting registration pursuant to this Section 14.01 and (ii) the amount of Registrable Securities requested to be offered may be excluded or reduced to the extent necessary to
reduce the total amount of securities to be included in such offering to the amount recommended by such representative(s) of the underwriters or as otherwise may be deemed necessary by such representative(s); provided, however, that
the amount of securities entitled to be included in any offering shall be allocated first to the securities being sold for the Company’s own account, and thereafter to any participating holders of Registrable Securities that are or were
Class A Units (allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder) and thereafter to any participating holders of Registrable Securities that are or were Class
B Units (allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder) (a “Participating Holder”). 

(d) Upon abandonment of any public offering of Registrable Securities, the Company may withdraw any notice of proposed registration given
pursuant to Section 14.01(a) at any time by giving written notice to each holder of Registrable Securities, whereupon the Company shall not be required to cause such proposed registration to be effected. 

Section 14.02. Registration Procedures. In connection with any registration of Registrable Securities pursuant to
Section 14.01 in any offering (a “Piggyback Registration”) as to which any Registrable Securities of any Participating Holder are to be sold: 

(a) The Company will prepare and file with the Commission a registration statement on any form for which the Company then qualifies and
which counsel for the Company shall deem appropriate and available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof; the Company will provide copies of such
registration statement to any Participating Holder who shall reasonably request a copy for the purpose of reviewing statements therein regarding such Participating Holder; and the Company will use its best efforts to cause such filed registration
statement to become and remain effective until the securities covered by such registration statement are sold but not for more than ninety (90) calendar days. 

  
 48 

 (b) Prior to filing such registration statement or any amendment or supplement thereto, the
Company will furnish to the Participating Holders, their counsel and to each managing underwriter, if any, copies thereof, and thereafter furnish to the Participating Holders, their counsel and to each managing underwriter, if any, such number of
copies of such registration statement, amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein) in the prospectus included in such registration statement (including each
preliminary prospectus) as the Participating Holders, their counsel or any managing underwriter may reasonably request in order to facilitate the sale of the Registrable Securities. 

(c) After the filing of the registration statement, the Company will promptly notify each Participating Holder of any stop order issued or,
to the Company’s knowledge, threatened to be issued, by the Commission and take all reasonable actions as soon as reasonably practicable to prevent the entry of such stop order or to remove it if entered. 

(d) The Company will use its best efforts to register or qualify the Registrable Securities to be offered by the Participating Holders for
offer and sale under such other securities or blue sky laws of such jurisdictions in the United States as any Participating Holder shall reasonably request; provided, however, that the Company will not be required to (i) qualify
to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such
jurisdiction. 
 (e) At any time when a prospectus relating to a sale of Registrable Securities is required by Law to be delivered in
connection with sales by an underwriter or dealer, the Company will promptly notify each Participating Holder of the occurrence of any event requiring the preparation of 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 material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading, and the Company will promptly make available to each Participating Holder and to the underwriters any such supplement or amendment. 

(f) Each Participating Holder will enter into customary agreements (including an underwriting agreement in customary form if the offering is
to be underwritten), in the same form as required of the other Participating Holders, and take such other actions as are reasonably required in order to expedite or facilitate the sale of such Registrable Securities. 

(g) The Company will promptly notify each Participating Holder and the managing underwriter or underwriters, if any, (i) when the
registration statement, the prospectus or any prospectus supplement related thereto or post-effective amendment to the registration statement has been filed, and, with respect to the registration statement or any post-effective amendment thereto,
when the same has become effective, (ii) of any request by the Commission for any amendment or supplement to the registration statement or the prospectus or for additional information, and (iii) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws or any jurisdiction or the initiation or threat of any proceeding for such purpose. 

  
 49 

 (h) The Company may require any Participating Holder to furnish in writing to the Company
such information regarding the Participating Holder, as the case may be, the plan of distribution of the Registrable Securities and other information as may be legally required as the Company may from time to time reasonably request in writing. 

(i) As a condition to the inclusion of Registrable Securities owned by any Participating Holder in any registration pursuant to this
Sections 14.02, each such Participating Holder shall, if reasonably requested by the Company or by the representative(s) of the underwriters (if any) for such registered offering, agree to deliver to the Company and such representative(s) a
legal opinion of such holder’s counsel, covering such matters customarily requested of selling shareholders in connection with a public offering of shares as the Company or such representative(s) may reasonably request and in a form reasonably
satisfactory to the Company or such representative(s), upon the closing of such offering. 
 Section 14.03. Registration
Expenses. The entire costs and expenses of any Piggyback Registration shall be borne by the Company. Such costs and expenses shall include (i) all costs and expenses incident to the preparation, printing and filing of the registration
statement and all amendments and supplements thereto, including all reasonable word processing, duplicating and printing expenses, (ii) all registration and filing fees payable to the Commission or the Financial Industry Regulatory Authority,
Inc., (iii) all fees and expenses (including reasonable fees and expenses of counsel) of compliance with securities or blue sky laws, (iv) the fees and expenses of counsel for the Company, of its independent accountants and of any other
experts retained by the Company, (v) the cost of furnishing a reasonable number of copies of each preliminary prospectus, each final prospectus and each amendment or supplement thereto to underwriters, dealers and other purchasers of the
Registrable Securities, (vi) all necessary and appropriate messenger and delivery expenses, (vii) the reasonable fees and expenses of one counsel to the Participating Holders, and (viii) all fees and expenses incurred in connection
with any listing of the Registrable Securities on any securities exchange or providing for the quotation of the Registrable Securities on the NASDAQ National Market or the New York Stock Exchange; provided, however, that each Participating Holder
shall pay any underwriting fees, discounts or commissions attributable to the sale of its Registrable Securities. 
 Section 14.04.
Indemnification by the Company. In the event of any Piggyback Registration, the Company agrees to indemnify and hold harmless each Participating Holder, its officers, directors, members and partners and each Person, if any, who controls any
Participating Holder within the meaning of either Section 14 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities caused by or arising out of any untrue statement or
alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any
preliminary prospectus, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or
liabilities are caused by any such untrue statement of omission or alleged untrue statement or omission based upon information relating to the Participating Holder or the plan of distribution furnished in writing to the Company by the Participating
Holder expressly for use therein. The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters on substantially the same basis as that of the
indemnification of the Participating Holder provided in this Section 14.04. 

  
 50 

 Section 14.05. Indemnification by the Participating Holder. Each Participating
Holder agrees to (on a several, and not a joint and several, basis) indemnify and hold harmless the Company, its officers and directors, and each Person, if any, who controls the Company within the meaning of either Section 14 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to the Participating Holder, but only with reference to information relating to such Participating Holder or the plan of distribution furnished
in writing by the Participating Holder expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. Each Participating Holder also agrees
to (on a several, and not a joint and several, basis) indemnify and hold harmless any underwriters of the Registrable Securities, their officers and directors and each person who controls such underwriters on substantially the same basis as that of
the indemnification of the Company provided in this Section 14.05. 
 Section 14.06. Conduct of Indemnification
Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 14.04 or 14.05 such Person (the
“Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party, upon the request of the Indemnified Party, shall
retain counsel reasonably satisfactory to such Indemnified Party to represent such Indemnified Party and any others the Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party (on a several basis) unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying
Party and representation of both parties by the same counsel would, pursuant to a written opinion of counsel, be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than two separate firms of attorneys (in addition to any legal counsel to such Indemnifying Party) at any time for all such
Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The
Indemnifying Parties shall not be liable for any settlement of any proceeding effected without its written consent (which shall not be unreasonably withheld), but if settled with such consent, or if there by a final judgment for the plaintiff, the
Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. 

Section 14.07. Lock Up. In connection with the initial Public Offering of Units (or any IPO Securities) registered pursuant to the
Securities Act, if the managing underwriter for such registration shall so request, the holders of Registrable Securities shall not sell, make any short sale of, grant any option for the purchase of, or otherwise dispose of any Registrable
Securities (other than those Units or other IPO Securities included in such registration) without the prior written consent of the Company (or any Successor or other IPO Entity) for a period designated by the Company (or any Successor or other IPO
Entity) in writing to the holders of Registrable Securities not to exceed one hundred eighty (180) calendar days. 

  
 51 

 Section 14.08. Termination of Rights. The registration rights set forth in this
Article XIV shall not be available to any Member if, in the opinion of counsel to the Company, all of the Registrable Securities then owned by such Member legally could be sold pursuant to Rule 144 under the Securities Act without any
restrictions on volume or manner of sale. 
 Section 14.09. Registration Rights Agreement. In addition to the registration
rights provided in this Article XIV, in connection with and prior to the initial Public Offering, the IPO Entity shall enter into a customary registration rights agreement with each holder of Registrable Securities providing for:
(i) unlimited long-form and short-form demand rights for WMC, four short-form demand rights for the Founders and four short-form demand rights for ICP; (ii) unlimited underwritten takedown demand rights for each of WMC, the Founders and
ICP (subject to a minimum offering size of $25,000,000); (iii) unlimited customary piggyback rights; and (iv) the entry by each Member into a customary lock-up agreement in connection with any underwritten Public Offering, not to exceed
ninety (90) calendar days or such shorter period as may be agreed to by the managing underwriter. 
 ARTICLE XV 

TAX MATTERS 
 Section 15.01.
Tax Returns. The Board of Directors shall cause to be prepared and filed all necessary Federal, state and local tax returns for the Company including making the elections described in Section 15.02. Each Member shall furnish to
the Company all pertinent information in its possession relating to Company operations that is necessary to enable the Company’s tax returns to be prepared and filed. Each Member shall report any and all items of Company income, gain,
deduction, loss and credit and any other Company tax related items or treatment in a manner consistent with the Company’s tax returns with respect to such items except to the extent permitted by applicable Law (provided, however,
that such Member notifies the Company in writing in advance of reporting of any such inconsistency). 
 Section 15.02. Tax
Elections. To the extent permitted by applicable tax Law, the Company shall make the following elections on the appropriate tax returns: 

(a) to adopt the calendar year as the Company’s taxable year; 

(b) to elect to amortize the organizational expenses of the Company and the start-up expenditures of the Company ratably over a period
of sixty (60) months as permitted by Code Sections 195 and 709(b); 
 (c) any election directed to be made by the Company
Representative pursuant to Section 15.03; and 
 (d) any other election the Board of Directors may deem appropriate and in
the best interests of the Members. 

  
 52 

 Neither the Company, the Company Representative nor any Director or Member may make an
election for the Company to be excluded from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state Law, and no provision of this Agreement shall be construed to
sanction or approve such an election. In addition, the Company will make an election under Code Section 754 for the tax period that includes the date of the Existing LLC Agreement. 

Notwithstanding anything to the contrary, all elections and decisions under this Section 15.02 (and all tax returns to be filed under
Section 15.01) shall be made and prepared consistently with any covenants and agreements set forth in this Agreement or the Purchase Agreement. 

Section 15.03. Company Representation In Tax Matters. 

(a) Subject to Section 15.08, the Company Representative shall be permitted to take any and all actions under the BBA Rules and
shall have any and all powers necessary to perform fully in such capacity. In such regard, the authority of the Company Representative shall include the authority to represent the Company before taxing authorities and courts in Tax Contests
affecting the Company and the Members in their capacity as such (provided, however, that the Company Representative shall use commercially reasonable efforts to allow the Members to participate in any such Tax Contest at each such
Member’s own expense) and the authority to make any election under the BBA Rules, including the election under Section 6226(a) of the BBA Rules (the “6226 Election”), in connection with any Tax Contest. 

(b) The Company Representative shall keep the Members informed of any Tax Contest and any other significant matters that may come to its
attention in its capacity as Company Representative by giving notice thereof within thirty (30) days after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written communications it may
receive in that capacity. Any Member (including any former Member) that enters into a settlement agreement with respect to any Company related tax item shall notify the Company Representative of such settlement agreement and its terms within thirty
(30) days or as promptly as practicable thereafter following such agreement. 
 (c) For any Tax Contest for a taxable year in which
the BBA Rules do not apply, WMC shall be the “tax matters partner” of the Company pursuant to Code Section 6231(a)(7) and shall act in accordance with instructions from the Board of Directors. The tax matters partner shall take such
action as may be necessary to cause each other Member to become a “notice partner” within the meaning of Code Section 6223. The tax matters partner shall inform each other Member of all significant matters that may come to its
attention in its capacity as tax matters partner by giving notice thereof on or before the thirtieth (30th) day after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written
communications it may receive in that capacity. The tax matters partner may not take any action contemplated by Code Sections 6222 through 6231 without the consent of the Board of Directors, but this sentence does not authorize the tax matters
partner to take any action left to the determination of an individual Member under Code Sections 6222 through 6231. For the purposes of this Section 15.03(c), any Code section reference is a reference to such Code section prior to the
enactment of the BBA Rules. 

  
 53 

 Section 15.04. Entity Taxes. 

(a) If the Company receives a notice of a final partnership adjustment with respect to the Company, the Company Representative shall cause
the Company to make the 6226 Election with respect to such notice. Notwithstanding the foregoing, the Company Representative shall not be required to make the 6226 Election if the Board of Directors determines that the costs of election outweigh the
benefits (e.g., where any Entity Taxes are immaterial and the administrative costs of the 6226 Election would exceed the benefit of the 6226 Election). If the 6226 Election is not otherwise made in connection with a relevant notice of adjustment in
accordance with the above, then the Company Representative shall use commercially reasonable efforts to (i) utilize any available method under the BBA Rules for offsetting the economic burden of such imputed underpayment, including by
maximizing the likelihood that tax attributes of each Member would be taken into account in determining such liability and allocating the benefit of any such modifications to the appropriate Member, and (ii) to the maximum extent possible,
ensure that no Member bears any tax that is attributable to another Member as a result of any audit or proceeding. 
 (b) If the Company is
obligated to pay any Entity Taxes (including the Company’s share of Entity Taxes imposed on any Subsidiary of the Company), the Board of Directors shall determine the amount of such Entity Taxes that is attributable to each Member (or former
Member, as applicable) (whether as a result of such Member’s status, actions, inactions or otherwise and taking into account the benefit of any material modification actually made pursuant to Code Section 6225 attributable to such Member)
in a manner that it determines to be fair and equitable and to the greatest extent possible in a manner consistent with the amount of such Entity Taxes for which each Member (or former Member, as applicable) would have been liable had the Company
elected out of the BBA Rules under Section 6221(b) of the BBA Rules had it been able to do so. 
 (c) Each Member (including former
Members, if applicable) shall pay to the Company in immediately available funds by wire transfer its share of any Entity Tax imposed on or otherwise payable by the Company (including the Company’s share of Entity Taxes imposed on any Subsidiary
of the Company), as determined by the Board of Directors under Section 15.04(b), within ten (10) Business Days following written notice by the Company that payment of such amounts to the appropriate Governmental Body is due;
provided, however, that no Member shall be liable for any Entity Taxes or other amounts payable under this Section 15.04(c) resulting from any act of (i) gross negligence, (ii) willful misconduct or (iii) fraud committed
by the Company Representative in the performance of its duties as such hereunder. Such payment shall not reduce any deficit in such Member’s Capital Account or increase such Member’s Capital Contributions, and any such payment shall be
payable without regard to any deficit in such Member’s Capital Account and notwithstanding the termination of the Company. In lieu of the foregoing, the Board of Directors may pay any Entity Tax imposed on or otherwise payable by the Company
and treat such payment, to the extent such payment is attributable to a Member pursuant to Section 15.04(b), as an advance to such Member to be repaid by reducing the amount of the current or next succeeding distribution which would
otherwise have been made to such Member pursuant to Section 5.01 or, if such distributions are not sufficient for that purpose, by reducing the proceeds distributed on any dissolution of the Company pursuant to Section 17.01
that would be otherwise payable to such Member pursuant to Section 17.02. If a Member 

  
 54 

 
reimburses its share of an Entity Tax by having the amount of a distribution reduced as described in the preceding sentence such Member shall be treated as having received all distributions
(whether before or upon termination) for all other purposes of the Agreement unreduced by the amount of such Entity Tax and interest thereon. 

(d) To the extent that a portion of the Entity Taxes for a prior year relates to a former Member, the Board of Directors shall require such
former Member to pay to the Company an amount equal to the portion of such Entity Taxes attributable to such Member pursuant to Section 15.04(b) (which shall not be treated as a Member’s Capital Contribution and shall not reduce any
deficit in any Member’s Capital Account). Each Member acknowledges that, notwithstanding the Transfer of all or any portion of its interest in the Company, it will remain liable for Entity Taxes attributable to such Member for the
Company’s taxable years (or portions thereof) before such Transfer pursuant to this Section 15.04(d). 

Section 15.05. Information and Cooperation. Each Member agrees that, notwithstanding the Transfer of all or any portion of its
interest in the Company, if reasonably requested by the Company Representative, it shall provide the Company Representative such information, certification or other documentation (including information in connection with Section 743 of the Code
and information the Company Representative reasonably determines as necessary to reduce or avoid Entity Taxes) and otherwise reasonably cooperate with the Company Representative so that the Company and the Company Representative can make any
election permitted hereunder, file any tax return of the Company, conduct any Tax Contest and otherwise implement the provisions of this Article XV. 

Section 15.06. No State-Law Partnership. The Members intend that the Company not be a partnership (including, without limitation,
a limited partnership) or joint venture, and that no Member or Director be a partner of or in a joint venture with any other Member or Director, for any purposes other than Federal and state and local income tax purposes, and this Agreement shall
not be construed to produce a contrary result. 
 Section 15.07. Classification for Tax Purposes. It is the express intention of
the Members that the Company be classified as a partnership for purposes of Federal, state and local income tax purposes and not as an association taxable as a corporation. It is the further intention of the Members that this Agreement be
interpreted and applied accordingly. 
 Section 15.08. Board Approval. Notwithstanding anything in this Article XV to the
contrary, neither the Company nor the Company Representative shall (a) make any election under the BBA Rules, or (b) settle any Tax Contest, in each case without Board of Directors approval. 

ARTICLE XVI 
 BOOKS, RECORDS,
REPORTS, AND BANK ACCOUNTS 
 Section 16.01. Maintenance of Books. The Company shall keep books and records of accounts and
shall keep minutes of the proceedings of its Members and its Board of Directors. 
 Section 16.02. Fiscal Year. The accounting
year of the Company shall be the same as its taxable year. 

  
 55 

 Section 16.03. Accounts. The Board of Directors shall establish and maintain one
or more separate bank and investment accounts and arrangements for Company funds in the Company’s name with financial institutions and firms that the Directors determine. The Directors may not commingle the Company’s funds with the funds
of any Member. The Company’s funds may be invested in such manner as the Board of Directors shall determine from time to time. 

Section 16.04. Management of Fiscal Affairs. Such other bank as the officers of the Company shall, in their discretion, select
shall be designated as a depository of funds of the Company, and that the proper officers are authorized to open and maintain, in the name of the Company, a checking, saving, safe deposit, payroll or other account or accounts with said depository.

 Section 16.05. Employer I.D. Number. Prior to the date here, the proper officers of the Company applied to the IRS District
Director for an employer’s identification number on Form SS-4. 
 Section 16.06. Withholding Taxes. The officers are
authorized and directed to consult with the bookkeepers, auditors and attorneys of the Company in order to be fully informed as to, and to collect and pay promptly when due, all withholding taxes for which the Company may now be (or hereafter
become) liable. 
 Section 16.07. Qualification to do Business. The officers of the Company are authorized to take any and all
steps that they deem to be necessary to qualify the Company to do business as a foreign entity in each state that the officers determine such qualification to be necessary or appropriate. 

ARTICLE XVII 
 DISSOLUTION,
LIQUIDATION, AND TERMINATION 
 Section 17.01. Dissolution. The Company shall dissolve and its affairs shall be wound up on the
first to occur of the following: 
 (a) the decision of a majority of the Board of Directors, including, for so long as there are any
Management Member Representatives serving on the Board of Directors, at least one (1) Management Member Representative, to dissolve and liquidate the Company; or 

(b) entry of a decree of judicial dissolution of the Company under Section 18.01-802 of the Act. 

The Company shall not be dissolved by the admission of Members in accordance with the terms of this Agreement. The death, insanity, retirement, resignation,
expulsion, bankruptcy or dissolution of a Member or the occurrence of an event that terminates the continued membership of a Member in the Company shall not cause the Company to be dissolved and its affairs wound up so long as the Company at all
times has at least one remaining Member. Upon the occurrence of any such event, the business of the Company shall be continued without dissolution. 

  
 56 

 Section 17.02. Liquidation and Dissolution. 

(a) Upon the occurrence of a dissolution of the Company pursuant to Section 17.01, the Directors (excluding any Directors who
wrongfully dissolved the Company) shall act as liquidator or may appoint one or more Members as liquidator. The liquidator shall wind up the affairs of the Company as provided in the Act and shall have all the powers set forth in the Act. The costs
of liquidation shall be a Company expense. 
 (b) Upon the dissolution and winding up of the Company pursuant to Section 17.01
and Section 17.02(a): 
 (i) The assets of the Company shall first be distributed to creditors, including Members and
Directors, or their respective Affiliates, who are creditors, to the extent permitted by Law, in satisfaction of liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof), other than liabilities for
which reasonable provision for payment has been made. 
 (ii) Any assets remaining after the Company’s liabilities and obligations
have been paid or reasonable provision for the payment thereof has been made shall be distributed in accordance with Section 5.01(b), except that the Company may withhold from such distribution reasonable amounts for reserves and
contingent liabilities. 
 (c) If, at the discretion of the Board of Directors, any assets of the Company are distributed to the Members
pursuant to Section 17.02(b)(i) in-kind, such assets shall be valued on the basis of their Fair Market Value. Upon any such in-kind distribution to a Member, the Capital Accounts of the Members shall be adjusted to reflect the manner in
which the unrealized income, gain, loss or deduction inherent in such property (that has not previously been reflected in the Members’ Capital Accounts) would be allocated among the Members if there had been a taxable disposition of such
property at its Fair Market Value on the date of distribution. The Capital Accounts of the Members receiving a distribution in-kind shall then be reduced by the Fair Market Value of the property distribution. 

(d) Nothing in this Article XVII shall be construed to extend the time period prescribed under Regulations
Section 1.704-1(b)(2)(ii)(b) for making liquidating distributions of the Company’s assets. If the liquidator deems it impracticable to cause the Company to make distributions of the liquidating proceeds to the Members within the time
period described under Regulations Section 1.704-l(b)(2)(ii)(b), the liquidator may make any arrangement that is considered for federal income tax purposes to effectuate liquidating distributions of all of the Company’s assets to the
Members within the time period prescribed in such regulation and that will permit the sale of the non-cash assets considered so distributed in a manner that gives effect, to the extent possible, to the intent of the preceding provisions of this
Article XVII. 
 Section 17.03. Deficit Capital Accounts. Notwithstanding anything to the contrary contained in this
Agreement, and notwithstanding any custom or rule of Law to the contrary, to the extent that the deficit, if any, in the Capital Account of any Member results from or is attributable to deductions and losses of the Company (including non-cash items
such as 

  
 57 

 
depreciation), or distributions of assets pursuant to this Agreement to all Members, upon dissolution of the Company such deficit shall not be an asset of the Company and such Members shall not
be obligated to contribute such amount to the Company to bring the balance of such Member’s Capital Account to zero. 

Section 17.04. Certificate of Cancellation. On the completion of the winding up of the Company following its dissolution, the
Company is terminated, and the Directors (or such other person or persons as the Act may require or permit) shall file a Certificate of Cancellation with the Office of the Secretary of State of the State of Delaware. 

ARTICLE XVIII 
 GENERAL PROVISIONS;
MISCELLANEOUS COVENANTS 
 Section 18.01. Survival of Representations and Warranties. The representations and warranties of the
Members contained in Section 3.02 shall survive the execution and delivery of this Agreement. 
 Section 18.02.
Notices. Except as expressly set forth to the contrary in this Agreement, all notices, requests, or consents provided for or permitted to be given under this Agreement must be in writing and must be given either by depositing that writing in
the United States mail, addressed to the recipient, postage paid, and registered or certified with return receipt requested or by delivering that writing to the recipient in person, by courier, or by facsimile transmission or electronic mail; and a
notice, request or consent given under this Agreement is effective on receipt by the Person to receive it. All notices, requests and consents to be sent to a Member must be sent to or made at the address given for that Member on Schedule I
hereto or such other address as that Member may specify by notice to the other Members. A copy of each notice shall be sent to the Company at 700 S. Flower St., Suite 640, Los Angeles, CA 90017, Attn: Chief Executive Officer. Any notice, request or
consent to the Company or the Board of Directors must be addressed to the attention of the Chief Executive Officer and also be delivered to the Company’s then current address. Whenever any notice is required to be given by Law, the Certificate
or this Agreement, a written waiver thereof, signed by the Person entitled to receive notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. 

Section 18.03. Entire Agreement. This Agreement, the Management Member LLC Agreement, the Amended and Restated QL Holdings LLC
Class B Restricted Unit Plan, effective as of February 3, 2019 (the “Restricted Unit Plan”), and, with respect to each Class B Member signatory hereto (including by the execution and delivery of a Joinder Agreement), such Class
B Member’s Class B Restricted Units Award, constitute the entire agreement of the Members with respect to the subject matter hereof and supersede all prior contracts or agreements with respect to the Company, whether oral or written, relating
to the subject matter hereof. In the event of any conflict between this Agreement, the Restricted Unit Plan or any Class B Restricted Units Award, as applicable, with respect to any matter expressly set forth in this Agreement, this Agreement shall
control. 

  
 58 

 Section 18.04. Confidentiality. 

(a) No Member or Founder shall take commercial or proprietary advantage of, or profit from, any confidential, proprietary or nonpublic
information provided to or obtained by such Member or Founder in connection with the business of the Company and its Subsidiaries and further agrees not to disclose, either directly or indirectly, any such information to any Person without the
written consent of the Company. At the request of the Company, each Member and Founder agrees to immediately return to the Company all such information theretofore provided or obtained, including, but not limited to, documents, business information,
market studies, financial data, and memoranda. Each Member and Founder acknowledges that all confidential, proprietary or nonpublic information disclosed to such Member or Founder constitutes a trade secret and/or confidential business information
of the Company and that disclosure of such information to third parties anywhere in the world will materially and adversely affect the present or future business of the Company. Each Member and Founder further agrees that the terms of this Agreement
shall remain confidential. Each Member and Founder further acknowledges that the restrictions contained herein are reasonable restraints upon such Member’s activities. 

(b) No press release, notice, disclosure or other publicity concerning this Agreement or the Purchase Agreement shall be issued, given, made
or otherwise disseminated by any Member or Founder without the approval of the Board of Directors, WTM and ICP (which approvals shall not be unreasonably withheld, delayed or conditioned), except as such release, notice, disclosure or other
publicity may be required by Law or legal process or the rules or regulations of any United States or foreign securities exchange or automated quotation system; provided, however, that any Member or Founder that makes such release, notice,
disclosure or other publicity shall (if reasonably practicable and if not prohibited by Law) allow the Company, WTM and ICP reasonable time to comment on such release, notice, disclosure or other publicity in advance of such issuance (including any
customary disclosure provided on Form 10-Q or Form 10-K). 
 (c) Notwithstanding anything to the contrary contained herein, ICP and WTM
and, solely with respect to clauses (i)-(ii) below, the Founders, each may disclose this Agreement and any information concerning the Company and its Subsidiaries (i) as required by Law, rule, regulation, court order or similar legal
process, including to any self-regulatory authority or in the course of any routine regulatory examination or on any tax return or in connection with any Tax Contest (provided, however, that if either ICP or WTM is required to make any
such disclosure, ICP or WTM, as applicable, shall provide to the Board of Directors prompt notice of any such disclosure), (ii) to their respective auditors, attorneys or other agents that have an obligation to maintain such information in
confidence, (iii) in connection with ICP’s (or any of its Affiliates’) normal reporting, fundraising or marketing activities to current or prospective investors in an Affiliate of ICP (provided, however, that any such
investor agrees to be bound by the provisions of this Section 18.04 and in the absence of such an agreement, such disclosure pursuant to this clause (iii) shall not be made without the approval of the Board of Directors, which
approval shall not be unreasonably withheld, conditioned or delayed), or (iv) to any bona fide prospective purchaser of the equity or assets of ICP or WTM (or any of their Affiliates) or the Units held by ICP or WTM (provided,
however, that any such prospective purchaser agrees to be bound by the provisions of this Section 18.04). 

  
 59 

 (d) Nothing in or about this Agreement prohibits any Member or Founder from:
(i) filing and, as provided for under Section 21F of the Securities Exchange Act of 1943 (the “Exchange Act”), maintaining the confidentiality of a claim with the Commission; (ii) providing confidential information
(described above) to the Commission, or providing the Commission with information that would otherwise violate this Section 18.04, to the extent permitted by Section 21F of the Exchange Act; (iii) cooperating with, or
participating or assisting in, an investigation or proceeding by the Commission without notifying the Company; or (iv) receiving a monetary award as set forth in Section 21F of the Exchange Act. Furthermore, each Member and Founder is
advised that such Member or Founder shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of any confidential information (described above) that constitutes a trade secret to which the Defend
Trade Secrets Act (18 U.S.C. Section 1833(b)) applies that is made (I) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or
investigating a suspected violation of law; or (II) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal. 

Section 18.05. Effect of Waiver or Consent. A waiver or consent, express or implied, to or of any breach or default by any Person
in the performance by that Person of its obligations hereunder is not 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 hereunder. Failure on the part of a
Person to complain of any act of any Person or to declare any Person in default with respect to any of its obligations hereunder, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect
to that default until the applicable statute-of-limitations period has run. 
 Section 18.06. Amendment or Modification. Except
as otherwise provided herein, this Agreement may be amended or modified from time to time only by (i) a written instrument adopted by a majority of the Board of Directors and executed and agreed to by the holders of a majority of the
Class A Units, and (ii) any Required Consents, if applicable; provided, however, that (a) any amendment or modification to this Agreement which would have a materially adverse and disproportionate effect on any Member
relative to the other Members holding the same class or series of Units shall not be effective against the Member so affected without the affirmative vote or consent of the Member so affected; and (b) any amendment or modification to this
Agreement which would have a materially adverse and disproportionate effect on the holders of any class or series of Units relative to the other classes and series of Units shall not be effective against such class or series so affected without the
affirmative vote or consent of a majority of the holders of such affected class or series. 
 Section 18.07. Binding Act.
Subject to the restrictions on transfers and other dispositions set forth in this Agreement, this Agreement is binding on and inures to the benefit of the Company, the Members and, as applicable, the Founders and their respective heirs, legal
representatives, successors and permitted assigns. 
 Section 18.08. Governing Law; Severability. THIS AGREEMENT IS GOVERNED BY
AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF 

  
 60 

 
THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the
remainder of this Agreement and the application of that provision to other Persons or circumstances is not affected thereby and that provision shall be enforced to the greatest extent permitted by Law. 

Section 18.09. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member shall
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 those transactions. 

Section 18.10. No Third Party Benefit. Except as set forth in Article XII and Article XIV, the provisions hereof are
solely for the benefit of the Company and its Members and Directors (including such Persons in their capacity as officers of the Company and its Subsidiaries, as applicable) and are not intended to, and shall not be construed to, confer a right or
benefit on any creditor of the Company or any other Person. 
 Section 18.11. Waiver of Certain Rights. Each Member irrevocably
waives any right it may have to maintain any action for dissolution of the Company or for partition of the property of the Company. 

Section 18.12. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing
parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. 

Section 18.13. Waiver of Right to Jury Trial. EACH PARTY HERETO WAIVES ITS RIGHT TO TRIAL OF ANY ISSUES BY A JURY. 

Section 18.14. Specific Performance. The Members agree that irreparable damage would occur in the event that any of the terms or
provisions of Section 3.08, Article IX, Article X, Article XI and Section 18.04 of this Agreement were not performed in accordance with their specific wording or were otherwise breached. It is accordingly
agreed that, notwithstanding anything to the contrary contained in this Agreement, the Company and each of the Members will be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to enforce specifically the terms
and provisions hereof, such remedy being in addition to any other remedy to which any party may be entitled at Law or in equity, and each of the other parties hereto agrees that it will not oppose the granting of such relief on the basis that there
is an adequate remedy available at Law. 
 Section 18.15. Conversion into a Corporation; Public Offering. 

(a) At the election of the Board of Directors in connection with a Public Offering, the Company shall have the power and authority to,
without any vote or consent of the Members (other than any Required Consents pursuant to Section 10.01 for any Public Offering that is not a Qualified Public Offering), (a) to the extent permitted by applicable law, amend this
Agreement to provide for a conversion of the Company in accordance with applicable law to a corporation (a “Successor”), (b) distribute equity interests of any Subsidiary of the Company to the Members, (c) form a
subsidiary holding company of the Company and distribute its equity 

  
 61 

 
interests to the Members, (d) move the Company or any Successor to another jurisdiction to facilitate any of the foregoing, (e) form a parent holding company of the Company that is a
corporation for U.S. federal income tax purposes and whose assets would include the Units (with the Company remaining a partnership for U.S. federal income tax purposes), which parent holding company would be the IPO Entity and would directly or
indirectly control the Company, with continuing Members (other than the IPO Entity) having a right to exchange their Units for cash or shares or other equity securities of the IPO Entity of the class that is publicly traded (the “IPO
Securities”), or (f) take such other steps (not including, for the avoidance of doubt, any obligation to sell in such Public Offering) to optimize the structure of the Company and its Subsidiaries (along with any new entities formed
for such purpose) for an efficient Public Offering, in each such case in accordance with applicable law (the Company, the Successor or such other resulting entity, as applicable, the “IPO Entity”), and in each case for the express
purpose of an offering of the securities of such IPO Entity for sale to the public in an initial Public Offering pursuant to the Securities Act (an “IPO Reorganization”). Prior to consummating any such transaction, the Company shall
approve the proposed forms of a certificate of incorporation and by-laws. 
 (b) The Board of Directors shall take reasonable steps to
ensure that such IPO Reorganization shall be effected on a tax-free basis. Each of the Members hereby agrees to take such actions as are reasonably required to effect such IPO Reorganization and irrevocably authorizes and appoints each of the Board
of Directors who are in office at such time as such Member’s representative and true and lawful attorney-in-fact and agent to act in such Member’s name, place and stead as contemplated in this Section 18.15 and to execute in
the name and on behalf of such Member any agreement, certificate, instrument or document to be delivered by the Members in connection with any such IPO Reorganization (such power of attorney to be exercised only in the event of the failure of such
Member to comply with this Section 18.15 and the exercise of such power of attorney shall be subject to the provisions of this Section 18.15). 

(c) In connection with such IPO Reorganization, each of the transactions described in subsections (i) thru (iv) below shall be
deemed to have occurred simultaneously: 
 (i) Any Successor (or other IPO Entity) shall be organized as a Delaware corporation and
duly qualified as a foreign corporation in all jurisdictions where such qualification is required, with customary charter and by-laws, each reasonably acceptable to the Board of Directors; 

(ii) Each Unit shall convert into IPO Securities, in such manner as the Board of Directors shall determine at the time of conversion,
with substantially equivalent rights and preferences to those of the Units, and such IPO Securities shall be allocated among the Members in exchange for their respective Units such that each Member shall receive the number of IPO Securities so that
its ownership interest in the remaining assets of the Successor (or other IPO Entity) upon a liquidation event are substantially identical to its ownership interest in the Company, taking into account the Capital Account of each Member and the
Participation Threshold applicable to each Unit immediately prior to conversion; 

  
 62 

 (iii) The IPO Securities into which the Class B Units shall covert will be subject to
restrictions and limitations (including vesting, transfer and repurchase by any Successor or other IPO Entity) substantially similar to the restriction in effect immediately prior to the IPO Reorganization; and 

(iv) The Members will enter into a stockholders agreement with covenants, rights and obligations substantially similar to the provisions
of this Agreement. 
 [Signature Pages Follow] 

  
 63 

 IN WITNESS WHEREOF, the undersigned has executed this Third Amended and Restated Limited
Liability Company Agreement effective as of the date first set forth above. 
  

							
	COMPANY:	 		 	
		 		 	QL HOLDINGS LLC
				
		 		 	By:	 	/s/ Tigran Sinanyan
		 		 	Name:	 	Tigran Sinanyan
		 		 	Title:	 	Chief Financial Officer
			
	MEMBERS AND FOUNDERS:	 		 	
			
		 		 	WHITE MOUNTAINS CAPITAL, INC.
				
		 		 	By:	 	/s/ Christopher Delehanty
		 		 	Name:	 	Christopher Delehanty
		 		 	Title:	 	Managing Director
			
		 		 	INSIGNIA A QL HOLDINGS, LLC
				
		 		 	By:	 	/s/ Tony Broglio
		 		 	Name:	 	Tony Broglio
		 		 	Title:	 	President
			
		 		 	INSIGNIA QL HOLDINGS, LLC
				
		 		 	By:	 	/s/ Tony Broglio
		 		 	Name:	 	Tony Broglio
		 		 	Title:	 	President
			
		 		 	STEVEN YI
		 		 	/s/ Steven Yi
			
		 		 	AMBROSE WANG
		 		 	/s/ Ambrose Wang
			
		 		 	EUGENE NONKO
		 		 	/s/ Eugene Nonko
			
		 		 	QL MANAGEMENT HOLDINGS LLC
				
		 		 	By:	 	/s/ Tigran Sinanyan
		 		 	Name:	 	Tigran Sinanyan
		 		 	Title:	 	Authorized Person

  
 Signature Page to
Third Amended and Restated LLC Agreement of QL Holdings LLC 

 Schedule I 

Class A Members, Class A Units and Member Capital Contributions 

 

											
	 Class A Member
	  	 Address
	  	Class A Units	 	  	Capital Contribution
(Net of Distributions)	 
	 White Mountains Capital, Inc.
	  	 23 South Main Street
 Hanover, NH 03755

Attention: General Counsel
 Email: rseelig@whitemountains.com;

jlichtenstein@whitemountains.com;
 cdelehanty@whitemountains.com;
and
 wbell@whitemountains.com
	  	 	548,684	 	  	$	0	 
	 Steven Yi
	  	 749 Amalfi Drive
 Pacific Palisades, CA
90272
 Email: steve@mediaalpha.com
	  	 	860	 	  	$	0	 
	 QL Management Holdings LLC
	  	 700 S. Flower St., Suite 640
 Los Angeles, CA
90017
 Attention: Steven Yi
 Email:
steve@mediaalpha.com
	  	 	244,780	 	  	$	0	 
	 QuoteLab Holdings, Inc.
	  	 700 S. Flower St., Suite 640
 Los Angeles, CA
90017
 Attention: Steven Yi
 Email:
steve@mediaalpha.com
	  	 	58,307	 	  	$	0	 
	 Insignia QL Holdings, LLC
	  	 c/o Insignia Capital Group
 1333 California
Blvd., Ste. 520
 Walnut Creek, CA 94596
 Attention: Tony
Broglio
 Email: tbroglio@insigniacap.com
	  	 	158,835.1826	 	  	$	35,039,354.89	 
	 Insignia A QL Holdings, LLC
	  	 c/o Insignia Capital Group
 1333 California
Blvd., Ste. 520
 Walnut Creek, CA 94596
 Attention: Tony
Broglio
 Email: tbroglio@insigniacap.com
	  	 	125,375.8174	 	  	$	27,658,152.86	 

 Schedule II 

Class B Members and Class B Units 
  

									
	 Class B Member
	  	 Address
	  	Class B Units	 	  	 Initial Participation

Threshold
 (in
millions)

	 Steven Yi
	  	 749 Amalfi Drive
 Pacific Palisades, CA
90272
 Email: steve@mediaalpha.com
	  	 	262	 	  	$250
	 QL Management Holdings LLC
	  	 700 S. Flower St., Suite 640
 Los Angeles, CA
90017
 Attention: Steven Yi
 Email:
steve@mediaalpha.com
	  	 	161,040	 	  	(see Management Member LLC Agreement)

 Schedule III 

Issued and Outstanding Common Units 
  

					
	 Class
	  	Issued and Outstanding
Units	 
	 Class A Units
	  	 	1,136,842	 
	 Class B Units
	  	 	161,302	 

 Appendix I 

Tax Allocations 
 Set forth
below are provisions regarding allocation of Profit, Losses and other tax items of the Company. Terms used herein but not otherwise defined shall have the meaning ascribed in the Third Amended and Restated Limited Liability Company Agreement (the
“Agreement”), which this Appendix I is made a part of by this reference. 
 1. The following terms shall have the meanings ascribed
below: 
 “Adjusted Capital Account Deficit” means with respect to any Member the deficit balance, if any, in that
Member’s Capital Account as of the end of the relevant fiscal year or other period, after giving effect to the following adjustments: 

(i) increasing that Capital Account by any amounts which that Member is obligated to restore pursuant to this Agreement
(including any note obligations) or is deemed to be obligated to restore pursuant to the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) decreasing that Capital Account by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and
(6). 
 This definition of Adjusted Capital Account Deficit is intended to comply, and shall be interpreted consistently, with the provisions of Regulations
Section 1.704-1(b)(2)(ii)(d). 
 “Carrying Value” means, with respect to any asset, the asset’s adjusted basis
for federal income tax purposes except as follows: 
 (i) The initial Carrying Value of any asset contributed (or deemed
contributed) to the Company shall be that asset’s Fair Market Value at the time of the contribution. 
 (ii) The Board
of Directors may elect to revalue the Carrying Value of all property (whether tangible or intangible) for book purposes to reflect the Fair Market Value (as determined by the Board of Directors) of such property immediately prior to the occurrence
of an event set forth in Regulations Section 1.704-1(b)(2)(iv)(f) or at such other time as the Board of Directors may decide. In the event that property is revalued pursuant to this subsection, the Capital Accounts of the Members shall be
adjusted in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). 
 (iii) If the Board of Directors does not elect
to revalue property distributed to Members pursuant to subsection (ii) above, (x) the Carrying Value of that property shall be revalued for book purposes to reflect the Fair Market Value (as determined by the Board of Directors) of that
property immediately prior to its distribution, and (y) the Capital Accounts of all Members shall be adjusted in accordance with Regulations Section 1.704-1(b)(2)(iv)(e). 

 (iv) If the adjusted tax basis of assets are adjusted pursuant to Code
Sections 732, 734 or 743, the Carrying Value of those assets shall be increased or decreased to the extent provided by Regulations Section 1.704-1(b)(2)(iv)(m). 

(v) The Carrying Value of an asset shall be adjusted in the same manner as would such asset’s adjusted basis for federal
income tax purposes in accordance with Regulations Section 1.704-1(b)(2)(iv)(g). 
 “Profits” and
“Losses” for each fiscal year or other period means an amount equal to the Company’s taxable income or loss for that fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): 

(i) Income of the Company that is exempt from federal income tax shall be added to taxable income or loss. 

(ii) Expenditures of the Company described in Code Section 705(a)(2)(B) or treated as such expenditures pursuant to
Regulations Section 1.704-1(b)(2)(iv)(i), shall be subtracted from taxable income or loss. 
 (iii) Gain or loss
resulting from the disposition of a Company asset shall be determined by reference to the Carrying Value of that asset. 

(iv) Items of gain, loss, depreciation, amortization or depletion that would be computed for federal income tax purposes by
reference to the tax basis of a Company asset shall be determined by reference to the Carrying Value of that asset in accordance with Regulations Section 1.704-1(b)(2)(iv)(g). 

(v) If the Carrying Value of any Company asset is adjusted in accordance with subparagraph (ii), (iii) or (iv) of the
definition of Carrying Value, the amount of that adjustment shall be taken into account as gain or loss from the disposition of that asset. 
 Items that
are specially allocated pursuant to this Appendix I, Section 4(ii), (iii), (iv) or (v) shall not be taken into account in computing Profits or Losses. 

“Regulatory Allocations” shall have the meaning set forth in this Appendix I, Section 4(vii). 

“Unitholders” means QuoteLab Holdings, Inc., a Delaware corporation, Steven Yi, Eugene Nonko and Ambrose Wang, including any
other Person through which any of the foregoing Persons directly or indirectly owns his, her or its Units. 
 2. Capital Accounts. A Capital Account
shall be maintained for each Member. Each Member’s Capital Account shall be credited with (i) the amount of cash and the initial Carrying Value of any other property (net of liabilities that the Company assumes or takes subject to)
contributed by that Member and (ii) that Member’s share of Profits and any items in the nature of 

 
income or gain that are specifically allocated to that Member. Each Member’s Capital Account shall be debited with (A) that Member’s share of Losses and any items in the nature of
losses or expenses that are specifically allocated to that Member and (B) the amount of money and the Carrying Value of any other property distributed to that Member (net of liabilities that such Member assumes or takes subject to) pursuant to
any provision of this Agreement. Despite the preceding, each Member’s Capital Account shall be adjusted by that Member’s share of income, gain, deduction or loss described in Regulations Section 1.704-1(b)(2)(iv)(g). Each
Member’s Capital Account shall include that of any predecessor to that Member in accordance with Regulations Section 1.704-1(b)(2)(iv)(l). 
 3.
Allocations of Profits and Losses. Except as otherwise provided in this Appendix I, Section 4, Profits and Losses (and items thereof) for each fiscal year or other period shall be allocated to each Member in such a manner
that, as of the end of each fiscal year, the sum of (i) the Capital Account of the Member, (ii) that Member’s share of “partnership minimum gain” (as defined and determined in accordance with Regulations Sections
1.704-2(b)(2) and 1.704-2(d)), if any, and (iii) that Member’s share of “partner nonrecourse debt minimum gain” (as defined and determined in accordance with Regulations Sections 1.704-2(i)(2) and 1.704-2(i)(3)), if any, shall be
equal to the respective net amounts that would be distributed to that Member if the Company sold all of its properties for cash equal to their Carrying Values, satisfied all its liabilities, and distributed the remaining proceeds in accordance with
Section 17.02(b)(ii) of the Agreement. 
 4. Regulatory Provisions. Despite any other provision of this Appendix I: 

(i) The Agreement shall be deemed to contain (i) a “minimum gain chargeback” provision, within the meaning
of Regulations Section 1.704-2(f); and (ii) a “partner minimum gain chargeback” provision within the meaning of Regulations Section 1.704-2(i)(4), and allocations shall be consistent with such provisions. 

(ii) If a Member unexpectedly receives an adjustment, allocation or distribution of the type contemplated by Regulations
Section 1.704- 1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain shall be allocated to all such Members (to the extent of and in proportion to the amounts of their respective Adjusted Capital Account Deficits) in an amount and manner
sufficient to eliminate the Adjusted Capital Account Deficit of each such Member as quickly as possible. It is intended that this Appendix I, Section 4(ii) qualify and be construed as a “qualified income offset” within
the meaning of Regulations Section 1.704-1(b)(2)(ii)(d). 
 (iii) No loss or deduction shall be allocated to any Member
to the extent that such allocation would cause or increase an Adjusted Capital Account Deficit of that Member. Any such loss or deduction shall be reallocated away from that Member and to the other Members in accordance with this Agreement, but only
to the extent that such reallocation would not cause or increase an Adjusted Capital Account Deficit with respect to any other Member. To the extent that allocations of loss or deduction have been made pursuant to this Appendix I,
Section 4(iii), future allocations of income and gain first shall be made to restore such allocations of loss or deduction. 

 (iv) Any “nonrecourse deductions,” within the meaning of
Regulations Section 1.704-2(b)(1), shall be allocated to the Members in a manner selected by the Board of Directors. 

(v) Any item of loss or deduction that is attributable to a “partner nonrecourse debt” (within the meaning of
Regulations Section 1.704-2(b)(4)) shall be allocated to the Members that bear the economic risk of loss for such debt (within the meaning of Regulations Section 1.752-2). 

(vi) If during any taxable year there is a change in any Member’s Unit ownership, allocations of income or loss for such
taxable year shall take into account the varying interests of the Members in a manner selected by the Board of Directors which is consistent with the requirements of Code Section 706 and its Regulations. 

(vii) The allocations set forth in this Appendix I, Sections 4(i) through Section 4(v) above (the
“Regulatory Allocations”) are intended to comply with certain requirements of the Regulations under Code Section 704. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate Profits and
Losses or make distributions. Accordingly, notwithstanding the other provisions of this Appendix I, but subject to the Regulatory Allocations, income, gain, deduction, and loss shall be reallocated among the Members so as to eliminate the
effect of the Regulatory Allocations and thereby to cause the respective Capital Accounts of the Members to be in the amounts (or as close thereto as possible) they would have been if Profits and Losses (and such other items of income, gain,
deduction and loss) had been allocated without reference to the Regulatory Allocation. 
 5. Tax Allocations. 

(i) Except as provided in this Appendix I, Section 5(ii) below, items of Company income, gain, loss,
deduction and credit shall be allocated, for federal, state and local income tax purposes, among the Members in a manner reflecting its corresponding item of Company “book” income, gain, loss or deduction allocated under Sections 3
and 4 of this Appendix I. 
 (ii) Items of taxable income, gain, loss and deduction with respect to Company
property that has a Carrying Value different from its adjusted basis for federal income tax purposes will be shared among the Members to account for that difference in accordance with the principles of Code Section 704(c) and the Regulations
thereunder. The Board of Directors may select any reasonable method or methods for making such allocations including, without limitation, any method described in Regulations Sections 1.704-3(b), (c) or (d); provided, however, that with respect
to any property that is contributed by the Founders, the Management Member or QLH (whether actually or deemed for income tax purposes), the Board of Directors shall elect (and cause the Company to elect) to use the “traditional method”
under Regulation 1.704-3(b) for making such allocations. In the event the Carrying Value of any Company property is adjusted pursuant to the definition of Carrying Value contained in this Appendix I, subsequent allocations of income, gain,
loss and deduction with respect to that property shall take into 

 
account any variation between that property’s adjusted basis for federal income tax purposes and its Carrying Value in the same manner as under Code Section 704(c) and the Regulations
thereunder; provided that if and to the extent the cash proceeds from the Acquisition (as defined in the Purchase Agreement) are not actually or deemed to be distributed to the pre-Closing members of the Company (A) the Carrying Value of
the assets of the Company shall be revalued pursuant to clause (ii) of the definition of Carrying Value in connection with the contribution of such cash to the Company and (B) the Company shall use the “remedial” method under
Regulation 1.704-3(d) with respect to any such revaluation. 
 (iii) If any portion of gain recognized from the disposition
of assets by the Company represents the “recapture” of previously allocated deductions by virtue of the application of Code Section 1245 or 1250 (the “Recapture Gain”), such Recapture Gain shall be allocated to the extent
permissible in the manner in which the applicable depreciation or amortization deductions were originally allocated. 

 Exhibit A 

Form of Joinder Agreement 

QL HOLDINGS LLC 
 Joinder to 

Third Amended and Restated Limited Liability Company Agreement 

Reference is made to that certain [Class B Restricted Unit Award] [Unit Purchase Agreement], by and between QL Holdings LLC, a Delaware limited liability
company (the “Company”) and                  (the “New Member”), dated as of
                , 202    , pursuant to which, the New Member will become a Member of the Company. By executing this page in the space
provided, the undersigned hereby agrees (i) that he/she/it is a “Member” as defined in the Third Amended and Restated Limited Liability Company Agreement of the Company dated as of July 1, 2020, by and among the Company and the
members named therein (the “Operating Agreement”), (ii) that he/she/it is a party to the Operating Agreement for all purposes, (iii) that he/she/it is bound by all terms and conditions of the Operating Agreement and
(iv) that the representations and warranties of the Members set forth in Section 3.02 of the Operating Agreement are true and correct with respect the New Member as of the date hereof. 

Per Unit Purchase Price for Units Acquired by New Member:
                 
 Address of New Member: 

 

			
	 	  	
		
	    	  	
		
	    	  	

  

			
	EXECUTED as of this      day of                 , 202 
   .

			
		
	By:	 	 

			
	Name:	 	
	Title:EX-10.2

 Exhibit 10.2 
  

 
  
  

FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 QL HOLDINGS LLC

 Dated as of
[                    ], 2020 
  

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

 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  

	DEFINED TERMS	 

	 Section 1.01.
	 	Definitions	  	 	2	
	 Section 1.02.
	 	Other Definitional and Interpretative Provisions	  	 	8	
	
	ARTICLE 2	  

	ORGANIZATION	 

			
	 Section 2.01.
	 	Formation; Amendment and Restatement	  	 	8	
	 Section 2.02.
	 	Company Name	  	 	8	
	 Section 2.03.
	 	Purposes of the Company	  	 	9	
	 Section 2.04.
	 	Principal Place of Business	  	 	9	
	 Section 2.05.
	 	Registered Office and Agent	  	 	9	
	 Section 2.06.
	 	Qualification in Other Jurisdictions	  	 	9	
	 Section 2.07.
	 	Term	  	 	9	
	 Section 2.08.
	 	No State-law Partnership	  	 	9	
	
	ARTICLE 3	  

	CAPITALIZATION	 

			
	 Section 3.01.
	 	Units; Capitalization	  	 	9	
	 Section 3.02.
	 	Authorization and Issuance of Additional Units	  	 	10	
	 Section 3.03.
	 	Repurchase or Redemption of Class A Common Stock	  	 	11	
	 Section 3.04.
	 	Repurchase or Redemption of Class B Common Stock	  	 	12	
	 Section 3.05.
	 	Repurchase or Redemption of Other Capital Stock	  	 	12	
	 Section 3.06.
	 	Changes in Common Stock	  	 	12	
	
	ARTICLE 4	  

	MEMBERS	 

			
	 Section 4.01.
	 	Names and Addresses	  	 	12	
	 Section 4.02.
	 	No Liability for Status as Member	  	 	12	
	 Section 4.03.
	 	Disclaimer of Certain Duties	  	 	12	
	 Section 4.04.
	 	Transactions Between Members and the Company	  	 	13	
	 Section 4.05.
	 	Meeting of Members	  	 	13	
	 Section 4.06.
	 	Action by Members Without Meeting	  	 	14	
	 Section 4.07.
	 	Limited Rights of Members	  	 	14	
	 Section 4.08.
	 	Withdrawal of Members	  	 	14	
	
	ARTICLE 5	  

	DISTRIBUTIONS	 

			
	 Section 5.01.
	 	Distributions	  	 	14	
	 Section 5.02.
	 	Distributions for Payment of Income Tax	  	 	14	
	 Section 5.03.
	 	Limitations on Distributions	  	 	15	
	 Section 5.04.
	 	Withholding	  	 	15	
	
	ARTICLE 6	  

	ALLOCATIONS AND TAX MATTERS	 

			
	 Section 6.01.
	 	Capital Accounts and Adjusted Capital Accounts	  	 	16	
	 Section 6.02.
	 	Additional Capital Contributions	  	 	16	
	 Section 6.03.
	 	Allocations of Net Profits and Net Losses	  	 	16	
	 Section 6.04.
	 	Regulatory Allocations	  	 	16	
	 Section 6.05.
	 	Allocation for Income Tax Purposes	  	 	18	
	 Section 6.06.
	 	Other Allocation Rules	  	 	18	
	 Section 6.07.
	 	Regulatory Compliance	  	 	18	

  
 i 

							
	 Section 6.08.
	 	Certain Costs and Expenses	  	 	18	
	
	ARTICLE 7	  

	MANAGEMENT AND CONTROL OF BUSINESS	 

			
	 Section 7.01.
	 	Management	  	 	19	
	 Section 7.02.
	 	Investment Company Act	  	 	19	
	
	ARTICLE 8	  

	OFFICERS	 

			
	 Section 8.01.
	 	Officers	  	 	19	
	 Section 8.02.
	 	Other Officers and Agents	  	 	19	
	 Section 8.03.
	 	Chief Executive Officer	  	 	19	
	 Section 8.04.
	 	Treasurer	  	 	20	
	 Section 8.05.
	 	Secretary	  	 	20	
	 Section 8.06.
	 	Other Officers	  	 	20	
	
	ARTICLE 9	  

	TRANSFERS OF INTERESTS; ADMITTANCE OF NEW MEMBERS	

			
	 Section 9.01.
	 	Transfer of Units	  	 	20	
	 Section 9.02.
	 	Transfer of Intermediate Holdco’s Interest	  	 	20	
	 Section 9.03.
	 	Recognition of Transfer; Substitute and Additional Members	  	 	20	
	 Section 9.04.
	 	Expense of Transfer; Indemnification	  	 	22	
	 Section 9.05.
	 	Exchange Agreement	  	 	22	
	 Section 9.06.
	 	Restrictions on Business Combination Transactions	  	 	22	
	
	ARTICLE 10	  

	DISSOLUTION AND TERMINATION	 

			
	 Section 10.01.
	 	Dissolution	  	 	22	
	 Section 10.02.
	 	Termination	  	 	23	
	
	ARTICLE 11	  

	EXCULPATION AND INDEMNIFICATION	 

			
	 Section 11.01.
	 	Exculpation	  	 	23	
	 Section 11.02.
	 	Indemnification	  	 	24	
	 Section 11.03.
	 	Expenses	  	 	24	
	 Section 11.04.
	 	Non-Exclusivity	  	 	24	
	 Section 11.05.
	 	Insurance	  	 	24	
	
	ARTICLE 12	  

	ACCOUNTING AND RECORDS; TAX MATTERS	 

			
	 Section 12.01.
	 	Accounting and Records	  	 	25	
	 Section 12.02.
	 	Tax Returns	  	 	25	
	 Section 12.03.
	 	Tax Partnership	  	 	25	
	 Section 12.04.
	 	Tax Elections	  	 	25	
	 Section 12.05.
	 	Tax Controversies	  	 	25	
	
	ARTICLE 13	  

	ARBITRATION	 

	
	ARTICLE 14	  

	MISCELLANEOUS PROVISIONS	 

			
	 Section 14.01.
	 	Entire Agreement	  	 	27	
	 Section 14.02.
	 	Binding on Successors	  	 	27	
	 Section 14.03.
	 	Managing Member’s Business	  	 	27	
	 Section 14.04.
	 	Governing Law	  	 	27	
	 Section 14.05.
	 	Headings	  	 	27	
	 Section 14.06.
	 	Severability	  	 	27	

  
 ii 

							
	 Section 14.07.
	 	Notices	  	 	27	
	 Section 14.08.
	 	Amendments	  	 	28	
	 Section 14.09.
	 	Consent to Jurisdiction	  	 	28	
	 Section 14.10.
	 	WAIVER OF JURY TRIAL	  	 	29	
	 Section 14.11.
	 	Tax Receivables Agreement	  	 	29	

  

  
 iii 

 FORM OF FOURTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 QL HOLDINGS LLC

 This FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of QL Holdings LLC, a
Delaware limited liability company ( the “Company”), dated as of [                ], 2020 is adopted, executed and agreed to, for good and valuable
consideration, by Guilford Holdings, Inc., a Delaware corporation (“Intermediate Holdco”), Insignia QL Holdings, LLC, a Delaware limited liability company (“ICP Main Fund Buyer”), Insignia A QL Holdings, LLC, a
Delaware limited liability company (“ICP Parallel Fund Buyer” and, together with ICP Main Fund Buyer, “Insignia”), the Management Parties (as defined below), and each of the other Members identified on Exhibit A
hereto, as Members, and, solely for the purposes of Section 3.01(b), Section 3.01(c), Section 3.02(b), Section 3.02(d), Section 3.02(e), Article 13, Section 14.09 and Section 14.10, MediaAlpha, Inc.
(“Pubco”). Capitalized terms used but not simultaneously defined are defined in or by reference to Section 1.01. 
 W I
T N E S E T H: 
 WHEREAS, the Company was formed as a limited liability company on March 7, 2014, pursuant to the Delaware Limited
Liability Company Act (6 Del.C. §18-101, et seq.) (as amended from time to time, the “Delaware LLC Act”) by the filing of its Certificate of Formation (as amended, the
“Certificate”) with the Secretary of State; 
 WHEREAS, Pubco and the Company have entered into an underwriting agreement
with the several underwriters named therein, providing for the initial public offering (the “IPO”) of the Class A common stock, par value $0.01 per share, of Pubco (the “Class A Common
Stock”); 
 WHEREAS, in connection with the IPO, Pubco, the Company and certain other Persons have entered into a Reorganization
Agreement, dated as of the date hereof (the “Reorganization Agreement”), pursuant to which the parties thereto have agreed to consummate a series of reorganization transactions (collectively, the “Reorganization
Transactions”); 
 WHEREAS, prior to the IPO and the Reorganization Transactions, WTM (through its then wholly owned subsidiary
Intermediate Holdco), Insignia, the Founders (as defined below) and certain other employees of the Company held directly or indirectly all of the equity interests in the Company (collectively, the “Prior Units”) under the Third
Amended and Restated Limited Liability Company Agreement of the Company, dated as of July 1, 2020 (the “Prior LLC Agreement”), pursuant to which the Company has heretofore been governed; 

WHEREAS, in connection with the IPO and the Reorganization Transactions, among other things, (i) the Prior LLC Agreement is being amended
and restated to reflect (x) a recapitalization of the Company through the conversion of the Prior Units into two new classes of equity consisting of the Class A-1 Units (as defined below) initially
held by Intermediate Holdco, and Class B-1 Units (as defined below) initially held by Insignia, the Management Parties and the Legacy Profits Interest Holders and (y) the designation of Intermediate
Holdco as sole Managing Member, (ii) Intermediate Holdco is acquiring a portion of the Class B-1 Units held by Insignia and the Management Parties and all of the
Class B-1 Units held by the Legacy Profits Interest Holders and thereafter (iii) the Legacy Profits Interest Holders are withdrawing as Members; and 

WHEREAS, as of the date of this Agreement, Intermediate Holdco, Insignia and the Management Parties desire to amend and restate the Prior LLC
Agreement in its entirety as set forth herein to give effect to the foregoing and the other Reorganization Transactions. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend and restate the Prior LLC Agreement in its entirety as set forth herein and further agree as follows:

 ARTICLE 1 

DEFINED TERMS 

Section 1.01. Definitions. As used in this Agreement, the following terms have the following meanings: 

“Adjusted Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account as of the end
of the relevant Fiscal Year or period, adjusted as follows: 
 (a) increased by the sum of (x) any amounts which such
Member is obligated or has agreed to contribute (but has not yet contributed) to the Company pursuant to this Agreement and (y) the amounts which such Member is obligated to restore or is deemed to be obligated to restore pursuant to Treas.
Reg. §1.704-1(b)(2)(ii)(c), Treas. Reg. §1.704-2(g)(1) and Treas. Reg. §1.704-2(i)(5); and 

(b) decreased by the items described in subclauses (4), (5) and (6) of Treas. Reg.
§1.704-1(b)(2)(ii)(d) with respect to such Member. 
 “Adjustment Notice” is
defined in Section 12.05(b). 
 “Affiliate” means, when used with respect to a specified Person, any Person that
directly or indirectly Controls, is Controlled by or is Under Common Control with such specified Person; provided that none of the Management Parties, WTM and Insignia or any of their respective Affiliates shall be deemed to be an Affiliate
of Pubco, the Company or any of their respective Subsidiaries. 
 “Agreement” is defined in the preamble. 

“Allocable Share” is defined in Section 12.05(b). 

“Applicable Law” means, to the extent applicable to the Company or its activities or any Member, as applicable: (a) all
U.S. federal and state statutes and laws and all statutes and laws of foreign countries; (b) all rules and regulations (including interpretations thereof) of all regulatory agencies, organizations and bodies; and (c) all rules and
regulations (including interpretations thereof) of all self-regulatory agencies, organizations and bodies now or hereafter in effect. 

“Assumed Tax Liability” means, with respect to a Fiscal Quarter, an amount equal to the greater of (i) the U.S. Federal,
state, local and non-U.S. taxes owed by Pubco and its Subsidiaries (including any taxes of the Company and its Subsidiaries, but only to the extent they are allocable to and payable by Pubco or members of
Pubco’s Consolidated Group) for the Fiscal Quarter (other than obligations to remit any amounts withheld from payments to third parties), and (ii) the amount determined under clause (i) if Net Profit and Net Loss (and any other
applicable tax items) were allocated to Pubco and its Subsidiaries for the entire Fiscal Quarter based on their Percentage Interests as of the end of the Fiscal Quarter. 

“Base Rate” means, on any date, a variable rate per annum equal to the rate of interest most recently published by The Wall
Street Journal as the “prime rate” at large U.S. money center banks. 
 “BBA Rules” means Subchapter C of Chapter
63 of the Code Sections 6221 through 6241, as amended, and any Treasury Regulations and other guidance promulgated thereunder, and any similar state or local legislation, regulations or guidance. 

“Book Value” means, with respect to any property, such property’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) The initial Book Value of any property contributed by a Member to the Company shall be the Fair Market Value of such
property as reasonably determined by the Managing Member; 
 (b) The Book Values of all properties shall be adjusted to equal their
respective Fair Market Values as determined in the Managing Member’s discretion in connection with (i) the acquisition of an interest in the Company by any new or existing Member in exchange for more than a de minimis capital
contribution to the Company, (ii) the distribution by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company, or (iii) the liquidation of the Company within the meaning
of Treas. Reg. §1.704-1(b)(2)(ii)(g); 

  
 2 

 (c) The Book Value of property distributed to a Member shall be the Fair Market Value of
such property as determined by the Managing Member; and 
 (d) The Book Value of all property shall be increased (or decreased) to reflect
any adjustments to the adjusted tax basis of such property pursuant to Section 734(b) of the Code or Section 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant
to Treas. Reg. §1.704-1 (b)(2)(iv)(m) and clause (f) of the definition of Net Profits and Net Losses; provided, however, that Book Value shall not be adjusted pursuant to this clause
(d) to the extent the Managing Member determines that an adjustment pursuant to clause (b) hereof is necessary or appropriate in connection with the transaction that would otherwise result in an adjustment pursuant to this clause (d). 

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

“Business Combination Transaction” is defined in the Pubco Charter. 

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

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

“Certificate” is defined in the recitals. 

“Class A Common Stock” is defined in the recitals. 

“Class A-1 Units” is defined in Section 3.01(a). 

“Class B Common Stock” means the Class B common stock, par value $0.01 per share, of Pubco.
“Class B-1 Units” is defined in Section 3.01(a). 

“Class B-1 Units Vesting Agreement” is defined in
Section 3.01(c). 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” is defined in the preamble. 

“Company Minimum Gain” means “partnership minimum gain” as that term is defined in Treas. Reg. §1.704-2(d). 
 “Consolidated Group” means any affiliated, combined, unitary or
consolidated group of corporations that files a consolidated income tax return (including pursuant to Section 1501 of the Code). 

“Consolidated Transaction” is defined in Section 9.06(b). 

“Control”, including the correlative terms “Controlled by” and “Under Common Control with”
means possession, directly or indirectly (through one or more intermediaries), of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by
contract or otherwise) of a Person. 
 “Delaware LLC Act” is defined in the recitals. 

  
 3 

 “Depreciation” means, for each Fiscal Year, an amount equal to the
depreciation, amortization or other cost recovery deduction allowable for federal income tax purposes with respect to property for such Fiscal Year, except that (a) with respect to any such property the Book Value of which differs from its
adjusted tax basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treas. Reg. §1.704-3(d), Depreciation for such Fiscal
Year shall be the amount of book basis recovered for such Fiscal Year under the rules prescribed by Treas. Reg. §1.704-3(d)(2) and (b) with respect to any property the Book Value of which differs
from its adjusted tax basis at the beginning of such Fiscal Year, Depreciation shall be an amount which bears the same ratio to such beginning Book Value as the federal income tax depreciation, amortization or other cost recovery deduction for such
Fiscal Year bears to such beginning adjusted tax basis; provided that if the adjusted tax basis of any property at the beginning of such Fiscal Year is zero, Depreciation with respect to such property shall be determined with reference to
such beginning value using any reasonable method selected by the Managing Member. 
 “Designating Stockholders” is defined
in Section 11.02. 
 “Dispute” is defined in Article 13. 

“Economic Risk of Loss” has the meaning assigned to such term in Treas. Reg.
§1.752-2(a). 
 “Effective Time” means immediately prior to the completion of
the IPO. 
 “Entity Classification Election” is defined in Section 12.03. 

“Equity Securities” means, as applicable, (a) any capital stock, membership interests, other share capital or securities
containing any profit participation features, (b) any securities directly or indirectly convertible or exercisable into or exchangeable for any capital stock, membership interests, other share capital or securities containing any profit
participation features, (c) any rights or options directly or indirectly to subscribe for or to purchase any capital stock, membership interests, other share capital or securities containing any profit participation features or to subscribe for
or to purchase any securities directly or indirectly convertible or exercisable into or exchangeable for any capital stock, membership interests, other share capital or securities containing any profit participation features, (d) any share
appreciation rights, phantom share rights or other similar rights, or (e) any equity securities, rights or instruments issued or issuable with respect to any of the foregoing referred to in clauses (a) through (d) above in connection with
a combination, subdivision, recapitalization, merger, consolidation, conversion, share exchange or other reorganization or similar event or transaction. 

“Exchange” is defined in the Exchange Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Agreement” means the Exchange Agreement, dated as of the date hereof, by and among Pubco, the Company, Intermediate
Holdco, Insignia and the Management Parties. 
 “Exchange Rate” is defined in the Exchange Agreement. 

“Fair Market Value” means, with respect to specified property as of any date, the fair market value for such property as
between a willing buyer under no compulsion to buy and a willing seller under no compulsion to sell in an arm’s-length transaction occurring on such date, taking into account all relevant factors
determinative of value (including in the case of securities any restrictions on transfer applicable thereto), as is reasonably determined in good faith by the Managing Member. 

“Fiscal Quarter” means, any of the four periods commencing, January 1, April 1, July 1 and October 1 and
ending March 31, June 30, September 30 and December 31, respectively, or such other periods as the Managing Member may determine to take into account changes in the periods for which estimated U.S. federal income tax payment are
due under applicable law. 
 “Fiscal Year” means, except as otherwise required by Applicable Law, for the Company’s
financial reporting and federal income tax purposes, a period commencing January 1 and ending December 31 of each year, or such other period as the Managing Member may determine. 

  
 4 

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

“Founders” means Steven Yi, Eugene Nonko and Ambrose Wang, directly or indirectly through the Founder Holding Vehicles
through which they hold their equity interests in the Company. 
 “Indemnitee” is defined in Section 11.02. 

“Initiating Party” is defined in Article 13. 

“Insignia” is defined in the preamble. 

“Intermediate Holdco” is defined in the preamble. 

“Intermediate Holdco Contribution Agreement” means the Contribution Agreement, dated as of the date hereof, by and between
Pubco and WTM, relating to WTM’s contribution of Intermediate Holdco to Pubco in exchange for Class A Common Stock. 

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

“IPO” is defined in the recitals. 

“Losses” is defined in Section 11.02. 

“Legacy Profits Interest Holders” means, collectively, those Persons listed on Schedule I hereto, each of whom, pursuant to
the Reorganization Agreement and as contemplated by this Agreement, have withdrawn as Member as of the Effective Time and after giving effect to the Reorganization Transactions. 

“Management Parties” means, collectively, Steven Yi, the Founder Holding Vehicles and the
Non-Founder Senior Executives. 
 “Managing Member” means Intermediate Holdco,
which, as of the Effective Time, is a wholly owned Subsidiary of Pubco. 
 “Member” means each Person listed on Exhibit A
hereto and each other Person that becomes a member of the Company as provided herein, so long as such Person continues as a member of the Company. 

“Member Nonrecourse Debt” has the meaning assigned to the term “partner nonrecourse debt” in Treas. Reg. §1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” has the meaning assigned
to the term “partner nonrecourse debt minimum gain” in Treas. Reg. §1.704-2(i)(2). 

“Member Nonrecourse Deductions” has the meaning assigned to the term “partner nonrecourse deductions” in Treas.
Reg. §1.704-2(i)(1). 
 “Net Profits” and “Net Losses” for
any Fiscal Year or other period means, respectively, an amount equal to the Company’s taxable income or loss for such Fiscal Year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss,
or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 

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

  
 5 

 (b) Any expenditures of the Company described in Section 705(a)(2)(B)
of the Code or treated as Section 705(a)(2)(B) of the Code expenditures pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profits or Net Losses
pursuant to this definition of “Net Profits” and “Net Losses” shall be subtracted from such taxable income or loss; 

(c) In the event the Book Value of any asset is adjusted pursuant to clause (b), clause (c) or clause (d) of the
definition of Book Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of loss (if the adjustment decreases the Book Value of the asset) from the disposition
of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; 
 (d) Gain or loss
resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Book Value of the property disposed of, notwithstanding that the adjusted tax basis of
such property differs from its Book Value; 
 (e) In lieu of the depreciation, amortization, and other cost recovery
deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year; 

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

“Non-Founder Senior Executives” means, collectively, Keith Cramer, Tigran Sinanyan,
Lance Martinez, Brian Mikalis, Robert Perine, Jeff Sweetser, Serge Topjian and Amy Yeh. 
 “Nonrecourse Deductions” is
defined in Treas. Reg. §1.704-2(b)(1). 
 “Notice” is defined in
Section 14.07. 
 “Panel” is defined in Article 13. 

“Percentage Interest” means, with respect to each Member, a fraction (expressed as a percentage), the numerator of which is
the aggregate number of Class A-1 Units and Class B-1 Units held by such Member and the denominator of which is the aggregate number of Class A-1 Units and Class B-1 Units held by all the Members (it being understood that if the Company hereafter issues any Equity Securities other than Class A-1 Units or Class B-1 Units, then this definition shall be changed pursuant to an amendment of this Agreement in accordance with the terms hereof). The
initial Percentage Interest of each Member are set forth on Exhibit A hereto. 
 “Permitted Transferee” means, with respect
to a Member, as applicable, and in the case of Intermediate Holdco, subject to Section 9.02, (i) the spouse of, or any Person related by blood or adoption to, such Member, (ii) any trust, or family partnership or family limited liability
company, the sole beneficiary of which is such Member, the spouse of, or any Person related by blood or adoption to, such Member, (iii) an Affiliate of such Member, (iv) in the context of a distribution by such Member to its direct or
indirect equity owners substantially in proportion to such ownership, the partners, members or stockholders of such Member, or the partners, members or stockholders of such partners, members or stockholders and (v) any other Member. 

  
 6 

 “Permitted Transferee Member” means a Permitted Transferee that is admitted
as a Member pursuant to the terms of this Agreement. 
 “Person” means any natural person, corporation, limited
partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian,
trustee-executor, administrator, nominee, or entity in a representative capacity, and any government or agency or political subdivision thereof. 

“Prior LLC Agreement” is defined in the recitals. 

“Prior Units” is defined in the recitals. 

“Pubco” is defined in the recitals. 

“Pubco Charter” means the Amended and Restated Certificate of Incorporation of Pubco dated as of the date hereof. 

“Pull-In Election” is defined in Section 12.05(c). 

“Push-Out Election” is defined in Section 12.05(d). 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among Pubco,
WTM, Insignia and the Management Parties. 
 “Regulatory Allocations” is defined in Section 6.04(b). 

“Reorganization Agreement” is defined in the recitals. 

“Reorganization Transactions” is defined in the recitals. 

“Responding Party” is defined in Article 13. 

“Restricted Transaction” is defined in Section 9.06(a). 

“SEC” means the Securities and Exchange Commission, including any governmental body or agency succeeding to the functions
thereof. 
 “Secretary of State” means the Secretary of State of the State of Delaware. 

“Section 1.704-3(c)(3)(iii)(B) Method” is defined in
Section 6.05(b). 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Share Exchange” means a share exchange involving more than 50% of the shares of common stock of Pubco. Share exchanges
effected in accordance with the Exchange Agreement shall not constitute nor be counted towards the occurrence of a “Share Exchange” for purposes of this Agreement. 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, by and among Pubco, WTM, Insignia and
the Founders. 
 “Subsidiary” means, with respect to any Person, (a) any corporation, limited liability company or
other entity, a majority of the capital stock or other equity interests of which having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly,
with power to vote, by such Person or any direct or indirect Subsidiary of such Person or (b) a partnership in which such Person or any direct or indirect Subsidiary is a general partner. 

  
 7 

 “Tax Withholding Advance” is defined in Section 5.04(b). 

“Tax Distribution Date” means April 10 (with respect to the Fiscal Quarter beginning January 1 and ending March
31), June 10 (with respect to the Fiscal Quarter beginning April 1 and ending June 30), September 10 (with respect to the Fiscal Quarter beginning July 1 and ending September 30) and December 10 (with respect to the Fiscal
Quarter beginning October 1 and ending December 31) of each calendar year, which shall be adjusted by the Managing Member as reasonably necessary to take into account changes in estimated tax payment due dates for U.S. federal income taxes
under applicable law. 
 “Tax Distributions” is defined in Section 5.02(a). 

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

“Tax Receivables Agreement” means the Tax Receivables Agreement, dated as of the date hereof, by and among Pubco, the
Company, WTM, Insignia and the Management Parties. 
 “Transaction Documents” means, collectively, this Agreement, the
Reorganization Agreement, the Exchange Agreement, the Tax Receivables Agreement, the Registration Rights Agreement and the Stockholders Agreement. 

“Transfer” is defined in Section 9.01. 

“Treasury Regulations” or “Treas. Reg.” means the final (or, where expressly noted, temporary or proposed)
regulations promulgated under the Code, as amended, supplemented or modified from time to time. 
 “Unit” is defined in
Section 3.01(a). 
 “WTM” means White Mountains Investments (Luxembourg) S.à r.l. 

Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The headings and captions herein are included for convenience of reference only and
shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Annexes are to Articles, Sections, Exhibits and Annexes of this Agreement unless otherwise specified. Any capitalized term used in any
Exhibit and not otherwise defined therein has the meaning ascribed to such term in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import.
“Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as
amended, restated, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise
specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all Applicable Laws. 

ARTICLE 2 

ORGANIZATION 

Section 2.01. Formation; Amendment and Restatement. The Company was formed as a Delaware limited liability company under and
pursuant to the Delaware LLC Act. The Members agree to continue the Company as a limited liability company under the Delaware LLC Act, upon the terms and subject to the conditions set forth in this Agreement. The rights, powers, duties, obligations
and liabilities of the Members shall be determined pursuant to the Delaware LLC Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Member are different by reason of any provision of this
Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Delaware LLC Act, control. 

Section 2.02. Company Name. The name of the Company is QL Holdings LLC. The business of the Company may be conducted under that
name or such other names as the Managing Member may from time to time designate; provided, however, that the Company complies with Applicable Law relating to name changes and the use of fictitious and assumed names. 

  
 8 

 Section 2.03. Purposes of the Company. The purposes of the Company are to carry
on any lawful business or activity and to have and exercise all of the powers, rights and privileges which a limited liability company organized pursuant to the Delaware LLC Act may have and exercise. The Company shall not conduct any business which
is forbidden by or contrary to Applicable Law. 
 Section 2.04. Principal Place of Business. The principal place of business of
the Company shall be 700 S. Flower St., Suite 640, Los Angeles, California, 90017, or such other place as the Managing Member may designate from time to time. The Company may establish or abandon from time to time such additional offices and places
of business as the Managing Member may deem appropriate in the conduct of the Company’s business. 
 Section 2.05. Registered
Office and Agent. The name of the registered agent for service of process of the Company and the address of the Company’s registered office in the State of Delaware shall be Registered Agent Solutions, Inc., 9 E. Loockerman Street, Suite
311, Dover, Delaware 19901, or such other agent or office in the State of Delaware as the Managing Member or the officers may from time to time determine. 

Section 2.06. Qualification in Other Jurisdictions. The Managing Member or a duly authorized officer of the Company shall execute,
deliver and file certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in the jurisdictions in which the Company may wish to conduct business. In those jurisdictions in which the Company
may wish to conduct business in which qualification or registration under assumed or fictitious names is required or desirable, the Managing Member or a duly authorized officer of the Company shall cause the Company to be so qualified or registered
in compliance with Applicable Law. 
 Section 2.07. Term. The term of the Company shall continue indefinitely unless the Company
is dissolved in accordance with the provisions of this Agreement and the Delaware LLC Act. 
 Section 2.08. No State-law Partnership. The Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member or officer be a partner of or in a joint venture with any
other Member or officer by virtue of this Agreement, for any purposes other than as is set forth in the last sentence of this Section 2.08, and this Agreement shall not be construed to the contrary. The Members intend that the Company be
treated as a partnership for U.S. federal income tax purposes (as well as under any applicable state or local income tax laws), and the Company shall not elect or permit itself or any of its Subsidiaries to be treated as an association taxable as a
corporation for U.S. federal income tax purposes (or under any applicable state or local income tax laws). 
 ARTICLE 3 

CAPITALIZATION 

Section 3.01. Units; Capitalization. 

(a) Units; Capitalization. Each Member’s interest in the Company, including such Member’s interest, if any, in the capital,
income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company matters as provided in this Agreement, shall be represented by units of limited liability company interest (each, a “Unit”).
The Company shall initially have two authorized classes of Units designated “Class A-1 Units” and
“Class B-1 Units.” The total number of authorized Units consists of an unlimited number of authorized Class A-1 Units and
[                ] Class B-1 Units. The ownership by a Member of Units shall entitle such Member to allocations of profits
and losses and other items and distributions of cash and other property as is set forth in Article 5 and Article 6, respectively. 

(b) Issuances of Class A-1 Units to Managing Member. In connection with the
IPO and pursuant to the Reorganization Agreement, (i) the Company converted all Prior Units then held by Intermediate Holdco into Class A-1 Units, (ii) Intermediate Holdco acquired a portion of
the Class B-1 Units then held by Insignia and the Management Parties and all of the Class B-1 Units then held by the Legacy Profits Interest Holders,
(iii) Intermediate Holdco contributed such acquired Class B-1 Units to the Company and (iv) the Company converted such Class B-1 Units into Class A-1 Units, such that, at the Effective Time and after giving effect to the 

  
 9 

 
Reorganization Transactions, Intermediate Holdco, as Managing Member, holds the number of Class A-1 Units set forth opposite its name under the column
“Class A-1 Units” on Exhibit A, which shall represent all the Class A-1 Units then outstanding. After the Effective Time, (A) additional Class A-1 Units may only be issued to the Managing Member in accordance with the terms and conditions of this Agreement and (B) for each Class A-1 Unit the
Company issues to the Managing Member, Pubco shall issue a number of Class A Common Stock based on the Exchange Rate then in effect. 

(c) Issuances of Class B-1 Units. In connection with the IPO and pursuant to
the Reorganization Agreement, (i) the Company converted all Prior Units then held by Insignia, the Management Parties and the Legacy Profits Interest Holders into Class B-1 Units, (ii) Insignia
and the Management Parties conveyed a portion of the Class B-1 Units held by them to Intermediate Holdco, (iii) the Legacy Profits Interest Holders conveyed all of the
Class B-1 Units held by them to Intermediate Holdco and withdrew as Members. At the Effective Time and after giving effect to the Reorganization Transactions, Insignia and the Management Parties shall
hold the number of Class B-1 Units set forth opposite its name under the column “Class B-1 Units” on Exhibit A, which shall collectively represent
all the Class B-1 Units then outstanding. A portion of the Class B-1 Units held by the Management Parties shall be issued subject to vesting provisions set
forth in separate agreements (each, a “Class B-1 Unit Vesting Agreement”), the provisions of which may be determined, altered or waived in the sole discretion of the
Managing Member subject to any consents required under the applicable Class B-1 Unit Vesting Agreement. After the Effective Time, for each Class B-1 Unit the
Company issues to a Member, Pubco shall issue one Class B Common Stock to such Member. 
 (d) Members. The Managing Member and
the Persons listed on Exhibit A are the sole Members of the Company as of the Effective Time, and after giving effect to the Reorganization Transactions. Exhibit A may be amended by the Company from time to time in accordance with Section 4.01,
but may not be amended to reduce the economic rights of a Member, unless solely to reflect a transfer or exchange of the units of such Member. 

(e) Certificates; Legends. Units shall be issued in uncertificated form; provided that, at the request of any Member, the
Managing Member shall cause the Company to issue one or more certificates to any such Member holding Class B-1 Units representing in the aggregate the
Class B-1 Units held by such Member. If any certificate representing Class B-1 Units is issued, then such certificate shall bear a legend substantially in the
following form: 
 THIS CERTIFICATE EVIDENCES CLASS B-1 UNITS REPRESENTING A MEMBERSHIP INTEREST IN
QL HOLDINGS LLC AND IS A SECURITY WITHIN THE MEANING OF ARTICLE 8 OF THE UNIFORM COMMERCIAL CODE. THE MEMBERSHIP INTEREST IN QL HOLDINGS LLC REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED,
OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST IN QL HOLDINGS LLC REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER
SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF QL HOLDINGS LLC, DATED AS OF [                ], 2020, AS THE SAME MAY BE
AMENDED FROM TIME TO TIME. 
 Section 3.02. Authorization and Issuance of Additional Units. 

(a) The Managing Member shall have the right to cause the Company to issue and/or create and issue at any time after the date hereof, and for
such amount and form of consideration as the Managing Member may determine, additional Units (of Class A-1 Units, Class B-1 Units or new classes) or other
Equity Securities of the Company (including creating classes or series thereof having such powers, designations, preferences and rights as may be determined by the Managing Member), subject to Section 14.08. The Managing Member shall have the
power to make such amendments to this Agreement in order to provide for such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or appropriate to give effect to such additional authorization or
issuance in accordance with the provisions of this Section 3.02(a), subject to Section 14.08. 

  
 10 

 (b) At any time Pubco issues one or more shares of Class A Common Stock (other than an
issuance of the type covered by Section 3.02(c) or Section 3.02(e)), Pubco shall promptly contribute all the net proceeds (if any) received by Pubco with respect to such shares of Class A Common Stock to (A) Intermediate Holdco,
which in turn shall promptly contribute all such net proceeds to the Company or (B) a holder of Class B-1 Units in exchange for a corresponding number of
Class B-1 Units and shares of Class B Common Stock pursuant to the Exchange Agreement (in which case the Company will cancel such Class B-1 Units pursuant
to Section 2.01(b)(iii) of the Exchange Agreement). Upon the contribution of all such net proceeds, the Managing Member shall cause the Company to issue to Intermediate Holdco a number of Class A-1
Units determined based upon the Exchange Rate then in effect. 
 (c) At any time Pubco issues one or more shares of Class A Common
Stock to a holder of Class B-1 Units in exchange for a corresponding number of Class B-1 Units and shares of Class B Common Stock pursuant to the Exchange
Agreement, the Company shall cancel such Class B-1 Units pursuant to Section 2.01(b)(iii) of the Exchange Agreement. Upon the cancellation by the Company of such
Class B-1 Units, the Managing Member shall cause the Company to issue to Intermediate Holdco a number of Class A-1 Units determined based upon the Exchange
Rate then in effect. 
 (d) At any time Pubco issues one or more shares of capital stock of Pubco (other than Class A Common Stock or
Class B Common Stock), Pubco shall contribute all the net proceeds (if any) received by Pubco with respect to such share or shares of capital stock to Intermediate Holdco, which in turn shall contribute all such net proceeds to the Company.
After Intermediate Holdco contributes to the Company all such net proceeds, then, subject to the provisions of Section 3.02(a) and Section 14.08, the Managing Member shall cause the Company to issue to Intermediate Holdco a corresponding
number of Units or other Equity Securities of the Company (other than Class A-1 Units or Class B-1 Units) (such corresponding number of Units to be determined
in good faith by the Managing Member, taking into account the powers, designations, preferences and rights of such capital stock). For the avoidance of doubt, such Units or other Equity Securities will have the same economic rights as such issued
capital stock of Pubco. 
 (e) At any time Pubco issues one or more shares of Class A Common Stock in connection with an equity
incentive program (including for purposes of this Section 3.02(e), any shares of Class A Common Stock that were issued in connection with the IPO and pursuant to the Reorganization Agreement prior to the Effective Time), whether such share
or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the Managing Member shall cause the Company to issue to Intermediate Holdco a corresponding
number of Class A-1 Units (determined based upon the Exchange Rate then in effect); provided that Pubco shall be required to contribute all the net proceeds (if any) received by Pubco from or
otherwise in connection with such issuance of one or more Class A Common Stock, including the exercise price of any option exercised, to Intermediate Holdco, which in turn shall be required to contribute all such net proceeds to the Company. If
any such shares of Class A Common Stock so issued by Pubco in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Class A-1 Units that are issued by
the Company to Intermediate Holdco in connection therewith in accordance with the preceding provisions of this Section 3.02(e) (or the Reorganization Agreement, as applicable) shall be subject to vesting or forfeiture on the same basis; if any
of such shares of Class A Common Stock vest or are forfeited, then a corresponding number of the Class A-1 Units (determined based upon the Exchange Rate then in effect) issued by the Company in
accordance with the preceding provisions of this Section 3.02(e) (or the Reorganization Agreement, as applicable) shall automatically vest or be forfeited. Any cash or property held by either Pubco or the Company or on either’s behalf in
respect of dividends paid on restricted Class A Common Stock that fail to vest shall be returned to the Company upon the forfeiture of such restricted Class A Common Stock. 

(f) For purposes of this Section 3.02, “net proceeds” means (x) the gross proceeds to Pubco from the issuance of
Class A Common Stock or other securities, less (y) all bona fide out-of-pocket fees and expenses of Pubco, Intermediate Holdco, the Company and
their respective Subsidiaries actually incurred in connection with such issuance. 
 Section 3.03. Repurchase or Redemption of
Class A Common Stock. If, at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by Pubco for cash, then the
Managing Member shall cause the Company, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding number of Class A-1 Units held by Intermediate Holdco
(determined based upon the Exchange Rate then in effect), at an aggregate redemption price equal to the aggregate purchase or redemption price of the Class A Common Stock being repurchased or redeemed by Pubco (plus any reasonable expenses
related thereto) and upon such other terms as are the same for the Class A Common Stock being repurchased or redeemed by Pubco. 

  
 11 

 Section 3.04. Repurchase or Redemption of Class B Common
Stock. Class B Common Stock shall not be repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) other than pursuant to the Exchange Agreement. 

Section 3.05. Repurchase or Redemption of Other Capital Stock. If, at any time, any shares of capital stock of Pubco (other than
Class A Common Stock or Class B Common Stock) are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by Pubco for cash, then the Managing Member shall cause the Company,
immediately prior to such repurchase or redemption of such shares, to redeem a corresponding number of Units or other Equity Securities described in Section 3.02(c) held by Intermediate Holdco, at an aggregate redemption price equal to the
aggregate purchase or redemption price of such capital stock being repurchased or redeemed by Pubco (plus any reasonable expenses related thereto), and upon such other terms as are the same for such capital stock being repurchased or redeemed by
Pubco. 
 Section 3.06. Changes in Common Stock. Any subdivision (by stock split, stock dividend, reclassification,
recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of Class A Common Stock, Class B Common Stock or other capital stock of Pubco shall be accompanied by an identical
subdivision or combination, as applicable, of the Class A-1 Units, Class B-1 Units or other Equity Securities, as applicable. 

ARTICLE 4 
 MEMBERS

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

Section 4.02. No Liability for Status as Member. Except as otherwise set forth in the Delaware LLC Act or under Applicable Law,
including in respect of a Member’s obligation to return funds wrongfully distributed to it, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and
liabilities of the Company; and no Member shall have any personal liability whatsoever solely by reason of its status as a Member, whether to the Company or to any creditor of the Company, for the debts, obligations or liabilities of the Company or
for any of its losses beyond the amount of such Member’s personal obligation to pay its Capital Contribution to the Company. Except as otherwise expressly provided in the Delaware LLC Act, the liability of each Member for Capital Contributions
shall be limited to the amount of Capital Contributions required to be made by such Member in accordance with the provisions of this Agreement, but only when and to the extent the same shall become due pursuant to the provisions of this Agreement.
In no event shall any Member enter into any agreement or instrument that would create or purport to create personal liability on the part of any other Member for any debts, obligations or liabilities of the Company without the prior written consent
of such other Member. It is acknowledged and agreed that no Member is obligated to pay or make any future Capital Contribution to the Company. 

Section 4.03. Disclaimer of Certain Duties.  

(a) Generally. Notwithstanding any other provision of this Agreement, but subject to Section 11.01, to the extent that, at law or
in equity, any Member (or any Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary duties)
to the Company, to any Member, to any Person who acquires an interest in the Company or to any other Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and
replaced with the duties or standards expressly set forth herein, if any; provided that, the Managing Member, in the performance of its duties as such, shall owe to the Company and the Members the same fiduciary duties (including the duties
of loyalty and due care) owed by directors of the board of Pubco to Pubco and its stockholders under the laws of the State of Delaware 

  
 12 

 
(after giving effect to the limitation of liability of such directors set forth in Section 9.01 of the Pubco Charter to the maximum extent permitted by Section 102(b)(7) of the Delaware
General Corporation Law). The elimination of duties (including fiduciary duties) to the Company, each of the Members, each other Person who acquires an interest in in the Company and each other Person bound by this Agreement and replacement thereof
with the duties or standards expressly set forth herein, if any, are approved by the Company, each of the Members, each other Person who acquires an interest in the Company and each other Person bound by this Agreement. 

(b) Certain Business Activities. 

(i) Subject to Section 4.03(c) and any contractual obligations by which the Company or any or all of the Members may be
bound from time to time, none of the Members nor any of their Affiliates shall have a duty to refrain from engaging, directly or indirectly, in the same or similar business activities or lines of business as the Company or any of the Company’s
Affiliates, including those business activities or lines of business deemed to be competing with the Company or any of the Company’s Affiliates. To the fullest extent permitted by law, none of the Members nor any of their Affiliates, nor any of
their respective officers or directors, shall be liable to the Company or its Members, or to any Affiliate of the Company or such Affiliates stockholders or members, for breach of any fiduciary duty, solely by reason of any such activities of any
Member or its Affiliates, or of the participation therein by any officer or director of any Member or its Affiliates. 
 (ii)
To the fullest extent permitted by law, but subject to any contractual obligations by which the Company or any or all of the Members may be bound from time to time, none of the Members nor any of its Affiliates shall have a duty to refrain from
doing business with any client, customer or vendor of the Company or any of the Company’s Affiliates, and without limiting Section 4.03(c), none of the Members nor any of their Affiliates nor any of their respective officers, directors or
employees shall be deemed to have breached his, her or its fiduciary duties, if any, to the Company or its Members or to any Affiliate of the Company or such Affiliate’s stockholders or members solely by reason of engaging in any such activity.
Any director of the board of Pubco nominated by a Member or its applicable Affiliate pursuant to the Stockholders Agreement may consider both the interests of such Member and such Member’s obligations hereunder in exercising such
director’s powers, rights and duties hereunder and as a director of Pubco, the sole stockholder of the Managing Member. 
 (c)
Corporate Opportunities. Subject to any contractual provisions by which the Company or any or all of the Members or their respective Affiliates may be bound from time to time, in the event that any Member or any of their Affiliates or any of
their respective officers, directors or employees, acquires knowledge of a potential transaction or other matter which may be an opportunity for any Member (or any of its respective Affiliates), on the one hand, and the Company (or any of its
Affiliates), on the other hand, none of the Members nor any of their Affiliates, officers, directors or employees shall have any duty to communicate or offer such opportunity to the Company or any of its Affiliates, and to the fullest extent
permitted by law, none of the Members nor any of their Affiliates, officers, directors or employees shall be liable to the Company or its Members, or any Affiliate of the Company or such Affiliate’s stockholders or members, for breach of any
fiduciary duty or otherwise, solely by reason of the fact that such Member or any of its Affiliates, officers, directors or employees acquires, pursues, or obtains such opportunity for itself, directs such opportunity to another person, or otherwise
does not communicate information regarding such opportunity to the Company or any of its Affiliates, and the Company (on behalf of itself and its Affiliates and their respective stockholders and Affiliates) to the fullest extent permitted by law
hereby waives and renounces any claim that such business opportunity constituted an opportunity that should have been presented to the Company or any of its Affiliates. 

Section 4.04. Transactions Between Members and the Company. Except as otherwise provided by Applicable Law, a Member may, but
shall not be obligated to, lend money to the Company, act as a surety or guarantor for the Company, or transact other business with the Company, and has the same rights and obligations when transacting business with the Company as a person or entity
who is not a Member, provided such transactions shall be entered into on terms and conditions customary in arm’s-length transactions between unrelated parties. 

Section 4.05. Meeting of Members. Any action permitted or required to be taken by the Members pursuant to this Agreement may be
effected at a meeting of such Members called by the Managing Member, in its discretion at any time from time to time, by the Managing Member giving not less than five days’ prior written notice to all

  
 13 

 
other Members, which notice shall state briefly the purpose, time and place of the meeting. All such meetings shall be held within or outside the State of Delaware at such reasonable place as the
Managing Member shall designate and during normal business hours, and may be held by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. The Members may vote
at any such meeting in person or by proxy. Participation in such a meeting shall constitute presence in person at such meeting. No notice of the time, place or purpose of any meeting need be given to any Member who, either before or after the time
of such meeting, waives such notice in writing. At any meeting of the Members, the Managing Member, whether present in person or by proxy, shall, except as otherwise provided by law or by this Agreement, constitute a quorum. Whenever any Company
action is to be taken by vote of the Members at a meeting, such action shall be authorized upon receiving the affirmative vote of the Managing Member. For the avoidance of doubt, Members owning Class B-1
Units shall not be entitled, with respect to such Class B-1 Units, to vote on or approve or consent to any action permitted or required to be taken or any determination required to be made by the Company
or the Members, including the right to vote on or approve or consent to any merger or consolidation involving the Company, or any amendment to this Agreement, other than pursuant to Section 14.08. 

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

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

Section 4.08. Withdrawal of Members. A Member does not have the right to withdraw from the Company as a Member (except in
connection with a Transfer of all of the Units of such Member in accordance with this Agreement) and any attempt to violate the provisions of this Section 4.08 shall be legally ineffective and void ab initio. 

ARTICLE 5 

DISTRIBUTIONS 

Section 5.01. Distributions. To the extent permitted by Applicable Law and hereunder, distributions to Members may be declared by
the Managing Member out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate;
such distributions shall be made to the Members as of the close of business on the applicable record date on a pro rata basis in accordance with each Member’s Percentage Interest as of the close of business on such record date;
provided, however, that the Managing Member shall have the obligation to make distributions as set forth in Sections 5.02 and 10.01; and provided further that, notwithstanding any other provision herein to the contrary, no
distributions shall be made to any Member to the extent such distribution would render the Company insolvent. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly
following the designation of a record date and the declaration of a distribution pursuant to this Section 5.01, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the
payment date thereof. Notwithstanding the foregoing, any distribution otherwise payable with respect to a Class B-1 Unit pursuant to this Section 5.01 that is not a vested Unit shall be retained by
the Company and, once such Class B-1 Unit is vested, distributed to the holder of such Class B-1 Unit. 

Section 5.02. Distributions for Payment of Income Tax. 

(a) On each Tax Distribution Date, unless prohibited by law, the Company shall make a pro rata distribution to the Members (including
holders of unvested Units) (a “Tax Distribution”), in accordance with their respective Percentage Interests, of an aggregate amount in cash sufficient for Intermediate Holdco to receive an amount in such Tax Distribution equal to a
reasonable estimate of the Assumed Tax Liability for the corresponding Fiscal Quarter (before taking into account Section 5.02(b)). 

  
 14 

 (b) If any current or former Member transfers some or all of its Units to Pubco or
Intermediate Holdco pursuant to the Exchange Agreement or otherwise in any Fiscal Quarter prior to the corresponding Tax Distribution Date (and therefore does not receive a Tax Distribution for such Fiscal Quarter in respect of such transferred
Units pursuant to Section 5.02(a)), the portion of the Tax Distribution for such Fiscal Quarter attributable to the reasonable estimate of the Assumed Tax Liability for such Fiscal Quarter in respect of such transferred Units prior to such
transfer shall be paid to the transferring Member (instead of distributed to Intermediate Holdco). 
 (c) At least ten Business Days prior
to the due date for any payment required to be made under the Tax Receivables Agreement with respect to a Fiscal Year, the Company shall make a pro rata distribution to the Members (a “TRA Distribution”), in accordance with
their respective Percentage Interests, of an aggregate amount in cash sufficient for Intermediate Holdco to receive a distribution in an amount equal to such payment due under the Tax Receivables Agreement. 

(d) If there are not sufficient funds on hand to distribute the full amount otherwise required to be distributed pursuant to this
Section 5.02, the amount distributable to each Member shall be reduced pro rata in proportion to the amounts the Members would otherwise receive under Sections 5.02(a), 5.02(b) and 5.02(c). The Company shall make future
distributions as soon as funds become available to pay the remaining portion of such distribution pro rata among the Members in proportion to the amounts the Members would otherwise receive under Sections 5.02(a), 5.02(b) and 5.02(c). 

(e) If in connection with the filing of an income tax return for a Fiscal Year or the settlement of an income tax contest with respect to a
Fiscal Year, the Company reasonably determines that the sum of the actual Assumed Tax Liability for each Fiscal Quarter of such Fiscal Year (or any portion thereof) beginning on or after the Effective Time exceeds the sum of the Tax Distributions
made to Intermediate Holdco in respect of such Fiscal Quarters (or any portion thereof) pursuant to Section 5.02(a) (taking into account Section 5.02(b)), within 10 Business Days of such filing or settlement, the Company shall make an
additional Tax Distribution among the Members in accordance with their respective Percentage Interests in a manner consistent with Section 5.02(a) and (b) such that Intermediate Holdco receives an amount equal to such excess. 

Section 5.03. Limitations on Distributions. Notwithstanding anything to the contrary contained in this Agreement, distributions to
Members shall be subject to the restrictions contained in §18-607 of the Delaware LLC Act. 

Section 5.04. Withholding. 

(a) Authority to Withhold; Treatment of Withheld Amounts. Each Member hereby authorizes the Company and the Managing Member, on behalf
of the Company, to withhold and pay to the applicable taxing authority any taxes payable by the Company with respect to such Member or as a result of such Member’s participation in the Company (including the Member’s Allocable Share of any
imputed underpayment paid by the Company or any income, withholding or other taxes paid or incurred with respect to or as a result of the Member, and any claims liabilities, interest, penalties or fees incurred with respect to any such taxes). 

(b) Indemnification. All taxes paid or incurred by the Company with respect to or as a result of a Member (including the Member’s
Allocable Share of any imputed underpayment paid by the Company or any income, withholding or other taxes paid or incurred with respect to or as a result of the Member, and any claims liabilities, interest, penalties or fees incurred with respect to
any such taxes) (such amounts, “Tax Withholding Advances”), shall be repaid to the Company in the following manner: The Company may reduce the amount of any current or succeeding distribution (including any Tax Distribution or TRA
Distribution) to any Member to the extent of such Member’s outstanding Tax Withholding Advances. To the extent a Tax Withholding Advance of a Member remains outstanding after reduction of the first four Tax Distributions and four TRA
Distributions that would have otherwise been made to the Member following the incurrence of the Tax Withholding Advance (treating distributions as reducing Tax Withholding Advances in the order in which they were incurred), the Member shall
indemnify and hold harmless the Company for the entire amount of such Tax Withholding Advance that remains outstanding. If a Member with an outstanding Tax Withholding Advance transfers some or all of its Units to Intermediate Holdco, Pubco or the
Company, such Member shall indemnify and hold harmless the Company for the portion of such outstanding Tax Withholding Advance attributable to the transferred Units (and neither Intermediate Holdco nor Pubco shall succeed to such Tax Withholding
Advance). If a Member with an outstanding Tax Withholding 

  
 15 

 
Advance transfers some or all of its Units to a Person (other than Intermediate Holdco, Pubco or the Company), such transferee Member shall succeed to the portion of such outstanding Tax
Withholding Advance attributable to the transferred Units. In the event of a liquidation of Company, any liquidation proceeds otherwise payable to a Member will be reduced to the extent of such Member’s outstanding Tax Withholding Advances (if
any) and, if such reduction is insufficient to repay the Company for the full amount outstanding of such Tax Withholding Advances, the Member shall indemnify and hold harmless the Company for the excess. This Section 5.04(b) shall apply to
Members and former Members and shall survive the Transfer of a Member’s Units and the termination, dissolution, liquidation and winding up of the Company and, for this purpose to the extent not prohibited by applicable Law, the Company shall be
treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.04(b), including instituting a lawsuit to collect such indemnification. 

(c) Refunds. In the event that the Company receives a refund of taxes previously withheld, the economic benefit of such refund shall be
apportioned among the Members in a manner reasonably determined by the Managing Member to offset the prior operation of this Section 5.04 in respect of such withheld taxes. 

ARTICLE 6 

ALLOCATIONS AND TAX MATTERS 

Section 6.01. Capital Accounts and Adjusted Capital Accounts. 

(a) Establishment of Capital Accounts. The Company shall establish and maintain for each Member on its books a capital account (a
“Capital Account”). Each Member’s Capital Account (a) shall be increased by (i) the amount of money contributed by such Member to the Company, (ii) the Book Value of property contributed by that Member to the
Company (net of liabilities secured by the contributed property that the Company is considered to assume or take subject to under Section 752 of the Code) and (iii) allocations to such Member of Net Profits and any other items of income or
gain allocated to such Member, and (b) shall be decreased by (i) the amount of money distributed to such Member by the Company, (ii) the Book Value of property distributed to such Member by the Company (net of liabilities secured by
the distributed property that such Member is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to such Member of Net Losses and any other items of loss or deduction allocated to such Member. The
Capital Accounts shall also be increased or decreased to reflect a revaluation of Company property pursuant to paragraph (b) of the definition of Book Value. On the transfer of all or part of a Member’s Units, the Capital Account of the
transferor that is attributable to the transferred Units shall carryover to the Permitted Transferee Member in accordance with the provisions of Treas. Reg. §1.704-1(b)(2)(iv)(1). A Member that has more
than one class of Units shall have a single Capital Account that reflects all such Units. 
 (b) Negative Balances; Interest. None of
the Members shall have any obligation to the Company or to any other Member to restore any negative balance in its Capital Account. No interest shall be paid by the Company on any Capital Contributions. 

(c) No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital Account or
to receive any distribution from the Company, except as expressly provided herein. 
 Section 6.02. Additional Capital
Contributions. Subject to Section 3.02, no Member shall be required to make any additional Capital Contributions to the Company or lend any funds to the Company, although any Member may agree with the Managing Member and become obligated to
do so. 
 Section 6.03. Allocations of Net Profits and Net Losses. Subject to Section 6.04, Net Profits or Net Losses for
any Fiscal Year or other period shall be allocated to the Members pro rata in accordance with their respective Percentage Interests. 

  
 16 

 Section 6.04. Regulatory Allocations. 

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

 (i) Notwithstanding any other provision of this Section 6.04, if there is a net decrease in Company Minimum Gain
during any taxable period, each Member shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treas. Reg.
§1.704-2(f), (g)(2) and (j). For purposes of this Section 6.04, each Member’s Capital Account shall be determined and the allocation of income or gain required hereunder shall be effected, prior
to the application of any other allocations pursuant to this Article 6 with respect to such taxable period. This Section 6.04(a)(i) is intended to comply with the “minimum gain chargeback” requirement in Treas. Reg. §1.704-2(f) and shall be interpreted consistently therewith. 
 (ii) Notwithstanding
the other provisions of this Section 6.04 (other than 6.04(a)(i) above), if there is a net decrease in Member Nonrecourse Debt Minimum Gain during any taxable period, any Member with a share of Member Nonrecourse Debt Minimum Gain at the
beginning of such taxable period shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treas. Reg.
§1.704-2(i)(4) and (j)(2). For purposes of this Section 6.04, each Member’s Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall
be effected, prior to the application of any other allocations pursuant to this Section 6.04(a), other than Section 6.04(a)(i) above, with respect to such taxable period. This Section 6.04(a)(ii) is intended to comply with the
“partner nonrecourse debt minimum gain chargeback” requirement in Treas. Reg. §1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii) Except as provided in Sections 6.04(a)(i) and 6.04(a)(ii) above, in the event any Member unexpectedly receives any
adjustments, allocations or distributions described in Treas. Reg. §1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated to such Member in an amount and
manner sufficient to eliminate, to the extent required by such Treasury Regulations, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit
balance is otherwise eliminated pursuant to Sections 6.04(a)(i) and 6.04(a)(ii). 
 (iv) In the event any Member has a
deficit balance in its Adjusted Capital Account at the end of any taxable period, such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided,
however, that an allocation pursuant to this Section 6.04(a)(iv) shall be made only if and to the extent that such Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided in this
Section 6.04(a) have been tentatively made as if this Section 6.04(a)(iv) were not in this Agreement. 
 (v)
Nonrecourse Deductions for any taxable period shall be allocated to the Members in accordance with their Percentage Interests. 

(vi) Member Nonrecourse Deductions for any taxable period shall be allocated 100% to the Member that bears the Economic Risk of
Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treas. Reg. §1.704-2(i) or Treas. Reg.
§1.704-2(k). If more than one Member bears the Economic Risk of Loss with respect to a Member Nonrecourse Debt, Member Nonrecourse Deductions attributable thereto shall be allocated between or among such
Members in accordance with the ratios in which they share such Economic Risk of Loss. 
 (b) Nature of Allocations. The allocations
set forth in Section 6.04(a) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory
Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 6.04(b). Therefore, notwithstanding any other provision of this
Article 6 (other than the Regulatory Allocations), but subject to the Code and the Treasury Regulations, the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines
appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of
the Agreement. In exercising its discretion under this Section 6.04(b), the Managing Member shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made.

  
 17 

 Section 6.05. Allocation for Income Tax Purposes. 

(a) Except as provided in Section 6.05(b), 6.05(c), 6.05(d) and 6.05(e), each item of income, gain, loss and deduction of the Company for
U.S. federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for book purposes under Sections 6.03 and 6.04. 

(b) The Members recognize that there may be a difference between the Book Value of a Company asset and the asset’s adjusted tax basis at
the time of the property’s contribution or revaluation pursuant to this Agreement. In such a case, all items of tax depreciation, cost recovery, amortization, and gain or loss with respect to such asset shall be allocated among the Members to
take into account the disparities between the Book Values and the adjusted tax basis with respect to such properties in accordance with the provisions of Sections 704(b) and 704(c) of the Code and the Treasury Regulations using any method available
under Treas. Reg. §1.704-3 selected by the Managing Member; provided, however, that (i) solely for Federal, state and local income and franchise tax purposes and not for book or Capital
Account purposes, income, gain, loss and deduction with respect to any Company asset with a Book Value other than the tax basis of such Company asset (other than a Company asset that is a partnership interest for Federal income tax purposes) shall
be allocated for Federal, state and local income tax purposes in accordance with the “traditional method with curative allocations”, but with curative allocations limited to curative allocations of gain from the sale or other disposition
of each such asset (as described in section 1.704-3(c)(3)(iii)(B) of the Treasury Regulations) (the “Section 1.704-3(c)(3)(iii)(B)
Method”), and (ii) any tax items not required to be allocated under the 1.704-3(c)(3)(iii)(B) Method shall be allocated in the same manner as such gain or loss would be allocated for book
purposes under Sections 6.03 and 6.04. Items allocated under this Section 6.05(b) shall neither be credited nor charged to the Members’ Capital Accounts. 

(c) All items of income, gain, loss, deduction and credit allocated to the Members in accordance with the provisions hereof and basis
allocations recognized by the Company for federal income tax purposes shall be determined without regard to any election under Section 754 of the Code that may be made by the Company; provided, however, such allocations, once made, shall
be adjusted as necessary or appropriate to take into account the adjustments permitted by Sections 734 and 743 of the Code. 
 (d) Any
Section 707(c) Deduction (as defined in the Tax Receivables Agreement) will be entirely allocated to Intermediate Holdco (or its successor or applicable Subsidiary). 

(e) If any deductions for depreciation, cost recovery or depletion are recaptured as ordinary income upon the sale or other disposition of
Company properties, the ordinary income character of the gain from such sale or disposition shall be allocated among the Members in the same ratio as the deductions giving rise to such ordinary income character were allocated. 

Section 6.06. Other Allocation Rules. All items of income, gain, loss, deduction and credit allocable to Units that have been
transferred shall be allocated between the transferor and the transferee based on an interim closing of the Company’s books (as though the Company’s Fiscal Year had ended). 

Section 6.07. Regulatory Compliance. The foregoing provisions are intended to comply with Treas. Reg. § 1.704-1(b), and shall be interpreted and applied as provided in such Treasury Regulations. If the Managing Member shall determine that the manner in which the Capital Accounts or Adjusted Capital
Accounts, or any increases or decreases thereto, are computed, or the manner in which any allocations are made under Sections 6.03 and 6.04, should be adjusted in order to comply with Sections 704(b) and 704(c) of the Code and Treasury Regulations
thereunder, the Managing Member shall make such modifications, provided that the Managing Member shall not modify the manner of making distributions pursuant to this Agreement or the
Section 1.704-3(c)(3)(iii)(B) Method. 
 Section 6.08. Certain Costs and Expenses.
The Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all
personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the business of the Company, and (b) in the sole discretion of the Managing Member, reimburse the Managing Member for any out-of-pocket costs, fees and expenses incurred by it in connection therewith. To the extent that the Managing Member reasonably determines in good faith that its expenses are
related to the business conducted by the Company and/or its Subsidiaries (including 

  
 18 

 
any good faith allocation of a portion of expenses that so relate to the business of the Company and/or its Subsidiaries and that also relate to other businesses or activities of the Managing
Member), then the Managing Member may cause the Company to pay or bear all such expenses of the Managing Member, including, costs of securities offerings not borne directly by Members, compensation and meeting costs of its board of directors, cost
of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs and franchise taxes (which are not based on, or measured by, income); provided that the Company shall not pay or bear
any income tax obligations of the Managing Member; provided further that the payment of Tax Distributions to the Managing Member shall not be prevented by the foregoing. Payments under this Section 6.08 are intended to constitute
reasonable compensation for past or present services and are not “distributions” within the meaning of §18-607 of the Delaware LLC Act. 

ARTICLE 7 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 7.01. Management. (a) The Members shall possess all rights and powers as provided in the Delaware LLC Act and
otherwise by Applicable Law. Except as otherwise expressly provided for herein and subject to the other provisions of this Agreement, the Members hereby consent to the exercise by the Managing Member of all such powers and rights conferred on them
by the Delaware LLC Act with respect to the management and control of the Company. 
 (b) Other than with respect to the actions described
in Section 10.01(a), the Managing Member shall have the power and authority to delegate to one or more other Persons the Managing Member’s rights and powers to manage and control the business and affairs of the Company, including to
delegate to agents and employees of a Member or the Company (including any officers thereof), and to delegate by a management agreement or another agreement with, or otherwise to, other Persons. The Managing Member may authorize any Person
(including any Member or officer of the Company) to enter into and perform any document on behalf of the Company. 
 (c) Except as otherwise
expressly provided in this Agreement, and subject to any requisite approvals by the board of directors of Pubco and/or the stockholders of Pubco, as applicable, the Managing Member shall have the power and authority to effectuate the sale, lease,
transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any
assets at any time held by the Company) or the merger, consolidation, reorganization or other combination of the Company with or into another entity. 

Section 7.02. Investment Company Act. The Managing Member shall use reasonable best efforts to ensure that the Company shall not
be subject to registration as an investment company pursuant to the Investment Company Act. 
 ARTICLE 8 

OFFICERS 

Section 8.01. Officers. The Managing Member may designate one or more individuals to serve as officers of the Company. The Company
shall have such officers as the Managing Member may from time to time determine, which officers may (but need not) include a Chief Executive Officer, a Chief Financial Officer, a Treasurer and a Secretary. Two or more offices may be held by the same
individual. The officers of the Company may be removed by the Managing Member (or by the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer) at any time for any reason or no reason. The
initial officers of the Company shall consist of the individuals set forth in Exhibit B hereto. 
 Section 8.02. Other Officers and
Agents. The Managing Member may appoint such other officers and agents as it may deem necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to
time by the Managing Member. 
 Section 8.03. Chief Executive Officer. The Chief Executive Officer shall be the chief executive
officer of the Company and shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present thereat. Except
as the Managing Member shall authorize the execution thereof in some other manner, he or she shall execute bonds, mortgages and other contracts on behalf of the Company. 

  
 19 

 Section 8.04. Treasurer. The Treasurer shall have the custody of Company funds
and securities and shall keep full and accurate account of receipts and disbursements in a book belonging to the Company. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries as may
be designated by the Managing Member or the Chief Executive Officer. The Treasurer shall disburse the funds of the Company as may be ordered by the Managing Member or the Chief Executive Officer, taking proper vouchers for such disbursements. He or
she shall render to the Managing Member and the Chief Executive Officer whenever either of them may request it, an account of all his or her transactions as Treasurer and of the financial condition of the Company. If required by the Managing Member,
the Treasurer shall give the Company a bond for the faithful discharge of his or her duties in such amount and with such surety as the Managing Member shall prescribe. 

Section 8.05. Secretary. The Secretary shall give, or cause to be given, notice of all meetings of Members and all other notices
required by Applicable Law or by this Agreement, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the Chief Executive Officer, or by the Managing Member. He or she
shall record all the proceedings of the meetings of the Company in a book to be kept for that purpose, and shall perform such other duties as may be assigned to him or her by the Managing Member or by the Chief Executive Officer. 

Section 8.06. Other Officers. Other officers, if any, shall have such powers and shall perform such duties as shall be assigned to
them, respectively, by the Managing Member or by the Chief Executive Officer. 
 ARTICLE 9 

TRANSFERS OF INTERESTS; ADMITTANCE OF NEW
MEMBERS 
 Section 9.01. Transfer of Units. Other than as provided for below in this Section 9.01 or in
Section 9.02, no Member may sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being herein collectively called a “Transfer”) all or any portion of its
Units except with the approval of the Managing Member, which may be granted or withheld in its sole discretion. Notwithstanding the requirement to obtain the approval of the Managing Member as set forth in the immediately preceding sentence but
otherwise in compliance with Sections 9.01 and 9.02, a Member, without the approval of the Managing Member, may, at any time, (i) Transfer any portion of such Member’s Units pursuant to the Exchange Agreement, or (ii) Transfer any
portion of such Member’s Units to a Permitted Transferee of such Member. Any Transfer of Class B-1 Units to a Permitted Transferee of such Member must be accompanied by the transfer of an equal
number of corresponding shares of Class B Common Stock to such Permitted Transferee. Any purported Transfer of all or a portion of a Member’s Units not complying with this Section 9.01 shall be void ab initio and shall not
create any obligation on the part of the Company or the other Members to recognize that purported Transfer or to recognize the Person to which the Transfer purportedly was made as a Member. A Person acquiring a Member’s Units pursuant to this
Section 9.01 shall not be admitted as a substitute or additional Member except in accordance with the requirements of Section 9.03, but such Person shall, to the extent of the Units transferred to it, be entitled to such Member’s
(i) share of distributions, (ii) share of profits and losses, including Net Profits and Net Losses, and (iii) Capital Account in accordance with Section 6.01(a). Notwithstanding anything in this Section 9.01 or elsewhere in
this Agreement to the contrary, if a Member Transfers all or any portion of its Units after the designation of a record date and declaration of a distribution pursuant to Section 5.01 and before the payment date of such distribution, the
transferring Member (and not the Person acquiring all or any portion of its Units) shall be entitled to receive such distribution in respect of such transferred Units. 

Section 9.02. Transfer of Intermediate Holdco’s Interest. Intermediate Holdco may not Transfer all or any
portion of its Units held in the form of Class A-1 Units at any time, except to the Company as provided herein. 

Section 9.03. Recognition of Transfer; Substitute and Additional Members. (a) No direct or indirect Transfer of all or any
portion of a Member’s Units may be made, and no purchaser, assignee, transferee or other recipient of all or any part of such Units shall be admitted to the Company as a substitute or additional Member hereunder, unless: 

(i) the provisions of Section 9.01 or Section 9.02, as applicable, shall have been complied with; 

  
 20 

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

(iii) the Managing Member shall have been furnished with the documents effecting such Transfer, in form and substance
reasonably satisfactory to the Managing Member, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Managing Member shall have executed (and the Managing Member
hereby agrees to execute) any other documents on behalf of itself and the Members required to effect the Transfer; 
 (iv)
the provisions of Section 9.03(b) shall have been complied with; 
 (v) the Managing Member shall be reasonably
satisfied that such Transfer will not (A) result in a violation of the Securities Act or any other Applicable Law; or (B) cause an assignment under the Investment Company Act; 

(vi) such Transfer would not cause the Company to lose its status as a partnership for federal income tax purposes and, without
limiting the generality of the foregoing, such Transfer shall not be effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof”, as such terms are used in Section 1.7704-1 of the Treasury Regulations; provided that a Transfer will not be prohibited on this basis so long as the Company continues to satisfy the “private placements” safe harbor pursuant to
Treas. Reg. § 1.7704-1(h), as determined by the Company in its sole reasonable discretion exercised in good faith; 

(vii) the Managing Member shall have received the opinion of counsel, if any, required by Section 9.03(c) in connection
with such Transfer; and 
 (viii) all necessary instruments reflecting such Transfer and/or admission shall have been filed
in each jurisdiction in which such filing is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members. 

(b) Each substitute Member and additional Member shall be bound by all of the provisions of this Agreement. Each substitute Member and
additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement and the Exchange Agreement or a joinder agreement in customary form), in form and substance
reasonably satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such substitute or additional Member to be bound by all the terms and
provisions of this Agreement with respect to the Units acquired by such substitute or additional Member. The admission of a substitute or additional Member shall not require the consent of any Member other than the Managing Member (if and to the
extent such consent of the Managing Member is expressly required by this Article 9). As promptly as practicable after the admission of a substitute or additional Member, the Managing Member shall update the books and records of the Company and
Exhibit A to reflect such admission. 
 (c) As a further condition to any Transfer of all or any part of a Member’s Units, the Managing
Member may, in its discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained at the sole expense of the transferring Member, reasonably satisfactory in form and substance to
the Managing Member, as to such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such
Transfer will not result in a violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to the
Exchange Agreement. 

  
 21 

 Section 9.04. Expense of Transfer; Indemnification. All reasonable costs and
expenses incurred by the Managing Member and the Company in connection with any Transfer of a Member’s Units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the
transferring Member. In addition, the transferring Member hereby indemnifies the Company against any losses, claims, damages or liabilities to which the Company, or any of its Affiliates may become subject arising out of or based upon any false
representation or warranty made by such transferring Member or such transferee in connection with such Transfer. 
 Section 9.05.
Exchange Agreement. In connection with any Transfer of any portion of a Member’s Units pursuant to the Exchange Agreement, the Managing Member shall cause the Company to take any action as may be required under the Exchange Agreement or
requested by any party thereto to effect such Transfer promptly. 
 Section 9.06. Restrictions on Business Combination
Transactions. 
 (a) The Company shall not be a party to (i) a transaction of any kind that would result in any Class A-1 Units being held by any Person other than the Managing Member or (ii) any reorganization, Share Exchange, consolidation, conversion or merger or any other transaction having an effect on members
substantially similar to that resulting from a reorganization, Share Exchange, consolidation, conversion or merger (each in this clause (ii), a “Restricted Transaction”) without the approval of the Managing Member. 

(b) The Company shall not be a party to any Restricted Transaction that includes or is in conjunction with a transaction involving the
disposition, exchange or conversion of Class A Common Stock for consideration (collectively, a “Consolidated Transaction”) unless (i) each holder of Class A Common Stock and Class B Common Stock (together with
the corresponding number of Class B-1 Units) is allowed to participate pro rata in such Consolidated Transaction (as if the Class B Common Stock (together with the corresponding number of Class B-1 Units) were exchanged immediately prior to such Consolidated Transaction for Class A Common Stock pursuant to the Exchange Agreement); and (ii) the gross proceeds payable in respect of each Class B-1 Unit equals the gross proceeds that would be payable in such Consolidated Transaction in respect of the Class A Common Stock for which such Class B-1
Unit was exchanged immediately prior to such Consolidated Transaction pursuant to the Exchange Agreement. 
 (c) Nothing in this
Section 9.06 shall be deemed to modify any of the rights of the parties to the Tax Receivables Agreement as set forth therein. 

ARTICLE 10 
 DISSOLUTION AND
TERMINATION 
 Section 10.01. Dissolution. 

(a) The Company shall be dissolved and its affairs wound up upon the occurrence of any of the following events: 

(i) an election by the Managing Member to dissolve, wind up or liquidate the Company; 

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

(iii) the entry of a decree of dissolution of the Company under §18-802 of the
Delaware LLC Act; or 
 (iv) at any time there are no members of the Company, unless the Company is continued in accordance
with the Delaware LLC Act. 
 (b) In the event of a dissolution pursuant to Section 10.01(a), the relative economic rights of each
class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 10.01(f) in connection with such dissolution, taking into consideration
legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with Applicable Laws. 

  
 22 

 (c) Dissolution of the Company shall be effective on the day on which the event occurs
giving rise to the dissolution, but the Company will not terminate until the assets of the Company have been distributed as provided in this Section 10.01 and any filings required by the Delaware LLC Act have been made. 

(d) Upon dissolution, the Company shall be liquidated and wound up in an orderly manner in accordance with the provisions of this
Section 10.01. The Managing Member or a Person selected by the Managing Member shall act as liquidating trustee. The liquidating trustee shall wind up the affairs of the Company pursuant to this Agreement. The liquidating trustee is authorized,
subject to the Delaware LLC Act, to sell, exchange or otherwise dispose of the assets of the Company, or to distribute Company assets in kind, as the liquidating trustee shall determine to be in the best interests of the Members. The reasonable out-of-pocket expenses incurred by the liquidating trustee in connection with winding up the Company (including legal and accounting fees and expenses), all other liabilities
or losses of the Company or the liquidating trustee incurred in accordance with the terms of this Agreement, and reasonable compensation for the services of the liquidating trustee, in the case of a liquidating trustee that is not the Managing
Member, shall be borne by the Company. Except as otherwise required by law and except in connection with any gross negligence, willful misconduct or bad faith of the liquidating trustee, the liquidating trustee shall not be liable to any Member or
the Company for any loss attributable to any act or omission of the liquidating trustee taken in good faith in connection with the winding up of the Company and the distribution of Company assets. The liquidating trustee may consult with counsel and
accountants with respect to winding up the Company and distributing its assets and shall be justified in acting or omitting to act in accordance with the advice or opinion of such counsel or accountants, provided that the liquidating trustee
shall have used reasonable care in selecting such counsel or accountants. 
 (e) Upon dissolution of the Company, the expenses of
liquidation (including compensation for the services of the liquidating trustee, in the case of a liquidating trustee that is not the Managing Member, and legal and accounting fees and expenses) and the Company’s liabilities and obligations to
creditors shall be paid, or reasonable provisions shall be made for payment thereof, in accordance with Applicable Law, from cash on hand or from the liquidation of Company properties. 

(f) A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets
pursuant to this Section 10.01 to minimize any losses otherwise attendant upon such winding up. Notwithstanding the generality of the foregoing, within 180 calendar days after the effective date of dissolution of the Company, the assets of the
Company shall be distributed in the following manner and order: (i) all debts and obligations of the Company, if any, shall first be paid, discharged or provided for by adequate reserves; and (ii) the balance shall be distributed to the
Members in accordance with Section 5.01. 
 (g) The liquidating trustee shall not be personally liable for the return of Capital
Contributions or any portion thereof to the Members (it being understood and agreed that any such return shall be made solely from Company assets). 

Section 10.02. Termination. The Company shall terminate when all of the assets of the Company, after payment or reasonable
provision for the payment of all debts, liabilities and obligations of the Company, shall have been distributed in the manner provided for in this Article 10 and the Managing Member shall cause the Certificate to be canceled in the manner required
by the Delaware LLC Act. 
 ARTICLE 11 

EXCULPATION AND INDEMNIFICATION 

Section 11.01. Exculpation. To the fullest extent permitted by Applicable Law, and except as otherwise expressly provided herein,
no Indemnitee shall be liable to the Company or any other Indemnitee for any Losses (as defined below), which at any time may be imposed on, incurred by, or asserted against, the Company or any other Indemnitee as a result of or arising out of the
activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed by such Indemnitee to be conferred on such Indemnitee, except to the extent such Losses (as defined below) arise out of
(i) the Indemnitee’s failure to act in good faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any
reasonable cause to believe such conduct was unlawful, (ii) the Indemnitee’s material breach of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. 

  
 23 

 Section 11.02. Indemnification. To the fullest extent permitted by Applicable
Law, each of (a) the Members, the Managing Member and their respective Affiliates, (b) the stockholders, members, managers, directors, officers, partners, employees and agents of the Members and the Managing Member and their respective
Affiliates, and (c) the officers of the Company (each, an “Indemnitee”) shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and
expenses), judgments, fines, settlements, taxes and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, but in each case excluding any income taxes of the
Indemnitees or taxes based on fees or other compensation received by or paid to the Indemnitees (collectively, “Losses”), which at any time may be imposed on, incurred by, or asserted against, the Indemnitee as a result of or
arising out of this Agreement, the Company, its assets, business or affairs or the activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed to be conferred on such Indemnitee;
provided, however, that the Indemnitee shall not be entitled to indemnification for any Losses to the extent such Losses arise out of (i) the Indemnitee’s failure to act in good faith and in a manner such Indemnitee believed
to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii) the Indemnitee’s material breach
of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee acted in a manner specified in clause (i), (ii) or (iii) above. Any indemnification pursuant to this Article 11 shall be made only out of the
assets of the Company and no Member shall have any personal liability on account thereof. The Company hereby acknowledges that one or more Indemnitees may have certain rights to indemnification, advancement of expenses and/or insurance provided by
certain entities who hold an interest in the Company or Pubco and have designated certain directors to serve on the board of Pubco (“Designating Stockholders”). The Company hereby agrees, unless Pubco is the indemnitor of first
resort, in which case, the Company shall be indemnitor of second resort, (i) that the Company is the indemnitor of first resort (i.e., its obligations to an Indemnitee are primary and any obligation of the Designating Stockholders or their
insurers to advance expenses or to provide indemnification for the same expenses or liabilities incurred by an Indemnitee is secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by an Indemnitee and
shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this agreement or any other agreement between the Company and the
Indemnitee, without regard to any rights an Indemnitee may have against the Designating Stockholders or their insurers, and (iii) that the Company irrevocably waives, relinquishes and releases the Designating Stockholders from any and all
claims against the Designating Stockholders for contribution, subrogation or any other recovery of any kind in respect thereof. 

Section 11.03. Expenses. Expenses (including reasonable legal fees and expenses) incurred by an Indemnitee in defending any claim,
demand, action, suit or proceeding described in Section 11.02 shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding, upon receipt by the Company of an undertaking
by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in this Article 11; provided that such undertaking shall be unsecured and interest free
and shall be accepted without regard to an Indemnitee’s ability to repay amounts advanced and without regard to an Indemnitee’s entitlement to indemnification. 

Section 11.04. Non-Exclusivity. The indemnification and advancement of expenses set forth
in this Article 11 shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, the Delaware LLC Act, this Agreement, any other agreement, a policy of insurance or
otherwise. The indemnification and advancement of expenses set forth in this Article 11 shall continue as to an Indemnitee who has ceased to be a named Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors and
permitted assigns of such a Person. 
 Section 11.05. Insurance. The Company may purchase and maintain insurance on behalf of
the Indemnitees against any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such liability under this
Article 11. 

  
 24 

 ARTICLE 12 

ACCOUNTING AND RECORDS; TAX MATTERS 

Section 12.01. Accounting and Records. The books and records of the Company shall be made and maintained, and the financial
position and the results of its operations recorded, at the expense of the Company, in accordance with such method of accounting as is determined by the Managing Member. The books and records of the Company shall reflect all Company transactions and
shall be made and maintained in a manner that is appropriate and adequate for the Company’s business. 
 Section 12.02. Tax
Returns. The Company shall prepare and timely file all U.S. Federal, state, local and non-U.S. income tax returns required to be filed by the Company. Unless otherwise agreed by the Managing Member, any
income tax return of the Company shall be prepared by an independent public accounting firm of recognized national standing selected by the Managing Member. Each Member shall furnish to the Company all pertinent information in its possession
relating to the Company’s operations that is necessary to enable the Company’s tax returns to be timely prepared and filed. Unless otherwise extended by the Managing Member the Company shall deliver to each Member within forty-five days
after the end of the applicable Fiscal Year a Schedule K-1 together with such additional information as may be reasonably required or requested by the Members in order to file their U.S. Federal tax, state,
and local and non-U.S. income tax returns reflecting the Company’s operations and the operations of any of its Subsidiaries. In the event of an extension, (i) the Company shall nevertheless use
reasonable best efforts to provide each Member within ninety days after the end of the applicable Fiscal Year a Schedule K-1 together with such additional information as may be reasonably required or requested
by the Members in order to file their U.S. Federal, state, local and non-U.S. income tax returns reflecting the Company’s operations and the operations of any of its Subsidiaries and (ii) the Company
shall use reasonable best efforts to provide each Member with an estimate of the net taxable income of the Company allocated to (or reasonably estimated to be allocated to) such member for a Fiscal Year, together with an estimate of the state
apportionment of such income, within forty five days after the end of the applicable Fiscal Year. The Company shall bear the costs of the preparation and filing of its tax returns. 

Section 12.03. Tax Partnership. Neither the Company nor any Member shall make an election for the Company or any Subsidiary to be
classified as other than a partnership or entity disregarded as separate from its owner pursuant to Treas. Reg. § 301.7701-3 (an “Entity Classification Election”). 

Section 12.04. Tax Elections. The Managing Member shall, on behalf of the Company, make or cause to be made the following
elections on the appropriate forms or tax returns: 
 (a) to adopt the calendar year as the Company’s taxable year or Fiscal Year, if
permitted under the Code; 
 (b) to adopt the accrual method of accounting and to keep the Company’s books and records on the U.S.
federal income tax method; 
 (c) to elect to amortize the organizational expenses of the Company as permitted by Sections 195 and 709(b) of
the Code; 
 (d) as required by the Tax Receivables Agreement, to make and maintain an election under Section 754 of the Code with
respect to the Company (and to cause each of its Subsidiaries classified as a partnership for U.S. Federal income tax purposes to make and maintain such an election under Section 754 of the Code) for any Fiscal Year during which an Exchange (as
such term is defined in the Tax Receivables Agreement) occurs; and 
 (e) any other election the Managing Member may deem appropriate and in
the best interests of the Members (other than an Entity Classification Election). 
 Section 12.05. Tax Controversies. 

(a) Except for any Fiscal Years beginning before January 1, 2018, the Managing Member (or its designee, which such designee shall act
solely at the direction of the Managing Member) shall be the “partnership representative” of the Company (and each Subsidiary of the Company that is treated as a partnership for applicable tax purposes) for all purposes of
Section 6223 of the Code and any analogous provisions of state or local tax law 

  
 25 

 
(the “Tax Matters Member”). For any Fiscal Years beginning before January 1, 2018, the Managing Member (or its designee, which such designee shall act solely at the
direction of the Managing Member) shall be the Tax Matters Member (which role shall include acting as the “tax matters partner” under Section 6231(a)(7) of the Code, as in effect prior to the repeal of such section pursuant to the BBA
Rules). 
 (b) If the Company, any Subsidiary of the Company or the Tax Matters Member receives a notice of proposed partnership adjustment
with respect to the Company or any Subsidiary of the Company for any Fiscal Year (an “Adjustment Notice”), the Tax Matters Member shall use commercially reasonable efforts to, (1) promptly provide each Member written notice
thereof, (2) use any available method under the BBA Rules to reduce the amount of any imputed underpayment reflected in such Adjustment Notice (including under Section 6225(c) of the Code and Treas. Reg. § 301.6225-2), and (3) determine in good faith the portion of the imputed underpayment reflected in such Adjustment Notice that would be allocated to each current or former Member if the Company (or, if
applicable, any Subsidiary of the Company) made a Push-Out Election with respect to such Adjustment Notice (taking into account any available modifications described in clause (2) above and any Pull-In Elections) (such portion with respect to any Member, such Member’s “Allocable Share”). At the request of the Tax Matters Member, each Member shall use commercially reasonable efforts to
provide the Tax Matters Member and the Company with any information available to such Member and with such representations, certificates, or forms relating to such Member (or its direct or indirect owners or account holders) and any other
documentation, in each case, that the Tax Matters Member determines, in its reasonable discretion, are necessary to modify an imputed underpayment under Section 6225(c) of the Code or the Treasury Regulations or other official guidance
thereunder. 
 (c) With respect to any Adjustment Notice, each Member may elect (such election, a
“Pull-In Election”) to use the procedure set forth in Section 6225(c)(2) of the Code and any Treasury Regulations thereunder to reflect its Allocable Share of any imputed underpayment
reflected on such Adjustment Notice (subject to any adjustments available under the Code and Treasury Regulations in filing such tax returns), and pay any taxes due with respect to such tax returns. Any Member who makes a Pull-In Election shall promptly provide notice thereof to the Company. 
 (d) To the extent the Company or
any Subsidiary of the Company is required to pay any taxes pursuant to an Adjustment Notice (after taking into account any modifications described in Section 12.05(b)(2) and any Pull-In Elections), the
Managing Member may cause the Company or any Subsidiary of the Company to either pay such taxes or make an election under Section 6226 of the Code (a “Push-Out Election”) to require each
Member to reflect its Allocable Share of such taxes on its tax returns. 
 (e) Notwithstanding any other provisions of this
Section 12.05, the Tax Matters Member shall not (i) settle any tax audit, contest or proceeding or (ii) make or change any tax election, in each case, that would (A) (x) materially affect the holders of Class B-1 Units as a class in a manner that is adverse or (y) materially affect the holders of Class B-1 Units as a class in a manner that is disproportionately
adverse relative to holders of Class A-1 Units, in each case, without the prior written consent of Insignia and the Management Parties (only to the extent they hold any
Class B-1 Units and not to be unreasonably withheld, conditioned or delayed), or (B) give rise to a claim for indemnification under the Intermediate Holdco Contribution Agreement, without the prior
written consent of WTM (not to be unreasonably withheld, conditioned or delayed). 
 (f) If the Company, any Subsidiary of the Company or
the Tax Matters Member receives an Adjustment Notice that relates to matters that could reasonably be expected to give rise to a material claim for indemnification under the Intermediate Holdco Contribution Agreement, the Tax Matters Member shall
use commercially reasonable efforts to promptly provide WTM notice thereof. With respect to any such Adjustment Notice, WTM may elect on Intermediate Holdco’s behalf to make a Pull-In Election. 

(g) The parties agree that WTM is intended to be an express third-party beneficiary of this Article 12 and shall be entitled to enforce its
terms as though it were a party hereto. This Article 12 may not be amended to limit or reduce WTM’s rights hereunder without the prior written consent of WTM. 

ARTICLE 13 

ARBITRATION 
 The
parties hereto shall attempt in good faith to resolve all claims, disputes and other disagreements arising hereunder or under the Exchange Agreement (each, a “Dispute”) by negotiation. If a Dispute cannot be resolved in

  
 26 

 
such manner, such Dispute shall, at the request of any party, after providing written notice to the other parties to the Dispute, be submitted to arbitration in the City of New York in accordance
with the Commercial Arbitration Rules of the American Arbitration Association then in effect. The proceeding shall be confidential. The party initially asserting the Dispute (the “Initiating Party”) shall notify the other party (the
“Responding Party”) of the name and address of the arbitrator chosen by the Initiating Party and shall specifically describe the Dispute in issue to be submitted to arbitration. Within 30 days of receipt of such notification, the
Responding Party shall notify the Initiating Party of its answer to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and address of the arbitrator chosen by the Responding Party. If the Responding Party does
not appoint an arbitrator during such 30-day period, appointment of the second arbitrator shall be made by the American Arbitration Association upon request of the Initiating Party. The two arbitrators so
chosen or appointed shall choose a third arbitrator, who shall serve as president of the panel of arbitrators (the “Panel”) thus composed. If the two arbitrators so chosen or appointed fail to agree upon the choice of a third
arbitrator within 30 days from the appointment of the second arbitrator, the third arbitrator will be appointed by the American Arbitration Association upon the request of the arbitrators or either of the parties. In all cases, the arbitrators must
be persons who are knowledgeable about, and have recognized ability and experience in dealing with, the subject matter of the Dispute. The arbitrators will act by majority decision. Any decision of the arbitrators shall (a) be rendered in
writing and shall bear the signatures of at least two arbitrators, and (b) identify the members of the Panel. Absent fraud or manifest error, any such decision of the Panel shall be final, conclusive and binding on the parties to the
arbitration and enforceable by a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration; provided, however, that each party shall pay for and bear the costs of its own
experts, evidence and legal counsel, unless the arbitrators rule otherwise in the arbitration. The parties shall complete all discovery within 30 days after the Panel is composed, shall complete the presentation of evidence to the Panel within 15
days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall be rendered within 15 days after the completion of presentation of evidence. The parties shall cause to be kept a record of the
proceedings of any matter submitted to arbitration hereunder. 
 ARTICLE 14 

MISCELLANEOUS PROVISIONS 

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

Section 14.02. Binding on Successors. This Agreement shall be binding upon and inure solely to the benefit of each party hereto
and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. 
 Section 14.03. Managing Member’s Business. Intermediate Holdco, as the sole Managing Member of
the Company, hereby agrees that it (a) will not conduct any business other than the management and ownership of the Company and its Subsidiaries and (b) shall not own any other assets (other than on a temporary basis). 

Section 14.04. Governing Law. This Agreement and the rights of the parties hereunder will be governed by, construed and enforced
in accordance with the laws of the State of Delaware without regard to conflicts of law principles thereof. 
 Section 14.05.
Headings. All headings herein are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement. 

Section 14.06. Severability. If any provision of this Agreement, or the application of such provision to any Person or
circumstance, shall be held illegal, invalid or unenforceable, the remainder of this Agreement or the application of such provision to other Persons or circumstances shall not be affected thereby. 

Section 14.07. Notices. All notices, requests, consents and other communications hereunder (each, a “Notice”) to
the Company or any Member shall be in writing and shall be deemed given or delivered: (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a private courier as established by the
sender by evidence obtained from the courier, (c) on the date sent by facsimile or electronic mail 

  
 27 

 
transmission, with confirmation of transmission, if sent during prior to 5:00 p.m. in the place of receipt on a Business Day, otherwise, the next Business Day, or (d) on the fifth Business
Day after the date mailed, by certified or registered mail, return receipt requested, postage repaid. All Notices shall be addressed to such Member at the address set forth in Exhibit A hereto, or below with respect to the Company, or such other
address as may hereafter be designated in writing by such party to the other parties: 
 If to the Company, to: 

QL Holdings LLC 
 700 S. Flower
St., Suite 640 
 Los Angeles, CA 90017 

Attention: Steven Yi, Chief Executive Officer 

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

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Telephone: (212) 474-1322 

Facsimile: (212) 474-3700 

Attention: C. Daniel Haaren 

Email: dhaaren@cravath.com 

Section 14.08. Amendments. This Agreement may be amended (including, for purposes of this Section 14.08, any amendment
effected directly or indirectly by way of a merger or consolidation of the Company) or waived, in whole or in part, by the Managing Member; provided, however, that (i) to the extent any amendment or waiver, including any amendment
or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights of any Member holding Class B-1 Units compared with the rights of any other Member holding Class B-1 Units, such amendment or waiver may only be made by the Managing Member upon the prior written consent of such disproportionately and adversely affected Member, (ii) to the extent any amendment
or waiver, including any amendment or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights of any holders of Class B-1 Units compared with the rights of holders
of Class A-1 Units or any other series or class of Units, such amendment or waiver may only be made by the Managing Member upon the prior written consent of Insignia and the Management Parties (only to
the extent they hold any Class B-1 Units) and their respective Permitted Transferees, (iii) to the extent any amendment or waiver, including any amendment or waiver of the Exhibits attached hereto,
would disproportionately and adversely affect the rights of holders of Class A-1 Units compared with the rights of holders of Class B-1 Units or any other
series or class of Unit, such amendment or waiver may only be made by the Managing Member and (iv) the following provisions may not be amended by the Managing Member without the prior written consent of Insignia and the Management Parties (only
to the extent they hold any Class B-1 Units) and their respective Permitted Transferees: the definition of “Affiliate,” Sections 3.01(b), 3.04, 4.02, 4.03, 4.06, 5.01, 5.02, 5.04, Article 6,
9.01 9.02, 9.03(a)(vi), 9.05, 9.06, 14.03, 14.09, 14.11, this Section 14.08, Article 12, Article 13, and any defined terms used in any of the foregoing. 

Section 14.09. Consent to Jurisdiction. Subject to Article 13, the parties hereto agree that any suit, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in any United States District Court sitting in the
State of Delaware or the Court of Chancery of the State of Delaware. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or
proceeding. Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such court, by any of the methods specified for
the giving of Notices pursuant to Section 14.07. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on venue, inconvenience of forum, the lack of
personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 14.07) in any suit, action or proceeding brought in such courts. 

  
 28 

 Section 14.10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

Section 14.11. Tax Receivables Agreement. The Tax Receivables Agreement shall be treated as part of this Agreement as described in
Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations with respect to payments to a Member with respect to an
Exchange (as defined in the Tax Receivables Agreement) by such Member. 
 [Signature pages follow] 

  
 29 

 IN WITNESS WHEREOF, the parties named below have duly executed this Agreement as of
the date first written above. 
  

			
	 COMPANY:
  

QL HOLDINGS LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	 MEMBERS:
  

GUILFORD HOLDINGS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	INSIGNIA QL HOLDINGS, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	INSIGNIA A QL HOLDINGS, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to QuoteLab, LLC Second A&R LLC Agreement] 

			
	STEVEN YI

 
			
		
	By:	 	  

 
			
	
	OBF INVESTMENTS, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	O.N.E HOLDINGS LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	WANG FAMILY INVESTMENTS LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	QUOTELAB HOLDINGS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	KEITH CRAMER

 
			
		
	By:	 	  

 
			
	
	TIGRAN SINANYAN

 
			
		
	By:	 	  

 [Signature Page to QL Holdings LLC Fourth A&R LLC Agreement] 

			
	LANCE MARTINEZ

 
			
		
	By:	 	  

 
			
	
	BRIAN MIKALIS

 
			
		
	By:	 	  

 
			
	
	ROBERT PERINE

 
			
		
	By:	 	  

 
			
	
	JEFFREY SWEETSER

 
			
		
	By:	 	  

 
			
	
	SERGE TOPJIAN

 
			
		
	By:	 	  

 
			
	
	AMY YEH
		
	By:	 	  

 [Signature Page to QL Holdings LLC Fourth A&R LLC Agreement] 

 
			
	PUBCO, solely for purposes of Section 3.01(b), Section 3.01(c),
Section 3.02(b), Section 3.02(d), Section 3.02(e), Article 13,
Section 14.09 and Section 14.10:
	
	MEDIAALPHA, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to QL Holdings LLC Fourth A&R LLC Agreement] 

 Exhibit A 
  

							
	 Name and Address of Member
	  	 Number of
Class A-1
 Units
	  	 Number of
Class B-1
 Units
	  	 Percentage Interest

				
	 Guilford Holdings, Inc. 
[●]
	  	[●]	  	0	  	[●]%
				
	 Insignia
	  		  		  	
				
	 Insignia QL Holdings, LLC

c/o Insignia Capital Group

1333 California Blvd, Suite 520

Walnut Creek, CA 94596

Attention: Tony Broglio
	  	0	  	[●]	  	[●]%
				
	 Insignia A QL Holdings, LLC

c/o Insignia Capital Group

1333 California Blvd, Suite 520

Walnut Creek, CA 94596

Attention: Tony Broglio
	  	0	  	[●]	  	[●]%
				
	 Management Parties
	  		  		  	
				
	 Steven Yi
	  	0	  	[●]	  	[●]%
				
	 OBF Investments, LLC
	  	0	  	[●]	  	[●]
				
	 O.N.E. Holdings LLC

7607 224th Ave. NE

Redmond, WA 98053

Attention: Eugene Nonko
	  	0	  	[●]	  	[●]
				
	 Wang Family Investments LLC

[●]

Attention: Ambrose Wang
	  	0	  	[●]	  	[●]
				
	 QuoteLab Holdings, Inc.

700 S. Flower St., Suite 640

Los Angeles, CA 90017

Attention: Steven Yi
	  	0	  	[●]	  	[●]

							
	 Keith Cramer
	  	0	  	[●]	  	[●]
				
	 Tigran Sinanyan
	  	0	  	[●]	  	[●]
				
	 Lance Martinez
	  	0	  	[●]	  	[●]
				
	 Brian Mikalis
	  	0	  	[●]	  	[●]
				
	 Robert Perine
	  	0	  	[●]	  	[●]
				
	 Jeffrey Sweetser
	  	0	  	[●]	  	[●]
				
	 Serge Topjian
	  	0	  	[●]	  	[●]
				
	 Amy Yeh
	  	0	  	[●]	  	[●]
				
	 Total
	  	[●]	  	[●]	  	100%

 [Signature Page to QL Holdings LLC Fourth A&R LLC Agreement] 

 Exhibit B 
  

			
	 Name
	  	 Title

	 [●]
	  	 [●]

	 [●]
	  	 [●]

	 [●]
	  	 [●]

	 [●]
	  	 [●]

	 [●]
	  	 [●]

 Schedule I 

[Schedule of Legacy Profits Interest Holders]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]