Document:

EX-10.1

 Exhibit 10.1 

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

CERTAIN OTHER PERSONS NAMED HEREIN, 

and 
 THE AGENT 

DATED AS OF 
 JANUARY 29,
2021 

 TABLE OF CONTENTS 

 

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

  
 ii 

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

  
 iii 

 EXECUTION VERSION 

TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of January 29, 2021, is hereby entered into by and among
Shoals Technologies Group, Inc., a Delaware corporation (the “Corporation”), Shoals Parent LLC, a Delaware limited liability company (the “Company”), Oaktree Power Opportunities Fund IV (Delaware) Holdings, L.P., a
Delaware limited partnership (“Oaktree Power”), Dean Solon, an individual (together with his Affiliates, the “Founder”), each of the Exchange TRA Holders from time to time party hereto, each of the Reorganization
TRA Holders from time to time party hereto (and, together with the Exchange TRA Holders, the “TRA Holders”), and the Agent. 

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

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

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

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

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

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

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

ARTICLE I 
 DEFINITIONS 

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

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

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

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

  
 2 

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

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

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

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

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

  
 3 

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

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

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

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

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

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

  
 4 

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

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

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

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

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

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

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

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

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

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

“Corporation Letter” means a letter prepared by the Corporation in connection with the performance of its obligations under
this Agreement, which states that the relevant Schedules, notices or other information to be provided by the Corporation to the Agent, along 

  
 5 

 
with all supporting schedules and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a
reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other information were delivered by the Corporation to the Agent. Such letter shall identify any material assumptions or operating procedures or
principles that were used for purposes of the underlying calculations. 
 “Corporation Return” means the U.S.
federal and/or state and local Tax Return of the Corporation (including any consolidated group of which the Corporation is a member, as further described in Section 7.13(a)) filed with respect to any Taxable Year. 

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

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

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

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

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

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

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

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

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

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

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

  
 6 

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

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

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

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

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

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

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

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

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

  
 7 

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

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

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

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

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

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

“Schedule” means any of the following: (i) an Exchange Schedule, (ii) a Closing Date Basis Schedule, (iii) a
Tax Benefit Schedule or (iv) the Early Termination Schedule. 
 “Senior Obligations” has the meaning set forth in
Section 5.1. 
 “Subsidiaries” means, with respect to any Person, as of the date of any
determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of
such Person. 

  
 8 

 “Tax Benefit Payment” has the meaning set forth in
Section 3.1(b). 
 “Tax Benefit Schedule” has the meaning set forth in
Section 2.3(a). 
 “Tax Proceeding” has the meaning set forth in
Section 6.1. 
 “Tax Return” means any return, declaration, report or similar statement filed or
required to be filed with respect to Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

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

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

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

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

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

  
 9 

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

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

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

  
 10 

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

Section 2.3 Tax Benefit Schedule. 

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

  
 11 

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

Section 2.4 Procedure: Amendments. 

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

  
 12 

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

TAX BENEFIT PAYMENTS 

Section 3.1 Payments. 

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

  
 13 

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

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

  
 14 

 Section 3.4 Coordination of Benefits. (a) If for any reason
the Corporation does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then (i) the Corporation will pay the same proportion of each Tax Benefit Payment
due to each TRA Holder in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable
Years have been made in full. 
 (b) To the extent the Corporation makes a payment to a TRA Holder in respect of a particular Taxable Year
under Section 3.1(a) (taking into account Section 3.3 and Section 3.4(a), but excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of
such payment that should have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder has foregone an amount
of payments equal to such excess and (ii) the Corporation will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a
payment is due under this Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a) (taking into account Section 3.3 and Section 3.4(a),
but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder. 

ARTICLE IV 
 TERMINATION

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

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

  
 15 

 Section 4.3 Breach of Agreement. 

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

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

  
 16 

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

Section 4.5 Payment upon Early Termination. 

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

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

 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

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

  
 17 

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

ARTICLE VI 

PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporation’s Tax Matters. Except as
otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation, including without limitation preparing, filing or amending any Tax Return and defending, contesting
or settling any issue pertaining to Taxes of the Corporation. Notwithstanding the foregoing, the Corporation (i) shall notify the Agent of, and keep the Agent reasonably informed with respect to, the portion of any audit, examination, or any
other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporation by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of the TRA Holders under this Agreement,
(ii) shall provide the Agent with reasonable opportunity to provide information and other input to the Corporation and its advisors concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter
into any settlement with respect to any such portion of a Tax Proceeding that could have a material effect on the TRA Holders’ rights (including the right to receive payments) under this Agreement without the written consent of the Agent, such
consent not to be unreasonably withheld, conditioned or delayed; provided, however, that the Corporation shall not be required to take any action, or refrain from taking any action, that is inconsistent with any provision of the LLC
Agreement; provided, further, that, notwithstanding anything to the contrary contained herein, the Corporation shall prepare, file, and/or amend all Tax Returns in accordance with applicable law (including with respect to the
calculation of taxable income and any calculations required to be made under this Agreement) and nothing in this Agreement shall prevent the Agent or any TRA Holder from disputing such Tax matters in accordance with
Section 7.9. 
 Section 6.2 Consistency. The Corporation and the TRA Holders
agree to report and cause to be reported for all purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis
Adjustments, Imputed Interest, and each Tax Benefit Payment) in a manner consistent with that set forth in any Schedule required to be provided by or on behalf of the Corporation under this Agreement, as finally determined pursuant to
Section 2.4 unless otherwise required by applicable law. If the Corporation and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30) calendar
days, the Corporation and such TRA Holder shall employ the Reconciliation Procedures under Section 7.9. 

Section 6.3 Cooperation. Each TRA Holder shall (i) furnish to the Corporation in a timely manner such
information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any Tax
Proceeding, (ii) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its representatives may reasonably request in connection with
any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporation shall reimburse the TRA Holder for any reasonable third-party costs and expenses incurred pursuant to this
Section 6.3. 

  
 18 

 ARTICLE VII 

MISCELLANEOUS 

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

If to the Corporation or the Company, to: 

Shoals Technologies Group, Inc. 

1400 Shoals Way 
 Portland, TN
37148 
 Attention: Dr. Philip Garton 

E-mail: philip.garton@shoals.com 

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

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Attention: Joshua N. Korff, P.C. and Michael Kim, P.C. 

E-mail: joshua.korff@kirkland.com; michael.kim@kirkland.com 

If to a TRA Holder other than the Agent, to the address set forth in the records of the Company. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.2 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
 19 

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

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

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

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

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

  
 20 

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

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

  
 21 

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

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

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

  
 22 

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

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

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

  
 23 

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

  
 24 

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

			
	CORPORATION:
	
	Shoals Technologies Group, Inc.
		
	By:	 	 /s/ Jason Whitaker

	Name:	 	Jason Whitaker
	Title:	 	Chief Executive Officer
	
	COMPANY:
	
	Shoals Parent LLC
		
	By:	 	 /s/ Jason Whitaker

	Name:	 	Jason Whitaker
	Title:	 	Chief Executive Officer
	
	AGENT:
	
	Oaktree Power Opportunities Fund IV
	(Delaware) Holdings, L.P.
		
	By:	 	Oaktree Fund GP I, L.P.
	Its:	 	Managing Member
		
	By:	 	 /s/ Peter Jonna

	Name:	 	Peter Jonna
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jason Lee

	Name:	 	Jason Lee
	Title:	 	Authorized Signatory

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

 Exhibit A 

Exchange TRA Holders 
 Dean Solon - 0.4545% 

Solon Holdco I, GP - 15.0000% 
 Solon Holdco II, GP - 30.0000%

 Oaktree Power - 54.5455% 
 Exhibit B

 Reorganization TRA Holders 
 Dean Solon -
0.4545% 
 Solon Holdco I, GP - 15.0000% 
 Solon Holdco II, GP -
30.0000% 
 Oaktree Power - 54.5455% 

 Schedule A - Signatures of TRA Holders 

 

			
	TRA HOLDERS:
	
	Dean Solon
		
	By:	 	 /s/ Dean Solon

	Name:	 	Dean Solon
	
	Solon Holdco I, GP
		
	By:	 	 /s/ Dean Solon

	Name:	 	Dean Solon
	Its:	 	Managing Partner
	
	Solon Holdco II, GP
		
	By:	 	 /s/ Dean Solon

	Name:	 	Dean Solon
	Its:	 	Managing Partner
	
	Oaktree Power Opportunities Fund IV
	(Delaware) Holdings, L.P.
		
	By:	 	Oaktree Fund GP, LLC
	Its:	 	General Partner
		
	By:	 	Oaktree Fund GP I, L.P.
	Its:	 	Managing Member
		
	By:	 	 /s/ Peter Jonna

	Name:	 	Peter Jonna
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jason Lee

	Name:	 	Jason Lee
	Title:	 	Authorized SignatoryEX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

SHOALS TECHNOLOGIES GROUP, INC. 

STOCKHOLDERS AGREEMENT 

Dated January 29, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
		    		  	 	Page	 
			
	 1.
	    	 Definitions
	  	 	2	 
			
	 2.
	    	 Board
	  	 	4	 
	 (a)
	    	Nomination of Directors	  	 	4	 
	 (b)
	    	Vacancies of Directors	  	 	5	 
	 (c)
	    	Nomination of Slate	  	 	5	 
	 (d)
	    	Voting at Meetings of Stockholders	  	 	5	 
	 (e)
	    	Committees	  	 	5	 
	 (f)
	    	Reimbursement of Expenses	  	 	6	 
	 (g)
	    	No Liability for Election of Recommended Directors	  	 	6	 
			
	 3.
	    	 Miscellaneous
	  	 	6	 
	 (a)
	    	Confidentiality	  	 	6	 
	 (b)
	    	Notices	  	 	7	 
	 (c)
	    	Severability	  	 	8	 
	 (d)
	    	Headings and Sections	  	 	8	 
	 (e)
	    	Amendment	  	 	8	 
	 (f)
	    	Waiver	  	 	8	 
	 (g)
	    	Successors and Assigns	  	 	8	 
	 (h)
	    	Counterparts	  	 	9	 
	 (i)
	    	Remedies	  	 	9	 
	 (j)
	    	Governing Law; Venue and Forum	  	 	9	 
	 (k)
	    	Mutual Waiver of Jury Trial	  	 	10	 
	 (l)
	    	No Strict Construction	  	 	10	 
	 (m)
	    	Entire Agreement	  	 	10	 
	 (n)
	    	Delivery by Email	  	 	10	 
	 (o)
	    	Further Action	  	 	10	 
	 (p)
	    	Termination	  	 	10	 
	 (q)
	    	Effectiveness	  	 	11	 

  

  
 i 

 STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT (this “Agreement”) dated as of January 29 2021 among (i) Shoals Technologies Group,
Inc., a Delaware corporation (the “Company”), (ii) Oaktree Power Opportunities Fund IV (Delaware) Holdings, LP, a Delaware limited partnership (the “Oaktree Investor”), (iii) Solon Holdco I, GP, a Delaware general
partnership (“Solon Holdco I”), (iv) Solon Holdco II, GP, a Delaware general partnership (“Solon Holdco II”), (v) Dean Solon (“Solon” and together with Solon Holdco I and Solon Holdco II, the
“Solon Investors” and together with the Oaktree Investor, the “Investor Parties”) and (vi) Shoals Management Holdings LLC, a Delaware limited liability company (“Shoals Management Holdings”).

 WHEREAS, the Oaktree Investor owns Class A Common Stock of the Company and each Solon Investor and Shoals Management Holdings
owns, directly or indirectly, outstanding limited liability company interests in Shoals Parent LLC, a Delaware limited liability company (“Shoals LLC”), which limited liability company interests constitute and are defined as
“Common Units” pursuant to the Third Amended and Restated Limited Liability Company Agreement of Shoals LLC, dated as of the date hereof, as such agreement may be further amended, restated, amended and restated, supplemented or otherwise
modified from time to time (the “LLC Agreement”, and such limited liability company interests, the “Common Units”) 

WHEREAS, the Company is contemplating an offering and sale of the shares of Class A Common Stock in an underwritten initial public
offering (the “IPO”) and using a portion of the net proceeds received from the IPO to purchase Common Units; 
 WHEREAS,
in connection with the IPO, the Company will be a party to a series of reorganization transactions with Shoals LLC and various other parties pursuant to which, among other matters, the Company will hold Common Units and will be admitted as a
member, and appointed as the sole managing member, of Shoals LLC; 
 WHEREAS, in connection with, and prior to, the consummation of
the IPO, it is anticipated that the Investor Parties, the Company, Shoals LLC and Shoals Management Holdings will enter into a series of related transactions pursuant to which, among other things, the Solon Investors and Shoals Management Holdings
will become holders of Class B Common Stock; 
 WHEREAS, immediately following the consummation of the IPO, the Solon Investors
and Shoals Management Holdings will be the record holders of shares of Class B Common Stock; 
 WHEREAS, immediately following
the completion of the IPO, the Company will use a portion of the net proceeds of the IPO to purchase a portion of the Common Units held by the Solon Investors for cash; and 

WHEREAS, in connection with, and effective upon the completion of the IPO (such date of completion, the “IPO Date”),
the Company, the Investor Parties and Shoals Management Holdings wish to set forth certain understandings between such parties, including with respect to certain governance and voting matters. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made and other good and valuable consideration, the
parties hereto hereby agree as follows: 

 1. Definitions. As used in this Agreement, the following terms shall have the
following meanings: 
 “Action” means any claim, charge, demand, action, cause of action, inquiry, audit, suit,
arbitration, indictment, litigation, hearing or other proceeding (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private). 

“Affiliate” means, when used with reference to another Person, any Person, directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control with, such other Person. In addition, Affiliates of an Investor Party or Shoals Management Holdings shall include all of its partners, officers and employees in their capacities as
such. 
 “Agreement” has the meaning set forth in the introductory paragraph. 

“Authorized Recipients” has the meaning set forth in Section 3(a). 

“Board” means the Company’s board of directors. 

“Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or required to close. 
 “Bylaws” means the bylaws of the Company, as in effect on the IPO Date and as
may be amended from time to time. 
 “CEO Director” has the meaning set forth in
Section 2(a)(iii). 
 “Certificate of Incorporation” means the certificate of incorporation of
the Company, as in effect on the IPO Date and as may be amended from time to time. 
 “Chosen Courts” has the meaning set
forth in Section 3(j). 
 “Class A Common Stock” means the class A common
stock, par value $0.00001 per share, of the Company. 
 “Class B Common Stock” means the class B common
stock, par value $0.00001 per share of the Company. 
 “Common Stock” means the Class A Common Stock and the
Class B Common Stock. 
 “Company” has the meaning set forth in the introductory paragraph. 

“Confidential Information” has the meaning set forth in Section 3(a). 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of company securities, by contract or otherwise. 
 “Controlled Affiliate”
of any Person means any Affiliate that directly or indirectly, through one or more intermediaries, is Controlled by such Person. 

“Directors” means the directors of the Company at the applicable time. 

“Equity Securities” means, as applicable, (a) Common Stock; or (b) any equity securities directly or indirectly
convertible into or exchangeable for any voting securities of the Company. 

  
 2 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended,
and any applicable rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having jurisdiction over the Company or any of its Subsidiaries or any of the property or
other assets of the Company or any of its Subsidiaries. 
 “Independent Director” has the meaning set forth in
Section 2(a)(iv). 
 “Investor Parties” has the meaning set forth in the introductory paragraph.

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

“IPO Date” has the meaning set forth in the recitals. 

“Oaktree Director(s)” has the meaning set forth in Section 2(a)(i). 

“Oaktree Group” means the Oaktree Investor and its Affiliates. 

“Oaktree Investor” has the meaning set forth in the introductory paragraph. 

“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an
exempted company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof and as may be amended
from time to time, by and among the Company, the Investor Parties and the other parties thereto. 
 “Restricted Shares”
means shares of Common Stock awarded under the Company’s Equity Incentive Plan, subject to time and performance vesting restrictions. 

“SEC” has the meaning set forth in Section 2(e). 

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

“Shoals LLC” has the meaning set forth in the recitals. 

“Shoals Management Holdings” has the meaning set forth in the introductory paragraph. 

“Solon” has the meaning set forth in the introductory paragraph. 

“Solon Director” has the meaning set forth in Section 2(a)(ii). 

“Solon Holdco I” has the meaning set forth in the introductory paragraph. 

“Solon Holdco II” has the meaning set forth in the introductory paragraph. 

“Solon Investor” has the meaning set forth in the introductory paragraph. 

  
 3 

 “Stockholders” means holders of Common Stock of the Company. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity (other
than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing member, general partner or analogous controlling Person of such limited liability company, partnership, association or
other business entity. Unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Transfer” means any direct or indirect sale, transfer, assignment, offer, pledge, charge, mortgage, exchange, hypothecation,
grant of participation interest in, grant of a security interest or other direct or indirect disposition or encumbrance of legal title to or any beneficial interest in any Equity Security, as the case may be (all of the foregoing, whether with or
without consideration, whether voluntarily or involuntarily or by operation of law). 
 2. Board. 

(a) Nomination of Directors. Notwithstanding anything herein to the contrary, following the IPO Date: 

(i) For so long as the Oaktree Investor owns, directly or indirectly, in the aggregate, at least: 

(1) 20% of the outstanding Equity Securities of the Company that are not Restricted Shares, the Oaktree Investor shall have the
right, but not the obligation, to nominate to the Board Directors three (3) Directors, who shall initially be the following individuals: Jason Lee, Peter Jonna and Frank Cannova 

(2) 15% of the outstanding Equity Securities of the Company that are not Restricted Shares, but less than 20% of the
outstanding Equity Securities of the Company that are not Restricted Shares, the Oaktree Investor shall have the right, but not the obligation, to nominate to the Board two (2) Directors; and 

(3) 10% of the outstanding Equity Securities of the Company that are not Restricted Shares, but less than 15% of the
outstanding Equity Securities of the Company that are not Restricted Shares, the Oaktree Investor shall have the right, but not the obligation, to nominate to the Board one (1) Director. 

Any such Director(s) shall be the “Oaktree Director” or “Oaktree Directors,” as applicable. 

(ii) For so long as the Solon Investors own, directly or indirectly, in the aggregate, at least 10% of the outstanding Equity Securities of the
Company that are not Restricted Shares, the Solon Investors shall have the right, but not the obligation, to nominate to the Board one (1) Director, who shall initially be Dean Solon. Any such Director shall be the “Solon
Director.” 

  
 4 

 (iii) The Company’s chief executive officer shall be a Director, which shall initially
be Jason Whitaker. Any such Director shall be the “CEO Director.” 
 (iv) Any remaining Directors shall be
“Independent Directors”, and the initial Independent Directors shall be Brad Forth (who shall be the initial Chairman of the Board) and Peter Wilver. Any Independent Director shall not be deemed to be an Oaktree Director or Solon
Director. 
 Subject to the Directors’ fiduciary duties, the Board shall include in the slate of nominees recommended by the Board, the Persons
designated pursuant to Section 2(a). 
 (b) Vacancies of Directors. Unless the Board otherwise requests, the
office of a Director shall be vacated in the event of a reduction in the number of available Oaktree Director or Solon Director designations in accordance with the provisions of Section 2(a), respectively, in which case the
Oaktree Investor or the Solon Investors, as the case may be, shall use its best efforts to obtain the resignation of its designee(s) from the Board and any committee on which such Director serves. In the event that a vacancy is created at any time
by the death, disability, removal or resignation of any Director designated pursuant to this Section 2, subject to their fiduciary duties under applicable law, the remaining Directors shall cause the vacancy created thereby
to be filled, (1) in the case of a vacancy created by an Oaktree Director, by a new designee of the Oaktree Investors, (2) in the case of a vacancy created by a Solon Director, by a new designee of the Solon Investors, (3) in the case
of a vacancy created by the Chief Executive Officer, by a replacement Chief Executive Officer, and (4) in the case of a vacancy created by an Independent Director, by a person identified by the Board (with the assistance of the Nominating and
Corporate Governance Committee or similar committee of the Board) and nominated by the Nominating and Corporate Governance Committee or a similar committee of the Board, and the Company agrees to take, at any time and from time to time, all actions
necessary to cause any vacancies to be filled pursuant to this Section 2(b); provided, that notwithstanding the foregoing, in the absence of any designation from the Oaktree Investor and/or Solon Investors holding
the right to designate a Director as specified above, the Director previously designated by them and then serving shall be reelected if still eligible and willing to serve as provided herein and otherwise, such Board seat shall remain vacant. 

(c) Nomination of Slate. At each meeting of the Stockholders of the Company at which Directors of the Company are to be elected, the
Company agrees to use its best efforts to cause the election of the slate of nominees recommended by the Board which, subject to the Directors’ fiduciary duties, will include the Persons designated pursuant to
Section 2(a)). 
 (d) Voting at Meetings of Stockholders. Each of the Investor Parties and Shoals Management
Holdings, so long as such party holds Equity Securities of the Company, agrees to vote, and to procure the vote of its Affiliates, to vote in person or by proxy, or to act by written consent (if applicable) with respect to all Equity Securities of
the Company having the right to vote for the election of Directors beneficially owned by it to cause the election of the Persons designated pursuant to Section 2(a). 

(e) Committees. Subject to applicable law, the Board may delegate any of its power and authority to manage the business and affairs of
the Company to any standing or special committee upon such terms as it sees fit as permitted by law and as set forth in the resolutions creating such committee. As of January 19, 2021, the Board has designated the following committees: the
Audit Committee, the Nominating and Corporate Governance Committee and the Compensation Committee. As of the IPO Date, the Audit Committee, the Nominating and Corporate Governance Committee and the Compensation Committee shall be comprised of the
persons identified in the section entitled “Management – 

  
 5 

 
Committees of Our Board of Directors” in the Company’s Registration Statement on Form S-1, originally filed with the U.S. Securities and Exchange
Commission (the “SEC”) on December 30, 2020 (File No. 333-251830), under the Securities Act of 1933, as amended (such Registration Statement, as amended or supplemented and including
the exhibits thereto, is hereinafter referred to as the “Registration Statement”). For so long as the Oaktree Investor is entitled to designate one or more Directors pursuant to Section 2(a), the Oaktree Investor
shall be entitled to designate at least one member of each committee of the Board; provided, that, any special committee established to evaluate any transaction in which the Oaktree Group has an interest which is in conflict with the
interests of the Company shall not include any Director designated by the Oaktree Investor. It is understood by the parties hereto that the Oaktree Investor shall not be required to have its Directors represented on any committee and any failure to
exercise such right in this section in a prior period shall not constitute any waiver of such right in a subsequent period. Each committee shall keep regular minutes and report to the Board when required. 

(f) Reimbursement of Expenses. Any Director who is not an employee of the Company or any of its Subsidiaries shall be entitled to cash
and/or equity compensation and is eligible to participate in Company equity plans and indemnification in connection with his or her role as a director, and each Oaktree Director and each Solon Director shall be entitled to reimbursement for
documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board, or any committees thereof and meetings of the Stockholders of the Company (if
attending in their capacity as a Director at the request of the Board). 
 (g) No Liability for Election of Recommended Directors.
None of the Company, the Investor Parties Shoals Management Holdings, nor any officer, director, stockholder, partner, employee or agent of any such party, makes any representation or warranty as to the fitness or competence of the nominee of any
party hereunder to serve on the Board by virtue of such party’s execution of this Agreement or by the act of such party in voting for such nominee pursuant to this Agreement. 

3. Miscellaneous. 
 (a)
Confidentiality. 
 (i) Each Investor Party and Shoals Management Holdings agrees to hold, and to use its reasonable efforts to cause
its authorized representatives to hold, in strict confidence, the books and records of the Company and all information relating to the Company’s properties, operations, financial condition or affairs, in each case, which are furnished to it
pursuant to the terms of this Agreement, including to a Director appointed in accordance with this Agreement (collectively, the “Confidential Information”). Notwithstanding anything herein to the contrary, Confidential Information
shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by an Investor Party or Shoals Management Holdings, (ii) is or becomes available to an Investor
Party, Shoals Management Holdings, or any of their respective Authorized Recipients (as defined below) on a nonconfidential basis from a third-party source, which source, to the knowledge of such Investor Party or Shoals Management Holdings, as
applicable, is not bound by a legal duty of confidentiality to the Company in respect of such Confidential Information, or (iii) is independently developed by an Investor Party or its Authorized Recipients. Notwithstanding anything herein to
the contrary, an Investor Party or Shoals Management Holdings may disclose any Confidential Information to (x) any of its representatives and (y) any Affiliates (the persons in clauses (x) and (y), collectively, the
“Authorized Recipients”). If an Investor Party, Shoals Management Holdings or any of their respective Authorized Recipients is required or requested by law or regulation or any legal or judicial process to disclose any Confidential
Information, if disclosure of Confidential Information is required by any Governmental Entity having authority over such Investor Party, Shoals Management Holdings or Authorized Recipient, or if disclosure of Confidential Information is required in
connection with the tax affairs of such Investor Party, Shoals Management Holdings or Authorized Recipient, such Investor Party or Authorized Recipient or Shoals Management Holdings, as the case may be, may disclose only such portion of such
Confidential Information as may be required or requested without liability hereunder. 

  
 6 

 (ii) For the avoidance of doubt, any Oaktree Director and any Solon Director may disclose
any information about the Company and its Subsidiaries received by such Oaktree Director or Solon Director (whether or not in his/her capacity as a Director of the Company) to, in the case of an Oaktree Director, the other Oaktree Directors and to
the Oaktree Investor, and, in the case of a Solon Director, the Solon Investor, provided that any such information disclosed that would otherwise constitute Confidential Information shall be treated by the Oaktree Investors and the Solon Investors,
as applicable, in accordance with this Section 3(a)(ii). 
 (b) Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) one (1) Business Day
after being sent to the recipient by reputable overnight courier service (charges prepaid) or (c) transmitted, if sent by email transmission before 5:00 p.m. New York time on a Business Day, and otherwise on the next Business Day. Such notices,
demands and other communications shall be sent to the Company and the Investor Parties at the addresses indicated below or, in each case, to any such other address or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party. 
 If to the Company or Shoals Management Holdings, to: 

Shoals Technologies Group, Inc. 

1400 Shoals Way 

Portland, Tennessee 37148 

Attn: Chief Executive Officer and General Counsel 

Email: Jason.Whitaker@shoals.com; Mehgan.Peetz@shoals.com 

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

Kirkland & Ellis LLP 

601 Lexington Avenue 

New York, New York 10022 

Attn: Joshua N. Korff, P.C.; Michael Kim, P.C. 

Facsimile: (212) 446-4800 

E-mail: jkorff@kirkland.com; michael.kim@kirkland.com 

If to the Oaktree Investor, to: 

c/o Oaktree Capital Management, L.P. 

11611 San Vicente Blvd., Suite 700 

Los Angeles, CA 90049 

Attention: Peter Jonna 

Email: pjonna@oaktreecapital.com 

  
 7 

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

Kirkland & Ellis LLP 

2049 Century Park East, Suite 3700 

Los Angeles, CA 90067 

Attn: Tana M. Ryan, P.C. 

E-mail: tryan@kirkland.com 

If to the Solon Investor, to: 

Address on file with the Company 

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

Bass, Berry & Sims PLC 

150 Third Avenue South, Suite 2800 

Nashville, TN 37201 

Attention: David Cox 

Email: dcox@bassberry.com 

(c) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(d) Headings and Sections. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa. The use of the words “including” or “include” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such agreement, document or instrument
as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “or,” “either” and “any” shall not be exclusive. 

(e) Amendment. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company
and if such amendment, supplement or modification has an adverse effect that is material to a party hereto, the execution of such party. No wavier by any party of any of the provisions hereof will be effective unless explicitly set forth in writing
and executed by the party so waiving. The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 

(f) Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. Any waiver by the Company or any Investor Party of any covenant, duty,
agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall only be effective if executed in writing by the party making such waiver. 

(g) Successors and Assigns. All covenants and agreements contained in this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns; provided, that no Person claiming by, through or under a party (whether as such party’s successor in interest or otherwise), as distinct from such party itself,
shall have any rights as, or in respect to, a party to this Agreement (including the right to approve or vote on any matter or to notice thereof). 

  
 8 

 
Notwithstanding anything herein to the contrary, each of the Investor Parties and Shoals Management Holdings (and any subsequent Permitted Transferee (as defined in the LLC Agreement) thereof,
including in the case of Shoals Management Holdings, any LLC Employee (as defined in the LLC Agreement) to whom any shares of Common Stock or Common Units are distributed by Shoals Management Holdings) shall cause any of their respective Permitted
Transferees of the Class B Common Stock or Common Units (as defined in the LLC Agreement), or, any of their Affiliates that receives shares of Class A Common Stock (whether through a transfer, or via the exchange and redemption provisions
of the LLC Agreement), as applicable, to become a party to this Agreement by executing a joinder to this Agreement in substantially the form attached hereto as Exhibit A, as a pre-condition to the
effectiveness of such transaction. For the avoidance of doubt, for purposes of (a) determining whether any party meets any threshold contained herein which is based on ownership of shares of Class A Common Stock and/or Class B Common
Stock, (b) any provisions that require the parties hereto to vote or take any other actions with respect to any shares of Class A Common Stock and/or Class B Common Stock, such determinations or provisions shall be deemed to include
all shares of Class A Common Stock and/or Class B Common Stock held by any Permitted Transferee or affiliate of any Investor Party or Shoals Management Holdings (or subsequent Permitted Transferee thereof) that becomes party to this
Agreement pursuant to this Section 3(g); provided, however, that for purposes hereof, in no event shall (x) beneficial ownership of shares of Class A Common Stock by one party hereto be counted towards the
beneficial ownership of shares of Class A Common Stock of any other party hereto solely as a result of such parties being in the same “group” (as defined in the Exchange Act) or party to this Agreement and (y) any party hereto by
considered an affiliate of any other party hereto solely by virtue of being in the same “group” (as defined in the Exchange Act) party to this Agreement. 

(h) Counterparts. This Agreement may be executed simultaneously in two or more separate counterparts, any one of which need not contain
the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

(i) Remedies. Each party hereto shall have all rights and remedies set forth in this Agreement and all rights and remedies which such
Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any applicable law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated
hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. It is agreed and
understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall
be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

(j) Governing Law; Venue and Forum. This Agreement and the exhibits and schedules hereto shall be governed by, and construed in
accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware
declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if both the Court of Chancery of the State of Delaware and the federal courts within the State of Delaware decline to accept jurisdiction
over a particular matter, any other state court within the State of Delaware, and, in each case, any appellate court therefrom (together, the “Chosen Courts”), for the purposes of any Action arising out of this Agreement (and agrees
that no such Action relating to this 

  
 9 

 
Agreement shall be brought by it or any of its Subsidiaries except in such courts). Each of the parties further agrees that, to the fullest extent permitted by applicable law, service of any
process, summons, notice or document by U.S. registered mail to such person’s respective address set forth in Section 3(b) shall be effective service of process for any Action in the State of Delaware with respect to
any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the parties hereto irrevocably and unconditionally waives (and agrees not to plead or claim), any objection to the laying of
venue of any Action arising out of this Agreement or any of the other transactions contemplated by this Agreement in the Chosen Courts, or that any such Action, brought in any such court has been brought in an inconvenient forum. 

(k) Mutual Waiver of Jury Trial. As a specifically bargained inducement for each of the parties to enter into this Agreement (with each
party having had opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal proceeding relating to or arising in any way from this Agreement or the transactions contemplated
herein, and any lawsuit or legal proceeding relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction by a judge sitting without a jury. 

(l) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

(m) Entire Agreement. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof. There
are no other agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. 

(n) Delivery by Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of email with scan, shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or
email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of email as a defense to the formation or enforceability of a contract, and each such party forever waives any
such defense. 
 (o) Further Action. The parties agree to execute and deliver all documents, provide all information and take or
refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 (p) Termination.
This Agreement shall terminate as it relates to each Investor Party and Shoals Management Holdings at such time as such Investor Party or Shoals Management Holdings ceases to own any Equity Securities of the Company, except that such termination
shall not affect (i) rights perfected or obligations incurred by such Investor Party under this Agreement prior to such termination, and (ii) rights or obligations expressly stated to survive such cessation of ownership of Equity
Securities of the Company, provided further that any rights of the Investor Parties and Shoals Management Holdings’ under the Registration Rights Agreement shall survive in accordance with the terms of the Registration Rights Agreement; and
provided further that any indemnification rights of the Investor Parties shall survive such termination. 

  
 10 

 (q) Effectiveness. This Agreement shall become effective upon completion of the IPO
on the IPO Date; provided, that this Agreement shall be of no force and effect (i) prior to the completion of IPO and (ii) if the IPO has not been consummated within ten (10) Business Days from the date of this Agreement. 

[Signature pages follow] 
  

  
 11 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date
first above written. 
  

			
	SHOALS TECHNOLOGIES GROUP, INC.
		
	By:	 	 /s/ Jason Whitaker

			
	        Name:	 	Jason Whitaker
	        Title:	 	Chief Executive Officer

 [Signature Page to Stockholders Agreement] 

 
			
	OAKTREE POWER OPPORTUNITIES FUND IV (DELAWARE) HOLDINGS, L.P.
	
	By: Oaktree Fund GP, LLC
	Its: General Partner
	
	By: Oaktree Fund GP I, L.P.
	Its: Managing Member
		
	By:	 	 /s/ Jason Lee

		 	Name:   Jason Lee
		 	Title:     Authorized Signatory
		
	By:	 	 /s/ Peter Jonna

		 	Name:   Peter Jonna
		 	Title:     Authorized Signatory

 [Signature Page to Stockholders Agreement] 

 
			
	DEAN SOLON
		
	By:	 	 /s/ Dean Solon

	
	SOLON HOLDCO I, GP
		
	By:	 	 /s/ Dean Solon

		 	Name:   Dean Solon
		 	Title:     Partner
	
	SOLON HOLDCO II, GP
		
	By:	 	 /s/ Dean Solon

		 	Name:   Dean Solon
		 	Title:     Partner

 [Signature Page to Stockholders Agreement] 

 
			
	SHOALS MANAGEMENT HOLDINGS LLC
	
	By: Shoals Parent LLC
	Its: Manager
		
	By:	 	 /s/ Jason Whitaker

		 	Name:   Jason Whitaker
		 	Title:     Chief Executive Officer

 [Signature Page to Stockholders Agreement] 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of [_________], 20[__] (this “Joinder”), is delivered pursuant to that certain Stockholders
Agreement, dated as of January ____, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Stockholders Agreement”) of Shoals Technologies Group, Inc., a Delaware corporation
(the “Company”), by and among the Company and the parties signatory thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Stockholders Agreement. 

 

	1.	 Joinder to the Stockholders Agreement. Upon the execution of this Joinder by the undersigned and
delivery hereof to the Company, the undersigned hereby becomes a party to the Stockholders Agreement, with all the rights, privileges and responsibilities of [the Oaktree Investor // a Solon Investor // Shoals Management Holdings] thereunder. The
undersigned hereby agrees that it shall comply with and be fully bound by the terms of the Stockholders Agreement as if it had been a signatory thereto as of the date thereof. 

 

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

  

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

 [Name] 

[Address] 
 [City, State, Zip
Code] 
 Attn: Facsimile: 
 E-mail: 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first
above written. 
  

			
	[NAME OF PARTY]
	By:	 	
                     
                    

 
			
	Name:	 	
	Title:	 	

 Acknowledged and agreed 

as of the date first set forth above: 
 SHOALS TECHNOLOGIES
GROUP, INC. 
  

			
	By:	 	
                     
        

			
	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]