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Document

Exhibit 10.5.3
EXECUTION VERSION

______________________________________________________________________
PURCHASE AND CONTRIBUTION AGREEMENT
by and among
TRINITY RAIL LEASING WAREHOUSE TRUST,
TRINITY INDUSTRIES LEASING COMPANY
and
TRINITY RAIL LEASING 2021 LLC
Dated as of June 30, 2021

______________________________________________________________________

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	ARTICLE I	DEFINITIONS	1
		Section 1.1		General	1
		Section 1.2		Specific Terms	2
	ARTICLE II	CONVEYANCE OF THE RAILCARS AND LEASES	4
		Section 2.1		Conveyance of the Railcars and Leases	4
	ARTICLE III	CONDITIONS OF CONVEYANCE	6
		Section 3.1		Conditions Precedent to Conveyance	6
		Section 3.2		Conditions Precedent to All Conveyances	7
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES	8
		Section 4.1		Representations and Warranties of TRLWT Seller - General	8
		Section 4.2		Representations and Warranties of TILC Seller - General	10
		Section 4.3		Representations and Warranties of TILC - Assets	12
		Section 4.4		Representations and Warranties of the Purchaser	14
		Section 4.5		Indemnification	16
		Section 4.6		Special Indemnification by TILC regarding Exercise of Setoff by Customers	18
	ARTICLE V	COVENANTS OF SELLER	18
		Section 5.1		Protection of Title of the Purchaser	18
		Section 5.2		Other Liens or Interests	20
	ARTICLE VI	MISCELLANEOUS	20
		Section 6.1		Amendment	20
		Section 6.2		Notices	21
		Section 6.3		Merger and Integration	21
		Section 6.4		Severability of Provisions	21
		Section 6.5		Governing Law	21
		Section 6.6		Counterparts	22
		Section 6.7		Binding Effect; Assignability	22
		Section 6.8		Third Party Beneficiaries	22
		Section 6.9		Term	23

EXHIBITS

						
	EXHIBIT A	FORM OF BILL OF SALE
	EXHIBIT B	FORM OF ASSIGNMENT AND ASSUMPTION
	EXHIBIT C	FORM OF DELIVERY SCHEDULE

PURCHASE AND CONTRIBUTION AGREEMENT
THIS PURCHASE AND CONTRIBUTION AGREEMENT is made as of June 30, 2021 (this “Agreement”) by and among TRINITY RAIL LEASING WAREHOUSE TRUST, a Delaware statutory trust (“TRLWT” or the “TRLWT Seller”), TRINITY INDUSTRIES LEASING COMPANY, a Delaware corporation (“TILC” or the “TILC Seller”; TRLWT, and TILC are sometimes hereinafter collectively referred to as the “Sellers” or individually as a “Seller”) and TRINITY RAIL LEASING 2021 LLC, a Delaware limited liability company (the “Purchaser”).
W I T N E S S E T H:
WHEREAS, the Purchaser has agreed to purchase from the Sellers from time to time, and the Sellers have agreed to Sell (as hereinafter defined) to the Purchaser from time to time, certain of its Railcars, related Leases and Related Assets (each as hereinafter defined) related thereto on the terms set forth herein.
WHEREAS, during the period prior to their sale hereunder, TILC has acted as manager and servicing agent for TRLWT, pursuant to the TRLWT Management Agreement (as hereinafter defined), with respect to the Railcars, related Leases and Related Assets that TRLWT may Sell from time to time hereunder (TILC in such capacity, the “TRLWT Manager”).
WHEREAS, TILC may also wish from time to time to conduct a Sale/Contribution (as hereinafter defined) of certain of its Railcars, related Leases and Related Assets and the Purchaser may wish to purchase from and accept such contribution to the capital of the Purchaser on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Purchaser and each Seller intending to be legally bound, hereby agree as follows:
ARTICLE I
  DEFINITIONS
Section 1.1    General.  The specific terms defined in this Article include the plural as well as the singular.  Words herein importing a gender include the other gender.  References herein to “writing” include printing, typing, lithography, and other means of reproducing words in visible form.  References to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms.  References herein to Persons include their successors and assigns permitted hereunder or under the Master Indenture (as defined herein).  The terms “include” or “including” mean “include without limitation” or “including without limitation”.  The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit references, 
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unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement.  Capitalized terms used herein, but not defined herein shall have the respective meanings assigned to such terms in the Master Indenture.
Section 1.2    Specific Terms.  Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:
“Appraised Value” means the appraised value of a Railcar as set forth in the Appraisal thereof.
“Assignment and Assumption” means an Assignment and Assumption executed by the applicable Seller, with countersignature block set forth thereon for execution by the Purchaser, substantially in the form of Exhibit B attached hereto.
“Bill of Sale” means a Bill of Sale executed by a Seller substantially in the form of Exhibit A attached hereto.
“Contribution” has the meaning set forth in Section 2.1(a).
“Convey” means to Sell and/or conduct a Sale/Contribution of Railcars, related Leases and Related Assets hereunder.
“Conveyance” means, collectively, a Sale and/or Sale/Contribution of Railcars, related Leases and Related Assets by a Seller to the Purchaser.
“Delivery Schedule” means a schedule, substantially in the form of the initial schedule delivered on the Closing Date and attached as Exhibit C hereto, in each case duly executed and delivered by a Seller to the Purchaser on a Delivery Date, which shall identify the Railcars to be Conveyed on such Delivery Date and identify each Lease relating to any such Railcar.
“Excluded Amounts” has the meaning set forth in Section 4.5(a).
“Indemnified Person” has the meaning set forth in Section 4.5(a).
“Master Indenture” means the Master Indenture between the Purchaser, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of the date hereof, as supplemented or amended from time to time.
“Miscellaneous Items” means receivables, prepaid expenses, current assets, deferred origination costs, receivables, deferred tax assets, non-current assets, accounts payable and accrued liabilities, deferred tax liabilities, unearned contract revenue, accrued interest, accrued professional fees, and accrued property and casualty insurance.
“Purchase Price” means, with respect to any Railcars, related Leases and Related Assets conveyed to the Purchaser from time to time pursuant hereto, an amount equal to the aggregate Appraised Value of the Railcars so Conveyed.
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“Purchaser” has the meaning specified in the Preamble.
“Related Assets” means, with respect to any Railcar or Lease that is Conveyed hereunder on any Delivery Date, all of the applicable Seller’s right, title and interest in and to the following (as applicable):
(a)with respect to such Railcar, (i) all licenses, manufacturer’s warranties and other warranties, Supporting Obligations, Payment Intangibles, Chattel Paper, General Intangibles and all other rights and obligations related to such Railcar, (ii) all Railroad Mileage Credits allocable to such Railcar and any payments in respect of such credits accruing on or after the applicable Delivery Date, (iii) all tort claims or any other claims of any kind or nature related to such Railcar and any payments in respect of such claims, (iv) all Marks attaching to such Railcar (including as evidenced by any SUBI Certificate issued by the Marks Company), it being understood that the Marks are owned by the Marks Company and are not being conveyed hereby, (v) all other payments owing by any Person (including any railroads or similar entities) in respect of or attributable to such Railcar or the use, loss, damage, casualty, condemnation of such Railcar or the Marks associated therewith, in each case whether arising by contract, operation of law, course of dealing, industry practice or otherwise, and (vi) without duplication, any Miscellaneous Items relating to such Railcar; and
(b)with respect to such Lease, all Supporting Obligations, Payment Intangibles, Chattel Paper, General Intangibles and all other rights and obligations related to any such Lease, including, without limitation, (i) all rights, powers, privileges, options and other benefits of the applicable Seller to receive moneys and other property due and to become due under or pursuant to such Lease, including, without limitation, all rights, powers, privileges, options and other benefits to receive and collect rental payments, income, revenues, profits and other amounts, payments, tenders or security (including any cash collateral) from any other party thereto, (ii) all rights, powers, privileges, options and other benefits of the applicable Seller to receive proceeds of any casualty insurance, condemnation award, indemnity, warranty or guaranty with respect to such Lease, (iii) all claims for damages arising out of or for breach of or default under such Lease, (iv) the rights, powers, privileges, options and other benefits of the applicable Seller to perform under such Lease, to compel performance and otherwise exercise all remedies thereunder and to terminate any such Lease, and (v) without duplication, any Miscellaneous Items relating to such Lease.
“Sale” means, with respect to any Person, the sale, transfer, assignment or other conveyance, of the assets or property in question by such Person, and “Sell” means that such Person sells, transfers, assigns or otherwise conveys the assets or property in question.
“Sale/Contribution” has the meaning specified in Section 2.1(a).
“TRLWT Management Agreement” means the Fourth Amendment and Restatement, dated as of March 15, 2018, of the Operation, Maintenance, Servicing and 
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Remarketing Agreement dated as of June 27, 2002 between TRLWT and TILC, as manager thereunder.
“TRLWT Manager” has the meaning specified in the Recitals.
ARTICLE II
  CONVEYANCE OF THE RAILCARS AND LEASES
Section 2.1    Conveyance of the Railcars and Leases.
(a)Subject to the terms and conditions of this Agreement, on and after the date of this Agreement:
(i)the TRLWT Seller hereby agrees to Sell to the Purchaser, without recourse (except to the extent specifically provided herein or in the applicable Bill of Sale and Assignment and Assumption), all right, title and interest of the TRLWT Seller in and to (A) certain Railcars and related Leases as identified from time to time on a Delivery Schedule delivered by the TRLWT Seller in accordance with this Agreement and (B) all Related Assets with respect thereto, and
(ii)the TILC Seller hereby agrees to Sell to the Purchaser, without recourse (except to the extent specifically provided herein or in the applicable Bill of Sale and Assignment and Assumption), all right, title and interest of the TILC Seller in and to (A) certain Railcars and related Leases as identified from time to time on a Delivery Schedule delivered by the TILC Seller in accordance with this Agreement and (B) all Related Assets with respect thereto; provided, that if the TILC Seller is the sole equity Member of the Purchaser at the time of such sale, and to the extent that (x) the portion of the Purchase Price for such sale paid by the Purchaser to the TILC Seller in cash plus the total dollar amount of Subordinated Notes issued to the TILC Seller at the time of such sale is less than (y) the total dollar amount of the Purchase Price, the balance shall be deemed to have been contributed (a “Contribution”) by the TILC Seller as capital to the Purchaser (such transaction in the aggregate, a “Sale/Contribution”).
(b)The Purchaser in each case hereby agrees to purchase, acquire, accept and assume (including by an assumption of the obligations of the “lessor” under such Leases), all right, title and interest of each such Seller in and to such Railcars, related Leases and Related Assets.  Each Seller hereby acknowledges that each Conveyance by it to the Purchaser hereunder is absolute and irrevocable, without reservation or retention of any interest whatsoever by such Seller.
(c)The Sales of Railcars, related Leases and Related Assets by the TRLWT Seller to the Purchaser and the Sales or Sales/Contributions (as the case may be) of Railcars, related Leases and Related Assets by the TILC Seller to the Purchaser pursuant to this Agreement are, and are intended to be, absolute and unconditional 
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assignments and conveyances of ownership (free and clear of any Encumbrances) of all of the applicable Seller’s right, title and interest in, to and under such Railcars, related Leases and Related Assets for all purposes and, except to the extent specifically provided herein or in the applicable Bill of Sale and Assignment and Assumption, without recourse.
(d)It is the intention of each Seller and the Purchaser (i) that all Conveyances of Railcars, related Leases and Related Assets be true sales and/or contributions, as applicable, constituting absolute assignments and “true sales” for bankruptcy law purposes by the applicable Seller to the Purchaser, that are absolute and irrevocable and that provide the Purchaser with the full benefits of ownership of the assets so Conveyed and (ii) that the Railcars, related Leases and Related Assets that are Conveyed to the Purchaser pursuant to this Agreement shall not be part of the applicable Seller’s estate in the event of the filing of a bankruptcy petition by or against such Seller under any bankruptcy or similar law.  None of the Sellers or the Purchaser intends that (x) the transactions contemplated hereunder be, or for any purpose be characterized as, loans from the Purchaser to the applicable Seller or (y) any Conveyance of Railcars, related Leases and/or Related Assets by any Seller to the Purchaser be deemed a grant of a security interest in the assets so Conveyed by such Seller to the Purchaser to secure a debt or other obligation of such Seller (except in the limited circumstance contemplated in subsection (e) immediately below).
(e)In the event that any Conveyances pursuant to this Agreement are deemed to be a secured financing (or are otherwise determined not to be absolute assignments of all of the applicable Seller’s right, title and interest in, to and under the Railcars, related Leases and Related Assets so Conveyed, or purportedly so Conveyed hereunder), then (i) the applicable Seller shall be deemed hereunder to have granted to the Purchaser, and such Seller does hereby grant to the Purchaser, a security interest in all of such Seller’s right, title and interest in, to and under such Railcars, related Leases and Related Assets so Conveyed or purported to be Conveyed, securing the purported repayment obligation presumably deemed to exist in respect of such deemed secured financing, and (ii) this Agreement shall constitute a security agreement under applicable law.
(f)The Sellers shall on the Closing Date and on any other relevant Delivery Date, deliver to the Purchaser a Delivery Schedule identifying the Railcars and Leases to be Conveyed by such Seller to the Purchaser on such date.
(g)The price paid for Railcars, related Leases and Related Assets which are Conveyed hereunder shall be the Purchase Price with respect thereto.  Such Purchase Price shall be paid:
(i)in the case of the TRLWT Seller, by means of the Purchaser’s immediate cash payment in the full amount of the Purchase Price to the TRLWT Seller by wire transfer on the Closing Date (or other applicable Delivery Date) in respect of which the TRLWT Seller has delivered a Delivery Schedule, and
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(ii)in the case of the TILC Seller, by means of (A) the Purchaser’s immediate cash payment of the portion of the Purchase Price that the Purchaser has available to it for such purpose (including from net proceeds derived from its issuance of the Equipment Notes on such Delivery Date, or from Net Disposition Proceeds held in the Optional Reinvestment Account), to the TILC Seller by wire transfer and (B) if applicable, the Purchaser’s issuance of Subordinated Notes to the TILC Seller, in each case on the Closing Date (or other applicable Delivery Date) in respect of which the TILC Seller has delivered a Delivery Schedule, with the Contributed remainder of such Purchase Price to be reflected by means of proper accounting entries being entered upon the accounts and records of the TILC Seller and the Purchaser,
with such wire transfers in each case to be made to an account designated by the applicable Seller to the Purchaser on or before the applicable Delivery Date.
(h)On and after each Delivery Date and related Purchase Price payment as aforesaid, the Purchaser shall own the Railcars, related Leases and Related Assets Conveyed to the Purchaser on such date, and the Seller shall not take any action inconsistent with such ownership and shall not claim any ownership interest in such assets.
(i)Until the replacement of TILC as Servicer pursuant to the terms of the Servicing Agreement, TILC, as Servicer, shall conduct the administration, management and collection of the Railcars, related Leases and Related Assets Conveyed to Purchaser pursuant hereto and shall take, or cause to be taken, all such actions as may be necessary or advisable to administer, manage and collect such Conveyed Railcars, related Leases and Related Assets, from time to time, all in accordance with the terms of the Servicing Agreement.
(j)On each Delivery Date, the applicable Seller shall deliver or cause to be delivered to the Purchaser (or to the Servicer on behalf of the Purchaser in accordance with Section 2.1(i) above) each item required on such date to be delivered by such Seller and any Chattel Paper representing or evidencing the Leases being Conveyed on such Delivery Date.
ARTICLE III
  CONDITIONS OF CONVEYANCE
Section 3.1    Conditions Precedent to Conveyance.  Each Conveyance hereunder is subject to the condition precedent that the Purchaser shall have received, and the Indenture Trustee shall have received copies of, all of the following on or before the applicable Delivery Date, in form and substance satisfactory to the Purchaser:
(i)a Delivery Schedule executed by the applicable Seller and setting forth the Railcars and Leases to be Conveyed on the applicable Delivery Date pursuant to this Agreement;
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(ii)a related Bill of Sale;
(iii)a related Assignment and Assumption;
(iv)an Appraisal of the Railcars to be conveyed, with such Appraisal dated no earlier than 90 days prior to the applicable Delivery Date (or, in the case of the first Delivery Date relating to this Agreement, dated no earlier than March 31, 2021);
(v)copies of proper UCC financing statements, accurately describing the Conveyed Railcars and Leases and naming the applicable Seller as the “Debtor” and the Purchaser as “Secured Party”, or applicable filings with the STB or with the Registrar General of Canada, or other similar instruments or documents, all in such manner and in such places as may be required by law or as may be necessary or, in the opinion of the Purchaser or the Indenture Trustee (acting at the written direction of the Requisite Majority), desirable to perfect the Purchaser’s interest in all Conveyed Railcars, related Leases and Related Assets (provided that no such filings shall be required to be made in Mexico or under any Provincial Personal Property Security Act or other non-federal legislation in Canada);
(vi)copies of proper UCC financing statement terminations or partial terminations, STB or Registrar General of Canada filings, accurately describing the Conveyed Railcars and Leases, or other similar instruments or documents, in form and substance sufficient for filing under applicable law of any and all jurisdictions as may be necessary to effect or evidence a release or termination of any pre-existing Encumbrance evidenced by an existing filing of record in the applicable UCC, STB or Registrar General of Canada filing office against the Conveyed Railcars, related Leases and Related Assets;
(vii)in the case of a Delivery Date occurring in connection with the Closing Date for a Series of Equipment Notes, a confirmation or written advice to similar effect from counsel to the Purchaser and addressed to the Indenture Trustee, reasonably acceptable to the Indenture Trustee, that the Conveyance constitutes a true sale and that the Purchaser would not be consolidated in connection with a bankruptcy of any Seller; and
(viii)in the case of a Delivery Date occurring in connection with the Closing Date for a Series of Equipment Notes, such deliveries, and the satisfaction of such other conditions, as are set forth in the applicable Note Purchase Agreement or otherwise required for the issuance of such Series.
Section 3.2    Conditions Precedent to All Conveyances.  The Conveyances to take place on any Delivery Date hereunder shall be subject to the further conditions precedent that:
(a)The following statements shall be true:
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(i)the representations and warranties of each applicable Seller contained in Article IV shall be true and correct on and as of such Delivery Date, both before and after giving effect to the Conveyance to take place on such Delivery Date and to the application of proceeds therefrom, as though made on and as of such date; and
(ii)such Seller shall be in compliance with all of its covenants and other agreements set forth in this Agreement and the other Operative Agreements to which it is a party.
(b)The Purchaser shall have received a Delivery Schedule, dated the date of the applicable Delivery Date, executed by the applicable Seller, listing the Railcars and Leases being Conveyed on such date by such Seller.
(c)The applicable Seller shall have taken such other action, including delivery of approvals, consents, opinions, documents and instruments to the Purchaser, as the Purchaser or the Indenture Trustee (acting at the written direction of the Requisite Majority) may reasonably request.
(d)The applicable Seller shall have taken all steps necessary under all applicable law in order to Convey to the Purchaser the Railcars described on the applicable Delivery Schedules, all Leases related to such Railcars and all Related Assets related to such Railcars and/or Leases, and upon the Conveyance of such Railcars, related Leases and Related Assets from the applicable Seller to the Purchaser pursuant to the terms hereof, the Purchaser will have acquired on such date good and marketable title to and a valid and perfected ownership interest in the Conveyed Railcars, related Leases and Related Assets, free and clear of any Encumbrance (other than Permitted Encumbrances).
ARTICLE IV
  REPRESENTATIONS AND WARRANTIES
Section 4.1    Representations and Warranties of TRLWT Seller—General.  The TRLWT Seller makes the following representations and warranties for the benefit of the Purchaser, the Indenture Trustee, each Noteholder and each other Secured Party, on which the Purchaser relies in acquiring the Railcars, related Leases and Related Assets Conveyed by the TRLWT Seller hereunder.  Such representations are made as of each Delivery Date and at such other times specified below.
(a)TRLWT is a statutory trust duly organized, validly existing, and in good standing under the laws of the State of Delaware, is duly licensed or qualified and in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its ability to carry on its business as now conducted or to execute, deliver and perform its obligations under the TRLWT Agreements, has the power and authority to carry on its business as now conducted, and has the requisite power and authority to execute, deliver and perform its obligations under the TRLWT Agreements.
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(b)The TRLWT Agreements have been duly authorized by all necessary entity action by TRLWT, and duly executed and delivered by TRLWT, and (assuming the due authorization, execution and delivery by each other party thereto) constitute the legal, valid and binding obligations of TRLWT, enforceable against TRLWT in accordance with their respective terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity.
(c)The execution, delivery and performance by TRLWT of each TRLWT Agreement and compliance by TRLWT with all of the provisions thereof do not and will not contravene or, in the case of clause (iii), constitute (alone or with notice, or lapse of time or both) a default under or result in any breach of, or result in the creation or imposition of any Encumbrance (other than pursuant to this Agreement) upon any property of TRLWT pursuant to, (i) any law or regulation, or any order of any court or governmental authority or agency applicable to or binding on TRLWT or any of its properties, or (ii) the provisions of, or constitute a default by TRLWT under, its certificate of trust or trust agreement or (iii) any indenture, mortgage, contract or other agreement or instrument to which TRLWT is a party or by which TRLWT or any of its properties may be bound or affected except, with respect to clause (iii), where such contravention, default or breach would not reasonably be expected to materially adversely affect TRLWT’s ability to perform its obligations under the TRLWT Agreements or materially adversely affect its financial condition or business.
(d)There are no proceedings pending or, to the knowledge of TRLWT, threatened against TRLWT in any court or before any governmental authority or arbitration board or tribunal that, if adversely determined, would reasonably be expected to materially adversely affect TRLWT’s ability to perform its obligations under the TRLWT Agreements or materially adversely affect its financial condition or business.
(e)TRLWT is not (x) in violation of any term of any charter instrument or operating agreement or (y) in violation or breach of or in default under any other agreement or instrument to which it is a party or by which it may be bound except, in the case of clause (y), where such violation, breach or default would not reasonably be expected to materially adversely affect TRLWT’s ability to perform its obligations under the TRLWT Agreements or materially adversely affect its financial condition or business.  TRLWT is in compliance with all laws, ordinances, governmental rules, regulations, orders, judgments, decrees, determinations and awards to which it is subject, the failure to comply with which would have a material and adverse effect on its operations or condition, financial or otherwise, or would impair the ability of TRLWT to perform its obligations under the TRLWT Agreements, and has obtained all licenses, permits, franchises and other governmental authorizations material to the conduct of its business.
(f)No consent, approval or authorization of, or filing, registration or qualification with, or the giving of notice to, any trustee or any holder of indebtedness of TRLWT or any governmental authority on the part of TRLWT is required in the United 
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States in connection with the execution and delivery by TRLWT of the TRLWT Agreements (other than as contemplated thereby), or is required to be obtained in order for TRLWT to perform its obligations thereunder in accordance with the terms thereof, other than (i) as may be required under applicable laws, ordinances, governmental rules and regulations to be obtained, given, accomplished or renewed at any time after the applicable Delivery Date in connection with the performance of its obligations under the TRLWT Agreements and which are routine in nature and are not normally applied for prior to the time they are required, and which TRLWT has no reason to believe will not be timely obtained, and (ii) as may have been previously obtained in accordance with clause (i) immediately above.
(g)The location of TRLWT (within the meaning of Article 9 of the UCC) is in the State of Delaware.  TRLWT has not been known by any name other than Trinity Rail Leasing Warehouse Trust and Trinity Rail Leasing Trust II, and is not known by any trade names.
(h)TRLWT is solvent and will not become insolvent after giving effect to any Conveyance contemplated by this Agreement; after giving effect to each Conveyance contemplated by this Agreement, TRLWT will have an adequate amount of capital to conduct its business in the foreseeable future; and TRLWT does not intend to incur, nor believe that it has incurred, debts beyond its ability to pay as they mature.
(i)TRLWT will treat the transactions effected by this Agreement as sales of assets to the Purchaser in accordance with U.S. GAAP.  TRLWT’s financial records shall reflect that the Railcars and Leases Conveyed hereunder have been Conveyed to the Purchaser, are no longer owned by TRLWT and are not intended to be available to the creditors of TRLWT.
Section 4.2    Representations and Warranties of TILC Seller—General.  The TILC Seller makes the following representations and warranties for the benefit of the Purchaser, the Indenture Trustee, each Noteholder and each other Secured Party, on which the Purchaser relies in acquiring the Railcars, related Leases and Related Assets Conveyed by the TILC Seller hereunder.  Such representations are made as of each Delivery Date and at such other times specified below.
(a)TILC is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware, is duly licensed or qualified and in good standing in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on its ability to carry on its business as now conducted or as contemplated to be conducted or to execute, deliver and perform its obligations under the TILC Agreements, has the power and authority to carry on its business as now conducted and as contemplated to be conducted, and has the requisite power and authority to execute, deliver and perform its obligations under the TILC Agreements.
(b)The TILC Agreements have been duly authorized by all necessary corporate action by TILC, and duly executed and delivered by TILC, and (assuming the 
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due authorization, execution and delivery by each other party thereto) constitute the legal, valid and binding obligations of TILC, enforceable against TILC in accordance with their respective terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity.
(c)The execution, delivery and performance by TILC of the TILC Agreements and compliance by TILC with all of the provisions thereof do not and will not contravene or, in the case of clause (iii), constitute (alone or with notice, or lapse of time or both) a default under or result in any breach of, or result in the creation or imposition of any Encumbrance (other than pursuant to this Agreement) upon any property of TILC pursuant to, (i) any law or regulation, or any order, judgment, decree, determination or award of any court or governmental authority or agency applicable to or binding on TILC or any of its properties, or (ii) the provisions of its certificate of incorporation or bylaws or (iii) any indenture, mortgage, contract or other agreement or instrument to which TILC is a party or by which TILC or any of its properties may be bound or affected except, with respect to clause (iii), where such contravention, default or breach would not reasonably be expected to materially adversely affect TILC’s ability to perform its obligations under the TILC Agreements or materially adversely affect its financial condition or business.
(d)There are no proceedings pending or, to the knowledge of TILC, threatened against TILC in any court or before any governmental authority or arbitration board or tribunal that, if adversely determined, would reasonably be expected to materially adversely affect TILC’s ability to perform its obligations under the TILC Agreements or materially adversely affect its financial condition or business.
(e)TILC is not (x) in violation of any term of any charter instrument or bylaw or (y) in violation or breach of or in default under any other agreement or instrument to which it is a party or by which it or any of its property may be bound except in the case of clause (y) where such violation, breach or default would not reasonably be expected to materially adversely affect TILC’s ability to perform its obligations under the TILC Agreements or materially adversely affect its financial condition or business.  TILC is in compliance with all laws, ordinances, governmental rules, regulations, orders, judgments, decrees, determinations and awards to which it is subject, the failure to comply with which would reasonably be expected to have a material and adverse effect on its operations or condition, financial or otherwise, or would impair the ability of TILC to perform its obligations under the TILC Agreements, and has obtained all required licenses, permits, franchises and other governmental authorizations material to the conduct of its business.
(f)No consent, approval or authorization of, or filing, registration or qualification with, or the giving of notice to, any trustee or any holder of indebtedness of TILC or any governmental authority on the part of TILC is required in the United States in connection with the execution and delivery by TILC of the TILC Agreements (other than as contemplated thereby), or is required to be obtained in order for TILC to perform 
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its obligations thereunder in accordance with the terms thereof, other than (i) as may be required under applicable laws, ordinances, governmental rules and regulations to be obtained, given, accomplished or renewed at any time after the applicable Delivery Date in connection with the performance of its obligations under the TILC Agreements and which are routine in nature and are not normally applied for prior to the time they are required, and which TILC has no reason to believe will not be timely obtained, and (ii) as may have been previously obtained in accordance with clause (i) immediately above.
(g)The location of TILC (within the meaning of Article 9 of the UCC) is in the State of Delaware.  TILC has not been known by any name other than Trinity Industries Leasing Company within the past five (5) years.
(h)TILC is solvent and will not become insolvent after giving effect to any Conveyance contemplated by this Agreement, and after giving effect to any Conveyances contemplated by this Agreement, TILC will have an adequate amount of capital to conduct its business in the foreseeable future, and TILC does not intend to incur, nor believe that it has incurred, debts beyond its ability to pay as they mature.
(i)TILC will treat the transactions effected by this Agreement as sales of assets to, and/or contributions of assets to the capital of, the Purchaser in accordance with U.S. GAAP.  TILC’s financial records shall reflect that the Railcars and Leases Conveyed hereunder have been Conveyed to the Purchaser, are no longer owned by TILC and are not intended to be available to the creditors of TILC.
Section 4.3    Representations and Warranties of TILC—Assets.  The following representations and warranties are made (i) with respect to each Delivery Date on which TRLWT is to Convey assets to the Purchaser, by TILC, in its capacity as TRLWT Manager, with respect to each representation expressed as a representation of TRLWT as “Seller”, and (ii) with respect to each Delivery Date on which TILC is to Convey assets to the Purchaser, by TILC for its own account, and in each case are made for the benefit of the Purchaser, the Indenture Trustee, each Noteholder and each other Secured Party as of the date of any Delivery Schedule delivered by the applicable Seller to the Purchaser and solely with respect to the Railcars and Leases that are referred to in such Delivery Schedule and the Related Assets in respect of such Railcars and Leases.
(a)To the best knowledge of the applicable Seller, no casualty event or other event that may constitute a Total Loss or makes repair of the applicable Railcar uneconomic or renders such Railcar unfit for commercial use or constitutes theft or disappearance of the applicable Railcar has occurred with respect to a Railcar being Conveyed.
(b)(i) The applicable Seller has, and the Bill of Sale to be delivered on the Delivery Date shall convey to the Purchaser, all legal and beneficial title to the Railcars (and Related Assets in respect of such Railcars) that are being Conveyed, free and clear of all Encumbrances (other than Permitted Encumbrances of the type described in clauses (ii), (iii), (iv), (vi), (vii), (viii), (ix) and (x) of the definition thereof), 
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and such conveyance constitutes a valid and absolute transfer (each such contribution or sale, as the case may be, constituting a “true sale” for bankruptcy law purposes) of all right, title and interest of such Seller in, to and under the Railcars (and Related Assets in respect of such Railcars) being Conveyed and will not be void or voidable under any applicable law; (ii) such Seller has, and the Assignment and Assumption to be delivered on the Delivery Date shall assign to the Purchaser, all legal and beneficial title to the Leases (and Related Assets in respect of such Leases) that are being Conveyed, free and clear of all Encumbrances (other than Permitted Encumbrances of the type described in clauses (ii), (iii), (iv), (vi), (vii), (viii), (ix) and (x) of the definition thereof), and such assignment constitutes a valid and absolute transfer (each such contribution or sale, as the case may be, constituting a “true sale” for bankruptcy law purposes) of all right, title and interest of such Seller in, to and under the Leases (and Related Assets in respect of such Leases) being Conveyed and will not be void or voidable under any applicable law; (iii) the Railcars being Conveyed on a Delivery Date are subject to Leases to the extent required under the Master Indenture in respect of such Conveyance, and (iv) all Leases relating to such Railcars are on rental and other terms that are no different, taken as a whole, from those for similar Railcars in the rest of the TILC Fleet.
(c)All sales, use or transfer taxes, if any, due and payable upon the Conveyance of the Railcars, related Leases and Related Assets being Conveyed on the applicable Delivery Date will have been paid or such transactions will then be exempt from any such taxes and (i) TILC, in the case of the TILC Seller or (ii) the TRLWT Manager, in the case of the TRLWT Seller, will cause any required forms or reports in connection with such taxes to be filed in accordance with applicable laws and regulations.
(d)The Railcars being Conveyed are substantially similar, in terms of objectively identifiable characteristics that are relevant for purposes of the services to be performed by TILC under the Servicing Agreement, to the equipment in the TILC Fleet.
(e)The applicable Seller is not in default of its obligations as “lessor” (or other comparable capacity) under any Lease, and, to the best of such Seller’s knowledge, there are (i) no defaults existing as of the date of Conveyance by any Lessee under any Lease, except such defaults that are not payment defaults (except to a de minimis extent (but giving effect to any applicable grace periods)) and are not material defaults under the applicable Lease, and (ii) no claims or liabilities arising as a result of the operation or use of any Railcar prior to the date hereof, as to which the Purchaser would be or become liable, except for ongoing maintenance and other obligations of the “lessor” provided for under full-service Leases, which obligations are required to be performed by the Servicer pursuant to the Servicing Agreement.
(f)None of the Railcars being Conveyed are subject to a purchase option under the terms of the related Lease except as described in the related Delivery Schedule, and each such purchase option is a Permitted Purchase Option.
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(g)All written information provided by the applicable Seller or any Affiliate of such Seller to the Appraiser with respect to the Railcars and Leases being Conveyed is true and correct in all material respects.  All written information provided by such Seller or any Affiliate of such Seller to Deloitte & Touche LLP with respect to the Leases is true and correct in all material respects and accurately reflects the terms of the Leases.  To the extent the written information referred to in this clause (g) was provided to the Appraiser and Deloitte & Touche LLP, in each case for their use in connection with their services rendered in connection with Conveyances contemplated hereby, such entities have been provided with the same written information (or relevant portions thereof).
(h)None of the Leases contain any renewal or extension options except for such options that are described in the Delivery Schedule.
(i)All information provided in the applicable Delivery Schedule, including each schedule thereto, is true and correct on and as of the related Delivery Date, including without limitation, all information provided therein with respect to each Railcar purported to be covered thereby and all information provided therein with respect to each Lease relating to any such Railcar.  All other information concerning the Railcars, related Leases and Related Assets covered by the applicable Delivery Schedule that was provided to the Issuer or the Indenture Trustee prior to the related Delivery Date was true and correct in all material respects as of the date it was so provided.
(j)No Default, Event of Default or Servicer Termination Event has occurred and is continuing on the Delivery Date, and no event that, with the giving of notice, the passage of time or both, would constitute a Servicer Termination Event has occurred and is continuing on the Delivery Date.
Section 4.4    Representations and Warranties of the Purchaser.  The Purchaser makes the following representations and warranties for the benefit of each Seller on which such Seller relies in Conveying Railcars, related Leases and Related Assets to the Purchaser hereunder.  Such representations are made as of each applicable Delivery Date.
(a)Organization and Good Standing.  The Purchaser has been duly organized and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and has, full power, authority and legal right to acquire and own the Railcars and Leases Conveyed hereunder.
(b)Due Qualification.  The Purchaser is duly qualified (except where the failure to be so qualified would not have a material adverse effect on its ability to carry on its business as now conducted or as contemplated to be conducted) to do business as a foreign limited liability company in good standing, and has obtained all 
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necessary licenses (except to the extent that such failure to obtain such licenses is inconsequential) and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, licenses and/or approvals.
(c)Power and Authority.  The Purchaser has the power, authority and legal right to execute and deliver this Agreement and to carry out the terms hereof and to acquire the Railcars and Leases Conveyed hereunder; and the execution, delivery and performance of this Agreement and all of the documents required pursuant hereto have been duly authorized by the Purchaser by all necessary action.
(d)No Consent Required.  The Purchaser is not required to obtain the consent of any other Person, or any consent, license (except to the extent that such failure to obtain such licenses is inconsequential), approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the other Operative Agreements to which it is a party, except for such as have been obtained, effected or made.
(e)Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation or other similar laws affecting the enforcement of creditors’ rights generally and general principles of equity.
(f)No Violation.  The execution, delivery and performance by the Purchaser of this Agreement, the consummation of the transactions contemplated by this Agreement and the other Operative Agreements to which it is a party and the fulfillment of the terms of this Agreement and the other Operative Agreements to which it is a party do not and will not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the organizational documents of the Purchaser, or conflict with or breach any of the terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, mortgage, deed of trust or other instrument to which the Purchaser is a party or by which the Purchaser is bound or to which any of its properties are subject, or result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than liens created hereunder or under the Master Indenture), or violate any law or any order, rule or regulation, applicable to the Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other governmental instrumentality having jurisdiction over the Purchaser or any of its properties.
(g)No Proceedings.  There are no proceedings or investigations pending, or, to the Purchaser’s knowledge, threatened against the Purchaser before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Purchaser or its properties:  (i) asserting the 
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invalidity of this Agreement or any of the other Operative Agreements, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Operative Agreements, (iii) seeking any determination or ruling that could have an adverse effect on the performance by the Purchaser of its obligations under, or the validity or enforceability of, this Agreement or any of the other Operative Agreements, (iv) that may have an adverse effect on the federal or state income tax attributes of, or seek to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Railcars and Leases Conveyed hereunder or (v) that could have an adverse effect on the Railcars and Leases Conveyed to the Purchaser hereunder.
(h)Consideration.  The Purchaser has given fair consideration and reasonably equivalent value in exchange for the Conveyance of the Railcars, related Leases and Related Assets being Conveyed hereunder.
In the event of any breach of a representation and warranty made by the Purchaser hereunder, each Seller covenants and agrees that such Seller will not take any action to pursue any remedy that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since all Outstanding Obligations under all other Operative Agreements have been paid in full.  Each Seller and the Purchaser agree that damages will not be an adequate remedy for a breach of this covenant and that this covenant may be specifically enforced by the Purchaser or any third party beneficiary described in Section 6.8.
Section 4.5    Indemnification.
(a)The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller shall defend, indemnify and hold harmless the Purchaser, the Servicer, the Indenture Trustee (in its capacities as Indenture Trustee, Note Registrar and Paying Agent), each Noteholder, each of their respective Affiliates and each of the respective directors, officers, employees, successors and permitted assigns, agents and servants of the foregoing (each an “Indemnified Person”) from and against any and all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims (including, but not limited to, the costs of defending any claim or bringing any claim to enforce the indemnification obligations of the Servicer) of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or liability in tort), that may be imposed upon, incurred by, suffered by or asserted against any Indemnified Person arising out of or resulting from any breach of the applicable Seller’s representations and warranties and covenants contained herein, except (A) those resulting solely from any gross negligence, bad faith or willful misconduct of the particular Indemnified Person claiming indemnification hereunder, (B) those in respect of taxes that are otherwise addressed by the provisions of (and subject to the limitations of) subsection (c) of this Section 4.5 below, or (C) to the extent that providing such indemnity would constitute recourse for losses due to the collectability of sale proceeds (or any particular amount of sale proceeds) in respect of a Railcar due to a diminution in market value of such Railcar, or of Lease or other third party payments due to the 
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insolvency, bankruptcy or financial inability to pay of the related Lessee or other third party (the matters contemplated by clauses (A), (B) and (C) may be referred to collectively as the “Excluded Amounts”).
(b)The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller will defend and indemnify and hold harmless each Indemnified Person against any and all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or liability in tort), that may be imposed upon, incurred by, suffered by or asserted against such Indemnified Person, other than Excluded Amounts, arising out of or resulting from any action taken by the applicable Seller, other than in accordance with this Agreement or the Master Indenture or other applicable Operative Agreement, in respect of any portion of the Railcars, related Leases and Related Assets that are Conveyed hereunder.
(c)The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller agrees to pay, and shall defend, indemnify and hold harmless each Indemnified Person (excluding, for purposes of this clause (c), the Noteholders with respect to taxes imposed on them) from and against, any taxes (other than taxes based upon the income of an Indemnified Person and taxes that would constitute Excluded Amounts) that may at any time be asserted against any Indemnified Person with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege, or license taxes and costs and expenses in defending against the same, arising by reason of the acts to be performed by the applicable Seller under this Agreement and imposed against such Person.  Without limiting the foregoing, in the event that the Purchaser, the Servicer or the Indenture Trustee receives actual notice of any transfer taxes arising out of the Conveyance of any Railcar or Lease from a Seller to the Purchaser under this Agreement, on written demand by such party, or upon such Seller otherwise being given notice thereof, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, as applicable, shall pay, and otherwise indemnify and hold harmless the applicable Indemnified Person, the Servicer and the Indenture Trustee harmless, on an After-Tax Basis, from and against any and all such transfer taxes (it being understood that none of the Purchaser, the Servicer, the Indenture Trustee or any other Indemnified Person shall have any contractual obligation to pay such transfer taxes).
(d)The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller shall defend, indemnify, and hold harmless each Indemnified Person from and against any and all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or liability in tort), to the extent that any of the foregoing may be imposed upon, incurred by, suffered by or asserted against such Indemnified Person (other than Excluded Amounts) due to the negligence, willful misfeasance, or bad faith of the applicable Seller in the performance of its duties under this Agreement or by reason of reckless disregard of such Seller’s obligations and duties under this Agreement.
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(e)The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller shall indemnify, defend and hold harmless each Indemnified Person from and against any costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or liability in tort), that may be imposed upon, incurred by, suffered by or asserted against such Indemnified Person, other than Excluded Amounts, as a result of the failure of any Railcar or Lease Conveyed hereunder to comply with all requirements of applicable law as of the applicable Delivery Date.
Indemnification under this Section 4.5 shall include reasonable fees and expenses of counsel and expenses of litigation.  The indemnity obligations hereunder shall be in addition to any obligation that any Seller may otherwise have under applicable law or any other Operative Agreement.
Section 4.6    Special Indemnification by TILC regarding Exercise of Setoff by Customers.  TILC (in its capacity as Servicer under the Servicing Agreement) hereby agrees, for the benefit of the Indenture Trustee, the Noteholders and each other Secured Party, that it will, within forty-five (45) days after the date on which it has knowledge that any Lessee shall have reduced any payments made by such Lessee under any Lease in the Portfolio as a result of or in connection with any setoff exercised by such Lessee (regardless of whether such Lessee actually has any contractual, statutory or other right to exercise such setoff) with respect to amounts owed or presumed owed to such Lessee pursuant to railcar leases managed by TILC that are not in the Portfolio, and provided that the applicable Lessee shall not have made payments aggregating the full amount payable by such Lessee under the applicable Lease prior to the end of such 45-day period, deposit into the Collections Account an amount, in immediately available funds, equal to the amount of such reduction.
Indemnification under this Section 4.6 shall include reasonable fees and expenses of counsel and expenses of litigation.  The indemnity obligations hereunder shall be in addition to any obligation that TILC may otherwise have under applicable law or any other Operative Agreement.
ARTICLE V
  COVENANTS OF SELLER
Section 5.1    Protection of Title of the Purchaser.
(a)On or prior to the date hereof, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, as applicable, shall have filed or caused to be filed UCC-1 financing statements, STB or Registrar General of Canada filings (each in form proper for filing in the applicable jurisdiction) naming the Purchaser as purchaser or secured party, naming the Indenture Trustee as assignee and describing the Railcars, related Leases and Related Assets Conveyed by it to the Purchaser as collateral, with the office of the Secretary of State of the State of Delaware and in such other locations 
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as the Purchaser or the Indenture Trustee shall have required.  Without limiting the foregoing, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, hereby authorizes the Purchaser and/or any assignee thereof to prepare and file any such UCC-1 financing statements.  From time to time thereafter, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall authorize and file such financing statements or cause to be authorized and filed such continuation statements, all in such manner and in such places as may be required by law (or deemed desirable by the Purchaser or any assignee thereof) to fully perfect, preserve, maintain and protect the interest of the Purchaser under this Agreement, and the security interest of the Indenture Trustee under the Master Indenture, in the Railcars, related Leases and Related Assets that are Conveyed hereunder and in the proceeds thereof.  The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall deliver (or cause to be delivered) to the Purchaser and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, following such filing in accordance herewith.  In the event that the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, fails to perform its obligations under this subsection, the Purchaser or the Indenture Trustee may perform such obligations, at the expense of the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, and each of the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, hereby authorizes the Purchaser or the Indenture Trustee and grants to the Purchaser and the Indenture Trustee an irrevocable power of attorney to take any and all steps in order to perform such obligations in such Seller’s or in its own name, as applicable, and on behalf of the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, as are necessary or desirable, in the determination of the Purchaser or Indenture Trustee or any assignee thereof, with respect to performing such obligations.
(b)On or prior to the Closing Date and any other applicable Delivery Date hereunder, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall take all steps necessary under all applicable law in order to transfer and assign to the Purchaser the Railcars and Leases being Conveyed on such date to the Purchaser so that, upon the Conveyance of such Railcar or Lease from such Seller to the Purchaser pursuant to the terms hereof on the applicable Delivery Date, the Purchaser will have acquired good and marketable title to and a valid and perfected ownership interest in such Railcars and Leases, free and clear of any Encumbrance (other than Permitted Encumbrances).  On or prior to the applicable Delivery Date hereunder, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall cooperate with the Purchaser in order to take all steps required under applicable law in order for the Purchaser to grant to the Indenture Trustee a first priority perfected security interest in the Railcars and Leases being Conveyed to the Purchaser on such Delivery Date and, from time to time thereafter, the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall cooperate with the Purchaser in order to take all such actions as may be required by applicable law (or deemed desirable by the Purchaser) to fully preserve, maintain and protect the Purchaser’s ownership interest in, and the Indenture Trustee’s first priority perfected security interest in the Railcars and Leases which have been Conveyed to the Purchaser hereunder.  Notwithstanding anything to the contrary 
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in this Agreement, neither the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall be required pursuant to this Agreement to make any filings, registrations or recordations in Mexico or under any Provincial Personal Property Security Act or other non-federal legislation in Canada. 
(c)No Seller shall change its name, identity, jurisdiction of organization or corporate structure in any manner that would or could make any financing statement or continuation statement filed by Purchaser in accordance with this Agreement seriously misleading within the meaning of §9-506 of the UCC (or any similar provision of the UCC), unless such Seller shall have given the Purchaser, the Servicer and the Indenture Trustee at least 30 days’ prior written notice thereof, and shall promptly file and hereby authorizes the Purchaser or the Indenture Trustee to file appropriate new financing statements or amendments to all previously filed financing statements and continuation statements.
(d)The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall give the Purchaser, the Servicer and the Indenture Trustee at least 30 days’ prior written notice of any relocation of its jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement.  The TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall at all times maintain its jurisdiction of organization, each office from which it manages or purchases Railcars and Leases and its principal executive office within the United States of America.
Section 5.2    Other Liens or Interests.  Except for the Conveyances hereunder, neither Seller will sell, pledge, assign, transfer or otherwise convey to any other Person, or grant, create, incur, assume or suffer to exist any Encumbrance on the Railcars and Leases Conveyed hereunder or any interest therein (other than Permitted Encumbrances), and the TILC Seller or the TRLWT Manager on behalf of the TRLWT Seller, shall defend the right, title, and interest of the Purchaser and the Indenture Trustee in and to such Railcars and Leases against all Encumbrances or claims of Encumbrances of third parties claiming through or under such Seller.  To the extent that any Railcar or Lease shall at any time secure any debt of the related Lessee to a Seller or any of its affiliates, such Seller agrees that any security interest in its favor arising from such a provision shall be subordinate to the interest of the Purchaser (and its further assignees) in such Railcars and Leases.
ARTICLE VI
  MISCELLANEOUS
Section 6.1    Amendment.  This Agreement may be amended by the Sellers and the Purchaser only with the prior written consent of the Indenture Trustee (acting at the written direction of the Requisite Majority); provided that this Agreement may be amended without the prior written consent of the Indenture Trustee to allow an Affiliate of TILC to accede to this Agreement and become a “Seller” hereunder so long as (a) 
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such Affiliate of TILC (i) provides similar representations and warranties in such amendment as set forth in Article IV of this Agreement and (ii) agrees to be bound by the terms of this Agreement as if an original signatory hereto and (b) TILC, on behalf of itself, the other Sellers, provides prior written notice to the Indenture Trustee of such amendment and a copy of such amendment to the Indenture Trustee once executed by the parties thereto.
Section 6.2    Notices.  All demands, notices and communications to any Seller and the Purchaser hereunder shall be in writing, personally delivered, or sent by electronic mail, reputable overnight courier or mailed by certified mail, and shall be deemed to have been given upon receipt (a) in the case of the TRLWT Seller at the following address: c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:  Corporate Trust Administration Re: Trinity Rail Leasing 2021 LLC, with a copy to Trinity Industries Leasing Company, 14221 N. Dallas Parkway, Suite 1100, Dallas, Texas 75254, Attention: TILC Capital Markets Group, Email:  TILC.CapitalMarkets.notices@trin.net, (b) in the case of the TILC Seller at the following address: Trinity Industries Leasing Company, 14221 N. Dallas Parkway, Suite 1100, Dallas, Texas 75254, Attention: TILC Capital Markets Group, Email:  TILC.CapitalMarkets.notices@trin.net, and (c) in the case of the Purchaser at the following address:  Trinity Rail Leasing 2021 LLC., c/o Trinity Industries Leasing Company, as Servicer, 14221 N. Dallas Parkway, Suite 1100, Dallas, Texas 75254, Attention: TILC Capital Markets Group, Email:  TILC.CapitalMarkets.notices@trin.net, and with a copy to the Indenture Trustee at the notice address provided for same in the Master Indenture, or, in each case, such other address as shall be designated by a party in a written notice delivered to the other party.
Section 6.3    Merger and Integration.  Except as specifically stated otherwise herein, this Agreement and the other Operative Agreements set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the other Operative Agreements.  This Agreement may not be modified, amended, waived or supplemented except as provided herein.
Section 6.4    Severability of Provisions.  If any one or more of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.
Section 6.5    Governing Law.  THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.
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Section 6.6    Counterparts.  For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.
Section 6.7    Binding Effect; Assignability.
(a)This Agreement shall be binding upon and inure to the benefit of each Seller, the Purchaser and their respective successors and assigns; provided, however, that a Seller may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Purchaser and the Indenture Trustee (acting at the written direction of the Requisite Majority).  The Purchaser may assign as collateral security all of its rights hereunder to the Indenture Trustee, and such assignee shall have all rights of the Purchaser under this Agreement (as if such assignee were the Purchaser hereunder).
(b)This Agreement shall create and constitute the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time when all Outstanding Obligations are paid in full; provided, however, that rights and remedies with respect to any breach of any representation and warranty made by or on behalf of a Seller pursuant to Article IV hereof shall be continuing and shall survive any termination of this Agreement.
Section 6.8    Third Party Beneficiaries.  Each of the parties hereto hereby acknowledges that the Purchaser intends to assign as collateral security all of its rights under this Agreement to the Indenture Trustee for the benefit of the Secured Parties under the Master Indenture, and each Seller hereby consents to such assignment and agrees that upon such assignment, the Indenture Trustee (for the benefit of the Secured Parties) shall be a third party beneficiary of this Agreement and may exercise the rights of the Purchaser hereunder and shall be entitled to all of the rights and benefits of the Purchaser hereunder to the same extent as if it were party hereto.
In addition, whether or not otherwise expressly stated herein, all representations, warranties, covenants and agreements of the Purchaser, TRLWT and TILC (whether as a Seller or as TRLWT Manager) in this Agreement or in any document delivered by any of them in connection with this Agreement (including without limitation, in any Delivery Schedule), shall be for the express benefit of the Indenture Trustee, each Noteholder and each other Secured Party as express third party beneficiaries, and shall be enforceable by the Indenture Trustee (acting at the direction of the Requisite Majority) as if such Person were a party hereto.  Each of the Purchaser, TRLWT and TILC hereby acknowledges and agrees that such representations, warranties, covenants and agreements are relied upon by each Noteholder in purchasing the Equipment Notes issued under the Master Indenture.
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Section 6.9    Term.  This Agreement shall commence as of the date of execution and delivery hereof and shall continue in full force and effect until the payment in full of all Outstanding Obligations.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written.

						
		TRINITY RAIL LEASING WAREHOUSE TRUST 

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing Director

		TRINITY INDUSTRIES LEASING COMPANY 

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing Director

		TRINITY RAIL LEASING 2021 LLC

By: Trinity Industries Leasing Company, as sole equity member and manage

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing Director

24EX-4.1

 Exhibit 4.1 

RYAN SPECIALTY GROUP HOLDINGS, INC. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of July 26, 2021, among Ryan Specialty Group Holdings,
Inc., a Delaware corporation (the “Company”), Patrick G. Ryan (and, together with the parties listed on the Schedule of Founder Investors attached hereto, the “Founder Investors”) and Onex RSG Holdings
LP, a Delaware limited partnership and Onex RSG LP, a Delaware limited partnership (each, an “Onex Investor,” and together, the “Onex Investors” and, together with each Person who executes a Joinder as an “Other
Investor”, the “Other Investors”). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in Exhibit A attached hereto. 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1 Demand Registrations. 

(a) Requests for Registration. At any time and from time to time, the holders of a majority of the Founder Investor Registrable
Securities may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration statement (“Long-Form
Registrations”) or on Form S-3 or any similar short-form registration statement (“Short-Form Registrations”), if available (any such requested registration, a “Demand
Registration”). The Founder Investors may request that any Demand Registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and (if the Company is a WKSI at the time any such request is
submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic
Shelf Registration Statement”). Each request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of
distribution. The Founder Investors will be entitled to request an unlimited number of Demand Registrations for which the Company will pay all Registration Expenses, whether or not any such registration is consummated. 

(b) Notice to Other Holders. Within four (4) Business Days after receipt of any such request, the Company will give written notice
of the Demand Registration to all other Holders and, subject to the terms of Section 1(e), will include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any
related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after the receipt of the Company’s notice; provided that, with the written
consent of the holders of a majority of the Founder Investor Registrable Securities, the Company may, or at the written request of the holders of a majority of the Founder Investor Registrable Securities, the Company shall, instead provide notice of
the Demand Registration to all other Holders within three (3) Business Days following the non-confidential filing of the registration statement with respect to the Demand Registration so long as such
registration statement is not an Automatic Shelf Registration Statement. 
 (c) Form of Registrations. All Long-Form Registrations will be underwritten registrations unless otherwise approved by the Founder Investors. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any
applicable short form unless otherwise requested by the Founder Investors. 

 (d) Shelf Registrations. 

(i) For so long as a registration statement for a Shelf Registration (a “Shelf Registration Statement”) is
and remains effective, the Founder Investors will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities pursuant to such registration statement
(“Shelf Registrable Securities”). If the Founder Investors desire to sell Registrable Securities pursuant to an underwritten offering, then the Founder Investors may deliver to the Company a written notice (a “Shelf Offering
Notice”) specifying the number of Shelf Registrable Securities that the Founder Investors desire to sell pursuant to such underwritten offering (the “Shelf Offering”). As promptly as practicable, but in no event later than
two (2) Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such
Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within seven (7) days after the Company’s receipt of the Shelf Offering Notice, the
maximum number of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to Section 1(e) and Section 7, will include in such Shelf Offering
all Shelf Registrable Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in any event within fourteen (14) days after the receipt of a Shelf
Offering Notice), but subject to Section 1(e), use its best efforts to consummate such Shelf Offering. 

(ii) If the Founder Investors desire to engage in an underwritten block trade or bought deal pursuant to a Shelf Registration
Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement) (each, an “Underwritten Block Trade”), then notwithstanding the time periods
set forth in Section 1(d)(i), the Founder Investors may notify the Company of the Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to
commence. If requested by the Founder Investors, the Company will promptly notify other Holders of such Underwritten Block Trade and such notified Holders (each, a “Potential Participant”) may elect whether or not to participate no
later than the next Business Day (i.e. one (1) Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the Founder Investors), and the Company will as expeditiously as possible use its best
efforts to facilitate such Underwritten Block Trade (which may close as early as two (2) Business Days after the date it commences); provided further that, notwithstanding the provisions of
Section 1(d)(i), no Holder (other than Holders of Founder Investor Registrable Securities) will be permitted to participate in an Underwritten Block Trade without the written consent of the holders of a
majority of the Founder Investor Registrable Securities. Any Potential Participant’s request to participate in an Underwritten Block Trade shall be binding on the Potential Participant. 

(iii) All determinations as to whether to complete any Shelf Offering and as to the timing, manner, price and other terms of
any Shelf Offering contemplated by this Section 1(d) shall be determined by the Founder Investors, and the Company shall use its best efforts to cause any Shelf Offering to occur in accordance with such determinations as
promptly as practicable. 
 (iv) The Company will, at the request of the Founder Investors, file any prospectus supplement
or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Founder Investors to effect such Shelf Offering. 

  
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 (e) Priority on Demand Registrations and Shelf Offerings. The Company will not
include in any Demand Registration any securities which are not Registrable Securities without the prior written consent of the holders of a majority of the Founder Investor Registrable Securities. If a Demand Registration or a Shelf Offering is an
underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number
of Registrable Securities and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such
offering (prior to the inclusion of any securities which are not Registrable Securities); (i) first, the number of Founder Investor Registrable Securities requested to be included which, in the opinion of such underwriters, can be sold, without any
such adverse effect, pro rata among the respective Participating Founder Investors on the basis of the number of Founder Investor Registrable Securities owned by each such Participating Founder Investor; and (ii) second, the number of
Registrable Securities requested to be included by any Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each
such Holder. 
 (f) Restrictions on Demand Registration and Shelf Offerings. 

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

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

  
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 (g) Selection of Underwriters. The holders of a majority of the Founder Investor
Registrable Securities shall select the legal counsel to the Company, the investment banker(s) and manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering. 

(h) Other Registration Rights. Except as provided in this Agreement, the Company will not grant to any Person(s) the right to request
the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the holders of a majority
of the Founder Investor Registrable Securities. 
 (i) Revocation of Demand Notice or Shelf Offering Notice. At any time prior
to the effective date of the registration statement relating to a Demand Registration or the “pricing” of any offering relating to a Shelf Offering Notice, the Founder Investors who initiated such Demand Registration or Shelf Offering may
revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders (including, for the avoidance of doubt, the other
Participating Founder Investors), in each case by providing written notice to the Company. 
 (j) Confidentiality. Each Holder agrees
to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in
any such notice (or the existence thereof) without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in
breach of the terms of this Agreement). 
 Section 2 Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act (including
primary and secondary registrations, and other than pursuant to an Excluded Registration) (a “Piggyback Registration”), the Company will give prompt written notice (and in any event within three (3) Business Days
after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 2(b) and
Section 2(c), will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within ten (10) days after delivery of the Company’s notice. Any Participating Founder Investor may withdraw its request for inclusion at any time prior to executing the underwriting
agreement, or if none, prior to the applicable registration statement becoming effective. 
 (b) Priority on Primary Registrations.
The Company will not include in any Piggyback Registration any securities which are not Registrable Securities without the prior written consent of the holders of a majority of the Founder Investor Registrable Securities. If a Piggyback Registration
is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can
be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will 

  
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include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Founder Investor Registrable Securities requested to be included in
such registration which, in the opinion of the underwriters, can be sold, without any such adverse effect, pro rata among the Participating Founder Investors on the basis of the number of Registrable Securities owned by each such Participating
Founder Investor, (iii) third, any other Registrable Securities requested to be included in such registration by any other Holder which, in the opinion of the underwriters, can be sold, without any such adverse effect, pro rata among
such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iv) fourth, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without
any such adverse effect. 
 (c) Priority on Secondary Registrations. The Company will not include in any Piggyback Registration any
securities which are not Registrable Securities without the prior written consent of the holders of a majority of the Founder Investor Registrable Securities. If a Piggyback Registration is an underwritten secondary registration on behalf of holders
of the Company’s equity securities (other than pursuant to Section 1 hereof), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds
the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the
securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, (ii) second, the Founder Investor
Registrable Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold, without any such adverse effect, pro rata among the Participating Founder Investors on the basis of the number of
Registrable Securities owned by each such Participating Founder Investor, (iii) third, any other Registrable Securities requested to be included in such registration by any other Holder which, in the opinion of the underwriters, can be
sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iv) fourth, other securities requested to be included in such registration which, in
the opinion of the underwriters, can be sold without any such adverse effect. 
 (d) Right to Terminate Registration. The Company
will have the right to terminate or withdraw any registration initiated by it under this Section 2, whether or not any holder of Registrable Securities has elected to include securities in such registration. 

(e) Selection of Underwriters. If any Piggyback Registration is an underwritten offering, the holders of a majority of the Founder
Investor Registrable Securities shall select the legal counsel for the Company, the investment banker(s) and manager(s) for the offering. 

Section 3 Stockholder Lock-Up Agreements and Company Holdback Agreement. 

(a) Stockholder Lock-up Agreements. In connection with any underwritten Public Offering, each
Holder will enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by holders of a
majority of the Founder Investor Registrable Securities. Without limiting the generality of the foregoing, each Holder hereby agrees that in connection with the initial Public Offering and in connection with any Demand Registration, Shelf Offering
or Piggyback Registration that is an underwritten Public Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company
(including equity securities of the Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC) (collectively, “Securities”), or any securities, options or rights
convertible into or exchangeable or exercisable for Securities (collectively, “Other Securities”), (ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any

  
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swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be
settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a “Sale Transaction”), or (iv) publicly disclose the intention to enter into any Sale Transaction,
commencing on the earlier of (i) the date on which the Company gives notice to the Holders that a preliminary prospectus for such underwritten Public Offering has been circulated to potential investors or (ii) the “pricing” of
such offering and continuing to the date that is (x) 180 days following the date of the final prospectus for such underwritten Public Offering in the case of the initial Public Offering or (y) 90 days following the date of the final
prospectus in the case of any other such underwritten Public Offering (each such period, or such shorter period as agreed to by the managing underwriters, a “Holdback Period”), in each case with such modifications and exceptions as
may be approved by holders of a majority of the Founder Investor Registrable Securities. The Company may impose stop-transfer instructions with respect to any Securities or Other Securities subject to the restrictions set forth in this
Section 3(a) until the end of such Holdback Period. 
 (b) Company Holdback Agreement. The Company
(i) will not file any registration statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other
than as part of such underwritten Public Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or
(y) shall become effective upon the conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will cause each holder of Securities and Other Securities (including each of its directors and executive officers) to
agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration (if otherwise permitted), unless approved in writing by holders of a majority of the Founder Investor Registrable Securities and
the underwriters managing the Public Offering and to enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and
exceptions as may be approved by holders of a majority of the Founder Investor Registrable Securities. 
 Section 4 Registration
Procedures. 
 (a) Company Obligations. Whenever the Holders have requested that any Registrable Securities be registered
pursuant to this Agreement or have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant
thereto the Company will as expeditiously as possible: 
 (i) prepare and file with (or submit confidentially to) the SEC a
registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the
Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish
to the counsel selected by holders of a majority of the Founder Investor Registrable Securities covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and
comment of such counsel); 
 (ii) notify each Holder of (A) the issuance by the SEC of any stop order suspending the
effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder; 

  
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 (iii) prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in
accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration
statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer)
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such registration statement; 
 (iv) furnish, without charge, to each seller of Registrable Securities thereunder and
each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all
exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus
(or preliminary prospectus or supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such
registration statement or prospectus); 
 (v) use its best efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
subparagraph, (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the
date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or
qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration
statement or prospectus or for additional information, and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result
of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section 1(f), if
required by applicable law or to the extent requested by the Founder Investor, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus 

  
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so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to
make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be
true and correct; 
 (vii) (A) use best efforts to cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as
such with respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance
requirements; 
 (viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not
later than the effective date of such registration statement; 
 (ix) enter into and perform such customary agreements
(including, as applicable, underwriting agreements in customary form) and take all such other actions as the Founder Investors or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable
Securities (including, without limitation, making available the executive officers of the Company and participating in “road shows,” investor presentations, marketing events and other selling efforts and effecting a stock or unit split or
combination, recapitalization or reorganization); 
 (x) make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate
and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives and independent accountants
to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto; 

(xi) take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or
Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the
extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; 
 (xii) otherwise use its best efforts
to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day
of the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

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

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

(xvii) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or
business information for the Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter; 

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

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

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

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

(xxiii) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf
Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 
 (xxiv)
if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the
Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form
S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to
be kept effective; and 
 (xxv) if requested by any Participating Founder Investor, cooperate with such Participating Founder
Investor and with the managing underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used
in connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects. 

(b) Officer Obligations. Each Holder that is an officer of the Company agrees that if and for so long as he or she is employed by the
Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration
statement and the preparation and presentation of any road shows. 
 (c) Automatic Shelf Registration Statements. If the Company
files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Founder Investors do not request that their Registrable Securities be included in such Shelf Registration

  
 -10- 

 
Statement, the Company agrees that, at the request of the Founder Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in
order to ensure that the Founder Investors may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf
Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company shall, at the request of the Founder Investors, file any post-effective amendments necessary to include therein all disclosure and
language necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement. 
 (d)
Additional Information. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the
Company may from time to time reasonably request in writing, as a condition to such seller’s participation in such registration. 
 (e)
In-Kind Distributions. If any Founder Investor (and/or any of their Affiliates) seeks to effectuate an in-kind distribution of all or part of their Registrable
Securities to their respective direct or indirect equityholders, the Company will, subject to any applicable lock-ups, work with the foregoing Persons to facilitate such
in-kind distribution in the manner reasonably requested and consistent with the Company’s obligations under the Securities Act. 

(f) Suspended Distributions. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section 4(a)(vi), such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such
Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 4(a)(vi), subject to the Company’s compliance with its obligations under
Section 4(a)(vi). 
 (g) Other. To the extent that any of the Participating Founder Investors is or may be
deemed to be an “underwriter” of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in Section 6 shall be
applicable to the benefit of such Participating Founder Investor in their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Participating Founder Investor shall be entitled to conduct the due
diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort letters addressed to such Participating Founder
Investor. 
 Section 5 Registration Expenses. 

Except as expressly provided herein, all out-of-pocket
expenses incurred by the Company, any Founder Investor or Onex Investor in connection with the performance of or compliance with this Agreement and/or in connection with any Demand Registration, Piggyback Registration or Shelf Offering, whether or
not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA,
(ii) all fees and expenses in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of
printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free Writing Prospectuses), (iv) all fees and disbursements of counsel
for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar
insurance if the Company so desires or the underwriters so require in accordance with then-

  
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customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of
the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public Offering), (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all
fees and disbursements of legal counsel for the Company, (ix) all reasonable fees and disbursements of one legal counsel for each of (A) selling Holders selected by holders of a majority of the Founder Investor Registrable Securities
(which may be the same counsel as selected for the Company) together with any necessary local counsel as may be required by the Founder Investors or the Onex Investors and (B) the Onex Investors, with such disbursement amount not to exceed
$25,000, (x) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xi) all fees and expenses of any special experts or other Persons retained by the Company or the Founder Investors in connection with
any Registration (xii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xiii) all expenses related to the “road-show” for
any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as “Registration Expenses.” The Company shall not be required to pay, and each Person that sells securities pursuant to a
Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person’s account and all transfer taxes (if any)
attributable to the sale of Registrable Securities. 
 Section 6 Indemnification and Contribution. 

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

  
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provided above with respect to the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such
indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller. 

(b) By Holders. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the
Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its officers, directors,
employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and appealable judgment, order or decree of a court of competent
jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided
that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement.

 (c) Claim Procedure. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice will impair any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the
indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but
such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with
respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification and approved by the Founder
Investor, at the expense of the indemnifying party. 
 (d) Contribution. If the indemnification provided for in this
Section 6 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein, then such
indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause (i) of this
Section 6(d) is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of
Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations;
provided that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of
Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference 

  
 -13- 

 
to, among other things, whether the untrue (or, as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable
if the contribution pursuant to this Section 6(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable
by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which
is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent
misrepresentation. 
 (e) Release. No indemnifying party will, except with the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

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

Section 7 Cooperation with Underwritten Offerings. No Person may participate in any underwritten registration hereunder unless
such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to
the terms of any over-allotment or “green shoe” option requested by the underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such
registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such
underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, Section 3,
Section 4 and/or this Section 7, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the
underwriters created thereby with respect to such registration. 
 Section 8 Subsidiary Public Offering. 

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

  
 -14- 

 Section 9 Joinder; Additional Parties; Transfer of Registrable Securities. 

(a) Joinder. Except with respect to the transfer of Founder Investor Registrable Securities by any Founder Investor (in which case no
consent or permission from the Company or the Founder Investors is required), the Company may from time to time (with the prior written consent of the holders of a majority of the Founder Investor Registrable Securities, subject to
Section 9(b)) permit any Person who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed
joinder to this Agreement from such Person in the form of Exhibit B attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall
become the category of Registrable Securities (i.e. Founder Investor Registrable Securities or Other Investor Registrable Securities) acquired by such Person, and such Person shall be deemed the category of Holder (i.e. Founder Investor or Other
Investor), in each case as set forth on the signature page to such Joinder. 
 (b) Restrictions on Transfers. Prior to transferring
any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring Holder must first obtain the prior written consent of the holders of a majority of the Founder Investor Registrable Securities, and if so
obtained, cause the prospective transferee to execute and deliver to the Company a Joinder, except that such consent will not be required for any transfer by any Onex Investor to one or more of its Affiliates (provided, that any such transfer
shall be subject to applicable federal securities law and any applicable contractual limitations), and such consent and Joinder shall not be required in the case of (i) a transfer to the Company, (ii) a transfer by any Founder Investor to
its partners or members, (iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the initial Public Offering and/or (v) a transfer in connection with a Sale of the Company. Any transfer or attempted transfer
of Registrable Securities in violation of any provision of this Agreement will be void, and the Company will not record such transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose
(but the Company will be entitled to enforce against such Person the obligations hereunder). 
 (c) Legend. Each certificate (if any)
evidencing any Registrable Securities and each certificate issued in exchange for or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) will be stamped
or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF _________ __, 2021 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S EQUITYHOLDERS, AS AMENDED. A
COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 The Company will imprint such
legend on certificates evidencing Registrable Securities outstanding prior to the date hereof. The legend set forth above will be removed from the certificates evidencing any securities that have ceased to be Registrable Securities. 

Section 10 General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived
only with the prior written consent of the Company and the Founder Investors who are then Holders; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e.,
Founder Investors or Other Investors) in a manner materially and adversely different than any other Holder or group of Holders will be 

  
 -15- 

 
effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are held by the group of Holders that is materially and
adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce each and
every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent
or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement. 

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

(c) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as
if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except as
otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or
among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 (e) Successors and
Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns and the Holders and their respective successors and permitted assigns
(whether so expressed or not). 
 (f) Notices. Any notice, demand or other communication to be given under or by reason of the
provisions of this Agreement will be in writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient; but if not, then on the next Business Day (provided that any such notice under this clause (ii) will not be effective unless within one Business Day after the notice is sent, a copy of such notice is sent to the recipient by
first-class mail, return receipt requested, or reputable overnight courier service (charges prepaid)), (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business
Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address specified on the signature page hereto or any Joinder and to any
holder, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written
notice of the change to the sending party as provided herein. The Company’s address is: 
 Ryan Specialty Group Holdings, Inc. 

Two Prudential Plaza 
 180 N.
Stetson Avenue 
 Suite 4600 

Chicago, IL 60601 

Attention:            General Counsel 

  
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 With a copy to: 

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, Illinois
60654 
 Attn:        Robert Hayward, P.C. 

                Robert Goedert, P.C. 

                Craig J. Garvey 

Facsimile: 312-862-2200 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

(g) Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the
time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday. 
 (h)
Governing Law. The corporate law of the State of Delaware will govern all issues and questions concerning the relative rights of the Company and its equityholders. All issues and questions concerning the construction, validity, interpretation
and enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

(i) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT
(AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

(j) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE
OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY
ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES 

  
 -17- 

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

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

(q) Dividends, Recapitalizations, Etc. If at any time or from time to time there is any change in the capital structure of the Company
by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions hereof so that the rights
and privileges granted hereby will continue. 

  
 -18- 

 (r) No Third-Party Beneficiaries. No term or provision of this Agreement is intended
to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein. 

(s) Current Public Information. At all times after the Company has filed a registration statement with the SEC pursuant to the
requirements of either the Securities Act or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will take such further action as the Holders of Registrable Securities may
reasonably request, all to the extent required to enable such Holders to sell Registrable Securities pursuant to Rule 144. 

*         *     *     *     * 

  
 -19- 

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

	
	RYAN SPECIALTY GROUP HOLDINGS, INC.
	
	 By: /s/ Patrick G. Ryan

	 Name: Patrick G. Ryan

	 Title: Chief Executive Officer

	
	ONEX RSG HOLDINGS LP
	
	 By: Onex RSG GP Inc., its general partner

	
	 By: /s/ Todd Clegg

	 Name: Todd Clegg

	 Title: Vice President

 [Signature Page to Registration Rights
Agreement] 

  

 
	
	FOUNDER INVESTORS
	
	PATRICK G. RYAN LIVING TRUST
	
	 By: /s/ Patrick G. Ryan

	 Name: Patrick G. Ryan

	
	PGR 2016 CHARITABLE LEAD TRUST A
	
	 By: /s/ Patrick G. Ryan

	 Name: Patrick G. Ryan

	
	RENEWAL INVESTMENT HOLDINGS LLC
	
	 By: /s/ Patrick G. Ryan

	 Name: Patrick G. Ryan

	
	SWR 2019 TERM TRUST
	
	 By: /s/ Patrick G. Ryan

	 Name: Patrick G. Ryan, Jr.

	
	VENUS FAMILY INVESTMENTS LLC
	
	 By: /s/ Patrick G. Ryan

	 Name: Patrick G. Ryan, Jr.

 [Signature Page to Registration Rights Agreement] 

 
	
	 CORBETT M. W. RYAN GST TRUST
 UNDER
PGR 2000 TRUST

	  
 By: /s/ Shirley W. Ryan 
Name: Shirley W. Ryan

	
	PGR 2019 TERM TRUST
	
	By: /s/ Shirley W. Ryan 
Name: Shirley W. Ryan
	
	 ROBERT J. W. RYAN GST TRUST UNDER

PGR 2000 TRUST

	  
 By: /s/ Shirley W. Ryan 
Name: Shirley W. Ryan

	
	SHIRLEY W. RYAN LIVING TRUST
	  
 By: /s/ Shirley W. Ryan 
Name: Shirley W. Ryan

	
	SWR 2016 CHARITABLE LEAD TRUST A
	  
 By: /s/ Patrick G. Ryan, Jr. 
Name: Patrick G. Ryan,
Jr.

 [Signature Page to Registration Rights Agreement] 

 
			
	CORBETT M. W. RYAN LIVING TRUST DATED JULY 13, 2001
	
	By: /s/ Patrick G. Ryan
	Name: Patrick G. Ryan
	
	By: /s/ Shirley W. Ryan
	Name: Shirley W. Ryan
	
	By: /s/ Patrick G. Ryan
	Name: Patrick G. Ryan, Jr.
	
	 By: /s/ Robert J. W. Ryan
 Name:
Robert J. W. Ryan

  

[Signature Page to Registration Rights Agreement] 

 
	
	PGR 2016 GST TRUST
	
	 By: /s/ Patrick G. Ryan, Jr.

	 Name: Patrick G. Ryan, Jr.

  

[Signature Page to Registration Rights Agreement] 

 
	
	 ROBERT J. W. RYAN LIVING TRUST

DATED MAY 28, 2003

	
	 By: /s/ Robert J. W. Ryan

	 Name: Robert J. W. Ryan

  

[Signature Page to Registration Rights Agreement] 

 EXHIBIT A 

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

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

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

“Business Day” means a day that is not a Saturday or Sunday or a day on which banks in New York City are authorized or
requested by law to close. 
 “Charitable Gifting Event” means any transfer by a Founder Investor, or any subsequent
transfer by such holder’s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered into in connection with any
underwritten offering. 
 “Charitable Organization” means a charitable organization as described by
Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time. 
 “Common
Equity” means the Company’s Class A common stock, par value $0.001 per share 
 “Company” has the
meaning set forth in the preamble and shall include its successor(s). 
 “Demand Registrations” has the meaning set forth
in Section 1(a). 
 “End of Suspension Notice” has the meaning set forth in
Section 1(f)(ii). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“Excluded Registration” means any registration (i) pursuant to a Demand Registration (which is addressed in
Section 1(a)), or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms.
 
 “Family Group” means with respect to any individual, such individual’s current or former spouse, their
respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such
individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. 

  
 A-1 

 “FINRA” means the Financial Industry Regulatory Authority. 

“Founder Investor Registrable Securities” means (i) any Common Equity held (directly or indirectly) by any Founder
Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution,
split or combination of securities, or any recapitalization, merger, consolidation or other reorganization. 
 “Founder
Investors” has the meaning set forth in the recitals; unless the context otherwise requires or as otherwise provided for in this Agreement, that any decision to be made under this Agreement by the Founder Investors shall be made by holders
of a majority of all Founder Investor Registrable Securities 
 “Free Writing Prospectus” means a free-writing prospectus,
as defined in Rule 405. 
 “Holdback Period” has the meaning set forth in Section 3(a). 

“Holder” means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder). 

“Indemnified Parties” has the meaning set forth in Section 6(a). 

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

“Long-Form Registrations” has the meaning set forth in Section 1(a). 

“Losses” has the meaning set forth in Section 6(c). 

“Other Investor Registrable Securities” means (i) any Common Equity held (directly or indirectly) by any Other Investors
or any of their Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or
combination of securities, or any recapitalization, merger, consolidation or other reorganization. 
 “Other Investors” has
the meaning set forth in the recitals. 
 “Onex Investor” has the meaning set forth in the preamble. 

“Participating Founder Investors” means any Founder Investor(s) participating in the request for a Demand Registration, Shelf
Offering, Piggyback Registration or Underwritten Block Trade. 
 “Person” means an individual, a partnership, a
corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

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

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

  
 A-2 

 “Qualified Independent Underwriter” has the meaning set forth by FINRA in
Section 5121(f)(12), or any successor provision thereto. 
 “Registrable Securities” means Founder Investor
Registrable Securities and Other Investor Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering,
(b) sold in compliance with Rule 144 following the consummation of the initial Public Offering, or (c) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of
Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer
of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of
Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing,
following the consummation of an initial Public Offering, any Registrable Securities held by any Person (other than any Founder Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other
requirements of Rule 144 will be deemed not to be Registrable Securities. 
 “Registration Expenses” has the meaning set
forth in Section 5. 
 “Rule 144,” “Rule 158,” “Rule 405” and
“Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor rule then in force. 

“Sale of the Company” means any transaction or series of transactions pursuant to which any Person(s) or a group of related
Persons (other than any Founder Investor and/or its Affiliates) in the aggregate acquires: (i) Common Equity of the Company entitled to vote (other than voting rights accruing only in the event of a default, breach, event of noncompliance or
other contingency) to elect directors with a majority of the voting power of the Company’s board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s Common Equity) or (ii) all
or substantially all of the Company’s and its Subsidiaries’ assets determined on a consolidated basis; provided that a Public Offering will not constitute a Sale of the Company. 

“Sale Transaction” has the meaning set forth in Section 3(a). 

“SEC” means the United States Securities and Exchange Commission. 

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

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder. 
 “Shelf Offering” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Offering Notice” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Registrable Securities” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Registration” has the meaning set forth in
Section 1(a). 

  
 A-3 

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

  
 A-4 

 EXHIBIT B 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of [•], 2021 (as amended,
modified and waived from time to time, the “Registration Agreement”), among Ryan Specialty Group Holdings, Inc., a Delaware corporation (the “Company”), and the other persons named as parties therein
(including pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement. 
 By
executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an
original signatory to the Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder, a[n] [Founder Investor // Other Investor thereunder] and the undersigned’s ____ shares of Common Equity will be deemed for all
purposes to be [Founder Investor // Other Investor] Registrable Securities under the Registration Agreement. 
 Accordingly, the undersigned
has executed and delivered this Joinder as of the ___ day of ____________, 20___. 
  

			
	   

	Signature
	
	   

	Print Name
		
	Address:	 	 
	   

	   

 Agreed and Accepted as of 

________________, 20___: 
 RYAN SPECIALTY GROUP HOLDINGS,
INC. 
 By: ________________________ 
 Its:
________________________ 

  
 B-1 

 SCHEDULE OF FOUNDER INVESTORS 

Name and Address 
 Patrick G. Ryan 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 
 Corbett M. W. Ryan GST Trust under PGR
2000 Trust 
 c/o Ryan Enterprises Group 
 150 N. Michigan
Ave., Ste 2100, 
 Chicago, IL 60601 
 Corbett M. W. Ryan
Living Trust dated July 13, 2001 
 c/o Ryan Enterprises Group 

150 N. Michigan Ave., Ste 2100, 
 Chicago, IL 60601 

Patrick G. Ryan Living Trust 
 c/o Ryan Enterprises Group

 150 N. Michigan Ave., Ste 2100, 
 Chicago, IL 60601 

PGR 2016 Charitable Lead Trust A 
 c/o Ryan Enterprises
Group 
 150 N. Michigan Ave., Ste 2100, 
 Chicago, IL 60601

 PGR 2016 GST Trust 
 c/o Ryan Enterprises Group 

150 N. Michigan Ave., Ste 2100, 
 Chicago, IL 60601 

PGR 2019 Term Trust 
 c/o Ryan Enterprises Group 

150 N. Michigan Ave., Ste 2100, 
 Chicago, IL 60601 

Renewal Investment Holdings LLC 
 c/o Ryan Enterprises
Group 
 150 N. Michigan Ave., Ste 2100, 
 Chicago, IL 60601

 Robert J. W. Ryan GST Trust under PGR 2000 Trust 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 

  
 B-2 

 Robert J. W. Ryan Living Trust dated May 28, 2003 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 
 Shirley W. Ryan Living Trust 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 
 SWR 2016 Charitable Lead Trust A 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 
 SWR 2019 Term Trust 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 
 Venus Family Investments LLC 

c/o Ryan Enterprises Group 
 150 N. Michigan Ave., Ste 2100, 

Chicago, IL 60601 

  
 B-3

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