Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 FOURTH AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT 
 OF 

QL HOLDINGS LLC 
 Dated as
of October 27, 2020 
  
  

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

 
  

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
		
	ARTICLE 1	  			
	DEFINED TERMS	  			
			
	Section 1.01.	 	Definitions	  	 	2	 
	Section 1.02.	 	Other Definitional and Interpretative Provisions	  	 	9	 
		
	ARTICLE 2	  			
	ORGANIZATION	  			
			
	Section 2.01.	 	Formation; Amendment and Restatement	  	 	9	 
	Section 2.02.	 	Company Name	  	 	9	 
	Section 2.03.	 	Purposes of the Company	  	 	9	 
	Section 2.04.	 	Principal Place of Business	  	 	9	 
	Section 2.05.	 	Registered Office and Agent	  	 	9	 
	Section 2.06.	 	Qualification in Other Jurisdictions	  	 	9	 
	Section 2.07.	 	Term	  	 	9	 
	Section 2.08.	 	No State-law Partnership	  	 	10	 
		
	ARTICLE 3	  			
	CAPITALIZATION	  			
			
	Section 3.01.	 	Units; Capitalization	  	 	10	 
	Section 3.02.	 	Authorization and Issuance of Additional Units	  	 	11	 
	Section 3.03.	 	Repurchase or Redemption of Class A Common Stock	  	 	12	 
	Section 3.04.	 	Repurchase or Redemption of Class B Common Stock	  	 	12	 
	Section 3.05.	 	Repurchase or Redemption of Other Capital Stock	  	 	13	 
	Section 3.06.	 	Changes in Common Stock	  	 	13	 
	Section 3.07.	 	Exchange of Class B-1 Units	  	 	13	 
		
	ARTICLE 4	  			
	MEMBERS	  			
			
	Section 4.01.	 	Names and Addresses	  	 	13	 
	Section 4.02.	 	No Liability for Status as Member	  	 	13	 
	Section 4.03.	 	Disclaimer of Certain Duties	  	 	14	 
	Section 4.04.	 	Transactions Between Members and the Company	  	 	15	 
	Section 4.05.	 	Meeting of Members	  	 	15	 
	Section 4.06.	 	Action by Members Without Meeting	  	 	15	 
	Section 4.07.	 	Limited Rights of Members	  	 	15	 
	Section 4.08.	 	Withdrawal of Members	  	 	15	 
		
	ARTICLE 5	  			
	DISTRIBUTIONS	  			
			
	Section 5.01.	 	Distributions	  	 	15	 
	Section 5.02.	 	Distributions for Payment of Income Tax	  	 	16	 
	Section 5.03.	 	Limitations on Distributions	  	 	16	 
	Section 5.04.	 	Withholding	  	 	16	 
		
	ARTICLE 6	  			
	ALLOCATIONS AND TAX MATTERS	  			
			
	Section 6.01.	 	Capital Accounts and Adjusted Capital Accounts	  	 	17	 
	Section 6.02.	 	Additional Capital Contributions	  	 	17	 
	Section 6.03.	 	Allocations of Net Profits and Net Losses	  	 	18	 
	Section 6.04.	 	Regulatory Allocations	  	 	18	 
	Section 6.05.	 	Allocation for Income Tax Purposes	  	 	19	 
	Section 6.06.	 	Other Allocation Rules	  	 	19	 
	Section 6.07.	 	Regulatory Compliance	  	 	19	 
	Section 6.08.	 	Certain Costs and Expenses	  	 	20	 

  
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	ARTICLE 7	  			
	MANAGEMENT AND CONTROL OF BUSINESS	  			
			
	Section 7.01.	 	Management	  	 	20	 
	Section 7.02.	 	Investment Company Act	  	 	20	 
		
	ARTICLE 8	  			
	OFFICERS	  			
			
	Section 8.01.	 	Officers	  	 	20	 
	Section 8.02.	 	Other Officers and Agents	  	 	21	 
	Section 8.03.	 	Chief Executive Officer	  	 	21	 
	Section 8.04.	 	Treasurer	  	 	21	 
	Section 8.05.	 	Secretary	  	 	21	 
	Section 8.06.	 	Other Officers	  	 	21	 
		
	ARTICLE 9	  			
	TRANSFERS OF INTERESTS; ADMITTANCE OF NEW MEMBERS	  			
			
	Section 9.01.	 	Transfer of Units	  	 	21	 
	Section 9.02.	 	Transfer of Intermediate Holdco’s Interest	  	 	22	 
	Section 9.03.	 	Recognition of Transfer; Substitute and Additional Members	  	 	22	 
	Section 9.04.	 	Expense of Transfer; Indemnification	  	 	23	 
	Section 9.05.	 	Exchange Agreement	  	 	23	 
	Section 9.06.	 	Restrictions on Business Combination Transactions	  	 	23	 
		
	ARTICLE 10	  			
	DISSOLUTION AND TERMINATION	  			
			
	Section 10.01.	 	Dissolution	  	 	23	 
	Section 10.02.	 	Termination	  	 	24	 
		
	ARTICLE 11	  			
	EXCULPATION AND INDEMNIFICATION	  			
			
	Section 11.01.	 	Exculpation	  	 	25	 
	Section 11.02.	 	Indemnification	  	 	25	 
	Section 11.03.	 	Expenses	  	 	25	 
	Section 11.04.	 	Non-Exclusivity	  	 	26	 
	Section 11.05.	 	Insurance	  	 	26	 
		
	ARTICLE 12	  			
	ACCOUNTING AND RECORDS; TAX MATTERS	  			
			
	Section 12.01.	 	Accounting and Records	  	 	26	 
	Section 12.02.	 	Tax Returns	  	 	26	 
	Section 12.03.	 	Tax Partnership	  	 	26	 
	Section 12.04.	 	Tax Elections	  	 	26	 
	Section 12.05.	 	Tax Controversies	  	 	27	 
		
	ARTICLE 13	  			
	ARBITRATION	  			
		
	ARTICLE 14	  			
	MISCELLANEOUS PROVISIONS	  			
			
	Section 14.01.	 	Entire Agreement	  	 	28	 
	Section 14.02.	 	Binding on Successors	  	 	28	 
	Section 14.03.	 	Managing Member’s Business	  	 	28	 
	Section 14.04.	 	Governing Law	  	 	28	 
	Section 14.05.	 	Headings	  	 	29	 

  
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	Section 14.06.	 	Severability	  	 	29	 
	Section 14.07.	 	Notices	  	 	29	 
	Section 14.08.	 	Amendments	  	 	29	 
	Section 14.09.	 	Consent to Jurisdiction	  	 	30	 
	Section 14.10.	 	WAIVER OF JURY TRIAL	  	 	30	 
	Section 14.11.	 	Tax Receivables Agreement	  	 	30	 

  

  
 iii 

 FOURTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 QL HOLDINGS LLC

 This FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of QL Holdings LLC, a
Delaware limited liability company ( the “Company”), dated as of October 27, 2020 is adopted, executed and agreed to, for good and valuable consideration, by Guilford Holdings, Inc., a Delaware corporation
(“Intermediate Holdco”), Insignia QL Holdings, LLC, a Delaware limited liability company (“ICP Main Fund Buyer”), Insignia A QL Holdings, LLC, a Delaware limited liability company (“ICP Parallel Fund
Buyer” and, together with ICP Main Fund Buyer, “Insignia”), the Management Parties (as defined below), and each of the other Members identified on Exhibit A hereto, as Members, and, solely for the purposes of
Section 3.01(b), Section 3.01(c), Section 3.02(b), Section 3.02(d), Section 3.02(e), Article 13, Section 14.09 and Section 14.10, MediaAlpha, Inc. (“Pubco”). Capitalized terms used but not
simultaneously defined are defined in or by reference to Section 1.01. 
 W I T N E S E T H: 

WHEREAS, the Company was formed as a limited liability company on March 7, 2014, pursuant to the Delaware Limited Liability Company Act
(6 Del.C. §18-101, et seq.) (as amended from time to time, the “Delaware LLC Act”) by the filing of its Certificate of Formation (as amended, the
“Certificate”) with the Secretary of State; 
 WHEREAS, Pubco and the Company have entered into an underwriting agreement
with the several underwriters named therein, providing for the initial public offering (the “IPO”) of the Class A common stock, par value $0.01 per share, of Pubco (the “Class A Common
Stock”); 
 WHEREAS, in connection with the IPO, Pubco, the Company and certain other Persons have entered into a Reorganization
Agreement, dated as of the date hereof (the “Reorganization Agreement”), pursuant to which the parties thereto have agreed to consummate a series of reorganization transactions (collectively, the “Reorganization
Transactions”); 
 WHEREAS, prior to the IPO and the Reorganization Transactions, WTM (through its then wholly owned subsidiary
Intermediate Holdco), Insignia, the Founders (as defined below) and certain other employees of the Company held directly or indirectly all of the equity interests in the Company (collectively, the “Prior Units”) under the Third
Amended and Restated Limited Liability Company Agreement of the Company, dated as of July 1, 2020 (as amended, the “Prior LLC Agreement”), pursuant to which the Company has heretofore been governed; 

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

WHEREAS, as of the date of this Agreement, Intermediate Holdco, Insignia and the Management Parties desire to amend and restate the Prior LLC
Agreement in its entirety as set forth herein to give effect to the foregoing and the other Reorganization Transactions. 
 NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend and restate the Prior LLC
Agreement in its entirety as set forth herein and further agree as follows: 

 ARTICLE 1 

DEFINED TERMS 

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

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

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

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

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

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

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

“Book Value” means, with respect to any property, such property’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) The initial Book Value of any property contributed by a Member to the Company shall be the Fair Market Value of such
property as reasonably determined by the Managing Member; 

  
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 (b) The Book Values of all properties shall be adjusted to equal their respective Fair
Market Values as determined in the Managing Member’s discretion in connection with (i) the acquisition of an interest in the Company by any new or existing Member in exchange for more than a de minimis capital contribution to the
Company, (ii) the distribution by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company, or (iii) the liquidation of the Company within the meaning of Treas. Reg. §1.704-1(b)(2)(ii)(g); 
 (c) The Book Value of property distributed to a Member shall be the Fair
Market Value of such property as determined by the Managing Member; and 
 (d) The Book Value of all property shall be increased (or
decreased) to reflect any adjustments to the adjusted tax basis of such property pursuant to Section 734(b) of the Code or Section 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining
Capital Accounts pursuant to Treas. Reg. §1.704-1 (b)(2)(iv)(m) and clause (f) of the definition of Net Profits and Net Losses; provided, however, that Book Value shall not be adjusted
pursuant to this clause (d) to the extent the Managing Member determines that an adjustment pursuant to clause (b) hereof is necessary or appropriate in connection with the transaction that would otherwise result in an adjustment pursuant
to this clause (d). 
 If the Book Value of property has been determined or adjusted pursuant to clause (b) or (d) hereof, such Book
Value shall thereafter be adjusted by the Depreciation taken into account with respect to such property for purposes of computing Net Profits and Net Losses and other items allocated pursuant to Article 6. 

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

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

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

“Cash Consideration” means, with respect to any applicable exchange pursuant to Section 3.07, an amount in cash equal to
the product of (x) the number of Class B-1 Units to be exchanged, (y) the Exchange Rate in effect at the time of the exchange and (z) the Class A Common Stock Value. 

“Certificate” is defined in the recitals. 

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

“Class A Common Stock Value” means the last closing trade price for a share of Class A Common Stock
on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor, on the Trading Day immediately prior to the date of the applicable
exchange, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or
automated or electronic quotation system, then the Class A Common Stock Value shall be determined in good faith by a majority of the directors of Pubco that do not have an interest in the Class B-1
Units to be exchanged. 
 “Class A-1 Units” is defined in
Section 3.01(a). 
 “Class B Common Stock” means the Class B common stock, par value $0.01 per
share, of Pubco. 
 “Class B-1 Units” is defined in
Section 3.01(a). 
 “Class B-1 Units Vesting Agreement” is
defined in Section 3.01(c). 

  
 3 

 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” is defined in the preamble. 

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

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

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

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

“Dispute” is defined in Article 13. 

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

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

“Exchange” is defined in the Exchange Agreement. 

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

  
 4 

 “Exchange Agreement” means the Exchange Agreement, dated as of the date
hereof, by and among Pubco, the Company, Intermediate Holdco, Insignia and the Management Parties. 
 “Exchange Rate”
means, with respect to (i) the holder of any Class B-1 Units that is a party to the Exchange Agreement, the meaning ascribed to such term in the Exchange Agreement and (ii) any other holder of
any Class B-1 Units, the number of shares of Class A Common Stock for which one Class B-1 Unit will be exchanged pursuant to Section 3.07. 

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

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

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

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

“Initiating Party” is defined in Article 13. 

“Insignia” is defined in the preamble. 

“Intermediate Holdco” is defined in the preamble. 

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

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

“IPO” is defined in the recitals. 

“Losses” is defined in Section 11.02. 

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

“Management Parties” means, collectively, Steven Yi, the Founder Holding Vehicles and the
Non-Founder Senior Executives. 

  
 5 

 “Managing Member” means Intermediate Holdco, which, as of the Effective
Time, is a wholly owned Subsidiary of Pubco. 
 “Member” means each Person listed on Exhibit A hereto and each other Person
that becomes a member of the Company as provided herein, so long as such Person continues as a member of the Company. 
 “Member
Nonrecourse Debt” has the meaning assigned to the term “partner nonrecourse debt” in Treas. Reg. §1.704-2(b)(4). 

“Member Nonrecourse Debt Minimum Gain” has the meaning assigned to the term “partner nonrecourse debt minimum gain”
in Treas. Reg. §1.704-2(i)(2). 
 “Member Nonrecourse Deductions” has the
meaning assigned to the term “partner nonrecourse deductions” in Treas. Reg. §1.704-2(i)(1). 

“Net Profits” and “Net Losses” for any Fiscal Year or other period means, respectively, an amount equal to
the Company’s taxable income or loss for such Fiscal Year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to
Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 

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

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

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

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such Fiscal Year; 
 (f) To the extent an adjustment to
the adjusted tax basis of any asset pursuant to Section 734(b) of the Code is required, pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account
balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss
(if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; and 

(g) Any items that are allocated pursuant to Section 6.04 shall be determined by applying rules analogous to those set
forth in clauses (a) through (f) hereof but shall not be taken into account in computing Net Profits and Net Losses. 

  
 6 

 “Non-Founder Senior Executives”
means, collectively, Keith Cramer, Tigran Sinanyan, Lance Martinez, Brian Mikalis, Robert Perine, Jeff Sweetser, Serge Topjian and Amy Yeh. 

“Nonrecourse Deductions” is defined in Treas. Reg. §1.704-2(b)(1). 

“Notice” is defined in Section 14.07. 

“Panel” is defined in Article 13. 

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

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

“Pubco” is defined in the recitals. 

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

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

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

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

“Reorganization Agreement” is defined in the recitals. 

“Reorganization Transactions” is defined in the recitals. 

“Responding Party” is defined in Article 13. 

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

  
 7 

 “SEC” means the Securities and Exchange Commission, including any
governmental body or agency succeeding to the functions thereof. 
 “Secretary of State” means the Secretary of State of
the State of Delaware. 
 “Section 1.704-3(c)(3)(iii)(B) Method”
is defined in Section 6.05(b). 
 “Securities Act” means the Securities Act of 1933, as amended. 

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

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

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

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

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

“Tax Receivables Agreement” means the Tax Receivables Agreement, dated as of the date hereof, by and among Pubco, the
Company, White Mountains Insurance Group, Ltd., Insignia and the Management Parties. 
 “Trading Day” means a day on which
the principal U.S. securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“Transaction Documents” means, collectively, this Agreement, the Reorganization Agreement, the Exchange Agreement, the Tax
Receivables Agreement, the Registration Rights Agreement and the Stockholders Agreement. 
 “Transfer” is defined in
Section 9.01. 
 “Treasury Regulations” or “Treas. Reg.” means the final (or, where expressly noted,
temporary or proposed) regulations promulgated under the Code, as amended, supplemented or modified from time to time. 

“Unit” is defined in Section 3.01(a). 

“Unvested Class B-1 Units” is defined in Section 3.01(c).

 “Unvested Prior Units” is defined in Section 3.01(c). 

“WTM” means White Mountains Investments (Luxembourg) S.à r.l. 

  
 8 

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

ARTICLE 2 

ORGANIZATION 

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

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

Section 2.03. Purposes of the Company. The purposes of the Company are to carry on any lawful business or activity and to have and
exercise all of the powers, rights and privileges which a limited liability company organized pursuant to the Delaware LLC Act may have and exercise. The Company shall not conduct any business which is forbidden by or contrary to Applicable Law.

 Section 2.04. Principal Place of Business. The principal place of business of the Company shall be 700 S. Flower St., Suite
640, Los Angeles, California, 90017, or such other place as the Managing Member may designate from time to time. The Company may establish or abandon from time to time such additional offices and places of business as the Managing Member may deem
appropriate in the conduct of the Company’s business. 
 Section 2.05. Registered Office and Agent. The name of the
registered agent for service of process of the Company and the address of the Company’s registered office in the State of Delaware shall be Registered Agent Solutions, Inc., 9 E. Loockerman Street, Suite 311, Dover, Delaware 19901, or such
other agent or office in the State of Delaware as the Managing Member or the officers may from time to time determine. 
 Section 2.06.
Qualification in Other Jurisdictions. The Managing Member or a duly authorized officer of the Company shall execute, deliver and file certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do
business in the jurisdictions in which the Company may wish to conduct business. In those jurisdictions in which the Company may wish to conduct business in which qualification or registration under assumed or fictitious names is required or
desirable, the Managing Member or a duly authorized officer of the Company shall cause the Company to be so qualified or registered in compliance with Applicable Law. 

Section 2.07. Term. The term of the Company shall continue indefinitely unless the Company is dissolved in accordance with the
provisions of this Agreement and the Delaware LLC Act. 

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

CAPITALIZATION 

Section 3.01. Units; Capitalization. 

(a) Units; Capitalization. Each Member’s interest in the Company, including such Member’s interest, if any, in the capital,
income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company matters as provided in this Agreement, shall be represented by units of limited liability company interest (each, a “Unit”).
The Company shall initially have two authorized classes of Units designated “Class A-1 Units” and
“Class B-1 Units.” The total number of authorized Units consists of an unlimited number of authorized Class A-1 Units and
100,000,000 Class B-1 Units. The ownership by a Member of Units shall entitle such Member to allocations of profits and losses and other items and distributions of cash and other property as is set forth
in Article 5 and Article 6, respectively. 
 (b) Issuances of Class A-1
Units to Managing Member. In connection with the IPO and pursuant to the Reorganization Agreement, (i) the Company converted all Prior Units then held by Intermediate Holdco into Class A-1 Units,
(ii) Intermediate Holdco acquired a portion of the Class B-1 Units then held by Insignia and the Management Parties and all of the Class B-1 Units then
held by the Legacy Profits Interest Holders, (iii) Intermediate Holdco contributed such acquired Class B-1 Units to the Company and (iv) the Company converted such
Class B-1 Units into Class A-1 Units, such that, at the Effective Time and after giving effect to the Reorganization Transactions, Intermediate Holdco, as
Managing Member, holds the number of Class A-1 Units set forth opposite its name under the column “Class A-1 Units” on Exhibit A, which shall
represent all the Class A-1 Units then outstanding. After the Effective Time, (A) additional Class A-1 Units may only be issued to the Managing Member in
accordance with the terms and conditions of this Agreement and (B) for each Class A-1 Unit the Company issues to the Managing Member, Pubco shall issue a number of Class A Common Stock based on
the Exchange Rate then in effect. 
 (c) Issuances of Class B-1 Units. In
connection with the IPO and pursuant to the Reorganization Agreement, (i) the Company converted all Prior Units (other than those then held by Intermediate Holdco) into Class B-1 Units,
(ii) Insignia and the Management Parties conveyed a portion of the Class B-1 Units held by them to Intermediate Holdco, (iii) the Legacy Profits Interest Holders conveyed all of the Class B-1 Units held by them to Intermediate Holdco and withdrew as Members. At the Effective Time and after giving effect to the Reorganization Transactions,
Class B-1 Units shall be held in such numbers as set forth opposite the applicable Member’s name under the column “Class B-1 Units” on Exhibit
A, which shall collectively represent all the Class B-1 Units then outstanding. Each Class B-1 Unit issued upon the conversion of a Prior Unit representing
“profits interests” within the meaning of Revenue Procedure Procedures 93-27 and 2001-43 for U.S. federal income tax purposes and for which the applicable
conditions to vesting of such Prior Unit under the applicable the applicable Restricted Unit Plan and Restricted Unit Award Agreement pursuant to which such Prior Unit was issued have not been satisfied in full as of the time of the IPO (any such
Prior Unit, an “Unvested Prior Unit”) shall be issued subject to the terms of such Restricted Unit Plan and Restricted Unit Award Agreement which are hereby incorporated herein by reference mutatis mutandis, except that
references to the applicable Unvested Prior Unit shall be deemed to refer to the corresponding Class B-1 Units upon the conversion of such Unvested Prior Unit (“Unvested Class B-1 Units”), and any references to the rights and distributions of the Unvested Prior Unit as a “profits interest” for U.S. federal income tax purposes shall be interpreted to refer to such
corresponding Unvested Class B-1 Units as a capital interest in the Company for U.S. federal income tax purposes. Notwithstanding the immediately preceding sentence, if any holder of Unvested Class B-1 Units has subscribed for shares of Class B Common Stock and entered into separate agreements with the Company relating to the terms of vesting of such Unvested
Class B-1 Units (each, a “Class B-1 Unit Vesting Agreement”), the provisions of which may be determined, altered or waived in
the sole 

  
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 discretion of the Managing Member subject to any consents required under the applicable Class B-1 Unit Vesting Agreement, then the terms of such Class B-1 Unit Vesting Agreement shall supersede and govern with respect to such Unvested Class B-1 Units. After the Effective Time, for each Class B-1 Unit the Company issues to a Member, Pubco shall issue one Class B Common Stock to such Member.

 (d) Members. The Managing Member and the Persons listed on Exhibit A are the sole Members of the Company as of the Effective Time,
and after giving effect to the Reorganization Transactions. Exhibit A may be amended by the Company from time to time in accordance with Section 4.01, but may not be amended to reduce the economic rights of a Member, unless solely to reflect a
transfer or exchange of the units of such Member. 
 (e) Certificates; Legends. Units shall be issued in uncertificated form;
provided that, at the request of any Member, the Managing Member shall cause the Company to issue one or more certificates to any such Member holding Class B-1 Units representing in the aggregate
the Class B-1 Units held by such Member. If any certificate representing Class B-1 Units is issued, then such certificate shall bear a legend substantially in
the following form: 
 THIS CERTIFICATE EVIDENCES CLASS B-1 UNITS REPRESENTING A MEMBERSHIP INTEREST
IN QL HOLDINGS LLC AND IS A SECURITY WITHIN THE MEANING OF ARTICLE 8 OF THE UNIFORM COMMERCIAL CODE. THE MEMBERSHIP INTEREST IN QL HOLDINGS LLC REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST IN QL HOLDINGS LLC REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON
TRANSFER SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF QL HOLDINGS LLC, DATED AS OF OCTOBER 27, 2020, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 

Section 3.02. Authorization and Issuance of Additional Units. 

(a) The Managing Member shall have the right to cause the Company to issue and/or create and issue at any time after the date hereof, and for
such amount and form of consideration as the Managing Member may determine, additional Units (of Class A-1 Units, Class B-1 Units or new classes) or other
Equity Securities of the Company (including creating classes or series thereof having such powers, designations, preferences and rights as may be determined by the Managing Member), subject to Section 14.08. The Managing Member shall have the
power to make such amendments to this Agreement in order to provide for such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or appropriate to give effect to such additional authorization or
issuance in accordance with the provisions of this Section 3.02(a), subject to Section 14.08. 
 (b) At any time Pubco issues one
or more shares of Class A Common Stock (other than an issuance of the type covered by Section 3.02(c) or Section 3.02(e)), Pubco shall promptly contribute all the net proceeds (if any) received by Pubco with respect to such shares of
Class A Common Stock to (A) Intermediate Holdco, which in turn shall promptly contribute all such net proceeds to the Company or (B) a holder of Class B-1 Units in exchange for (i) a
corresponding number of Class B-1 Units pursuant to Section 3.07 (such Class B-1 Units shall automatically be canceled on the books and records of the
Company and shall no longer be deemed issued and outstanding membership interests of the Company) or (ii) if such holder has subscribed for shares of Class B Common Stock and is party to the Exchange Agreement, a corresponding number of Class B-1 Units and shares of Class B Common Stock pursuant to the Exchange Agreement (in which case the Company will cancel such Class B-1 Units pursuant to
Section 2.01(b)(iii) of the Exchange Agreement). Upon the contribution of all such net proceeds, the Managing Member shall cause the Company to issue to Intermediate Holdco a number of Class A-1
Units determined based upon the Exchange Rate then in effect. 
 (c) At any time Pubco issues one or more shares of Class A Common Stock
to a holder of Class B-1 Units in exchange for (i) a corresponding number of Class B-1 Units pursuant to Section 3.07, such Class B-1 Units shall automatically be canceled on the books and records of the Company and shall no longer be deemed issued and outstanding membership interests of the Company or (ii) if such holder has
subscribed for shares of Class B Common Stock and is party to the Exchange Agreement, a corresponding number of Class B-1 Units and shares of 

  
 11 

 Class B Common Stock pursuant to the Exchange Agreement, the Company shall cancel such Class B-1 Units pursuant to Section 2.01(b)(iii) of the Exchange Agreement. Upon any such cancellation by the Company of such Class B-1 Units, the Managing
Member shall cause the Company to issue to Intermediate Holdco a number of Class A-1 Units determined based upon the Exchange Rate then in effect. 

(d) At any time Pubco issues one or more shares of capital stock of Pubco (other than Class A Common Stock or Class B Common Stock),
Pubco shall contribute all the net proceeds (if any) received by Pubco with respect to such share or shares of capital stock to Intermediate Holdco, which in turn shall contribute all such net proceeds to the Company. After Intermediate Holdco
contributes to the Company all such net proceeds, then, subject to the provisions of Section 3.02(a) and Section 14.08, the Managing Member shall cause the Company to issue to Intermediate Holdco a corresponding number of Units or other
Equity Securities of the Company (other than Class A-1 Units or Class B-1 Units) (such corresponding number of Units to be determined in good faith by the
Managing Member, taking into account the powers, designations, preferences and rights of such capital stock). For the avoidance of doubt, such Units or other Equity Securities will have the same economic rights as such issued capital stock of Pubco.

 (e) At any time Pubco issues one or more shares of Class A Common Stock in connection with an equity incentive program (including for
purposes of this Section 3.02(e), any shares of Class A Common Stock that were issued in connection with the IPO and pursuant to the Reorganization Agreement prior to the Effective Time), whether such share or shares are issued upon
exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the Managing Member shall cause the Company to issue to Intermediate Holdco a corresponding number of Class A-1 Units (determined based upon the Exchange Rate then in effect); provided that Pubco shall be required to contribute all the net proceeds (if any) received by Pubco from or otherwise in
connection with such issuance of one or more Class A Common Stock, including the exercise price of any option exercised, to Intermediate Holdco, which in turn shall be required to contribute all such net proceeds to the Company. If any such
shares of Class A Common Stock so issued by Pubco in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Class A-1 Units that are issued by the
Company to Intermediate Holdco in connection therewith in accordance with the preceding provisions of this Section 3.02(e) (or the Reorganization Agreement, as applicable) shall be subject to vesting or forfeiture on the same basis; if any of
such shares of Class A Common Stock vest or are forfeited, then a corresponding number of the Class A-1 Units (determined based upon the Exchange Rate then in effect) issued by the Company in
accordance with the preceding provisions of this Section 3.02(e) (or the Reorganization Agreement, as applicable) shall automatically vest or be forfeited. Any cash or property held by either Pubco or the Company or on either’s behalf in
respect of dividends paid on restricted Class A Common Stock that fail to vest shall be returned to the Company upon the forfeiture of such restricted Class A Common Stock. 

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

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

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

Section 3.07. Exchange of Class B-1 Units. Unless a holder of Class B-1 Units has subscribed for shares of Class B Common Stock and is party to the Exchange Agreement, in which case the terms of the Exchange Agreement shall supersede this Section 3.07, the
Company may, in the sole and absolute discretion of the Managing Member, elect to acquire some or all of the Class B-1 Units at any time, and from time to time, in exchange for a number of shares of
Class A Common Stock (determined based on the Exchange Rate then in effect) or, at Pubco’s election, Cash Consideration. On the date hereof, the Exchange Rate shall equal 1. The Exchange Rate shall be adjusted accordingly if there is:
(i) any subdivision (by any unit or stock split, unit or stock distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit or stock split, reclassification, reorganization, recapitalization or
otherwise) of the Class B-1 Units or any similar event, in each case that is not accompanied by an identical subdivision or combination of the Class A Common Stock; or (ii) any subdivision (by
any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common
Stock or any similar event, in each case that is not accompanied by an identical subdivision or combination of the Class B-1 Units. For the avoidance of doubt, if there is any reclassification,
reorganization, recapitalization or other similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, this Section 3.07 shall continue to be applicable,
mutatis mutandis, with respect to such security or other property. 
 ARTICLE 4 

MEMBERS 

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

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

  
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 Section 4.03. Disclaimer of Certain Duties.  

(a) Generally. Notwithstanding any other provision of this Agreement, but subject to Section 11.01, to the extent that, at law or
in equity, any Member (or any Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary duties)
to the Company, to any Member, to any Person who acquires an interest in the Company or to any other Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and
replaced with the duties or standards expressly set forth herein, if any; provided that, the Managing Member, in the performance of its duties as such, shall owe to the Company and the Members the same fiduciary duties (including the duties
of loyalty and due care) owed by directors of the board of Pubco to Pubco and its stockholders under the laws of the State of Delaware (after giving effect to the limitation of liability of such directors set forth in Section 9.01 of the Pubco
Charter to the maximum extent permitted by Section 102(b)(7) of the Delaware General Corporation Law). The elimination of duties (including fiduciary duties) to the Company, each of the Members, each other Person who acquires an interest in in
the Company and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, each of the Members, each other Person who acquires an interest in the
Company and each other Person bound by this Agreement. 
 (b) Certain Business Activities. 

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

  
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 Section 4.04. Transactions Between Members and the Company. Except as otherwise
provided by Applicable Law, a Member may, but shall not be obligated to, lend money to the Company, act as a surety or guarantor for the Company, or transact other business with the Company, and has the same rights and obligations when transacting
business with the Company as a person or entity who is not a Member, provided such transactions shall be entered into on terms and conditions customary in arm’s-length transactions between unrelated
parties. 
 Section 4.05. Meeting of Members. Any action permitted or required to be taken by the Members pursuant to this
Agreement may be effected at a meeting of such Members called by the Managing Member, in its discretion at any time from time to time, by the Managing Member giving not less than five days’ prior written notice to all other Members, which
notice shall state briefly the purpose, time and place of the meeting. All such meetings shall be held within or outside the State of Delaware at such reasonable place as the Managing Member shall designate and during normal business hours, and may
be held by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. The Members may vote at any such meeting in person or by proxy. Participation in such a
meeting shall constitute presence in person at such meeting. No notice of the time, place or purpose of any meeting need be given to any Member who, either before or after the time of such meeting, waives such notice in writing. At any meeting of
the Members, the Managing Member, whether present in person or by proxy, shall, except as otherwise provided by law or by this Agreement, constitute a quorum. Whenever any Company action is to be taken by vote of the Members at a meeting, such
action shall be authorized upon receiving the affirmative vote of the Managing Member. For the avoidance of doubt, Members owning Class B-1 Units shall not be entitled, with respect to such Class B-1 Units, to vote on or approve or consent to any action permitted or required to be taken or any determination required to be made by the Company or the Members, including the right to vote on or
approve or consent to any merger or consolidation involving the Company, or any amendment to this Agreement, other than pursuant to Section 14.08. 

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

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

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

ARTICLE 5 

DISTRIBUTIONS 

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

  
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 Section 5.02. Distributions for Payment of Income Tax. 

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

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

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

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

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

Section 5.04. Withholding. 

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

(b) Indemnification. All taxes paid or incurred by the Company with respect to or as a result of a Member (including the Member’s
Allocable Share of any imputed underpayment paid by the Company or any income, withholding or other taxes paid or incurred with respect to or as a result of the Member, and any claims liabilities, interest, penalties or fees incurred with respect to
any such taxes) (such amounts, “Tax Withholding Advances”), shall be repaid to the Company in the following manner: The Company may reduce the amount of any current or succeeding distribution (including any Tax Distribution or TRA
Distribution) to any Member to the extent of such Member’s outstanding Tax Withholding Advances. To the extent a Tax Withholding Advance of a Member remains 

  
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outstanding after reduction of the first four Tax Distributions and four TRA Distributions that would have otherwise been made to the Member following the incurrence of the Tax Withholding
Advance (treating distributions as reducing Tax Withholding Advances in the order in which they were incurred), the Member shall indemnify and hold harmless the Company for the entire amount of such Tax Withholding Advance that remains outstanding.
If a Member with an outstanding Tax Withholding Advance transfers some or all of its Units to Intermediate Holdco, Pubco or the Company, such Member shall indemnify and hold harmless the Company for the portion of such outstanding Tax Withholding
Advance attributable to the transferred Units (and neither Intermediate Holdco nor Pubco shall succeed to such Tax Withholding Advance). If a Member with an outstanding Tax Withholding Advance transfers some or all of its Units to a Person (other
than Intermediate Holdco, Pubco or the Company), such transferee Member shall succeed to the portion of such outstanding Tax Withholding Advance attributable to the transferred Units. In the event of a liquidation of Company, any liquidation
proceeds otherwise payable to a Member will be reduced to the extent of such Member’s outstanding Tax Withholding Advances (if any) and, if such reduction is insufficient to repay the Company for the full amount outstanding of such Tax
Withholding Advances, the Member shall indemnify and hold harmless the Company for the excess. This Section 5.04(b) shall apply to Members and former Members and shall survive the Transfer of a Member’s Units and the termination,
dissolution, liquidation and winding up of the Company and, for this purpose to the extent not prohibited by applicable Law, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may
have against each Member under this Section 5.04(b), including instituting a lawsuit to collect such indemnification. 
 (c)
Refunds. In the event that the Company receives a refund of taxes previously withheld, the economic benefit of such refund shall be apportioned among the Members in a manner reasonably determined by the Managing Member to offset the prior
operation of this Section 5.04 in respect of such withheld taxes. 
 ARTICLE 6 

ALLOCATIONS AND TAX MATTERS 

Section 6.01. Capital Accounts and Adjusted Capital Accounts. 

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

(c) No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital Account or to
receive any distribution from the Company, except as expressly provided herein. 
 Section 6.02. Additional Capital Contributions.
Subject to Section 3.02, no Member shall be required to make any additional Capital Contributions to the Company or lend any funds to the Company, although any Member may agree with the Managing Member and become obligated to do so. 

  
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 Section 6.03. Allocations of Net Profits and Net Losses. Subject to
Section 6.04, Net Profits or Net Losses for any Fiscal Year or other period shall be allocated to the Members pro rata in accordance with their respective Percentage Interests. 

Section 6.04. Regulatory Allocations. 

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

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

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

(vi) Member Nonrecourse Deductions for any taxable period shall be allocated 100% to the Member that bears the Economic Risk of
Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treas. Reg. §1.704-2(i) or Treas. Reg.
§1.704-2(k). If more than one Member bears the Economic Risk of Loss with respect to a Member Nonrecourse Debt, Member Nonrecourse Deductions attributable thereto shall be allocated between or among such
Members in accordance with the ratios in which they share such Economic Risk of Loss. 

  
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 (b) Nature of Allocations. The allocations set forth in Section 6.04(a) (the
“Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with
other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 6.04(b). Therefore, notwithstanding any other provision of this Article 6 (other than the Regulatory
Allocations), but subject to the Code and the Treasury Regulations, the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such
offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement. In exercising its
discretion under this Section 6.04(b), the Managing Member shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

Section 6.05. Allocation for Income Tax Purposes. 

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

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

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

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

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

Section 6.07. Regulatory Compliance. The foregoing provisions are intended to comply with Treas. Reg. § 1.704-1(b), and shall be interpreted and applied as provided in such Treasury Regulations. If the Managing Member shall determine that the manner in which the Capital Accounts or Adjusted Capital
Accounts, or any increases or decreases thereto, are computed, or the manner in which any allocations are made under Sections 6.03 and 6.04, should be adjusted in order to comply with Sections 704(b) and 704(c) of the Code and Treasury Regulations
thereunder, the Managing Member shall make such modifications, provided that the Managing Member shall not modify the manner of making distributions pursuant to this Agreement or the
Section 1.704-3(c)(3)(iii)(B) Method. 

  
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 Section 6.08. Certain Costs and Expenses. The Company shall (a) pay, or
cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company)
incurred in pursuing and conducting, or otherwise related to, the business of the Company, and (b) in the sole discretion of the Managing Member, reimburse the Managing Member for any out-of-pocket costs, fees and expenses incurred by it in connection therewith. To the extent that the Managing Member reasonably determines in good faith that its expenses are related to the business
conducted by the Company and/or its Subsidiaries (including any good faith allocation of a portion of expenses that so relate to the business of the Company and/or its Subsidiaries and that also relate to other businesses or activities of the
Managing Member), then the Managing Member may cause the Company to pay or bear all such expenses of the Managing Member, including, costs of securities offerings not borne directly by Members, compensation and meeting costs of its board of
directors, cost of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs and franchise taxes (which are not based on, or measured by, income); provided that the Company shall
not pay or bear any income tax obligations of the Managing Member; provided further that the payment of Tax Distributions to the Managing Member shall not be prevented by the foregoing. Payments under this Section 6.08 are intended to
constitute reasonable compensation for past or present services and are not “distributions” within the meaning of §18-607 of the Delaware LLC Act. 

ARTICLE 7 

MANAGEMENT AND CONTROL OF BUSINESS 

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

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

OFFICERS 

Section 8.01. Officers. The Managing Member may designate one or more individuals to serve as officers of the Company. The Company
shall have such officers as the Managing Member may from time to time determine, which officers may (but need not) include a Chief Executive Officer, a Chief Financial Officer, a Treasurer and a Secretary. Two or more offices may be held by the same
individual. The officers of the Company may be removed by the Managing Member (or by the Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer) at any time for any reason or no reason. The
initial officers of the Company shall consist of the individuals set forth in Exhibit B hereto. 

  
 20 

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

Section 8.03. Chief Executive Officer. The Chief Executive Officer shall be the chief executive officer of the Company and shall
have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present thereat. Except as the Managing Member shall
authorize the execution thereof in some other manner, he or she shall execute bonds, mortgages and other contracts on behalf of the Company. 

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

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

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

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

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

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

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

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

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

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

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

(b) Each substitute Member and additional Member shall be bound by all of the provisions of this Agreement. Each substitute Member and
additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement and the Exchange Agreement or a joinder agreement in customary form), in form and substance
reasonably satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such substitute or additional Member to be bound by all the terms and
provisions of this Agreement with respect to the Units acquired by such substitute or additional Member. The admission of a substitute or additional Member shall not require the consent of any Member other than the Managing Member (if and to the
extent such consent of the Managing Member is expressly required by this Article 9). As promptly as practicable after the admission of a substitute or additional Member, the Managing Member shall update the books and records of the Company and
Exhibit A to reflect such admission. 

  
 22 

 (c) As a further condition to any Transfer of all or any part of a Member’s Units, the
Managing Member may, in its discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained at the sole expense of the transferring Member, reasonably satisfactory in form and
substance to the Managing Member, as to such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect
that such Transfer will not result in a violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant
to the Exchange Agreement. 
 Section 9.04. Expense of Transfer; Indemnification. All reasonable costs and expenses incurred by
the Managing Member and the Company in connection with any Transfer of a Member’s Units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member. In
addition, the transferring Member hereby indemnifies the Company against any losses, claims, damages or liabilities to which the Company, or any of its Affiliates may become subject arising out of or based upon any false representation or warranty
made by such transferring Member or such transferee in connection with such Transfer. 
 Section 9.05. Exchange Agreement. In
connection with any Transfer of any portion of a Member’s Units pursuant to the Exchange Agreement, the Managing Member shall cause the Company to take any action as may be required under the Exchange Agreement or requested by any party thereto
to effect such Transfer promptly. 
 Section 9.06. Restrictions on Business Combination Transactions. 

(a) The Company shall not be a party to (i) a transaction of any kind that would result in any
Class A-1 Units being held by any Person other than the Managing Member or (ii) any reorganization, Share Exchange, consolidation, conversion or merger or any other transaction having an effect on
members substantially similar to that resulting from a reorganization, Share Exchange, consolidation, conversion or merger (each in this clause (ii), a “Restricted Transaction”) without the approval of the Managing Member. 

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

ARTICLE 10 
 DISSOLUTION AND
TERMINATION 
 Section 10.01. Dissolution. 

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

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

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

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

  
 23 

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

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

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

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

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

  
 24 

 ARTICLE 11 

EXCULPATION AND INDEMNIFICATION 

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

Section 11.02. Indemnification. To the fullest extent permitted by Applicable Law, each of (a) the Members, the Managing
Member and their respective Affiliates, (b) the stockholders, members, managers, directors, officers, partners, employees and agents of the Members and the Managing Member and their respective Affiliates, and (c) the officers of the
Company (each, an “Indemnitee”) shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements,
taxes and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, but in each case excluding any income taxes of the Indemnitees or taxes based on fees or other
compensation received by or paid to the Indemnitees (collectively, “Losses”), which at any time may be imposed on, incurred by, or asserted against, the Indemnitee as a result of or arising out of this Agreement, the Company, its
assets, business or affairs or the activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed to be conferred on such Indemnitee; provided, however, that the Indemnitee
shall not be entitled to indemnification for any Losses to the extent such Losses arise out of (i) the Indemnitee’s failure to act in good faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of
the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii) the Indemnitee’s material breach of this Agreement or any other Transaction
Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall
not, of itself, create a presumption that the Indemnitee acted in a manner specified in clause (i), (ii) or (iii) above. Any indemnification pursuant to this Article 11 shall be made only out of the assets of the Company and no Member shall
have any personal liability on account thereof. The Company hereby acknowledges that one or more Indemnitees may have certain rights to indemnification, advancement of expenses and/or insurance provided by certain entities who hold an interest in
the Company or Pubco and have designated certain directors to serve on the board of Pubco (“Designating Stockholders”). The Company hereby agrees, unless Pubco is the indemnitor of first resort, in which case, the Company shall be
indemnitor of second resort, (i) that the Company is the indemnitor of first resort (i.e., its obligations to an Indemnitee are primary and any obligation of the Designating Stockholders or their insurers to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by an Indemnitee is secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by an Indemnitee and shall be liable for the full amount of all
expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this agreement or any other agreement between the Company and the Indemnitee, without regard to any rights an
Indemnitee may have against the Designating Stockholders or their insurers, and (iii) that the Company irrevocably waives, relinquishes and releases the Designating Stockholders from any and all claims against the Designating Stockholders for
contribution, subrogation or any other recovery of any kind in respect thereof. 
 Section 11.03. Expenses. Expenses (including
reasonable legal fees and expenses) incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding described in Section 11.02 shall, from time to time, be advanced by the Company prior to the final disposition of such
claim, demand, action, suit or proceeding, upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in this
Article 11; provided that such undertaking shall be unsecured and interest free and shall be accepted without regard to an Indemnitee’s ability to repay amounts advanced and without regard to an Indemnitee’s entitlement to
indemnification. 

  
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 Section 11.04. Non-Exclusivity. The
indemnification and advancement of expenses set forth in this Article 11 shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, the Delaware LLC Act, this
Agreement, any other agreement, a policy of insurance or otherwise. The indemnification and advancement of expenses set forth in this Article 11 shall continue as to an Indemnitee who has ceased to be a named Indemnitee and shall inure to the
benefit of the heirs, executors, administrators, successors and permitted assigns of such a Person. 
 Section 11.05. Insurance.
The Company may purchase and maintain insurance on behalf of the Indemnitees against any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have
the power to indemnify them against such liability under this Article 11. 
 ARTICLE 12 

ACCOUNTING AND RECORDS; TAX MATTERS 

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

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

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

  
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 (e) any other election the Managing Member may deem appropriate and in the best interests of
the Members (other than an Entity Classification Election). 
 Section 12.05. Tax Controversies. 

(a) Except for any Fiscal Years beginning before January 1, 2018, the Managing Member (or its designee, which such designee shall act
solely at the direction of the Managing Member) shall be the “partnership representative” of the Company (and each Subsidiary of the Company that is treated as a partnership for applicable tax purposes) for all purposes of
Section 6223 of the Code and any analogous provisions of state or local tax law (the “Tax Matters Member”). For any Fiscal Years beginning before January 1, 2018, the Managing Member (or its designee, which such designee
shall act solely at the direction of the Managing Member) shall be the Tax Matters Member (which role shall include acting as the “tax matters partner” under Section 6231(a)(7) of the Code, as in effect prior to the repeal of such
section pursuant to the BBA Rules). 
 (b) If the Company, any Subsidiary of the Company or the Tax Matters Member receives a notice of
proposed partnership adjustment with respect to the Company or any Subsidiary of the Company for any Fiscal Year (an “Adjustment Notice”), the Tax Matters Member shall use commercially reasonable efforts to, (1) promptly
provide each Member written notice thereof, (2) use any available method under the BBA Rules to reduce the amount of any imputed underpayment reflected in such Adjustment Notice (including under Section 6225(c) of the Code and Treas. Reg.
§ 301.6225-2), and (3) determine in good faith the portion of the imputed underpayment reflected in such Adjustment Notice that would be allocated to each current or former Member if the Company (or,
if applicable, any Subsidiary of the Company) made a Push-Out Election with respect to such Adjustment Notice (taking into account any available modifications described in clause (2) above and any Pull-In Elections) (such portion with respect to any Member, such Member’s “Allocable Share”). At the request of the Tax Matters Member, each Member shall use commercially reasonable efforts to
provide the Tax Matters Member and the Company with any information available to such Member and with such representations, certificates, or forms relating to such Member (or its direct or indirect owners or account holders) and any other
documentation, in each case, that the Tax Matters Member determines, in its reasonable discretion, are necessary to modify an imputed underpayment under Section 6225(c) of the Code or the Treasury Regulations or other official guidance
thereunder. 
 (c) With respect to any Adjustment Notice, each Member may elect (such election, a
“Pull-In Election”) to use the procedure set forth in Section 6225(c)(2) of the Code and any Treasury Regulations thereunder to reflect its Allocable Share of any imputed underpayment
reflected on such Adjustment Notice (subject to any adjustments available under the Code and Treasury Regulations in filing such tax returns), and pay any taxes due with respect to such tax returns. Any Member who makes a Pull-In Election shall promptly provide notice thereof to the Company. 
 (d) To the extent the Company or
any Subsidiary of the Company is required to pay any taxes pursuant to an Adjustment Notice (after taking into account any modifications described in Section 12.05(b)(2) and any Pull-In Elections), the
Managing Member may cause the Company or any Subsidiary of the Company to either pay such taxes or make an election under Section 6226 of the Code (a “Push-Out Election”) to require each
Member to reflect its Allocable Share of such taxes on its tax returns. 
 (e) Notwithstanding any other provisions of this
Section 12.05, the Tax Matters Member shall not (i) settle any tax audit, contest or proceeding or (ii) make or change any tax election, in each case, that would (A) (x) materially affect the holders of Class B-1 Units as a class in a manner that is adverse or (y) materially affect the holders of Class B-1 Units as a class in a manner that is disproportionately
adverse relative to holders of Class A-1 Units, in each case, without the prior written consent of Insignia and the Management Parties (only to the extent they hold any
Class B-1 Units and not to be unreasonably withheld, conditioned or delayed), or (B) give rise to a claim for indemnification under the Intermediate Holdco Contribution Agreement, without the prior
written consent of WTM (not to be unreasonably withheld, conditioned or delayed). 
 (f) If the Company, any Subsidiary of the Company or the
Tax Matters Member receives an Adjustment Notice that relates to matters that could reasonably be expected to give rise to a material claim for indemnification under the Intermediate Holdco Contribution Agreement, the Tax Matters Member shall use
commercially reasonable efforts to promptly provide WTM notice thereof. With respect to any such Adjustment Notice, WTM may elect on Intermediate Holdco’s behalf to make a Pull-In Election. 

  
 27 

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

ARTICLE 13 

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

MISCELLANEOUS PROVISIONS 

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

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

Section 14.04. Governing Law. This Agreement and the rights of the parties hereunder will be governed by, construed and enforced
in accordance with the laws of the State of Delaware without regard to conflicts of law principles thereof. 

  
 28 

 Section 14.05. Headings. All headings herein are inserted only for convenience
and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement. 

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

Section 14.07. Notices. All notices, requests, consents and other communications hereunder (each, a “Notice”) to
the Company or any Member shall be in writing and shall be deemed given or delivered: (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a private courier as established by the
sender by evidence obtained from the courier, (c) on the date sent by facsimile or electronic mail transmission, with confirmation of transmission, if sent during prior to 5:00 p.m. in the place of receipt on a Business Day, otherwise, the next
Business Day, or (d) on the fifth Business Day after the date mailed, by certified or registered mail, return receipt requested, postage repaid. All Notices shall be addressed to such Member at the address set forth in Exhibit A hereto, or
below with respect to the Company, or such other address as may hereafter be designated in writing by such party to the other parties: 
 If
to the Company, to: 
 QL Holdings LLC 

700 S. Flower St., Suite 640 

Los Angeles, CA 90017 

Attention: Steven Yi, Chief Executive Officer 

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

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Telephone: (212) 474-1322 

Facsimile: (212) 474-3700 

Attention: C. Daniel Haaren 

Email: dhaaren@cravath.com 

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

  
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 Section 14.09. Consent to Jurisdiction. Subject to Article 13, the parties
hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in
any United States District Court sitting in the State of Delaware or the Court of Chancery of the State of Delaware. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such suit, action or proceeding. Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such
court, by any of the methods specified for the giving of Notices pursuant to Section 14.07. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on
venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 14.07) in any suit, action or proceeding
brought in such courts. 
 Section 14.10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 Section 14.11. Tax
Receivables Agreement. The Tax Receivables Agreement shall be treated as part of this Agreement as described in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations with respect to payments to a Member with respect to an Exchange (as defined in the Tax Receivables Agreement) by such Member. 

[Signature pages follow] 

  
 30 

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

			
	 COMPANY:
  

QL HOLDINGS LLC

		
	By:	 	 /s/ Steven Yi

		 	Name: Steven Yi
		 	Title: Chief Executive Officer

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

 
			
	 MEMBERS:
  

GUILFORD HOLDINGS, INC.

		
	By:	 	 /s/ Todd C. Pozefsky

		 	Name: Todd C. Pozefsky
		 	Title: President

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

 
			
	INSIGNIA QL HOLDINGS, LLC
		
	By:	 	 /s/ Tony Broglio

		 	Name: Tony Broglio
		 	Title: President and Secretary

  

			
	INSIGNIA A QL HOLDINGS, LLC
		
	By:	 	 /s/ Tony Broglio

		 	Name: Tony Broglio
		 	Title: President and Secretary

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

 
			
	STEVEN YI
		
	By:	 	 /s/ Steven Yi

  

			
	OBF INVESTMENTS, LLC
		
	By:	 	 /s/ Steven Yi

		 	Name: Steven Yi
		 	Title: Manager

  

			
	O.N.E HOLDINGS LLC
		
	By:	 	 /s/ Eugene Nonko

		 	Name: Eugene Nonko
		 	Title: Manager

  

			
	WANG FAMILY INVESTMENTS LLC
		
	By:	 	 /s/ Ambrose Wang

		 	Name: Ambrose Wang
		 	Title: Manager

  

			
	QUOTELAB HOLDINGS, INC.
		
	By:	 	 /s/ Steven Yi

		 	Name: Steven Yi
		 	Title: President and CEO

  

			
	KEITH CRAMER
		
	By:	 	 /s/ Keith Cramer

  

			
	TIGRAN SINANYAN
		
	By:	 	 /s/ Tigran Sinanyan

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

 
			
	LANCE MARTINEZ
		
	By:	 	 /s/ Lance Martinez

  

			
	BRIAN MIKALIS
		
	By:	 	 /s/ Brian Mikalis

  

			
	ROBERT PERINE
		
	By:	 	 /s/ Robert Perine

  

			
	JEFFREY SWEETSER
		
	By:	 	 /s/ Jeffrey Sweetser

  

			
	SERGE TOPJIAN
		
	By:	 	 /s/ Serge Topjian

  

			
	KUANLING AMY YEH
		
	By:	 	 /s/ Kuanling Amy Yeh

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

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

MEDIAALPHA, INC.

		
	By:	 	 /s/ Steven Yi

		 	Name: Steven Yi
		 	Title: Chief Executive Officer

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

 Exhibit A 
  

													
	 Name and Address of Member
	  	Number of Class A-1
Units	 	  	Number of Class B-1
Units	 	  	Percentage Interest	 
	 Guilford Holdings, Inc.

200 Hubbard Road

Guilford, CT 06437
	  	 	32,400,037	 	  	 	0	 	  	 	55.15	% 
	 Insignia
	  				  				  			
	 Insignia QL Holdings, LLC

c/o Insignia Capital Group

1333 California Blvd, Suite 520

Walnut Creek, CA 94596

Attention: Tony Broglio
	  	 	0	 	  	 	6,122,758	 	  	 	10.42	% 
	 Insignia A QL Holdings, LLC

c/o Insignia Capital Group

1333 California Blvd, Suite 520

Walnut Creek, CA 94596

Attention: Tony Broglio
	  	 	0	 	  	 	4,832,970	 	  	 	8.23	% 
	 Management Parties
	  				  				  			
	 Steven Yi
	  	 	0	 	  	 	46,417	 	  	 	0.08	% 
	 OBF Investments, LLC

Attention: Steven Yi
	  	 	0	 	  	 	4,592,507	 	  	 	7.82	% 
	 O.N.E. Holdings LLC

Attention: Eugene Nonko
	  	 	0	 	  	 	4,638,924	 	  	 	7.90	% 
	 Wang Family Investments LLC

Attention: Ambrose Wang
	  	 	0	 	  	 	3,242,448	 	  	 	5.52	% 
	 QuoteLab Holdings, Inc.

700 S. Flower St., Suite 640

Los Angeles, CA 90017

Attention: Steven Yi
	  	 	0	 	  	 	908,348	 	  	 	1.55	% 

													
	 Keith Cramer
	  	 	0	 	  	 	368,389	 	  	 	0.63	% 
	 Tigran Sinanyan
	  	 	0	 	  	 	499,841	 	  	 	0.85	% 
	 Lance Martinez
	  	 	0	 	  	 	155,075	 	  	 	0.26	% 
	 Brian Mikalis
	  	 	0	 	  	 	178,678	 	  	 	0.30	% 
	 Robert Perine
	  	 	0	 	  	 	138,738	 	  	 	0.24	% 
	 Jeffrey Sweetser
	  	 	0	 	  	 	169,497	 	  	 	0.29	% 
	 Serge Topjian
	  	 	0	 	  	 	175,936	 	  	 	0.30	% 
	 Amy Yeh
	  	 	0	 	  	 	234,621	 	  	 	0.40	% 
	 Other
	  				  				  			
	 YongGang (Jack) Qian
	  	 	0	 	  	 	41,620	 	  	 	0.07	% 
	 Total
	  	 	32,400,037	 	  	 	26,346,767	 	  	 	100.00	% 

 Exhibit B 
  

			
	 Name
	  	 Title

	Steven Yi	  	President and Chief Executive Officer
	Tigran Sinanyan	  	Treasurer and Chief Financial Officer
	Lance Martinez	  	Secretary

 Schedule I 
  

			
	 1.
	  	 Melissa Rosno

	 2.
	  	 Randy Pensinger

	 3.
	  	 Andy Soltani

	 4.
	  	 Sergiy Zuban

	 5.
	  	 Cort Carlson

	 6.
	  	 Sarah Graves

	 7.
	  	 Sean Galusha

	 8.
	  	 Tigran Mekikian

	 9.
	  	 Benjamin Safran

	 10.
	  	 Thommy O. Guerrero

	 11.
	  	 Wu Tsung (Kai) Kao

	 12.
	  	 Tawny Graham

	 13.
	  	 Yousef Noor

	 14.
	  	 Anna Goranson

	 15.
	  	 Louise Rasho

	 16.
	  	 Erika Richardson

	 17.
	  	 James Kosta

	 18.
	  	 Gregory Picard

	 19.
	  	 Sean McCue

	 20.
	  	 Anthony Eccher

	 21.
	  	 John Tomlinson

	 22.
	  	 Cindy Madden

	 23.
	  	 Tony Leung

	 24.
	  	 Christina Mahoney

	 25.
	  	 Jonathan Doroski

	 26.
	  	 Colin Quigley

	 27.
	  	 Shant Aroch

	 28.
	  	 Adrian Nam

	 29.
	  	 Yanfei Shao

	 30.
	  	 Justin Fleming

	 31.
	  	 Harvey Taylor

	 32.
	  	 Erick LouieEX-10.2

 Exhibit 10.2 
  

 
  

TAX RECEIVABLES AGREEMENT 
 by and
among 
 MEDIAALPHA, INC., 
 QL
HOLDINGS LLC, 
 WHITE MOUNTAINS INSURANCE GROUP, LTD., 

and THE STEP-UP PARTICIPANTS 

FROM TIME TO TIME PARTY TO THIS AGREEMENT, 

Dated as of October 27, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 SECTION 1.01.
	 	 Definitions
	  	 	2	 
	 SECTION 1.02.
	 	 Interpretation
	  	 	11	 
		
	 ARTICLE II DETERMINATION OF OVERALL REALIZED TAX BENEFIT
	  	 	12	 
			
	 SECTION 2.01.
	 	 Intent
	  	 	12	 
	 SECTION 2.02.
	 	 Tax Treatment
	  	 	12	 
	 SECTION 2.03.
	 	 Agreed Principles
	  	 	13	 
	 SECTION 2.04.
	 	 Basis Adjustment Schedule
	  	 	15	 
	 SECTION 2.05.
	 	 NOL Benefit Schedule
	  	 	15	 
	 SECTION 2.06.
	 	 Section 707(c) Schedule
	  	 	15	 
	 SECTION 2.07.
	 	 Tax Benefit Schedule
	  	 	15	 
	 SECTION 2.08.
	 	 Procedures, Amendments
	  	 	16	 
	 SECTION 2.09.
	 	 Section 754 Election
	  	 	16	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	17	 
			
	 SECTION 3.01.
	 	 Timing of Payments
	  	 	17	 
	 SECTION 3.02.
	 	 Amount of Payments
	  	 	17	 
	 SECTION 3.03.
	 	 No Return of Tax Benefit Payments
	  	 	18	 
	 SECTION 3.04.
	 	 Maximum Payments; Stated Maximum Selling Price
	  	 	18	 
		
	 ARTICLE IV TERMINATION
	  	 	18	 
			
	 SECTION 4.01.
	 	 Acceleration Events
	  	 	18	 
	 SECTION 4.02.
	 	 Early Termination Notice
	  	 	19	 
	 SECTION 4.03.
	 	 Timing of Payments
	  	 	19	 
	 SECTION 4.04.
	 	 No Further Obligation
	  	 	19	 
	 SECTION 4.05.
	 	 Material Breach and Waiver
	  	 	20	 
		
	 ARTICLE V PAYMENTS
	  	 	20	 
			
	 SECTION 5.01.
	 	 Late Payments by the Corporation
	  	 	20	 
	 SECTION 5.02.
	 	 Payment Instructions
	  	 	20	 
	 SECTION 5.03.
	 	 Right of Setoff
	  	 	20	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	20	 
			
	 SECTION 6.01.
	 	 Participation in Tax Matters
	  	 	20	 
	 SECTION 6.02.
	 	 Consistency
	  	 	21	 
	 SECTION 6.03.
	 	 Cooperation
	  	 	21	 

  
 ii 

							
		
	 ARTICLE VII MISCELLANEOUS
	  	 	21	 
			
	 SECTION 7.01.
	 	 Notices
	  	 	21	 
	 SECTION 7.02.
	 	 Counterparts
	  	 	23	 
	 SECTION 7.03.
	 	 Entire Agreement; Third Party Beneficiaries
	  	 	24	 
	 SECTION 7.04.
	 	 Governing Law
	  	 	24	 
	 SECTION 7.05.
	 	 Severability
	  	 	24	 
	 SECTION 7.06.
	 	 Successors; Assignment; Amendments; Waivers
	  	 	24	 
	 SECTION 7.07.
	 	 Titles and Subtitles
	  	 	25	 
	 SECTION 7.08.
	 	 Resolution of Disputes
	  	 	25	 
	 SECTION 7.09.
	 	 Reconciliation
	  	 	26	 
	 SECTION 7.10.
	 	 Withholding
	  	 	27	 
	 SECTION 7.11.
	 	 Consolidated Group; Partnership Status
	  	 	27	 
	 SECTION 7.12.
	 	 Certain Transactions
	  	 	27	 
	 SECTION 7.13.
	 	 Confidentiality
	  	 	29	 
	 SECTION 7.14.
	 	 Waiver of TRA Payments
	  	 	29	 
	 SECTION 7.15.
	 	 Costs
	  	 	29	 
	 SECTION 7.16.
	 	 LIBOR
	  	 	29	 
	 SECTION 7.17.
	 	 Change in Law
	  	 	30	 

  
 iii 

 This Tax Receivables Agreement (this “Agreement”), dated as of
October 27, 2020, is entered into by and among MediaAlpha, Inc., a Delaware corporation (the “Corporation”), QL Holdings LLC, a Delaware limited liability company (the “LLC”), White Mountains Insurance
Group, Ltd., a Bermuda exempted company limited by shares (“WTM”), and the Persons listed in Exhibit A (such listed Persons collectively, the “Step-Up Participants” and,
together with WTM, the “Participants”). 
 RECITALS 

WHEREAS, prior to the Reorganization Transactions, the LLC was owned by the Step-Up Participants,
Guilford Holdings, Inc., a Delaware corporation and Affiliate of WTM (“GHI”), and certain other members; 
 WHEREAS,
pursuant to the Reorganization Agreement and as part of the Reorganization Transactions, WTM will directly or indirectly transfer 100% of the shares of capital stock of GHI to the Corporation in exchange for shares of the Corporation’s
Class A common stock in a transfer intended to qualify as a transaction described in Section 351 of the Code; 
 WHEREAS, GHI may
have U.S. Federal and state net operating loss carryforwards relating to taxable periods (or portions thereof) ending on or prior to the closing date of the IPO that may benefit the Corporation following the IPO (the “Pre-IPO NOLs”); 
 WHEREAS, pursuant to the IPO, the Corporation will become a public company;

 WHEREAS, immediately following the consummation of the IPO and pursuant to the Reorganization Agreement, the Corporation will
(i) acquire certain LLC Units from the Step-Up Participants using proceeds from the IPO (the “Initial Exchanges”) and (ii) cause the LLC to repay certain of its
debt with proceeds from the IPO (the “Debt Repayment”); 
 WHEREAS, immediately following the consummation of the IPO and
related transactions, 100% of the outstanding LLC Units will be owned by GHI and the Step-Up Participants; 

WHEREAS, pursuant to the Exchange Agreement entered into in connection with the Reorganization Transactions and the IPO, the Step-Up Participants will have the right to exchange one LLC Unit, together with one share of the Corporation’s Class B common stock, for one share of the Corporation’s Class A common stock (or,
at the Corporation’s election, equivalent value in cash), subject to certain adjustments (such exchanges pursuant to the Exchange Agreement, the “Future Exchanges” and, together with the Initial Exchanges and any
Section 734(b) Distribution, the “Exchanges”); 
  

 WHEREAS, the LLC and each of its direct and indirect Subsidiaries that is classified as a
partnership for U.S. Federal income tax purposes, if any, will have in effect an election under Section 754 of the Code, and any similar applicable provision of Tax Law, for any Taxable Year in which an Exchange occurs, which election is
intended to result in an adjustment to the Tax basis of the Adjusted Assets on the Exchange Date by reason of the Exchange or the receipt of certain payments under this Agreement; and 

WHEREAS, the Parties desire to make certain arrangements with respect to the effect of the Pre-IPO
NOLs, the Basis Adjustments, the Section 707(c) Deductions and Imputed Interest on the reported liability for Taxes of or attributable to the Corporation and its Subsidiaries. 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION
1.01. Definitions. For purposes of this Agreement: 
 “Acceleration Event” means (i) a Change of Control,
(ii) a Material Breach or (iii) a Termination Election. 
 “Adjusted Assets” means any assets owned by the LLC or
any of its direct or indirect Subsidiaries that is not treated as a corporation for Tax purposes, and any asset whose Tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset (including, “substituted
basis property” within the meaning of Section 7701(a)(42) of the Code). 
 “Advisory Firm” means Ernst &
Young, or if Ernst & Young is unable or unwilling to serve as such, any law or accounting firm agreed to by the Corporation and each of the Participant Representatives that is nationally recognized as being expert in tax matters. 

“Advisory Firm Report” means, with respect to a Schedule, a letter from the Advisory Firm stating that the Schedule and all
supporting documents and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date the
Schedule was delivered to the Participants. 
 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means LIBOR plus 100 basis points. 

  
 2 

 “Agreement” is defined in the preamble. 

“Allocable” means, with respect to a Step-Up Participant, the portion of any Overall
Realized Tax Benefit or Overall Realized Tax Detriment of the Corporation and its Subsidiaries for a Taxable Year that is attributable to such Step-Up Participant, as determined in accordance with the
following principles: 
 (i) Any Overall Realized Tax Benefit for a Taxable Year from Basis Adjustment Attributes is
allocable to a Step-Up Participant in the same proportion that the net positive amount of Basis Adjustment Attributes available to the Corporation and its Subsidiaries during such Taxable Year resulting from
Exchanges by or with respect to such Step-Up Participant bears to the aggregate amount of all Basis Adjustment Attributes available to the Corporation and its Subsidiaries during such Taxable Year; 

(ii) Any Overall Realized Tax Benefit for a Taxable Year from Step-Up Imputed Interest
Attributes is allocable to a Step-Up Participant in the same proportion that the amount taken into income by the Step-Up Participant in respect of the related Imputed
Interest bears to the aggregate amount of all income taken into account by all of the Step-Up Participants in respect of the related Imputed Interest (in each case without regard to whether a Step-Up Participant is actually subject to tax thereon); 
 (iii) Any Overall Realized Tax
Benefit for a Taxable Year from Section 707(c) Deductions is allocable to a Step-Up Participant in the same proportion that the amount taken into income by the
Step-Up Participant in respect of the related guaranteed payments bears to the aggregate amount of all income taken into account by all of the Step-Up Participants in
respect of the related guaranteed payments (in each case without regard to whether a Step-Up Participant is actually subject to tax thereon); and 

(iv) Any Overall Realized Tax Detriment for a Taxable Year from Basis Adjustment Attributes is allocable to a Step-Up Participant in the same proportion that the net negative amount of Basis Adjustment Attributes available to the Corporation and its Subsidiaries during such Taxable Year resulting from Exchanges by or with
respect to such Step-Up Participant bears to the aggregate of all Basis Adjustment Attributes available to the Corporation and its Subsidiaries during such Taxable Year. 

“Amended Schedule” is defined in Section 2.08(b). 

  
 3 

 “Basis Adjustment” means an adjustment to the Tax basis of an Adjusted
Asset as a result of any Exchange or any payments made pursuant to this Agreement, including under (i) Sections 732, 734(b), 754 or 1012 of the Code (in situations where, as a result of one or more Exchanges, the LLC becomes an entity that
is disregarded as separate from its owner for U.S. Federal income Tax purposes), (ii) Section 734(b), 743(b), 754 or 755 of the Code (in situations where, following an Exchange, the LLC remains in existence as an entity classified as a
partnership for U.S. Federal income Tax purposes) or (iii) any comparable provisions of Tax Law (in any applicable situation). Immediately after any Section 732 Event, “Basis Adjustment” will include a portion of the Tax basis of
an Adjusted Asset equal to the Basis Adjustment attributable to such Adjusted Asset immediately prior to such Section 732 Event, and also includes, for this purpose, any adjustment in the basis of an asset pursuant to Section 1012 of the
Code and Revenue Ruling 99-6, 1999-1 C.B. 432, due to an Exchange that causes the LLC to become an entity that is disregarded as separate from its owner for U.S. Federal
income tax purposes; for the avoidance of doubt, any such asset will be considered an Adjusted Asset. 
 “Basis Adjustment
Attributes” means, for a Taxable Year, the sum of (i) the increase (reflected as a positive number) or decrease (reflected as a negative number) in the total amount of depreciation, amortization and other deductions, and (ii) the
reduction of any gain or increase of any loss (reflected as a positive number) or increase of any gain or decrease of any loss (reflected as a negative number) on the disposition of assets not realized in a prior Taxable Year, in each case of
clauses (i) and (ii) arising from the Basis Adjustments (or any net operating loss carryforward created by Basis Adjustments). 

“Basis Adjustment Schedule” is defined in Section 2.04. 

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

“Business Day” means Monday through Friday of each week, except for any day that is a legal holiday recognized as such by the
government of the United States of America or the State of New York. 
 “Change of Control” means the occurrence of any of
the following events: 
 (i) a merger, reorganization, consolidation or similar form of business transaction directly
involving the Corporation or indirectly involving the Corporation through one or more intermediaries unless, immediately following such transaction, more than 50% of the voting power of the then outstanding voting stock or other equities of the
Person resulting from consummation of the transaction (which Person may be any parent or ultimate parent corporation that as a result of the transaction owns directly or indirectly the Corporation and all or substantially all of the
Corporation’s assets) entitled to vote generally in elections of directors of such Person is held by the existing Corporation shareholders (determined immediately prior to the transaction and related transactions); 

(ii) a transaction in which the Corporation, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise
disposes of all or substantially all of its assets to another Person other than an Affiliate of the Corporation; 
 (iii) a
transaction in which there is an acquisition of Control of the Corporation by a Person or group of Persons (other than the Participants and their Affiliates) acting in concert to exercise Control; 

  
 4 

 (iv) a transaction in which individuals who constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the effective date of this Agreement, whose election or nomination for
election either (A) is contemplated by a written agreement among shareholders of the Corporation on the effective date of this Agreement or (B) was approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Corporation in which the individual is named as a nominee for director, without written objection to such nomination) will be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Corporation as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or
threatened solicitation of proxies or consents by or on behalf of any Person other than the Board will be deemed to be an Incumbent Director; or 

(v) the liquidation or dissolution of the Corporation. 

Notwithstanding the foregoing, a Change of Control will not be deemed to have occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the holders of the shares of the Corporation immediately prior to the transaction or series of transactions continue to have substantially the same proportionate ownership and voting power in an
entity which owns all or substantially all of the assets of the Corporation immediately following the transaction or series of transactions. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Consolidated Group” means any affiliated, combined, unitary or consolidated group of corporations that files a consolidated
income Tax Return (including pursuant to Section 1501 of the Code). 
 “Control” of a Person means the direct or
indirect possession of the power to (i) vote more than 50% of the securities having ordinary voting power for the election of directors (or comparable positions in the case of partnerships and limited liability companies) of such Person, or
(ii) direct or cause the direction of the management and policies of such Person, whether by ownership of voting securities, by contract or otherwise. For the avoidance of doubt, the possession of only consent or approval rights with respect to
the actions or decision of a Person does not constitute Control of such Person. 
 “Corporation” is defined in the preamble
of this Agreement. 
 “Corporation Return” means any U.S. Federal, state, local or
non-U.S. income Tax Return of the Corporation or the Corporation’s Consolidated Group filed with respect to any Taxable Year. 

“Cumulative Net Realized Tax Benefit” is defined in Section 3.02(c). 

  
 5 

 “Cumulative NOL Benefit” is defined in Section 3.02(d). 

“Debt Repayment” is defined in the recitals to this Agreement. 

“Default Rate” means LIBOR plus 500 basis points. 

“Default Rate Interest” is defined in Section 5.01. 

“Determination” means a “determination”, as defined in Section 1313(a) of the Code or any similar provision of
Tax Law, as applicable, or any other event (including the execution of U.S. Internal Revenue Service Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Early Termination Amount” is defined in Section 4.01(b). 

“Early Termination Date” means (i) with respect to a Termination Election, the date the Corporation makes the
Termination Election, or (ii) with respect to any other Acceleration Event, the date of the Acceleration Event. 
 “Early
Termination Notice” is defined in Section 4.02. 
 “Early Termination Payment” is defined in
Section 4.01(b). 
 “Early Termination Rate” means the greater of (i) LIBOR plus 100 basis points or
(ii) 5%. 
 “Early Termination Schedule” is defined in Section 4.02. 

“Exchange Date” means the date of any Exchange. 

“Exchanges” is defined in the recitals to this Agreement. 

“Expert” is defined in Section 7.09. 

“Future Exchanges” is defined in the recitals to this Agreement. 

“GHI” is defined in the recitals to this Agreement. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the Corporation and its
Subsidiaries for such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Corporation Return, but assuming (i) the Corporation and its Subsidiaries did not have any Basis Adjustment Attributes,
Section 707(c) Deductions or Step-Up Imputed Interest Attributes (including the carryover or carryback of any Tax item (or portions thereof) that is attributable to any Basis Adjustment Attributes,
Section 707(c) Deductions or Step-Up Imputed Interest Attributes) and (ii) the Corporation and its Subsidiaries used the same amount of the Pre-IPO NOLs and
NOL Imputed Interest Attributes as it had actually used for such Taxable Year. 

  
 6 

 “Imputed Interest” means any interest imputed under Section 1272, 1274
or 483 of the Code and any similar provision of Tax Law with respect to the TRA Payments. 
 “Imputed Interest Attributes”
means, with respect to any Taxable Year, the total amount of deductions not reflected in a prior Taxable Year arising from Imputed Interest (or a carryforward created by Imputed Interest). 

“Incumbent Directors” is defined in the definition of Change of Control. 

“Initial Exchanges” is defined in the recitals to this Agreement. 

“Insignia Members” means Insignia QL Holdings, LLC, a Delaware limited liability company, and Insignia A QL Holdings, LLC, a
Delaware limited liability company. 
 “Interest Amount” is defined in Section 3.02(e). 

“IPO” means the initial public offering of common stock of the Corporation pursuant to the Registration Statement. 

“LIBOR” means during any period, a rate per annum equal to the London interbank offered rate as administered by the ICE
Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in dollars for a period of one month (for delivery on the first day of such period), as published on the applicable Reuters screen page (or
such other commercially available source providing quotations of such rate as may be designated by the Corporation from time to time in its reasonable discretion) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such period. 
 “LLC” is defined in the preamble of this Agreement. 

“LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the LLC, dated as of the date
hereof, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms. 
 “LLC
Units” means the limited liability company interests in the LLC. 
 “Material Breach” means a material breach of
the terms of this Agreement by the Corporation. 
 “Net Tax Benefit” is defined in Section 3.02(b). 

  
 7 

 “NOL Benefit” means, with respect to any Taxable Year, the positive excess,
if any, of (i) the liability for Taxes of the Corporation and its Subsidiaries for such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Corporation Return, but assuming (A) the
Corporation and its Subsidiaries had no Pre-IPO NOLs or NOL Imputed Interest Attributes and (B) the Corporation and its Subsidiaries used the same amount of Basis Adjustment Attributes,
Section 707(c) Deductions and Step-Up Imputed Interest Attributes as it had actually used for such Taxable Year, over (ii) the actual liability for Taxes of the Corporation and its Subsidiaries for
such Taxable Year. 
 “NOL Benefit Schedule” is defined in Section 2.05. 

“NOL Imputed Interest Attributes” means Imputed Interest Attributes attributable to TRA Payments made to WTM. 

“Objection Notice” has the meaning set forth in Section 2.08(a). 

“Overall Realized Tax Benefit” means, with respect to any Taxable Year, the positive excess, if any, of (i) the
Hypothetical Tax Liability for such Taxable Year over (ii) the actual liability for Taxes of the Corporation and its Subsidiaries for such Taxable Year. 

“Overall Realized Tax Detriment” means, with respect to any Taxable Year, the positive excess, if any, of (i) the actual
liability for Taxes of the Corporation and its Subsidiaries for such Taxable Year over (ii) the Hypothetical Tax Liability for such Taxable Year. 

“Participant Representatives” means WTM, Tony Broglio and Tigran Sinanyan. 

“Participants” is defined in the preamble of this Agreement. 

“Party” means any party to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pre-Exchange
Transfer” means any transfer of one or more LLC Units that occurs after the consummation of the IPO but prior to an Exchange of such LLC Units and to which Section 734(b) or 743(b) of the Code applies. 

“Pre-IPO NOLs” is defined in the recitals to this Agreement. 

“Reconciliation Dispute” has the meaning set forth in Section 7.09. 

“Reconciliation Procedures” means those procedures set forth in Section 7.09. 

“Registration Statement” means the registration statement on Form S-1 of the
Corporation, as amended (File No. 333-249326). 

  
 8 

 “Reorganization Agreement” means the Reorganization Agreement, dated as of
the date hereof, by and among the Corporation, the LLC and the other parties named therein. 
 “Reorganization
Transactions” means generally those transactions set forth in the Reorganization Agreement and described in the Registration Statement and any other transactions ancillary to such transactions to effect the
post-IPO organizational structure of the Corporation and its Subsidiaries. 

“Schedule” means the NOL Benefit Schedule or any Basis Adjustment Schedule, Tax Benefit Schedule, Section 707(c)
Deduction Schedule or Early Termination Schedule. 
 “Section 707(c) Deduction” means the deduction of
the LLC described in Section 2.02(a)(ii) in respect of payments made under this Agreement. 

“Section 707(c) Deduction Schedule” is defined in Section 2.06. 

“Section 732 Event” is defined in Section 2.01(c). 

“Section 734(b) Distribution” means any actual or deemed distribution by the LLC to any Step-Up Participant to which Section 734(b)(1) of the Code (or any similar provision of Tax Law) applies, including as a result of the Debt Repayment. 

“Step-Up Imputed Interest Attributes” means Imputed Interest Attributes attributable
to TRA Payments made to the Step-Up Participants. 

“Step-Up Participants” is defined in the preamble of this Agreement. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such Person,
owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Tax Attributes” means, collectively, the (i) Pre-IPO NOLs, (ii) Basis
Adjustment Attributes, (iii) Section 707(c) Deductions and (iv) Imputed Interest Attributes. 
 “Tax Benefit
Payment” is defined in Section 3.02(a). 
 “Tax Benefit Schedule” is defined in Section 2.07. 

“Tax Law” means the Code, the Treasury Regulations and any U.S. state or local or
non-U.S. tax law. 
 “Tax Return” means any return, declaration, report or similar
statement required to be filed with respect to Taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax. 

  
 9 

 “Taxable Year” means a taxable year as defined in Section 441(b) of
the Code or any comparable provision of Tax Law (including any period of less than twelve months for which a Tax Return is made), ending on or after the closing date of the IPO. 

“Taxes” means any and all U.S. Federal, state, local and non-U.S. taxes, duties,
fees, assessments or similar charges, in each case in the nature of a tax and measured with respect to net income or profits, and any interest, penalties and additions imposed with respect to such amounts. 

“Taxing Authority” means any U.S., non-U.S., federal, national, state, county or
municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, in each case exercising regulatory or other authority with respect to tax matters.

 “Tax Contest” means any audit, contest or proceeding relating to the taxes of the Corporation or its Subsidiaries. 

“Termination Election” is defined in Section 4.02(a)(ii). 

“TRA Payment” means any Tax Benefit Payment or Early Termination Payment, or any other payment to be made by the Corporation
under this Agreement. 
 “Treasury Regulations” means the final, temporary and (to the extent they can be relied on)
proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

  
 10 

 “Valuation Assumptions” means the assumptions that (i) for each
Taxable Year ending on or after an Early Termination Date, (A) the Corporation and its Subsidiaries will have taxable income sufficient to fully use the Pre-IPO NOLs (subject to any applicable limitations
under Section 382 of the Code (or any successor provision) and the Treasury Regulations thereunder or under any similar provision of Tax Law, as applicable), the deductions arising from the Basis Adjustments, the Section 707(c) Deductions
and the Imputed Interest during such Taxable Year, (B) any deductions relating to the Pre-IPO NOLs, Basis Adjustments, Section 707(c) Deductions and Imputed Interest will be determined based on the
Tax laws in effect on the Early Termination Date (except as otherwise provided in the following clause (C)), and (C) the U.S. Federal income tax rates and state, local and non-U.S. income tax rates will
be the maximum applicable tax rates in effect on the Early Termination Date (but taking into account adjustments to the tax rates that have been enacted as of the Early Termination Date with a delayed effective date), (ii) any non-amortizable Adjusted Assets to which any Basis Adjustment is attributable are disposed of in a taxable sale for U.S. Federal income tax purposes on the fifteenth anniversary of the earlier of the date of the
Basis Adjustment or the Early Termination Date for an amount sufficient to fully use the Basis Adjustments with respect to such assets and any short-term investments (as defined by GAAP) will be disposed of twelve months following the Early
Termination Date; provided, however, that in the event of a Change of Control that includes a taxable sale of an Adjusted Asset, the Adjusted Asset will be deemed disposed of at the time of the Change of Control (if earlier than such
fifteenth anniversary), (iii) any net operating loss carryovers generated by the Basis Adjustment, the Section 707(c) Deductions or the Imputed Interest and available as of the Early Termination Date will be used by the Corporation and its
Subsidiaries in full in the order prescribed by applicable law in equal annual amounts for each of the first five Taxable Years ending after the Early Termination Date and (iv) if the Early Termination Date is prior to an Exchange of all LLC
Units, the Basis Adjustment will be calculated as if the Exchange of any previously unexchanged LLC Units occurred on the Early Termination Date for Cash Consideration (as defined in the Exchange Agreement). 

“WTM” is defined in the preamble to this Agreement. 

SECTION 1.02. Interpretation. 

(a) When a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article, Section, Exhibit
or Schedule (as applicable) of this Agreement unless otherwise indicated. 
 (b) The table of contents and headings contained in this
Agreement are for reference purposes only and are not intended to affect in any way the meaning or interpretation of this Agreement. 
 (c)
The words “hereof”, “hereby”, “herein” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, unless
otherwise indicated. 
 (d) The word “extent” in the phrase “to the extent” when used in this Agreement means the degree
to which a subject or other thing extends, and not simply “if”. 
 (e) The word “or” when used in this Agreement is
disjunctive and not exclusive. 
 (f) The word “including” is not limiting and means “including without limitation”. 

(g) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. 

  
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 ARTICLE II 

DETERMINATION OF OVERALL REALIZED TAX BENEFIT 

SECTION 2.01. Intent. The Parties intend that, as a result of: 

(a) an Exchange (other than a Section 734(b) Distribution), the basis in the Adjusted Assets will be adjusted with respect to the
Corporation and its Subsidiaries under Sections 743 and 754 of the Code and the Treasury Regulations thereunder (provided that the LLC remains classified as a partnership for U.S. Federal income tax purposes after giving effect to such Exchange);

 (b) a Section 734(b) Distribution, the LLC’s basis in the Adjusted Assets will be increased by the amount of any gain recognized
pursuant to Section 731(a)(1) of the Code by the Step-Up Participants to whom the Section 734(b) Distribution was made or deemed made; 

(c) an actual or deemed liquidation of the LLC for U.S. Federal income tax purposes or any other transaction pursuant to which the Tax basis of
Adjusted Assets is determined in whole or in part pursuant to Section 732 of the Code (a “Section 732 Event”), the Tax basis of such Adjusted Assets will be adjusted to equal the distributee’s Tax basis
in the applicable interest in the LLC; and 
 (d) the Reorganization Transactions, the Corporation will be entitled to use the Pre-IPO NOLs to reduce the amount of Taxes that the Corporation would otherwise be required to pay after the date of this Agreement. 

SECTION 2.02. Tax Treatment. 

(a) Except as otherwise required pursuant to a Determination, each Party agrees to the following for all Tax purposes (including for purposes
of filing Tax Returns or defending Tax audits, contests or proceedings): 
 (i) Except for the portion treated as Imputed
Interest, any payment made under this Agreement to a Step-Up Participant (other than any payment attributable to a Section 734(b) Distribution or a Section 707(c) Deduction) will be treated as
additional consideration for the LLC Units exchanged by such Step-Up Participant giving rise to additional Basis Adjustments. 

(ii) Any payment made under this Agreement to a Step-Up Participant that is
attributable to a Section 734(b) Distribution or a Section 707(c) Deduction will be treated as a guaranteed payment (within the meaning of Section 707(c) of the Code) paid to the applicable
Step-Up Participant, resulting in a Section 707(c) Deduction that is specially allocated to the Corporation or its Subsidiaries. 

  
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 (iii) [Reserved.] 

(iv) The portion of any payment made under this Agreement that is Imputed Interest will be treated as a payment of interest.

 (b) Each Future Exchange will be a reaffirmation of the foregoing, as of the date of the Future Exchange, by the exchanging Step-Up Participant. 
 SECTION 2.03. Agreed Principles. Except as provided in the Valuation
Assumptions or in the definitions of Hypothetical Tax Liability or NOL Benefit (when applicable) or Section 7.12, for purposes of interpreting this Agreement and determining the amount of any TRA Payment, the Parties agree as follows: 

(a) All calculations and determinations will be made in accordance with any elections, methodologies or positions taken on the relevant
Corporation Return. 
 (b) Net operating loss carryforwards of the Corporation and its Subsidiaries (including the Pre-IPO NOLs) will not be deemed to expire except to the extent that they actually expire unused under applicable law for the purposes of computing the actual Tax liability of the Corporation and its Subsidiaries.

 (c) Carryovers or carrybacks of any Tax item attributable to the Basis Adjustments, Imputed Interest, Section 707(c) Deductions or
the Pre-IPO NOLs will be considered to be subject to the rules of the Code and the Treasury Regulations (and any other applicable Tax Laws), governing the use, limitation and expiration of carryovers or
carrybacks of the relevant type. Net operating loss carryforwards (including the Pre-IPO NOLs) will be treated as used in the order prescribed by applicable law. 

(d) The Overall Realized Tax Benefit or Overall Realized Tax Detriment for a Taxable Year is intended to measure the decrease or increase,
respectively, in the actual liability for Taxes of the Corporation and its Subsidiaries for such Taxable Year attributable to the Basis Adjustments, Section 707(c) Deductions and the Step-Up Imputed
Interest Attributes, determined using a “with and without” methodology, and will be construed accordingly. 
 (e) The NOL Benefit
for a Taxable Year is intended to measure the decrease in the actual liability for Taxes of the Corporation and its Subsidiaries for such Taxable Year attributable to the Pre-IPO NOLs and the NOL Imputed
Interest Attributes, determined using a “with and without” methodology, and will be construed accordingly. 
 (f) Any reference in
this Agreement to the Taxes of the Corporation and its Subsidiaries includes a reference to any Taxes of the LLC and its Subsidiaries (without duplication), but only with respect to Taxes imposed on the LLC or its Subsidiaries that are allocable to
the Corporation or to the members of the Corporation’s Consolidated Group. 

  
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 (g) In a Taxable Year that includes the IPO, the NOL Benefit calculation will be based only
on the portion of the Taxable Year beginning on the day after the IPO, determined on an interim closing of the books basis (except that tax items that are generally determined on an annual basis will be allocated between the pre-IPO and post-IPO portions of the Taxable Year in proportion to the number of days in each such portion, other than any Basis Adjustment Attributes, Section 707(c)
Deductions and Imputed Interest Attributes, which will be allocated solely to the post-IPO portion of such Taxable Year). 

(h) The amount of any Basis Adjustment resulting from an Exchange of one or more LLC Units will be determined without regard to any Pre-Exchange Transfer of the LLC Unit, and as if any such Pre-Exchange Transfer had not occurred. 

(i) If all or a portion of the liability for Taxes for a Taxable Year arises as a result of an audit by a Taxing Authority of such Taxable
Year, the liability will not be included in determining the actual tax liability of the Corporation and its Subsidiaries, the Hypothetical Tax Liability or the NOL Benefit until there has been a Determination. 

(j) If the Corporation and its Subsidiaries do not have sufficient Taxable income in a Taxable Year to fully use the Basis Adjustment
Attributes, Section 707(c) Deductions or Imputed Interest Attributes that would be available to it during that Taxable Year if the Corporation and its Subsidiaries had unlimited Taxable income, any resulting carryforwards will be treated as
Basis Adjustment Attributes, Section 707(c) Deductions or Imputed Interest Attributes, as applicable, in a future Taxable Year and will be allocated among the Participants pro rata in the same proportion as the Basis Adjustment Attributes,
Section 707(c) Deductions and Imputed Interest Attributes would have been allocable among the Participants if the Corporation and its Subsidiaries had unlimited Taxable income. 

(k) The amount of any taxable gain (and resulting Basis Adjustment Attributes) (i) arising from an Initial Exchange will be determined by
reference to the cash paid by the Corporation to the applicable Step-Up Participant in the Initial Exchange, or (ii) arising from a Future Exchange will be determined by reference to the Cash
Consideration (as defined in the Exchange Agreement) paid by the Corporation to the applicable Step-Up Participant in the Future Exchange (or the amount of Cash Consideration that would be payable if the
Corporation elected to settle the Future Exchange in cash). 

  
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 SECTION 2.04. Basis Adjustment Schedule. Within ninety calendar days after the end of
a Taxable Year in which a Section 732 Event or Exchange occurs, and in any event at least ninety calendar days prior to the filing of the U.S. Federal income Tax Return of the Corporation for each Taxable Year in which a Section 732 Event
or Exchange has occurred, the Corporation will deliver to each Participant a schedule (a “Basis Adjustment Schedule”) that shows, in reasonable detail, the information required under Sections 732, 734(b), 743(b) and 755 of the
Code, and the Treasury Regulations thereunder, to calculate the Basis Adjustment with respect to the Section 732 Event or Exchange, including: (a) the Corporation’s and its Subsidiaries’ proportionate share of the actual
unadjusted Tax basis of the Adjusted Assets as of each applicable Exchange Date, (b) the Basis Adjustment with respect to each class of the Adjusted Assets as a result of any Section 732 Event and each Exchange occurring in such Taxable
Year, (c) the period or periods, if any, over which the Adjusted Assets are amortizable or depreciable, and (d) the period or periods, if any, over which each Basis Adjustment is amortizable or depreciable. The Basis Adjustment Schedule
will become final as provided in Section 2.08(a) and may be amended as provided in Section 2.08(b) (subject to the procedures set forth in Section 2.08(a)). 

SECTION 2.05. NOL Benefit Schedule. Within ninety calendar days after the filing of the U.S. Federal income Corporation Return
for the Taxable Year that includes the date of the IPO, the Corporation will provide to WTM a schedule (the “NOL Benefit Schedule”) showing, in reasonable detail, the calculation of the amount of
Pre-IPO NOLs available to the Corporation after the IPO (taking into account any taxable income of GHI prior to the IPO) and any limitations on the ability of the Corporation to use the Pre-IPO NOLs after the IPO (including under Section 382 of the Code and any successor provision). Concurrently the Corporation will also provide to WTM all supporting information (including work papers and
valuation reports) in its possession reasonably necessary to support the calculation of the Pre-IPO NOLs. The NOL Benefit Schedule will become final as provided in Section 2.08(a) and may be amended as
provided in Section 2.08(b) (subject to the procedures set forth in Section 2.08(a)). 
 SECTION 2.06.
Section 707(c) Schedule. Within ninety calendar days after the end of a Taxable Year in which a Section 734(b) Distribution occurs, and in any event at least ninety calendar days prior to the filing of the U.S. Federal
income Tax Return of the Corporation for each Taxable Year in which a Section 734(b) Distribution has occurred, the Corporation will deliver to each Participant a schedule (a “Section 707(c) Deduction
Schedule”) that shows, in reasonable detail, the information required to calculate the Section 707(c) Deduction with respect to the guaranteed payment resulting from the Section 734(b) Distribution. The Section 707(c)
Deduction Schedule will become final as provided in Section 2.08(a) and may be amended as provided in Section 2.08(b) (subject to the procedures set forth in Section 2.08(a)). 

SECTION 2.07. Tax Benefit Schedule. Within ninety calendar days after the filing of the U.S. Federal income Tax Return of the
Corporation for any Taxable Year in which there is an Overall Realized Tax Benefit, Overall Realized Tax Detriment or NOL Benefit (or as soon as practicable thereafter), the Corporation will provide to each Participant a schedule (a “Tax
Benefit Schedule”) showing, in reasonable detail, the calculation of (a) the Overall Realized Tax Benefit or Overall Realized Tax Detriment for such Taxable Year (if any), (b) the NOL Benefit for such Taxable Year (if any), and
(c) the Participant’s Tax Benefit Payment for such Taxable Year (if any). Concurrently the Corporation will also provide to each Participant all supporting information (including work papers and valuation reports) reasonably necessary to
support the calculation of any such Tax Benefit Payment. The Tax Benefit Schedule will become final as provided in Section 2.08(a) and may be amended as provided in Section 2.08(b) (subject to the procedures set forth in
Section 2.08(a)). 

  
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 SECTION 2.08. Procedures, Amendments. 

(a) Procedure. Every time the Corporation delivers a Schedule to a Participant, the Corporation will also (i) deliver to the
Participant schedules, valuation reports, if any, and work papers providing reasonable detail regarding the preparation of the Schedule and an Advisory Firm Report related to the Schedule and (ii) allow each Participant reasonable access at no
cost to the appropriate representatives at each of the Corporation and the applicable Advisory Firm in connection with a review of the Schedule. A Schedule will become final and binding on a Participant upon the earlier of (x) thirty calendar
days after such Participant receives the Schedule, unless such Participant provides the Corporation with written notice of a material, good faith objection to the Schedule (“Objection Notice”) within such thirty-day period or (y) receipt by the Corporation of a written notice from the Participant that the Participant does not object to the Schedule. If the Parties, for any reason, are unable to successfully
resolve the issues raised in an Objection Notice within thirty calendar days of receipt by the Corporation of the Objection Notice, the Corporation and the applicable Participants will employ the Reconciliation Procedures. 

(b) Amended Schedule. A Schedule may be amended by the Corporation to reflect (i) a Determination affecting the Schedule,
(ii) the correction of any material inaccuracy in the Schedule identified after the date the Schedule was provided to the Participants, (iii) any Expert’s determination under the Reconciliation Procedures, (iv) a material change
(relative to the amounts in the original Schedule) in the Overall Realized Tax Benefit, Overall Realized Tax Detriment or NOL Benefit for the applicable Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such
Taxable Year, (v) a material change (relative to the amounts in the original Schedule) in the Overall Realized Tax Benefit, Overall Realized Tax Detriment or NOL Benefit for the applicable Taxable Year attributable to an amended Tax Return
filed for such Taxable Year, or (vi) payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”). The Corporation will provide any Amended Schedule to each Participant within thirty calendar days of the
occurrence of an event referred to in clauses (i) through (vi) of the preceding sentence, and any Amended Schedule will be finalized in accordance with Section 2.08(a) applied mutatis mutandis. 

(c) Participant Representative Request. At the request of a Participant Representative, the Corporation will amend a Schedule to reflect
any item described in clauses (i) through (vi) of Section 2.08(b) that could reasonably be expected to result in a material increase in a Tax Benefit Payment previously made. 

SECTION 2.09. Section 754 Election. The LLC has and will maintain in effect (and will cause each of its Subsidiaries
classified as a partnership for U.S. Federal income tax purposes to make and maintain in effect) an election under Section 754 of the Code (and any similar election under applicable Tax Law) for each Taxable Year during which an Exchange occurs
and this Agreement remains in effect. 

  
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 ARTICLE III 

TAX BENEFIT PAYMENTS 

SECTION 3.01. Timing of Payments. Within ten Business Days of a Tax Benefit Schedule becoming final in accordance with
Section 2.08(a), the Corporation will pay (or cause to be paid) to the applicable Participant an amount equal to the Participant’s Tax Benefit Payment for the applicable Taxable Year as shown on such Tax Benefit Schedule. A
Participant’s Tax Benefit Payment with respect to a Taxable Year may not be made until all Participants have been paid their respective Tax Benefit Payments (to the extent the applicable Tax Benefit Schedule has become final) for all prior
Taxable Years. 
 SECTION 3.02. Amount of Payments. With respect to a Participant: 

(a) The “Tax Benefit Payment” for a Taxable Year is an amount equal to the sum, not less than zero, of (A) the Net Tax
Benefit of the Participant for such Taxable Year and (B) the Interest Amount with respect to such Net Tax Benefit. 
 (b) The
“Net Tax Benefit” for a Taxable Year equals: 
 (i) in the case of a
Step-Up Participant, the amount of the positive excess, if any, of (A) 85% of the Cumulative Net Realized Tax Benefit of the Participant as of the end of such Taxable Year, over (B) the aggregate
amount of all Tax Benefit Payments previously made to the Participant (excluding payments attributable to Interest Amounts), or 

(ii) in the case of WTM, the amount of the positive excess, if any, of (A) 85% of the Cumulative NOL Benefit as of the end
of such Taxable Year, over (B) the aggregate amount of all Tax Benefit Payments previously made to WTM (excluding payments attributable to Interest Amounts). 

(c) The “Cumulative Net Realized Tax Benefit” for a Taxable Year equals the positive excess, if any, of the cumulative amount
of Overall Realized Tax Benefits Allocable to the Participant for all Taxable Years of the Corporation, up to and including such Taxable Year, over the cumulative amount of Overall Realized Tax Detriments Allocable to the Participant for the same
period. 
 (d) The “Cumulative NOL Benefit” for a Taxable Year equals the NOL Benefit for all Taxable Years of the
Corporation, up to and including such Taxable Year. 
 (e) The “Interest Amount” with respect to a Net Tax Benefit payable
to a Participant for a Taxable Year equals the amount determined in the same manner as interest on the unpaid amount of such Net Tax Benefit, calculated at the Agreed Rate from the due date (without extensions) for filing the U.S. Federal
Corporation Return for such Taxable Year until the date the payment of such amount is due under this Agreement. 

  
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 SECTION 3.03. No Return of Tax Benefit Payments. No Participant will be required
under any circumstance to return any TRA Payment paid to it by the Corporation under this Agreement. 
 SECTION 3.04. Maximum Payments;
Stated Maximum Selling Price. 
 (a) Maximum Payments. Notwithstanding anything in this Agreement to the contrary, the aggregate
amount of Tax Benefit Payments to be paid in respect of a Taxable Year to the Step-Up Participants (excluding payments attributable to Interest Amounts) may not exceed 85% of the Overall Realized Tax Benefit
for that Taxable Year. 
 (b) Stated Maximum Selling Price. The Corporation and the Step-Up
Participants acknowledge and agree that, as of the date of this Agreement and as of any Exchange Date, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. Federal income or other applicable Tax purposes.
Notwithstanding anything in this Agreement to the contrary, unless a Step-Up Participant notifies the Corporation otherwise: (i) the stated maximum selling price (within the meaning of Treasury Regulation
Section 15A.453-1(c)(2)) with respect to any Exchange (other than a Section 734(b) Distribution) by such Step-Up Participant will not exceed 175% of the amount
of the Cash Consideration received (or the amount of Cash Consideration that would be received if the Corporation elected to settle such Exchange in cash), plus the amount of such Step-Up Participant’s share of any liabilities of the LLC
treated as reduced, in connection with such Exchange (which, for the avoidance of doubt, will exclude the fair market value of any Tax Benefit Payments) and (ii) the amount of Cash Consideration received (or the amount of Cash Consideration
that would be received if the Corporation elected to settle such Exchange in cash), plus the amount of such Step-Up Participant’s share of any liabilities of the LLC treated as reduced, in connection with such Exchange and the aggregate Tax
Benefit Payments to such Step-Up Participant in respect of such Exchange (other than amounts treated as Imputed Interest) may not exceed such stated maximum selling price. 

ARTICLE IV 
 TERMINATION

 SECTION 4.01. Acceleration Events. 

(a) Acceleration Event. Upon the occurrence of an Acceleration Event, the Corporation will pay each Participant (without duplication):
(i) the Participant’s Early Termination Amount, (ii) any Tax Benefit Payment agreed to by the Corporation and the Participant as due and payable but unpaid as of the Early Termination Notice, and (iii) any Tax Benefit Payment due
to the Participant for a Taxable Year ending prior to, with or including the date of the Acceleration Event. The payment of all amounts owed to a Participant under clauses (i) through (iii) of this Section 4.01(a) is referred to as the
Participant’s “Early Termination Payment”. 

  
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 (b) Early Termination Amount. A Participant’s “Early Termination
Amount” equals the present value, discounted at the Early Termination Rate as of the date of the applicable Acceleration Event, of the Participant’s Tax Benefit Payments that would be required to be paid by the Corporation for each
Taxable Year beginning from the date of the Acceleration Event assuming the Valuation Assumptions are applied. For purposes of calculating the present value of all Tax Benefit Payments that would be required to be paid, it will be assumed that
(i) absent the Acceleration Event, all Tax Benefit Payments would be paid on the due date (without extensions) for filing the Corporation Return for each Taxable Year and (ii) with respect to Taxable Years ending prior to the Acceleration
Event, any unpaid Tax Benefit Payments and any applicable Default Rate Interest will be paid. 
 SECTION 4.02. Early Termination
Notice. 
 (a) Generally. The Corporation will deliver to each Participant written notice of the occurrence of an Acceleration
Event (an “Early Termination Notice”) and a schedule (an “Early Termination Schedule”) showing the amount of the Participant’s Early Termination Payment and all supporting information (including work papers and
valuation reports) reasonably necessary to support the calculation of the Early Termination Payment, at the following times: 

(i) In the event of a Material Breach, as soon as practicable following the Material Breach; 

(ii) In the event the Corporation elects in writing to make an Early Termination Payment to each Participant pursuant to this
Article IV (such election, a “Termination Election”), at the time the Corporation makes the Termination Election; or 

(iii) In the event of a Change of Control, as soon as reasonably practicable following the execution of a definitive agreement
to enter into the Change of Control. 
 (b) Updates. Each Early Termination Schedule will be finalized in accordance with
Section 2.08(a) applied mutatis mutandis. 
 SECTION 4.03. Timing of Payments. Within five Business Days after agreement
between a Participant and the Corporation of the applicable Early Termination Schedule, the Corporation will make the applicable Early Termination Payment to the Participant; provided, however, that in the case of an Acceleration Event
that is a Change of Control, the Corporation will make all Early Termination Payments upon the occurrence of the Change of Control. 

SECTION 4.04. No Further Obligation. Following an Acceleration Event and after the Corporation has paid each Participant its Early
Termination Payment in full, the Corporation will have no further obligation to make any TRA Payments, and if an Exchange or Section 732 Event occurs after the Acceleration Event, the Corporation will have no obligations under this Agreement
with respect to the Exchange or Section 732 Event. 

  
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 SECTION 4.05. Material Breach and Waiver. 

(a) Material Breach. The Parties agree that a Material Breach includes the Corporation’s (i) failure to make a TRA Payment
within fifteen Business Days after the applicable due date of the TRA Payment under this Agreement, except to the extent that the Corporation is prohibited from making the TRA Payment under applicable law or does not have (and cannot take
commercially reasonable actions to obtain) sufficient funds to make the TRA Payment; provided, however, that (x) the obligation to make the TRA Payment will nevertheless continue to accrue for the benefit of the Participants and
(y) the Corporation will promptly (and in any event, within three Business Days) pay the entire unpaid amount of the TRA Payment once the Corporation is not prohibited from making the TRA Payment under applicable law and the Corporation has
sufficient funds to make the TRA Payment or (ii) breach of any material obligation under this Agreement by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code. 

(b) Waiver. The Participant Representatives may by unanimous written agreement irrevocably waive any breach of this Agreement by the
Corporation. Any breach waived pursuant to this Section 4.05 will not constitute an Acceleration Event. 
 ARTICLE V 

PAYMENTS 
 SECTION 5.01.
Late Payments by the Corporation. If the Corporation fails to make a TRA Payment in full on the date the TRA Payment is due pursuant to this Agreement, the unpaid portion of the TRA Payment will accrue interest
(“Default Rate Interest”) at the Default Rate from the due date until the date the TRA Payment is made in full. Any reference to a TRA Payment in this Agreement includes a reference to Default
Rate Interest accrued with respect to the TRA Payment (if any). 
 SECTION 5.02. Payment Instructions. Any TRA Payment to a
Participant will be made by wire transfer of immediately available funds to the bank account designated by the Participant in writing. 

ARTICLE VI 
 NO DISPUTES;
CONSISTENCY; COOPERATION 
 SECTION 6.01. Participation in Tax Matters. Except as otherwise provided in this Agreement or the LLC
Agreement, the Corporation will have full responsibility for, and sole discretion over, all tax matters concerning the Corporation and the LLC, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any
Tax Contest; provided, however, that the Corporation will (a) act in good faith in connection with its control of any Tax Contest that could reasonably be expected to materially affect any Participant’s rights and obligations
under this Agreement, (b) notify each Participant Representative of, keep each Participant Representative reasonably informed with respect to and allow each Participant Representative the opportunity to participate in the portion of any Tax
Contest the outcome of which could reasonably be expected to affect the Participant’s rights or obligations under this Agreement and (c) not enter into any settlement with respect to any Tax Contest to the extent such Tax Contest could
have a material effect on the Participants’ rights (including the right to receive TRA Payments) under this Agreement without the prior written consent of the Participant Representatives, which consent may not be unreasonably withheld,
conditioned or delayed. The Parties will use commercially reasonable efforts to cooperate with each other in connection with any Tax Contest the outcome of which could reasonably be expected to affect any Participant’s rights or obligations
under this Agreement. 

  
 20 

 SECTION 6.02. Consistency. Except as otherwise required pursuant to a Determination,
each Party agrees to report for all Tax purposes, all Tax-related items in a manner consistent with that specified in this Agreement and by the Corporation in any final Schedule (as amended); provided,
however, that if a Party is required to file a Tax Return before a Schedule is finalized, the Party may file the Tax Return prior to the finalization of the Schedule, subject to amendment upon the finalization of the Schedule. 

SECTION 6.03. Cooperation. Each Party will (a) furnish to the other Parties in a timely manner such information, documents and
other materials as any other Party may reasonably request for purposes of making or approving any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any Tax Contest,
(b) make itself available to the other Parties and their representatives to provide explanations of documents and materials and such other information as the requesting Party or its representatives may reasonably request in connection with any
of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter. The requesting Party will reimburse the other Parties for any reasonable third-party costs and expenses incurred pursuant to
this Section 6.03. 

  
 21 

 ARTICLE VII 

MISCELLANEOUS 
 SECTION
7.01. Notices. All notices, requests, claims, demands, waivers and other communications under this Agreement must be in writing and will be deemed to have been duly given and received on the day they are delivered, provided that they are
delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. If notice is delivered after 5:00 p.m. local time or if such day is not a Business Day, then the notice will be deemed to have been given and received on
the next Business Day. Notice will be sufficiently given if delivered to a Party at the following address for the Party: 
 If to the
Corporation or the LLC: 
  
 MediaAlpha, Inc. 

700 S. Flower Street, Suite 640 

Los Angeles, CA 90017 
 Attention:
Lance Martinez, Esq. 
 with a copy to (which will not constitute notice): 

Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York, New
York 10019 
 Attention: Christopher K. Fargo, Esq.; 

                 C. Daniel Haaren, Esq. 

If to WTM: 
 White Mountains
Insurance Group, Ltd. 
 Clarendon House 

2 Church Street 
 Hamilton
HM 11 
 Bermuda 

Attention: Robert Seelig, EVP & GC 

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

White Mountains Insurance Group, Ltd. 

23 S. Main St, Suite 3B 

Hanover, NH 03755 
 Attention:
Robert Seelig, EVP & GC 
 and 
  

Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York, New
York 10019 
 Attention: David J. Perkins, Esq.; 

                 Christopher K. Fargo, Esq. 

  
 22 

 If to the Insignia Members: 

c/o/ Insignia Capital Group 
 1333
California Blvd, Suite 520 
 Walnut Creek, CA 94596 

Attention: Tony Broglio 
  

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

Kirkland & Ellis LLP 

300 N. LaSalle Street 
 Chicago,
IL 60654 
 Attention: Robert Wilson, P.C. 

If to any Step-Up Participant (other than the Insignia Members): 

Tigran Sinanyan 
 700 S. Flower
Street, Suite 640 
 Los Angeles, CA 90017 

Attention: Tigran Sinanyan 
  

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

Kirkland & Ellis LLP 

2049 Century Park East, Suite 3700 

Los Angeles, CA 90067 
 Attention:
Hamed Meshki, P.C. 
 and 

Kirkland & Ellis LLP 

601 Lexington Avenue, New York, NY 10022 

Attention: Timothy Cruickshank, P.C. 

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

 SECTION 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which will be considered one and
the same agreement and will become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it being understood that all Parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by electronic mail will be as effective as delivery of a manually signed counterpart of this Agreement. 

  
 23 

 SECTION 7.03. Entire Agreement; Third Party Beneficiaries. This Agreement constitutes
the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. This Agreement will be binding upon and inure solely to the benefit of each Party and
their respective successors and permitted assigns. Other than as provided in the preceding sentence, nothing in this Agreement, express or implied, is intended to or will confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. 
 SECTION 7.04. Governing Law. This Agreement will be governed by, and construed in
accordance with, the law of the State of Delaware without regard to conflicts of law principles thereof. 
 SECTION 7.05.
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement will nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated by this Agreement are consummated as
originally contemplated to the greatest extent possible. 
 SECTION 7.06. Successors; Assignment; Amendments; Waivers. 

(a) Each Participant may assign any of its rights under this Agreement to any Person, as long as such transferee has executed and delivered,
or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably acceptable to the Corporation, agreeing to become a Participant (and, in the case of a transfer by a Participant that is a Step-Up Participant, a Step-Up Participant) for all purposes of this Agreement, except as otherwise provided in such joinder. A transfer of a Participant’s right’s
under this Agreement will not relieve the Participant of its obligations under this Agreement unless agreed to by the Corporation in writing. 

(b) No provision of this Agreement may be amended unless the amendment is approved in writing by the Corporation, on behalf of itself and the
LLC, and by each of the Participant Representatives. 

  
 24 

 (c) All of the terms and provisions of this Agreement will be binding upon, will inure to
the benefit of and will be enforceable by the Parties and their respective successors, continuations (including for tax purposes), assigns, heirs, executors, administrators and legal representatives (collectively, “Successors”). Any
reference in this Agreement to a Party includes a reference to such Party’s Successors (and, for the avoidance of doubt, any obligation to make TRA Payments will continue to be binding upon the Corporation and its Successors both with respect
to any past Exchange involving an LLC Unit and any future Exchange involving an equity interest in the LLC’s Successor). 
 (d) The
Corporation will require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

(e) No provision of this Agreement may be waived except pursuant to a waiver that is in writing and signed by the Party against whom the waiver
is to be effective. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, will constitute a waiver of any
such breach or any other covenant, duty, agreement or condition. 
 SECTION 7.07. Titles and Subtitles. The titles of the sections
and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

SECTION 7.08. Resolution of Disputes. 

(a) Except for Reconciliation Disputes subject to Section 7.09, any and all disputes that cannot be settled amicably after good faith
negotiations, including any ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this
Agreement (including the validity, scope and enforceability of this arbitration provision) will be finally settled by arbitration conducted by a single arbitrator in New York, New York in accordance with the then-existing Rules of Arbitration of the
International Chamber of Commerce. If the Parties to the dispute fail to agree on the selection of an arbitrator within ten Business Days of the receipt of the request for arbitration, the International Chamber of Commerce will make the appointment.
The arbitrator will be a lawyer and will conduct the proceedings in the English language. Performance under this Agreement will continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of Section 7.08(a), the Corporation or any Participant may bring an action or special proceeding in any
court of competent jurisdiction for the purpose of compelling another Party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, or enforcing an arbitration award and, for the purposes of this paragraph (b),
each Participant (i) expressly consents to the application of Section 7.08(d) to any such action or proceeding, and (ii) agrees that proof will not be required that monetary damages for breach of the provisions of this Agreement would
be difficult to calculate and that remedies at law would be inadequate. 

  
 25 

 (c) Each Party irrevocably consents to service of process by means of notice in the manner
provided for in Section 7.01 
 (d) (i) EACH PARTICIPANT HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES
DISTRICT COURT LOCATED IN THE STATE OF DELAWARE AND THE COURT OF CHANCERY OF THE STATE OF DELAWARE (AND THE APPROPRIATE APPELLATE COURTS THEREFROM) FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH
(B) OF THIS SECTION 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or
proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The Parties acknowledge that the forum designated by this paragraph (d) has a reasonable relation to
this Agreement, and to the Parties’ relationship with one another. 
 (ii) The Parties hereby waive, to the fullest
extent permitted by applicable law, any objection that they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in Section 7.08(d)(i) and
such Parties agree not to plead or claim the same. 
 SECTION 7.09. Reconciliation. In the event that the relevant Parties are unable
to resolve a disagreement with respect to any matter that is subject to the Reconciliation Procedures within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute will be submitted
for determination to a nationally recognized expert in the particular area of disagreement (the “Expert”) mutually acceptable to all relevant Parties. The Expert will be a partner or principal in a nationally recognized accounting
or law firm (other than the Advisory Firm), and the Expert will not, and the firm that employs the Expert will not, have any material relationship with the Corporation or any of the Participants involved in the Reconciliation Dispute or any other
actual or potential conflict of interest. If the relevant Parties are unable to agree on an Expert within ten Business Days after a Party delivers written notice to the other relevant Parties of a Reconciliation Dispute, the Expert will be appointed
by the International Chamber of Commerce Centre for Expertise. The Expert will resolve any Reconciliation Dispute within thirty calendar days after the matter has been submitted to it or as soon thereafter as is reasonably practicable.
Notwithstanding the preceding sentence, if the Reconciliation Dispute is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a
disagreement is due, the undisputed amount will be paid by the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. Each Party will bear its own costs
and expenses incurred in connection with a Reconciliation Dispute except that (a) any fees of the Expert will be paid by the Corporation, (b) if the Expert adopts a Participant’s position in all material respects, the Corporation will
reimburse the Participant for its reasonable out-of-pocket costs and expenses, and (c) if the Expert adopts the Corporation’s position in all material
respects, the relevant Participants will reimburse the Corporation for any reasonable out-of-pocket costs and expenses (other than the fees of the Expert). Any dispute
as to whether a dispute is a Reconciliation Dispute will be decided by the Expert. The Expert will finally determine any Reconciliation Dispute, and the determinations of the Expert pursuant to this Section 7.09 will be binding on the Parties
and may be entered and enforced in any court having jurisdiction. 

  
 26 

 SECTION 7.10. Withholding. The Corporation may deduct and withhold from any TRA
Payment such amounts as it is required to deduct and withhold under applicable Tax Law. To the extent that amounts are so deducted or withheld and paid over to the appropriate Taxing Authority by the Corporation, the deducted or withheld amounts
will be treated for all purposes of this Agreement as having been paid to the Party in respect of which the deduction or withholding was made. The Parties will reasonably cooperate to reduce or eliminate any deduction or withholding that might
otherwise be required with respect to any TRA Payment (including by providing or obtaining any certificates or other documentation that would reduce or eliminate any deduction or withholding to the extent a Party is legally entitled to do so). A
Participant will indemnify the Company for any withholding taxes (excluding any interest, penalties and additions) successfully imposed by a Taxing Authority on payments made to the Participant (to the extent not previously deducted or withheld).

 SECTION 7.11. Consolidated Group; Partnership Status. 

(a) If the Corporation is or becomes a member of a Consolidated Group, then: (i) the provisions of this Agreement will be applied with
respect to the Consolidated Group as a whole; and (ii) TRA Payments will be computed with reference to the consolidated, combined or unitary taxable income of the Consolidated Group as a whole. 

(b) The Corporation will not cause or permit the LLC (or any of its Subsidiaries) to be treated as a corporation for U.S. Federal income or
other applicable state or local Tax purposes, except with the written consent of each of the Participant Representatives. 
 (c) To the
extent permitted by applicable Law, the Corporation will cause GHI to become a member of the Corporation’s Consolidated Group as of the date of the IPO. 

SECTION 7.12. Certain Transactions. 

(a) Transfers by Consolidated Group Members. 

  
 27 

 (i) Unless Section 7.12(b) applies, if any Person the income of which
is included in the income of the Corporation’s Consolidated Group transfers (or is deemed to transfer for U.S. Federal income tax purposes) any LLC Unit or Adjusted Asset to an entity the income of which is not included in the income of the
Corporation’s Consolidated Group in a transaction in which the transferee’s basis in the property acquired is determined in whole or in part by reference to the transferor’s basis in the property, then the Corporation will cause the
transferee to assume the obligation to make TRA Payments with respect to the Tax Attributes associated with any Adjusted Asset or interest therein acquired by the transferee (directly or indirectly) in the transfer (without duplication of any TRA
Payments made by the Corporation as a result of any gain or loss recognized in the transaction) in a manner consistent with the principles of this Agreement. 

(ii) Without duplication of Section 7.12(a)(i), if the Corporation (or any member of the Corporation’s Consolidated
Group) transfers (or is deemed to transfer for U.S. Federal income tax purposes) any LLC Unit in a transaction that is wholly or partially taxable, then for purposes of calculating any TRA Payment, the LLC will be treated as having disposed of the
portion of any Adjusted Asset that is indirectly transferred by the Corporation or other entity described above in a wholly or partially taxable transaction, as applicable, in which income, gain or loss is allocated to the Corporation in accordance
with the LLC Agreement (determined as if the transferred LLC Unit represents a proportionate share of an undivided interest in each asset of the LLC). 

(b) Transfers by the LLC. 

(i) If the LLC transfers (or is deemed to transfer for U.S. Federal income tax purposes) any Adjusted Asset to an entity the
income of which is not included in the income of the Corporation’s Consolidated Group in a transaction in which the transferee’s basis in the Adjusted Asset acquired is determined in whole or in part by reference to the transferor’s
basis in the Adjusted Asset, for purposes of calculating the amount of any TRA Payment, the LLC will be treated as having disposed of the Adjusted Asset (on the date of the transfer) in a fully taxable transaction in which income, gain or loss is
allocated to the Corporation in accordance with the LLC Agreement. The consideration deemed to be received in any deemed transaction described in this Section 7.12(b) will be equal to the fair market value of the transferred Adjusted Asset as
of the date of the transfer, plus (without duplication): (A) the amount of debt to which the Adjusted Asset is subject, in the case of a transfer of an encumbered Adjusted Asset or (B) the amount of debt allocated to the Adjusted Asset, in
the case of a transfer of an equity interest in an entity classified as a partnership for applicable Tax purposes. Any dispute as to fair market value in connection with this Section 7.12(b) will be resolved pursuant to the Reconciliation
Procedures. 
 (ii) Any transaction described in this Section 7.12(b) will be taken into account in determining the
Overall Realized Tax Benefit or Overall Realized Tax Detriment, as applicable, for the Taxable Year in which the transaction is deemed to occur, consistent with the principles of this Agreement. 

  
 28 

 (c) Deconsolidation. If any member of the Corporation’s Consolidated Group that
owns any LLC Unit deconsolidates from such Consolidated Group, then the Corporation will cause such member (or the new parent of the Consolidated Group in the case where the Corporation deconsolidates from the Consolidated Group) to assume the
obligations under this Agreement (including to make TRA Payments) as if it were the Corporation, solely with respect to the applicable Tax Attributes associated with any Adjusted Asset it owns (directly or indirectly) in a manner consistent with the
principles of this Agreement. 
 SECTION 7.13. Confidentiality. 

(a) Each Party (i) acknowledges that any information relating to tax matters of the other Parties shared pursuant to this Agreement is
confidential and (ii) agrees to keep such information in the strictest confidence and not disclose such information to any Person, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by
law or legal process or to enforce the terms of this Agreement. 
 (b) Section 7.13(a) will not apply to the disclosure of any
information (i) that has been made publicly available by the Party to which it relates, becomes public knowledge (except as a result of an act of a Party in violation of this Agreement) or is generally known to the business community,
(ii) to the extent necessary for any Party to prepare and file its Tax Returns, to respond to any inquiries from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority or (iii) relating to
the existence or terms of this Agreement. 
 (c) If any Party breaches, or threatens to breach, any of the provisions of this
Section 7.13, the affected Parties will have the right and remedy to have the provisions of this Section 7.13 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond
or other security. The Parties acknowledge and agree that any such breach or threatened breach will cause irreparable injury to the affected Parties and that money damages alone will not provide an adequate remedy to such Persons. Such rights and
remedies will be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 
 SECTION 7.14. Waiver
of TRA Payments. Any Participant may elect in writing to waive (in whole or in part) its right to receive any TRA Payments. 
 SECTION
7.15. Costs. Except as otherwise provided in this Agreement, all costs or expenses of the Corporation or any of its Subsidiaries incurred in connection with this Agreement (including costs and expenses of the Advisory Firm) will be borne by
the Corporation or the applicable Subsidiary. 
 SECTION 7.16. LIBOR. In the event that LIBOR ceases to be available, the Parties
will negotiate in good faith to amend this Agreement to replace LIBOR with a mutually acceptable successor rate. 

  
 29 

 SECTION 7.17. Change in Law. Notwithstanding anything in this Agreement to the
contrary, if, in connection with an actual or proposed change in law after the date of this Agreement, a Step-Up Participant reasonably believes that the existence of this Agreement could cause income (other
than income arising from receipt of a payment under this Agreement) recognized by the Step-Up Participant upon any Exchange by the Step-Up Participant to be treated as
ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. Federal income tax purposes, or would have other material adverse Tax consequences to the Step-Up Participant,
then at the written election of the Step-Up Participant and to the extent specified by the Step-Up Participant, this Agreement (a) will cease to have further effect
with respect to the Step-Up Participant, (b) will not apply to an Exchange by the Step-Up Participant occurring after a date specified by the Step-Up Participant or (c) will otherwise be amended in a manner determined by the Step-Up Participant (but solely with respect to the
Step-Up Participant), provided that such amendment may not affect the rights of the other Participants or result in an increase in the Corporation’s obligations (including to make TRA Payments), in each
case under this Agreement prior to such amendment. 
 [Signature Page Follows this Page] 

  
 30 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year
first above written. 
  

			
	MEDIAALPHA, INC.
		
	By:	 	 /s/ Steven Yi

	Name:	 	Steven Yi
	Title:	 	Chief Executive Officer
	
	QL HOLDINGS LLC
		
	By:	 	 /s/ Steven Yi

	Name:	 	Steven Yi
	Title:	 	Chief Executive Officer
	
	WHITE MOUNTAINS INSURANCE GROUP, LTD.
		
	By:	 	 /s/ Robert L. Seelig

	Name:	 	Robert L. Seelig
	Title:	 	EVP and General Counsel
	
	STEVEN YI
		
	By:	 	 /s/ Steven Yi

	
	OBF INVESTMENTS, LLC
		
	By:	 	 /s/ Steven Yi

	Name:	 	Steven Yi
	Title:	 	Manager

  
  
  

[Signature Page to the Tax Receivables Agreement] 

 
			
	O.N.E. HOLDINGS LLC
		
	By:	 	 /s/ Eugene Nonko

	Name:	 	Eugene Nonko
	Title:	 	Manager
	
	WANG FAMILY INVESTMENTS LLC
		
	By:	 	 /s/ Ambrose Wang

	Name:	 	Ambrose Wang
	Title:	 	Manager
	
	QUOTELAB HOLDINGS, INC.
		
	By:	 	 /s/ Steven Yi

	Name:	 	Steven Yi
	Title:	 	President and CEO
	
	KEITH CRAMER
		
	By:	 	 /s/ Keith Cramer

	
	TIGRAN SINANYAN
		
	By:	 	 /s/ Tigran Sinanyan

	
	LANCE MARTINEZ
		
	By:	 	 /s/ Lance Martinez

  
  
  

[Signature Page to the Tax Receivables Agreement] 

 
			
	BRIAN MIKALIS
		
	By:	 	 /s/ Brian Mikalis

	
	ROBERT PERINE
		
	By:	 	 /s/ Robert Perine

	
	JEFFREY SWEETSER
		
	By:	 	 /s/ Jeffrey Sweetser

	
	SERGE TOPJIAN
		
	By:	 	 /s/ Serge Topjian

	
	KUANLING AMY YEH
		
	By:	 	 /s/ Kuanling Amy Yeh

  
  
  

 
 [Signature Page to the Tax Receivables Agreement] 

 
			
	INSIGNIA QL HOLDINGS, LLC
		
	By:	 	 /s/ Tony Broglio

	Name:	 	Tony Broglio
	Title:	 	President and Secretary
	
	INSIGNIA A QL HOLDINGS, LLC
		
	By:	 	 /s/ Tony Broglio

	Name:	 	Tony Broglio
	Title:	 	President and Secretary

  
  
  

 
  

[Signature Page to the Tax Receivables Agreement] 

 Exhibit A 
  

	 	•	 	 Steven Yi 

  

	 	•	 	 OBF Investments, LLC, a Nevada limited liability company 

 

	 	•	 	 O.N.E. Holdings LLC, a Washington limited liability company 

 

	 	•	 	 Wang Family Investments LLC, a Washington limited liability company 

 

	 	•	 	 QuoteLab Holdings, Inc., a Delaware corporation 

 

	 	•	 	 Keith Cramer 

  

	 	•	 	 Tigran Sinanyan 

  

	 	•	 	 Lance Martinez 

  

	 	•	 	 Brian Mikalis 

  

	 	•	 	 Robert Perine 

  

	 	•	 	 Jeffrey Sweetser 

  

	 	•	 	 Serge Topjian 

  

	 	•	 	 Kuanling Amy Yeh 

  

	 	•	 	 Insignia QL Holdings, LLC, a Delaware limited liability company 

 

	 	•	 	 Insignia A QL Holdings, LLC, a Delaware limited liability company

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