Document:

EX-10.1

 Exhibit 10.1 

POWERSCHOOL HOLDINGS, INC. 

2021 OMNIBUS INCENTIVE PLAN 

ARTICLE I 
 PURPOSE;
EFFECTIVE DATE; TERM 
 Section 1.1    Purpose. The purpose of the PowerSchool Holdings, Inc.
2021 Omnibus Incentive Plan is to enhance the profitability and value of the Company for the benefit of its Stockholders by enabling the Company to offer Eligible Individuals stock- and cash-based incentives in order to attract, retain, and
reward such individuals and strengthen the mutuality of interests between such individuals and the Stockholders. 

Section 1.2    Effective Date. The Plan is effective as of [●], 2021 (the “Effective
Date”), which is the date of its adoption by the Board, subject to the approval of the Plan by the Stockholders in accordance with Applicable Law. 

Section 1.3    Term. No Award may be granted on or after the 10th anniversary of the earlier of the Effective
Date or the date of Stockholder approval of the Plan, but Awards granted before such 10th anniversary may extend beyond that date. 

ARTICLE II 

DEFINITIONS 
 For purposes
of the Plan, the following terms will have the following meanings: 
 “Affiliate” means each of the following: (a) any
Subsidiary; (b) any Parent; (c) any corporation, trade, or business that is directly or indirectly controlled 50% or more (whether by ownership of stock, assets, or an equivalent ownership interest or voting interest) by the Company or any
Affiliate; (d) any trade or business that directly or indirectly controls 50% or more (whether by ownership of stock, assets, or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the
Company or any Affiliate has a material equity interest and that is designated as an “Affiliate” by resolution of the Committee; provided, however, that “Affiliate” will not include other portfolio companies of any
fund controlled by Vista Equity Partners or any of its affiliates that are not Parents or Subsidiaries. 
 “Applicable Law”
means the requirements related to or implicated by the administration or operation of the Plan under United States federal and applicable state laws (including corporate, securities, tax, and employment laws, and the Code), any stock exchange or
quotation system on which the Shares are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted. 

“Award” means any award granted under the Plan of any Stock Option, Stock Appreciation Right, Restricted Shares, Performance
Award, Other Share-Based Award, or Other Cash-Based Award. All Awards will be granted by, confirmed by, and subject to the terms and conditions of, a written Award Agreement executed by the Company and the Participant. 

“Award Agreement” means the written or electronic agreement setting forth the terms and conditions applicable to an Award.

 “Board” means the Board of Directors of the Company. 

“Business Combination” has the meaning set forth in Section 10.2(c). 

“Cause” means, as determined by the Company, unless otherwise determined by the Committee in the applicable Award Agreement,
with respect to an Eligible Employee’s or Consultant’s Separation from Service, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement, or similar agreement in effect
between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), a Participant’s (i) insubordination,
material dishonesty, fraud, moral turpitude, negligence or willful misconduct, refusal to perform the Participant’s duties or responsibilities (for any reason other than illness or incapacity), (ii) repeated or material violation of any
policies of the Company, including, but not limited to, those relating to sexual harassment, ethics, discrimination, or the disclosure or misuse of confidential information, or violation or breach of any confidentiality agreement, work product
agreement, or other agreement between the Participant and the Company, (iii) plea of guilty or nolo contendere to, conviction of, or indictment for, any crime (whether or not involving the Company or its Affiliates) (A) constituting
a felony or (B) that has, or could reasonable expected result in, and adverse impact on the performance of the Participant’s duties to the Company or any of its Affiliates, (iv) misappropriation of any assets or business opportunities
of the Company or its Affiliates; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time
of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement. Notwithstanding any foregoing term or condition of this definition of Cause, with respect to a Non-Employee Director, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Delaware law. 

“Change in Control” has the meaning set forth in Section 11.2. 

“Change in Control Price” has the meaning set forth in Section 11.1. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, including the rules and regulations thereunder
and any successor provisions, rules, and regulations thereto. 
 “Committee” means any committee of the Board duly
authorized by the Board to administer the Plan. If no committee is duly authorized by the Board to administer the Plan, “Committee” will be deemed to refer to the Board for all purposes under the Plan. 

“Common Stock” means the shares of Class A Common Stock, par value $0.0001 per share, of the Company. 

“Company” means PowerSchool Holdings, Inc., a Delaware corporation, and its successors by operation of law. 

“Consultant” means an advisor or consultant to the Company or an Affiliate. 

  
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 “Detrimental Conduct” means, as reasonably determined by the Company, the
Participant’s engaging in any of the following behaviors, provided that such behavior causes or would be reasonably expected to cause material harm to the Company or an Affiliate: (a) any violation by the Participant of a restrictive
covenant agreement that the Participant has entered into with the Company or an Affiliate (covering, for example, confidentiality, noncompetition, nonsolicitation, nondisparagement, etc.); (b) the commission of a criminal act by the Participant
while employed by or providing services to the Company or an Affiliate, whether or not performed in the workplace, that subjects, or if generally known would subject, the Company or an Affiliate to public ridicule or embarrassment, or other improper
or intentional conduct by the Participant while employed by or providing services to the Company or an Affiliate causing reputational harm to the Company or an Affiliate; (c) the Participant’s breach of a fiduciary duty owed to the Company
or an Affiliate or a client or former client of the Company or an Affiliate; (d) the Participant’s intentional violation, or grossly negligent disregard, of the Company’s or an Affiliate’s policies, rules, or procedures; or
(e) the Participant taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to the Company or an Affiliate. 

“Disability” means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a
Participant’s Separation from Service, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability will only be deemed to occur at the time of the determination by the Committee of the Disability;
provided, however, that, for Awards that are subject to Section 409A, Disability means that a Participant is disabled within the meaning of Section 409A. 

“Effective Date” has the meaning set forth in Section 1.2. 

“Eligible Employee” means each employee of the Company or an Affiliate. 

“Eligible Individual” means each Eligible Employee, Non-Employee Director, or
Consultant who is designated by the Committee as eligible to receive an Award. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time, including the rules and regulations thereunder and any successor provisions, rules, and regulations thereto. 

“Fair Market Value” means, as of any date and except as provided below, the last sales price reported for the Common Stock on
the applicable date as reported on the principal stock exchange in the United States on which the Common Stock is then listed, or if the Common Stock is not listed, or otherwise reported or quoted, the Committee will determine the Fair Market Value
taking into account the requirements of Section 409A. For purposes of the grant of any Award, the applicable date will be the trading day immediately before the date on which the Award is granted. For purposes of any Award granted in connection
with the Registration Date, the Fair Market Value will be the public offering price in the initial public offering as set forth on the cover of the final prospectus. For purposes of the purchase of any Award, the applicable date will be the date a
notice of purchase is received by the Company or, if not a day on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, the Committee may use any alternative definition of Fair Market Value that it
determines should be used in connection with 

  
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the grant, exercise, vesting, settlement, or payment of any Award. Such alternative definition may include a price that is based on the opening, actual, high, low, or average selling prices of
the Common Stock on the applicable stock exchange on the given date, the trading day preceding the given date, the trading day next succeeding the given date, or an average of trading days. 

“Family Member” of a Participant means the Participant’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing
the Participant’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any
other entity in which these persons (or the Participant) own more than 50% of the voting interests. 
 “GAAP” means the
U.S. Generally Accepted Accounting Principles, as in effect from time to time. 
 “Incentive Stock Option” or
“ISO” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries, or any Parent intended to be, qualifying, and designated as an “incentive stock option” within the meaning of Section 422
of the Code. 
 “Incumbent Directors” has the meaning set forth in Section 11.2(b). 

“Lead Underwriter” has the meaning set forth in Section 13.21. 

“Lock-Up Period” has the meaning set forth in
Section 13.21. 
 “Non-Employee Director” means a member
of the Board or the board of directors of an Affiliate who is not an active employee of the Company or an Affiliate. 

“Nonqualified Stock Option” means any Stock Option that is not an ISO. 

“Other Cash-Based Award” means an award granted to an Eligible Individual under Section 10.3 that
is payable in cash at the time or times and subject to the terms and conditions determined by the Committee. 
 “Other Share-Based
Award” means an award granted to an Eligible Individual under Article X that is valued in whole or in part by reference to, or is payable in or otherwise based on, Common Stock, including an award valued by
reference to an Affiliate. Other Share-Based Awards may include RSUs. 
 “Parent” means any parent corporation of the
Company within the meaning of Section 424(e) of the Code. 
 “Participant” means an Eligible Individual who has been
granted, and holds, an Award. 
 “Performance Award” means an award granted to an Eligible Individual under
Article IX contingent upon achieving specified Performance Goals. 

  
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 “Performance Goals” means goals established by the Committee as
contingencies for Awards to vest or become exercisable or distributable, which may be based on business objectives or other measures of performance as the Committee, in its discretion, deems appropriate. Performance Goals may differ among Awards
granted to any one Participant or to different Participants. The Committee may also designate additional business objectives on which the Performance Goals may be based and adjust, modify, or amend the aforementioned business objectives. 

“Performance Period” means the designated period during which Performance Goals must be satisfied with respect to a
Performance Award. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a government or any branch, department, agency, political subdivision, or official thereof. 

“Plan” means this PowerSchool Holdings, Inc. 2021 Omnibus Incentive Plan. 

“Proceeding” has the meaning set forth in Section 13.10. 

“Registration Date” means the date on which the Company consummates the initial sale of its Common Stock in a bona
fide, firm commitment underwriting pursuant to an effective registration statement under the Securities Act. 
 “Restricted
Shares” means restricted Shares granted to an Eligible Individual under Article VIII. 

“Restriction Period” has the meaning set forth in Section 8.3(a). 

“RSUs” has the meaning set forth in Section 10.1. 

“Rule 16b-3” means Rule 16b-3 under
Section 16(b) of the Exchange Act. 
 “Section 409A” means Code Section 409A. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, including the rules and regulations
thereunder and any successor provisions, rules, and regulations thereto. 
 “Separation from Service” means, unless
otherwise determined by the Committee or the Company, the termination of the applicable Participant’s employment with, and performance of services for, the Company and all Affiliates, including by reason of the fact that the Participant’s
employer or other service recipient ceases to be an Affiliate of the Company. Unless otherwise determined by the Company, if a Participant’s employment or service with the Company or an Affiliate terminates but the Participant continues to
provide services to the Company or an Affiliate in a Non-Employee Director capacity or as an Eligible Employee or Consultant, as applicable, such change in status will not be considered a Separation from
Service. Approved temporary absences from employment because of illness, vacation, or leave of absence and transfers among the Company and its Affiliates will not be considered Separations from Service. Notwithstanding

  
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the foregoing definition of Separation from Service, with respect to any Award that constitutes nonqualified deferred compensation under Section 409A, “Separation from Service”
means a “separation from service” within the meaning of Section 409A. 
 “Share” means a share of Common
Stock. 
 “Share Reserve” has the meaning set forth in Section 4.1. 

“Stock Appreciation Right” means a right granted to an Eligible Individual under Article VII to
receive an amount in cash or Shares equal to the difference between (a) the Fair Market Value of a Share on the date such right is exercised and (b) the per Share exercise price of such right. 

“Stock Option” means an option to purchase Shares granted to an Eligible Individual under
Article VI. 
 “Stockholder” means a stockholder of the Company. 

“Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 

“Substitute Award” has the meaning set forth in Section 4.1. 

“Ten Percent Stockholder” means a Person owning stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company, its Subsidiaries, or any Parent. 
 “Transfer” means (a) when used as a noun, any
direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance, or other disposition, whether for value or no value and whether voluntary or involuntary, and (b) when used as a verb, to directly or indirectly transfer, sell,
assign, pledge, encumber, charge, hypothecate, or otherwise dispose of, whether for value or for no value and whether voluntarily or involuntarily. The terms “Transferred” and “Transferable” have a correlative
meaning under the Plan. 
 ARTICLE III 

ADMINISTRATION 

Section 3.1    Committee. The Plan will be administered and interpreted by the Committee; provided that
the Board will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law. To the extent required by Applicable Law, it is intended that each member of the Committee will qualify as (a) a “non-employee director” under Rule 16b-3 and (b) an “independent director” under the rules of the principal stock exchange in the United States
on which the Common Stock is then listed, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee before such determination will be valid despite such failure to qualify.

 Section 3.2    Grants of Awards. The Committee will have full authority to grant, under the terms and
conditions of the Plan, to Eligible Individuals: Stock Options, Stock Appreciation 

  
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Rights, Restricted Shares, Performance Awards, Other Share-Based Awards, and Other Cash-Based Awards. In particular, the Committee will have the authority: 

(a)    to select the Eligible Individuals to whom Awards may be granted; 

(b)    to determine whether and to what extent Awards, or any combination thereof, are to be granted to one
or more Eligible Individuals; 
 (c)    to determine the number of Shares to be covered by each Award;

 (d)    to determine the terms and conditions, not inconsistent with the terms and conditions of the
Plan, of all Awards; 
 (e)    to determine the amount of cash to be covered by each Award; 

(f)    to determine whether, to what extent, and under what circumstances grants of Stock Options and other
Awards are to operate on a tandem basis or in conjunction with or apart from other awards made by the Company outside of the Plan; 

(g)    to determine whether and under what circumstances a Stock Option may be settled in cash, Common
Stock, or Restricted Shares under Section 6.3(d); 
 (h)    to determine whether a Stock Option is
an ISO or Nonqualified Stock Option; 
 (i)    to impose a “blackout” period during which Stock
Options and/or Stock Appreciation Rights may not be exercised; 
 (j)    to determine whether to require
a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired upon the exercise of an Award for a period of time as determined by the Committee after the date of the acquisition of such Award; 

(k)    to modify, extend, or renew an Award, subject to Section 6.3(g) and
Article XII; and 
 (l)    solely to the extent permitted by Applicable Law, to
determine whether, to what extent, and under what circumstances to provide loans (which may be on a recourse basis and bear interest at the rate the Committee may determine) to Participants in order to exercise Stock Options. 

Section 3.3    Guidelines. Subject to Article XII, the Committee will have the
authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and not inconsistent with
the Plan), as it may deem advisable; to construe and interpret the Plan, all Awards, and all Award Agreements (and in each case any agreements relating thereto); and to otherwise supervise the administration of the Plan. The Committee may correct
any defect, supply any omission, or reconcile any inconsistency in the Plan or in any agreement 

  
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relating thereto in the manner and to the extent it deems necessary to effectuate the purpose and intent of the Plan. The Committee may adopt special terms and conditions for Persons who are
residing in, or employed in, or subject to the taxes of, any domestic or foreign jurisdictions to comply with Applicable Law. Notwithstanding the foregoing terms and conditions of this Section 3.3, no action of the
Committee under this Section 3.3 may materially impair the rights of any Participant under the Plan or any Award without the Participant’s consent. To the extent applicable, the Plan is intended to comply with the
applicable requirements of Rule 16b-3, and the Plan will be limited, construed, and interpreted in a manner so as to comply therewith. 

Section 3.4    Sole Discretion; Decisions Final. Any decision, interpretation, or other action made or taken
by or at the direction of the Company, the Board, or the Committee (or any of their members) arising out of or in connection with the Plan will be within the sole and absolute discretion of all and each of them, as the case may be, and will be
final, binding, and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns and all other Persons having an interest in the Plan. 

Section 3.5    Designation of Consultants; Delegation of Authority. 

(a)    The Committee may designate employees of the Company and professional advisors to assist the
Committee in the administration of the Plan and may grant authority to officers to grant Awards and execute agreements and other documents on behalf of the Committee, in each case to the extent permitted by Applicable Law. In the event of any
designation of authority hereunder, subject to Applicable Law and any terms and conditions imposed by the Committee in connection with such designation, such designee or designees will have the power and authority to take such actions, exercise such
powers, and make such determinations that are otherwise specifically designated to the Committee hereunder. 

(b)    The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for
the administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such
counsel, consultant, or agent will be paid by the Company. The Committee, its members, and any Person designated under Section 3.5(a) will not be liable for any action or determination made in good faith with respect to the
Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board will be liable for any action or determination made in good faith with respect to the Plan or any Award.

 (c)    The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee
of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards, provided that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under
Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,”
shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not 

  
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limit the right of such subcommittee members or such an officer to receive Awards. The Committee may also appoint agents who are not executive officers of the Company or members of the Board to
assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares. 

Section 3.6    Indemnification. To the maximum extent permitted by Applicable Law and the Certificate of
Incorporation and By Laws of the Company and to the extent not covered by insurance directly insuring such Person, each officer and employee of the Company and each Affiliate and member or former member of the Committee and the Board will be
indemnified and held harmless by the Company against all costs and expenses and liabilities, and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in
connection with the administration of the Plan, except to the extent arising out of such officer’s, employee’s, member’s, or former member’s own fraud or bad faith. Such indemnification will be in addition to any right of
indemnification the employees, officers, directors, or members or former officers, directors, or members may have under Applicable Law or under the Certificate of Incorporation or By Laws of the Company or an Affiliate. Notwithstanding any other
term or condition of the Plan, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to himself or herself. 

ARTICLE IV 
 SHARE
LIMITATION 
 Section 4.1    Shares. 

(a)    Share Limits and Counting. The maximum number of Shares available for issuance under the Plan
may not exceed 19,315,000 Shares (subject to any increase or decrease under this Section 4.1 or Section 4.2) (the “Share Reserve”). The Share Reserve may consist of authorized and
unissued Shares and Shares held in or acquired for the treasury of the Company. The Share Reserve will automatically increase on each January 1 that occurs after the Effective Date, for 10 years, by an amount equal to 3% of the total
number of Shares outstanding on December 31 of the preceding calendar year, or a lesser number as may be determined by the Board. The maximum number of Shares with respect to which ISOs may be granted is 19,315,000 Shares. With respect to Stock
Appreciation Rights settled in Shares, upon settlement, only the number of Shares delivered to a Participant will count against the Share Reserve. If any Stock Option, Stock Appreciation Right, or Other Share-Based Award expires, terminates, or is
cancelled for any reason without having been exercised in full, the number of Shares underlying such Award will be added back to the Share Reserve. If any Restricted Shares, Performance Awards, or Other Share-Based Awards denominated in Shares are
forfeited for any reason, the number of Shares underlying such Award will be added back to the Share Reserve. Any Award settled in cash will not count against the Share Reserve. If Shares issuable upon exercise, vesting, or settlement of an Award,
or Shares owned by a Participant (that are not subject to any pledge or other security interest), are surrendered or tendered to the Company in payment of the purchase or exercise price of an Award or any taxes required to be withheld in respect of
an Award, in each case, in accordance with the terms of the Plan, such 

  
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surrendered or tendered Shares will be added back to the Share Reserve. Awards may be granted in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired
by the Company or with which the Company combines (“Substitute Awards”). Substitute Awards will not count against the Share Reserve; provided that Substitute Awards issued in connection with the assumption of, or in
substitution for, outstanding Stock Options intended to qualify as ISOs will count against the ISO limit above. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan of an entity acquired by the
Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction) may be used for Awards and will not count against the Share Reserve. 

(b)    Annual Non-Employee Director Award Limitation. The
maximum value of Awards granted during any calendar year to any Non-Employee Director, taken together with any cash fees paid to that Non-Employee Director during the
calendar year and the value of awards granted to the Non-Employee Director under any other compensation plan of the Company or any Affiliate during the calendar year, may not exceed $750,000 in total value
(based on the Fair Market Value of the Shares underlying the Award as of the grant date for Restricted Shares and Other Share-Based Awards, and based on the grant date fair value for accounting purposes for Stock Options and Stock Appreciation
Rights). 
 Section 4.2    Changes. 

(a)    The existence of the Plan and any Awards will not affect in any way the right or power of the Board,
the Committee, or the Stockholders to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any
Affiliate, (iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or
part of the assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding. 

(b)    Subject to Section 11.1: 

(i)    In the event of any change in the outstanding Common Stock or in the capital structure of the
Company by reason of any stock split, reverse stock split, recapitalization, reorganization, merger, consolidation, combination, division, exchange, spin off, extraordinary cash or stock dividend, or other relevant change in capitalization, Awards
will be equitably adjusted or substituted to the extent necessary to preserve the economic intent of such Awards. 

(ii)    Fractional Shares resulting from any adjustment in Awards under this
Section 4.2(b) will be aggregated until, and eliminated at, the time of exercise or payment by rounding down to the nearest whole number. No cash settlements will be required with respect to fractional Shares eliminated by
rounding. Notice of any adjustment will be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) will be effective and binding for all purposes of the Plan. 

  
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 Section 4.3    Minimum Purchase Price. Notwithstanding any
other term or condition of the Plan, if authorized but previously unissued Shares are issued under the Plan, such Shares may not be issued for a consideration that is less than as permitted under Applicable Law. 

ARTICLE V 

ELIGIBILITY 

Section 5.1    General Eligibility. All current and prospective Eligible Individuals are eligible to be
granted Awards. Eligibility for the grant of Awards and actual participation in the Plan will be determined by the Committee. 

Section 5.2    ISOs. Notwithstanding Section 5.1, only Eligible Employees of the
Company, its Subsidiaries, and any Parent are eligible to be granted ISOs. 
 Section 5.3    General
Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual must be conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee
Director, respectively. 
 ARTICLE VI 

STOCK OPTIONS 

Section 6.1    Stock Options. Stock Options may be granted alone or in addition to other Awards. Each Stock
Option will be either (a) an ISO or (b) a Nonqualified Stock Option. 
 Section 6.2    Grants. The
Committee will have the authority to grant to any Eligible Employee one or more ISOs, Nonqualified Stock Options, or both types of Stock Options. The Committee will have the authority to grant any Consultant or
Non-Employee Director one or more Nonqualified Stock Options. To the extent that any Stock Option does not qualify as an ISO, such Stock Option or the portion thereof that does not so qualify will constitute a
separate Nonqualified Stock Option. 
 Section 6.3    Terms and Conditions of Stock Options. Stock Options
will be subject to terms and conditions, not inconsistent with the Plan, determined by the Committee, and the following: 

(a)    The exercise price per Share subject to a Stock Option will be determined by the Committee at the
time of grant; provided that the per Share exercise price of a Stock Option may not be less than 100% (or, in the case of an ISO granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the grant date. 

(b)    The term of each Stock Option will be fixed by the Committee; provided that no Stock Option
may be exercisable more than 10 years after the date the Stock Option is granted; and provided, further, that the term of an ISO granted to a Ten Percent Stockholder may not exceed five years. 

(c)    Unless otherwise determined by the Committee in accordance with this
Section 6.3, Stock Options will be exercisable at the time or times and subject to the terms and conditions determined by the Committee at the time of grant. If the Committee

  
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provides that any Stock Option is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability at any time at or after the time of
grant in whole or in part. 
 (d)    Subject to whatever installment exercise and waiting period terms
and conditions that may apply under Section 6.3(e), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Stock Option term by giving written notice of exercise to the Company
specifying the number of Shares to be purchased. Such notice must be accompanied by payment in full of the exercise price as follows: (i) in cash or by check, bank draft, or money order payable to the Company; (ii) solely to the extent
permitted by Applicable Law, if the Common Stock is listed on a national stock exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee
to deliver promptly to the Company an amount equal to the exercise price; (iii) to the extent the Committee authorizes, having the Company withhold Shares issuable upon exercise of the Stock Option, or by payment in full or in part in the form
of Shares owned by the Participant, based on the Fair Market Value of the Shares on the payment date; or (iv) on such other terms and conditions that may be acceptable to the Committee. No Shares will be issued under the Plan until payment for
those Shares has been made or provided for in accordance with the Plan. 
 (e)    No Stock Option will be
Transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options will be exercisable, during the Participant’s lifetime, only by the Participant, except that the Committee may determine at the
time of grant or thereafter that a Nonqualified Stock Option that is otherwise not Transferable under this Section 6.3(e) is Transferable to a Family Member in whole or in part on terms and conditions that are specified by
the Committee. A Nonqualified Stock Option that is Transferred to a Family Member under the preceding sentence (i) may not be subsequently Transferred other than by will or by the laws of descent and distribution and (ii) remains subject
to the Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Nonqualified Stock Option by a permissible transferee of a Nonqualified Stock Option or a permissible transferee under a Transfer after the exercise of the
Nonqualified Stock Option will be subject to the Plan and the applicable Award Agreement. 
 (f)    To
the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common Stock with respect to which ISOs are exercisable for the first time by an Eligible Employee during any calendar year under the Plan or any other stock
option plan of the Company, any Subsidiary, or any Parent exceeds $100,000, such Stock Options will be treated as Nonqualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary, or any Parent
at all times from the time an ISO is granted until three months before the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option will be treated as a Nonqualified Stock Option. Should any term or condition
of the Plan not be necessary for the Stock Options to qualify as ISOs, or should any additional terms and conditions be required, the Committee may amend the Plan accordingly. 

  
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 (g)    Subject to the terms and conditions of the Plan,
Stock Options will be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may (i) modify, extend, or renew outstanding Stock Options, and (ii) accept the surrender of outstanding Stock Options
(to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding any other term or condition of the Plan, except in connection with a
corporate transaction involving the Company in accordance with Section 4.2, the repricing of Stock Options (and Stock Appreciation Rights) is prohibited without prior approval of the Stockholders. For this purpose, a
“repricing” means any of the following (or any other action that has the same effect as any of the following): (A) any action that is treated as a “repricing” under GAAP and (B) repurchasing for cash or cancelling a
Stock Option or a Stock Appreciation Right at a time when its exercise price is greater than the Fair Market Value of the underlying Shares in exchange for another Award. A cancellation and exchange under clause (B) would be considered a
“repricing” regardless of whether it is treated as a “repricing” under GAAP and regardless of whether it is voluntary on the part of the Participant. 

(h)    The Committee may provide that a Stock Option include a term or condition whereby the Participant
may elect at any time before the Participant’s Separation from Service to exercise the Stock Option as to any part or all of the Shares subject to the Stock Option before the full vesting of the Stock Option and such Shares will be subject to
the terms and conditions of Article VIII and be treated as Restricted Shares. Unvested Shares so exercised may be subject to a repurchase option in favor of the Company or to any other restriction the Committee may
determine. 
 Section 6.4    Automatic Exercise. The Committee may include a term or condition in an Award
Agreement providing for the automatic exercise of a Nonqualified Stock Option on a cashless basis on the last day of the term of such Stock Option if the Participant has failed to exercise the Nonqualified Stock Option as of such date, with respect
to which the Fair Market Value of the Shares underlying the Nonqualified Stock Option exceeds the exercise price of such Nonqualified Stock Option on the date of expiration of such Stock Option, subject to Section 13.5.

 ARTICLE VII 

STOCK APPRECIATION RIGHTS 

Section 7.1    Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights may be issued
either alone or in tandem with Stock Options. Stock Appreciation Rights will be subject to terms and conditions, not inconsistent with the Plan, determined by the Committee, and the following: 

(a)    The exercise price per Share subject to a Stock Appreciation Right will be determined by the
Committee at the time of grant; provided that the per Share exercise price of a Stock Appreciation Right will not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. 

(b)    The term of each Stock Appreciation Right will be fixed by the Committee, but may not be greater
than 10 years after the date the right is granted. 

  
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 (c)    Unless otherwise determined by the Committee in
accordance with this Section 7.1, Stock Appreciation Rights will be exercisable at the time or times and subject to the terms and conditions determined by the Committee at the time of grant. If the Committee provides that
any such right is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability at any time at or after grant in whole or in part. 

(d)    Subject to whatever installment exercise and waiting period terms and conditions apply under
Section 7.1(c), Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by giving written notice of exercise to the Company specifying the number of
Stock Appreciation Rights to be exercised. 
 (e)    Upon the exercise of a Stock Appreciation Right, a
Participant will be entitled to receive, for each right exercised, up to, but no more than, an amount in cash or Common Stock (as chosen by the Committee) equal in value to the excess of the Fair Market Value of one Share on the date that the right
is exercised over the Fair Market Value of one Share on the date that the right was awarded to the Participant. 

(f)    No Stock Appreciation Rights will be Transferable by the Participant other than by will or by the
laws of descent and distribution, and all such rights will be exercisable, during the Participant’s lifetime, only by the Participant. 

Section 7.2    Automatic Exercise. The Committee may include a term or condition in an Award Agreement
providing for the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of the Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect
to which the Fair Market Value of the Shares underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to
Section 13.5. 
 ARTICLE VIII 

RESTRICTED SHARES 

Section 8.1    Restricted Shares. The Committee will determine the Eligible Individuals to whom, and the time
or times at which, grants of Restricted Shares will be made, the number of Restricted Shares to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such
Awards will be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. 

Section 8.2    Awards and Certificates. Participants selected to receive Restricted Shares will not have any
right with respect to the Award, unless and until the Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company, to the extent required by the Committee, and has otherwise complied with the applicable terms
and conditions of the Award. Further, such Award will be subject to the following: 
 (a)    The purchase
price of Restricted Shares will be fixed by the Committee. Subject to Section 4.3, the purchase price for Restricted Shares may be zero to the extent permitted by Applicable Law, and, to the extent required by Applicable
Law, such purchase price may not be less than par value. 

  
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 (b)    Each Participant receiving Restricted Shares will
be issued a stock certificate in respect of the Restricted Shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of Restricted Shares. Such certificate will be registered in
the name of the Participant, and will, in addition to any legends required by Applicable Law, bear an appropriate legend referring to the terms and conditions applicable to the Award, substantially in the following form: 

“The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance, or charge of the restricted shares of stock
represented hereby are subject to the terms and conditions (including forfeiture) of the PowerSchool Holdings, Inc. (the “Company”) 2021 Omnibus Incentive Plan (the “Plan”) and an award agreement entered into
between the registered owner and the Company dated                      (the “Agreement”). Copies of such Plan and Agreement are on
file at the principal office of the Company.” 
 (c)    If stock certificates are issued in respect
of Restricted Shares, the Committee may require that any stock certificates evidencing such Shares be held in custody by the Company until the restrictions thereon have lapsed, and that, as a condition of any grant of Restricted Shares, the
Participant must deliver a duly signed stock power or other instruments of assignment, each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a
portion of the Restricted Shares in the event that such Award is forfeited in whole or part. 

Section 8.3    Terms and Conditions. Restricted Shares will be subject to terms and conditions, not
inconsistent with the Plan, determined by the Committee, and the following: 
 (a)    The Participant is
not permitted to Transfer Restricted Shares during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the applicable Award Agreement, and such agreement will
set forth a vesting schedule and any event that would accelerate vesting of the Restricted Shares. Within these limits, based on service, attainment of Performance Goals, or such other factors or criteria as the Committee may determine, the
Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Shares and waive the deferral terms and conditions for all or any
part of any Restricted Shares. 
 (b)    Except as provided in Section 8.3(a)
and this Section 8.3(b) or as otherwise determined by the Committee, the Participant will have, with respect to Restricted Shares, all of the rights of a Stockholder, including the right to receive dividends, the right to
vote such Restricted Shares, and, subject to and conditioned upon the full vesting of Restricted Shares, the right to tender those Shares. The Committee may determine at the time of grant that the payment of dividends will be deferred until, and
conditioned upon, the expiration of the applicable Restriction Period. 

  
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 (c)    If and when the Restriction Period expires
without a prior forfeiture of the Restricted Shares, the certificates for such Shares will be delivered to the Participant. All legends will be removed from said certificates at the time of delivery to the Participant, except as otherwise required
by Applicable Law or other terms and conditions imposed by the Committee. 
 ARTICLE IX 

PERFORMANCE AWARDS 

Section 9.1    Performance Awards. The Committee may grant a Performance Award to a Participant payable upon
the attainment of specific Performance Goals. If the Performance Award is payable in Restricted Shares, such Shares will be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with
Article VIII. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in Restricted Shares (based on the then current Fair Market Value of such
Shares). Each Performance Award will be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may approve. The Committee will condition the right to payment of any Performance Award upon the
attainment of Performance Goals established under Section 9.2(c). 

Section 9.2    Terms and Conditions. Performance Awards will be subject to terms and conditions, not
inconsistent with the Plan, determined by the Committee, and the following: 
 (a)    At the expiration
of the applicable Performance Period, the Committee will determine the extent to which the Performance Goals established under Section 9.2(c) are achieved and the percentage of each Performance Award that has been earned.

 (b)    Subject to the applicable Award Agreement and the Plan, Performance Awards may not be
Transferred. 
 (c)    The Committee will establish the Performance Goals for the earning of Performance
Awards based on a Performance Period applicable to each Participant or class of Participants. Such Performance Goals may incorporate terms and conditions for disregarding (or adjusting for) changes in accounting methods, corporate transactions, and
other similar type events or circumstances. 
 (d)    Unless otherwise determined by the Committee at the
time of grant, amounts equal to dividends declared during the Performance Period with respect to the number of Shares covered by a Performance Award will not be paid to the Participant. 

(e)    After the Committee’s determination in accordance with
Section 9.2(a), the Company will settle Performance Awards, in such form as determined by the Committee, in an amount equal to such Participant’s earned Performance Awards. Notwithstanding the foregoing sentence, the
Committee may award an amount less than the earned Performance Awards and subject the payment of all or part of any Performance Award to additional vesting, forfeiture, and deferral terms and conditions. 

  
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 (f)    Subject to the applicable Award Agreement and the
Plan, upon a Participant’s Separation from Service for any reason during the Performance Period for a Performance Award, the Performance Award will vest or be forfeited in accordance with the terms and conditions established by the Committee at
grant. 
 (g)    Based on service, performance, and any other factors or criteria the Committee may
determine, the Committee may, at or after grant, accelerate the vesting of all or any part of any Performance Award. 
 ARTICLE X

 OTHER SHARE-BASED AND CASH-BASED AWARDS 

Section 10.1    Other Share-Based Awards. The Committee is authorized to grant to Eligible Individuals Other
Share-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including Shares awarded purely as a bonus and not subject to terms or conditions, Shares in payment of the amounts due
under an incentive or performance plan sponsored or maintained by the Company or an Affiliate, stock equivalent units, restricted stock units (“RSUs”), and Awards valued by reference to book value of Shares. Other Share-Based Awards
may be granted either alone or in addition to or in tandem with other Awards. Subject to the terms and conditions of the Plan, the Committee has the authority to determine the Eligible Individuals to whom, and the time or times at which, Other
Share-Based Awards will be granted, the number of Shares to be granted under such Awards, and all other terms and conditions of the Awards. 

Section 10.2    Terms and Conditions. Other Share-Based Awards will be subject to terms and conditions, not
inconsistent with the Plan, determined by the Committee, and the following: 
 (a)    Subject to the
applicable Award Agreement and the Plan, Shares subject to Other Share-Based Awards may not be Transferred before the date on which the Shares are issued, or, if later, the date on which any applicable restriction, performance, or deferral period
lapses. 
 (b)    Unless otherwise determined by the Committee at the time of grant, subject to the
applicable Award Agreement and the Plan, the recipient of an Other Share-Based Award will not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents in respect of the number of Shares covered by the Award. 

(c)    All Other Share-Based Awards and any Shares covered by those awards will vest or be forfeited to the
extent so provided in the Award Agreement. 
 (d)    Common Stock issued on a bonus basis under this
Article IX may be issued for no cash consideration. Common Stock purchased under a purchase right awarded under this Article X will be priced as determined by the Committee. 

  
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 Section 10.3    Other Cash-Based Awards. The Committee may
grant Other Cash-Based Awards to Eligible Individuals in amounts, on terms and conditions, and for consideration, including no consideration or such minimum consideration as may be required by Applicable Law. Other Cash-Based Awards may be granted
subject to the satisfaction of vesting terms and conditions or may be awarded purely as a bonus and not subject to terms and conditions, and if subject to vesting, the Committee may accelerate such vesting at any time. 

ARTICLE XI 
 CHANGE
IN CONTROL 
 Section 11.1    Treatment of Awards upon a Change in Control. In the event of a Change in
Control, and except as otherwise determined by the Committee in an Award Agreement, a Participant’s unvested Awards will not vest automatically and will be treated in accordance with one or more of the following methods as determined by the
Committee: 
 (a)    Awards, whether or not then vested, will be continued, assumed, or have new rights
substituted therefor, and restrictions to which Restricted Shares or any other Award granted before the Change in Control are subject will not lapse upon the Change in Control and the Restricted Shares or other Awards will receive the same
distribution as other Common Stock on terms and conditions determined by the Committee; provided that the Committee may decide to award additional Restricted Shares or other Awards in lieu of any cash distribution. 

(b)    The Committee may provide for the purchase of any Awards by the Company or an Affiliate for an
amount of cash equal to the excess (if any) of the Fair Market Value of the Shares covered by such Awards as of the Change in Control, over the aggregate purchase or exercise price of such Awards. 

(c)    The Committee may terminate all outstanding and unexercised Stock Options, Stock Appreciation
Rights, and other Other Share-Based Awards that provide for a Participant-elected exercise, effective as of the Change in Control, by delivering notice of termination to each Participant at least 20 days before the date of consummation of the
Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each affected Participant will have the right to exercise in full all of the
Participant’s Awards that are then outstanding (without regard to any terms and conditions on exercisability otherwise contained in the Award Agreements), but any such exercise will be contingent on the occurrence of the Change in Control;
provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto will be null and void. 

(d)    The Committee may make any other determination as to the treatment of Awards in connection with a
Change in Control. The treatment of Awards need not be the same for all Participants. Any escrow, holdback, earnout, or similar terms and conditions in the definitive agreements relating to the Change in Control may apply to any payment to the
holders of Awards to the same extent and in the same manner as such terms and conditions apply to the holders of Shares. 

  
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 Section 11.2    Change in Control. Unless otherwise
determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee, a “Change in Control” means: 

(a)    any “person,” as that term is used in Sections 13(d) and 14(d) of the Exchange Act
(other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the Stockholders in substantially the same proportions as their ownership of
Common Stock), becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power
of the Company’s then outstanding securities, other than pursuant to a Business Combination that does not constitute a Change in Control under such Section 11.2(c); 

(b)    during any period of 24 consecutive calendar months, individuals who were directors serving on the
Board on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director after the first day of such
period whose election, or nomination for election, by the Stockholders was approved by a vote of at least a majority of the Incumbent Directors will be considered as though such individual were an Incumbent Director, but excluding, for purposes of
this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or
on behalf of a “person” (as used in Section 13(d) of the Exchange Act), in each case, other than the Board; 

(c)    consummation of a reorganization, merger, consolidation, or other business combination (any of the
foregoing, a “Business Combination”) of the Company or any direct or indirect subsidiary of the Company with any other corporation, in any case with respect to which the Company voting securities outstanding immediately before such
Business Combination do not, immediately after such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the Company or any ultimate parent thereof) more than 50% of the then
outstanding voting securities entitled to vote generally in the election of directors of the Company (or its successor) or any ultimate parent thereof after the Business Combination; or 

(d)    a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by
the Company of all or substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, more than 50% of
the combined voting power of the outstanding voting securities of the Company at the time of the sale. 
 Notwithstanding the foregoing terms and conditions
of this definition, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, a Change in Control will
not be deemed to have occurred for purposes of such Award (or portion thereof) unless such transaction or series of related transactions also constitutes a “change in control event” with respect to the Company for purposes of
Section 409A of the Code. 

  
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 Section 11.3    Initial Public Offering Not a Change in
Control. Notwithstanding the foregoing terms and conditions of the definition of Change in Control, the occurrence of the Registration Date will not be considered a Change in Control. 

ARTICLE XII 

AMENDMENT AND TERMINATION 

Section 12.1    Amendment and Termination of Plan. Subject to Section 12.3, the
Board may amend or terminate the Plan at any time; provided, however, that no amendment will be effective unless approved by the Stockholders to the extent Stockholder approval is necessary to satisfy any Applicable Laws. 

Section 12.2    Amendment of Awards. Subject to Section 12.3, the Committee may
amend any Award at any time; provided, however, that no amendment will be effective unless approved by the Stockholders to the extent Stockholder approval is necessary to satisfy any Applicable Laws. 

Section 12.3    No Material Impairment of Rights. Rights under any Award granted before amendment or
termination of the Plan or amendment of an Award may not be materially impaired by any such amendment or termination unless the Participant consents thereto. 

ARTICLE XIII 

GENERAL TERMS AND CONDITIONS 

Section 13.1    Legend. The Committee may require each person receiving Shares under the Plan to represent to
and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. In addition to any legend required by the Plan, the certificates for Shares issued under the Plan may include any legend that
the Committee deems appropriate to reflect any restrictions on Transfer. All certificates for Shares delivered under the Plan will be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under Applicable
Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

Section 13.2    Book Entry. Notwithstanding any other term or condition of the Plan, the Company may elect to
satisfy any requirement under the Plan for the delivery of Share certificates through the use of another system, such as book entry or electronically. 

Section 13.3    Other Plans. Nothing contained in the Plan prevents the Board from adopting other or
additional compensation arrangements, subject to Stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases. 

Section 13.4    No Right to Employment, Consultancy, or Directorship. Neither the Plan nor the grant of any
Award gives any Person any right with respect to continuance of employment, consultancy, or directorship by the Company or any Affiliate, nor does the Plan or the grant of any 

  
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Award cause any limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee
Director is retained to terminate such employment, consultancy, or directorship at any time. 

Section 13.5    Withholding for Taxes. The Company or an Affiliate, as the case may be, has the right to
deduct from payments of any kind otherwise due to a Participant any federal, state, or local taxes of any kind required by Applicable Law to be withheld (a) with respect to the vesting of or other lapse of restrictions applicable to an Award,
(b) upon the issuance of any Shares upon the exercise of a Stock Option or Stock Appreciation Right, or (c) otherwise due in connection with an Award. At the time the tax obligation becomes due, the Participant must pay to the Company or
the Affiliate, as the case may be, any amount that the Company or Affiliate determines to be necessary to satisfy the tax obligation. The Company or the Affiliate, as the case may be, may require or permit the Participant to satisfy the tax
obligation, in whole or in part, (i) by causing the Company or Affiliate to withhold up to the maximum required number of Shares otherwise issuable to the Participant as may be necessary to satisfy such tax obligation or (ii) by delivering
to the Company or Affiliate Shares already owned by the Participant. The Shares so delivered or withheld must have an aggregate Fair Market Value equal to the tax obligation. The Fair Market Value of the Shares used to satisfy the tax obligation
will be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. To the extent applicable, a Participant may satisfy his or her tax obligation only with Shares that are not subject to any
repurchase, forfeiture, unfulfilled vesting, or other similar requirements. Any fraction of a Share required to satisfy tax obligations will be disregarded and the amount due must be paid instead in cash by the Participant. 

Section 13.6    No Assignment of Benefits. No Award or other benefit payable under the Plan may, except as
otherwise specifically provided by Applicable Law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit will be void, and any such benefit will not in any manner be liable for or subject to the
debts, contracts, liabilities, engagements, or torts of any Person who will be entitled to such benefit, nor will it be subject to attachment or legal process for or against such Person. 

Section 13.7    Listing and Other Terms and Conditions. 

(a)    Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national
stock exchange or system sponsored by a national securities association, the issuance of Shares under an Award will be conditioned upon such Shares being listed on such exchange or system. The Company will have no obligation to issue such Shares
unless and until such Shares are so listed, and the right to exercise any Stock Option or other Award with respect to such Shares will be suspended until such listing has been effected. 

(b)    If at any time counsel to the Company is of the opinion that any sale or delivery of Shares under an
Award is or may be unlawful or result in the imposition of excise taxes on the Company, the Company will have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under
the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Stock Option or other Award will be suspended until, in the opinion of said counsel, such sale or delivery would be lawful or would not result in the
imposition of excise taxes on the Company. 

  
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 (c)    Upon termination of any period of suspension
under this Section 13.7, any Award affected by such suspension that has not expired or terminated will be reinstated as to all Shares available before such suspension and as to Shares that would otherwise have become
available during the period of such suspension, but no such suspension will extend the term of any Award. 

(d)    A Participant will be required to supply the Company with certificates, representations, and
information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, and approval the Company determines necessary or appropriate. 

Section 13.8    Stockholders Agreement and Other Requirements. Notwithstanding any other term or condition of
the Plan, as a condition to the receipt of Shares under an Award, to the extent required by the Committee, the Participant must execute and deliver a Stockholder’s agreement and such other documentation that sets forth certain restrictions on
transferability of the Shares acquired upon exercise or purchase, and such other terms and conditions as the Committee may establish. The Company may require, as a condition of exercise, the Participant to become a party to an existing Stockholders
agreement (or other agreement). Any payment of cash or issuance or transfer of Shares or other property to the Participant or the Participant’s legal representative under the Plan will, to the extent thereof, be in full satisfaction of all
claims of such Persons under the plan, and the Company may require the Participant or the Participant’s legal representative, as a condition to such payment or issuance or transfer, to execute a general release of all claims in favor of the
Company and each Affiliate in such form as the Company may determine. 
 Section 13.9    Governing Law. The
Plan and actions taken in connection with the Plan will be governed and construed in accordance with the laws of the State of Delaware without regard to the principles of conflicts of laws (whether of the State of Delaware or any other
jurisdiction). 
 Section 13.10    Jurisdiction; Waiver of Jury Trial. Any suit, action, or proceeding with
respect to the Plan or any Award or Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of the Plan or any Award or Award Agreement, will be resolved only in the courts of the State of Delaware or the United
States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the Company and each Participant irrevocably
and unconditionally (a) submits in any proceeding relating to the Plan or any Award or Award Agreement, or for the recognition and enforcement of any judgment in respect of the Plan or any Award or Award Agreement (a
“Proceeding”), to the exclusive jurisdiction of the courts of the State of Delaware or the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts, and agrees
that all claims in respect of any Proceeding will be heard and determined in such state court or, to the extent permitted by Applicable Law, in such federal court, (b) consents that any Proceeding may and will be brought in such courts and
waives any objection that the Company or the Participant may have at any time after the Effective Date to the venue or jurisdiction of any Proceeding in any such court or that the Proceeding was brought in an inconvenient court and agrees not to
plead or claim the 

  
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same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort, or otherwise) arising out of or relating to the Plan or any Award or Award Agreement,
(d) agrees that service of process in any Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at
the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel, and (e) agrees that nothing in the Plan will affect the right to
effect service of process in any other manner permitted by the laws of the State of Delaware. 

Section 13.11    Other Benefits. No Award will be considered compensation for purposes of computing benefits
under any retirement plan of the Company or any Affiliate or affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. 

Section 13.12    Costs. The Company will bear all expenses associated with administering the Plan, including
expenses of issuing Common Stock under Awards. 
 Section 13.13    No Right to Same Benefits. The terms and
conditions of Awards need not be the same with respect to each Participant, and Awards to individual Participants need not be the same in subsequent years (if granted at all). 

Section 13.14    Death; Disability. The Committee may require the transferee of a Participant to supply it
with written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the
transfer of an Award. The Committee may also require the agreement of the transferee to be bound by the Plan. 

Section 13.15    Section 16(b) of the Exchange Act. All elections and transactions under
the Plan by Persons subject to Section 16 of the Exchange Act involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt
written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder. 

Section 13.16    Section 409A. The Plan is intended to comply with Section 409A and
will be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A, it will be paid in a manner that complies with Section 409A. Notwithstanding any other provision of the
Plan, any Plan provision that is inconsistent with Section 409A will be deemed to be amended to comply with Section 409A and to the extent such provision cannot be amended to comply, such provision will be null and void. The Company will
have no liability to a Participant, or any other party, if an Award that is intended to be exempt from or compliant with Section 409A is not so exempt or compliant, or for any action taken by the Committee or the Company and, in the event that
any amount or benefit under the Plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties will rest solely with the affected Participants and not with the Company. Notwithstanding any other provision in
the Plan or any Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A) that are otherwise required to be made under 

  
 -23- 

 
the Plan to a “specified employee” (as defined under Section 409A) as a result of such employee’s separation from service (other than a payment that is not subject to
Section 409A) will be delayed for the first six months after such separation from service and will instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period (or, if earlier, the date of death of the
specified employee). All installment payments under the Plan will be deemed separate payments for purposes of Section 409A. 

Section 13.17    California Participants. The Plan is intended to comply with Section 25102(o) of the
California Corporations Code, to the extent applicable. In that regard, to the extent required by Section 25102(o), (a) the terms and conditions of any Stock Options and Stock Appreciation Rights, to the extent vested and exercisable upon
a Participant’s Separation from Service, will include any minimum exercise periods after Separation from Service required by Section 25102(o) and (b) any repurchase right of the Company or any Affiliate will include a minimum 90-day notice requirement. Any Plan term that is inconsistent with Section 25102(o) will, without further act or amendment by the Company or the Board, be reformed to comply with the requirements of
Section 25102(o). 
 Section 13.18    Successor and Assigns. The Plan will be binding on all successors
and permitted assigns of a Participant, including the estate of such Participant and the executor, administrator, or trustee of such estate. 

Section 13.19    Severability of Terms and Conditions. If any term or condition of the Plan is held invalid or
unenforceable, such invalidity or unenforceability will not affect any other term or condition of the Plan, and the Plan will be construed and enforced as if such term or condition had not been included. 

Section 13.20    Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent
Person, or other Person incapable of receipt thereof will be considered paid when paid to such Person’s guardian or to the party providing or reasonably appearing to provide for the care of such Person, and such payment will fully discharge the
obligations of the Committee, the Board, the Company, all Affiliates, and their employees, agents, and representatives with respect thereto. 

Section 13.21    Lock-Up Agreement. As a condition to the grant of an
Award, if requested by the Company and the lead underwriter of any public offering of Common Stock (the “Lead Underwriter”), a Participant must irrevocably agree not to sell, contract to sell, grant any option to purchase, transfer
the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Common Stock or any securities convertible into, derivative of, or exchangeable or exercisable for, or any other rights to
purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during such period of time after the effective date of a registration statement of the Company filed under
the Securities Act that the Lead Underwriter may specify (the “Lock-Up Period”). Each Participant must sign such documents as may be requested by the Lead Underwriter to effect the foregoing.
The Company may impose stop-transfer instructions with respect to Common Stock acquired under an Award until the end of such Lock-Up Period. 

  
 -24- 

 Section 13.22    Separation from Service for Cause; Clawbacks;
Detrimental Conduct. 
 (a)    The Company may cancel any unvested Awards if the Participant incurs a
Separation from Service for Cause. 
 (b)    All awards, amounts, or benefits received or outstanding
under the Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any Applicable Law related to such actions. A
Participant’s acceptance of an Award will constitute the Participant’s acknowledgement of and consent to the Company’s application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to
the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant’s agreement that the Company may
take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action. 

(c)    Except as otherwise determined by the Committee, notwithstanding any other term or condition of the
Plan, if a Participant engages in Detrimental Conduct, whether during the Participant’s service or after the Participant’s Separation from Service, in addition to any other penalties or restrictions that may apply under the Plan,
Applicable Law, or otherwise, the Participant must forfeit or pay to the Company the following: 

(i)    any and all outstanding Awards granted to the Participant, including Awards that have become vested
or exercisable; 
 (ii)    any cash or Shares received by the Participant in connection with the Plan
within the 36-month period immediately before the date the Participant engaged in Detrimental Conduct; and 

(iii)    the profit realized by the Participant from the sale, or other disposition for consideration, of
any Shares received by the Participant under the Plan within the 36-month period immediately before the date the Participant engaged in Detrimental Conduct. 

Section 13.23    Data Protection. A Participant’s acceptance of an Award will be deemed to constitute the
Participant’s acknowledgement of and consent to the collection and processing of personal data relating to the Participant so that the Company and the Affiliates can fulfill their obligations and exercise their rights under the Plan and
generally administer and manage the Plan. This data will include data about participation in the Plan and Shares offered or received, purchased, or sold under the Plan and other appropriate financial and other data (such as the date on which the
Awards were granted) about the Participant and the Participant’s participation in the Plan. 

Section 13.24    Unfunded Plan. The Plan is intended to constitute an “unfunded” plan for incentive
and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but that is not yet made to a Participant by the Company, nothing in the Plan gives any Participant any right that is greater than the
rights of a general unsecured creditor of the Company. The grant of an Award will not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation under any Award. 

  
 -25- 

 Section 13.25    Plan Construction. In the Plan, unless
otherwise stated, the following uses apply: 
 (a)    references to an Applicable Law refer to such
Applicable Law and any amendments and supplements thereto and any successor Applicable Law, and to all valid and binding rules and regulations promulgated thereunder, court decisions, and other regulatory and judicial authority issued or rendered
thereunder, as amended or supplemented, or their successors, as in effect at the relevant time; 

(b)    in computing periods from a specified date to a later specified date, the words “from” and
“commencing on” (and the like) mean “from and including,” and the words “to,” “until,” and “ending on” (and the like) mean “to and including”; 

(c)    indications of time of day will be based upon the time applicable to the location of the principal
headquarters of the Company; 
 (d)    the words “include,” “includes,” and
“including” (and the like) mean “include, without limitation,” “includes, without limitation,” and “including, without limitation” (and the like), respectively; 

(e)    all references to articles, sections, and exhibits are to articles, sections, and exhibits in or to
the Plan; 
 (f)    all words used will be construed to be of such gender or number as the circumstances
and context require; 
 (g)    the captions and headings of articles, sections, and exhibits have been
inserted solely for convenience of reference and will not be considered a part of the Plan, nor will any of them affect the meaning or interpretation of the Plan; 

(h)    any reference to an agreement, plan, policy, form, document, or set of documents, and the rights and
obligations of the parties under any such agreement, plan, policy, form, document, or set of documents, will mean the agreement, plan, policy, form, document, or set of documents as amended from time to time, and any and all modifications,
extensions, renewals, substitutions, or replacements thereof; and 
 (i)    all accounting terms not
specifically defined will be construed in accordance with GAAP. 

*        *        *       
 * 

  
 -26-EX-10.2

 Exhibit 10.2 

TAX RECEIVABLE AGREEMENT 
 BY AND
AMONG 
 POWERSCHOOL HOLDINGS, INC., 

CERTAIN OTHER PERSONS NAMED HEREIN, 

AND 
 THE AGENT 

DATED AS OF [•], 2021 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	RECITALS	  	 	1	 
		
	ARTICLE I DEFINITIONS	  	 	2	 
	 Section 1.1
	 	 Definitions
	  	 	2	 
	 Section 1.2
	 	 Other Definitional and Interpretative Provisions
	  	 	11	 
		
	ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFITS	  	 	11	 
	 Section 2.1
	 	 Exchange Schedule
	  	 	11	 
	 Section 2.2
	 	 NOL Schedule
	  	 	11	 
	 Section 2.3
	 	 Tax Benefit Schedule
	  	 	11	 
	 Section 2.4
	 	 Procedure: Amendments
	  	 	13	 
		
	ARTICLE III TAX BENEFIT PAYMENTS	  	 	14	 
	 Section 3.1
	 	 Payments
	  	 	14	 
	 Section 3.2
	 	 No Duplicative Payments
	  	 	14	 
	 Section 3.3
	 	 Coordination of Benefits.
	  	 	15	 
		
	ARTICLE IV TERMINATION	  	 	15	 
	 Section 4.1
	 	 Early Termination by the Corporation
	  	 	15	 
	 Section 4.2
	 	 Early Termination upon Change of Control
	  	 	16	 
	 Section 4.3
	 	 Breach of Agreement
	  	 	16	 
	 Section 4.4
	 	 Early Termination Notice
	  	 	17	 
	 Section 4.5
	 	 Payment upon Early Termination
	  	 	18	 
		
	ARTICLE V SUBORDINATION AND LATE PAYMENTS	  	 	18	 
	 Section 5.1
	 	 Subordination
	  	 	18	 
	 Section 5.2
	 	 Late Payments by the Corporation
	  	 	18	 
		
	ARTICLE VI	  	 	18	 
		
	PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION	  	 	18	 
	 Section 6.1
	 	 Participation in the Corporation’s Tax Matters
	  	 	18	 
	 Section 6.2
	 	 Consistency
	  	 	19	 
	 Section 6.3
	 	 Cooperation
	  	 	19	 
		
	ARTICLE VII MISCELLANEOUS	  	 	19	 
	 Section 7.1
	 	 Notices
	  	 	19	 
	 Section 7.2
	 	 Counterparts
	  	 	20	 
	 Section 7.3
	 	 Entire Agreement; No Third Party Beneficiaries
	  	 	20	 
	 Section 7.4
	 	 Governing Law
	  	 	20	 
	 Section 7.5
	 	 Severability
	  	 	21	 
	 Section 7.6
	 	 Successors: Assignment
	  	 	21	 

  
 ii 

							
	 Section 7.7
	 	 Amendments: Waivers
	  	 	21	 
	 Section 7.8
	 	 Titles and Subtitles
	  	 	22	 
	 Section 7.9
	 	 Reconciliation
	  	 	22	 
	 Section 7.10
	 	 Consent to Jurisdiction
	  	 	23	 
	 Section 7.11
	 	 Waiver of Jury Trial
	  	 	23	 
	 Section 7.12
	 	 Withholding
	  	 	23	 
	 Section 7.13
	 	 Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets
	  	 	23	 
	 Section 7.14
	 	 Confidentiality
	  	 	24	 
	 Section 7.15
	 	 No Similar Agreements
	  	 	25	 
	 Section 7.16
	 	 Change in Law
	  	 	25	 

  

  
 iii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of [●], 2021 is hereby entered into by and among PowerSchool
Holdings, Inc., a Delaware corporation (the “Corporation”), VEPF VI AIV III Corp., a Delaware corporation (“Vista Blocker I”), Onex Pinnacle Holdings Corporation, a Delaware corporation (“Onex
Blocker”), VEPF V AIV VI Corp., a Delaware corporation (“Vista Blocker II”), Severin Holdings, LLC, a Delaware limited liability company (the “Company”), [Severin Topco (Series 1), LLC, a series of a
Delaware limited liability company (“TOPCO (Series 1)”), Severin Topco (Series 2), LLC, a series of a Delaware limited liability company (“TOPCO (Series 2)”)]1,
Pinnacle Holdings I L.P., a Delaware limited partnership (“Pinnacle Holdings”), Vista Equity Partners Fund VI, L.P., a Cayman Islands limited partnership, Vista Equity Partners Fund VI-A,
L.P., a Cayman Islands limited partnership, VEPF V FAF, L.P., a Cayman Islands limited partnership, Onex Partners Holdings LLC, Onex Partners IV Select LP, Onex US Principals LP, Onex Partners IV LP, Onex Partners IV GP LP and Onex Partners IV PV LP
(“Onex”), those other parties set forth on Schedule A hereto, and the Agent. 
 RECITALS 

WHEREAS, the TRA Holders hold, directly or indirectly through Vista Blocker I, Onex Blocker, and Vista Blocker II, limited liability company
interests (“Units”) in the Company, which is classified as a partnership for U.S. federal income tax purposes; 
 WHEREAS,
after the Reorganization Transactions (defined below), a subsidiary of the Corporation will be the managing member of the Company; 

WHEREAS, the Corporation will issue shares of its Class A Common Stock, to certain purchasers in an initial public offering of its
Class A Common Stock (the “IPO” and the date on which the IPO is consummated is referred to herein as the “Closing Date”); 

WHEREAS, on the Closing Date, the Corporation will, directly and indirectly, acquire Common Units of the Company (collectively, the
“Purchase”); 
 WHEREAS, from and after the closing of the IPO, under certain circumstances, TOPCO (Series 1) and TOPCO
(Series 2) may exchange their Units together with their shares of Class B Common Stock of the Corporation for a Cash Payment and/or Class A Common Stock (each such transaction an “Exchange”) pursuant to the terms of the
Exchange Agreement and as a result of such Exchanges, the Corporation is expected to obtain or be entitled to certain Tax benefits as further described herein; 

WHEREAS, the Company and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes
will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), and any corresponding provisions of state and local Tax law for the Taxable Year that includes the Closing Date
and each Taxable Year in which an Exchange (as defined below) occurs, which election is 
  

	1 	 Series names to be confirmed. 

 
expected to result, with respect to the Corporation, in an adjustment to the Tax basis of the assets owned by the Company and such Subsidiaries in connection with the Purchase and each Exchange;

 WHEREAS, each of Vista Blocker I, Onex Blocker, and Vista Blocker II are taxable as corporations for U.S. federal income tax purposes;

 WHEREAS, each of Vista Blocker, Onex Blocker, and Vista Blocker II shall engage in a recapitalization pursuant to which each of their
direct shareholders will surrender all outstanding shares of common stock of each respective corporation in exchange for new shares of common stock in such corporation and their rights and obligations pursuant to this Agreement. 

WHEREAS, each of the Corporation, Vista Blocker I, Onex Blocker, and Vista Blocker II shall enter into a series of transactions pursuant to
which (i) the equity interests of each of Vista Blocker I, Onex Blocker, and Vista Blocker II will be transferred to the Corporation, (ii) the equity interests of each of Vista Blocker I, Onex Blocker, and Vista Blocker II will be
contributed to Pinnacle Holdings Corporation, a Delaware corporation and direct, wholly-owned subsidiary of the Corporation (“Pinnacle Corp.”), and (iii) thereafter, each of Vista Blocker I, Onex Blocker, and Vista Blocker II
will be converted into a Delaware limited liability company (such transactions described in clauses (i) through (iii), the “Reorganization Transactions”), and as a result of such Reorganization Transactions the Corporation will
succeed to certain Tax attributes of the Blockers as further described; and 
 WHEREAS, this Agreement is intended to set forth the
agreements among the parties hereto regarding the sharing of certain Tax benefits realized by the Corporation, including as a result of (i) the Purchase, (ii) the Exchanges, (iii) the Reorganization Transactions, and (iv) certain
of the payments made pursuant to this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

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

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

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for Taxes of (i) the Corporation
and (ii) without duplication, the Company, but only with respect to Taxes imposed on the taxable income of the Company that is allocable to the Corporation (or to the other members of the consolidated group of which the Corporation is a member
for such Taxable Year). 

  
 2 

 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agent” means TOPCO (Series 1) or such other Person designated as such. 

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

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

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

“Assumed State and Local Tax Rate” means the tax rate equal to the sum of the product of (x) the Company’s income
and franchise Tax apportionment rate(s) for each state and local jurisdiction in which the Company files income or franchise Tax Returns for the relevant Taxable Year and (y) the highest corporate income and franchise Tax rate(s) for each such
state and local jurisdiction in which the Company files income or franchise Tax Returns for each relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing shall be reduced by the assumed federal
income Tax benefit received by the Corporation with respect to state and local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (a) the Corporation’s marginal U.S. federal income tax rate for the
relevant Taxable Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)). Notwithstanding the foregoing, on or prior to the first day of any relevant Taxable Year, the Corporation, the Onex Representative and the
Agent may agree on an Assumed State and Local Tax Rate that will be used for the relevant Taxable Year (which rate shall be based on good faith estimates of expected apportionment rates for such Taxable Year and on the Tax rates in effect in
relevant jurisdictions as of the first day of the relevant Taxable Year). 
 “Basis Adjustment” means any adjustment to the
Tax basis of a Reference Asset as a result of an Exchange and the payments made pursuant to this Agreement with respect to the Purchase or such Exchange (as calculated under Section 2.1), including, but not limited to: 

(i) under Sections 734(b), 743(b), 754 and 755 of the Code (in situations where, following an Exchange, the Company remains classified as a
partnership for U.S. federal income tax purposes); and 
 (ii) under Sections 732(b), 734(b) and 1012 of the Code and, without duplication,
as a result of any basis adjustment to which the Company succeeds, including pursuant to proposed Treasury Regulations Section 1.743-1(f) and any subsequent similar guidance and comparable sections of
U.S. state and local income and franchise tax law (in situations where, as a result of one or more Exchanges, the Company or any of the Company’s Subsidiaries becomes an entity that is disregarded as separate from its owner for U.S. federal
income tax purposes), and in each case, comparable sections of state and local Tax laws. 
 For the avoidance of doubt, (X) the amount of any Basis
Adjustment resulting from an Exchange of Exchangeable Units shall be determined without regard to any Section 743(b) adjustment attributable to such Exchangeable Units prior to such Exchange, (Y) the amount of any Basis Adjustment shall be
determined without duplication of any amount included in the Closing Date 

  
 3 

 
Basis, and (Z) payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are (a) made to any TRA Holders other than TOPCO
(Series 1) or TOPCO (Series 2) or (b) treated as Guaranteed Payments, or (c) treated as Imputed Interest. 
 “Beneficial
Owner” means, with respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares: 

(i) voting power, which includes the power to vote, or to direct the voting of, such security and/or 

(ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. 

The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 

“Blocker NOLs” means the net operating losses, capital losses, disallowed interest expense carryforwards under
Section 163(j) of the Code and credit carryforwards of the Blockers (including, for the avoidance of doubt, any such attributes of the Blockers resulting from a Blocker being a successor to Vista Blocker I, Vista Blocker II, and/or Onex
Blocker) relating to taxable periods (or portions thereof) ending on or prior to the Closing Date. 
 “Blockers” means
(i) Pinnacle Corp. (which, as a result of the Reorganization Transactions, is a successor corporation to Vista Blocker I, Vista Blocker II, and Onex Blocker) and (ii) Promachos Holding, Inc., a Delaware corporation. 

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

“Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York are authorized by law
to be closed. 
 “Cash Payment” has the meaning set forth in the Exchange Agreement. 

“Change of Control” means the occurrence of any of the following events: 

(i) any “person” or “group” (within the meaning of Sections 13(d) of the Exchange Act (excluding any “person” or
“group” who, on the Closing Date, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities and excluding any
“Permitted Transferee” (as defined in the LLC Agreement) and any group of Permitted Transferees)) becomes the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the
Corporation’s then outstanding voting securities; 
 (ii) (A) the shareholders of the Corporation approve a plan of complete
liquidation or dissolution of Corporation or (B) there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all of the
Corporation’s assets, other than such sale or other disposition by the 

  
 4 

 
Corporation of all or substantially all of the Corporation’s assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the
Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale or other disposition; 

(iii) there is consummated a merger or consolidation of the Corporation with any other corporation or other entity, and, immediately after the
consummation of such merger or consolidation, either (A) the board of directors of the Corporation immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the
merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (B) all of the Persons who were the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such merger
or consolidation do not Beneficially Own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation; or 

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

“Closing Date Basis” means, immediately prior to the Purchase, the adjusted Tax basis of any Reference Asset that is goodwill
or any other intangible asset that is amortizable under Section 197 of the Code. 
 “Code” has the meaning set forth
in the recitals of this Agreement. 
 “Company” has the meaning set forth in the preamble to this Agreement. 

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

  
 5 

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

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

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

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

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

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

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

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

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

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

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

“Early Termination Rate” means the lower of a per annum rate of (i) LIBOR plus 100 basis points or (ii) 5.50%. 

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

  
 6 

 “Exchange” has the meaning set forth in the recitals in this Agreement. For
the avoidance of doubt, this definition shall include any Exchange occurring in connection with a Change of Control. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Agreement” means that certain Exchange
Agreement, to be dated as of the Closing Date, by and among the Corporation, TOPCO, the Company and the other parties thereto. 

“Exchange Schedule” has the meaning set forth in Section 2.1. 

“Exchangeable Unit” has the meaning set forth in the Exchange Agreement. 

“Expert” means a “Big 4” accounting firm not disqualified by conflicts or independence analysis or such nationally
recognized expert in the particular area of disagreement as is mutually acceptable to both parties. 
 “Forfeited Tax
Benefit” has the meaning set forth in Section 3.3(c). 
 “Guaranteed Payments” means
payments made to TOPCO (Series 1) or TOPCO (Series 2) pursuant to this Agreement to the extent not attributable to an Exchange of their units in the Company. 

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

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

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

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

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

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

“LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Company, to be dated as of
the Closing Date, as the same may be amended, amended and restated or replaced from time to time. 
 “Material Objection
Notice” has the meaning set forth in Section 4.4. 
 “Net Tax Benefit” has the meaning
set forth in Section 3.1(b). 
 “NOL Schedule” has the meaning set forth in
Section 2.2. 
 “Objection Notice” has the meaning set forth in
Section 2.4(a). 
 “Onex Blocker” has the meaning set forth in the preamble to this Agreement.

 “Onex Representative” means [______]. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pinnacle Corp.” has the meaning set forth in
the preamble to this Agreement. 
 “Purchase” has the meaning set forth in the recitals of this Agreement. 

“Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax
Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until
there has been a Determination with respect to such Actual Tax Liability. 
 “Realized Tax Detriment” means, for a Taxable
Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable

  
 8 

 
Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination with respect to such Actual Tax Liability. 

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

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

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

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

“Schedule” means any of the following: (i) an Exchange Schedule, (ii) a Tax Benefit Schedule, (iii) an NOL
Schedule or (iv) the Early Termination Schedule. 
 “Senior Obligations” has the meaning set forth in
Section 5.1. 
 “Subsidiaries” means, with respect to any Person, as of 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 Benefit Payment” has the meaning set forth in Section 3.1(b). 

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

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

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

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

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax. 

  
 9 

 “Taxing Authority” means any federal, national, state, county or municipal
or other local government, any subdivision, agency, commission or authority thereof, or any quasi- governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“TOPCO (Series 1)” has the meaning set forth in the preamble to this Agreement. 

“TOPCO (Series 2)” has the meaning set forth in the preamble to this Agreement. 

“TRA Holders” means those persons listed on Schedule A and each of their respective successors and permitted assigns pursuant
to Section 7.6. 
 “Treasury Regulations” means the final, temporary and proposed
regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

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

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that (i) in each Taxable Year ending on
or after such Early Termination Date, the Corporation will have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments, Blocker NOLs, the Closing Date Basis, Guaranteed Payments, and the Imputed Interest during
such Taxable Year (including, for the avoidance of doubt, Basis Adjustments, Guaranteed Payments, and Imputed Interest that would result from Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming such
Tax Benefit Payments would be paid on the due date, without extensions, for filing the Corporation Return for the applicable Taxable Year) in which such deductions would become available; (ii) any loss, capital loss, disallowed interest
expense, credit or similar carryovers generated by deductions or losses arising from any Basis Adjustment, Blocker NOLs, the Closing Date Basis, Guaranteed Payments, or Imputed Interest that are available in the Taxable Year that includes the Early
Termination Date and any Blocker NOLs that have not been previously utilized in determining a Tax Benefit Payment as of the Early Termination Date, will be utilized by the Corporation in the earliest possible Taxable Year permitted by the Code and
the Treasury Regulations; (iii) the U.S. federal income tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable Year by the Code and the tax rates for
U.S. state and local income taxes shall be the Assumed State and Local Tax Rate, in each case as in effect on the Early Termination Date, except to the extent any change to such tax rates for such Taxable Years have already been enacted into law;
(iv) any non-amortizable Reference Assets will be disposed of for cash at their fair market value in a fully taxable transaction for Tax purposes on the fifth anniversary of the Early Termination Date;
and (v) if, at the Early Termination Date, there are Exchangeable Units that have not been transferred in an Exchange, then all Exchangeable Units and (if applicable) shares of Class B Common Stock shall be deemed to be transferred in an
Exchange effective on the Early Termination Date. 
 “Vista Blocker I” has the meaning set forth in the preamble to this
Agreement. 
 “Vista Blocker II” has the meaning set forth in the preamble to this Agreement. 

  
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 Section 1.2 Other Definitional and Interpretative
Provisions. The words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to
Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of
this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to
include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,”
whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible
form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of
that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

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

Section 2.2 NOL and Closing Date Basis Schedules. Within ninety (90) calendar days after the extended
due date of the U.S. federal Corporation Return for the Taxable Year that includes the Closing Date, the Corporation shall deliver to the Agent and the Onex Representative a schedule (the “NOL Schedule”) that shows, in reasonable
detail necessary to perform the calculations required by this Agreement, (i) the Blocker NOLs attributable to the Blockers as of the Closing Date and (ii) any applicable limitations on the use of the Blocker NOLs for Tax purposes
(including under Section 382 of the Code). Within ninety (90) calendar days after the extended due date of the U.S. federal Corporation Return for the Taxable Year that includes the Closing Date, the Corporation shall deliver to the Agent
and the Onex Representative a schedule (the “Closing Date Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, (i) the Closing Date Basis and (ii) the period (or
periods) over which such Closing Date Basis is amortizable and/or depreciable. 
 Section 2.3 Tax Benefit
Schedule. 

  
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 (a) Tax Benefit Schedule. Within ninety (90) calendar days after the extended
due date of the U.S. federal Corporation Return for any Taxable Year in which any potential payment obligation hereunder is still outstanding, the Corporation shall provide to the Agent and the Onex Representative: (i) a schedule showing, in
reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is allocable to each TRA Holder, (C) the Accrued Amount with
respect to any such Net Tax Benefit that is allocable to such TRA Holder, (D) the Tax Benefit Payment determined pursuant to Section 3.1(b) due to each such TRA Holder, and (E) the portion of such Tax Benefit
Payment that the Corporation intends to treat as Imputed Interest (a “Tax Benefit Schedule”), (ii) a reasonably detailed calculation by the Corporation of the Hypothetical Tax Liability (the “without” calculation), (iii) a
reasonably detailed calculation by the Corporation of the Actual Tax Liability (the “with” calculation), (iv) a copy of the Corporation Return for such Taxable Year, (v) a Corporation Letter supporting such Tax Benefit Schedule and
(vi) any other work papers reasonably requested by the Agent or the Onex Representative. In addition, the Corporation shall allow the Agent and the Onex Representative reasonable access at no cost to the appropriate representatives of the
Corporation in connection with a review of such Tax Benefit Schedule. The Tax Benefit Schedule will become final as provided in Section 2.4(a) and may be amended as provided in
Section 2.4(b) (subject to the procedures set forth in Section 2.4(b)).  

(b) Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease
or increase in the Corporation’s actual liability for Taxes for such Taxable Year (calculated using certain rules and assumptions, as set forth herein) that is attributable to the Basis Adjustments, the Blocker NOLs, the Closing Date Basis,
Guaranteed Payments, and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, (i) such actual liability for Taxes will take into account the deduction of the portion of the Tax Benefit
Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the Corporation, and (ii) in addition to using the Assumed State and Local Tax Rate for
purposes of determining the state and local Hypothetical Tax Liability, the Corporation may use reasonable estimation methodologies for calculating the portion of any Realized Tax Benefit or Realized Tax Detriment attributable to U.S. state or local
Taxes. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryforwards or carrybacks of any Tax item (such as a net operating loss) attributable to the Basis Adjustments, the Blocker NOLs, the
Closing Date Basis, Guaranteed Payments, and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations and the corresponding provisions of state and local Tax laws, as applicable, governing the use,
limitation, and expiration of carryforwards or carrybacks of the relevant type. If a carryforward or carryback of any Tax item includes a portion that is attributable to the Basis Adjustment, the Blocker NOLs, the Closing Date Basis, Guaranteed
Payments, or Imputed Interest (a “TRA Portion”) and another portion that is not so attributable (a “Non-TRA Portion”), such respective portions shall be considered to be used
in accordance with the “with and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion; and (ii) in the
case of a carryback of a Non-TRA Portion, such carryback shall not affect the original “with and without” calculation made in the applicable prior Taxable Year. For the avoidance of doubt, the TRA
Portion of any Tax item when such item is incurred shall be determined using a marginal “with and without” methodology by calculating (i) the amount of such Tax item for all Tax purposes taking into account the Basis Adjustments, the
Closing Date 

  
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Basis, the Blocker NOLs, Guaranteed Payments, and Imputed Interest and (ii) the amount of such Tax item for all Tax purposes without taking into account the Basis Adjustments, the Closing
Date Basis, the Blocker NOLs, Guaranteed Payments or Imputed Interest, with the TRA Portion equal to the excess of the amount specified in clause (i) over the amount specified in clause (ii) (but only if such excess is greater than zero). The
parties agree that (i) any payment under this Agreement to TOPCO (Series 1) or TOPCO (Series 2) (or their successors or assigns), including the Accrued Amount (other than amounts accounted for as Imputed Interest or as Guaranteed Payments) will
be treated as a subsequent upward adjustment to the purchase price of the relevant Exchangeable Units and will have the effect of creating additional Basis Adjustments to Reference Assets for the Corporation in the year of payment, and (ii) as
a result, such additional Basis Adjustments will be incorporated into the calculation for the year of payment and into future year calculations, as appropriate. 

Section 2.4 Procedure: Amendments. 

(a) An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from the first
date on which the Agent and the Onex Representative have received the applicable Schedule or amendment thereto unless (i) the Agent or the Onex Representative, within thirty (30) calendar days after receiving an applicable Schedule or
amendment thereto, provides the Corporation with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) the Agent and the Onex Representative each provides a written waiver of such right
of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date a waiver from the Agent and the Onex Representative has been received by the Corporation. If
the Corporation and Agent and/or the Onex Representative, for any reason, are unable to successfully resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporation of such Objection Notice,
the Corporation and Agent and/or the Onex Representative (as applicable) shall employ the Reconciliation Procedures under Section 7.9. 

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

  
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Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually
occurs. 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1 Payments. 

(a) Within five (5) calendar days after a Tax Benefit Schedule delivered to the Agent and the Onex Representative becomes final in
accordance with Section 2.4(a), the Corporation shall pay to each TRA Holder the Tax Benefit Payment for such Taxable Year in the percentages set forth on Schedule A, which such schedule may
be updated by the Corporation with the written consent of the Agent and the Onex Representative after the day hereof. Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account previously designated
by the TRA Holder to the Corporation, or as otherwise agreed by the Corporation and the TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal or
state estimated income Tax payments. 
 (b) A “Tax Benefit Payment” for a Taxable Year means an amount, not less than zero,
equal to the sum of the Net Tax Benefit and the Accrued Amount with respect thereto for such Taxable Year. Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the
excess, if any, of (i) 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over (ii) the total amount of payments previously made under this Section 3.1 (excluding payments attributable to
Accrued Amounts); provided, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment. The “Accrued Amount” with respect to any portion of a Net Tax
Benefit shall equal an amount determined in the same manner as interest on such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporation Return for such Taxable
Year until the Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Exchangeable Units in an Exchange or the
stock of the Blockers in the Reorganization Transactions or as Guaranteed Payments (as applicable) unless otherwise required by law. Notwithstanding anything herein to the contrary, a TRA Holder may elect to limit the aggregate Tax Benefit Payments
to be made to it to a specified dollar amount or some other specified measurement by including a notice of its election to impose such a limitation, the specified limitation, and such other details as may be reasonably necessary to Agent, the Onex
Representative and the Corporation. 
 Section 3.2 No Duplicative Payments. It is intended that the
provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Cumulative Net Realized Tax
Benefit, and the Accrued Amount thereon, being paid to the TRA Holders. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental results. 

  
 14 

 Section 3.3 Coordination of Benefits. 

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

(b) To the extent the Corporation makes a payment to a TRA Holder in respect of a particular Taxable Year under
Section 3.1(a) (taking into account Section 3.3(a) and (b), but excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of such payment that should
have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder has foregone an amount of payments equal
to such excess and any Accrued Amounts paid attributable to such excess and (ii) the Corporation will pay the amount of such TRA Holder’s foregone payments (other than any foregone payments in respect of Accrued Amounts) to the other
Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment is due under this Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a)
(taking into account Section 3.3(a) and this Section 3.3(b), but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such
TRA Holder. 
 (c) To the extent that any Tax Benefit Payment is made to TOPCO (Series 2) and any such amount (the “Forfeited Tax
Benefit”) is allocable to units of TOPCO (Series 2) which fail to vest and are forfeited to TOPCO (Series 2) pursuant to the terms thereof (including any agreements pursuant to which such units were granted), TOPCO (Series 2) shall remit
the Forfeited Tax Benefit to the Corporation, which shall pay an amount equal to the Forfeited Tax Benefit to the TRA Holders (other than TOPCO (Series 2)) in proportion to their relative percentage set forth on Schedule A. For avoidance of
doubt, such payment to the other TRA Holders pursuant to this Section 3.3(c) shall not be treated as resulting in an aggregate Net Tax Benefit to the Corporation in excess of the Net Tax Benefit that the Corporation would
have realized in the absence of any Forfeited Tax Benefit. 
 ARTICLE IV 

TERMINATION 

Section 4.1 Early Termination by the Corporation. With the written approval of a majority of
its independent directors, the Corporation may terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5(b), provided,
however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by the TRA Holders (such termination, an “Early Termination”). Upon payment of the Early Termination Payment by the
Corporation, the Corporation shall not have any further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment previously due and payable but unpaid as of the Early

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

Section 4.3 Breach of Agreement. 

(a) In the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to make any
payment when due, as a result of failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then, unless
otherwise waived in writing by a majority of the TRA Holders (which majority shall be determined based on the percentages of the TRA Holders set forth on Schedule A, and which shall require a separate waiver from (i) the Onex
Representative so long as the aggregate percentages set forth on Schedule A of affiliates of Onex is at least 20%; and (ii) the Agent so long as the aggregate percentages set forth on Schedule A of affiliates of the Agent is at least 20%), such
breach shall be treated as an Early Termination and all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but shall
not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment previously due and payable but unpaid as of the date of the breach,
and (iii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of the breach (except to the extent that the amount described in clause (iii) is included in the Early Termination Payment or as a
payment under clause (ii)). Notwithstanding the foregoing, in the event that the Corporation breaches any of its material obligations under this Agreement, a majority of the TRA Holders (which majority shall be determined based on the percentages of
the TRA Holders set forth on Schedule A, and which shall require a separate waiver from (i) the Onex Representative so long as the aggregate percentages set forth on Schedule A of affiliates of Onex is at least 20%; and (ii) the
Agent so long as the aggregate percentages set forth on Schedule A of affiliates of the Agent is at least 20%) shall be entitled to elect to receive the amounts set forth in clauses (i), (ii), and (iii) above or to seek specific performance of
the terms hereof. 
 (b) The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months
of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall 

  
 16 

 
not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. The
Corporation shall use its commercially reasonable efforts to maintain sufficient available funds for the purpose of making required payments under Section 3.1(a) and shall use its commercially reasonable efforts to avoid entering into credit
agreements or other contractual constraints that could be reasonably anticipated to materially delay the timing of any payments under Section 3.1(a). Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this
Agreement if the Corporation fails to make any payment due pursuant to this Agreement as a result of and to the extent the Corporation has insufficient funds to make such payment or is contractually constrained from making such payment; provided
that the interest provisions of Section 5.2 shall apply to such late payment (unless the Corporation does not have sufficient cash or is not otherwise permitted to make such payment as a result of limitations imposed by
debt agreements to which the Corporation or its Subsidiaries is a party, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate); provided, further, that the Corporation shall
promptly (and in any event, within two (2) Business Days), pay all such unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporation has, and to the extent the Corporation has,
sufficient funds to make such payment and is not contractually constrained from making such payment, and the failure of the Corporation to do so shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and cash equivalents
used or to be used to pay dividends by, or optionally repurchase equity securities of, the Corporation shall be deemed to be funds sufficient and available to pay such unpaid payments, together with any accrued and unpaid interest thereon. 

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

  
 17 

 Section 4.5 Payment upon Early Termination. 

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

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

 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

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

Section 5.2 Late Payments by the Corporation. The amount of all or any portion of any
Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate (or, if
so provided in Section 4.3(a), at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable. 

ARTICLE VI 

PARTICIPATION IN TAX MATTERS; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporation’s Tax Matters. Except as otherwise provided herein, the
Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation, including without limitation preparing, filing or amending any Tax Return and defending, contesting or settling any issue
pertaining to Taxes of the Corporation. Notwithstanding the foregoing, the Corporation (i) shall notify the Agent and the Onex Representative of, and keep the Agent and the Onex Representative reasonably informed with respect to, the portion of any
audit, examination, or any other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporation or the Company by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of
the TRA Holders 

  
 18 

 
under this Agreement, (ii) shall provide the Agent and the Onex Representative with reasonable opportunity to provide information and other input to the Corporation and its advisors
concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter into any settlement with respect to any such portion of a Tax Proceeding that could have a material effect on the TRA Holders’ rights (including the
right to receive payments) under this Agreement without the written consent of the Agent and the Onex Representative, such consent not to be unreasonably withheld, conditioned or delayed; provided, however, that the Corporation shall
not be required to take any action, or refrain from taking any action, that is inconsistent with any provision of the LLC Agreement; provided, further, that, notwithstanding anything to the contrary contained herein, the Corporation
shall prepare, file, and/or amend all Tax Returns in accordance with applicable law (including with respect to the calculation of taxable income and any calculations required to be made under this Agreement) and nothing in this Agreement shall
prevent the Agent, the Onex Representative from disputing such Tax matters in accordance with Section 7.9. 

Section 6.2 Consistency. The Corporation and the TRA Holders agree to report and cause to be reported for all
purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments, Imputed Interest, and each Tax
Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as “deemed” or in a similar manner by the terms of this Agreement, in a manner consistent with that set forth in any
Schedule required to be provided by or on behalf of the Corporation under this Agreement, as finally determined pursuant to Section 2.4 unless otherwise required by applicable law. If the Corporation and any TRA Holder, for
any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30) calendar days, the Corporation and such TRA Holder shall employ the Reconciliation Procedures under
Section 7.9. 
 Section 6.3 Cooperation. Each TRA Holder shall
(i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement,
preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or
its representatives may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporation shall reimburse the TRA Holder for any
reasonable third-party costs and expenses incurred pursuant to this Section 6.3. 

Section 6.4 LLC Agreement. This Agreement and the Exchange Agreement shall each be treated as part of the LLC
Agreement as described in Section 761(c) of the Code and Treasury Regulations Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) with respect to payments to a TRA Holder.

 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, demands or other communications to be given or delivered under or by reason
of the provisions of this Agreement shall be in writing and shall be 

  
 19 

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

If to the Corporation or the Company, to: 

PowerSchool Holdings, Inc. 
 150
Parkshore Dr. 
 Folsom, California 95630 

Attention: General Counsel 
 with
a copy (which shall not constitute notice to the Corporation or the Company) to: 
 Kirkland & Ellis LLP 

North LaSalle 
 Chicago, IL 60654

 Attention: Robert M. Hayward, P.C.; Robert E. Goedert, P.C. 

E-mail: robert.hayward@kirkland.com; robert.goedert@kirkland.com 

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

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

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

Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except
as expressly provided in Section 3.3. 
 Section 7.4 Governing Law. This
Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

  
 20 

 Section 7.5 Severability. If any term or other provision of
this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible. 
 Section 7.6 Successors: Assignment. Each party agrees that each TRA Holder may assign, sell,
transfer, delegate, or otherwise dispose of, whether voluntarily or involuntarily, or by operation of law, any right or obligation under this Agreement only to the extent permitted by this Section 7.6. Any purported assignment, transfer, or
delegation in violation of this Section 7.6 shall be null and void. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and permitted assigns. Except for those enumerated above,
this Agreement does not create, and shall not be construed as creating, any rights or claims enforceable by any person or entity not a party to this Agreement. A TRA Holder shall have the option to assign all or a portion of its rights under this
Agreement 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 satisfactory to the Corporation agreeing to become a “TRA
Holder” for all purposes of this Agreement, and any and all payments payable or that may become payable to a TRA Holder pursuant to this Agreement that, once an Exchange has occurred, arise with respect to the Exchangeable Units transferred in
such Exchange, may be assigned to any Person or Persons as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement in form and substance reasonably satisfactory
to the Corporation agreeing to be bound by Section 7.14. For the avoidance of doubt, if a TRA Holder transfers Units but does not assign to the transferee of such Units such TRA Holder’s rights under this Agreement
with respect to such transferred Units, such TRA Holder shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units. The Corporation shall establish and maintain at its address referred
to in Section 7.1 a record of ownership (the “Register”) in which the Corporation agrees to register by book entry the interests (including any rights to receive payments hereunder) of the TRA Holders and any assignment, sale,
transfer, delegation, or other disposition of any rights or obligations under this Agreement. This Section 7.6 shall be construed so that rights under this Agreement are at all times maintained in “registered form” under Treasury
Regulations Section 5f.103-1(c) and within the meaning of Sections 163(f), 871(h)(2), 881(c)(2), and 4701 of the Code. 

Section 7.7 Amendments: Waivers. No provision of this Agreement may be amended or waived unless such
amendment or waiver is approved in writing by each of the Corporation and by TRA Holders who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if
the Corporation had exercised its right of Early Termination on the date of the most recent Exchange prior to such amendment or waiver (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since
the date of such most recent Exchange); provided, however, that no such amendment or waiver shall be effective if (i) such amendment or waiver would have a disproportionate effect on the payments certain TRA Holders will or may

  
 21 

 
receive under this Agreement unless all such disproportionately affected TRA Holders consent in writing to such amendment or waiver, (ii) greater than 20% of the aggregate amount of Early
Termination Payments would be payable to affiliates of the Onex Representative, without the prior consent of the Onex Representative, or (iii) if greater than 20% of the aggregate amount of Early Termination Payments would be payable to
affiliates of the Agent, without the prior written consent of the Agent. 
 Section 7.8 Titles and
Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

Section 7.9 Reconciliation. In the event that the Corporation and the Agent, the Onex Representative (as
applicable, the “Disputing Party”) is unable to resolve a disagreement with respect to the calculations required to produce the schedules or other matters described in Section 2.4,
Section 4.4 and Section 6.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to
the Expert. The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporation and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have
any material relationship with the Corporation or the Disputing Party or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondents of written
notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve (a) any matter relating to the Exchange Schedule or an amendment thereto or the Early
Termination Schedule or an amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days, and (c) any matter related to treatment
of any tax-related item as contemplated in Section 6.2 within fifteen (15) calendar days or, in each case, as soon thereafter as is reasonably practicable after such matter has
been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return
reflecting the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or
amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation except as provided in the next sentence. The Corporation and the Disputing Party shall each bear
its own costs and expenses of such proceeding, unless (i) the Expert adopts such Disputing Party’s position (as determined by the Expert), in which case the Corporation shall reimburse such Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporation’s position (as determined by the Expert), in which case such Disputing
Party shall reimburse the Corporation for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation
Dispute within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.9 shall be binding on the Corporation and its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction. 

  
 22 

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

Section 7.11 Waiver of Jury Trial. Because disputes arising in connection with complex transactions are most
quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such
applicable laws. Therefore, to achieve the best combination of the benefits of the judicial system and of arbitration. Each party to this agreement (including the Company) hereby waives all rights to trial by jury in any action or proceeding brought
to resolve any dispute between or among any of the parties hereto. Whether arising in contract, tort, or otherwise, arising out of, connected with, related or incidental to this agreement. The transactions contemplated hereby and/or the
relationships established among the parties hereunder. 
 Section 7.12 Withholding. The Corporation shall
be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal,
state, local or non-U.S. Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of
this Agreement as having been paid to the relevant TRA Holder. 
 Section 7.13 Admission of the
Corporation into a Consolidated Group; Transfers of Corporate Assets. 
 (a) If the Corporation is or becomes a member of
an affiliated, consolidated, combined, or unitary group of corporations that files a consolidated, combined, or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax
law, then, subject to the application of the Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination
Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

  
 23 

 (b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination
Payment hereunder or the Company or any Subsidiary of the Company transfers one or more assets to a corporation (or a Person classified as a corporation for Tax purposes) with which the Corporation does not file a consolidated Tax Return pursuant to
Section 1501 of the Code or any provisions of state or local Tax law, such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining
the Realized Tax Benefit or Realized Tax Detriment of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such
entity shall be equal to the fair market value of the contributed asset. Thus, for example, in determining the Hypothetical Tax Liability of the entity, the taxable income of the entity shall be determined by treating the entity as having sold the
asset for its fair market value, recovering any basis applicable to such asset (using the Tax basis that such asset would have had at such time if no Basis Adjustments had been made), while the Actual Tax Liability of the entity would be determined
by recovering the actual Tax basis of the asset that reflects any Basis Adjustments. For purposes of this Section 7.13, a transfer of a partnership interest shall be treated as a transfer of the transferring
partner’s share of each of the assets and liabilities of that partnership. If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder or the Company or any Subsidiary of the Company transfers one or
more assets to a partnership (or a Person classified as a partnership for Tax purposes), the principles of this Section 7.13(b) and this Agreement shall govern the treatment of such transfer and any subsequent allocations
of income, gain, loss or deductions from such partnership to such entity. 
 Section 7.14 Confidentiality.

 (a) The Agent, each TRA Holder and each of the TRA Holder’s assignees acknowledges and agrees that the information of the Corporation
is confidential and, 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, such person shall keep and retain in the strictest
confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and successors, concerning the Company and its Affiliates and successors or the TRA Holders, learned by
the Agent or any TRA Holder heretofore or hereafter. This Section 7.14 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge
(except as a result of an act of the Agent or a TRA Holder in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information (A) as may be proper in the course of performing such TRA
Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under this Agreement, (B) as part of such TRA Holder’s normal reporting, rating or review procedure (including normal credit rating and pricing process),
or in connection with such TRA Holder’s or such TRA Holder’s Affiliates’ normal fund raising, marketing, informational or reporting activities, or to such TRA Holder’s (or any of its Affiliates’) Affiliates, auditors,
accountants, attorneys or other agents, (C) to any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective merger or other business combination partner of such TRA Holder, provided that such
assignee or merger partner agrees to be bound by the provisions of this Section 7.14. (D) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental body, or by
subpoena, summons or legal process, or by law, rule or regulation; provided that any TRA Holder 

  
 24 

 
required to make any such disclosure to the extent legally permissible shall provide the Corporation prompt notice of such disclosure, or to regulatory authorities or similar examiners conducting
regulatory reviews or examinations (without any such notice to the Corporation), or (E) to the extent necessary for a TRA Holder to prepare and file its Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing
Authority or to prosecute or defend any Tax Proceeding with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the Agent (and each employee, representative or other agent of Agent or its assignees, as applicable) and each
TRA Holder and each of its assignees (and each employee, representative or other agent of such TRA Holder or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of
the Corporation, the Company, the Agent, the TRA Holders and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the Agent or the TRA Holder relating to such
Tax treatment and Tax structure. 
 (b) If the Agent or an assignee or a TRA Holder or an assignee commits a breach, or threatens to commit a
breach, of any of the provisions of this Section 7.14 the Corporation shall have the right and remedy to have the provisions of this Section 7.14 specifically enforced by injunctive relief or
otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its
Subsidiaries or the TRA Holders and the accounts and funds managed by the Corporation and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available at law or in equity. 
 Section 7.15 No Similar Agreements. Neither the
Corporation nor any of its Subsidiaries shall enter into any additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporation is obligated to pay amounts with respect to tax
benefits resulting from any net operating losses or other tax attributes to which the Corporation becomes entitled as a result of a transaction) without the prior written consent of the TRA Holders who would be entitled to receive more than fifty
percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporation had exercised its right of early termination on the date of the most recent Exchange (excluding, for purposes of this
sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such most recent Exchange). 

Section 7.16 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual
or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange to be
treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income and all applicable state and local Tax purposes or would have other material adverse Tax consequences to the TRA Holder and/or
its direct or indirect owners, then at the election of the TRA Holder and to the extent specified by the TRA Holder, this Agreement (i) shall cease to have further effect with respect to such TRA Holder, (ii) shall not apply to an Exchange
by the TRA Holder occurring after a date specified by such TRA Holder, or (iii) shall otherwise be amended in a manner determined by the TRA Holder to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement,
provided that such amendment shall not 

  
 25 

 
result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

 [Signature Pages Follow] 

  
 26 

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

			
	CORPORATION:
	
	POWERSCHOOL HOLDINGS, INC.
		
	By:	 	
                    

	Name: Eric Shander
	Title: Chief Financial Officer
	
	COMPANY:
	
	SEVERIN HOLDINGS, LLC
		
	By:	 	  

	Name: Eric Shander
	Title: Chief Financial Officer
	
	AGENT:
	
	SEVERIN TOPCO LLC (Series 1)
		
	By:	 	  

	Name: Eric Shander
	Title: Chief Financial Officer
	
	TRA HOLDER:
	
	SEVERIN TOPCO LLC (Series 1)
		
	By:	 	  

	Name: Eric Shander
	Title: Chief Financial Officer
	
	SEVERIN TOPCO LLC (Series 2)
	
	 By:

	Name: Eric Shander
	Title: Chief Financial Officer

  
 27 

 
			
	PINNACLE HOLDINGS I L.P.
		
	By:	 	
                     
       

	Name:
	Title:
	
	VISTA EQUITY PARTNERS FUND VI, L.P.
		
	By:	 	  

	Name:
	Title:
	
	VISTA EQUITY PARTNERS FUND VI-A, L.P.
		
	By:	 	  

	Name:
	Title:
	
	VEPF V FAF, L.P.
		
	By:	 	  

	Name:
	Title:
	
	ONEX PARTNERS HOLDINGS LLC
		
	By:	 	  

	Name:
	Title:
	
	ONEX PARTNERS IV SELECT LP
		
	By:	 	  

	Name:
	Title:
	
	ONEX US PRINCIPALS LP
		
	By:	 	  

	Name:
	Title:

  
 28 

 
			
	 ONEX PARTNERS IV LP

		
	 By:
	 	
              
                               

	 Name:

	 Title:

	
	 ONEX PARTNERS IV GP LP

		
	 By:
	 	
              
                                       

	 Name:

	 Title:

	
	 ONEX PARTNERS IV PV LP

		
	 By:
	 	
              
                                   

	 Name:

	 Title:

	
	 BLOCKERS:

	
	 VEPF VI AIV III CORP.

		
	 By:
	 	
              
                                   

	 Name:

	 Title:

	
	 ONEX PINNACLE HOLDINGS CORPORATION

		
	 By:
	 	
              
                           

	 Name:

	 Title:

	
	 VEPF V AIV VI CORP.

		
	 By:
	 	
              
                              

	 Name:

	 Title:

  
 29 

 Schedule A 

Holders and TRA Ownership 
 Severin Topco (Series
1), LLC - [•]% 
 Severin Topco (Series 2), LLC - [•]% 

Pinnacle Holdings I, L.P. - [•]% 
 Vista Equity Partners Fund
VI, L.P. - [•]% 
 Vista Equity Partners Fund VI-A, L.P. - [•]% 

VEPF V FAF, L.P. - [•]% 
 Onex Partners Holdings, LLC - [•]% 
 Onex Partners IV Select LP - [•]% 

Onex US Principals, LP - [•]% 
 Onex Partners IV LP -
[•]% 
 Onex Partners IV GP LP - [•]% 
 Onex Partners
IV PV LP - [•]% 
 [Time-Based MIU Holders] - [•]% 

  
 30

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