Document:

EX-10.3

 Exhibit 10.3 
  

 
  

TAX RECEIVABLES AGREEMENT 
 by and
among 
 MEDIAALPHA, INC., 
 QL
HOLDINGS, LLC, 
 WHITE MOUNTAINS INVESTMENTS (LUXEMBOURG) S.À R.L, 

and THE STEP-UP PARTICIPANTS 

FROM TIME TO TIME PARTY TO THIS AGREEMENT, 

Dated as of [•], 2020 
  

 
  

 TABLE OF CONTENTS 

 

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

  
 ii 

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

  
 iii 

 This Tax Receivables Agreement (this “Agreement”), dated as of [•],
2020, is entered into by and among MediaAlpha, Inc., a Delaware corporation (the “Corporation”), QL Holdings LLC, a Delaware limited liability company (the “LLC”), White Mountains Investments (Luxembourg)
S.à r.l, a Luxembourg private limited liability company (société à responsabilité limitée) (“WTM”),
and the Persons listed in Exhibit A (such listed Persons collectively, the “Step-Up Participants” and, together with WTM, the “Participants”). 

RECITALS 
 WHEREAS, prior
to the Reorganization Transactions, the LLC was owned by the Step-Up Participants, Guilford Holdings, Inc., a Delaware corporation and Affiliate of WTM (“GHI”), and certain other members; 

WHEREAS, pursuant to the Reorganization Agreement and as part of the Reorganization Transactions, WTM will directly or indirectly transfer
100% of the shares of capital stock of GHI to the Corporation in exchange for shares of the Corporation’s Class A common stock and the right to receive payments under this Agreement in a transfer intended to qualify as a transaction
described in Section 351 of the Code; 
 WHEREAS, GHI has U.S. Federal and state net operating loss carryforwards relating to taxable
periods (or portions thereof) ending on or prior to the closing date of the IPO that may benefit the Corporation following the IPO (the “Pre-IPO NOLs”); 

WHEREAS, pursuant to the IPO, the Corporation will become a public company; 

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

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

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

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

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

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

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

“Agreed Rate” means LIBOR plus 100 basis points. 

  
 2 

 “Agreement” is defined in the preamble. 

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

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

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

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

  
 3 

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

“Basis Adjustment Schedule” is defined in Section 2.04. 

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

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

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

  
 4 

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

(v) the liquidation or dissolution of the Corporation. 

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

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

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

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

  
 5 

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

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

“Default Rate” means LIBOR plus 500 basis points. 

“Default Rate Interest” is defined in Section 5.01. 

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

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

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

“Exchange Date” means the date of any Exchange. 

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

“Expert” is defined in Section 7.09. 

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

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

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

  
 6 

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

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

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

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

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

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

“LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the LLC, dated as of [•],
2020, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms. 
 “LLC
Units” means the limited liability company interests in the LLC. 
 “Material Breach” means a material breach of
the terms of this Agreement by the Corporation. 
 “Net Tax Benefit” is defined in Section 3.02(b). 

  
 7 

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

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

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

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

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

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

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

“Party” means any party to this Agreement. 

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

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

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

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

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

  
 8 

 “Reorganization Agreement” means the Reorganization Agreement, dated as of
[•], 2020, by and among the Corporation, the LLC and the other parties named therein. 
 “Reorganization Transactions”
means generally those transactions set forth in the Reorganization Agreement and described in the Registration Statement and any other transactions ancillary to such transactions to effect the post-IPO
organizational structure of the Corporation and its Subsidiaries. 
 “Schedule” means the NOL Benefit Schedule or any Basis
Adjustment Schedule, Tax Benefit Schedule, Section 707(c) Deduction Schedule or Early Termination Schedule. 

“Section 707(c) Deduction” means the deduction of the LLC described in Section 2.02(a)(ii) in respect
of payments made under this Agreement. 
 “Section 707(c) Deduction Schedule” is defined in
Section 2.06. 
 “Section 732 Event” is defined in Section 2.01(c). 

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

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

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

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

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

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

  
 9 

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

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

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

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

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

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

  
 10 

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

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

SECTION 1.02. Interpretation. 

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

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

  
 11 

 ARTICLE II 

DETERMINATION OF OVERALL REALIZED TAX BENEFIT 

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

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

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

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

SECTION 2.02. Tax Treatment. 

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

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

  
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 (iii) Except for the portion treated as Imputed Interest, any payment made
under this Agreement to WTM will be treated as consideration described in Section 351(b) of the Code (received by WTM in exchange for the transfer by it of 100% of the capital stock of GHI to the Corporation) that does not give rise to a Basis
Adjustment. 
 (iv) The portion of any payment made under this Agreement that is Imputed Interest will be treated as a
payment of interest. 
 (b) Each Future Exchange will be a reaffirmation of the foregoing, as of the date of the Future Exchange, by the
exchanging Step-Up Participant. 
 SECTION 2.03. Agreed Principles. Except as provided in the
Valuation Assumptions or in the definitions of Hypothetical Tax Liability or NOL Benefit (when applicable) or Section 7.12, for purposes of interpreting this Agreement and determining the amount of any TRA Payment, the Parties agree as follows:

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

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

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

  
 13 

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

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

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

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

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

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

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

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

  
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 SECTION 2.08. Procedures, Amendments. 

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

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

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

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

  
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 ARTICLE III 

TAX BENEFIT PAYMENTS 

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

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

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

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

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

ARTICLE IV 
 TERMINATION

 SECTION 4.01. Acceleration Events. 

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

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

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

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

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

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

  
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 SECTION 4.05. Material Breach and Waiver. 

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

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

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

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

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

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

  
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 ARTICLE VII 

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

700 S. Flower Street, Suite 640 

Los Angeles, CA 90017 
 Attention:
Lance Martinez, Esq. 
 E-mail:     lance@mediaalpha.com 

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

Cravath, Swaine & Moore LLP 

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

                 C. Daniel Haaren, Esq. 

E-mail:     cfargo@cravath.com; 

                 dhaaren@cravath.com 

If to WTM: 
 Alter Domus 

7A rue Robert Stumper 
 Luxembourg

 L-2557 

Attention: Manfred Schneider 
  

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

White Mountains Insurance Group, Ltd. 

23 S. Main St, Suite 3B 
 Hanover,
NH 03755 
 Attention: Robert Seelig, EVP & GC 
  

and 
 Cravath, Swaine &
Moore LLP 
 825 Eighth Avenue 

New York, New York 10019 

Attention: David J. Perkins, Esq.; 

                 Christopher K. Fargo, Esq. 

E-mail:     dperkins@cravath.com; 

                 cfargo@cravath.com 

  
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 If to the Insignia Members: 

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

Attention: Tony Broglio 
  

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

Kirkland & Ellis LLP 

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

E-mail:     robert.wilson@kirkland.com 

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

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

Attention: Tigran Sinanyan 
  

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

Kirkland & Ellis LLP 

555 South Flower Street, Suite 3700 

Los Angeles, CA 90071 
 Attention:
Hamed Meshki, P.C. 
 E-mail:     hamed.meshki@kirkland.com 

and 
 Kirkland & Ellis
LLP 
 601 Lexington Avenue, New York, NY 10022 

Attention: Timothy Cruickshank, P.C. 

E-mail:     tim.cruickshank@kirkland.com 

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

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

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

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

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

  
 24 

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

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

SECTION 7.08. Resolution of Disputes. 

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

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

  
 25 

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

  
 26 

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

 SECTION 7.11. Consolidated Group; Partnership Status. 

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

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

SECTION 7.12. Certain Transactions. 

(a) Transfers by Consolidated Group Members. 

  
 27 

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

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

(b) Transfers by the LLC. 

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

  
 28 

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

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

  
 29 

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

  
 30 

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

			
	MEDIAALPHA, INC.
		
	By:	 	              

	Name:	 	
	Title:	 	
	
	QL HOLDINGS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WHITE MOUNTAINS INVESTMENTS (LUXEMBOURG) S.À R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	STEVEN YI
		
	By:	 	  

	
	OBF INVESTMENTS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  
  

[Signature Page to the Tax Receivables Agreement] 

 
			
	O.N.E. HOLDINGS LLC
		
	By:	 	              

	Name:	 	
	Title:	 	
	
	WANG FAMILY INVESTMENTS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	QUOTELAB HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	KEITH CRAMER
		
	By:	 	  

	
	TIGRAN SINANYAN
		
	By:	 	  

	
	LANCE MARTINEZ
		
	By:	 	  

  
  
  

[Signature Page to the Tax Receivables Agreement] 

 
			
	BRIAN MIKALIS
		
	By:	 	              

	
	ROBERT PERINE
		
	By:	 	  

	
	JEFFREY SWEETSER
		
	By:	 	  

	
	SERGE TOPJIAN
		
	By:	 	  

	
	AMY YEH
		
	By:	 	  

  
  
  

 
 [Signature Page to the Tax Receivables Agreement] 

 
			
	INSIGNIA QL HOLDINGS, LLC
		
	By:	 	              

	Name:	 	
	Title:	 	
	
	INSIGNIA A QL HOLDINGS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  
  

 
  

[Signature Page to the Tax Receivables Agreement] 

 Exhibit A 
  

	 	•	 	 Steven Yi 

  

	 	•	 	 OBF Investments, LLC, a Nevada limited liability company 

 

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

 

	 	•	 	 Wang Family Investments LLC, a Washington limited liability company 

 

	 	•	 	 QuoteLab Holdings, Inc., a Delaware corporation 

 

	 	•	 	 Keith Cramer 

  

	 	•	 	 Tigran Sinanyan 

  

	 	•	 	 Lance Martinez 

  

	 	•	 	 Brian Mikalis 

  

	 	•	 	 Robert Perine 

  

	 	•	 	 Jeffrey Sweetser 

  

	 	•	 	 Serge Topjian 

  

	 	•	 	 Amy Yeh 

  

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

 

	 	•	 	 Insignia A QL Holdings, LLC, a Delaware limited liability companyEX-10.4

 Exhibit 10.4 

EXCHANGE AGREEMENT 
 among

 MEDIAALPHA, INC., 
 QL
HOLDINGS LLC, 
 GUILFORD HOLDINGS, INC. 

and 
 THE CLASS B-1 MEMBERS OF QL HOLDINGS LLC 
 Dated as of
[                ], 2020 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINED TERMS	  	 	1	 
	 Section 1.01.
	  	 Definitions
	  	 	1	 
	 Section 1.02.
	  	 Other Definitional and Interpretative Provisions
	  	 	4	 
	 ARTICLE 2 EXCHANGE
	  	 	4	 
	 Section 2.01.
	  	 Exchanges
	  	 	4	 
	 Section 2.02.
	  	 Adjustment
	  	 	8	 
	 Section 2.03.
	  	 Reservation of Class A Common Stock; Listing
	  	 	8	 
	 Section 2.04.
	  	 Recapitalization
	  	 	8	 
	 Section 2.05.
	  	 Removal of Impediments to Exchange
	  	 	9	 
	 ARTICLE 3 TRANSFER RESTRICTIONS
	  	 	9	 
	 Section 3.01.
	  	 General Restrictions on Transfer
	  	 	9	 
	 Section 3.02.
	  	 Legends
	  	 	9	 
	 Section 3.03.
	  	 Permitted Transferees
	  	 	9	 
	 ARTICLE 4 OTHER AGREEMENTS; MISCELLANEOUS
	  	 	10	 
	 Section 4.01.
	  	 Expenses
	  	 	10	 
	 Section 4.02.
	  	 Notices
	  	 	10	 
	 Section 4.03.
	  	 Permitted Transferees
	  	 	11	 
	 Section 4.04.
	  	 Severability
	  	 	11	 
	 Section 4.05.
	  	 Counterparts
	  	 	11	 
	 Section 4.06.
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	11	 
	 Section 4.07.
	  	 Further Assurances
	  	 	11	 
	 Section 4.08.
	  	 Dispute Resolution
	  	 	11	 
	 Section 4.09.
	  	 Governing Law
	  	 	11	 
	 Section 4.10.
	  	 Consent to Jurisdiction
	  	 	11	 
	 Section 4.11.
	  	 WAIVER OF JURY TRIAL
	  	 	12	 
	 Section 4.12.
	  	 Amendments; Waivers
	  	 	12	 
	 Section 4.13.
	  	 Assignment
	  	 	12	 
	 Section 4.14.
	  	 Tax Treatment
	  	 	12	 
	 Section 4.15.
	  	 Withholding
	  	 	13	 
	 Section 4.16.
	  	 Distributions
	  	 	13	 
	 Section 4.17.
	  	 Effective Date
	  	 	13	 

 EXCHANGE AGREEMENT 

among 
 MEDIAALPHA, INC.,

 QL HOLDINGS LLC, 
 GUILFORD
HOLDINGS, INC. 
 and 

THE CLASS B-1 MEMBERS OF QL HOLDINGS LLC 

EXCHANGE AGREEMENT, dated as of [                ], 2020 (this
“Agreement”), among MediaAlpha, Inc., a Delaware corporation (“Pubco”), QL Holdings LLC, a Delaware limited liability company (the “Company”), Guilford Holdings, Inc., a Delaware corporation (“Intermediate
Holdco”) and the holders from time to time of Class B-1 Units in the Company listed on Exhibit A hereto (collectively, the “Class B-1
Members”). Capitalized terms used but not simultaneously defined are defined in or by reference to Section 1.01. 
 W I T N E S
S E T H: 
 WHEREAS, the parties hereto desire to provide for the exchange of Class B-1 Units
(together with a transfer to Pubco (or Intermediate Holdco) of an equivalent number of shares of Class B Common Stock), for shares of Class A Common Stock (or, at Pubco’s election, cash) on the terms and subject to the conditions set
forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINED TERMS 

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

“Agreement” is defined in the preamble. 

“Business Combination Transaction” is defined in the Amended and Restated Certificate of Incorporation of Pubco. 

“Business Day” means any day except a Saturday, Sunday, or other day on which commercial banks in New York, New York are
required or authorized by law to close. 
 “Cash Consideration” means, with respect to any applicable Exchange, an amount in
cash equal to the product of (x) the number of Class B-1 Units to be Exchanged, (y) the Exchange Rate in effect at the applicable Closing and (z) the Class A Common Stock Value. 

 “Class A Common Stock Value” means the arithmetic
average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg,
L.P., or its successor, for each of the three consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the applicable Closing, subject to appropriate and equitable adjustment for any stock splits, reverse
splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Class A Common Stock Value shall
be determined in good faith by a majority of the directors of Pubco that do not have an interest in the Class B-1 Units and shares of Class B Common Stock to be Exchanged. 

“Class A Common Stock” means shares of Class A common stock, par value $0.01 per share, of Pubco. 

“Class A-1 Units” is defined in the LLC Agreement. 

“Class B Common Stock” means shares of Class B common stock, par value $0.01 per share, of Pubco. 

“Class B-1 Members” is defined in the preamble. 

“Class B-1 Units” is defined in the LLC Agreement. 

“Closing” is defined in Section 2.01(b)(i). 

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

“Commission” means the U.S. Securities and Exchange Commission or any successor thereto. 

“Company” is defined in the preamble. 

“Election Notice” is defined in Section 2.01(a)(iii). 

“Exchange,” when used as a noun, has the meaning set forth in Section 2.01(a). “Exchange,” when used as
a verb, and “Exchanging,” when used as an adjective, shall have correlative meanings. 
 “Exchange Rate”
means the number of shares of Class A Common Stock for which one Class B-1 Unit (together with one share of Class B Common Stock) is entitled to be Exchanged. On the date hereof, the Exchange
Rate shall be 1, subject to adjustment as provided in Section 2.02. 
 “Exchange Request” has the meaning set forth in
Section 2.01(a)(ii). 
 “Founder Holdco” means QuoteLab Holdings, Inc., a Delaware corporation classified as an S-corporation for U.S. federal income tax purposes. 
 “Founder Holding Vehicles” means,
collectively, the Founder Trusts and Founder Holdco. 
 “Founder Trusts” means OBF Investments, LLC, a Nevada limited
liability company, O.N.E. Holdings, LLC, a Washington limited liability company, and Wang Family Investments LLC, a Washington limited liability company. 

“Founders” means Steven Yi, Eugene Nonko and Ambrose Wang, together with their respective Founder Holding Vehicles through
which they indirectly hold Class B-1 Units. 

  
 2 

 “Governmental Entity” means any court, administrative agency, regulatory
body, commission, or other governmental authority, board, bureau, or instrumentality, domestic or foreign, and any subdivision thereof. 

“Insignia” means Insignia QL Holdings, LLC, a Delaware limited liability company, and Insignia A QL Holdings, LLC, a Delaware
limited liability company. 
 “Intermediate Holdco” is defined in the preamble. 

“IPO” means the initial public offering of shares of Pubco’s Class A Common Stock. 

“Liens” means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or
agreements, obligations, understandings or arrangements, or other restrictions on title or transfer of any nature whatsoever. 
 “LLC
Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the Company dated as of the date hereof. 

“Lock-Up Period” means the 180-day period
commencing with the pricing of the IPO. 
 “Notice” is defined in Section 4.02. 

“Permitted Transferee” is defined in the LLC Agreement. 

“Person” means any natural person, corporation, limited partnership, general partnership, limited liability company, joint
stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative
capacity, and any government or agency or political subdivision thereof. 
 “Registration Rights Agreement” means the
Registration Rights Agreement dated as of the date hereof by and among Pubco, the Class B-1 Members and the other parties thereto. 

“Restricted Class A Common Stock” is defined in Section 3.01. 

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

“Stock Consideration” means, with respect to any applicable Exchange, a number of shares of Class A Common Stock equal to
the product of (x) the number of Class B-1 Units being Exchanged and (y) the Exchange Rate in effect at the applicable Closing. 

“Stockholders Agreement” means the Stockholders Agreement dated as of the date hereof by and among Pubco, WTM, Insignia and
the Founders. 
 “Successors” is defined in Section 4.13. 

“Tax Receivables Agreement” means the Tax Receivables Agreement dated as of the date hereof by and among Pubco, the Company,
WTM and the Class B-1 Members. 
 “Trading Day” means a day on which the
principal U.S. securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“WTM” means White Mountains Investments (Luxembourg) S.à r.l, a Luxembourg private limited company
(société à responsabilité limitée). 

  
 3 

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

ARTICLE 2 
 EXCHANGE 

Section 2.01. Exchanges. (a) Exchange Right of a Class B-1
Member. (i) Upon the terms and subject to the conditions of this Article 2, each Class B-1 Member may, at any time and from time to time, after the expiration or earlier termination of the Lock-Up Period, elect to exchange in one or more exchanges no fewer than the lesser of (x) 1,000 Class B-1 Units (together with an equivalent number of shares of
Class B Common Stock) and (y) 100% of the Class B-1 Member’s Class B-1 Units (together with an equivalent number of shares of Class B Common
Stock) (excluding, for the avoidance of doubt, any Class B-1 Unit or share of Class B Common Stock subject to vesting) for (I) the applicable Stock Consideration, or, at the option of Pubco,
(II) the applicable Cash Consideration (any such exchange, an “Exchange”). 
 (ii) A
Class B-1 Member shall exercise its right to effectuate an Exchange set forth in Section 2.01(a)(i) by delivering to the Company, with a copy to Pubco and Intermediate Holdco, a written notice (an
“Exchange Request”) setting forth the number of Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) such
Class B-1 Member wishes to Exchange. An Exchange Request may specify that the Exchange is to be (x) contingent (including as to timing) upon (I) the consummation of a purchase by another Person
(whether in a tender or exchange offer, an underwritten offering or otherwise) of shares of Class A Common Stock, or (II) the closing of an announced merger, consolidation or other transaction or event, including a Business Combination
Transaction, in which the Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property, (y) effective upon a specified future date and/or (z) effected with Pubco
or Intermediate Holdco pursuant to the first sentence of Section 2.01(b)(ii). The applicable Class B-1 Member shall represent in the Exchange Request that such
Class B-1 Member owns or will own the Class B-1 Units and shares of Class B Common Stock to be delivered at the applicable Closing pursuant to
Section 2.01(d)(i) and Section 2.01(d)(ii), free and clear of all Liens, except as set forth therein and other than transfer restrictions imposed by or under applicable securities laws and this Agreement and the LLC Agreement, and, if
there are any Liens on such Class B-1 Units or shares of Class B Common Stock identified in the Exchange Request, such Class B-1 Member shall covenant
that it will deliver at the applicable Closing evidence reasonably satisfactory to the Company that all such Liens (other than transfer restrictions imposed by or under applicable securities laws and this Agreement and the LLC Agreement) have been
released. 

  
 4 

 (iii) Within three Business Days following the Business Day on which the Company,
Intermediate Holdco and Pubco receive an Exchange Request, Pubco shall give written notice (the “Election Notice”) to the Company or Intermediate Holdco, as applicable, copying the Exchanging
Class B-1 Member, of its intention to deliver, at its election, either the applicable Stock Consideration or the applicable Cash Consideration in connection with the Exchange; provided that if
Pubco does not timely deliver an Election Notice, Pubco shall be deemed to have elected to deliver the applicable Stock Consideration; provided further that if the applicable Exchange Request specifies any of the contingencies set forth in
Section 2.01(a)(ii)(x) above, Pubco shall not have the right to elect to deliver Cash Consideration. 
 (iv) Any Class B-1 Member that has delivered an Exchange Request may revoke or amend such Exchange Request at any time prior to 5:00 p.m. New York time on the Business Day immediately prior to the Closing of the
applicable Exchange by delivery of a notice to the Company specifying (A) the number of Class B-1 Units (and an equivalent number of shares of Class B Common Stock) revoked, (B) the number
of Class B-1 Units (and an equivalent number of shares of Class B Common Stock) as to which the Exchange Request remains in effect, if any, and (C) if such
Class B-1 Member so determines, the new future date on which the proposed Exchange is to be effective or any other new or revised information pertaining to the Exchange Request. Notwithstanding anything
in the foregoing to the contrary, a Class B-1 Member may revoke or amend any Exchange Request at any time prior to the scheduled Closing so long as such
Class B-1 Member reimburses all out-of-pocket costs incurred by Pubco, Intermediate Holdco or the Company with respect to
such requested Exchange. 
 (v) If Pubco enters into an agreement to consummate a Business Combination Transaction, Pubco shall give each Class B-1 Member at least ten Business Days’ notice prior to the anticipated closing thereof and, upon the delivery by a Class B-1 Member of an Exchange
Request, Pubco shall cause such agreement to (and shall not enter into any such agreement unless it does) provide that such Class B-1 Member shall be entitled to Exchange its Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) immediately prior to the closing of the Business Combination Transaction in order for such Class B-1 Member to be able to receive the amount and type of consideration payable pursuant to such Business Combination Transaction to holders of Class A Common Stock. If any Person commences a tender
offer or exchange offer for any of the outstanding shares of Pubco’s stock, Pubco shall entitle such Class B-1 Member, upon the delivery by such Class B-1
Member of an Exchange Request, to Exchange its Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) immediately prior to and contingent upon the consummation of such
tender offer or exchange offer in order for such Class B-1 Member to participate in such tender offer or exchange offer. Notwithstanding anything to the contrary in the foregoing, in the event that board
of directors of Pubco approves a Business Combination Transaction and determines in good faith that such Business Combination Transaction involves a bona fide third party and is not for the primary purpose of causing an Exchange hereunder, then upon
at least ten Business Days’ notice, the mandatory Exchange of all outstanding Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) shall occur in accordance
with the following sentence. The Closing for any Exchange pursuant to this Section 2.01(a)(v) shall occur immediately prior to, but remain subject to the consummation immediately after of, the Business Combination Transaction, tender offer or
exchange offer, as applicable, and such Exchange shall be null and void if such Business Combination Transaction, tender offer or exchange offer, as applicable, shall fail to be consummated. 

  
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 (vi) Upon a Class B-1 Member exercising its
right to Exchange or the occurrence of an Exchange as a result of a Business Combination Transaction, (A) Pubco, Intermediate Holdco or the Company, as applicable, shall take such actions as may be required to ensure that such Class B-1 Member receives the applicable Stock Consideration or Cash Consideration that such Exchanging Class B-1 Member is entitled to receive in connection with
such Exchange pursuant to this Section 2.01, and (B) unless otherwise required by applicable law, such Exchange shall be treated for purposes of the Tax Receivables Agreement as an “Exchange” (as such term is defined in the Tax
Receivables Agreement). 
 (b) Closing. (i) Subject to the terms and conditions hereunder and unless expressly provided otherwise
herein, an Exchange pursuant to Section 2.01(a) shall be effected on the later of (x) the fourth Business Day after the Company, Intermediate Holdco and Pubco receive the applicable Exchange Request, (y) the future date as specified
in the applicable Exchange Request or (z) the date on which the conditions included in the applicable Exchange Request have been satisfied or waived (such later date, the “Closing”). 

(ii) In connection with any Exchange pursuant to Section 2.01(a)(i), unless otherwise directed by the Exchanging Class B-1 Member in the
Exchange Notice, the Company may elect to cause Pubco or Intermediate Holdco to effect the Exchange and deliver to the Exchanging Class B-1 Member the applicable Stock Consideration or Cash Consideration
that such Class B-1 Member is entitled to receive pursuant to Section 2.01(d)(v). In all other cases, the Company shall effect the Exchange and, at the time of the Closing of any such Exchange, Pubco
shall contribute to Intermediate Holdco, which shall then contribute to the Company, the applicable Stock Consideration or Cash Consideration that such Class B-1 Member is entitled to receive pursuant to
Section 2.01(d)(v). 
 (iii) Upon the occurrence of a Closing, (A) all rights of the Exchanging
Class B-1 Member as holder of the Class B-1 Units (and the equivalent number of shares of Class B Common Stock) being Exchanged shall terminate
(excluding, for the avoidance of doubt, any rights under Section 5.02(b) of the LLC Agreement and Section 4.16 of this Agreement), (B) the shares of Class B Common Stock delivered at the Closing shall be automatically cancelled on the
books and records of Pubco and shall no longer be deemed to be issued and outstanding capital stock of Pubco, (C) the Class B-1 Units delivered at the Closing to the Company, Intermediate Holdco or
Pubco, as applicable, shall automatically be cancelled on the books and records of the Company and shall no longer be deemed to be issued and outstanding membership interests of the Company and (D) unless Pubco has elected to deliver Cash
Consideration, (x) such Exchanging Class B-1 Member, or such other Person in whose name such Exchanging Class B-1 Member has requested the shares be
registered, shall be treated for all purposes as the holder of the applicable Stock Consideration delivered at the Closing and (y) the Company shall issue to Intermediate Holdco a number of Class A-1
Units equivalent to the applicable Stock Consideration. Any Stock Consideration to be received in the Exchange shall be registered in such names and in such denominations as the Exchanging Class B-1
Member shall request in writing not later than one Business Day prior to Closing. 
 (c) Closing Conditions. (i) The obligation
of any of the parties to consummate an Exchange pursuant to this Section 2.01 shall be subject to the condition that there shall be no injunction, restraining order or decree of any nature of any Governmental Entity that is then in effect that
restrains or prohibits the Exchange. 
 (ii) The obligation of the Company, Intermediate Holdco and Pubco to consummate an Exchange pursuant
to this Section 2.01 shall be subject to (A) the delivery by the Exchanging Class B-1 Member of the items specified in clauses (i), (ii) and (iii) of Section 2.01(d) and (B) the
good faith determination by Pubco that such Exchange would not be prohibited by applicable law or regulation and would not violate any contract, commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the
Company, Intermediate Holdco or Pubco is subject. 

  
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 (d) Closing Deliveries. At or prior to each Closing, with respect to each Class B-1 Member that requests the Exchange contemplated for such Closing: 
 (i) to
the extent that such Class B-1 Member’s Class B-1 Units are certificated, such Class B-1 Member shall deliver
to the Company, Intermediate Holdco or Pubco, as applicable, one or more certificates representing the number of Class B-1 Units specified in the applicable Exchange Request (or an affidavit of loss in
lieu thereof in customary form, without any requirement to post a bond or furnish any other security), accompanied by security transfer powers, in form reasonably satisfactory to the Company, Intermediate Holdco or Pubco, as applicable, duly
executed in blank by such Class B-1 Member or such Class B-1 Member’s duly authorized attorney, to be Exchanged based on the Exchange Rate in effect at
the applicable Closing; 
 (ii) to the extent such Class B-1 Member’s
shares of Class B Common Stock are certificated, such Class B-1 Member shall deliver to the Company, Intermediate Holdco or Pubco, as applicable, one or more certificates representing the number of
shares of Class B Common Stock specified in the applicable Exchange Request (or an affidavit of loss in lieu thereof in customary form, without any requirement to post a bond or furnish any other security), accompanied by security transfer
powers, in form reasonably satisfactory to the Company, Intermediate Holdco or Pubco, as applicable, duly executed in blank by such Class B-1 Member or such
Class B-1 Member’s duly authorized attorney; 
 (iii) such Class B-1 Member shall represent in writing that no Liens exist on the Class B-1 Units and Class B Common Stock delivered pursuant to Sections 2.01(d)(i)
and 2.01(d)(ii) (other than transfer restrictions imposed by or under applicable securities laws, the LLC Agreement and this Agreement), or that any such Liens have been released; 

(iv) if such Class B-1 Member delivers to the Company, Intermediate Holdco or
Pubco, pursuant to Section 2.01(d)(i) or 2.01(d)(ii), a certificate representing a number of Class B-1 Units or shares of Class B Common Stock that is greater than the number of Class B-1 Units or shares of Class B Common Stock specified in the applicable Exchange Request, the Company, Intermediate Holdco or Pubco will deliver to such
Class B-1 Member certificates representing the excess Class B-1 Units or Class B Common Stock, as applicable; and 

(v) The Company, Intermediate Holdco or Pubco, as applicable, shall deliver or cause to be delivered to such Class B-1 Member (x) the applicable Stock Consideration, registered in such names and such denominations as such Class B-1 Member requested pursuant to
Section 2.01(b)(iii) or, if Pubco has so elected, (y) the applicable Cash Consideration. To the extent the any Stock Consideration is to be paid or settled through the facilities of The Depository Trust Company, the Company, Intermediate
Holdco or Pubco, as applicable shall, subject to Section 3.02(a) below, upon the written instruction of a Class B-1 Member, deliver or cause to be delivered such Stock Consideration deliverable to
such Class B-1 Member, through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such
Class B-1 Member. 
 (e) Publicly Traded Partnership. Notwithstanding anything to the
contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of the Company, such Exchange would pose a material risk that the Company would be a “publicly traded
partnership” as defined in Section 7704 of the Code; provided that an Exchange will not be prohibited on this basis so long as the Company continues to satisfy the “private placements” safe harbor pursuant to Section 1.7704-1(h) of the Treasury Regulations promulgated under such Section 7704 of the Code, as determined by the Company in its sole discretion exercised in good faith. 

  
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 Section 2.02. Adjustment. On the date hereof, the Exchange Rate shall be 1. The
Exchange Rate shall be adjusted accordingly if there is: (i) any subdivision (by any unit or stock split, unit or stock distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit or stock
split, reclassification, reorganization, recapitalization or otherwise) of the Class B-1 Units or Class B Common Stock or any similar event, in each case that is not accompanied by an identical
subdivision or combination of the Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock or any similar event, in each case that is not accompanied by an identical subdivision or combination of the
Class B-1 Units and Class B Common Stock. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock are converted or
changed into another security, securities or other property, then upon any subsequent Exchange, an Exchanging Class B-1 Member shall be entitled to receive the amount of such security, securities or other
property that such Exchanging Class B-1 Member would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other
similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any
reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, this Section 2.02 shall continue to
be applicable, mutatis mutandis, with respect to such security or other property. 
 Section 2.03. Reservation of
Class A Common Stock; Listing. Pubco shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of issuance upon an Exchange, the maximum number
of shares of Class A Common Stock as shall be issuable upon Exchange of all outstanding Class B-1 Units and shares of Class B Common Stock; provided that nothing contained herein shall be
construed to preclude Pubco from satisfying its obligations in respect of any such Exchange by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of Pubco). If any shares of Class A Common
Stock require registration with or approval of any Governmental Entity under any federal or state law before such shares of Class A Common Stock may be issued upon an Exchange, Pubco shall use reasonable efforts to cause such shares of
Class A Common Stock to be duly registered or approved, as the case may be. Pubco shall list and use its reasonable efforts to maintain the listing of the shares of Class A Common Stock required to be delivered upon any such Exchange prior
to such delivery upon the national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under
applicable securities laws). Pubco covenants that all shares of Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable. 

Section 2.04. Recapitalization. This Agreement shall apply to the Class B-1 Units
held by the Class B-1 Members and their Permitted Transferees as of the date hereof, as well as any Class B-1 Units hereafter acquired by a Class B-1 Member and its Permitted Transferees. This Agreement shall apply to, mutatis mutandis, and all references to “Class B-1 Units” shall be
deemed to include, any security, securities or other property of the Company that may be issued in respect of, in exchange for or in substitution of Class B-1 Units, by reason of any distribution or
dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

  
 8 

 Section 2.05. Removal of Impediments to Exchange. The Company, Intermediate
Holdco and Pubco shall use reasonable best efforts to remove any impediment that in the good faith judgment of the Company, Intermediate Holdco and Pubco would cause any Exchange to be prohibited by applicable law or regulation or that would cause
any Exchange to violate any contract, commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the Company, Intermediate Holdco or Pubco is subject. 

ARTICLE 3 
 TRANSFER RESTRICTIONS

 Section 3.01. General Restrictions on Transfer. (a) Each Class B-1 Member
understands and agrees that any shares of Class A Common Stock received by such Class B-1 Member in any Exchange (any such shares of Class A Common Stock, “Restricted
Class A Common Stock”) may not be transferred except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

(b) Without limitation of Section 3.01(a), each Class B-1 Member understands and agrees that,
unless exchanged pursuant to an effective registration statement under the Securities Act, the Restricted Class A Common Stock are restricted securities under the Securities Act and the rules and regulations promulgated thereunder. Each Class B-1 Member agrees that it shall not transfer any shares of Restricted Class A Common Stock (or solicit any offers in respect of any transfer of any shares of Restricted Class A Common Stock),
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

(c) Any attempt to transfer any shares of Restricted Class A Common Stock not in compliance with this Agreement shall be void ab initio,
and Pubco shall not, and shall cause any transfer agent not to, give any effect in Pubco’s stock records to such attempted transfer. 

Section 3.02. Legends. (a) In addition to any other legend that may be required, subject to Section 3.02(b), each
certificate for shares of Restricted Class A Common Stock issued to a Class B-1 Member (or any of such Class B-1 Member’s Permitted Transferees)
shall bear a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. 

(b) If any shares of Restricted Class A Common Stock is eligible to be sold pursuant to Rule 144(b)(1) under the Securities Act (or any
successor provision), upon the written request of the holder thereof, accompanied (if Pubco shall so request) by an opinion of counsel reasonably acceptable to Pubco, Pubco shall issue to such holder a new certificate evidencing such shares of
Restricted Class A Common Stock without the legend required by Section 3.02(a) endorsed thereon. 
 Section 3.03.
Permitted Transferees. Subject to this Article 3, each Class B-1 Member acquiring shares of Restricted Class A Common Stock may at any time transfer any or all of its shares of Restricted
Class A Common Stock to any Person so long as the transfer to such transferee is in compliance with Section 4.6(b) of the Stockholders Agreement, if applicable, the Securities Act and any other applicable securities or “blue sky”
laws. 

  
 9 

 ARTICLE 4 

OTHER AGREEMENTS; MISCELLANEOUS 

Section 4.01. Expenses. Each party hereto shall bear its own expenses in connection with the consummation of any of the
transactions contemplated hereby, whether or not any such transaction is ultimately consummated, except that Pubco shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any
Exchange, and Pubco shall promptly cooperate in all filings required to be made under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, in connection with any Exchange (but Pubco shall not be obligated to bear, and shall be
reimbursed by the applicable Class B-1 Member for, the expenses of any such filing or of any information request from any Governmental Entity relating thereto); provided, however, that if
any transfer taxes, stamp taxes or duties, or other similar taxes are imposed by reason of or in connection with the issuance of a certificate pursuant to Section 2.01(d)(v) in a name other than that of the
Class B-1 Member requesting an Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Class B-1 Member), then the Person or Persons requesting the issuance thereof or Exchanging the Class B-1 Units, as applicable, shall bear any such transfer taxes,
stamp taxes or duties, or other similar taxes (or establish to the reasonable satisfaction of the Company, Intermediate Holdco or Pubco, as applicable, that such tax is not payable). 

Section 4.02. Notices. All notices, requests, consents and other communications hereunder (each, a “Notice”) to
any party shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 4.02), email or nationally recognized overnight courier, addressed to such party
at the address, facsimile number or email address set forth in Exhibit A hereto, or below with respect to Pubco, or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties: 

if to Pubco, to: 
 MediaAlpha,
Inc. 
 700 South Flower Street, Suite 640 

Los Angeles, California 90017 

Attention: General Counsel 
 E-mail: legal@mediaalpha.com 
 with a copy (which shall not constitute notice to Pubco) to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: C. Daniel Haaren 

Facsimile: (212) 474-1708 

E-mail: dhaaren@cravath.com 

Each Notice shall be deemed received on the date sent to the recipient thereof in accordance with this Section 4.02, if sent prior to
5:00 p.m. on a Business Day in the place of receipt; otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day. 

  
 10 

 Section 4.03. Permitted Transferees. To the extent that a Class B-1 Member (or an applicable Permitted Transferee of such Class B-1 Member) validly transfers after the date hereof any or all of its Class B-1 Units (together with an equivalent number shares of Class B Common Stock) to a Permitted Transferee of such Person or to any other Person in a transaction not in contravention of, and in
accordance with, the LLC Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in form and substance reasonably satisfactory to Pubco. Upon execution of any such joinder, such transferee
shall, with respect to such transferred Class B-1 Units and shares of Class B Common Stock, be entitled to all of the rights and bound by each of the obligations applicable to the relevant transferor
hereunder; provided that the transferor shall remain entitled to all of the rights and bound by each of the obligations with respect to Class B-1 Units and shares of Class B Common Stock that were
not so transferred. 
 Section 4.04. Severability. The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or entity or any circumstance, is found to be invalid
or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and
(b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or
enforceability of such provision, or the application thereof, in any other jurisdiction. 
 Section 4.05. Counterparts. This
Agreement may be executed (including by facsimile transmission with counterpart pages) in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being
understood that all parties need not sign the same counterpart. 
 Section 4.06. Entire Agreement; No Third Party Beneficiaries.
This Agreement together with the LLC Agreement, Tax Receivables Agreement, Stockholders Agreement and Registration Rights Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the
parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto and their Permitted Transferees, any rights or remedies hereunder. 

Section 4.07. Further Assurances. Each party hereto shall execute, deliver, acknowledge and file such other documents (including
tax forms) and take such further actions as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein. 

Section 4.08. Dispute Resolution. The provisions of Article 13 of the LLC Agreement are hereby incorporated herein in their
entirety. 
 Section 4.09. Governing Law. This Agreement and the rights of the parties hereunder will be governed by, construed
and enforced in accordance with the laws of the State of Delaware without regard to conflicts of law principles thereof. 

Section 4.10. Consent to Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in any United States District Court sitting in the State of Delaware or the
Court of Chancery of the State of Delaware. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding.

  
 11 

 
Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such
court, by any of the methods specified for the giving of Notices pursuant to Section 4.02. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on
venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 4.02) in any suit, action or proceeding
brought in such courts. 
 Section 4.11. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 Section 4.12. Amendments;
Waivers. (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is approved by a majority of the board of directors of Pubco (including in such majority at least one director designee of each of WTM,
Insignia and the Founders (treating the Founders collectively as a single stockholder for this purpose) for so long as such stockholder has the right to designate at least one director to such board pursuant to the Stockholders Agreement), the
Company and each of Insignia and the Founders (only to the extent they hold any Class B-1 Units) and their respective Permitted Transferees. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
law. 
 Section 4.13. Assignment. Except as contemplated by Section 4.03 and except that the rights to have a legend
removed from a certificate representing shares of Restricted Class A Common Stock in accordance with Section 3.02(b) shall be deemed automatically assigned in connection with any transfer not prohibited hereunder, neither this Agreement
nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and
be enforceable by the parties and their respective successors, continuations (including for tax purposes), assigns and Permitted Transferees (collectively, “Successors”). Any reference in this Agreement to a party includes a
reference to such party’s Successors (and, for the avoidance of doubt, in such case, Exchanges may be made in respect of an equity interest in the Company’s Successor). 

Section 4.14. Tax Treatment. The parties to this Agreement intend that this Agreement shall be treated as part of the partnership
agreement of the Company pursuant to Section 761(c) of the Code and Treasury Regulation Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c). For U.S. federal and
applicable state and local income tax purposes, except as otherwise required by an applicable change in law or a final determination (as defined in Section 1313(a) of the Code): (a) the parties hereto agree to treat any Exchanges effected by
the Company as a “disguised sale” of the Class B-1 Units to Pubco (or Intermediate Holdco, if applicable) under Section 707 of the Code; (b) the parties hereto will report any
Exchanges consummated hereunder as a taxable sale of Class B-1 Units and Class B Common Stock by a Class B-1 Member to Pubco (or Intermediate Holdco, if
applicable), in which sale the consideration shall be the applicable Stock Consideration or Cash Consideration and any related payments made to such party under the Tax Receivables Agreement; (c) to the extent any Exchange is effected by Pubco,
the parties hereto agree that Pubco will be treated as immediately contributing the Class B-1 Units acquired in any Exchange to Intermediate Holdco in a transfer described under Section 351(a) of the
Code; and (d) no party will take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 

  
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 Section 4.15. Withholding. Pubco, Intermediate Holdco and the Company may deduct
and withhold from any payments made under this Agreement with respect to any Exchange (whether in the form of Stock Consideration or Cash Consideration) such amounts (or property) as it is required to deduct and withhold under applicable tax law;
provided that Pubco, Intermediate Holdco or the Company, as applicable, may, in its sole discretion, allow the Exchanging Class B-1 Member to pay such amounts owed on the Exchange in cash in lieu
of Pubco, Intermediate Holdco or the Company, as applicable, withholding or deducting such amounts (or property). To the extent that amounts are (or property is) so deducted or withheld and paid over to the appropriate Governmental Entity, the
deducted or withheld amounts (or property) will be treated for all purposes of this Agreement as having been paid (or delivered) to the party in respect of which the deduction or withholding was made. The parties will reasonably cooperate (including
by providing any applicable forms to Pubco, Intermediate Holdco or the Company, as applicable, prior to any Exchange) to reduce or eliminate any deduction or withholding that might otherwise be required with respect to any payments required to be
made under this Agreement. If Pubco, Intermediate Holdco or the Company determines that any amounts by reason of any U.S. federal, state, local or non-U.S. tax laws or regulations are required to be deducted
or withheld in respect of any Exchange, Pubco, Intermediate Holdco or the Company, as the case may be, shall promptly notify the Exchanging Class B-1 Member in writing in advance of making any such
deduction or withholding and shall consider in good faith any positions or alternative arrangements that such Class B-1 Member raises that may reduce or eliminate any such deduction or withholding. 

Section 4.16. Distributions. No Exchange will impair the right of an Exchanging
Class B-1 Member to receive any distributions payable on the Class B-1 Units so Exchanged in respect of a record date that occurs prior to the Closing for such
Exchange (but for which payment had not yet been made at the time of such Closing), in which case such Exchanging Class B-1 Member will retain, with respect to the
Class B-1 Units so Exchanged, only the right to be paid such earned but unpaid distribution at the time it is paid to other Class B-1 Members. 

Section 4.17. Effective Date. This Agreement shall become effective upon the IPO and shall be of no force and effect prior to the
IPO. 
 [Signature pages follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized representatives as of the day and year first above written. 
  

			
	MEDIAALPHA, INC.
		
	By:	 	 
	Name:
	Title:

  

			
	QL HOLDINGS LLC
		
	By:	 	 
	Name:
	Title:

  

			
	GUILFORD HOLDINGS, INC.
		
	By:	 	 
	Name:
	Title:

 [Signature Page to Exchange Agreement] 

 
			
	INSIGNIA QL HOLDINGS, LLC
		
	By:	 	 
	Name:
	Title:

  

			
	INSIGNIA A QL HOLDINGS, LLC
		
	By:	 	 
	Name:
	Title:

  

			
	STEVEN YI
		
	By:	 	 

  

			
	OBF INVESTMENTS, LLC
		
	By:	 	 
	Name:
	Title:

  

			
	O.N.E. HOLDINGS LLC
		
	By:	 	 
	Name:
	Title:

  

			
	WANG FAMILY INVESTMENTS LLC
		
	By:	 	 
	Name:
	Title:

  

			
	QUOTELAB HOLDINGS, INC.
		
	By:	 	 
	Name:
	Title:

 [Signature Page to Exchange Agreement] 

 
			
	KEITH CRAMER
		
	By:	 	 

  

			
	TIGRAN SINANYAN
		
	By:	 	 

  

			
	LANCE MARTINEZ
		
	By:	 	 

  

			
	BRIAN MIKALIS
		
	By:	 	 

  

			
	ROBERT PERINE
		
	By:	 	 

  

			
	JEFFREY SWEETSER
		
	By:	 	 

  

			
	SERGE TOPJIAN
		
	By:	 	 

  

			
	AMY YEH
		
	By:	 	 

 [Signature Page to Exchange Agreement] 

 Exhibit A 
  

									
	 	  	Immediately Following IPO	 
	 	  	Number of
Class B-1
Units Owned	 	 	Number of
Class B
Common
Stock Owned	 
	Name and Address of Class B-1 Member	  				 			
	 Insignia QL Holdings, LLC
 c/o Insignia Capital
Group
 1333 California Blvd, Suite 520
 Walnut Creek, CA
94596
 Attention: Tony Broglio
	  	 	[	●] 	 	 	[	●] 
			
	 Insignia A QL Holdings, LLC
 c/o Insignia
Capital Group
 1333 California Blvd, Suite 520
 Walnut Creek,
CA 94596
 Attention: Tony Broglio
	  	 	[	●] 	 	 	[	●] 
			
	 Steven Yi
	  	 	[	●] 	 	 	[	●] 
			
	 OBF Investments, LLC
 Attention: Steven
Yi
	  	 	[	●] 	 	 	[	●] 
			
	 O.N.E. Holdings LLC
 Attention: Eugene
Nonko
	  	 	[	●] 	 	 	[	●] 
			
	 Wang Family Investments LLC
 Attention: Ambrose
Wang
	  	 	[	●] 	 	 	[	●] 

									
	 QuoteLab Holdings, Inc.
 700 S. Flower St.,
Suite 640
 Los Angeles, CA 90017
 Attention: Steven Yi
	  	 	[	●] 	 	 	[	●] 
			
	 Keith Cramer
	  	 	[	●] 	 	 	[	●] 
			
	 Tigran Sinanyan
	  	 	[	●] 	 	 	[	●] 
			
	 Lance Martinez
	  	 	[	●] 	 	 	[	●] 
			
	 Brian Mikalis
	  	 	[	●] 	 	 	[	●] 
			
	 Robert Perine
	  	 	[	●] 	 	 	[	●] 
			
	 Jeffrey Sweetser
	  	 	[	●] 	 	 	[	●] 
			
	 Serge Topjian
	  	 	[	●] 	 	 	[	●] 
			
	 Amy Yeh
	  	 	[	●] 	 	 	[	●]

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