Document:

EX-4.3

 Exhibit 4.3 
  

 
  

STOCKHOLDERS’ AGREEMENT 

dated as of May 2, 2017 
 by
and among 
 Roadrunner Transportation Systems, Inc., 

Elliott Associates, L.P. 
 and

 Brockdale Investments LP 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	 
	INTRODUCTORY MATTERS	 
			
	 Section 1.1
	 	 Defined Terms
	  	 	1	 
	 Section 1.2
	 	 Construction
	  	 	7	 
	
	ARTICLE II	 
	CORPORATE GOVERNANCE MATTERS	 
			
	 Section 2.1
	 	 Rights of Designating Majority
	  	 	7	 
	 Section 2.2
	 	 [Intentionally omitted]
	  	 	7	 
	 Section 2.3
	 	 Transferability
	  	 	7	 
	 Section 2.4
	 	 Legend
	  	 	7	 
	 Section 2.5
	 	 Preemptive Rights
	  	 	8	 
	 Section 2.6
	 	 Compliance with Certificate of Designations
	  	 	10	 
	 Section 2.7
	 	 Alternative Structure; Exchange
	  	 	10	 
	 Section 2.8
	 	 Change of Control Transactions
	  	 	10	 
	 Section 2.9
	 	 Resignation of Preferred Stock Directors
	  	 	10	 
	
	ARTICLE III	 
	INFORMATION	 
			
	 Section 3.1
	 	 Books and Records; Access
	  	 	11	 
	 Section 3.2
	 	 Certain Reports
	  	 	11	 
	 Section 3.3
	 	 Confidentiality
	  	 	12	 
	
	ARTICLE IV	 
	GENERAL PROVISIONS	 
			
	 Section 4.1
	 	 Termination
	  	 	12	 
	 Section 4.2
	 	 Notices
	  	 	13	 
	 Section 4.3
	 	 Amendment; Waiver
	  	 	13	 
	 Section 4.4
	 	 Further Assurances
	  	 	14	 
	 Section 4.5
	 	 Assignment
	  	 	14	 
	 Section 4.6
	 	 Governing Law
	  	 	14	 
	 Section 4.7
	 	 Jurisdiction; Waiver of Jury Trial
	  	 	14	 
	 Section 4.8
	 	 Specific Performance
	  	 	15	 
	 Section 4.9
	 	 Entire Agreement
	  	 	15	 
	 Section 4.10
	 	 Severability
	  	 	15	 
	 Section 4.11
	 	 Table of Contents, Headings and Captions
	  	 	15	 
	 Section 4.12
	 	 Counterparts
	  	 	15	 
	 Section 4.13
	 	 Effectiveness
	  	 	15	 

  
 i 

 STOCKHOLDERS’ AGREEMENT 

THIS STOCKHOLDERS’ AGREEMENT is entered into as of May 2, 2017, by and among Roadrunner Transportation Systems, Inc., a Delaware
corporation (the “Company”), Elliott Associates, L.P., a Delaware limited partnership, and Brockdale Investments LP, a Delaware limited partnership (collectively, the “Stockholders”). 

RECITALS 
 WHEREAS, the
Company and the Stockholders have entered into the Investment Agreement, dated as of May 1, 2017, by and among the Company and the Stockholders (as it may be amended from time to time, the “Investment Agreement”), pursuant to
which, among other things, the Company has agreed to issue and sell to the Stockholders and the Stockholders have agreed to purchase from the Company (the “Purchase”) (i) 155,000 shares of Series B Cumulative
Redeemable Preferred Stock, par value $0.01 per share, of the Company (the “Series B Preferred Stock”), 55,000 shares of Series C Cumulative Redeemable Participating Preferred Stock, par value $0.01 per
share, of the Company (the “Series C Preferred Stock”), 100 shares of Series D Cumulative Redeemable Participating Preferred Stock, par value $0.01 per share, of the Company (the
“Series D Preferred Stock”), 90,000 shares of Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share, of the Company (the “Series E Preferred Stock”) and
240,500 shares of Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share, of the Company (the “Series F Preferred Stock” and, together with the Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, the “Preferred Stock”), as set forth in the Certificate of Designations (as defined below) and (ii) the number of warrants set forth in the
Warrant Agreement (as defined in the Investment Agreement) (the “Warrants”), exercisable for shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”); and 

WHEREAS, in connection with the Purchase, the Company and the Stockholders wish to set forth certain understandings between such parties,
including with respect to certain governance matters. 
 AGREEMENT 

NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 
 INTRODUCTORY
MATTERS 
 Section 1.1    Defined Terms. In addition to the terms defined elsewhere herein, the
following terms have the following meanings when used herein with initial capital letters: 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person; provided, that no portfolio company of any investment fund affiliated with Elliott Management Corporation
(excluding, for the avoidance of doubt, the Elliott Parties) shall be deemed an Affiliate of any Elliott Party for purposes of this Agreement. 

“Agreement” means this Stockholders’ Agreement, as the same may be amended, supplemented, restated or otherwise modified
from time to time in accordance with the terms hereof. 
 “Attorney” has the meaning set forth in
Section 4.3. 

  
 1 

 “Beneficially Own” and “Beneficial Ownership” has the meaning
given such term in Rule 13d-3 promulgated under the Exchange Act, and a Person’s beneficial ownership of Capital Stock of any Person shall be calculated in accordance with the provisions of such
rule, but without taking into account any contractual restrictions or limitations on voting or other rights; provided, however, that for purposes of determining beneficial ownership, a Person shall be deemed to be the beneficial owner
of any security which may be acquired by such Person, whether within sixty (60) days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities. 

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

“Board Observer” has the meaning set forth in the Series D Certificate of Designations. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law
to be closed in New York City. 
 “Bylaws” means the Second Amended and Restated Bylaws of the Company, as amended from
time to time. 
 “Capital Stock” of any Person means any and all shares, interests (including partnership interests),
rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity. 

“Certificate of Designations” means, collectively, the Series B Certificate of Designations, Series C Certificate of
Designations, Series D Certificate of Designations and Series E Certificate of Designations. 
 “Certificate of
Incorporation” means the Amended and Restated Certificate of Incorporation of the Company, as amended from time to time. 

“Change of Control” means the occurrence, directly or indirectly, of any of the following: 

(a)    any merger, sale, share exchange, consolidation, reorganization or other transaction or series of related
transactions involving the Company after which holders of Common Stock immediately prior to such transaction do not own at least fifty percent (50%) of the combined voting power of the Voting Stock of the surviving entity; 

(b)    any acquisition by any Person or Group (other than the Company or its Subsidiaries or any of the Stockholders
and/or their Affiliates) of Beneficial Ownership of at least thirty-five percent (35%) of the combined voting power of the Voting Stock of the Company (or any successor or parent entity thereof) immediately following such acquisition; 

(c)    any sale, lease or other disposition of all or substantially all of the assets of the Company and its Subsidiaries,
taken as a whole; or 
 (d)    if, during any one (1) year period, individuals who, at the beginning of such
period, were members of the Board (together with new members of the Board whose election or nomination was approved by such individuals or by any of the Stockholders and/or their Affiliates) cease for any reason (other than by actions taken by any
of the Stockholders and/or their Affiliates) to constitute a majority of the Board in office. 

  
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 “Closing” has the meaning set forth in the Investment Agreement. 

“Closing Date” has the meaning set forth in the Investment Agreement. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Common Stock” has the meaning set forth in the Recitals. 

“Company” has the meaning set forth in the Preamble. 

“Compliance Certificate” means a certificate signed by an officer of the Company certifying to the Total Preferred Leverage
and the Total Net Senior Secured Leverage for the preceding fiscal quarter and setting forth supporting calculations thereof in reasonable detail. 

“Control” (including its correlative meanings, “Controlled by” and “under common Control
with”), when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management or policies of such Person, whether through ownership of voting securities, by contract or
otherwise. 
 “Designating Majority” means such Elliott Party, or any group of Elliott Parties collectively, then holding
of record shares of Preferred Stock and/or shares of Common Stock representing a majority of the Equity Value represented by the shares of Preferred Stock and shares of Common Stock held of record by all Elliott Parties in the aggregate. 

“Director” means any director of the Company. 

“Disclosure Letter” has the meaning set forth in the Investment Agreement. 

“Eligible Elliott Party” means (i) each Elliott Party that, individually or with its Affiliates, holds Preferred
Stock with Preferred Aggregate Liquidation Value of at least $50,000,000 or (ii) Stockholders and any of their Affiliates that are transferees of shares of Preferred Stock transferred in accordance with
Section 2.3, in each case to the extent they hold any shares of Series B Preferred Stock or Series C Preferred Stock. 

“Elliott” means the Stockholders and their Affiliates. 

“Elliott Parties” means the Stockholders and any transferees of shares of Preferred Stock transferred in accordance with
Section 2.3. 
 “Equity Securities” means the equity securities of the Company, including the
Preferred Stock and the Common Stock. 
 “Equity Value” means, as of any date of determination, the sum of
(i) the Preferred Aggregate Liquidation Value plus (ii) the product of (x) the number of issued and outstanding shares of Common Stock multiplied by (y) the Trading Price. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “First Lien Notes” has the meaning set forth in Section 2.7(c).

 “GAAP” means U.S. generally accepted accounting principles. 

  
 3 

 “Governmental Entity” means any transnational, multinational, domestic or
foreign federal, state, provincial or local governmental, regulatory or administrative authority, instrumentality, department, court, arbitrator, agency, commission or official, including any political subdivision thereof, any state-owned or
state-controlled enterprise, or any non-governmental self-regulatory agency, commission or authority. 

“Group” means any “group” as such term is used in Section 13(d)(3) of the Exchange Act. 

“HCI Parties” means Thayer Equity Investors V, L.P., TC Roadrunner-Dawes Holdings, L.L.C., TC Sargent Holdings, L.L.C., HCI
Equity Partners III, L.P., and HCI Co-Investors III, L.P. 
 “Indebtedness” has the
meaning set forth in the Investment Agreement. 
 “Information” has the meaning set forth in
Section 3.3. 
 “Investment Agreement” has the meaning set forth in the Recitals. 

“Law” means any statute, law, ordinance, treaty, rule, code, regulation or other binding directive issued, promulgated or
enforced by any Governmental Entity. 
 “New ABL Facility” has the meaning set forth in the Investment Agreement. 

“New Security” has the meaning set forth in Section 2.5(a). 

“Nominating/Corporate Governance Committee” means the Nominating/Corporate Governance Committee of the Board. 

“Permitted Divestiture” has the meaning set forth in Schedule 1.1 of the Disclosure Letter. 

“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act. 
 “Preemptive Rights Portion” has the meaning set forth in Section 2.5(b). 

“Preferred Aggregate Liquidation Value” means, as of any date of determination, the sum of (i) the aggregate
Series B Liquidation Value, plus (ii) the aggregate Series C Liquidation Value, plus (iii) the aggregate Series D Liquidation Value, plus (iv) the aggregate Series E Liquidation Value,
plus (v) the aggregate Series F Liquidation Value. 
 “Preferred Stock” has the meaning set forth in the
Recitals. 
 “Preferred Stock Director” means a director of the Company elected by holders of Preferred Stock pursuant to
the Certificate of Designations. 
 “Purchase” has the meaning set forth in the Recitals. 

“Redemption” means (i) a “Redemption” as defined in the Series B Certificate of Designations,
(ii) a “Redemption” as defined in the Series C Certificate of Designations, (iii) a “Redemption” as defined in the Series D Certificate of Designations, (iv) a “Redemption” as defined
in the Series E Certificate of Designations, or (v) a “Redemption” as defined in the Series F Certificate of Designations. 

  
 4 

 “Registration Rights Agreement” means the Registration Rights Agreement, dated
as of the date hereof, by and among the Company, the Stockholders and the HCI Parties. 
 “Representatives” has the meaning
set forth in Section 3.3. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Notes” has the meaning set forth in Section 2.7(b). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the
same may be amended from time to time. 
 “Series B Certificate of Designations” means the Company’s Certificate of
Designations, Preferences and Rights of Series B Cumulative Redeemable Preferred Stock. 
 “Series B Liquidation Value” has
the meaning set forth in the definition of “Liquidation Value” in the Series B Certificate of Designations. 
 “Series B
Preferred Stock” has the meaning set forth in the Recitals. 
 “Series C Certificate of Designations” means the
Company’s Certificate of Designations, Preferences and Rights of Series C Cumulative Redeemable Participating Preferred Stock. 

“Series C Liquidation Value” has the meaning set forth in the definition of “Liquidation Value” in the Series C
Certificate of Designations. 
 “Series C Preferred Stock” has the meaning set forth in the Recitals. 

“Series D Certificate of Designations” means the Company’s Certificate of Designations, Preferences and Rights of Series
D Cumulative Redeemable Participating Preferred Stock. 
 “Series D Liquidation Value” has the meaning set forth in the
definition of “Liquidation Value” in the Series D Certificate of Designations. 
 “Series D Preferred Stock” has
the meaning set forth in the Recitals. 
 “Series E Certificate of Designations” means the Company’s Certificate of
Designations, Preferences and Rights of Series E Cumulative Redeemable Preferred Stock. 
 “Series E Liquidation Value” has
the meaning set forth in the definition of “Liquidation Value” in the Series E Certificate of Designations. 
 “Series E
Preferred Stock” has the meaning set forth in the Recitals. 
 “Series F Certificate of Designations” means the
Corporation’s Certificate of Designations, Preferences and Rights of Series F Cumulative Redeemable Preferred Stock. 
 “Series
F Liquidation Value” means the “Liquidation Value”, as such term is defined in the Series F Certificate of Designations. 

“Series F Preferred Stock” has the meaning set forth in the Recitals. 

  
 5 

 “Specified Elliott Party Holdings Amount” means, as of any date of determination
and with respect to each Elliott Party, the sum of (i) the Preferred Aggregate Liquidation Value represented by the shares of Preferred Stock held by the applicable Elliott Party, plus (ii) the product of
(x) the number of shares of Common Stock held, directly or indirectly, by such Elliott Party (assuming exercise of any Warrants held by such Elliott Party) multiplied by (y) the Trading Price. 

“Specified Elliott Party Holdings Percentage” means, as of any date of determination and with respect to each Elliott Party,
the quotient of (i) the applicable Specified Elliott Party Holdings Amount divided by (ii) the Equity Value. 

“Stockholders” has the meaning set forth in the Preamble. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other
business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees
thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or
other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly,
by that Person or one or more Subsidiaries of that Person or a combination thereof. 
 “Total Net Senior Secured Leverage”
means “Total Net Senior Secured Leverage” as defined in the Series B Certificate of Designations (regardless of whether or not any shares of Series B Preferred Stock are then outstanding). 

“Total Preferred Leverage” means “Total Preferred Leverage” as defined in the Series B Certificate of
Designations (regardless of whether or not any shares of Series B Preferred Stock are then outstanding). 
 “Trading Price”
means, as of any date of determination, the greater of (i) the trading price of the shares of Common Stock as of such date and (ii) the volume weighted average price of the shares of Common Stock for the twenty
(20) consecutive trading days prior to such date. 
 “Transaction Documents” means this Agreement, the Investment
Agreement and the Registration Rights Agreement. 
 “Transfer” (including its correlative meanings,
“Transferor”, “Transferee” and “Transferred”) means, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security
interest, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of (including through any hedging or other similar transaction)
any economic, voting or other rights in or to such security; provided, however, that notwithstanding anything to the contrary in this Agreement, a Transfer shall not include the Transfer of limited partnership interests in the
Stockholders or the Transfer of interests in any Elliott Party to any Person that is Controlled by the Stockholders or their respective Affiliates (provided, further, however, that any transaction that would result in any such
Person ceasing to be Controlled by the Stockholders or their respective Affiliates shall be considered a Transfer). When used as a noun, “Transfer” shall have such correlative meaning as the context may require. 

  
 6 

 “Triggering Event” means (i) a “Triggering Event” as
defined in the Series B Certificate of Designations, (ii) a “Triggering Event” as defined in the Series C Certificate of Designations, (iii) a “Triggering Event” as defined in the Series D
Certificate of Designations, (iv) a “Triggering Event” as defined in the Series E Certificate of Designations or (v) a “Triggering Event” as defined in the Series F Certificate of Designations.

 “True Up Payment” has the meaning set forth in Section 2.8. 

“Voting Stock” means, with respect to any Person, Capital Stock of the class or classes pursuant to which the holders thereof
have the general voting power under ordinary circumstances (determined without regard to any classification of directors) to elect one or more members of the board of directors (or similar governing body) of such Person (without regard to whether or
not, at the relevant time, Capital Stock of any other class or classes (other than common equity) shall have or might have voting power by reason of the happening of any contingency). 

“Warrants” has the meaning set forth in the Recitals. 

Section 1.2    Construction. The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the
singular include the plural, and in the plural include the singular, (c) the words “including”, “includes”, “included” and “include” are deemed to be followed by the words “without
limitation” and (d) the words “hereof”, “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, and Section references are to this Agreement unless otherwise specified. 
 ARTICLE II 

CORPORATE GOVERNANCE MATTERS 

Section 2.1    Rights of Designating Majority. The Designating Majority agrees and undertakes to act in
accordance with, and give effect to, the instructions of the Elliott Parties when exercising any and all of the rights given to the Designating Majority specified in this Agreement. 

Section 2.2    [Intentionally omitted]. 

Section 2.3    Transferability. Any Transfer of any share of Preferred Stock to any Person other than any
Affiliate of the Elliott Parties shall require the consent of the Company, unless (i) a Triggering Event has occurred and is continuing or (ii) such Transfer is to a Person not listed on Schedule 2.3 of the Disclosure
Letter, in which case such consent shall not be required. 
 Section 2.4    Legend. 

(a)    The Elliott Parties agree that all certificates or other instruments representing the shares of Preferred Stock and
shares of Common Stock subject to this Agreement will bear legends substantially to the following effect: 
 THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDERS’ AGREEMENT, DATED AS OF MAY 2, 2017, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 

  
 7 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN A MANNER PROHIBITED UNDER SUCH STOCKHOLDERS’ AGREEMENT AND (A) PURSUANT TO A
REGISTRATION STATEMENT RELATING THERETO THAT IS EFFECTIVE UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

(b)    Upon request of an Elliott Party, upon receipt by the Company of an opinion of counsel reasonably satisfactory to
the Company to the effect that the second legend above is no longer required under the Securities Act and applicable state Laws, the Company shall promptly cause such second legend to be removed from any certificate for any shares of Preferred Stock
or Common Stock to be Transferred in accordance with the terms of this Agreement. 
 Section 2.5    Preemptive
Rights. 
 (a)    If the Company makes any non-public offering of any Equity
Securities or any securities that are convertible or exchangeable into (or exercisable for) Equity Securities, including, for the purposes of this Section 2.5, warrants, options or other such rights (any such security, a
“New Security”) (other than (1) pursuant to any employee or director benefit plan or the granting or exercise of employee stock options or other equity incentives pursuant to the Company’s stock incentive plans or
employment or consulting arrangements with the Company or any of its Subsidiaries, (2) issuances in connection with any acquisition (by sale, merger in which the Company is the surviving corporation, or otherwise) by the Company of
equity in, or assets of, a business, including any joint venture or strategic partnership or to financial institutions, commercial lenders, brokers/finders or any similar party in connection with the incurrence or guarantee of Indebtedness by the
Company or any of its Subsidiaries, (3) issuances of any securities issued as a result of a stock split, stock dividend, reclassification or reorganization or similar event, (4) issuances of Equity Securities issued upon
conversion, exchange or exercise of, or as a dividend on, any convertible securities of the Company issued prior to the date of the Investment Agreement, (5) issuances of Equity Securities upon conversion, exchange or exercise of, or as
a dividend on, any Equity Securities issued after the date hereof in a transaction to which this Section 2.5 applied, (6) in connection with any offer or sale of any Equity Securities to the public pursuant to a
registration statement effected in accordance with the Securities Act, and (7) issuances of Equity Securities or issuance of Equity Securities upon conversion, exchange or exercise of, or as a dividend on, any Equity Securities issued
pursuant to an exception described in clauses (1) through (6) above), each Eligible Elliott Party shall be afforded the opportunity to acquire from the Company such Eligible Elliott Party’s Preemptive Rights Portion of such New Securities
for the same price as that offered to the other purchasers of such Equity Securities or other securities; provided, that such Eligible Elliott Party shall not be entitled to acquire any New Securities pursuant to this
Section 2.5 if the issuance of such New Securities to such Eligible Elliott Party would require approval of the stockholders of the Company as a result of any such Eligible Elliott Party’s status as an Affiliate of the
Company, in which case, the Company may consummate the issuance of New Securities to other investors prior to obtaining approval of the stockholders of the Company but subject to the right of such Eligible Elliott Party to purchase additional New
Securities up to its Preemptive Rights Portion of such issuance following approval of the stockholders of the Company; provided, further, that (x) the Company shall use its reasonable best efforts to obtain the approval of
the stockholders of the Company to approve the issuance of the New Securities to such Eligible Elliott Party and (y) if the issuance of such New 

  
 8 

 
Securities is to be effected via a private placement, the Company shall use its reasonable best efforts to obtain commitments from the purchasers of such New Securities to vote in favor of the
issuance of such New Securities to such Eligible Elliott Party; provided, that the Company shall not be required to make any payment to such purchasers in exchange for such commitments. 

(b)    Subject to the foregoing proviso, the amount of New Securities that each Eligible Elliott Party shall be entitled
to purchase in the aggregate shall be determined by multiplying (1) the total number of such offered shares of New Securities by (2) the Specified Elliott Party Holdings Percentage of such Eligible Elliott Party (the
“Preemptive Rights Portion”). 
 (c)    If the Company proposes to offer New Securities, it shall give
the Eligible Elliott Parties written notice of its intention, describing the price (or range of prices), anticipated amount of securities, timing and other terms upon which the Company proposes to offer the same at least five (5) Business Days
prior to such issuance; provided that, to the extent the terms of such offering cannot reasonably be provided five (5) Business Days prior to such issuance, notice of such terms may be given as promptly as practicable but in any event
prior to such issuance. The Company may provide such notice to the Eligible Elliott Parties on a confidential basis prior to public disclosure of such offering. Each Eligible Elliott Party may notify the Company in writing at any time on or prior to
the Business Day immediately prior to the date of such issuance (or, if notice of all such terms has not been given prior to the Business Day immediately prior to the date of such issuance, at any time prior to such issuance) whether such Eligible
Elliott Party will exercise such preemptive rights and as to the amount of New Securities such Eligible Elliott Party desires to purchase, up to the maximum amount calculated pursuant to Section 2.5(b). Such notice to the Company shall
constitute a binding commitment by the Eligible Elliott Party to purchase the amount of New Securities so specified at the price and other terms set forth in the Company’s notice to it. Subject to receipt of the requisite notice of such
issuance, the failure of an Eligible Elliott Party to respond prior to the time a response is required pursuant to this Section 2.5(c) shall be deemed to be a waiver of such Eligible Elliott Party’s purchase rights under this
Section 2.5 only with respect to the offering described in the applicable notice. 

(d)    Each Eligible Elliott Party shall purchase the securities that it has elected to purchase concurrently with the
related issuance of such securities by the Company; provided, that if such related issuance is prior to the tenth (10th) Business Day following the date on which such Eligible Elliott Party
has notified the Company that it has elected to purchase securities pursuant to this Section 2.5, then such Eligible Elliott Party shall purchase such securities within ten (10) Business Days following the date of the
related issuance; and provided, further, that the deadlines set forth in this sentence shall be extended to the extent necessary to secure any required approvals or consents or for the expiration of any applicable regulatory waiting
periods. If the proposed issuance by the Company of securities which gave rise to the exercise by the Eligible Elliott Parties of their preemptive rights pursuant to this Section 2.5 shall be terminated or abandoned by the
Company without the issuance of any securities, then the purchase rights of any Eligible Elliott Party pursuant to this Section 2.5 shall also terminate as to such proposed issuance by the Company (but not any subsequent or
future issuance), and any funds in respect thereof paid to the Company by any Eligible Elliott Party in respect thereof shall be refunded in full. 

(e)    In the case of the offering of securities for consideration in whole or in part other than cash, including
securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration other than cash shall be deemed to be the fair value thereof as reasonably determined by the Board; provided, however,
that such fair value as determined by the Board shall not exceed the aggregate market price of the securities being offered as of the closing date of such offering (which market price shall be deemed to be the Trading Price with respect to an
offering of Common Stock). 

  
 9 

 (f)    The election by any Eligible Elliott Party not to exercise its
subscription rights under this Section 2.5 in any one instance shall not affect its right as to any subsequent proposed issuance. 

(g)    The Company and the Eligible Elliott Parties shall cooperate in good faith to facilitate the exercise of the
Eligible Elliott Parties’ rights pursuant to this Section 2.5, including using reasonable best efforts to secure any required approvals or consents. 

Section 2.6    Compliance with Certificate of Designations. 

(a)     The Company agrees to comply with all terms of the Certificate of Designations to the same extent as if such terms
were incorporated into this Agreement, including without limitation, all obligations applicable upon any Triggering Event until all Preferred Stock is no longer outstanding and all payment obligations are satisfied in respect of same. 

(b)    In the event that the Company fails for any reason to appoint Triggering Event Directors (as defined in the
Certificate of Designations) within 90 days following a Triggering Event, the Company shall, upon the request of any Eligible Elliott Party, delist its Common Stock from any securities exchange or inter-dealer quotation system in accordance with the
rules thereof. 
 Section 2.7    Alternative Structure; Exchange. 

(a)    If, subsequent to the Closing, the Company requests to restructure the Series B Preferred Stock, Series C
Preferred Stock and/or Series D Preferred Stock as subordinated debt in order to obtain tax efficiencies, the Elliott Parties shall work in good faith with the Company to achieve such structure to the extent such structure can be affected in a
manner that is not adverse in any material respect to any Elliott Party. 
 (b)    Following the Closing, the Company
and the Elliott Parties shall in good faith discuss terms under which the shares of Series E Preferred Stock (and any Series F Preferred Stock that remains outstanding following a Refinancing (as defined in the Investment Agreement)) may be
exchanged for secured notes having the terms described on Exhibit A hereto (“Secured Notes”). 

(c)    If the New ABL Facility is not entered into within ninety (90) days following the Closing Date, then promptly
following such date, the Company and the Elliott Parties shall exchange the shares of Series F Preferred Stock then outstanding for first lien secured notes having the terms described on Exhibit B hereto (“First Lien Notes”).

 Section 2.8    Change of Control Transactions. In the event that (i) the Company
(x) effects a Redemption and (ii) within twelve (12) months following such Redemption the Company consummates any Change of Control transaction, contemporaneously with the consummation of such Change of Control
transaction, the Company shall make a cash payment (a “True Up Payment”) to each holder of shares of Preferred Stock redeemed in such Redemption in a per share amount equal to the excess (if any) of (1) the per share
redemption price that would have been paid in the event such redemption occurred immediately following consummation of such Change of Control transaction, over (2) the sum of (I) the per share price actually paid in
connection with such Redemption, plus (II) the per share amount of any True Up Payments previously paid with respect to such Redemption. 

Section 2.9    Resignation of Preferred Stock Directors. 

  
 10 

 (a)    At any time that the Elliott Parties no longer have the right to
nominate and elect two (2) Preferred Stock Directors pursuant to Section 9(c)(i)(A) of the Series D Certificate of Designations, the Elliott Parties shall cause at least one (1) Preferred Stock Director to promptly resign as a
director of the Company if the Elliott Parties have two (2) Preferred Stock Directors serving on the Board at such time. 

(b)    Subject to Section 9(c)(i)(A) of the Series D Certificate of Designations, at any time that the Elliott
Parties no longer have the right to nominate and elect one (1) Preferred Stock Director pursuant to Section 9(c)(i)(B) of the Series D Certificate of Designations, the Elliott Parties shall cause all then-serving Preferred Stock
Directors to promptly resign as directors of the Company. 
 ARTICLE III 

INFORMATION 

Section 3.1    Books and Records; Access. The Company shall, and shall cause its Subsidiaries to, upon the
Eligible Elliott Parties’ reasonable request and upon reasonable prior notice to the Company, permit the Eligible Elliott Parties and their designated representatives to review the books and records of the Company or any of such Subsidiaries
and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that (i) such access shall not unreasonably disrupt
the operations of the Company or any of its Subsidiaries, (ii) such review and discussion shall occur no more than twice during any fiscal year, and (iii) the Company shall not be required to disclose any privileged
information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Eligible Elliott Parties without the loss of any such privilege. 

Section 3.2    Certain Reports. The Company shall deliver or cause to be delivered to the Eligible Elliott
Parties, at their request: 
 (a)    commencing with the fiscal year ending December 31, 2017, as soon as available
and in any event no later than the earlier of (i) fifteen (15) days after the date that the Company is or would be required to file its annual report with the SEC as part of the Company’s periodic reporting and
(ii) one hundred-five (105) days after the end of each fiscal year of the Company, audited statements of income and cash flows of the Company and its Subsidiaries for such fiscal year, and audited balance sheets of the Company and
its Subsidiaries as of the end of such fiscal year, in each case prepared in all material respects in accordance with GAAP, consistently applied; 

(b)    commencing with the quarter ending June 30, 2017, as soon as available and in any event no later than the
earlier of (i) ten (10) days after the date that the Company is or would be required to file the Company’s quarterly report with the SEC as part of the Company’s periodic reporting and (ii) fifty-five
(55) days after the end of any of the first three fiscal quarters of each fiscal year of the Company, unaudited statements of income and cash flows of the Company and its Subsidiaries for such quarterly period (as well as unaudited statements
of income of the Company and its Subsidiaries for the period from the beginning of the fiscal year to the end of such quarter) and unaudited balance sheets of the Company and its Subsidiaries as of the end of such quarterly period; 

(c)    operating and capital expenditure budgets and periodic information packages relating to the operations and cash
flows of the Company and its Subsidiaries that are provided to the Board or the board of directors of the Company’s Subsidiaries; 

  
 11 

 (d)    on each date on which financial statements are required to be
delivered pursuant to Section 3.2(a) and Section 3.2(b), a Compliance Certificate with respect to the applicable fiscal quarter; and 

(e)    such other information as may be reasonably requested by the Eligible Elliott Parties, including for purposes of
compliance with reporting (including tax reporting), regulatory or other legal requirements applicable to the Eligible Elliott Parties or their direct or indirect investors; provided, however, that (i) the Company shall not
be required to provide any reports or information to the extent it would unreasonably disrupt the operations of the Company or any of its Subsidiaries and (ii) the Company shall not be required to disclose any privileged information of
the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Eligible Elliott Parties without the loss of any such privilege. 

Section 3.3    Confidentiality. The Stockholders and each Elliott Party will hold, and will cause
(x) their respective Affiliates and their respective directors, managers, officers, employees, agents, consultants, auditors, attorneys, financial advisors, financing sources and other consultants and advisors
(“Representatives”) and (y) the Preferred Stock Directors and any Board Observer to hold, in strict confidence, unless disclosure to a regulatory authority is necessary in connection with any necessary regulatory
approval, examination or inspection or unless disclosure is required by judicial or administrative process or by other requirement of Law or the applicable requirements of any regulatory agency or relevant stock exchange (in which case, other than
in connection with a disclosure in connection with a routine audit or examination by, or document request from, a regulatory or self-regulatory authority, bank examiner or auditor, the party disclosing such information shall provide the Company with
prior written notice of such permitted disclosure), all non-public records, books, contracts, instruments, computer data and other data and information (collectively, “Information”) concerning
the Company or any of its Subsidiaries furnished to it by or on behalf of the Company or any of its Subsidiaries pursuant to this Agreement (except to the extent that such information can be shown by the party receiving such Information to have been
(1) previously known by such party from other sources; provided that such source was not known by such party to be bound by a contractual, legal or fiduciary obligation of confidentiality to the furnishing party,
(2) in the public domain through no violation of this Section 3.3 by such party or (3) later lawfully acquired from other sources by the party to which it was furnished), and no such party shall
release or disclose such Information to any other person, except its Representatives; provided further, that nothing herein, or in any confidentiality agreement with the Company entered into prior to the date hereof, shall prevent the
Stockholders from disclosing Information on a confidential basis (subject to the receipt by the Company of customary confidentiality undertakings from each applicable recipient of Information) to (i) its or any of its Affiliates’
Representatives or direct or indirect limited partners or their respective Representatives, (ii) in connection with any syndication of any indirect equity interest in the Company issued by Stockholders or any of their respective
Affiliates to any prospective limited partners, or other equity investors and/or their respective Representatives or (iii) any proposed transferee of any shares of Preferred Stock owned by any of the Elliott Parties in connection with
any Transfer that is not prohibited under this Agreement. 
 ARTICLE IV 

GENERAL PROVISIONS 

Section 4.1    Termination. This Agreement shall terminate on the earlier to occur of (i) such
time as the Elliott Parties cease to own any shares of Preferred Stock, and (ii) the delivery of a written notice by the Designating Majority to the Company requesting that this Agreement terminate; provided that
Section 2.8 shall survive until twenty-four (24) months after the date upon which no Elliott Party owns any Preferred Stock. 

  
 12 

 Section 4.2    Notices. Any notice, designation, request, request
for consent or consent provided for in this Agreement shall be in writing and shall be either sent by facsimile or email, personally delivered, mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges
prepaid) to the Company at the address set forth below and to any other recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior
written notice to the sending party. Notices and other such documents will be deemed to have been given or made hereunder when sent by facsimile or email (receipt confirmed), delivered personally, five (5) days after deposit in the U.S. mail
and one (1) day after deposit with a reputable overnight courier service. 
 The Company’s address is: 

Roadrunner Transportation Systems, Inc. 

4900 South Pennsylvania Ave. 

Cudahy, WI 53110 

Attn:      Curtis W. Stoelting 

Fax:       (630) 968-0509 

Email:    cstoelting@rrts.com 

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

Greenberg Traurig, LLP 
 2375 E.
Camelback Road 
 Suite 700 

Phoenix, Arizona 85016 

Attn:       Bruce E. Macdonough 

Fax:        (602) 445-8618 

Email:    macdonoughb@gtlaw.com 

Stockholders’ and the Elliott Parties’ address is: 

c/o Elliott Management Corporation 

40 West 57th Street 
 New York, NY
10019 
 Attn:      Elliot Greenberg 

Fax:       (212) 478-2371 

Email:    egreenberg@elliottmgmt.com 

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

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn:      Kevin M. Schmidt 

Fax:       (212) 521-7178 

Email:    kmschmidt@debevoise.com 

Section 4.3    Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a
written instrument executed by the Company and the other parties hereto and each of the Elliott Parties other than the Designating Majority hereby appoints the Designating Majority as its attorney in fact (the “Attorney”) for and in
the name of and on behalf of such party to 

  
 13 

 
negotiate and approve any amendments, supplements or modifications to this Agreement (including any change of parties thereto) as the Attorney shall think necessary, advisable, convenient or
otherwise desirable and to approve, complete, amend and execute and deliver, on behalf of and in the name of such party, any document which effects or otherwise evidences such amendment, supplement or modification. The Company shall be entitled to
rely on any and all action taken by the Designating Majority under this Agreement without any liability to, or obligation to inquire of, any of the Elliott Parties. Neither the failure nor delay on the part of any party hereto to exercise any right,
remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy,
power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 

Section 4.4    Further Assurances. The parties hereto will sign such further documents, cause such meetings to
be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof. To the fullest extent
permitted by Law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, Elliott or any Elliott Party being deprived of the rights contemplated by this Agreement. Without
limiting the foregoing, the Company shall (i) comply with the terms and provisions of the Certificate of Designations and (ii) not take or fail to take any actions that would violate any terms or provisions of the Certificate
of Designations. 
 Section 4.5    Assignment. This Agreement will inure to the benefit of and be binding on
the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and
void; provided that rights and obligations of the Elliott Parties hereunder (except the rights and obligations set forth in Section 2.5) may be assigned to the transferee of shares of Preferred Stock transferred in
accordance with Section 2.3. 
 Section 4.6    Governing Law. This Agreement shall
be governed by and construed in accordance with the Laws of the State of Delaware. 

Section 4.7    Jurisdiction; Waiver of Jury Trial. The parties hereby irrevocably and unconditionally consent
to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan, State of New York for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated
hereby. The parties hereby irrevocably and unconditionally consent to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waive, to the fullest extent permitted
by Law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit or proceeding in any such court or that any such action, suit or proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in this Section 4.7 shall be deemed effective service of process on such party. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 14 

 Section 4.8    Specific Performance. Each party hereto
acknowledges and agrees that in the event of any breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate and agrees that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement
without the posting of bond. 
 Section 4.9    Entire Agreement. This Agreement (together with the other
Transaction Documents) sets forth the entire understanding of the parties hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof
or thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 

Section 4.10    Severability. If any provision of this Agreement, or the application of such provision to any
Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable
to the fullest extent permitted by Law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by Law and (iii) the
application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

Section 4.11    Table of Contents, Headings and Captions. The table of contents, headings, subheadings and
captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

Section 4.12    Counterparts. This Agreement and any amendment hereto may be signed in any number of separate
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

Section 4.13    Effectiveness. This Agreement shall become effective upon the Closing Date. 

[The remainder of this page was intentionally left blank.] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders’ Agreement on the day
and year first above written. 
  

					
	COMPANY
	
	ROADRUNNER TRANSPORTATION SYSTEMS, INC.
		
	By:	 	 /s/ Curtis W. Stoelting

		 	Name:	 	Curtis W. Stoelting
		 	Title:	 	Chief Executive Officer

  
 [Signature Page
to Stockholders’ Agreement] 

					
	STOCKHOLDER
	
	ELLIOTT ASSOCIATES, L.P.
		
	By:	 	Elliott Capital Advisors, L.P., its General Partner
		
	By:	 	Braxton Associates, Inc., its General Partner
		
	By:	 	 /s/ Elliot Greenberg

		 	Name:	 	Elliot Greenberg
		 	Title:	 	Vice President

  
 [Signature Page
to Stockholders’ Agreement] 

					
	STOCKHOLDER
	
	BROCKDALE INVESTMENTS LP
		
	By:	 	Middleton International Limited, its General Partner
		
	By:	 	 /s/ Elliot Greenberg

		 	Name:	 	Elliot Greenberg
		 	Title:	 	Vice President

  
 [Signature Page to
Stockholders’ Agreement] 

 Exhibit A 

Terms of Secured Notes 
  

			
		
	Facilities	  	Secured notes in exchange for the shares of Series E Preferred Stock and/or Series F Preferred Stock, as applicable, in a
principal amount equal to the accreted Series E Liquidation Value or Series F Liquidation Value, as
applicable, of the shares being exchanged (the note facility, the “Secured
Facility”; the notes issued thereunder, the “Secured Notes”). Upon the
Company’s reasonable request, the Secured Facility will accommodate both term loan and revolving borrowing components.
		
	Final Maturity and Amortization	  	The Secured Notes will mature on the date that is five and one-half years after the closing date, with no amortization and all amounts outstanding thereunder payable on the fifth and one-half anniversary of the closing date.
		
	Interest Rate and Ticking Payment	  	 Interest on the Secured Notes shall be payable in arrears on each interest payment date in cash at the rate that is equal to the sum of
Adjusted LIBOR plus 11.50% per annum (the interest referred to in this clause (x), “Cash Interest”); provided that the Company may, at its option, elect by notice to the Stockholders to pay 6.75% per annum of such
interest by increasing the outstanding principal amount of the Secured Notes on the relevant interest payment date by the amount of interest accrued at the rate of 6.75% per annum from the immediately preceding interest payment date (or, the closing
date, in the case of the first interest payment date) until such interest payment date (the interest referred to in this proviso, “PIK Interest”).
  

Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days, and interest shall be payable (i) in the case of
Cash Interest, at the end of each interest period and, in any event, at least every three (3) months and (ii) in the case of PIK Interest, quarterly in arrears.

		
	Default Rate	  	At any time when the Company is in default in the payment of any amount under the Secured Facility (including any default in payment following acceleration, whether pursuant to a bankruptcy proceeding or otherwise), such overdue
amounts shall bear interest at 2.50% per annum above the rate otherwise applicable thereto. In addition, in the case of a bankruptcy default, any overdue amounts shall bear additional interest at 2.0% per annum above the rate otherwise applicable
thereto (including, for the avoidance of doubt, pursuant to the foregoing sentence). All such default interest shall to the extent permitted by law be payable on demand.
		
	Guarantee and Security; Intercreditor Agreement	  	Each person that currently guarantees indebtedness under the existing credit facility (the “Existing Credit Facility”) or that will guarantee indebtedness under the New ABL Facility will guarantee jointly and
severally on a secured basis all obligations under the Secured Facility. The Secured Facility will be secured by liens on all of the assets (including capital stock, real estate, vehicles, aircraft and intellectual property) that secure the New ABL
Facility unless otherwise

  
 A-1 

			
		
		  	 agreed by holders of Series E Preferred Stock and Series F Preferred Stock as contemplated by Section 2.7(b) of the
Stockholders’ Agreement.
  
 The relative priority of security interests and relative
rights of the lenders under the New ABL Facility and the purchasers under the Secured Facility shall be subject to intercreditor arrangements set forth in a customary intercreditor agreement (the “Intercreditor Agreement”) that
takes into account the size and business practices of the company, similarly-sized debt facilities as the New ABL Facility and the Secured Facility (including a customary anti-layering provision), and is
reasonably acceptable to the lenders under the New ABL Facility, the Stockholders and the Company. The Intercreditor Agreement will also include (i) a cap on any “DIP” financing (after taking into account any authorization to
use petition date balance sheet cash) permitted thereunder in an amount to be agreed, (ii) customary limitations on amendments to the New ABL Facility to be agreed, and (iii) a customary purchase option in favor of the
purchasers under the Secured Facility with respect to the obligations under the New ABL Facility on terms to be agreed.

		
	Voluntary & Mandatory Redemptions	  	Voluntary redemptions of Secured Notes issued under the Secured Facility will be permitted at any time, in minimum principal amounts to be agreed. All voluntary redemptions and mandatory redemptions made with proceeds from non-permitted indebtedness will be subject to the prepayment premiums to be agreed. The Secured Notes will be subject to mandatory redemption as usual and customary for facilities of this type.
		
	Documentation	  	The definitive documentation for the Secured Facility (the “Documentation”) will be negotiated in good faith and will contain terms and provisions usual and customary for facilities of this type (taking into
account the terms and provisions of the New ABL Facility), and will take into account and be modified fully as appropriate to reflect the terms set forth in this Schedule and such other changes as may be reasonably requested by the
Stockholders.
		
	Financial Covenants	  	None.
		
	Affirmative and Negative Covenants	  	The non-financial affirmative and negative covenants shall be usual and customary for secured facilities of this type.
		
	Events of Default	  	Events of Default shall be usual and customary for secured facilities of this type.
		
	Expenses	  	Expenses of holders to be reimbursed by the Company, subject to a cap to be agreed.
		
	Assignments	  	The Secured Notes may be assigned separately from the shares of Preferred Stock, Common Stock and Warrants. Any assignments of the Secured Notes to any person other than any affiliate of Stockholders will be subject to the same
transfer restrictions applicable to shares of Preferred Stock and the Company shall receive notice of any transfer.

  
 A-2 

 Exhibit B 

Terms of First Lien Notes 
  

			
	First Lien Facility	  	First lien secured notes in exchange for the Preferred F Shares in a principal amount equal to the accreted Liquidation Value of the Preferred F Shares being exchanged (the note facility, the “First Lien
Facility”; the notes issued thereunder, including the additional notes referred to below, the “First Lien Notes”). Additional First Lien Notes in an aggregate principal amount of up to $40.0 million shall be made available
by the Investor at the request of the Company. Availability of such additional First Lien Notes will be conditioned solely upon: delivery of notice, pro forma compliance with the financial covenants, accuracy of representations and warranties in all
material respects and absence of defaults.
		
	Final Maturity and Amortization	  	The First Lien Notes will mature on July 9, 2019, and shall amortize commencing with the quarter ending December 31, 2017 in equal quarterly installments equal to $1,375,000, with the balance payable on the maturity
date.
		
	Interest Rate and Ticking Payment	  	 Interest on the First Lien Notes shall be payable in arrears on each interest payment date in cash at the rate that is equal to the sum of
Adjusted LIBOR plus 11.25% per annum.
  
 Calculation of interest shall be on
the basis of the actual days elapsed in a year of 360 days, and interest shall be payable at the end of each interest period and, in any event, at least every three (3) months.

		
	Default Rate	  	At any time when the Company is in default in the payment of any amount under the First Lien Facility (including any default in payment following acceleration, whether pursuant to a bankruptcy proceeding or otherwise), such
overdue amounts shall bear interest at 2.50% per annum above the rate otherwise applicable thereto. In addition, in the case of a bankruptcy default, any overdue amounts shall bear additional interest at 2.0% per annum above the rate otherwise
applicable thereto (including, for the avoidance of doubt, pursuant to the foregoing sentence). All such default interest shall to the extent permitted by law be payable on demand.
		
	Guarantee and Security	  	Each person that currently guarantees indebtedness under the Existing Credit Facility will guarantee jointly and severally on a secured basis all obligations under the First Lien Facility. The First Lien Facility will be secured
by a first priority perfected lien on all assets of the Company and the guarantors, including but not limited to receivables, vehicles and aircraft.
		
	Voluntary & Mandatory Redemptions	  	Voluntary redemptions of First Lien Notes issued under the First Lien Facility will be permitted at any time, in minimum principal amounts to be agreed. All voluntary redemptions and mandatory redemptions may be made without
premium or penalty other than LIBOR breakage costs.

  
 B-1 

			
		  	The First Lien Notes shall be redeemed with the Net Cash Proceeds (to be defined consistent with “Documentation” below) realized by a Prepayment Event. For purposes hereof, “Prepayment Event” shall be defined
consistent with “Documentation” below.
		
	Documentation	  	The definitive documentation for the First Lien Facility (the “Documentation”) will be negotiated in good faith and will be substantially similar to the Existing Credit Agreement, and will take into account and
be modified fully as appropriate to reflect the terms set forth in this Term Sheet and such other changes as may be reasonably requested by the Investor.
		
	Representations	  	The representations and warranties shall be substantially similar to those representations and warranties contained in the Existing Credit Facility, with such other changes as may be reasonably requested by the
Investor.
		
	Financial Covenants	  	 Total Leverage Ratio financial covenant substantially similar to those contained in the Existing Credit Facility (taking into account the
financial definitions in Series B Certificate of Designations (regardless of whether or not any shares of Series B Preferred Stock are then outstanding)) to be tested at the end of each fiscal quarter not to exceed 4.00:1.00 for the four
fiscal quarter period ending September 30, 2017, 3.75:1.00 for the four fiscal quarter period ending December 31, 2017 and 3.50:1.00 for each four fiscal quarter period ending thereafter.

 
 Minimum Fixed Charge Coverage Ratio financial covenant substantially similar to those
contained in the Existing Credit Facility (taking into account the financial definitions in Series B Certificate of Designations (regardless of whether or not any shares of Series B Preferred Stock are then outstanding)) to be tested at the end
of each fiscal quarter to be not less than 0.90:1.00 for the four fiscal quarter period ending September 30, 2017, 0.95:1.00 for the four fiscal quarter period ending December 31, 2017 and 1.00:1.00 for each four fiscal quarter period
ending thereafter.

		
	Affirmative and Negative Covenants	  	The affirmative and negative covenants shall be substantially similar to those affirmative and negative covenants contained in the Existing Credit Facility, with such other changes as may be reasonably requested by the
Investor.
		
	Events of Default	  	Events of default shall be substantially similar to those events of default contained in the Existing Credit Facility, with such other changes as may be reasonably requested by the Investor.
		
	Expenses	  	Expenses of holders to be reimbursed by the Company, subject to a cap to be agreed.

  
 B-2 

			
	Assignments	  	The First Lien Notes may be assigned separately from the Preferred Shares, Common Shares and Warrants. Any assignments of the First Lien Notes to any person other than any affiliate will be subject to the same transfer
restrictions applicable to shares of Preferred Stock and the Company shall receive notice of any transfer.

  
 B-3EX-4.4

 Exhibit 4.4 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

dated as of May 2, 2017 
 by
and among 
 Roadrunner Transportation Systems, Inc., 

Elliott Associates, L.P., 

Brockdale Investments LP, 
 Thayer
Equity Investors V, L.P., 
 TC Roadrunner-Dawes Holdings, L.L.C., 

TC Sargent Holdings, L.L.C., 
 HCI
Equity Partners III, L.P., 
 and 

HCI Co-Investors III, L.P. 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE I	 
	 INTRODUCTORY MATTERS
	  	 	1	 
			
	 Section 1.1
	  	 Defined Terms
	  	 	1	 
	 Section 1.2
	  	 Construction
	  	 	4	 
	
	ARTICLE II	 
	 REGISTRATION RIGHTS
	  	 	4	 
			
	 Section 2.1
	  	 Demand Registrations
	  	 	4	 
	 Section 2.2
	  	 Piggyback Registrations
	  	 	6	 
	 Section 2.3
	  	 Holdback Agreements
	  	 	7	 
	 Section 2.4
	  	 Registration Procedures
	  	 	8	 
	 Section 2.5
	  	 Registration Expenses
	  	 	11	 
	 Section 2.6
	  	 Indemnification
	  	 	11	 
	 Section 2.7
	  	 Participation in Underwritten Registrations
	  	 	14	 
	
	ARTICLE III	 
	 GENERAL PROVISIONS
	  	 	14	 
			
	 Section 3.1
	  	 No Inconsistent Agreements
	  	 	14	 
	 Section 3.2
	  	 Adjustments Affecting Registrable Securities
	  	 	14	 
	 Section 3.3
	  	 Remedies; Specific Performance
	  	 	14	 
	 Section 3.4
	  	 Notices
	  	 	14	 
	 Section 3.5
	  	 Amendments; Waivers
	  	 	15	 
	 Section 3.6
	  	 Successors and Assigns
	  	 	16	 
	 Section 3.7
	  	 Governing Law
	  	 	16	 
	 Section 3.8
	  	 Jurisdiction; Waiver of Jury Trial
	  	 	16	 
	 Section 3.9
	  	 Entire Agreement
	  	 	16	 
	 Section 3.10
	  	 Severability
	  	 	16	 
	 Section 3.11
	  	 Table of Contents, Headings and Captions
	  	 	16	 
	 Section 3.12
	  	 Counterparts
	  	 	17	 
	 Section 3.13
	  	 Effectiveness
	  	 	17	 

  
 i 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT is entered into as of May 2, 2017, by and among (i) Roadrunner Transportation Systems,
Inc., a Delaware corporation (the “Company”), (ii) Elliott Associates, L.P., a Delaware limited partnership, and Brockdale Investments LP, a Delaware limited partnership (the “Elliott Stockholders”), and
(iii) Thayer Equity Investors V, L.P., a Delaware limited partnership, TC Roadrunner-Dawes Holdings, L.L.C., a Delaware limited liability company, TC Sargent Holdings, L.L.C., a Delaware limited liability company, HCI Equity Partners
III, L.P., a Delaware limited partnership, and HCI Co-Investors III, L.P., a Delaware limited partnership (collectively, the “HCI Stockholders”). The Elliott Stockholders and the HCI
Stockholders are collectively referred to herein as the “Stockholders” and individually as a “Stockholder.” 

RECITALS 
 WHEREAS, the
Company and the Elliott Stockholders have entered into the Investment Agreement, dated as of May 1, 2017, by and among the Company and the Elliott Stockholders (the “Investment Agreement”), pursuant to which, among other
things, the Company has agreed to issue and sell to the Elliott Stockholders and the Elliott Stockholders have agreed to purchase from the Company (the “Purchase”) (i) 155,000 shares of Series B Cumulative
Redeemable Preferred Stock, par value $0.01 per share, of the Company, 55,000 shares of Series C Cumulative Redeemable Participating Preferred Stock, par value $0.01 per share, of the Company, 100 shares of Series D Cumulative Redeemable
Participating Preferred Stock, par value $0.01 per share, of the Company, 90,000 shares of Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share, of the Company, and 240,500 shares of Series F Cumulative Redeemable Preferred
Stock, par value $0.01 per share, and (ii) 379,572 warrants (the “Warrants”) exercisable for shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”); 

WHEREAS, the Company and the HCI Stockholders are party to that certain Second Amended and Restated Stockholders’ Agreement, dated as of
March 14, 2007, by and among the Company and the other parties named therein, including the HCI Stockholders, as amended by a First Amendment to Second Amended and Restated Stockholders’ Agreement, dated as of December 23, 2008, by
and among the Company and the other parties named therein, including the HCI Stockholders (as amended, the “Prior Stockholders’ Agreement”); 

WHEREAS, in connection with the Purchase, the Company desires to grant registration rights to the Elliott Stockholders on the terms and
conditions set forth in this Agreement; and 
 WHEREAS, the Company and the HCI Stockholders desire to amend and restated the Prior
Stockholders’ Agreement in its entirety with respect to the HCI Stockholders and to enter into this Agreement to grant registration rights to the HCI Stockholders on the terms and conditions set forth in this Agreement. 

AGREEMENT 
 NOW,
THEREFORE, the parties agree as follows: 
 ARTICLE I 

INTRODUCTORY MATTERS 

Section 1.1    Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the
following meanings when used herein with initial capital letters: 

  
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 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by or under common control with such Person; provided, that (i) no portfolio company of any investment fund affiliated with Elliott Management Corporation (excluding, for the avoidance of doubt,
the Elliott Stockholders) shall be deemed an Affiliate of any Elliott Stockholder for purposes of this Agreement; and (ii) no portfolio company of any investment fund affiliated with HCI Equity Partners (excluding, for the avoidance of
doubt, the HCI Stockholders) shall be deemed an Affiliate of any HCI Stockholder for purposes of this Agreement. 

“Agreement” means this Registration Rights Agreement, as the same may be amended, supplemented, restated or otherwise
modified from time to time in accordance with the terms hereof. 
 “Application” has the meaning set forth in
Section 2.6(a). 
 “Block Sale” means the sale of Registrable Securities to one or several
purchasers in a registered transaction by means of (i) a bought deal, (ii) a block trade or (iii) a direct sale. 

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

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in New York City. 
 “Closing Date” has the meaning set forth in the Investment Agreement. 

“Common Stock” has the meaning set forth in the Recitals. 

“Company” has the meaning set forth in the Preamble. 

“Control” (including its correlative meanings, “Controlled by” and “under common Control
with”), when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management or policies of such Person, whether through ownership of voting securities, by contract or
otherwise. 
 “Demand Registrations” has the meaning set forth in Section 2.1(a). 

“Elliott Stockholders” has the meaning set forth in the Preamble. 

“Equity Securities” means (i) shares of Common Stock held by the Stockholders, (ii) any warrants,
options or other rights to subscribe for or to acquire, directly or indirectly (whether pursuant to any division or split of the Common Stock or in connection with a combination, exchange, reorganization, recapitalization, reclassification, merger,
consolidation or other business combination transaction involving the Company or otherwise) any shares of Common Stock, and (iii) any bonds, notes, debentures or other securities convertible into or exchangeable for, directly or
indirectly (whether pursuant to a split or division of the Common Stock or in connection with a combination, exchange, reorganization, recapitalization, reclassification, merger, consolidation or other business combination transaction involving the
Company or otherwise) any shares of Common Stock, in each case outstanding at any time. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 

“HCI Stockholders” has the meaning set forth in the Preamble. 

  
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 “Holdback Period” has the meaning set forth in
Section 2.3(a). 
 “Indemnitors” has the meaning set forth in
Section 2.6(h). 
 “Investment Agreement” has the meaning set forth in the Recitals. 

“Other Holders” has the meaning set forth in Section 2.2(d). 

“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of
the Exchange Act. 
 “Piggyback Registration” has the meaning set forth in Section 2.2(a). 

“Prior Stockholders’ Agreement” has the meaning set forth in the Recitals. 

“Purchase” has the meaning set forth in the Recitals. 

“Recommencement Date” has the meaning set forth in Section 2.4(e). 

“Registrable Securities” means, irrespective of which Person actually holds such securities, (i) any Equity
Securities held by any Stockholder, and (ii) any Equity Securities issued or issuable with respect to the Equity Securities referred to in clause (i) above by way of dividend, split, distribution, conversion or in connection with a
combination of securities, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such Equity Securities will cease to be Registrable Securities when they have been distributed to the public
pursuant to an offering registered under the Securities Act or have been sold in compliance with Rule 144 (or any similar rule then in force) under the Securities Act. 

“Registration Expenses” has the meaning set forth in Section 2.5(a). 

“Sale Transaction” has the meaning set forth in Section 2.3(a). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the
same may be amended from time to time. 
 “Shelf Registration” has the meaning set forth in
Section 2.1(c). 
 “Short-Form Registration” has the meaning set forth in
Section 2.1(a). 
 “Stockholder” or “Stockholders” has the meaning set forth in
the Preamble. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership,
association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company,
partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or
Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. 

  
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 “Suspension Notice” has the meaning set forth in
Section 2.4(e). 
 “Underwritten Shelf Take-Down” has the meaning set forth in
Section 2.1(c). 
 “Warrants” has the meaning set forth in the Recitals. 

Section 1.2    Construction. The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) ”or” is disjunctive but not exclusive, (b) words in the
singular include the plural, and in the plural include the singular, (c) the words “including”, “includes”, “included” and “include” are deemed to be followed by the words “without
limitation” and (d) the words “hereof”, “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, and Section references are to this Agreement unless otherwise specified. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1    Demand Registrations. 

(a)    Requests for Registration. At any time and from time to time after the Company is permitted to use Form S-3 (including pursuant to Rule 415 under the Securities Act) or any similar short-form registration statement (a “Short-Form Registration”), each of the Elliott Stockholders (treated as
one stockholder) and the HCI Stockholders (treated as one stockholder) or any of their permitted transferees may request registration under the Securities Act of all or any portion of their Registrable Securities on a Short-Form Registration, if
available. All registrations requested pursuant to this Section 2.1(a) are referred to herein as “Demand Registrations.” Each request for a Demand Registration shall specify the approximate number of
Registrable Securities requested to be registered. Except as set forth in Section 2.1(c) below, within five (5) days after receipt of any such written request, the Company shall give written notice of such requested
registration to all holders of Registrable Securities and shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after the
holders’ receipt of the Company’s notice. 
 (b)    Short-Form Registrations. The Elliott Stockholders
and their permitted transferees (treated as one stockholder) and the HCI Stockholders and their permitted transferees (treated as one stockholder) shall each be entitled to request two (2) Short-Form Registrations in which the Company shall pay
all Registration Expenses; provided, that the aggregate offering value of the Registrable Securities requested to be registered in any Short-Form Registration must equal at least ten million dollars ($10,000,000). No Short-Form Registration
shall count as one of the permitted Short-Form Registrations unless (i) the party requesting such registration is able to register and sell at least seventy-five percent (75%) of their Registrable Securities requested to be included in such
registration, (ii) the registration statement with respect to such Short-Form Registration is declared effective and is maintained effective for the period set forth in this Agreement, (iii) the offering of the Registrable Securities
pursuant to such registration statement is not subject to a stop order, injunction, or similar order or requirement of the SEC during such period and (iv) the conditions to closing specified in any underwriting agreement, purchase agreement or
similar agreement entered into in connection with the registration relating to such request with respect to the Company are satisfied. 

(c)    Underwritten Shelf Take-Down. In connection with any proposed underwritten resale of Registrable Securities
(an “Underwritten Shelf Take-Down”) which is pursuant to a shelf 

  
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registration (as described in Section 2.4(b) below) (a “Shelf Registration”), each Stockholder agrees, in an effort to conduct any such Underwritten
Shelf Take-Down in the most efficient and organized manner, to coordinate with the other holders of Registrable Securities prior to initiating any sales efforts and cooperate with the other holders of Registrable Securities as to the terms of such
Underwritten Shelf Take-Down, including, without limitation, the aggregate amount of Registrable Securities to be sold and the number of Registrable Securities to be sold by each holder of Registrable Securities. In furtherance of the foregoing, the
Company shall give prompt notice to all Stockholders whose Registrable Securities may be included in the Shelf Registration of the receipt of a request from another Stockholder whose Registrable Securities are included in the Shelf Registration of a
proposed Underwritten Shelf Take-Down under and pursuant to the Shelf Registration and, notwithstanding anything to the contrary contained herein, will provide such Stockholder a period of two (2) Business Days to participate in such
Underwritten Shelf Take-Down, subject to the terms negotiated by and applicable to the initiating Stockholders and subject to the priorities set forth in Section 2.1(d) as if the subject Underwritten Shelf Take-Down was
being effected pursuant to a Demand Registration but shall not be counted as one of the permitted Demand Registrations. Holders of Registrable Securities will have an unlimited number of Underwritten Shelf Take-Downs off of Shelf Registrations. All
such Stockholders electing to be included in an Underwritten Shelf Take-Down must sell their Registrable Securities to the underwriters selected as provided in Section 2.1(g) on the same terms and conditions as apply to any
other selling stockholders. 
 (d)    Priority on Demand Registrations and Underwritten Shelf Take-Downs. The
Company shall not include in any Demand Registration or Underwritten Shelf Take-Downs any securities that are not Registrable Securities without the prior written consent of the holders of a majority of the Registrable Securities included in such
Demand Registration or Underwritten Shelf Take-Down. If a Demand Registration or an Underwritten Shelf Take-Down is an underwritten offering and the managing underwriters advise the Company in writing that, in their opinion, the number of
Registrable Securities and, if permitted hereunder, other securities requested to be included in such registration exceeds the number which can be sold therein without adversely affecting the marketability of the offering, then the Company shall
include in such registration (i) first, the Registrable Securities requested to be included in such registration, pro rata among the respective holders thereof on the basis of the amount owned by each such holder and its Affiliates, and
(ii) second, the other securities requested to be included in such registration, pro rata among the respective holders thereof on the basis of the amount of such other securities owned by each such holder and its Affiliates. 

(e)    Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration
within ninety (90) days following the effective date of any previous Demand Registration or any previous registration in which the holders of Registrable Securities were given piggyback rights pursuant to Section 3
hereof in which there was no reduction in the number of Registrable Securities to be included. 
 (f)    Black Out
Period. If the Board in good faith determines that the filing or effectiveness of a registration statement in connection with any requested Demand Registration would be reasonably likely to materially and adversely affect any material
contemplated acquisition, divestiture, registered primary offering or other financing or material transaction, or would require disclosure of facts or circumstances which disclosure would be reasonably likely to materially and adversely affect any
contemplated acquisition, divestiture, registered primary offering or other financing or material transaction, then the Company may delay such registration or effectiveness or suspend the effectiveness of any registration hereunder so long as the
Company is still pursuing the transaction that allowed such delay (it being agreed that the Company may not delay requested registrations or delay or suspend effectiveness pursuant to this clause on more than two (2) occasions during any three
hundred sixty (360) consecutive days and not for more than an aggregate of ninety (90) days during any three hundred sixty (360) consecutive days); provided, however, in such event the holders of Registrable Securities
initially 

  
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requesting such Demand Registration shall be entitled to withdraw such request and the Company shall pay all Registration Expenses in connection with such registration. The time period regarding
the effectiveness of any such Registration Statement set forth in Section 2.4(b) hereof shall be extended by a number of days equal to the number of days by which any registration statement is delayed or effectiveness is
suspended. 
 (g)    Selection of Underwriters. The Elliott Stockholders and their permitted transferees (treated
as one stockholder), in the event of a Demand Registration or Underwritten Shelf Take-Down requested by the Elliott Stockholders, or the HCI Stockholders and their permitted transferees (treated as one stockholder), in the event of a Demand
Registration or Underwritten Shelf Take-Down requested by the HCI Stockholders, shall have the right to select the investment banker(s) and manager(s) to administer such Demand Registration or Underwritten Shelf Take-Down. 

(h)    No Notice in Block Sales. Notwithstanding any other provision of this Agreement, if a holder of Registrable
Securities wishes to engage in a Block Sale (including a Block Sale in connection with a Demand Registration or an Underwritten Shelf Take-Down), then notwithstanding the foregoing or any other provisions hereunder no other holder of Registrable
Securities shall be entitled to receive any notice of or have its Registrable Securities included in such Block Sale. 

Section 2.2    Piggyback Registrations. 

(a)    Right to Piggyback. Whenever the Company proposes to register any of its Equity Securities or any option,
warrant, security or right exercisable for or convertible or exchangeable into any of the foregoing under the Securities Act (other than (i) pursuant to a Demand Registration (for which all holders of Registrable Securities are entitled
to piggyback rights, but which rights are addressed in Section 2.1 above rather than this Section 2.2), (ii) pursuant to a registration on Form
S-4 or Form S-8 or any successor or similar forms or (iii) pursuant to a Underwritten Shelf Take-Down (for which holders of Registrable Securities are
entitled to piggyback rights, but which rights are addressed in Section 2.1(d) above rather than this Section 2.2)), and provided the registration form to be used by the Company may be used for the
registration of Registrable Securities (a “Piggyback Registration”), whether or not for sale for its own account, the Company shall give prompt written notice to all holders of Registrable Securities of its intention to effect such
a registration and, subject to the provisions of this Section 2.2, shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within
fifteen (15) days after such holders’ receipt of the Company’s notice. 
 (b)    Piggyback
Expenses. In all Piggyback Registrations, the Registration Expenses of the holders of Registrable Securities shall be paid by the Company. 

(c)    Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on
behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such registration exceeds the
number which can be sold therein without adversely affecting the marketability of the offering, then the Company shall include in such registration (i) first, all of the securities the Company proposes to sell, (ii) second,
the Registrable Securities requested to be included in such registration, pro rata among the respective holders thereof on the basis of the amount owned by each such holder and its Affiliates, and (iii) third, the other securities
requested to be included in such registration, pro rata among the holders of such other securities on the basis of the number of such other securities owned by each such holder and its Affiliates. 

(d)    Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration
on behalf of holders of the Company’s securities other than the 

  
 6 

 
Stockholders (any such holders, the “Other Holders”) (it being understood that secondary registrations on behalf of holders of Registrable Securities are addressed in
Section 2.1 above rather than in this Section 2.2(d)), and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted
hereunder, other securities requested to be included in such registration exceeds the number which can be sold therein without adversely affecting the marketability of the offering, then the Company shall include in such registration (i) first,
all of the securities requested to be included therein by the Other Holders requesting such registration and the Registrable Securities requested to be included in such registration, pro rata among the respective holders thereof on the basis of the
amount owned by each such holder and its Affiliates, and (ii) second, the other securities requested to be included in such registration, pro rata among the holders of such other securities on the basis of the number of such other securities
owned by each such holder and its Affiliates. 
 (e)    Selection of Underwriters. If any Piggyback Registration
is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be made by the Board, subject to the approval of the holders of a majority of the Registrable Securities included in such Piggyback
Registration, such approval not to be unreasonably withheld. 
 (f)    Withdrawal by Company. If, at any time
after giving notice of its intention to register any of its securities as set forth in Section 2.2(a) and before the effective date of such registration statement filed in connection with such registration, the Company
shall determine, for any reason, not to register such securities, the Company may, in its sole discretion, give written notice of such determination to each holder of Registrable Securities and thereupon shall be relieved of its obligation to
register any Registrable Securities or any other securities in connection with such registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided in this Agreement). 

(g)    Other Registrations. Subject to Section 2.1(f), if the Company has previously
filed a registration statement with respect to Registrable Securities pursuant to Section 2.1 or pursuant to this Section 2.2, and if such previous registration has not been withdrawn or abandoned,
the Company shall not file or cause to be effected any other registration of any of its Equity Securities or any option, warrant, security or right exercisable for or convertible or exchange into any of the foregoing under the Securities Act,
whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least one hundred eighty (180) days has elapsed from the effective date of such previous registration. 

Section 2.3    Holdback Agreements. 

(a)    No holder of Registrable Securities shall engage in any public sale or distribution (including sales pursuant to
Rule 144) (a “Sale Transaction”) of any Equity Securities, during the seven (7) days prior to and the ninety (90)-day period beginning on (i) the effective date of any underwritten
Demand Registration or any underwritten Piggyback Registration or (ii) the “pricing” date of any Underwritten Shelf Take-Down, in each case in which Registrable Securities are included (the “Holdback Period”), except
as part of such registration or pursuant to registrations on Form S-4, unless the underwriters managing the offering agree to a shorter period in writing, in which case the Holdback Period shall be the shorter
period agreed to by the managing underwriters. If requested by the underwriters managing the offering, each holder of Registrable Securities shall enter into a lock-up agreement with the applicable
underwriters that is consistent with the agreement in this Section 2.3(a). The Company may impose stop-transfer instructions with respect to the Equity Securities subject to the foregoing restriction until the end of such
Holdback Period. Notwithstanding anything to the contrary set forth above, in connection with a Block Sale, no holder of Registrable Securities shall be subject to a lock-up agreement, other than, if requested
by the managing underwriter for such offering, a holder of Registrable Securities that is participating in such Block Sale. 

  
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 (b)    The Company shall not effect any public sale or distribution of its
Equity Securities or any option, warrant, security or right exercisable for or convertible or exchange into any of the foregoing, during the seven (7) days prior to and during such period of time (not to exceed ninety (90) days) as may be
determined by the underwriters managing such underwritten registration following (i) the effective date of any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or
pursuant to registrations on Form S-4 or any successor form) or (ii) the “pricing” date of any Underwritten Shelf Take-Down, in each case unless the underwriters managing the registered public
offering otherwise agree in writing. 
 Section 2.4    Registration Procedures. Whenever the holders of
Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance
with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a)    in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and
file with the SEC a registration statement on the appropriate form, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its reasonable best efforts to cause such registration
statement to become effective as soon as reasonably practicable (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel selected by the Elliott
Stockholders, in the event of a Demand Registration or Underwritten Shelf Take-Down requested by the Elliott Stockholders, or the HCI Stockholders, in the event of a Demand Registration or Underwritten Shelf Take-Down requested by the HCI
Stockholders, copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such counsel); 

(b)    promptly notify each holder of Registrable Securities of the effectiveness of each registration statement filed
hereunder and prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less
than one hundred eighty (180) days or such earlier date as all of the Registrable Securities to be registered thereunder have been sold or transferred pursuant to such registration statement and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; provided that in the
case of a shelf registration under Rule 415 under the Securities Act, the Company shall cause such registration statement to remain effective for a period ending on the earliest to occur of (i) the date on which all Registrable
Securities have been sold pursuant to such registration statement and (ii) the third (3rd) anniversary of the effective date of such registration statement; 

(c)    furnish to each seller of Registrable Securities thereunder such number of copies of such registration statement,
each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), any documents incorporated by reference therein and such other documents as such seller may reasonably request in
order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (d)    use its reasonable
best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions within the United States as any seller reasonably requests and do any and all other acts and things which may be
reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company shall not be required to (i) qualify generally

  
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to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) consent to general service of process in any such jurisdiction or
(iii) subject itself to taxation in any such jurisdiction); 
 (e)    notify each seller of such Registrable
Securities, (i) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a
registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (ii) promptly after receipt thereof, of any
request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the
request of any such seller, the Company shall as promptly as practicable (subject to the Company’s rights pursuant to Section 2.1(g)) prepare a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading. Upon the receipt by any seller of
Registrable Securities of the notice described in (ii) or (iii) above (in each case, a “Suspension Notice”), such holder will discontinue disposition of Registrable Securities pursuant to the applicable Registration Statement
until (A) such holder has received copies of the supplemented or amended prospectus, or (B) such holder is advised in writing by the Company that the use of the prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the prospectus (in each case, the “Recommencement Date”). Each holder receiving a Suspension Notice shall be required to either (x) destroy any
prospectuses, other than permanent file copies, then in such holder’s possession which have been replaced by the Company with more recently dated prospectuses or (y) deliver to the Company (at the Company’s expense) all copies,
other than permanent file copies, then in such holder’s possession of the prospectus covering such Registrable Securities that was current at the time of receipt of the Suspension Notice. The time period regarding the effectiveness of such
Registration Statement set forth in Section 2.4(b) hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from and including the date of delivery of the Suspension Notice to the Recommencement
Date; 
 (f)    prepare and file promptly with the SEC, and notify such holders of Registrable Securities prior to the
filing of, such amendments or supplements to such registration statement or prospectus as may be necessary to correct any statements or omissions if, at the time when a prospectus relating to such securities is required to be delivered under the
Securities Act, any event has occurred as a result of which any such prospectus or any other prospectus as then in effect would include an untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and, in case any such holders of Registrable Securities or any underwriter for any such holders is required to deliver a prospectus at a time when the prospectus then in circulation is not in
compliance with the Securities Act or the rules and regulations promulgated thereunder, the Company shall use its reasonable best efforts to prepare promptly upon request of any such holder or underwriter such amendments or supplements to such
registration statement and prospectus as may be necessary in order for such prospectus to comply with the requirements of the Securities Act and the provisions of Section 2.4(e); 

(g)    cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued
by the Company are then listed; 

  
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 (h)    provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 
 (i)    enter into and perform such
customary agreements (including underwriting agreements in customary form) and take all such other actions as the Elliott Stockholders or their permitted transferees, in the event of a Demand Registration requested by the Elliott Stockholders or
their permitted transferees, or the HCI Stockholders or their permitted transferees, in the event of a Demand Registration requested by the HCI Stockholders or their permitted transferees, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities; 
 (j)    make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in
connection with such registration statement; 
 (k)    take all reasonable actions to ensure that any prospectus
utilized in connection with any Demand Registration, Underwritten Shelf Take-Down or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required
thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading; 

(l)    otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make
available to its stockholders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date
of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(m)    in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any
order suspending or preventing the use of any related prospectus or suspending the qualification of any Equity Securities included in such registration statement for sale in any jurisdiction, use its reasonable best efforts promptly to obtain the
withdrawal of such order; 
 (n)    use its reasonable best efforts to cause such Registrable Securities covered by such
registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(o)    in the case of an underwritten offering, obtain one or more cold comfort letters, addressed to the underwriters,
dated the date of the closing under the underwriting agreement and the date the offering is priced, from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by cold comfort
letters of such nature; and 
 (p)    in the case of an underwritten offering, provide a legal opinion of the
Company’s outside counsel, addressed to the underwriters, dated the date of the closing under the underwriting agreement, in customary form and covering such matters of the type customarily covered by legal opinions of such nature. 

  
 10 

 Section 2.5    Registration Expenses. 

(a)    All expenses incident to the Company’s performance of or compliance with this Agreement, including without
limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the
Company and all independent certified public accountants, underwriters (excluding discounts and commissions and legal fees) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”),
shall be borne by the Company, and the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or
quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or, if none are so listed,
on a securities exchange or the NASD automated quotation system (or any successor or similar system). 
 (b)    In
connection with each Demand Registration, each Underwritten Shelf Take-Down and each Piggyback Registration, the Company shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements of
one counsel chosen by the holders of a majority of Registrable Securities included in such registration, in each case, solely with respect to any legal opinion, power of attorney, custody agreement or similar documentation entered into in connection
with the offering, in an amount not to exceed $50,000. 
 (c)    Except as otherwise agreed or set forth herein, the
holders of securities included in any registration hereunder shall bear and pay all (i) fees and expenses of any legal counsel or other advisors to such holder and any other
out-of-pocket expenses of such holder, (ii) brokerage commissions attributable to the sale of any of the Registrable Securities, and
(iii) commissions, fees, discounts, transfer taxes or stamp duties and expenses of any underwriter or placement agent applicable to Registrable Securities offered for such holder’s account in accordance with this Agreement. 

Section 2.6    Indemnification. 

(a)    The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable Securities, its
officers, directors, agents and employees and each Person who controls such holder (within the meaning of the Securities Act) against any and all losses, claims, damages, liabilities, joint or several, together with reasonable costs and expenses
(including reasonable attorney’s fees and disbursements), to which such indemnified party may become subject under the Securities Act or otherwise (including to any third party), insofar as such losses, claims, damages or liabilities arise out
of, are based upon, are caused by, or result from (i) any untrue or alleged untrue statement of material fact contained (A) in any registration statement, prospectus or preliminary prospectus or any amendment thereof or
supplement thereto, (B) in any application or other document or communication (in this Section 2.6, collectively called an “Application”) executed by or on behalf of the Company or based upon
written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration statement under the “blue sky” or securities laws thereof or (C) in any
other information included in road show materials prepared by or on behalf of the Company in connection with the sale of Registrable Securities pursuant to Registration Statement, or (ii) any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse such holder and each such director, officer, agent or employee and controlling Person for any legal or any other expenses
incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim,
damage, liability (or action or proceeding in respect thereof) or expense arises out of, is based upon, is caused by, 

  
 11 

 
or results from (i) an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus or preliminary
prospectus or any amendment or supplement thereto, or in any Application, in reliance upon, and in conformity with, written information prepared and furnished to the Company by such holder expressly for use therein, other than information prepared
and furnished to the Company by such holder in the course of such holder’s duties as an officer or director of the Company or any of its Subsidiaries, or (ii) by such holder’s failure to deliver a copy of the registration
statement or prospectus or any amendments or supplements thereto. 
 (b)    In connection with any registration
statement in which a holder of Registrable Securities is participating, each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration
statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act) against any and all losses, claims, damages,
liabilities, joint or several, together with reasonable costs and expenses (including reasonable attorney’s fees and disbursements), to which such Person may become subject under the Securities Act or otherwise (including to any third party),
insofar as such losses, claims, damages or liabilities arise out of, are based upon, are caused by, or result from (i) any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or
preliminary prospectus or any amendment thereof or supplement thereto or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon written information furnished to the Company through an instrument duly executed by such holder; provided that the
obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received by such holder from the sale of Registrable Securities pursuant to such registration statement. 

(c)    Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not materially
prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim (in which case the
indemnified party will have the right to retain its own counsel, with reasonable fees and expenses of such counsel to be paid by the indemnifying party), permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent, if requested by the indemnified
party, shall not be unreasonably withheld by the indemnifying party). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest is likely to exist between such indemnified party and any other of such indemnified parties
with respect to such claim (in which case the indemnified party will have the right to retain its own counsel, with reasonable fees and expenses of such counsel to be paid by the indemnifying party). 

(d)    The indemnifying party shall not, except with the approval of each indemnified party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of a release from all liability arising from, related to or with respect to such claim or
litigation. 

  
 12 

 (e)    The indemnification provided for under this Agreement shall remain in
full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director, agent, employee or controlling Person of such indemnified party and shall survive the transfer of the Company’s
securities with respect to which the indemnification hereunder is applicable. 
 (f)    If the indemnification provided
for in this Section 2.6 from the indemnifying party is unavailable to or unenforceable by the indemnified party in respect of any losses, claims, damages or liabilities referred to herein, then the indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party with respect to such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and indemnified parties in connection with the actions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made
by, or relates to information supplied by, such indemnifying party or indemnified parties; provided, however, that no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. If indemnification is available under this Section 2.6, the indemnifying parties shall indemnify each
indemnified party to the full extent provided in Section 2.6, without regard to the relative fault of the indemnifying party or indemnified party or any other equitable consideration provided for in this
Section 2.6(f). 
 (g)    The Company and the sellers of Registrable Securities agree that it
would not be just and equitable if contribution pursuant to this Section 2.6 were determined by pro rata allocation (even if the sellers of Registrable Securities were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to in Section 2.6(f) above. The amount paid or payable by an indemnified party as a result of the losses referred to in
Section 2.6(f) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 2.6, no seller of Registrable Securities shall be required to contribute pursuant to this Section 2.6 any amount in excess of the sum
of (i) any amounts paid pursuant to Section 2.6(b) above and (ii) the net proceeds received by such seller from the sale of Registrable Securities covered by the registration statement filed pursuant hereto. 

(h)    The Company hereby acknowledges that the holders of Registrable Securities have certain rights to indemnification,
advancement of expenses and/or insurance provided by certain of their affiliates (collectively, the “Indemnitors”). The Company hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to the holders
of Registrable Securities are primary and any obligation of the Indemnitors to advance expenses or to provide indemnification for the same losses incurred by the holders of Registrable Securities are secondary to any such obligation of the Company),
(ii) that it shall be liable for the full amount of all losses to the extent legally permitted and as required by the terms of this Agreement and the articles and other organizational documents of the Company (or any other agreement between the
Company and the holders of Registrable Securities), without regard to any rights holders of Registrable Securities may have against the Indemnitors, and (iii) to the extent not in contravention of any insurance policy or policies providing
liability or other insurance for the Company or any director, trustee, general partner, managing member, manager, officer, employee, agent or fiduciary of the Company, it irrevocably waives, relinquishes and releases the Indemnitors from any and all
claims (x) against the Indemnitors for contribution, indemnification, subrogation or any other recovery of any kind in respect thereof and (y) that holders of Registrable Securities must seek indemnification from any

  
 13 

 
Indemnitor before the Company must perform its indemnification obligations under this Agreement. No advancement or payment by the Indemnitors on behalf of holders of Registrable Securities with
respect to any claim for which any holders of Registrable Securities have sought indemnification from the Company hereunder shall affect the foregoing. The Indemnitors shall have a right of contribution and/or be subrogated to the extent of such
advancement or payment to all of the rights of recovery which holders of Registrable Securities would have had against the Company if the Indemnitors had not advanced or paid any amount to or on behalf of holders of Registrable Securities . The
Company and the holders of Registrable Securities agree that the Indemnitors are express third party beneficiaries of this Section 2.6(h). 

Section 2.7    Participation in Underwritten Registrations. No Person may participate in any registration
hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements,
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements, and (iii) completes and executes any
other documents reasonably required by the underwriters in connection with such underwritten offering. 
 ARTICLE III 

GENERAL PROVISIONS 

Section 3.1    No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with
respect to its Equity Securities that is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. The Company shall not grant any registration rights that are pari passu or senior to the rights
provided to the holders of Registrable Securities under this Agreement without the written consent of each holder of Registrable Securities. 

Section 3.2    Adjustments Affecting Registrable Securities. The Company shall not take any
action, or permit any change to occur, with respect to its Equity Securities that would materially and adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant
to this Agreement or that would materially and adversely affect the marketability of such Registrable Securities in any such registration (including, without limitation, effecting a stock split, or a combination of shares). 

Section 3.3    Remedies; Specific Performance. Any Person having rights under any provision of this Agreement
shall be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages
may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific
performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. 

Section 3.4    Notices. Any notice, designation, request, request for consent or consent provided for in this
Agreement shall be in writing and shall be either sent by facsimile or email, personally delivered, mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth
below and to any other recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices and other
such documents will be deemed to have been given or made hereunder when sent by facsimile or email (receipt 

  
 14 

 
confirmed), delivered personally, five (5) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service. 

The Company’s address is: 

Roadrunner Transportation Systems, Inc. 

4900 South Pennsylvania Ave. 

Cudahy, WI 53110 

Attn:      Curtis W. Stoelting 

Fax:       (630) 968-0509 

Email:    cstoelting@rrts.com 

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

Greenberg Traurig, LLP 
 2375 E.
Camelback Road 
 Suite 700 

Phoenix, Arizona 85016 

Attn:      Bruce E. Macdonough 

Fax:       (602) 445-8618 

Email:    macdonoughb@gtlaw.com 

The Elliott Stockholders’ address is: 

c/o Elliott Management Corporation 

40 West 57th Street, 4th Floor 

New York, NY 10019 
 Attn:
      Elliot Greenberg 
 Fax:        (212)
478-2371 
 Email:     egreenberg@elliottmgmt.com 

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

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn: Kevin M. Schmidt 

Fax: (212) 521-7178 

Email: kmschmidt@debevoise.com 

The HCI Stockholders’ address is: 

c/o HCI Equity Partners 
 4508
IDS Center 
 Minneapolis, Minnesota 55402 

Attn: Scott D. Rued 
 Email:
srued@hciequity.com 
 Section 3.5    Amendments; Waiver. Except as otherwise provided herein, no
modification, amendment or waiver of any provision of this Agreement shall be effective against the Company or the holders of Registrable Securities unless such modification, amendment or waiver is approved in writing

  
 15 

 
by the Company, the Elliott Stockholders and the HCI Stockholders (including their respective permitted transferees). No failure by any party to insist upon the strict performance of any
covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition. 

Section 3.6    Successors and Assigns. This Agreement will inure to the benefit of and be binding on the
parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and
void; provided that rights and obligations of any Stockholder may be assigned to any of such Stockholder’s Affiliates. 

Section 3.7    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware. 
 Section 3.8    Jurisdiction; Waiver of Jury Trial. The parties hereby irrevocably
and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan, State of New York for any actions, suits or proceedings arising out of or relating to this Agreement and the
transactions contemplated hereby. The parties hereby irrevocably and unconditionally consent to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waive, to the
fullest extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit or proceeding in any such court or that any such action, suit or proceeding which is brought in any such court has
been brought in an inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees
that service of process on such party as provided in this Section 3.8 shall be deemed effective service of process on such party. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 3.9    Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with
respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement
supersedes all other prior agreements and understandings between the parties with respect to such subject matter (including, with respect to the HCI Stockholders, the Prior Stockholders’ Agreement). 

Section 3.10    Severability. If any provision of this Agreement, or the application of such provision to any
Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable
to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the
application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

Section 3.11    Table of Contents, Headings and Captions. The table of contents, headings, subheadings and
captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

  
 16 

 Section 3.12    Counterparts. This Agreement and any amendment
hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

Section 3.13    Effectiveness. This Agreement shall become effective upon the Closing Date. 

[SIGNATURES BEGIN NEXT PAGE] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the
day and year first above written. 
  

			
	COMPANY
	
	ROADRUNNER TRANSPORTATION SYSTEMS, INC.
		
	By:	 	 /s/ Curtis W. Stoelting

	Name:	 	Curtis W. Stoelting
	Title:	 	Chief Executive Officer

  
 [Signature Page
to Registration Rights Agreement] 

					
	ELLIOTT STOCKHOLDERS
	
	ELLIOTT ASSOCIATES, L.P.
		
	By:	 	Elliott Capital Advisors, L.P., its General Partner
		
	By:	 	Braxton Associates, Inc., its General Partner
		
	By:	 	 /s/ Elliot Greenberg

		 	Name:	 	Elliot Greenberg
		 	Title:	 	Vice President
	
	BROCKDALE INVESTMENTS LP
		
	By:	 	Middleton International Limited, its General Partner
		
	By:	 	 /s/ Elliot Greenberg

		 	Name:	 	Elliot Greenberg
		 	Title:	 	Vice President

  
 [Signature Page
to Registration Rights Agreement] 

			
	HCI STOCKHOLDERS
	
	THAYER EQUITY INVESTORS V, L.P.
		
	By:	 	HC Equity Partners V, L.L.C.,
		 	its General Partner
		
	By:	 	HCI Equity Partners, L.L.C.,
		 	its Managing Member
		
	By:	 	 /s/ Scott Rued

		 	Scott Rued
		 	Executive
	
	TC ROADRUNNER-DAWES HOLDINGS, L.L.C.
		
	By:	 	TC Co-Investors V, LLC,
		 	its Managing Member
		
	By:	 	HCI Equity Management, L.P.,
		 	its Sole Manager
		
	By:	 	HCI Equity Partners, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Scott Rued

		 	Scott Rued
		 	Executive

  
 [Signature Page
to Registration Rights Agreement] 

			
	TC SARGENT HOLDINGS, L.L.C.
		
	By:	 	TC Co-Investors V, L.L.C.,
		 	its Managing Member
		
	By:	 	HCI Equity Management, L.P.,
		 	its Sole Manager
		
	By:	 	HCI Equity Partners, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Scott Rued

		 	Scott Rued
		 	Executive
	
	HCI EQUITY PARTNERS III, L.P.
		
	By:	 	HCI Management III, L.P.
		 	its General Partner
		
	By:	 	HCI Equity Partners, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Scott Rued

		 	Scott Rued
		 	Executive
	
	HCI CO-INVESTORS III, L.P.
		
	By:	 	HCI Management III, L.P.
		 	its General Partner
		
	By:	 	HCI Equity Partners, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Scott Rued

		 	Scott Rued
		 	Executive

  
 [Signature Page
to Registration Rights Agreement]

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