Document:

Document

NIKE, INC. STOCK INCENTIVE PLAN
As amended as of June 17, 2020

1. Purpose. The purpose of this Stock Incentive Plan (the “Plan”) is to enable NIKE, Inc. (the “Company”) to attract and retain experienced officers, directors, employees, consultants, advisors, and independent contractors and to provide an incentive for them to apply their best efforts on behalf of the Company.

2. Shares Subject to the Plan. 

(a) Shares Authorized. Subject to adjustment as provided below and in paragraph 9, the shares to be offered under the Plan shall consist of Class B Common Stock of the Company (“Shares”), and the total number of Shares that may be issued under the Plan shall not exceed seven hundred ninety-eight million (798,000,000) Shares (the “Plan Limit”). 

(b) Share Usage. If an option or stock appreciation right granted under the Plan expires, terminates or is canceled, the unissued Shares subject to such option or stock appreciation right shall again be available under the Plan. If any Shares issued pursuant to a Stock Award (as defined in paragraph 7) are forfeited to the Company, or the award expires, terminates or is canceled, the number of Shares forfeited or unissued shall again be available under the Plan.  Upon the exercise of an option or stock appreciation right, the number of Shares reserved for issuance under the Plan shall be reduced by the number of Shares issued upon such exercise, plus the number of Shares, if any, withheld upon exercise as full or partial payment of the exercise price or to satisfy the tax withholding amount. Cash payments of stock appreciation rights shall not reduce the number of Shares reserved for issuance under the Plan. Upon the issuance of Shares under a Stock Award, the number of Shares reserved for issuance under the Plan shall be reduced by the number of Shares issued. For all purposes of this paragraph 2(b), the number of Shares “issued” pursuant to a Stock Award shall be net of any Shares withheld to satisfy tax withholding obligations with respect to the award.  The number of Shares available for issuance under the Plan shall not be reduced to reflect any dividends or dividend equivalents that are reinvested into additional Shares or credited as additional Shares subject or paid with respect to an award. 

(c) Fungible Share Provision. Any Shares subject to an option or stock appreciation right granted under the Plan shall be counted against the Plan Limit as one Share for every one Share subject to such option or stock appreciation right, except that a stock appreciation right payable solely in cash shall not be counted against the Plan Limit. Any Shares issued pursuant to a Stock Award shall be counted against the Plan Limit as one Share for every one Share so issued; provided, however, that if the aggregate number of Shares issued pursuant to Stock Awards and Share-denominated awards intended to qualify as qualified performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder (“Performance-Based Awards”) granted after July 16, 2010 exceeds the Full Value Limit (as defined below), any excess Shares issued under those awards shall be counted against the Plan Limit as two and eight-tenths (2.8) Shares for every one Share so issued. If any Shares issued pursuant to a Stock Award or a Performance-Based Award are counted against the Plan Limit as two and eight-tenths (2.8) Shares as provided above, and any Shares issued pursuant to a Stock Award or a Performance-Based Award are subsequently forfeited to the Company, the number of Shares that again become available under the Plan shall be equal to the number of Shares forfeited (up to the aggregate number of Shares previously counted against the Plan Limit as two and eight-tenths (2.8) Shares) multiplied by two and eight-tenths (2.8). Subject to adjustment as provided in paragraph 9, the “Full Value Limit” shall equal twenty-five million (25,000,000) Shares plus the number of Shares issued pursuant to Stock Awards granted on or before 

July 16, 2010 that are forfeited to the Company or withheld to satisfy tax withholding obligations after July 16, 2010.  

(d) Award Limits.  

(i) Incentive Stock Options.  Subject to adjustment under paragraph 9, a maximum of seven hundred ninety-eight million (798,000,000) Shares shall be available for issuance under incentive stock options as defined in Section 422 of the Code (“Incentive Stock Options”).  

(ii) Limits on Awards to Non-Employee Directors. No Non-Employee Director may be granted any award or awards denominated in Shares that exceed in the aggregate $500,000 in value (such value computed as of the date of grant in accordance with applicable financial accounting rules) in any fiscal year, plus an additional $500,000 in value for one-time awards to a newly appointed or elected Non-Employee Director. A “Non-Employee Director” is any member of the Board of Directors who is not an employee of the Company.

(e) Dividends. Participants in the Plan may, if the Committee (as defined in paragraph 4) so determines, be credited with dividends or dividend equivalents for dividends paid with respect to Shares underlying an award in a manner determined by the Committee in its sole discretion, provided that with respect to awards that are subject to achievement of performance goals, any such credited dividends or dividend equivalents may only be paid with respect to the portion of such awards that is actually earned. The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate.  The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares of the Class B Common Stock, restricted stock or restricted stock units.

3. Duration of Plan. The Plan shall continue in effect until all Shares available for issuance under the Plan have been issued and all restrictions on such Shares have lapsed; provided, however, that no awards shall be made under the Plan on or after the 10th anniversary of the last action by the shareholders approving any amendment to the Plan or amendment and restatement of the Plan to increase the number of Shares available for issuance under the Plan. The Board of Directors may suspend or terminate the Plan at any time except with respect to awards and Shares subject to restrictions then outstanding under the Plan. Termination shall not affect any outstanding awards or the forfeitability of Shares issued under the Plan.

4. Administration. The Plan shall be administered by a committee appointed by the Board of Directors of the Company consisting of not less than two directors (the “Committee”), which shall determine and designate from time to time the individuals to whom awards shall be made, the amount of the awards and the other terms and conditions of the awards, except that only the Board of Directors may amend or terminate the Plan as provided in paragraphs 3 and 13. Subject to the provisions of the Plan, the Committee may from time to time adopt and amend rules and regulations relating to administration of the Plan, adopt forms of award agreements setting out the terms and conditions of the awards, advance the lapse of any waiting period, accelerate any exercise date, waive or modify any restriction applicable to Shares (except those restrictions imposed by law) and make all other determinations in the judgment of the Committee necessary or desirable for the administration of the Plan. The interpretation and construction of the provisions of the Plan and related agreements by the Committee shall be final and conclusive. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any related agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect, and it shall be 
- 2 -

the sole and final judge of such expediency. The Committee may allocate among its members and delegate to any person who is not a member of the Committee any of its powers, responsibilities or duties.

5. Types of Awards; Eligibility; General Terms of Awards. 

(a) Awards. The Committee may, from time to time, take the following actions, separately or in combination, under the Plan: (i) grant Incentive Stock Options as provided in paragraph 6(b); (ii) grant options other than Incentive Stock Options (“Non-Statutory Stock Options”) as provided in paragraph 6(c); (iii) grant Stock Awards, including restricted stock and restricted stock units, as provided in paragraph 7; and (iv) grant stock appreciation rights as provided in paragraph 8. 

(b) Eligibility. Any such awards may be made to employees, including employees who are officers or directors, of the Company or any parent or subsidiary corporation of the Company and to other individuals described in paragraph 1; provided, however, that only employees of the Company shall be eligible to receive Incentive Stock Options under the Plan. The Committee shall select the individuals to whom awards shall be made. The Committee shall specify the action taken with respect to each individual to whom an award is made under the Plan. 

(c) Termination of Service.  For purposes of the Plan, service means service as a Non-Employee Director, consultant, advisor or independent contractor of the Company or a parent or subsidiary corporation of the Company and termination of service means termination of employment or service.

6. Option Grants.

(a) Grant. The Committee may grant options under the Plan. With respect to each option grant, the Committee shall determine the number of Shares subject to the option, the option price, the period of the option, the time or times at which the option may be exercised and whether the option is an Incentive Stock Option or a Non-Statutory Stock Option.

(b) Incentive Stock Options. Incentive Stock Options shall be subject to the following terms and conditions:

(i) An Incentive Stock Option may be granted under the Plan to an employee possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or of any parent or subsidiary of the Company only if the option price is at least 110 percent of the fair market value of the Shares subject to the option on the date it is granted, as described in paragraph 6(b)(iii), and the option by its terms is not exercisable after the expiration of five years from the date it is granted.

(ii) Subject to paragraphs 6(b)(i) and 6(d), Incentive Stock Options granted under the Plan shall continue in effect for the period fixed by the Committee, except that no Incentive Stock Option shall be exercisable after the expiration of 10 years from the date it is granted.

(iii) The option price per share shall be determined by the Committee at the time of grant. Subject to paragraph 6(b)(i), the option price shall not be less than 100 percent of the fair market value of the Shares covered by the Incentive Stock Option at the date the option is granted. The fair market value shall be deemed to be the closing price of the Class B Common Stock of the Company as reported in the New York Stock 
- 3 -

Exchange Composite Transactions in the Wall Street Journal on the date the option is granted, or if there has been no sale on that date, on the last preceding date on which a sale occurred, or such other reported value of the Class B Common Stock of the Company as shall be specified by the Committee.

(iv) No Incentive Stock Option shall be granted on or after the tenth anniversary of the last action by the Board of Directors approving an increase in the number of Shares available for issuance under the Plan, which action was subsequently approved within 12 months by the shareholders.

(c) Non-Statutory Stock Options. The option price for Non-Statutory Stock Options shall be determined by the Committee at the time of grant. The option price may not be less than 100 percent of the fair market value of the Shares covered by the Non-Statutory Stock Option on the date the option is granted. The fair market value of Shares covered by a Non-Statutory Stock Option shall be determined pursuant to paragraph 6(b)(iii). No Non-Statutory Stock Option shall be exercisable after the expiration of 10 years from the date it is granted.

(d) Exercise of Options. Except as provided in the applicable award agreement, no option granted under the Plan may be exercised unless at the time of such exercise the optionee is employed by or providing services to the Company or any parent or subsidiary corporation of the Company and shall have been so employed or providing services continuously since the date such option was granted. Absence on leave or on account of illness or disability under rules established by the Committee shall not, however, be deemed an interruption of employment or service for this purpose. Except as provided in paragraphs 9 and 10, options granted under the Plan may be exercised from time to time over the period stated in each option in such amounts and at such times as shall be prescribed by the Committee, provided that options shall not be exercised for fractional Shares. Unless otherwise determined by the Committee, if the optionee does not exercise an option in any one year with respect to the full number of Shares to which the optionee is entitled in that year, the optionee’s rights shall be cumulative and the optionee may purchase those Shares in any subsequent year during the term of the option.

(e) Nontransferability. Except as provided below, each stock option granted under the Plan by its terms shall be nonassignable and nontransferable by the optionee, either voluntarily or by operation of law, and each option by its terms shall be exercisable during the optionee’s lifetime only by the optionee. A stock option may be transferred by will or by the laws of descent and distribution of the state or country of the optionee’s domicile at the time of death. A Non-Statutory Stock Option shall also be transferable pursuant to a qualified domestic relations order as defined under the Code or Title I of the Employee Retirement Income Security Act. The Committee may, in its discretion, authorize all or a portion of a Non-Statutory Stock Option granted to an optionee to be on terms which permit transfer by the optionee to (i) the spouse, children or grandchildren of the optionee (“Immediate Family Members”), (ii) a trust or trusts for the exclusive benefit of Immediate Family Members, or (iii) a partnership in which Immediate Family Members are the only partners, provided that (x) there may be no consideration for any transfer, (y) the option agreement pursuant to which the options are granted must expressly provide for transferability in a manner consistent with this paragraph, and (z) subsequent transfers of transferred options shall be prohibited except by will or by the laws of descent and distribution. Following any transfer, options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of paragraphs 6(d), 6(f), 9 and 10 the term “optionee” shall be deemed to refer to the transferee. The events of termination of service as set forth in the applicable award agreement shall continue to be applied with respect to the original optionee, following which the options shall be exercisable by the transferee only to the extent, and for the periods specified, and all other references to employment or service, termination of service, life or death of the optionee, shall continue to be applied with respect to the original optionee.

- 4 -

(f) Purchase of Shares. Unless the Committee determines otherwise, Shares may be acquired pursuant to an option granted under the Plan only upon receipt by the Company of notice from the optionee of the optionee’s intention to exercise, specifying the number of Shares as to which the optionee desires to exercise the option and the date on which the optionee desires to complete the transaction, and if required in order to comply with the Securities Act of 1933, as amended, containing a representation that it is the optionee’s present intention to acquire the Shares for investment and not with a view to distribution. Unless the Committee determines otherwise, on or before the date specified for completion of the purchase of Shares pursuant to an option, the optionee must have paid the Company the full purchase price of such Shares in cash or with the consent of the Committee, in whole or in part, in Class B Common Stock of the Company valued at fair market value, or by having the Company withhold shares of Class B Common Stock of the Company that would otherwise be issued on exercise of the option that have an aggregate fair market value equal to the aggregate purchase price of the Shares being purchased under the option. The fair market value of Class B Common Stock of the Company provided in payment of the purchase price shall be the closing price of the Class B Common Stock of the Company as reported in the New York Stock Exchange Composite Transactions in the Wall Street Journal or such other reported value of the Class B Common Stock of the Company as shall be specified by the Committee, on the date the option is exercised, or if such date is not a trading day, then on the immediately preceding trading day. No Shares shall be issued until full payment therefor has been made. With the consent of the Committee, an optionee may request the Company to apply automatically the Shares to be received upon the exercise of a portion of a stock option to satisfy the purchase price for additional portions of the option. Each optionee who has exercised an option shall immediately upon notification of the amount due, if any, pay to the Company in cash amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If additional withholding is or becomes required beyond any amount deposited before delivery of the Shares, the optionee shall pay such amount to the Company on demand. If the optionee fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the optionee, including salary, subject to applicable law. With the consent of the Committee, an optionee may satisfy the minimum statutory withholding obligation, in whole or in part, by having the Company withhold from the Shares to be issued upon the exercise that number of Shares that would satisfy the withholding amount due or by delivering Class B Common Stock of the Company to the Company to satisfy the withholding amount. 

(g) No Repricing. Except for actions approved by the shareholders of the Company or adjustments made pursuant to paragraph 9, the option price for an outstanding option granted under the Plan may not be decreased after the date of grant nor may the Company grant a new option or pay any cash or other consideration (including another award under the Plan) in exchange for any outstanding option granted under the Plan at a time when the option price of the outstanding option exceeds the fair market value of the Shares covered by the option. 

7. Stock Awards. The Committee may grant Shares as stock awards under the Plan (“Stock Awards”). Stock Awards shall be subject to the terms, conditions, and restrictions determined by the Committee, including time-based and performance-based vesting conditions. The restrictions may include restrictions concerning transferability and forfeiture of the Shares awarded, together with such other restrictions as may be determined by the Committee. Stock Awards subject to restrictions may be either restricted stock awards under which Shares are issued immediately upon grant subject to forfeiture if vesting conditions are not satisfied, or restricted stock unit awards under which Shares are not issued until after vesting conditions are satisfied.  Restricted stock awards may be evidenced in such manner as the Committee deems appropriate, in its sole discretion, including book-entry registration (in which case the restrictions shall be placed on the book-entry registration) or issuance of one or more stock certificates (in which case the certificates shall bear any legends required by the Committee). The Committee may require the recipient to sign an agreement as a condition of the award, but may not require the recipient to pay any monetary consideration other than amounts necessary to satisfy tax withholding requirements. The agreement 
- 5 -

may contain any terms, conditions, restrictions, representations and warranties required by the Committee. The Company may require any recipient of a Stock Award to pay to the Company in cash upon demand amounts necessary to satisfy any applicable federal, state or local tax withholding requirements. If the recipient fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the recipient, including salary, subject to applicable law. With the consent of the Committee, a recipient may satisfy the minimum statutory withholding obligation, in whole or in part, by having the Company withhold from the awarded Shares that number of Shares that would satisfy the withholding amount due or by delivering Class B Common Stock of the Company to the Company to satisfy the withholding amount. 

8. Stock Appreciation Rights.

(a) Grant. Stock appreciation rights may be granted under the Plan by the Committee, subject to such rules, terms, and conditions as the Committee prescribes. 

(b) Exercise.

(i) A stock appreciation right shall be exercisable only at the time or times established by the Committee, except that no stock appreciation right shall be exercisable after the expiration of 10 years from the date it is granted. If a stock appreciation right is granted in connection with an option, the stock appreciation right shall be exercisable only to the extent and on the same conditions that the related option could be exercised. Upon exercise of a stock appreciation right, any option or portion thereof to which the stock appreciation right relates terminates. If a stock appreciation right is granted in connection with an option, upon exercise of the option, the stock appreciation right or portion thereof to which the option relates terminates.

(ii) The Committee may withdraw any stock appreciation right granted under the Plan at any time and may impose any conditions upon the exercise of a stock appreciation right or adopt rules and regulations from time to time affecting the rights of holders of stock appreciation rights. Such rules and regulations may govern the right to exercise stock appreciation rights granted before adoption or amendment of such rules and regulations as well as stock appreciation rights granted thereafter.

(iii) Each stock appreciation right shall entitle the holder, upon exercise, to receive from the Company in exchange therefor an amount equal in value to the excess of the fair market value on the date of exercise of one Share over its fair market value on the date of grant or such higher amount as the Committee may determine (or, in the case of a stock appreciation right granted in connection with an option, the option price per Share under the option to which the stock appreciation right relates), multiplied by the number of Shares covered by the stock appreciation right or the option, or portion thereof, that is surrendered. Payment by the Company upon exercise of a stock appreciation right may be made in Shares valued at fair market value, in cash, or partly in Shares and partly in cash, all as determined by the Committee.

(iv) For purposes of this paragraph 8, the fair market value of the Class B Common Stock of the Company on the date a stock appreciation right is exercised shall be the closing price of the Class B Common Stock of the Company as reported in the New York Stock Exchange Composite Transactions in the Wall Street Journal, or such other reported value of the Class B Common Stock of the Company as shall be specified by the Committee, on the date the stock appreciation right is exercised, or if such date is not a trading day, then on the immediately preceding trading day.
- 6 -

(v) No fractional Shares shall be issued upon exercise of a stock appreciation right. In lieu thereof, cash shall be paid in an amount equal to the value of the fractional share.

(vi) Each stock appreciation right granted under the Plan by its terms shall be nonassignable and nontransferable by the holder, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the holder’s domicile at the time of death, and each stock appreciation right by its terms shall be exercisable during the holder’s lifetime only by the holder; provided, however, that a stock appreciation right not granted in connection with an Incentive Stock Option shall also be transferable pursuant to a qualified domestic relations order as defined under the Code or Title I of the Employee Retirement Income Security Act.

(vii) Each participant who has exercised a stock appreciation right shall, upon notification of the amount due, pay to the Company in cash amounts necessary to satisfy any applicable federal, state or local tax withholding requirements. If the participant fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the participant including salary, subject to applicable law. With the consent of the Committee a participant may satisfy the minimum statutory obligation, in whole or in part, by having the Company withhold from any Shares to be issued upon the exercise that number of Shares that would satisfy the withholding amount due or by delivering Class B Common Stock of the Company to the Company to satisfy the withholding amount.

(c) No Repricing. Except for actions approved by the shareholders of the Company or adjustments made pursuant to paragraph 9, the grant price for an outstanding stock appreciation right granted under the Plan may not be decreased after the date of grant nor may the Company grant a new stock appreciation right or pay any cash or other consideration (including another award under the Plan) in exchange for any outstanding stock appreciation right granted under the Plan at a time when the grant price of the outstanding stock appreciation right exceeds the fair market value of the Shares covered by the stock appreciation right.

9. Changes in Capital Structure. If the outstanding Shares are hereafter increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any recapitalization, reclassification, stock split, combination of shares, dividend payable in shares, or large nonrecurring cash dividend, the authorization limits under paragraphs 2(a), 2(c) and 2(d)(i) shall be adjusted proportionately. In addition, the number and kind of shares subject to outstanding awards, and the exercise price of outstanding options and stock appreciation rights shall be adjusted, to the end that the recipient’s proportionate interest is maintained as before the occurrence of such event. The Committee may also require that any securities issued in respect of or exchanged for Shares issued hereunder that are subject to restrictions be subject to similar restrictions. Notwithstanding the foregoing, the Committee shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Committee. Any adjustments made pursuant to this paragraph 9 shall be conclusive.

10. Sale of the Company; Change in Control.

(a) Sale of the Company. Unless otherwise provided in the applicable award agreement, if during the term of an option, stock appreciation right or restricted stock unit award, there shall occur a merger, consolidation or plan of 
- 7 -

exchange involving the Company pursuant to which outstanding Shares are converted into cash or other stock, securities or property, or a sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Company, then either:

(i) the option, stock appreciation right or restricted stock unit award shall be converted into an option, stock appreciation right or restricted stock unit award to acquire stock of the surviving or acquiring corporation in the applicable transaction for a total purchase price equal to the total price applicable to the unexercised portion of the option, stock appreciation right or restricted stock unit award, and with the amount and type of shares subject thereto and exercise price per share thereof to be conclusively determined by the Committee, taking into account the relative values of the companies involved in the applicable transaction and the exchange rate, if any, used in determining shares of the surviving corporation to be held by holders of Shares following the applicable transaction, and disregarding fractional shares; or

(ii) all unissued Shares subject to restricted stock unit awards shall be issued immediately prior to the consummation of such transaction, all options and stock appreciation rights will become exercisable for 100 percent of the Shares subject to the option or stock appreciation right effective as of the consummation of such transaction, and the Committee shall approve some arrangement by which holders of options and stock appreciation rights shall have a reasonable opportunity to exercise all such options and stock appreciation rights effective as of the consummation of such transaction or otherwise realize the value of these awards, as determined by the Committee. Any option or stock appreciation right that is not exercised in accordance with procedures approved by the Committee shall terminate.

(b) Change in Control. Unless otherwise provided in the applicable award agreement, if paragraph 10(a)(ii) does not apply, all options and stock appreciation rights granted under the Plan shall become exercisable in full  for a remaining term extending until the earlier of the expiration date of the applicable option or stock appreciation right or the expiration of four years after the date of termination of service, and all Stock Awards shall become fully vested , if a Change in Control occurs and at any time after the earlier of Shareholder Approval (as defined below), if any, or the Change in Control and on or before the second anniversary of the Change in Control, (i) the award holder’s service is terminated by the Company (or its successor) without Cause (as defined below), or (ii) the award holder’s service is terminated by the award holder for Good Reason (as defined below). 

(i) For purposes of the Plan, a “Change in Control” of the Company shall mean the occurrence of any of the following events: 

(A) At any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (“Incumbent Directors”) shall cease for any reason to constitute at least a majority thereof; provided, however, that the term “Incumbent Director” shall also include each new director elected during such two-year period whose nomination or election was approved by two-thirds of the Incumbent Directors then in office;

(B) At any time that the holders of the Class A Common Stock of the Company have the right to elect (voting as a separate class) a majority of the members of the Board of Directors, any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from anyone other than the Company, have become the beneficial owner (within the meaning of Rule 13d-3 under the 
- 8 -

Exchange Act), directly or indirectly, of more than 50 percent of the then outstanding Class A Common Stock of the Company;

(C) At any time after such time as the holders of the Class A Common Stock of the Company cease to have the right to elect (voting as a separate class) a majority of the members of the Board of Directors, any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from anyone other than the Company, have become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company ordinarily having the right to vote for the election of directors (“Voting Securities”) representing 30 percent or more of the combined voting power of the then outstanding Voting Securities;

(D) A consolidation, merger or plan of exchange involving the Company (“Merger”) as a result of which the holders of outstanding Voting Securities immediately prior to the Merger do not continue to hold at least 50 percent of the combined voting power of the outstanding Voting Securities of the surviving corporation or a parent corporation of the surviving corporation immediately after the Merger, disregarding any Voting Securities issued to or retained by such holders in respect of securities of any other party to the Merger; or

(E) A sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company.

(ii) For purposes of the Plan, “Shareholder Approval” shall mean approval by the shareholders of the Company of a transaction, the consummation of which would be a Change in Control.

(iii) For purposes of this Plan, “Cause” shall mean (A) the willful and continued failure to perform substantially the award holder’s reasonably assigned duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness) after a demand for substantial performance is delivered to the award holder by the Company which specifically identifies the manner in which the Company believes that the award holder has not substantially performed the award holder’s duties, or (B) the willful engagement in illegal conduct which is materially and demonstrably injurious to the Company.  No act, or failure to act, shall be considered “willful” if the award holder reasonably believed that the action or omission was in, or not opposed to, the best interests of the Company.

(iv) For purposes of the Plan, “Good Reason” shall mean (A) the assignment of a different title, job or responsibilities that results in a material decrease in the level of responsibility of the award holder after Shareholder Approval, if applicable, or the Change in Control when compared to the award holder’s level of responsibility for the Company’s operations prior to Shareholder Approval, if applicable, or the Change in Control; provided that Good Reason shall not exist if the award holder continues to have the same or a greater general level of responsibility for Company operations after the Change in Control as the award holder had prior to the Change in Control even if the Company operations are a subsidiary or division of the surviving company, (B) a reduction in the award holder’s base pay as in effect immediately prior to Shareholder Approval, if applicable, or the Change in Control, (C) a material reduction in the total package of benefits available to the award holder under cash incentive, stock incentive and other employee benefit plans after Shareholder Approval, if applicable, or the Change in Control compared to the total package of such benefits 
- 9 -

as in effect prior to Shareholder Approval, if applicable, or the Change in Control, or (D) the award holder is required to be based more than 50 miles from where the award holder’s office is located immediately prior to Shareholder Approval, if applicable, or the Change in Control except for required travel on company business to an extent substantially consistent with the business travel obligations which the award holder undertook on behalf of the Company prior to Shareholder Approval, if applicable, or the Change in Control. Notwithstanding  any provision  in  this  Plan  to  the  contrary,  a  termination  of  an  employment  or  other  service relationship by the award holder will not be for Good Reason unless (1) the award holder notifies the Company in writing of the existence of the  condition that the award holder believes constitutes Good Reason within thirty (30) days of the initial existence of such condition (which notice specifically identifies such condition), (2)  the  Company  fails  to  remedy  such  condition  within  thirty  (30) days  after  the  date  that  it  receives  such notice (the “Remedial Period”), and (3) the award holder actually terminates the award holder’s employment or other service relationship within thirty (30) days after the expiration of the Remedial Period.  If the award holder terminates his or her employment or other service relationship before the expiration of the Remedial Period or after the Company remedies the condition, then the award holder’s termination will not be considered to be for Good Reason.

11. Corporate Mergers, Acquisitions, etc. The Committee may also grant options, stock appreciation rights and Stock Awards under the Plan having terms, conditions and provisions that vary from those specified in the Plan, provided that any such awards are granted in substitution for, or in connection with the assumption of, existing options, stock appreciation rights or Stock Awards issued by another corporation and assumed or otherwise agreed to be provided for by the Company pursuant to or by reason of a transaction involving a corporate merger, consolidation, plan of exchange, acquisition of property or stock, separation, reorganization or liquidation to which the Company or a parent or subsidiary corporation of the Company is a party. The number of Shares available for issuance under the Plan shall not be reduced to reflect any awards granted in substitution for awards of an acquired company.

12. Clawback Policy. Unless otherwise provided in the applicable award agreement, all awards under the Plan shall be subject to (a) any applicable securities, tax and stock exchange laws, rules and regulations relating to the recoupment or clawback of incentive compensation, (b) the NIKE, Inc. Policy for Recoupment of Incentive Compensation as approved by the Committee and in effect at the time of grant, (c)  such other policy for clawback or recoupment of incentive compensation as may subsequently be approved from time to time by the Committee, and (d) any clawback or recoupment provisions set forth in the agreement evidencing the award. 

13. Amendment of Plan. The Board of Directors may at any time, and from time to time, modify or amend the Plan in such respects as it shall deem advisable because of changes in the law while the Plan is in effect or for any other reason, provided that no amendment of the Plan shall be made without shareholder approval if shareholder approval of the amendment is at the time required by the rules of any stock exchange on which the Class B Stock may then be listed. Except as provided in paragraphs 8, 9 and 10, however, no change in an award already granted shall be made without the written consent of the holder of such award.

14. Approvals. The obligations of the Company under the Plan are subject to the approval of state and federal authorities or agencies with jurisdiction in the matter. The Company will use its best efforts to take steps required by state or federal law or applicable regulations, including rules and regulations of the Securities and Exchange Commission and any stock exchange or trading system on which the Company’s shares may then be listed or admitted for trading, in connection with the grants under the Plan. The foregoing notwithstanding, the Company 
- 10 -

shall not be obligated to issue or deliver Class B Common Stock under the Plan if such issuance or delivery would violate applicable state or federal securities laws.

15. Employment and Service Rights. Nothing in the Plan or any award pursuant to the Plan shall (a) confer upon any participant any right to be continued in the employment of or service with the Company or any parent or subsidiary corporation of the Company or interfere in any way with the right of the Company or any parent or subsidiary corporation of the Company by whom such participant is employed or to whom such participant is providing services to terminate such participant’s employment or service at any time, for any reason, with or without cause, or to increase or decrease such participant’s compensation or benefits, or (b) confer upon any person engaged by the Company any right to be employed or retained by the Company or to the continuation, extension, renewal, or modification of any compensation, contract, or arrangement with or by the Company.

16. Rights as a Shareholder. The recipient of any award under the Plan shall have no rights as a shareholder with respect to any Shares until the date such Shares are actually issued to the recipient. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date of such issuance.

17.  Choice of Law and Venue.  The Plan, all awards granted thereunder and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Oregon. For purposes of litigating any dispute that arises under the Plan, all awards granted thereunder and all determinations made and actions taken pursuant thereto, the parties hereby submit to and consent to the jurisdiction of, and agree that such litigation shall be conducted in, the courts of Washington County, Oregon or the United States District Court for the District of Oregon, where this Agreement is made and/or to be performed.

18. Section 409A.

(a) All awards made under the Plan that are intended to be “deferred compensation” subject to Section 409A of the Code (“Section 409A”) will be interpreted, administered and construed to comply with Section 409A, and all awards made under the Plan that are intended to be exempt from Section 409A will be interpreted, administered and construed to comply with and preserve such exemption. The Board of Directors and the Committee will have full authority to give effect to the intent of the foregoing sentence.  To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between this paragraph 18 of the Plan and a provision of any award or award agreement with respect to an award, this paragraph 18 of the Plan will govern.

(b) Without limiting the generality of paragraph 18(a), with respect to any award made under the Plan that is intended to be “deferred compensation” subject to Section 409A:

(i) any payment due upon a recipient’s termination of employment will be paid only upon such recipient’s separation from service from the Company within the meaning of Section 409A ;

(ii) any payment due upon a change in control of the Company will be paid only if such change in control constitutes a “change in ownership” or “change in effective control” within the meaning of Section 409A, and in the event that such change in control does not constitute a “change in the ownership” or “change 
- 11 -

in the effective control” within the meaning of Section 409A, such award will vest upon the change in control and any payment will be delayed until the first compliant date under Section 409A; 

(iii) any payment to be made with respect to any award (or any other payment under this Plan) that would be subject to the limitations in Section 409A(a)(2)(B) of the Code will be delayed until six months after the recipient’s separation from service (or earlier death) in accordance with the requirements of Section 409A;

(iv) to the extent necessary to comply with Section 409A, any other securities, other awards or other property that the Company may deliver in lieu of Shares in respect of an award will not have the effect of deferring delivery or payment beyond the date on which such delivery or payment would occur with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose in accordance with the requirements of Section 409A);

(v) if the award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the recipient’s right to the series of installment payments will be treated as a right to a series of separate payments and not as a right to a single payment;

(vi) if the award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the recipient’s right to the dividend equivalents will be treated separately from the right to other amounts under the award; and

(vii) for purposes of determining whether the recipient has experienced a separation from service from the Company within the meaning of Section 409A, “subsidiary” will mean a corporation or other entity in a chain of corporations or other entities in which each corporation or other entity, starting with the Company, has a controlling interest in another corporation or other entity in the chain, ending with such corporation or other entity.  For purposes of the preceding sentence, the term “controlling interest” has the same meaning as provided in Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations, provided that the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations. 

- 12 -EX-10.1

 Exhibit 10.1 

 
  

EIGHTH AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 

STEPSTONE GROUP LP 

 
  

Dated as of September 18, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	                    	 	 	  	Page	 
	ARTICLE 1 ORGANIZATIONAL MATTERS	  	 	1	 
			
	 1.1
	 	Name	  	 	1	 
	 1.2
	 	Principal Place of Business; Other Places of Business	  	 	2	 
	 1.3
	 	Business Purpose	  	 	2	 
	 1.4
	 	Amendments to Certificate and Other Filings	  	 	2	 
	 1.5
	 	Designated Agent for Service of Process	  	 	2	 
	 1.6
	 	Term	  	 	2	 
	 1.7
	 	Rights	  	 	2	 
		
	ARTICLE 2 DEFINITIONS	  	 	2	 
		
	ARTICLE 3 CAPITAL; CAPITAL ACCOUNTS AND PARTNERS	  	 	14	 
			
	 3.1
	 	Capital Contributions	  	 	14	 
	 3.2
	 	Capital Accounts	  	 	15	 
	 3.3
	 	Classes of Units	  	 	15	 
	 3.4
	 	Additional Limited Partners	  	 	19	 
	 3.5
	 	Irrevocable Proxy	  	 	19	 
	 3.6
	 	Partner Capital	  	 	19	 
	 3.7
	 	Partner Loans	  	 	19	 
	 3.8
	 	Liability of Limited Partners	  	 	20	 
		
	ARTICLE 4 DISTRIBUTIONS	  	 	20	 
			
	 4.1
	 	General Distributions	  	 	20	 
	 4.2
	 	Tax Distributions	  	 	20	 
	 4.3
	 	Limitation on Distributions in Respect of Profits Units	  	 	22	 
	 4.4
	 	Distributions of Class B2 Dilution Reserve	  	 	22	 
	 4.5
	 	Distributions Upon Liquidation	  	 	23	 
	 4.6
	 	Distributions to Reflect Additional Units	  	 	23	 
	 4.7
	 	Other Distribution Rules	  	 	23	 
	 4.8
	 	Distributions in Kind	  	 	24	 
	 4.9
	 	Limitations on Distributions	  	 	24	 
		
	ARTICLE 5 ALLOCATIONS OF NET PROFITS AND NET LOSSES	  	 	24	 
			
	 5.1
	 	Allocation Generally	  	 	24	 
	 5.2
	 	Priority Allocations	  	 	24	 
	 5.3
	 	Other Allocation Rules	  	 	26	 
	 5.4
	 	Preparation of Partnership Tax Returns	  	 	28	 
	 5.5
	 	No Right to Review Partner Tax Returns	  	 	28	 
	 5.6
	 	No Inconsistent Positions	  	 	28	 
	 5.7
	 	Tax Elections	  	 	28	 
	 5.8
	 	Tax Representative	  	 	28	 
	 5.9
	 	Partnership Audits	  	 	29	 
	 5.10
	 	Information to be Provided by Partners to Partnership	  	 	29	 

  
 i 

							
	 5.11
	 	Information to be Provided by Partnership to Partners	  	 	30	 
	 5.12
	 	Survival of Obligations	  	 	31	 
	 5.13
	 	Withholding	  	 	31	 
	 5.14
	 	Taxes Other Than U.S. Federal Income Taxes	  	 	31	 
	 5.15
	 	United States Person	  	 	31	 
	 5.16
	 	Tax Classification	  	 	31	 
		
	ARTICLE 6 OPERATIONS	  	 	31	 
			
	 6.1
	 	Management Generally	  	 	31	 
	 6.2
	 	Authority of and Approvals by the General Partner	  	 	32	 
	 6.3
	 	Duties, Exculpation and Indemnification	  	 	32	 
	 6.4
	 	Records; Reports; Schedules	  	 	34	 
	 6.5
	 	Insurance	  	 	35	 
	 6.6
	 	Other Activities	  	 	35	 
	 6.7
	 	Certain Tax-Related Decisions	  	 	35	 
	 6.8
	 	Expenses	  	 	35	 
		
	ARTICLE 7 INTERESTS AND TRANSFERS OF INTERESTS	  	 	36	 
			
	 7.1
	 	Transfers	  	 	36	 
	 7.2
	 	Further Restrictions	  	 	37	 
	 7.3
	 	Rights of Assignees	  	 	38	 
	 7.4
	 	Admissions, Withdrawals and Removals	  	 	38	 
	 7.5
	 	Withdrawal or Removal of Limited Partner	  	 	38	 
	 7.6
	 	Admission of Assignees as Substitute Partners	  	 	39	 
	 7.7
	 	Withdrawal of Partners	  	 	39	 
	 7.8
	 	Exchange	  	 	39	 
	 7.9
	 	Drag-Along Transaction	  	 	40	 
	 7.10
	 	Adjustment Events Relating to Class B Units	  	 	42	 
	 7.11
	 	Vesting of Class B2 Units	  	 	43	 
	 7.12
	 	Anti-Dilution Issuances Related to Units Acquired by the 2019 Equity Investors Pursuant to the 2019 Equity Transaction	  	 	44	 
		
	ARTICLE 8 DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE PARTNERSHIP	  	 	44	 
			
	 8.1
	 	Limitations	  	 	44	 
	 8.2
	 	Exclusive Causes	  	 	44	 
	 8.3
	 	Effect of Dissolution	  	 	44	 
	 8.4
	 	No Capital Contribution Upon Dissolution	  	 	45	 
	 8.5
	 	Liquidation	  	 	45	 
		
	ARTICLE 9 MEDIATION AND ARBITRATION	  	 	45	 
			
	 9.1
	 	Resolution of Disputes Among Partners	  	 	45	 
	 9.2
	 	Single Arbitrator; Governing Rules	  	 	46	 
	 9.3
	 	Discovery	  	 	46	 
	 9.4
	 	Arbitration Hearing	  	 	47	 
	 9.5
	 	Timely Determination	  	 	47	 
	 9.6
	 	Award or Decision	  	 	47	 

  
 ii 

							
	 9.7
	 	Limitations	  	 	48	 
	 9.8
	 	Remedies	  	 	48	 
	 9.9
	 	Statute of Limitations	  	 	48	 
	 9.10
	 	Continuing Project	  	 	48	 
	 9.11
	 	Jurisdiction and Venue	  	 	48	 
	 9.12
	 	Fees	  	 	48	 
	 9.13
	 	Coordination with Tax Receivable Agreement	  	 	49	 
		
	ARTICLE 10 MISCELLANEOUS	  	 	49	 
			
	 10.1
	 	Amendments	  	 	49	 
	 10.2
	 	Voting	  	 	49	 
	 10.3
	 	Accounting and Fiscal Year	  	 	49	 
	 10.4
	 	Entire Agreement	  	 	49	 
	 10.5
	 	Further Assurances	  	 	50	 
	 10.6
	 	Notices	  	 	50	 
	 10.7
	 	Governing Law; Certain Waivers	  	 	50	 
	 10.8
	 	Approvals	  	 	50	 
	 10.9
	 	Power of Attorney	  	 	50	 
	 10.10
	 	Construction	  	 	51	 
	 10.11
	 	Interpretation	  	 	51	 
	 10.12
	 	Binding Effect	  	 	51	 
	 10.13
	 	Severability	  	 	51	 
	 10.14
	 	Counterparts	  	 	51	 
	 10.15
	 	Spousal Consent	  	 	51	 

  
 iii 

 EIGHTH AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 

STEPSTONE GROUP LP 

AGREEMENT (the “Agreement”) of StepStone Group LP, a Delaware limited partnership (the
“Partnership”), is made and entered into as of September 18, 2020, by and between StepStone Group Holdings LLC, as General Partner, and each of the persons admitted as a Limited Partner as of the date hereof or admitted from
time to time after the date hereof as a Limited Partner in accordance with the terms of this Agreement (collectively, the “Partners” with each being referred to separately as a “Partner”). 

WHEREAS, since August 19, 2019, the Partnership has been governed by the Seventh Amended and Restated Agreement of Limited Partnership of
the Partnership (the “Seventh Amended and Restated Agreement”); 
 WHEREAS, SSG intends to conduct or has conducted an
initial public offering of shares of its Class A Common Stock (the “IPO”); 
 WHEREAS, SSG intends to contribute or
has contributed a portion of the net proceeds from its issuance of Class A Common Stock in the IPO to the Partnership in exchange for Class A Units and intends to be or has been admitted to the Partnership as a limited partner; 

WHEREAS, SSG and the Partnership will engage or have engaged in certain other transactions described in the registration statement on Form S-1 filed in connection with the IPO (collectively, the “IPO Reorganization”); and 

WHEREAS, the Partners desire to approve the actions described in these recitals, to document certain understandings set forth herein and to
amend and restate the Seventh Amended and Restated Agreement to read in its entirety as set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and for other good and valuable consideration, the Partners hereby agree (and each Person who subsequently shall become a Partner shall agree) as follows: 

ARTICLE 1 

ORGANIZATIONAL MATTERS 

1.1    Name. The name of the Partnership is StepStone Group LP. The Partnership may also conduct business at the
same time under one or more fictitious names if the General Partner determines that such is in the best interests of the Partnership. The General Partner may change the name of the Partnership, from time to time, in accordance with applicable Law.

  
 1 

 1.2    Principal Place of Business; Other Places of Business. The
principal place of business of the Partnership is located at 4275 Executive Square, Suite 500, La Jolla, CA 92037 or such other place within or outside the State of Delaware as the General Partner may from time to time designate. The
Partnership may maintain offices and places of business at such other place or places within or outside the State of Delaware as the General Partner deems advisable. 

1.3    Business Purpose. The principal purpose of the Partnership is to engage in the business of providing private
market and other alternative investment advisory services and engaging in and managing related investment activities. The Partnership may also engage in any and all lawful business, purpose or activity in which a limited partnership may be engaged
under applicable Law (including, without limitation, the Act) as may be determined by the General Partner from time to time. 

1.4    Amendments to Certificate and Other Filings. The General Partner may execute and file any duly authorized
amendments to the Certificate of Limited Partnership of the Partnership from time to time in a form prescribed by the Act. The General Partner shall also cause to be made, on behalf of the Partnership, such additional filings and recordings as the
General Partner shall deem necessary or advisable. 
 1.5    Designated Agent for Service of Process. The
address of the registered office of the Partnership in the State of Delaware, and the name and address of the registered agent of the Partnership for service of process on the Partnership in the State of Delaware, is The Corporation Trust Company,
Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware, 19801. 
 1.6    Term. The
Partnership shall continue until terminated pursuant to this Agreement. 
 1.7    Rights. The rights and
liabilities of the Partners of the Partnership shall be as provided in the Act, except as otherwise expressly provided herein. In the event of any inconsistency between any terms and conditions contained in this Agreement and any non-mandatory provisions of the Act, the terms and conditions contained in this Agreement shall govern. The Partnership has been established as a series limited partnership pursuant to
§17-218 of the Act but no such series have been or, in the absence of a properly adopted amendment to this Agreement, will be, issued. 

ARTICLE 2 
 DEFINITIONS

 Capitalized words and phrases used and not otherwise defined elsewhere in this Agreement shall have the following meanings: 

2.1    “2019 Dilutable Units” means Units outstanding immediately after the 2019 Equity Transaction,
other than the Class B2 Units and Units acquired by 2019 Equity Investors pursuant to the 2019 Equity Transaction. 

  
 2 

 2.2    “2019 Equity Investors” means the purchasers of
Units in the 2019 Equity Transaction. 
 2.3    “2019 Equity Transaction” means the purchases and sales
of Units that occurred on August 19, 2019. 
 2.4    “2019 Redeemed Partners” means the Limited
Partners whose Units were redeemed in the 2019 Equity Transaction. 
 2.5    “Act” means the Delaware
Revised Uniform Limited Partnership Act, as amended from time to time. 
 2.6    “Active Partner” means
a Class B Limited Partner or Class B2 Limited Partner employed by the SSG Group or actively engaged in a service provider capacity in the business or management of the SSG Group, for so long as there has not been a Termination Event with
respect to such Limited Partner; provided that, for the avoidance of doubt none of (i) Argonaut Holdings, LLC, (ii) Sanford Energy, Inc. and (iii) any holder of Partnership Interests that is owned by an advisory fund or account
advised or sub-advised by Davis Investment Holdings, LLC or one of its Affiliates shall be deemed Active Partners. 

2.7    “Additional Limited Partners” means those Persons admitted to the Partnership pursuant to
Section 3.4. 
 2.8    “Adjusted Capital Account Deficit” means, with respect
to any Partner, the deficit balance, if any, in such Partner’s Capital Account as of the end of the relevant fiscal period, after giving effect to the following adjustments: 

2.8.1    Add to such Capital Account the following items: 

(a)    The amount, if any, that such Partner is obligated to contribute to the Partnership upon liquidation
of such Partner’s Interest; and 
 (b)    The amount that such Partner is obligated to restore or is
deemed to be obligated to restore pursuant to Treas. Reg. § 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Treas. Reg. §§
1.704-2(g)(1) and 1.704-2(i)(5); and 

2.8.2    Subtract from such Capital Account such Partner’s share of the items described in Treas. Reg. §§ 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The
foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treas. Reg. § 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 2.9    “Adjustment Event” means, with respect to any Active Partner, any event the result of which
is that such Limited Partner’s status as an Active Partner is Terminated for any reason. 

2.10    “Adjustment Percentage” is defined in Section 7.10.1. 

  
 3 

 2.11    “Admission Agreement” means, with respect to
any Limited Partner, the purchase, subscription or other agreement pursuant to which such Limited Partner agrees to become a Limited Partner, or other written agreement between the General Partner and/or the Partnership on the one hand and such
Limited Partner on the other relating to such Limited Partner’s interest in the Partnership. 

2.12    “Affected Partner” is defined in Section 7.10.1. 

2.13    “Affiliate” means, with reference to a specified Person, any other Person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. For purposes of this definition, the term “control” (including with correlative meanings, the terms
“controlling”, “controlled by”, and “under common control with”), with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such Person, either through the ownership of a majority of such Person’s voting stock, by contract or otherwise. 

2.14    “Agreement” is defined in the Preamble and shall include any Class Designation, which shall
be an integral part of this Agreement. 
 2.15    “Anti-Dilution Trigger” is defined in
Section 7.12. 
 2.16    “Anti-Dilution Units” is defined in
Section 7.12. 
 2.17    “Arbitrator” is defined in
Section 9.2. 
 2.18    “Assignee” means any Person (a) to whom a
Limited Partner (or assignee thereof) Transfers all or any part of its interest in the Partnership, and (b) which has not been admitted to the Partnership as a Substitute Partner pursuant to Section 7.6. 

2.19    “Assumed Tax Liability” is defined in Section 4.2.2 

2.20    “Assumed Tax Rate” is defined in Section 4.2.2(b). 

2.21    “Base Percentage Interest” means, with respect to any Partner as of any date of determination,
the fraction (expressed as a percentage), the numerator of which is the number of Units held by such Partner and the denominator of which is the number of Units held by all Partners. For purposes of this calculation, the Unvested Class B2 Units
of any Class B2 Limited Partner shall be excluded (from both the numerator and the denominator). 

2.22    “Beneficial Ownership” (including correlative terms) shall have the meaning ascribed to that term
in Rule 13d-3 promulgated under the Exchange Act. 
 2.23    “Business
Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required to close. 

2.24    “Capital Account” is defined in Section 3.2. 

  
 4 

 2.25    “Capital Contributions” means, with respect to
any Partner, the total amount of money and the initial Gross Asset Value of property (other than money) contributed to the capital of the Partnership by such Partner, whether as an initial Capital Contribution or as an additional Capital
Contribution. 
 2.26    “Capital Stock” means (i) any class or series of capital stock of SSG now
or hereafter authorized, (ii) any rights, options, warrants, or convertible or exchangeable securities that entitle the holder thereof to subscribe for or purchase, convert such securities into, or exchange such securities for, capital stock of
SSG, and (iii) any indebtedness issued by SSG that provides any of the rights described in clause (ii). 

2.27    “Cause” means, with respect to any Active Partner, that such Limited Partner commits any of the
following acts and fails to cure said breach, if it is in fact curable, within thirty (30) days after written notice from the General Partner of said breach: (a) conviction of, or plea of guilty or nolo contendere to, any criminal act
involving moral turpitude, including, without limitation, fraud, embezzlement or misappropriation of funds or property; (b) commission of a material act of dishonesty, fraud or misrepresentation which would reasonably be expected to adversely
and materially affect the assets, business or prospects of the SSG Group; (c) willful breach of duty in the course of providing services as an Active Partner; (d) material breach of this Agreement; and/or (e) materially failing to
satisfy, perform or comply with any obligations, duties or undertakings that a Limited Partner owes to the SSG Group. 

2.28    “Change of Control” means: (i) an acquisition by any Person or group of Persons of Equity
Securities of the Partnership (other than the Ownership Group, the SSG Group or a member of either of them), whether already outstanding or newly issued, in a transaction or series of transactions, if immediately thereafter such Person or group of
Persons (other than the Ownership Group, the SSG Group or a member of either of them) has, or would have, directly or indirectly, Beneficial Ownership of fifty percent (50%) or more of the combined Equity Securities of the Partnership; (ii) the
sale of all or substantially all of the assets of the Partnership and its Subsidiaries, taken as a whole, directly or indirectly, to any Person or group of Persons (other than the Ownership Group, the SSG Group or a member of either of them) in a
transaction or series of transactions; or (iii) the consummation of a tender offer, merger, recapitalization, consolidation, business combination, reorganization or other transaction, or series of related transactions, involving the Partnership
and any other Person or group of Persons (other than the Ownership Group, the SSG Group or a member of either of them); unless, in the case of clause (ii) or (iii) of this definition, either (1) then-existing Partners, immediately prior to
such transaction or the first transaction in such series of transactions, will Beneficially Own more than fifty percent (50%) of the combined Equity Securities of the Partnership (or, if the Partnership will not be the surviving entity in such
transaction or series of transactions, such surviving entity) immediately after such transaction or series of transactions or (2) Persons who are Partners immediately prior to such transaction or the first transaction in such series of
transactions will be entitled to cast at least a majority of the votes for the Board of Directors of SSG (or the board of directors or equivalent body of such surviving entity, as the case may be) after the closing of such transaction or series of
transactions. As used in this definition of Change of Control, the term “group” shall have the same meaning of such term is used in Rule 13d-5 of the Exchange Act. For the avoidance of doubt, a
Change of Control shall not include, or occur as a result of, the IPO or IPO Reorganization. 

  
 5 

 2.29    “Class A Common Stock” means
the Class A common stock of SSG. 
 2.30    “Class A Units” is defined in
Section 3.3.1(a). 
 2.31    “Class B Common Stock” means
the Class B common stock of SSG. 
 2.32    “Class B Limited Partner” means a
Limited Partner in its capacity as a holder of Class B Units. 
 2.33    “Class B
Units” is defined in Section 3.3.1(a). 

2.34    “Class B2 Dilution Reserve” means that portion of the purchase price paid by
the 2019 Equity Investors in the 2019 Equity Transaction retained by the Partnership to fund distributions under Section 4.4. 

2.35    “Class B2 Forfeiture Amount” is defined in
Section 4.4.2. 
 2.36    “Class B2 Limited Partner” means
a Limited Partner in its capacity as a holder of Class B2 Units. 
 2.37    “Class B2
Units” is defined in Section 3.3.1(a). 

2.38    “Class B2 Vesting Amount” is defined in
Section 4.4.2. 
 2.39    “Class Designation” means any
document setting forth the rights, obligations, terms and conditions of the Units of any other class established by the General Partner in accordance with this Agreement. 

2.40    “Code” means the Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law). 
 2.41    “Death” means the death of a natural person
that is an Active Partner, or the death of a natural person with respect to whom an estate planning vehicle is an Active Partner. 

2.42    “Depreciation” for each Fiscal Year or other applicable period, an amount equal to the federal
income tax depreciation, amortization or other cost recovery deduction allowable under United States federal income tax principles with respect to an asset for Fiscal Year or other period, except that if the Gross Asset Value of an asset differs
from its adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation shall be computed in accordance with Treas. Reg. § 1.704-1(b)(2)(iv)(g)(3) or 1.704-3(d)(2), as applicable, as determined by the General Partner. 

2.43    “Designated Individual” is defined in Section 5.8.1(b). 

2.44    “Distribution Record Date” means the record date established by the Partnership for the purpose
of determining the Partners entitled to receive any distribution, which record date shall (unless otherwise determined by the Partnership) generally be the same as the record date established by SSG for a distribution to its stockholders of some or
all of its portion of such distribution. 

  
 6 

 2.45    “Drag-Along Right” is defined in
Section 7.9.2. 
 2.46    “Drag-Along Transaction” means a sale of all or
substantially all of the consolidated business, operations and assets of the SSG Group in one transaction or a series of related transactions that (a) would result in a Change of Control and (b) is designated as a Drag-Along Transaction by
the General Partner or the Board of Directors of SSG. 
 2.47    “Equity Securities” means, with
respect to any Person, any and all partnership interests, capital stock, options or other equity securities in such Person, and all securities exchangeable for or convertible or exercisable into, any of the foregoing. 

2.48    “Equivalent Units” means, with respect to any class or series of Capital Stock, Units with
preferences, conversion, and other rights (other than voting rights), restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption that are substantially the same as (or correspond to) the
preferences, conversion and other rights, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of such Capital Stock as appropriate to reflect the relative rights and preferences of such Capital Stock
as to the other classes and series of Capital Stock as such Equivalent Units would have as to the other classes and series of Units corresponding to the other classes of Capital Stock, but not as to matters such as voting for members of the Board of
Directors that are not applicable to the Partnership. In comparing the economic rights of any Capital Stock with the economic rights of any Units, the effect of taxes shall be taken into account. 

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

2.50    “Exchange Agreement” means the Exchange Agreement, effective on or about the date of this
Agreement, among the Partnership and the Partnership Unitholders (as defined therein) from time to time party thereto, as the same may be amended, modified, supplemented or restated from time to time. 

2.51    “FATCA” means Code sections 1471 through 1474, as of the date of this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations, any agreement entered into pursuant to Code section 1471(b)(1), any applicable
intergovernmental agreements with respect thereto, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement entered into in connection with the implementation of such sections of the Code.

 2.52    “Fiscal Year” is defined in Section 10.3. 

2.53    “Former Active Partner” means a Person who previously was an Active Partner, from and after a
Termination Event with respect to such Limited Partner. 

  
 7 

 2.54    “Full Vesting Date” shall
mean, with respect to any Class B2 Units, the date on which all of the Class B2 Units issued to a Class B2 Limited Partner in an Admission Agreement become fully vested in accordance with the terms set forth in
Section 7.11.1. 
 2.55    “General Partner” means StepStone Group Holdings
LLC, a Delaware limited liability company, or any other Person that becomes a successor or an additional general partner of the Partnership as provided in this Agreement, in each such Person’s capacity as general partner, in each case as the
context requires. 
 2.56    “Gross Asset Value” means, with respect to any asset, the asset’s
adjusted basis for federal income tax purposes, except as follows: 
 2.56.1    The initial Gross Asset Value of any
asset (other than money) contributed by a Partner to the Partnership shall be the gross fair market value of such asset. 

2.56.2    The Gross Asset Values of all assets shall be adjusted to equal their respective gross fair market values as
determined by the General Partner as of the following times: 
 (a)    the acquisition of an additional
interest in the Partnership (other than in connection with the execution of this Agreement) by a new or existing Partner in exchange for more than a de minimis Capital Contribution, if the General Partner reasonably determines that such
adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(b)    the distribution by the Partnership to a Partner of more than a de minimis amount of
Partnership assets as consideration for an interest in the Partnership, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(c)    the grant of an interest in the Partnership (other than a de minimis amount) as consideration
for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a Partner capacity, or by a new Partner acting in a Partner capacity or in anticipation of being a Partner; 

(d)    the liquidation of the Partnership within the meaning of Treas. Reg. § 1.704-1(b)(2)(ii)(g); and 
 (e)    such other times as the
General Partner shall reasonably determine necessary or advisable in order to comply with Treas. Reg. §§ 1.704-1(b) and 1.704-2. 

2.56.3    The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value
of such asset on the date of distribution, as determined by the General Partner. 
 2.56.4    The Gross Asset
Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code section 734(b) or Code section 743(b), but only to the extent that such adjustments are taken into

  
 8 

 
account in determining Capital Accounts pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset
Values shall not be adjusted pursuant to this Section 2.56.4 to the extent that the General Partner reasonably determines that an adjustment pursuant to Section 2.56.2 above is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this Section 2.56.4. 

2.56.5    If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to
Section 2.56.1, Section 2.56.2 or Section 2.56.4, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such
Partnership asset for purposes of computing Net Profits and Net Losses. 
 2.57    “Imputed
Underpayment” is defined in Section 5.9.1. 
 2.58    “Imputed Underpayment
Share” is defined in Section 5.9.2. 
 2.59    “Incapacity” means
the entry of an order of incompetence or of insanity, or the Death, permanent disability, dissolution, bankruptcy (as defined in the Act) or termination (other than by merger or consolidation) of any Person. 

2.60    “Indemnitees” is defined in Section 6.3.3. 

2.61    “Initial Class B2 Amount” is defined in
Section 4.4.2. 
 2.62    “Intangible Asset Gain” means the gain realized by
the Partnership with respect to any Intangible Assets in connection with the actual or hypothetical sale of such Intangible Assets, including, but not limited to, gain realized in connection with an adjustment to the Gross Asset Value of Partnership
assets. 
 2.63    “Intangible Assets” means the assets of the Partnership that are of the type
described in Code section 197(d), as well as interests in entities classified as corporations for U.S. federal income tax purposes. 

2.64    “Investment Company Act” means the Investment Company Act of 1940, as amended. 

2.65    “IPO” is defined in the Recitals. 

2.66    “IPO Reorganization” is defined in the Recitals. 

2.67    “IRS” means the United States Internal Revenue Service, or, if applicable, a state or local
taxing agency. 
 2.68    “Issuance Date” means, with respect to any Class B2 Units, the date of
issuance of such Class B2 Units pursuant to an Admission Agreement or such other date as determined by the General Partner and set forth in the relevant Admission Agreement. 

2.69    “JAMS” is defined in Section 9.1. 

  
 9 

 2.70    “JAMS Rules” is defined in
Section 9.1. 
 2.71    “Law” means any applicable constitutional provision,
statute, act, code (including the Code), law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a governmental authority and shall
include, for the avoidance of any doubt, the Act. 
 2.72    “Limited Partner” means, at any time, any
Person who is at such time a limited partner of the Partnership and shown as such on the books and records of the Partnership, in its capacity as a limited partner of the Partnership. 

2.73    “Liquidator” is defined in Section 8.5.1. 

2.74    “Net Profits” or “Net Losses” means, for each Fiscal Year, an amount equal to
the Partnership’s taxable income or loss for such Fiscal Year determined in accordance with Code section 703(a) (for this purpose, all items of income, gain, loss, deduction or credit required to be stated separately pursuant to Code section
703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 2.74.1    Any income of the
Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this Section 2.74 shall be added to such taxable income or loss; 

2.74.2    Any expenditure of the Partnership described in Code section 705(a)(2)(B) or treated as Code section 705(a)(2)(B)
expenditures pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this Section 2.74,
shall be subtracted from such taxable income or loss; 
 2.74.3    Gain or loss resulting from any disposition of any
asset of the Partnership with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset
differs from its Gross Asset Value; 
 2.74.4    In lieu of the depreciation, amortization and other cost recovery
deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year; 

2.74.5    If the Gross Asset Value of any asset owned by the Partnership is adjusted in accordance with
Section 2.56.2 or Section 2.56.3, the amount of such adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the disposition of such asset for purposes of
computing Net Profits or Net Losses; 
 2.74.6    to the extent an adjustment to the adjusted tax basis of any asset of
the Partnership pursuant to Code section 734(b) is required pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution
other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the
asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Profits and Net Losses; and 

  
 10 

 2.74.7    Notwithstanding any other provision of this
Section 2.74, any items that are allocated pursuant to Section 5.2 or Section 5.3.2 shall not be taken into account in computing Net Profits or Net Losses. 

2.75    “Nonrecourse Deductions” has the meaning set forth in Treas. Reg. §§ 1.704-2(b)(1) and 1.704-2(c). 

2.76    “Nonrecourse Liability” has the meaning set forth in Treas. Reg. §§ 1.704-2(b)(3) and 1.752-1(a)(2). 

2.77    “Ownership Group” means Persons who, at the applicable time, are parties to the
Stockholders’ Agreement. 
 2.78    “Partner Nonrecourse Debt” has the meaning set forth in Treas.
Reg. § 1.704-2(b)(4) for the phrase “partner nonrecourse debt.” 

2.79    “Partner Nonrecourse Debt Minimum Gain” means an amount, with respect to each Partner Nonrecourse
Debt, equal to Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a nonrecourse liability (within the meaning of Treas. Reg. § 1.752-1(a)(2)), determined in
accordance with Treas. Reg. § 1.704-2(i)(3). 

2.80    “Partner Nonrecourse Deductions” has the meaning set forth in Treas. Reg. § 1.704-2(i) for the phrase “partner nonrecourse deductions.” 

2.81    “Partners” is defined in the Preamble. 

2.82    “Partnership” is defined in the Preamble. 

2.83    “Partnership Information” is defined in Section 6.4.3. 

2.84    “Partnership Interest” or “Interest” means the interest or Units of a Partner in
the Partnership at any particular time. 
 2.85    “Partnership Minimum Gain” has the meaning set forth
in Treas. Reg. §§ 1.704-2(b)(2) and 1.704-2(d)(1) for the phrase “partnership minimum gain.” 

2.86    “Person” means and includes an individual, a corporation, a partnership, a limited liability
company, a trust, an estate, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing. 

2.87    “Proxy” is defined in Section 3.5. 

2.88    “Push Out Election” means the election under Code section 6226 (or any similar provision of state
or local law) to “push out” an adjustment to the Partners or former Partners, including filing IRS Form 8988 (Election for Alternative to Payment of the Imputed Underpayment), or any successor or similar form, and taking any other action
necessary to give effect to such election. 

  
 11 

 2.89    “Qualified Transfer” means (a) with
respect to a Limited Partner that is a Person other than an individual, the sale or transfer of Units by a Limited Partner to an Affiliate of such Limited Partner or to another Person who is a Limited Partner (or an Affiliate thereof) as of the date
of the Qualified Transfer, or (b) with respect to a Limited Partner that is an individual, (i) transfers to ancestors, descendants or the spouse of a Limited Partner or to a trust for the benefit of the Limited Partner or members of the
Limited Partner’s immediate family of which the Limited Partner is a trustee, or (ii) transfers to any Person pursuant to testate or intestate succession, provided, that in each case (whether pursuant to clause (a) or (b)),
(x) the transferee agrees to be bound by the terms and conditions of this Agreement with respect to the securities acquired by such transferee and (y) the transfer is effected in a transaction that is exempt from the registration and
qualification requirements of the Securities Act and applicable state securities laws. 
 2.90    “Registration
Rights Agreement” means the Registration Rights Agreement, effective on or about the date hereof, among SSG and the othe persons party thereto, as the same may be amended, modified, supplemented or restated from time to time. 

2.91    “Regulations” means proposed, temporary and final Treasury regulations promulgated under the
Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding Treasury regulations). References to “Treas. Reg. §” are to sections of the Regulations. 

2.92    “Regulatory Allocations” is defined in Section 5.2.9. 

2.93    “Restrictive Covenant Agreement” means, with respect to any Limited Partner, the Restrictive
Covenant Agreement, employment agreement or other agreement (if any) between such Limited Partner (or its Designated Individual) and the Partnership or an Affiliate, to the extent such agreement provides for any undertakings on the part of such
Limited Partner or Designated Individual relating to non-competition with and/or non-solicitation of clients or employees of the Partnership or any Affiliate. 

2.94    “Retirement” means, with respect to an Active Partner, the conclusion of such person’s
status as an Active Partner as a result of resignation or involuntary termination other than for Cause, in the event that as of the Termination Date, the sum of (a) the number of such Active Partner’s years of age (which shall be at least
50) plus (b) the number of such Active Partner’s years as an Active Partner (which shall be at least 15) is equal to at least seventy (70). 

2.95    “Safe Harbor Election” is defined in Section 3.3.5(h). 

2.96    “SCAI” means Swiss Capital Alternative Investments AG, a private company limited by shares
incorporated in the canton of Zurich. 
 2.97    “SCAI Shareholders’ Agreement”
means the Shareholders’ Agreement made on December 2, 2016 between SCP, SCAI and the Partnership. 

  
 12 

 2.98    “SCP” means SC Partner LP, a Cayman Islands
exempted limited partnership that is party to the SCP Framework Agreement. 
 2.99    “SCP Framework
Agreement” means the Framework Agreement made on May 11, 2016 between the Partnership, the General Partner, SCAI and SCP. 

2.100    “SCP LPA” means the Limited Partnership Agreement of SCP made on December 2, 2016. 

2.101    “SCP Partner” means each of the limited partners of SCP and any transferee of any such partner
permitted under the SCAI Shareholders Agreement. 
 2.102    “Seventh Amended and Restated Agreement”
is defined in the Recitals. 
 2.103    “Side Letter” is defined in
Section 10.4. 
 2.104    “SSG” means StepStone Group Inc., a Delaware
corporation, or its successors. 
 2.105    “SSG Group” means SSG and its Affiliates, including the
Partnership. 
 2.106    “Start Date” means with respect to any Class B Limited Partner, the date
of commencement of such Active Partner’s status as an Active Partner or such other date established for purposes of any vesting provisions in such Partner’s Admission Agreement. 

2.107    “Stockholders’ Agreement” means the Stockholders’ Agreement, effective on or about the
date hereof, among SSG, the Partnership and the other Persons party thereto, as the same may be amended, modified, supplemented or restated from time to time. 

2.108    “Subsidiary” means, with respect to any Person, any corporation or other entity of which a
majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

2.109    “Substitute Partner” means any Person (a) to whom a Limited Partner (or assignee thereof)
Transfers all or any part of its interest in the Partnership, and (b) which has been admitted to the Partnership as a Substitute Partner pursuant to Section 7.6. 

2.110    “Target Balance” is defined in Section 5.2.10. 

2.111    “Tax Distribution” is defined in Section 4.2.1 

2.112    “Tax Items” is defined in Section 5.3.1. 

2.113    “Tax Receivable Agreements” means the Tax Receivable Agreement (Exchanges) and the Tax
Receivable Agreement (Reorganizations), in each case effective on or about the date hereof, among SSG, the Partnership and the other parties thereto, as the same may be amended, modified, supplemented or restated from time to time. 

2.114    “Tax Representative” means, as applicable, (a) the Partner or other Person (including the
Partnership) designated as the “partnership representative” of the Partnership 

  
 13 

 
under Code section 6223, (b) the Partner designated as the “tax matters partner” for the Partnership under Code section 6231(a)(7) (as in effect before 2018 and before amendment by
Title XI of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law No. 114-74), and/or (c) the Partner or other Person serving in a similar capacity under any similar provisions of state, local or non-U.S. Laws, in each case, acting solely at the direction of the General Partner to the maximum extent permitted under applicable Law. 

2.115    “Termination” means, with respect to an Active Partner of the Partnership, such partner ceasing
to provide substantive services to the SSG Group for any reason, including, without limitation, as a result of resignation, termination (whether or not for Cause), or Retirement. “Terminate” and “Terminated” shall
have a correlative meaning. 
 2.116    “Termination Date” means, with respect to any Active Partner,
the date of the Termination Event with respect to such Active Partner. 
 2.117    “Termination Event”
means, with respect to any Active Partner, the first to occur of: (a) the termination of the Partnership, or (b) such Active Partner’s Termination. 

2.118    “Termination Without Cause” means, with respect to an Active Partner, the conclusion of such
person’s status as an Active Partner as a result of involuntary termination other than for Cause. 

2.119    “Transfer”, including correlative terms, means, with respect to any Limited Partner or Assignee,
any sale, conveyance, exchange, assignment, pledge, encumbrance, gift, bequest, hypothecation or other transfer or disposition by any other means, of any or all of such Limited Partner’s Units (or an Assignee’s economic interest in the
Partnership), whether for value or no value and whether directly or indirectly, voluntary or involuntary (including, without limitation, by operation of law), or an agreement to do any of the foregoing. 

2.120    “Units” is defined in Section 3.3.1. 

2.121    “Unvested Class B2 Units” means any Class B2 Units that have not vested
in accordance with the provisions of Section 7.11.1. 
 2.122    “Vested
Class B2 Units” means any Class B2 Units (or portion thereof) that have vested in accordance with the provisions of Section 7.11.1. 

2.123    “Vested Quarter” means each of the successive three (3)-month periods during which a Limited
Partner is an Active Partner for the entirety of such period, without proration. 
 2.124    “Waterfall
Agreement” means the Waterfall Agreement made on December 2, 2016 between SCP, SCAI, the Partnership and StepStone Europe Limited. 

ARTICLE 3 
 CAPITAL;
CAPITAL ACCOUNTS AND PARTNERS 
 3.1    Capital Contributions. Except as expressly provided herein with
respect to SSG or in the Exchange Agreement, (i) no Partner shall be required to make any Capital Contributions to the Partnership without such Partner’s consent and (ii) no Partner shall be permitted to make any Capital Contributions
to the Partnership without the General Partner’s consent. 

  
 14 

 3.2    Capital Accounts. A Capital Account shall be established
and maintained for each Partner in accordance with Treas. Reg. § 1.704-1(b)(2)(iv) (a “Capital Account”). 

3.3    Classes of Units. 

3.3.1    Upon effectiveness of this Agreement and immediately after giving effect to the IPO
Reorganization: 
 (a)    The Interests of Limited Partners are represented by units of Partnership
Interest (“Units”), which are divided into: 
 (i)    Class A Units (the
“Class A Units”), which are issuable to SSG and such other Persons as the General Partner shall determine; 

(ii)    Class B Units (the “Class B Units”), which shall be issued only
(x) in accordance with Section 3.3.4, and (y) with respect to and upon full vesting of Class B2 Units; and 

(iii)    Class B2 Units (the “Class B2 Units”), none of which shall be
issued after the IPO Reorganization; 
 (b)    each Unit designated as a “Class A Unit”
that was outstanding immediately prior to the IPO Reorganization has been split into 81 Units, and has been reclassified as Class B Units; and 

(c)    each Unit designated as a “Class A2 Unit” that was outstanding prior to the IPO
Reorganization has been split into 81 Units, and has been reclassified as Class B2 Units. 

3.3.2    The General Partner is authorized to establish and designate additional classes and sub-classes of Units, including preferred Units that rank senior to any then-existing Units and any other new class of Units whose rights, obligations, terms and conditions are set forth on a Class Designation.
The General Partner may establish and determine the designations, priorities, powers, preferences, limitations and relative rights of any additional class or classes of Partnership Interests. 

3.3.3    The Partnership may issue additional Units in exchange for cash or other consideration, including
additional classes of Units, to such Persons, at such times, and having such terms as the General Partner may determine in accordance with this Agreement. 

3.3.4    Units and Capital Stock of SSG. 

(a)    Each Class B Unit shall be associated with and stapled to one share of Class B Common
Stock. Upon any issuance of Class B Units, each Limited Partner 

  
 15 

 
receiving such Units shall purchase from SSG, concurrently with the issuance of Class B Units, one share of Class B Common Stock for the consideration of the par value thereof. Upon any
surrender, redemption or conversion of any such Class B Unit, the holder thereof shall concurrently surrender to SSG or the Partnership (as applicable) the associated share of Class B Common Stock in exchange for payment by SSG or the
Partnership (as applicable) of the par value thereof. Without the specific approval of the General Partner, no Transfer of a Class B Unit shall be effected without a simultaneous Transfer of the corresponding share of Class B Common Stock.

 (b)    Following the IPO, Class A Units may be issued only in accordance with Sections
3.3.4(c) and (f), and no additional Class B or Class B2 Units may be issued by the Partnership except in accordance with Section 3.3.4(f) below. 

(c)    If, following the IPO, SSG issues shares of Class A Common Stock (other than an issuance
pursuant to the Exchange Agreement), unless such net proceeds are used to purchase Units from Limited Partners, SSG shall promptly contribute to the Partnership all the net proceeds and property (if any) received by SSG with respect to such
Class A Common Stock. Upon the contribution by SSG to the Partnership of all (but not less than all) of such net proceeds and property (if any) so received by SSG, the General Partner shall cause the Partnership to issue a number of
Class A Units equal to the number of shares of Class A Common Stock so issued, registered in the name of SSG, such that, at all times, the number of Class A Units held by SSG equals the number of outstanding shares of Class A
Common Stock. 
 (d)    It is the intent that each unit of Capital Stock be generally equivalent in
economic respects to an Equivalent Unit. Accordingly, if, following the IPO, SSG issues shares of Capital Stock other than Class A Common Stock, SSG shall promptly contribute to the Partnership all the net proceeds and property (if any)
received by SSG with respect to such Capital Stock. Upon the contribution by SSG to the Partnership of all (but not less than all) of such net proceeds and property (if any) so received by SSG, the General Partner shall cause the Partnership to
issue a number of Equivalent Units equal to the number of shares of Capital Stock so issued, registered in the name of SSG, such that, at all times, the number of relevant class of Equivalent Units held by SSG equals the number of outstanding shares
of the relevant class of Capital Stock. 
 (e)    If, at any time, any shares of Capital Stock are
repurchased (whether by exercise of a put or call, pursuant to an open market purchase, automatically or by means of another arrangement) by SSG for cash or other consideration, then the General Partner shall cause the Partnership, immediately prior
to such repurchase of such Capital Stock, to redeem an equal number of Equivalent Units held by SSG, at an aggregate redemption price equal to the aggregate purchase price of the Capital Stock being repurchased by SSG (plus any expenses related
thereto) and upon such other terms as are the same for the Capital Stock being cancelled or retired by SSG. 

(f)    Any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or
combination (by reverse stock split, reclassification, 

  
 16 

 
recapitalization or otherwise) of a class of Capital Stock shall be accompanied by an identical subdivision or combination of the Equivalent Units to maintain at all times a one-to-one ratio between the number of Equivalent Units and the number of outstanding shares of the applicable class of Capital Stock. Any corrective action to maintain such
ratios shall not be subject to a corresponding adjustment that would render the corrective action ineffective. In the implementation and administration of this Section 3.3.4, the General Partner shall have authority to
amend this Agreement without the consent of any Limited Partner and shall have discretion to make such adjustments as it determines in good faith to be appropriate to reflect the economic equivalency intended hereby. 

3.3.5    Class B2 Units. The Partnership has established the Class B2 Units which were issued
to Active Partners as compensation for services rendered or to be rendered to or for the benefit of the Partnership or its Affiliates. 

(a)    The Class B2 Units are subject to the limitations on distributions contained in Sections
4.3 and 4.4. 
 (b)    Each Class B2 Limited Partner shall have an initial Base
Percentage Interest with respect to its Class B2 Units of zero percent (0%) and such Base Percentage Interest shall increase as its Class B2 Units vest in accordance with Section 7.11.1; provided, that for
the avoidance of doubt, for purposes of Section 4.1 and Section 4.7, a Class B2 Limited Partner’s Base Percentage Interest shall be zero percent (0%) with respect to any Class B2
Units (and shall not be entitled to any distributions in respect of any of its Class B2 Units under such Sections) until the Full Vesting Date of such Class B2 Units.  

(c)    Upon a Termination Event with respect to a Class B2 Limited Partner, such Class B2 Limited
Partner’s Class B2 Units shall be treated in accordance with Section 7.11. 

(d)    No Class B2 Unit shall confer on the holder any right to vote or consent on any matter arising
under this Agreement prior to the Full Vesting Date of such Class B2 Unit. 
 (e)    Treatment of
Class B2 as Core Units. Class B2 Units shall be treated as, and shall automatically be redesignated as, Class B Units from and after the later to occur of (i) the Full Vesting Date and (ii) the time at
which the Capital Account balance attributable to such Class B2 Units equals the Target Balance with respect to such Class B2 Units. 

(f)    Intended Tax Treatment of Class B2 Units. The Class B2 Units are
intended to be treated for tax purposes as “profits interests” within the meaning of Rev. Proc. 93-27, 1993-2 C.B. 343, and Rev. Proc. 2001-43, 2001-2 C.B. 191. The receipt of the Class B2 Units is intended to be treated as a non-taxable event for the Partnership
and the holder. Each holder of Class B2 Units agrees not to take any position inconsistent with the foregoing. The Partnership and the Partners shall treat each holder of Class B2 Units as a partner for U.S. federal income tax purposes as
of the grant date of 

  
 17 

 
such holder’s Class B2 Units. Each holder of Class B2 Units shall take into account the distributive share of the Partnership’s income, gain, loss, deduction, and credit
associated with its Class B2 Units in computing such holder’s income tax liability for the entire period during which such Person holds the Class B2 Units. Upon the grant of the Class B2 Units or at the time the Class B2
Units become substantially vested, neither the Partnership nor any of the Partners shall deduct any amount (as wages, compensation, or otherwise) for the fair market value of the Class B2 Units. No holder of Class B2 Units shall dispose of
any Class B2 Units within two years of receipt without the express prior written consent of the General Partner. 

(g)    Election Under Code Section 83(b). Absent a contrary
determination by the General Partner, each holder of Class B2 Units shall file a valid and timely election pursuant to Code section 83(b) with respect to its Class B2 Units and provide a copy of the election to the General Partner within
thirty (30) days after issuance of the Class B2 Units. 
 (h)    Proposed Safe Harbor
Election. Each holder of Class B2 Units authorizes the Partnership to make the safe harbor election provided for by the Revenue Procedure proposed in Notice 2005-43,
2005-2 C.B. 107, or any similar election provided in published guidance relating to the compensatory transfer of partnership interests (in any case, a “Safe Harbor Election”) in the manner
that the General Partner determines will be most advantageous to the Partnership. Each such holder agrees to cooperate with the Partnership to perfect and maintain any Safe Harbor Election and to timely execute and deliver any documentation with
respect thereto reasonably requested by the General Partner. Each of the Partnership and each such holder agrees to comply with all requirements of the Safe Harbor Election. A Safe Harbor Election once made may be revoked by the Partnership if
permitted by the rules applicable to the Safe Harbor Election. 
 3.3.6     Swiss Capital
Investors. Pursuant to the SCP Framework Agreement, the Partnership issued Partnership Interests to SCP, which Partnership Interests were redesignated as Class B Units. It is understood that SCP is a holding vehicle for the SCP Partners and
it is agreed that for certain limited purposes set forth in this Section 3.3.6 SCP will be treated as holding separate Class B Units corresponding to the economic interests of the SCP Partners in SCP. The provisions of
this Agreement will be applied and interpreted in accordance with the following principles: 
 (a)    The
provisions of Section 3.5 shall not apply to the Class B Units held by SCP. 

(b)    In the event the Partnership exercises its purchase right with respect to units of SCP under section
5 of the SCAI Shareholders’ Agreement, then upon the completion of such purchase in accordance with section 5.2 of the SCAI Shareholders’ Agreement, the Partnership shall cancel the portion of the Class B Units held by SCP
corresponding to the A1 Units (as such term is defined in the SCP LPA) held by the relevant departing SCP Partner. 

  
 18 

 (c)    The provisions of
Section 7.1 shall not apply to transfers of interests in SCP to the SCP Partners. 

(d)    The Class B Units held by SCP are not subject to reduction under the vesting provisions of
Section 7.10.1. 
 3.4    Additional Limited Partners. Subject to Section 3.3.4,
the General Partner is hereby authorized to issue interests in the Partnership and to admit one or more recipients of such interests as additional Limited Partners (“Additional Limited Partners”) from time to time, on such terms and
conditions as the General Partner may determine; provided that the General Partner shall have determined before such admission that such admission will not create a material risk that the Partnership would become a “publicly traded
partnership” (as such term is defined in Code sections 469(k)(2) or 7704(b)). As a condition to being admitted to the Partnership, each Additional Limited Partner shall execute an Admission Agreement and such other instruments as the General
Partner may determine. 
 3.5    Irrevocable Proxy. Each Active Partner hereby irrevocably grants to, and
appoints, the General Partner as its exclusive proxy and attorney-in-fact with full power of substitution and resubstitution, for and in the name, place and stead of
such Partner, to the full extent of such Partner’s voting and other rights with respect to all such Partner’s Units, which proxy is irrevocable and which appointment is coupled with an interest, including for purposes of the Act, to vote,
and to execute written consents with respect to, all such Partner’s Units on any matter arising under this Agreement. Each Active Partner hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue
hereof (the “Proxy”). Each Active Partner agrees to execute any further agreement or form reasonably necessary or appropriate to confirm and effectuate the grant of the Proxy contained herein. The Proxy shall bind the heirs, successors and
assigns of the Active Partner. The General Partner agrees that it shall not take any action to exercise the Proxy granted by any Active Partner unless and until the earlier of (i) the Termination Date with respect to such Active Partner or
(ii) any purported Transfer of any Units or rights with respect thereto by such Active Partner (whether voluntary or involuntary, including pursuant to Death, Incapacity or divorce) unless such Transfer has been approved by the General Partner
and the Assignee has been admitted as a Substitute Partner in accordance with this Agreement. 
 3.6    Partner
Capital. Except as otherwise provided in this Agreement: (a) no Partner shall demand or be entitled to receive a return of or interest on its Capital Contributions or Capital Account and (b) no Partner shall withdraw any portion of its
Capital Contributions or receive any distributions from the Partnership as a return of capital on account of such Capital Contributions. 

3.7    Partner Loans. No Limited Partner (other than SSG) shall be required or permitted to make any loans or
otherwise lend any funds to the Partnership. No loans made by any Limited Partner to the Partnership shall have any effect on such Limited Partner’s Base Percentage Interest, such loans representing a debt of the Partnership payable or
collectible solely from the assets of the Partnership in accordance with the terms and conditions upon which such loans were made. 

  
 19 

 3.8    Liability of Limited Partners. Except as otherwise
(i) required by any non-waivable provision of the Act or other applicable Law or (ii) provided herein: (a) no Limited Partner shall be personally liable in any manner whatsoever for any debt, liability or other obligation of the
Partnership, whether such debt, liability or other obligation arises in contract, tort, or otherwise; and (b) subject to Section 4.7.2 and Section 3.3.4, no Limited Partner shall in any event have any liability whatsoever in excess of
(i) the amount of its Capital Contributions, (ii) without duplication, its share of any assets and undistributed profits of the Partnership, and (iii) the amount of any wrongful distribution to such Limited Partner, if, and only to
the extent, such Limited Partner has actual knowledge (at the time of the distribution) that such distribution is made in violation of Section 18-607 of the Act. To the fullest extent permitted by law, no
Limited Partner shall have any liability to any other Limited Partner or former Limited Partner, for making any discretionary decisions under this Agreement, or casting any vote for (or refraining from voting) in connection with the business and
affairs of the Partnership. 
 ARTICLE 4 

DISTRIBUTIONS 

4.1    General Distributions. Except as otherwise provided in this Article 4, Article 8 or in any applicable
Class Designation, the General Partner shall determine the timing and amount of all distributions. Subject to the terms of any applicable Class Designation and the other provisions of this Article 4, any distributions (including Tax
Distributions, except to the extent provided in Section 4.2.4) shall be made pro rata in accordance with their Base Percentage Interests.  

4.2    Tax Distributions. 

4.2.1    Amount, Timing, and Treatment of Tax Distribution. Notwithstanding any provision of
Section 4.1 to the contrary, but subject to Section 4.2.4, the Partnership shall distribute to the Partners pro rata in accordance with their Base Percentage Interests an amount of cash such that each Partner
receives distributions of cash (including those made pursuant to Section 4.1) in respect of each Fiscal Year in an amount not less than the Partner’s Assumed Tax Liability for such Fiscal Year (that distribution, a
“Tax Distribution”). Any Tax Distribution made to a Partner under this Section 4.2.1 shall be treated as an advance against, and shall reduce, future amounts due to such Partner under
Section 4.1. For purposes of this Article 4, guaranteed payments for services (within the meaning of Code section 707(c)) shall not be treated as distributions. 

4.2.2    Calculation of Assumed Tax Liability. For purposes of calculating the amount of each
Partner’s Tax Distribution under Section 4.2.2, a Partner’s “Assumed Tax Liability” means an amount equal to the product of: 

(a)    the sum of (i) the net taxable income and gain allocated to that Partner in the Fiscal Year and
(ii) to the extent (x) determined by the General Partner in its sole discretion and (y) attributable to the Partnership, the amount the Partner is 

  
 20 

 
required to include in income by reason of Code sections 707(c) (but not including guaranteed payments for services within the meaning of Code section 707(c)), 951(a), and 951A(a); multiplied
by 
 (b)    the highest combined effective U.S. federal, state, and local marginal rate of tax
applicable to an individual resident in San Francisco, California or New York, New York (whichever is higher), or such higher assumed tax rate as determined by the General Partner, for the Fiscal Year (such tax rate, the “Assumed Tax
Rate”). 
 The calculation required by this Section 4.2.2 shall be made (i) taking into account
(w) the character of the income or gain and (x) any limitations on, or the availability of, deductions and net operating losses, and (ii) disregarding (y) the effect of any special basis adjustments under Code section 743(b) and
(z) the effect of the allocations required under Code section 704(c)(1)(A). 
 4.2.3    Timing of
Tax Distributions. If reasonably practicable, the Partnership shall make distributions of the estimated Tax Distributions in respect of a Fiscal Year on a quarterly basis to facilitate the payment of quarterly estimated income taxes, taking into
account amounts previously distributed by reason of this Section 4.2.3. Not later than sixty (60) Business Days after the end of the Fiscal Year, the Partnership shall make a final Tax Distribution in an amount
sufficient to fulfill the Partnership’s obligations under Section 4.2.1. 

4.2.4    Impact of Insufficient Cash Available for Distribution. If the amount of Tax Distributions
to be made exceeds the amount of the cash available for distribution (taking into account any entity-level tax obligations or payments, including any related interest, penalties, or other costs), SSG shall receive the full amount of its Tax
Distribution (but calculated by substituting the words “a corporation doing business” for “an individual resident” in the definition of “Assumed Tax Rate”) before the other Partners receive any distribution under this
Section 4.2. The balance, if any, of cash available for distribution shall be distributed: 

(a)    First, to the Partners (other than SSG) pro rata in accordance with their Base Percentage
Interests in an amount such that each such Partner has received distributions pursuant to this Section 4.2.4(a) not less than their Assumed Tax Liability (calculated by substituting the words “a corporation doing
business” for “an individual resident” in the definition of “Assumed Tax Rate”); and 

(b)    Thereafter, the balance, if any, to the Partners (including SSG) pro rata in accordance with
their Base Percentage Interests until each Partner has received the full amount of its Tax Distribution calculated in accordance with Section 4.2.2. 

4.2.5    No Tax Distributions on Liquidation. No Tax Distributions shall be made in connection with
the liquidation of the Partnership. 
 4.2.6    Compensation for Services and Self-Employment Tax
Make-Whole Payments. The Partners acknowledge that certain Active Partners (including former 

  
 21 

 
Active Partners) will receive compensation for services, and such compensation may, for U.S. federal income tax purposes, be treated as a guaranteed payment for services under Code section
707(c). For the avoidance of doubt, the Partnership may, but is not required to, pay any Partner an amount such that, on an after-tax basis, the Partner receives the amount he or she would have received if the
Partner had not been subject to self-employment tax by reason of the Partner’s ownership of Units in the Partnership (and instead had received his or her compensation as an employee for tax purposes). Notwithstanding anything to the contrary in
this Agreement, any compensation or payments described in the two preceding sentences shall be treated as guaranteed payments for services within the meaning of Code section 707(c) and shall not be treated as distributions under this Article
4. 
 4.3    Limitation on Distributions in Respect of Profits Units. 

4.3.1    No Distributions in Respect of Unvested Profits Interests. No Class B2 Limited Partner
shall be entitled to participate in any distributions pursuant to Section 4.1 in respect of any of its Class B2 Units prior to the Full Vesting Date of such Class B2 Units (and then shall be entitled to
participate in distributions only in respect of any fiscal quarter commencing after the Full Vesting Date). 

4.3.2    Limitations on Distributions in Respect of Class B2 Units. The
Partnership shall not make any distribution in respect of a Class B2 Unit to the extent that the General Partner determines that such distribution would (a) cause the Class B2 Unit to fail to qualify as profits interests (as that term
is used in Section 3.3.5) or (b) cause an allocation of income or gain (other than Intangible Asset Gain) in respect of a Class B2 Unit that is disproportionate to the amount that would be distributed in respect
of such Class B2 Unit but for this Section 4.3.2. For the avoidance of doubt, the limitations on distributions imposed by this Section 4.3.2 shall not apply to any holder of a Class B2
Unit that has a Capital Account balance at least equal to the relevant Target Balance. 

4.3.3    Continued Right to Tax Distributions. For the avoidance of doubt, this
Section 4.3 shall not alter the Profits Unit Holder’s right to Tax Distributions under Section 4.2. Notwithstanding the other provisions of this Agreement, such Tax Distributions shall be
calculated and made by the Partnership by treating all Unvested Class B2 Units as if they were “substantially vested” within the meaning of Treas. Reg. § 1.83-3(b). 

4.4    Distributions of Class B2 Dilution Reserve. 

4.4.1    Notwithstanding the provisions of Section 4.1 or
Section 4.2, the Partners hereby acknowledge and agree that the Class B2 Dilution Reserve shall be distributed as set forth in this Section 4.4. The General Partner shall maintain a schedule
of persons entitled to distributions thereof and their respective potential shares of any distribution with respect to the Class B2 Dilution Reserve. 

4.4.2    The General Partner shall calculate, at least annually, the number of Class B2 Units that
have vested since the prior determination (the “Class B2 Vesting  

  
 22 

 
Amount”), the number of Class B2 Units that have been forfeited since the prior determination (the “Class B2 Forfeiture Amount”) and the
number of Class B2 Units outstanding at time of the prior determination (or, if no determination has been made, as of August 19, 2019) (the “Initial Class B2 Amount”). Promptly after each such
determination, a distribution shall be made from the Class B2 Dilution Reserve equal to (a) the ratio of the Class B2 Forfeiture Amount to the Initial Class B2 Amount, multiplied by (b) the Class B2 Dilution Reserve, to
the 2019 Redeemed Partners pro rata based on the number of Units redeemed from each 2019 Redeemed Partner in the 2019 Equity Transaction. Promptly after each such determination, a distribution shall be made from the Class B2 Dilution Reserve
equal to (a) the ratio of the Class B2 Vesting Amount to the Initial Class B2 Amount, multiplied by (b) the Class B2 Dilution Reserve, to the Limited Partners holding 2019 Dilutable Units, pro rata based on the number of
2019 Dilutable Units held by them at such time. 
 4.5    Distributions Upon Liquidation.
Distributions made in conjunction with the final liquidation of the Partnership shall be applied or distributed as provided in Article 8.4.6 Distributions to Reflect Additional Units. If the Partnership issues additional
Units, subject to the terms of any applicable Class Designation, the General Partner is authorized to make such revisions to this Article 4 and to Article 5 as it determines are reasonably necessary or desirable to reflect the
issuance of such additional Units, including making preferential distributions to certain classes of Units. 

4.7    Other Distribution Rules. 

4.7.1 Record Date for Distributions. The Partnership may designate a Distribution Record Date for purposes of
calculating and giving effect to distributions. All distributions attributable to a Unit with respect to which the Distribution Record Date is before the date of any Transfer shall be made to the transferor Partner or the tendering Partner (as the
case may be) and, in the case of a Transfer other than an exchange pursuant to the Exchange Agreement, all distributions thereafter attributable to such Unit shall be made to the transferee Partner. 

4.7.2    Over-Distributions. If the Partnership distributes to a Partner more than the amount to
which the Partner in entitled (e.g., by reason of an accounting error), the Partner shall, upon written notice of the over-distribution delivered to the Partner within one year of the over-distribution, promptly return the over-distribution to the
Partnership. For the avoidance of doubt, this Section 4.7.2 applies to any distribution made under this Agreement. 

4.7.3    Reimbursements of Preformation Capital Expenditures. To the extent a distribution (or
reduction in a Partner’s share of Partnership liabilities for federal tax purposes) would otherwise be treated as proceeds in a sale under Code section 707(a)(2)(B), the Partners intend such actual or deemed distribution to reimburse
preformation capital expenditures under Treas. Reg. § 1.707-4(d) to the maximum extent permitted by Law. 

  
 23 

 4.8    Distributions in Kind. No right is given to any Partner to
demand or receive property other than cash as provided in this Agreement. The General Partner may make a distribution in kind of Partnership assets to the Partners, and such Partnership assets shall be distributed in such a fashion as to ensure that
the fair market value (as determined in good faith by the General Partner) thereof is distributed and allocated in accordance with this Article 4 and Article 5 and Article 8. 

4.9    Limitations on Distributions. Notwithstanding any provision to the contrary contained in this Agreement,
neither the Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Partner on account of its Partnership Interests in violation of the Act or other applicable Law or to the extent such distribution would
result in the Partnership or any of its Subsidiaries being in default under any material credit agreement, loan agreement, note, indenture or other agreement governing indebtedness. 

ARTICLE 5 
 ALLOCATIONS
OF NET PROFITS AND NET LOSSES 
 5.1    Allocation Generally. Each Fiscal Year, after adjusting each
Partner’s Capital Account for all contributions and distributions with respect to such Fiscal Year and after giving effect to the allocations under Section 5.2 for the Fiscal Year, Net Profits and Net Losses (or items
thereof) of the Partnership shall be allocated among the Partners in a manner such that, after such allocations have been made, each Partner’s Capital Account balance (which may be a positive, negative, or zero balance) will equal
(proportionately) (a) the amount that would be distributed to each such Partner, determined as if the Partnership were to (i) sell all of its assets for their Gross Asset Values, (ii) satisfy all of its liabilities in accordance with
their terms with the proceeds from such sale (limited, with respect to nonrecourse liabilities, to the Gross Asset Values of the assets securing such liabilities), and (iii) distribute the remaining proceeds pursuant to
Section 4.1 minus (b) the sum of (x) such Partner’s Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and (y) the amount, if any (without duplication of any amount included under clause
(x)), that such Partner is obligated (or is deemed for U.S. federal income tax purposes to be obligated) to contribute, in its capacity as a Partner, to the capital of the Partnership as of the last day of such Fiscal Year. 

5.2    Priority Allocations. 

5.2.1    Partnership Minimum Gain Chargeback. Except as otherwise provided in Treas. Reg. § 1.704-2(f), if there is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary,
subsequent Fiscal Years) in proportion to, and to the extent of, an amount equal to the portion of such Partner’s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treas. Reg. § 1.704-2(g). This Section 5.2.1 is intended to comply with the minimum gain chargeback requirement in Treas. Reg. § 1.704-2(f) and shall be
interpreted consistently therewith. 
 5.2.2    Partner Nonrecourse Debt Minimum Gain Chargeback.
Except as otherwise provided in Treas. Reg. § 1.704-2(i)(4), notwithstanding any other provision of this Article 5, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain

  
 24 

 
attributable to Partner Nonrecourse Debt during any taxable year, then each Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt,
determined in accordance with Treas. Reg. § 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount
equal to such Partner’s share of the net decrease in Partner Nonrecourse Debt, determined in accordance with Treas. Reg. § 1.704-2(i)(4). This Section 5.2.2 is intended to
comply with the minimum gain chargeback requirement in Treas. Reg. § 1.704-2(i) and shall be interpreted consistently therewith. 

5.2.3    Qualified Income Offset. If any Partner unexpectedly receives an adjustment, allocation or
distribution described in Treas. Reg. § 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be allocated, in accordance with Treas. Reg. §
1.704-1(b)(2)(ii)(d), to such Partner in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Partner as quickly as possible,
provided that an allocation pursuant to this Section 5.2.3 shall be made if and only to the extent that such Partner would have an Adjusted Capital Account Deficit after all other allocations provided in this Article
5 have been tentatively made as if this Section 5.2.3 were not in the Agreement. It is intended that this Section 5.2.3 comply with the qualified income offset requirement in Treas. Reg. §
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

5.2.4    Gross Income Allocation. In the event that any Partner has a deficit Capital Account at the
end of any Fiscal Year that is in excess of the sum of (A) the amount (if any) that such Partner is obligated to restore to the Partnership upon complete liquidation of such Partner’s Partnership Interest and (B) the amount that such
Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treas. Reg. §§ 1.704-2 (g)(1) and 1.704-2(i)(5), each such Partner shall
be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible, provided that an allocation pursuant to this Section 5.2.4 shall be made if and only
to the extent that such Partner would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 5 have been tentatively made as if this Section 5.2.4 and
Section 5.2.3 were not in the Agreement. 
 5.2.5    Nonrecourse
Deductions. Nonrecourse Deductions for any Fiscal Year shall be allocated to the Partners in proportion to Units, unless otherwise determined by the General Partner. 

5.2.6    Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Fiscal Year
shall be specially allocated to the Partner who bears the economic risk of loss (within the meaning of Treas. Reg. § 1.752-2) with respect to the Partner Nonrecourse Liability to which such Partner
Nonrecourse Deductions are attributable in accordance with Treas. Reg. § 1.704-2(i)(l). 

5.2.7    Special Basis Adjustments. To the extent that an adjustment to the adjusted tax basis of
any Partnership asset pursuant to Code section 734(b) or Code section 743(b) is required, pursuant to Treas. Reg. § 1.704-1(b)(2)(iv)(m)(2) or Treas. 

  
 25 

 
Reg. § 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a holder of Units in
complete liquidation of its interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis),
and such gain or loss shall be specially allocated to the holders of Units in accordance with their respective Base Percentage Interests in the event that Treas. Reg. § 1.704-1(b)(2)(iv)(m)(2) applies, or
to the Partner(s) to whom such distribution was made in the event that Treas. Reg. § 1.704-1(b)(2)(iv)(m)(4) applies. 

5.2.8    Limitation on Allocation of Net Losses. No allocation of Net Losses (or items of loss)
shall be allocated to a Partner to the extent that any such allocation would cause or increase an Adjusted Capital Account Deficit as to the Partner. The limitation set forth in the preceding sentence shall be applied on a Partner-by-Partner basis and Net Losses (or items of loss) not allocable to a Partner as a result of such limitation shall be reallocated (A) first, among the other
holders of Units in accordance with their respective Base Percentage Interests, and (B) thereafter, among the holders of other Units, as determined by the Partnership, in each case subject to the limitations of this
Section 5.2.8. 
 5.2.9    Ameliorative Allocations. Any allocations
made pursuant to Sections 5.2.1 through 5.2.8 (collectively, the “Regulatory Allocations”) shall be taken into account in allocating other items of income, gain, loss and deduction among the holders of Units so that to the
extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each holder of a Unit shall be equal to the net amount that would have
been allocated to each such Partner if the Regulatory Allocations had not occurred. 

5.2.10    Intangible Asset Gain. Intangible Asset Gain shall be allocated to each holder of
Class B2 Units so as to cause the Capital Account balance of such Limited Partner (to the extent attributable to its Class B2 Units) to stand in the same ratio to the aggregate Capital Account balances attributable to all holders of Units
as the number of Class B2 Units held by such holder bears to the total number of Units outstanding at the time of such allocation (such amount with respect to each such holder of Class B2 Units, the “Target Balance”). To
the extent there is insufficient Intangible Asset Gain to reach the Target Balance for each holder of Class B2 Units, Intangible Asset Gain shall be allocated in such manner as may be determined by the General Partner. 

5.3    Other Allocation Rules. 

5.3.1 In General. Except as otherwise provided in this Section 5.3, for income tax purposes
under the Code and the Regulations, each Partnership item of income, gain, loss, deduction, and credit (collectively, “Tax Items”) shall be allocated among the Partners in the same manner as its correlative item of income, gain,
loss, deduction, and credit (as calculated for purposes of allocating Net Profits or Net Losses, including items allocated under Section 5.2) is allocated pursuant to Section 5.1 and
Section 5.2. 

  
 26 

 5.3.2    Section 704(c) Allocations.
Notwithstanding any provision of Section 5.3.1 to the contrary, in accordance with Code section 704(c)(1)(A) (and the principles of those provisions) and Treas. Reg. § 1.704-3,
Tax Items with respect to any property contributed to the capital of the Partnership, or after Partnership has been revalued under Treas. Reg. § 1.704-1(b)(2)(iv)(f) or (s), shall, solely for United
States federal, state and local tax purposes, be allocated among the Partners so as to take into account any variation between the adjusted basis of such Partnership property to the Partnership for United States federal income tax purposes and its
value as so determined at the time of the contribution or revaluation of Partnership property. The Partnership shall account for such variation under the traditional method as described in Treas. Reg. §
1.704-3(b). For the avoidance of doubt, allocations pursuant to this Section 5.3.2 are solely for purposes of U.S. federal, state, and local taxes and shall not affect, or in any way
be taken into account in computing, any Partner’s Capital Account or such Partner’s share of Net Profits or Net Losses (or items thereof), or distributions under any provision of this Agreement. 

5.3.3    Allocation of Excess Nonrecourse Liabilities. For purposes of determining a Partner’s
share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Treas. Reg. § 1.752-3(a)(3), each Partner’s interest in Partnership profits shall equal such
Partner’s Base Percentage Interest with respect to Units, or such other share as the General Partner determines. 

5.3.4    Allocations in Respect of Varying Interests. If any Partner’s interest in the
Partnership varies (within the meaning of Code section 706(d)), whether by reason of a Transfer of a Unit, redemption of a Unit by the Partnership, or otherwise, Net Profits and Net Losses (and items thereof) for such Fiscal Year shall be allocated
so as to take into account such varying interests in accordance with Code section 706(d) using the “interim closing of the books” method and/or such other permissible method or methods selected by the General Partner. 

5.3.5    Timing and Amount of Allocations of Net Profits and Net Losses. Net Profits and Net Losses
(or items thereof) of the Partnership shall be determined and allocated with respect to each Fiscal Year as of the end of each such year, or at such other time or times determined by the General Partner. 

5.3.6    Modification of Allocations. The allocations set forth in
Section 5.1 and Section 5.2 are intended to comply with certain requirements of the Regulations. Notwithstanding the other provisions of this Article 5, the General Partner shall be
authorized to make, in its reasonable discretion, appropriate amendments to the allocations of Net Profits and Net Losses (or items thereof) pursuant to this Agreement (i) in order to comply with Code section 704 or applicable Regulations or
(ii) to allocate properly items of income, gain, loss, deduction and credit to those Partners who bear the economic burden or benefit associated therewith. If there are any changes after the date of this Agreement in applicable tax Law,
regulations or interpretation, or any errors, ambiguities, inconsistencies or omissions in this Agreement with respect to allocations to be made to Capital Accounts that would, individually or in the aggregate, cause the Partners not to achieve the
economic objectives underlying this Agreement, the General Partner may in its discretion make appropriate adjustments to such allocations in order to achieve or approximate such economic objectives. 

  
 27 

 5.4    Preparation of Partnership Tax Returns. The General
Partner shall arrange for the preparation and timely filing of all returns required of the Partnership for federal, state, and local income tax purposes.  

5.5    No Right to Review Partner Tax Returns. With respect to the financial statements or tax returns of a Partner
or its Affiliates, none of the Partnership, the General Partner, the other Partners, such other Partner’s Affiliates or any of their respective representatives, will be entitled to review such financial statements or tax returns for any
purpose, including in connection with any proceeding or other dispute (whether involving the Partnership, between the Partners, or involving any other Persons). 

5.6    No Inconsistent Positions. Except as required by applicable Law or previously authorized in writing by the
Partnership, which authorization may be withheld in the sole discretion of the Partnership, no Partner shall (a) independently act with respect to tax audits or tax litigation affecting or arising from the Partnership, or (b) treat any
Partnership item inconsistently on such Partner’s income tax return with the treatment of the item on the Partnership’s tax return and/or the Schedule K-1 (or other written information statement)
provided to such Partner. 
 5.7    Tax Elections. The Partnership shall have in effect (and shall cause
each Subsidiary that is classified as a partnership for U.S. federal income tax purposes to have in effect) an election pursuant to Code section 754 (and any similar provisions of applicable U.S. state or local law) for the Partnership for the
Fiscal Year that includes the date of the IPO and each Fiscal Year in which a sale, exchange, or redemption (whether partial or complete) occurs. This Section 5.7 shall not apply with respect to any Subsidiary that the
Partnership cannot cause to make a section 754 election, with respect to Subsidiaries that would not customarily make a section 754 election at the Partnership’s request, or with respect to any other Subsidiary that the General Partner
determines is immaterial or otherwise insignificant. Except as otherwise provided in this Agreement, the General Partner shall determine whether to make any other available election pursuant to the Code. 

5.8    Tax Representative. 

5.8.1 Appointment of Tax Representative and Designated Individual. 

(a)    Tax Representative. The General Partner shall act as the Tax Representative, but the General
Partner may designate another Person to act as the Tax Representative and may remove, replace, or revoke the designation of that Person, or require that Person to resign. 

(b)    Designated Individual. If a Person that is not an individual is the Tax Representative, the
General Partner shall appoint a “designated individual” for each taxable year (as described in Treas. Reg. § 301.6223-1(b)(3)(ii)) (a “Designated Individual”). 

  
 28 

 5.8.2    Authority of the Tax Representative;
Delegation of Authority. The Tax Representative shall have all of the rights, duties, powers, and obligations provided for under the Code, Regulations, or other applicable guidance; provided, however, that if a Person other than
the General Partner is the Tax Representative, the Tax Representative shall in all cases act solely at the direction of the General Partner. The Tax Representative may delegate its authority under this Section 5.8 to a
Designated Individual; provided, for the avoidance of doubt, that each Designated Individual shall in all cases act solely at the direction of the General Partner. 

5.8.3    Costs and Indemnification. The Partnership shall pay, or to the extent the Tax
Representative or Designated Individual pays, indemnify and reimburse, to the fullest extent permitted by applicable Law, the Tax Representative or Designated Individual, for all costs and expenses, including legal and accounting fees (as such fees
are incurred) and any claims incurred in connection with any tax audit or judicial review proceeding with respect to the tax liability of the Partnership. 

5.9    Partnership Audits. 

5.9.1    Determinations with Respect to Audits. The General Partner shall make all decisions and
determinations with respect to, and shall have sole authority with respect to the conduct of, audits of the Partnership, including whether to cause the Partnership or any Subsidiary to make a Push Out Election with respect to any adjustment that
could result in an imputed underpayment (within the meaning of Code section 6225) (an “Imputed Underpayment”). No Partner shall take any action or make any filing inconsistent with the actions of the Tax Representative or Designated
Individual. 
 5.9.2    Imputed Underpayment Share. To the extent the Partnership (or any
Subsidiary that is classified as a partnership for U.S. federal income tax purposes) is liable for any Imputed Underpayment, the General Partner shall determine the liability of the Partners for a share of such Imputed Underpayment, taking into
account the Partner’s Units and the status and actions of the Partners (including any related interest, penalties or other costs, such share, an “Imputed Underpayment Share”). The General Partner shall cause each Partner to
bear its Imputed Underpayment Share solely by reducing the amount of distributions made to such Partner pursuant to Section 4.1 or Section 8.5. 

5.10    Information to be Provided by Partners to Partnership. 

5.10.1 Notice of Audit or Tax Examination. Each Partner shall notify the Partnership within five days after receipt of
any notice regarding an audit or tax examination of the Partnership and upon any request for material information by United States federal, state, local, or other tax authorities. 

5.10.2    Information Relating to FATCA. Each Partner shall provide the Partnership with any
information, representations, certificates or forms relating to such Partner (or its direct or indirect owners or account holders) that are reasonably requested from time to time by the Partnership and that are necessary in order for the Partnership
or any entity in which the Partnership or holds (directly or indirectly) an interest (whether in 

  
 29 

 
the form of debt or equity) and any Partner of any “expanded affiliated group” (as defined in Code section 1471(e)(2)) to (i) enter into, maintain or comply with any agreement
required to be filed with the IRS as contemplated by Code section 1471(b), (ii) satisfy any requirement imposed under FATCA in order to avoid any withholding required under FATCA (including any withholding upon any payments to such Partner under
this Agreement) or (iii) comply with any information reporting or withholding requirements under FATCA. In addition, each Partner shall take such actions as the Tax Representative may reasonably request in connection with the foregoing. If any
Partner fails to provide any of the information, representations, certificates or forms (or undertake any of the actions) required under this Section 5.10.2 in a timely manner, the Tax Representative shall have full
authority to take any steps (after providing such Partner with written notice) that the Partnership determines in its reasonable discretion are necessary to comply with FATCA and to mitigate the effect on the Partnership of such failure including,
but not limited to, withholding on payments or distributions made to such Partner and requiring such Partner to transfer its Units or otherwise withdraw from the Partnership. If requested by the Partnership, such Partner shall execute any and all
documents, opinions, instruments and certificates to effectuate the foregoing. If a Partner fails to comply with the terms of this Section 5.10.2 and, as a result of such failure, any withholding tax is imposed under FATCA
on distributions to the Partnership, such Partner shall, unless otherwise agreed in writing by the Partnership, to the fullest extent permitted by applicable Law, indemnify and hold harmless the Partnership and its Affiliates for all losses, costs,
fees, expenses, damages, claims, and demands (including any withholding tax, penalties or interest suffered by the Partnership). 

5.10.3    Other Information. Each Partner shall provide to the Partnership upon request tax basis
information about assets contributed by it to the Partnership and such other tax information as reasonably requested by the Partnership and necessary for it to prepare its financial reports or any tax returns, or otherwise to comply with applicable
Law. 
 5.11    Information to be Provided by Partnership to
Partners. 
 5.11.1    Communication with IRS. The Partnership shall, within thirty
(30) days after receipt, forward to each Partner holding more than twenty percent (20%) of the Units a photocopy of any material correspondence relating to the Partnership received from the IRS and, within thirty (30) days after
occurrence, advise each Partner in writing of the substance of any material conversation affecting the Partnership held with any representative of the IRS. Notwithstanding the foregoing, the Partnership may withhold information from the Partners to
the extent the Partnership determines that providing such information could result in the waiver of any privilege or otherwise be harmful to the Partnership. 

5.11.2    Notice of Tax Benefits. The Partnership shall use its reasonable best efforts to deliver
to each Partner notice of any tax-related benefit (as reasonably determined by the Partnership) that any Partner may be able to claim with respect to taxes imposed on the Partnership or any investment, within
a reasonable period of time of the Partnership’s becoming aware of that benefit. 

  
 30 

 5.12    Survival of Obligations. For purposes of this Article
5, the term “Partner” shall include a former Partner, except to the extent the General Partner determines that such inclusion is inconsistent with the intention that former Partners be liable for their appropriate share of the
Partnership’s taxes. The rights and obligations of each Partner and former Partner under this Article 5 shall survive the Transfer by such Partner of its Units (or withdrawal by a Partner or redemption of a Partner’s Units) and the
dissolution of the Partnership until ninety (90) days after the applicable statute of limitations. Section 5.8, Section 5.9, and this Section 5.12 shall not be
amended without the prior written consent of any Partner or former Partner that would be materially and adversely impacted by such amendment. 

5.13    Withholding. Each Partner acknowledges and agrees that the Partnership may be required by Law to deduct and
withhold taxes or to fulfill other similar obligations of such Partner on any amount paid, distributed, disbursed, or allocated by the Partnership to that Partner, including upon liquidation, and any assignee or transferee of a Partner’s
interest or substituted Partner shall, by reason of such transfer, assignment or substitution, acknowledge, and agree to any such withholding by the Partnership, including withholding to discharge obligations of the Partnership with respect to prior
distributions, allocations, or a Imputed Underpayment Share. All amounts withheld with respect to any allocation or distribution shall, except as otherwise provided in or determined by the Partnership pursuant to
Section 5.9 be treated as amounts distributed to such Person pursuant to the provision of this Agreement that would have applied if such amount had actually been distributed. 

5.14    Taxes Other Than U.S. Federal Income Taxes. The provisions of this Agreement with respect to U.S. federal
income tax shall apply, mutatis mutandis, with respect to any similar provisions of state, local, or non-U.S. tax law as determined by the Partnership. References in
Section 5.9, Section 5.10, Section 5.11, Section 5.12, and Section 5.13 to “taxes” shall include any
interest, penalties and additions to tax with respect to such taxes. 
 5.15    United States Person.
Other than (i) persons who are Partners as of the date of this Agreement or (ii) Partners with respect to whom the General Partner has waived the application of this Section 5.15 in writing, each Partner
represents and covenants that, for U.S. federal income tax purposes, it is and will at all times remain a “United States person,” within the meaning of Code section 7701, or is and will at all times remain a disregarded entity the assets
of which are treated as owned by a United States person under Treas. Reg. §§ 301.7701-1, 301.7701-2, and 301.7701-3.

 5.16    Tax Classification. The Partnership shall be classified as a partnership for United States federal,
state and local tax purposes. Unless otherwise determined by the General Partner, the Subsidiaries of the Partnership shall be classified either as disregarded entities or as partnerships for United States federal, state and local tax purposes. No
Person shall take any action inconsistent with such classifications. 
 ARTICLE 6 

OPERATIONS 

6.1    Management Generally. The management and control of the Partnership shall be vested exclusively in the
General Partner. Persons dealing with the Partnership are entitled to 
  

  
 31 

 
rely conclusively upon the power and authority of the General Partner as set forth herein. The Limited Partners shall have no part in the management or control of the Partnership and shall have
no authority or right to act on behalf of the Partnership or deal with third parties in connection with any matter. 

6.2    Authority of and Approvals by the General Partner. The General Partner shall have the power to do any and
all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by limited partnerships under the laws of the State of Delaware. Without limitation of the
foregoing, the General Partner is hereby authorized to execute, deliver and perform any document on behalf of the Partnership without any further act of any person or entity. 

6.3    Duties, Exculpation and Indemnification. 

6.3.1    This Agreement is not intended to, and does not, create or impose any fiduciary duty on any of the
Partners (including, without limitation, the General Partner) hereto or on their respective Affiliates. Further, the Partners hereby waive any and all fiduciary duties that, absent such waiver, may exist at or be implied by Law or in equity, and in
doing so, recognize, acknowledge and agree that their duties and obligations to one another and to the Partnership are only as expressly set forth in this Agreement and those required by the Act. 

6.3.2    To the extent that, at law or in equity, any Partner (including, without limitation, the General
Partner) has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to another Partner, the Partners (including without limitation, the General Partner) acting under this Agreement will not be liable to the
Partnership or to any such other Partner for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Partner
(including without limitation, the General Partner) otherwise existing at law or in equity, are agreed by the Partners to replace to that extent such other duties and liabilities of the Partners relating thereto (including without limitation, the
General Partner). 
 6.3.3    None of the General Partner, the Limited Partners, the Tax Representative,
the Designated Individual or the Affiliates, agents, officers, partners, employees, representatives, directors, members, managers or shareholders of the General Partner or the Partnership (collectively, the “Indemnitees”) shall be
liable, responsible, or accountable, in damages or otherwise, to the Partnership or any Partner thereof for doing any act or failing to do any act, the effect of which may cause or result in loss or damage to the Partnership or such Partner if:
(a) the act or failure to act of such Indemnitee was in good faith, within the scope of such Indemnitee’s authority and in a manner it reasonably believed to be in, or not inconsistent with, the best interest of the Partnership, and
(b) the conduct of such Person did not constitute fraud, willful misconduct or gross negligence. 

6.3.4    Indemnitees shall be fully protected in relying in good faith upon the records of the Partnership
and upon such information, opinions, reports or statements 

  
 32 

 
presented to the Partnership by any Person as to matters the Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Partnership, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses or cash flow or any other facts pertinent to the existence or amount of
assets from which distributions to Partners might properly be paid. 
 6.3.5    The Partnership shall
indemnify and hold harmless any Indemnitee to the greatest extent permitted by law against any liability or loss as a result of any claim or legal proceeding by any Person (including by or through the Partnership and/or any Partner) relating to the
performance or nonperformance of any act concerning the activities of the Partnership or in furtherance of the Partnership’s interests (including serving at the request of the Partnership as a director, officer, partner, trustee, employee or
agent of another corporation, partnership, joint venture, trust, limited liability company, nonprofit entity or other enterprise) if: (a) the act or failure to act of such Indemnitee was in good faith, within the scope of such Indemnitee’s
authority and in a manner it reasonably believed to be in the best interest of the Partnership, and (b) the conduct of such Person did not constitute fraud, willful misconduct or gross negligence. The indemnification authorized by this
Section 6.3.5 shall include any judgment, award, settlement, the payment of reasonable attorneys’ fees and other expense incurred in settling or defending any claims, threatened action or finally adjudicated legal
proceeding. 
 6.3.6    From time to time, as requested by an Indemnitee, the attorneys’ fees and
other expenses described in Section 6.3.5 may, in the discretion of the General Partner, be advanced by the Partnership prior to the final disposition of such claims, actions or proceedings upon receipt by the
Partnership of an undertaking by or on behalf of such Indemnitee to repay such amounts if it shall be determined that such Indemnitee is not entitled to be indemnified as authorized hereunder. 

6.3.7    Any indemnification provided hereunder shall be satisfied solely out of the assets of the
Partnership, as an expense of the Partnership, unless otherwise determined by the General Partner. 

6.3.8    Notwithstanding anything in this Agreement or any otherwise applicable provision of law or equity,
whenever an Indemnitee is required or permitted to make a decision, take or approve an action, or omit to do any of the foregoing: (a) in its “discretion” or “sole discretion,” under a similar grant of authority or latitude,
or without an express standard of behavior (including, without limitation, standards such as “reasonable” or “good faith”), then such Indemnitee shall be entitled to consider only such interests and factors, including its own, as
it desires, and shall, to the fullest extent permitted by law, have no duty or obligation to consider any other interests or factors whatsoever, or (b) with an express standard of behavior (including, without limitation, standards such as
“reasonable” or “good faith”), such Indemnitee shall comply with such express standard but shall not be subject to any other, different or additional standard. 

  
 33 

 6.3.9    The provisions of this
Section 6.3 are for the benefit of the Indemnitees and shall not be deemed to create any rights for the benefit of any other Person. 

6.3.10    The provisions of this Section 6.3 shall survive the termination of
this Agreement. No amendment, modification or deletion of this Section 6.3 shall apply to or have any effect on the right of any Indemnitee to indemnification for or with respect to acts or omissions of such Indemnitee
occurring prior to such amendment, modification or deletion. 
 6.4    Records; Reports; Schedules. 

(a)    Subject to the discretion of the General Partner, the General Partner shall cause to be kept, at the
principal place of business of the Partnership or at such other location as the General Partner shall reasonably deem appropriate, full and proper ledgers, other books of account, and records of all receipts and disbursements, other financial
activities, and the internal affairs of the Partnership for at least the current and past three fiscal years. 

(b)    Subject to the discretion of the General Partner, the financial statements of the Partnership shall
be prepared in accordance with such principles as the General Partner shall determine. 
 (c)    The
General Partner shall maintain, as part of the books and records of the Partnership, a schedule, which shall set forth the name, address, the number and Class of Units owned by each Limited Partner, and the respective Base Percentage Interests
associated with such Units held. 
 6.4.2    The General Partner shall cause to be sent to each Limited
Partner of the Partnership, within a reasonable time following the end of each Fiscal Year of the Partnership, a report that shall include all necessary information required by the Limited Partners for preparation of their federal, state and local
income or franchise tax or information returns, including each Limited Partner’s pro rata share of Net Profits, Net Losses and any other Tax Items for such Fiscal Year. 

6.4.3    Limited Partners (personally or through an authorized representative) may, for purposes reasonably
related to their Interests, examine and copy (at their own cost and expense) the books and records of the Partnership that pertain to the Partnership generally and the inspecting Limited Partner, including, if applicable the inspecting Limited
Partner’s Capital Account, Units and Partnership Interest, and Base Percentage Interest (collectively, the “Partnership Information”); provided, however, that such access shall be upon reasonable notice and at
reasonable times, and that such Limited Partner shall not use such Partnership information in a manner inconsistent with such Limited Partner’s obligations under this Agreement. Notwithstanding the foregoing, a Limited Partner who is a Former
Active Partner shall be entitled to reasonable access to Partnership Information reasonably related solely to such Former Active Partner’s economic interest in allocations and distributions hereunder where the Former Active Partner can
demonstrate a reasonable need for such access; provided, however, that such access shall 

  
 34 

 
be upon at least ten (10) Business Days’ prior written notice, during normal business hours and shall be subject to supervision by Partnership personnel at the Partnership’s sole
discretion, and that as a condition of access to such limited Partnership Information, such Former Active Partner shall not be permitted to copy, reproduce or use such Partnership Information in a manner competitive with the Partnership. Access to
any records of the Partnership pursuant to this Section 6.4.3 shall be subject to the execution of a confidentiality and non-disclosure agreement at the request of the General
Partner. 
 6.4.4    In any event, access to any Partnership Information marked, labeled or otherwise
designated as “confidential,” “proprietary” or similarly designated, shall be subject to the Partnership’s reasonable confidentiality restrictions then in effect. No other person or entity (including any spouse or former
spouse of a Partner) shall be entitled to access to Partnership Information unless such access is approved by the General Partner or as otherwise required by the Act. 

6.5    Insurance. The Partnership may purchase and maintain insurance, to the extent and in such amounts as
determined by the General Partner or its designee, on behalf of any of the Indemnitees and such other Persons as determined by the General Partner or its designee, against any liabilities that may be asserted against or expenses that may be incurred
by any such Person in connection with the activities of the Partnership or such Indemnitees, regardless of whether the Partnership would have the power to indemnify such Person against such liabilities under the provisions of this Agreement or
otherwise. The Partnership may enter into indemnity contracts with any or all of the Indemnitees and such other Persons as the General Partner shall determine.6.6 Other Activities. Each Class B Limited Partner or
Class B2 Limited Partner that is an Active Partner, for so long as he or she is an Active Partner and unless otherwise approved by the General Partner, shall devote substantially all of his or her business time and attention to the business and
affairs of the Partnership and its Affiliates. 
 6.7    Certain Tax-Related
Decisions. Except as expressly provided in this Agreement, (i) any tax-related decision or determination that is to be made by the Partnership pursuant to this Agreement shall be made by the General
Partner and (ii) any tax-related action that is to be taken by the Partnership pursuant to this Agreement shall be taken by the Partnership, acting at the direction of the General Partner. In making
decisions or determinations or causing the Partnership to take actions pursuant to this Section 6.7, the General Partner shall act in a commercially reasonable manner. 

6.8    Expenses. 

6.8.1    Subject to Section 6.8.3, the Partnership shall be liable for, and shall
reimburse the General Partner on an after-tax basis at such intervals as the General Partner may determine, for all (i) overhead, administrative expenses, insurance and reasonable legal, accounting and
other professional fees and expenses of the General Partner, (ii) franchise and similar taxes of the General Partner and other fees and expenses in connection with the maintenance of the existence of the General Partner, and
(iii) reasonable expenses paid by the General Partner on behalf of the Partnership. Such reimbursements shall be in addition to any reimbursement of the General Partner as a result of indemnification pursuant to
Section 6.3. 

  
 35 

 6.8.2     Subject to
Section 6.8.3, the Partnership shall be liable for, and shall reimburse SSG on an after-tax basis at such intervals as the General Partner may determine, for all (i) overhead,
administrative expenses, insurance and reasonable legal, accounting and other professional fees and expenses of SSG, (ii) expenses of SSG incidental to being a public reporting company, (iii) reasonable fees and expenses related to the IPO
(other than the payment obligations of SSG under the Tax Receivable Agreements) or any subsequent public offering of equity securities of SSG or private placement of equity securities of SSG, whether or not consummated, (iv) franchise and
similar taxes of SSG and other fees and expenses in connection with the maintenance of the existence of SSG, (v) customary compensation and benefits payable by SSG, and indemnities provided by SSG on behalf of, its officers and directors of
SSG; provided, that the Board of Directors of SSG may elect (but shall not be required to elect) that SSG, rather than the Partnership, shall bear any of the foregoing that are related to the business and affairs of SSG. Such reimbursements shall be
in addition to any reimbursement of SSG as a result of indemnification pursuant to Section 6.3. If SSG issues shares of Class A Common Stock and contributes the net proceeds of such issuance to the Partnership, the
reasonable expenses incurred by SSG in such issuance will be assumed by the Partnership. 
 6.8.3    To
the extent practicable, Partnership expenses shall be billed directly to and paid by the Partnership. Unless otherwise determined by the General Partner, no reimbursement or indemnification payment made pursuant to this
Section 6.8 shall be considered a distribution to the payee. 

6.8.4    Unreimbursed Expenses. From time to time, Limited Partners may incur expenses directly
related to duties carried out on behalf of the Partnership. The General Partner, in its discretion, may agree to cause the Partnership to reimburse certain expenses or categories of expenses, but to the extent not so agreed then any such expenses,
although directly related to duties carried out on behalf of the Partnership, are the responsibility of and shall be borne by the Limited Partners incurring such expenses and are not reimbursable by the Partnership. 

ARTICLE 7 
 INTERESTS AND
TRANSFERS OF INTERESTS 
 7.1    Transfers. 

7.1.1    No Limited Partner or Assignee may Transfer all or any portion of his, her or its Units (or
beneficial interest therein) without (a) the prior written consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion and (b) in the case of a Class B Limited
Partner, the simultaneous transfer of an equal number of shares of such Limited Partner’s Class B Common Stock 

  
 36 

 
corresponding to such Units to the transferee of such Units. Notwithstanding the foregoing, (i) Qualified Transfers by a Limited Partner do not require the consent of the General Partner;
provided, that the transferee shall be subject, pursuant to an Admission Agreement and the vesting provisions of this Agreement (in the case of Class B Units and Class B2 Units), and all other provisions of this Agreement as if the
transferring Limited Partner held the Units and under no circumstances shall a person other than a transferring Class B Limited Partner be allowed to have any voting or management role with respect to the Partnership and (ii) Transfers
pursuant to the Exchange Agreement do not require the consent of the General Partner. Any purported Transfer that is not in accordance with this Agreement shall be null and void. 

7.1.2    In the event of a purported Transfer of any portion of any Class B Units or Class B2
Units to a spouse of an Active Partner or Former Active Partner (or Assignee of an Active Partner or Former Active Partner in a Qualified Transfer) incident to a divorce (whether pursuant to a divorce decree, community property partition or other
agreement between such Limited Partner and such Limited Partner’s spouse), the relevant Interest shall be subject to all vesting provisions set forth in this Agreement. 

7.1.3    A Partner making a Transfer permitted by this Agreement shall, unless otherwise determined by the
General Partner, (i) have delivered to the Partnership an affidavit of non-foreign status with respect to such transferor that satisfies the requirements of Code section 1446(f)(2) or other documentation
establishing a valid exemption from withholding pursuant to Code section 1446(f) or (ii) ensure that, contemporaneously with the Transfer, the transferee of such interest properly withholds and remits to the IRS the amount of tax required to be
withheld upon the Transfer by Code section 1446(f) (and promptly provide evidence to the Partnership of such withholding and remittance). In connection with any such Transfer, the transferor and transferee of such interest shall agree to jointly and
severally indemnify and hold harmless the Partnership against any loss (including taxes, interest, penalties, and any related expenses) arising out of any failure to comply with the provisions of this Section 7.1.3. 

7.2    Further Restrictions. Notwithstanding any contrary provision in this Agreement, any otherwise permitted
Transfer shall be null and void if the General Partner determines that: 
 7.2.1    such Transfer would
create a material risk that the Partnership would be classified other than as a partnership for federal, state or local income tax purposes; 

7.2.2    such Transfer would create a material risk that registration of the Transferred Units would be
required pursuant to any applicable federal or state securities laws; 
 7.2.3    such Transfer would
create a material risk that the Partnership would become a “publicly traded partnership,” as such term is defined in Code section 469(k)(2) or 7704(b); 

  
 37 

 7.2.4    such Transfer would create a material risk of
subjecting the Partnership to regulation under the Investment Company Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; 

7.2.5    such Transfer would create a material risk that the Partnership would become a reporting company
under the Exchange Act or fail to meet the “private placement” safe harbor described in Treas. Reg. § 1.7704-1(h); 

7.2.6    such Transfer would result in a violation of applicable Law; 

7.2.7    such Transfer would be made to any Person who lacks the legal right, power or capacity to own such
Units; or 
 7.2.8    the Partnership does not receive written instruments (including, without
limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the General Partner (as determined in the General Partner’s sole and absolute
discretion). 
 7.3    Rights of Assignees. Until such time, if any, as a transferee of any permitted Transfer
pursuant to this Article 7 is admitted to the Partnership as a Substitute Partner pursuant to Section 7.6: (a) such transferee shall be an Assignee only, and only shall receive, to the extent Transferred, the distributions and allocations of
income, gain, loss, deduction, credit, or similar items to which the Limited Partner that Transferred its Units would be entitled, and (b) such Assignee shall not be entitled or enabled to exercise any other rights or powers of a Limited
Partner, such other rights remaining with the transferring Limited Partner. In such a case, the transferring Limited Partner shall remain a Limited Partner even if he or she has transferred his or her entire economic interest in the Partnership to
one or more Assignees. In the event any Assignee desires to make a further Transfer of any economic interest in the Partnership, such Assignee shall be subject to all of the provisions of this Agreement to the same extent and in the same manner as
any Limited Partner desiring to make such a Transfer. 
 7.4    Admissions, Withdrawals and Removals. No
Person shall be admitted to the Partnership as a Limited Partner except in accordance with Section 3.4 (in the case of Persons obtaining an interest in the Partnership directly from the Partnership) or
Section 7.6 (in the case of transferees of a permitted Transfer of an interest in the Partnership from another Person). Except as otherwise specifically set forth in Section 7.7, no Limited Partner
shall be entitled to retire or withdraw from being a Limited Partner of the Partnership without the written consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. No
admission, withdrawal or removal of a Limited Partner shall cause the dissolution of the Partnership. Any purported admission, withdrawal or removal which is not in accordance with this Agreement shall be null and void. 

7.5    Withdrawal or Removal of Limited Partner. If any Limited Partner attempts to withdraw from the Partnership
(other than pursuant to Section 7.7) without the consent of the General Partner, then, notwithstanding the last sentence of Section 7.4, the General Partner may, in its sole and absolute discretion, permit such withdrawal (without
waiving, in any manner, any other rights available to it or the Partnership at law or in equity and in addition to, and not in lieu of, any other remedies to which it or the Partnership may be entitled). 

 

  
 38 

 7.6    Admission of Assignees as Substitute Partners. As a
condition to being admitted to the Partnership, each Substitute Partner shall execute an Admission Agreement, and such other instruments, in such manner, as the General Partner shall determine. Upon the admission of any Assignee as a Substitute
Partner in accordance with this Article 7, all Partners are deemed to consent to the Assignee being admitted to the Partnership and authorize the General Partner to constitute the Assignee a Substitute Partner on the books and records of the
Partnership in respect of the relevant Units and to eliminate or adjust, if necessary, the relevant information relating to the predecessor of such Substitute Partner. 

7.7    Withdrawal of Partners. 

7.7.1    If a Limited Partner has Transferred all of its/his/her Units to the Partnership as provided in
this Agreement then such Limited Partner shall withdraw from the Partnership upon such Transfer. If a Limited Partner has Transferred all of its/his/her Units to one or more Assignees, then such Limited Partner shall withdraw from the Partnership if
and when all such Assignees have been admitted as Substitute Partners in accordance with this Agreement. 

7.7.2    A General Partner will not be entitled to transfer all of its Interest or to withdraw from being a
General Partner of the Partnership unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn). 

7.8    Exchange. 

7.8.1    The Class B Limited Partners, Class B2 Limited Partners, the Partnership and SSG have
entered into an Exchange Agreement contemplating the exchange of Class B Units and shares of Class B Common Stock for shares of Class A Common Stock on the terms and conditions set forth in the Exchange Agreement (i) on an
elective basis from time to time by the Limited Partner and (ii) on a mandatory basis in the circumstances described in Section 7.8.2. 

7.8.2    Units are subject to mandatory exchange in accordance with the Exchange Agreement in each of the
following circumstances: 
 (a)    unless otherwise agreed by the General Partner, upon any Transfer of
Units to a Person other than in a Qualified Transfer; 
 (b)    unless otherwise agreed by the General
Partner, upon any breach by a Limited Partner or its Designated Individual of its Restrictive Covenant Agreement, as to all Units held by such Limited Partner; 

(c)    in the discretion of the Class B Committee (as defined in the Stockholders’ Agreement),
upon failure to comply with or material breach of the Stockholders’ Agreement by any Class B Limited Partner, such Class B Limited Partner may be required to exchange all of the Units held by such Class B Limited Partner; 

  
 39 

 (d)    in the discretion of the General Partner, upon
the occurrence of an Adjustment Event (whether or not involving a Termination for Cause), the Affected Partner may be required to exchange all of the Units held by such Class B Limited Partner; and 

(e)    in the discretion of the General Partner, with the consent of Limited Partners whose Units represent
Base Percentage Interests exceeding seventy-five percent (75%) of the Base Percentage Interests of all Limited Partners in the aggregate, all Limited Partners may be required to exchange all Units then held by the Limited Partners. 

7.8.3    Any discretion exercised by the General Partner or the Class B Committee under
Section 7.8.2 need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated. 

7.9    Drag-Along Transaction. 

7.9.1    The terms of this Section 7.9 shall apply to a Drag-Along Transaction.
There shall be no liability on the part of SSG, the General Partner or the Partnership or any other Person to any Partner if any sale of Units pursuant to this Section 7.9 is not consummated for whatever reason. 

7.9.2    Drag-Along Rights 

(a)    If there should be a Drag-Along Transaction, the General Partner may, in its sole discretion,
require (the “Drag-Along Right”) each Limited Partner (other than a Class A Limited Partner) to (A) sell all (but not less than all) of the Units (together with an equal number of the associated shares of Capital Stock, if
any) then held by that Partner to the purchaser in accordance with this Section 7.9.2 or (B) require that Partner to surrender those Units (together with an equal number of the associated shares of Capital Stock, if
applicable) for redemption by the Partnership, as the transaction may require, subject to all applicable provisions of this Section 7.9. Notwithstanding the foregoing, the General Partner may, in its sole discretion, allow
any Person owning Units of record or beneficially that is employed by the SSG Group to retain, and exclude from a Drag-Along Transaction, a portion of those Units in connection with any Drag-Along Transaction. 

(b)    The General Partner shall give notice to each other Partner, not fewer than thirty (30) days
prior to the consummation of any contemplated Drag-Along Transaction, setting forth the principal terms of the Drag-Along Transaction (including the proposed closing date) in reasonable detail and advising as to whether its Drag-Along Rights are
exercised or waived. 
 (c)    If the General Partner elects to exercise the Drag-Along Right in
connection with a Drag-Along Transaction, it shall provide to each other Partner and to 

  
 40 

 
each beneficial owner of that Partners’ Units all documents required to be executed by each of them to consummate the Drag-Along Transaction, not fewer than ten (10) days prior to the
closing date of the Drag-Along Transaction. Each other Partner shall deliver (or cause to be delivered) to the General Partner, at least five (5) days before the proposed closing date of the Drag-Along Transaction, all such documents. If any
Partner fails to deliver (or cause to be delivered) these documents and the Drag-Along Transaction is subsequently consummated, the Partnership shall cause its books and records to show that the Units owned of record or beneficially by the
defaulting Partner or beneficial owner, as applicable, are bound by the provisions of this Section 7.9 and that they may be Transferred only to the Persons who purchased the Units in the Drag-Along Transaction or, in the
case of a Drag-Along Transaction that is structured as a redemption of Units, to the Partnership for redemption. 

7.9.3    The consideration for any Units included in a Drag-Along Transaction shall be the same as the
price per share of Class A Common Stock that is paid in that transaction; provided, however, that if for any reason, Units of the Partnership are included in the transaction at a higher price, that higher price shall be the price
of the Units. The form of consideration for any transaction pursuant to an exercise of the Drag-Along Right shall be cash. 

7.9.4    If a Drag-Along Transaction is consummated, promptly after such consummation, the General Partner
shall notify the Partnership and each other Partner to that effect and furnish such evidence of the sale and of the terms thereof as any other Partner may reasonably request. The General Partner shall also cause to be remitted to each other Partner
that has complied with its obligations hereunder or who is deemed to have sold its Units pursuant hereto the proceeds of the sale attributable to the sale of such Partner’s Units (subject to any agreed holdbacks or escrows in connection with
such sale, and net of such Partner’s pro rata portion of all costs and expenses incurred by SSG or the General Partner on behalf of the Partnership and the Partners in connection therewith). Likewise, upon receipt of any deferred consideration
(such as pursuant to the release of an escrow or holdback, the payment of an earnout, or the receipt of a tax refund, for example), SSG, the General Partner or the Partnership, as applicable, shall cause to be remitted to each other Partner its pro
rata portion of that amount. For the purposes of this Section 7.9, each Partner’s “pro rata” portion of any amount shall be the amount that is equal to the percentage obtained by dividing the number of Units
held by that Partner and included, redeemed or exchanged in the Drag-Along Transaction by the aggregate number of Units of all Partners that are included in or redeemed in the transaction. 

7.9.5    In connection with any Drag-Along Transaction, each Partner shall use his, her or its commercially
reasonable best efforts to aid SSG, the General Partner and the Partnership in the consummation of the transaction and shall take all actions necessary, proper or advisable in connection therewith as are requested by the General Partner, including
casting votes or providing written consents in favor of the transaction if required by applicable Law or requested by the General Partner. As part of this cooperation, each Partner shall: execute and deliver the definitive transaction documents and
all related documentation and take such other action in support of the sale as shall be 

  
 41 

 
reasonably requested by the General Partner, and make such representations and warranties and provide such indemnification as may be reasonably requested by the purchaser, provided that
the liability for indemnification, if any, of such Partner shall not exceed the amount of consideration actually paid to such Partner. No Partner shall have any liability for any representation or warranty made by another Partner, and the terms and
conditions of any Partner’s participation in a Drag-Along Transaction shall be substantially identical to the terms applicable to all other Persons selling securities in that transaction. 

7.10    Adjustment Events Relating to Class B Units. 

7.10.1    The Partners hereby acknowledge and agree that Class B Units have been and are being issued
or Transferred to Active Partners of the Partnership in consideration of the valuable services being rendered by such Class B Limited Partners to or for the benefit of the SSG Group. In recognition of the fact that any Class B Limited
Partner in respect of which an Adjustment Event occurs (an “Affected Partner”) will cease to render such services, upon the occurrence of an Adjustment Event, an Admission Agreement may provide that such Affected Partner shall be
entitled to retain only a portion of the Class B Units held by such Class B Limited Partner immediately prior to the Adjustment Event (the “vested portion”), which vested portion shall be calculated by multiplying the Base
Percentage Interest held by the Affected Partner immediately prior to the occurrence of the Adjustment Event by a percentage (the “Adjustment Percentage”) determined in accordance with the applicable Admission Agreement, which may
be by reference to the time that has elapsed between the Start Date and the occurrence of the Adjustment Event; provided, that (i) in no event shall such Adjustment Percentage exceed one hundred percent (100%), and (ii) the General
Partner shall have the authority to increase the Adjustment Percentage (i.e., reduce the reduction in Base Percentage Interest that would otherwise apply) in its sole and absolute discretion. 

7.10.2    Unless expressly stated in any applicable Admission Agreement that the provisions of this
Section 7.10.2 are to be overridden, (i) in the event of an Adjustment Event by reason of Death or permanent disability, the Adjustment Percentage shall be 100% and (ii) the Adjustment Percentage shall equal one
hundred percent (100%) in the event of a Drag-Along Transaction or Change of Control.

7.10.3    Notwithstanding anything to the contrary, and whether or not the Affected Partner is otherwise
subject to any vesting provisions, an Affected Partner whose Adjustment Event constitutes a Termination for Cause (as determined by the General Partner) shall equal zero percent (0%), regardless of when such Adjustment Event occurs. In the event
that the Affected Partner disagrees with any determination that such Affected Partner’s Adjustment Event constituted a Termination for Cause, then such dispute shall be resolved pursuant to Article 9. If it is determined pursuant to
Article 9 that the Adjustment Event did not constitute a Termination for Cause, then the Affected Partner’s sole and exclusive remedy shall be to have its Adjustment Percentage recalculated pursuant to this
Section 7.10 taking into account the fact that the Adjustment Event did not constitute a Termination for Cause. 

  
 42 

 7.10.4    All Units of an Affected Partner forfeited
pursuant to the terms of this Agreement or an Admission Agreement shall be canceled by the Partnership. The General Partner shall determine the consequences of such forfeiture and cancellation with respect to the Capital Accounts of the Partners.
Unless otherwise determined by the General Partner, the amount of any such reduction shall be reallocated to the remaining Active Partners with respect to which an Adjustment Event has not occurred, pro rata in accordance with the relative
percentage of the Class B Units held by each such Class B Limited Partner on the date of the Adjustment Event. 

7.10.5    It is acknowledged that the Seventh Amended and Restated Agreement (and preceding iterations)
contained a vesting schedule that was generally applicable to all Units designated as “Class A Units” that were outstanding prior to the IPO. Immediately prior to the IPO, the relevant “Class A Units” will have fully
vested under such vesting schedule, and from and after the effectiveness of this Agreement, the vesting provisions of Section 7.10.1 do not apply to the Class B Units of any Active Partner unless specifically stated in
such Partner’s Admission Agreement. 
 7.11    Vesting of Class B2 Units. 

7.11.1    For so long as a Class B2 Limited Partner is an Active Partner, the Class B2 Units
issued to a Class B2 Limited Partner in an Admission Agreement shall vest as follows: (a) zero percent (0%) during the first three (3) years from the Issuance Date, (b) thirty percent (30%) on the third (3rd) anniversary of the
Issuance Date, (c) five and eighty-three one hundredths percent (5.83%) for each Vested Quarter after the third (3rd) anniversary of the Issuance Date; provided, that the General Partner may, in its sole discretion, accelerate the
vesting of any Class B2 Units. Notwithstanding the foregoing, if a Class B2 Limited Partner is an Active Partner through the closing of a Change of Control, all of his or her Class B2 Units shall become one hundred percent (100%)
vested upon the occurrence of such Change of Control. 
 7.11.2    The Partners hereby acknowledge and
agree that Class B2 Units have been issued to Active Partners of the Partnership in consideration of the valuable services being rendered by such Class B2 Limited Partners to or for the benefit of the SSG Group. In recognition of the fact
that an Affected Partner will cease to render such services, (a) upon the occurrence of an Adjustment Event prior to the Full Vesting Date of any Class B2 Units held by such Affected Partner (i) in the event such Adjustment Event
constitutes a Termination Without Cause or Retirement, such Affected Partner shall be entitled to retain such Class B2 Units that are Vested Class B2 Units, if any, and such Class B2 Units that are Unvested Class B2 Units shall
be forfeited to, and canceled by, the Partnership and (ii) in the event such Adjustment Event does not constitute a Termination Without Cause or Retirement, all such Class B2 Units (including all such Vested Class B2 Units and all
such Unvested Class B2 Units) shall be forfeited to, and canceled by the Partnership, and (b) upon the occurrence of an Adjustment Event on or following the Full Vesting Date of any Class B2 Units held by such Affected Partner,
(i) in the event such Adjustment Event does not constitute a Termination for Cause, such Affected Partners shall be entitled to retain all such Vested Class B2 Units and (ii) in the event such Adjustment Event constitutes a
Termination for Cause, all such Vested Class B2 Units shall be forfeited to and canceled by the Partnership. 

  
 43 

 7.11.3    In the event that the Affected Partner
disagrees with any determination that such Affected Partner’s Adjustment Event constituted a Termination for Cause or was a Termination Without Cause, then such dispute shall be resolved pursuant to Article 9. If it is determined
pursuant to Article 9 that the Adjustment Event was a Termination Without Cause, then the Affected Partner’s sole and exclusive remedy shall be retain its Vested Class B2 Units. 

7.12    Anti-Dilution Issuances Related to Units Acquired by the 2019 Equity Investors Pursuant to the 2019
Equity Transaction. Upon the Full Vesting Date of any Class B2 Unit or immediately prior to the closing of a Change of Control or Drag-Along Transaction in respect of which any Class B2 Unit would be entitled to participate in the
receipt of proceeds (each such occasion, an “Anti-Dilution Trigger”), the Partnership will issue to each 2019 Equity Investor holding Units at the time of such Anti-Dilution Trigger its pro rata share (based on its respective Units
originally acquired pursuant to the 2019 Equity Transaction and still held as compared to all Class B Units originally acquired by the 2019 Equity Investors pursuant to the 2019 Equity Transaction) and for no additional consideration, of
additional Class B Units (“Anti-Dilution Units”) representing 0.14375 times the sum of (i) the number of B2 Units that are becoming fully vested or participating, as the case may be, in such Anti-Dilution Trigger plus
(ii) the number of Anti-Dilution Units so issued.  
 ARTICLE 8 

DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE PARTNERSHIP 

8.1    Limitations. The Partnership may be dissolved, liquidated, and terminated only pursuant to the provisions of
this Article 8, and the parties hereto do hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets. 

8.2    Exclusive Causes. Notwithstanding the Act, the following and only the following events shall cause the
Partnership to be dissolved, liquidated, and terminated: 
 (a)    the sale of all or substantially all
of the assets of the Partnership; 
 (b)    by the election of the General Partner; or 

(c)    judicial dissolution. 

Any purported dissolution of the Partnership other than as provided in this Section 8.2 shall be a dissolution in
contravention of this Agreement. 
 8.3    Effect of Dissolution. The dissolution of the Partnership shall be
effective on the day on which the event occurs giving rise to the dissolution, but the Partnership shall not terminate until it has been wound up and its assets have been distributed as provided in Section 8.5. Notwithstanding the dissolution of the
Partnership, prior to the termination of the Partnership, the business of the Partnership and the affairs of the Partners, as such, shall continue to be governed by this Agreement. 

 

  
 44 

 8.4    No Capital Contribution Upon Dissolution. Each Partner
shall look solely to the assets of the Partnership for all distributions with respect to the Partnership, its Capital Contribution thereto, its Capital Account and its share of Net Profits or Net Losses, and shall have no recourse therefor (upon
dissolution or otherwise) against any other Partner. Accordingly, if any Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during
which the liquidation occurs), then such Partner shall have no obligation to make any Capital Contribution with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other person for any purpose
whatsoever. 
 8.5    Liquidation. 

8.5.1    Upon dissolution of the Partnership, the General Partner shall appoint a
“Liquidator” of the Partnership, which may be the General Partner. The Liquidator shall liquidate the assets of the Partnership, and after allocating (pursuant to Article 5) all income, gain, loss and deductions resulting
therefrom, shall apply and distribute the proceeds thereof as follows: 
 (a)    first, to pay the costs
and expenses of the winding-up, liquidation and termination of the Partnership; 

(b)    second, to the payment of the obligations of the Partnership, 

(c)    third, to the setting up of any reserves for contingencies which the Liquidator may consider
necessary; and 
 (d)    thereafter, to the Partners in accordance with Article 4. 

8.5.2    Notwithstanding Section 8.5.1, in the event that the Liquidator
determines that an immediate sale of all or any portion of the Partnership assets would cause undue loss to the Partners, the Liquidator, in order to avoid such loss to the extent not then prohibited by the Act, may either defer liquidation of and
withhold from distribution for a reasonable time any Partnership assets except those necessary to satisfy the Partnership’s debts and obligations, or distribute the Partnership assets to the Partners in kind. 

ARTICLE 9 
 MEDIATION AND
ARBITRATION 
 9.1    Resolution of Disputes Among Partners. If a dispute arises out of or in any way related
to this Agreement, or the breach thereof, or any other aspect of the business relationship of the parties, and if said dispute cannot be settled through direct discussions, the parties must first endeavor to settle the dispute in an amicable manner
by mediation before resorting to arbitration. Such mediation shall be conducted before a third party neutral in either New York, New York or San Diego, California (at the option of the Partnership), selected or appointed from the panel of neutrals
maintained by Judicial Arbitration & Mediation Services (“JAMS”) 

  
 45 

 
pursuant to the process outlined in Rule 15 of JAMS Comprehensive Arbitration Rules & Procedures (the “JAMS Rules”) in effect as of the date hereof. The costs of the
mediation shall be split between the parties. Thereafter, any unresolved dispute, controversy or claim arising out of or in any way related to this Agreement, or the breach thereof, or any other aspect of the business relationship of the parties,
shall be settled by final and binding arbitration in accordance with Sections 9.2 through 9.13. 

9.2    Single Arbitrator; Governing Rules. Any dispute that is not resolved through mediation shall be resolved by
confidential mandatory, binding arbitration conducted in accordance with this Article. The party desiring to arbitrate such dispute shall file and serve a written demand for arbitration on all other parties to the dispute. The arbitration shall be
conducted by a single arbitrator (the “Arbitrator”) in either New York, New York or San Diego, California (at the option of the Partnership) selected or appointed from the lists of arbitrators maintained by JAMS. A panel of
arbitrators is neither intended nor permitted. The arbitration shall be conducted pursuant to the JAMS Rules in effect as of the date hereof, as modified herein. The Arbitrator shall be mutually agreed upon by the parties to the arbitration or, if
the parties cannot agree on an arbitrator, shall be selected or appointed in accordance with the procedures specified in the JAMS Rules. This provision shall not prohibit the parties from seeking provisional remedies in aid of arbitration from a
court of appropriate jurisdiction. 
 9.3    Discovery. In agreeing to the arbitration procedures and
rules set forth in this Article 9, the parties specifically intend to control and limit the time, money, and other resources committed to resolving any disputes or issues that may arise among them. Therefore, the parties specifically waive
the discovery rights they might otherwise have under the JAMS Rules, California Code of Civil Procedure sections 1283, 1283.05, 1283.1, and 2016 through 2036, or similar laws or regulations of the United States or any other state, including without
limitation, New York, and instead agree that each party to any arbitration pursuant to this Agreement may conduct only the following limited discovery: 

(a)    Up to fifty (50) document production requests or interrogatories, in any combination thereof,
without subparts; 
 (b)    Up to two (2) depositions of other parties or percipient witnesses, not
to exceed one seven (7)-hour day per deposition, provided, however, that nothing contained herein shall limit a party’s right to conduct up to one seven (7) hour deposition of any witness designated to testify at the arbitration hearing;
and 
 (c)    Depositions of any expert witnesses, provided, however, that no party may
designate or call as witnesses more than three (3) experts. 
 Notwithstanding the foregoing limitations, the Arbitrator may, on
application of any party, for good cause and under extraordinary circumstances, permit such additional discovery as the Arbitrator deems necessary to resolve the issues in dispute, consistent with the parties’ stated intent to control and limit
the time, money, and other resources committed to resolving those issues. In the event any arbitration commenced hereunder involves extra-contractual claims, regardless of whether those are the exclusive claims raised in the arbitration, the parties
agree 

  
 46 

 
that Sections 9.3(a) and 9.3(b) shall be modified as follows to provide for the following discovery (and Section 9.3(c) shall continue to apply without
modification): 
 (x)    up to seventy (70) document production requests or interrogatories, in any
combination thereof, without subparts; and 
 (y)    up to three (3) depositions of other parties or
percipient witnesses, not to exceed one seven (7)-hour day per deposition, provided, however, that nothing contained herein shall limit a party’s right to conduct up to one seven (7) hour deposition of any witness designated to testify at
the arbitration hearing. 
 9.4    Arbitration Hearing. The arbitration hearing shall take place in New York, New
York or San Diego, California (as selected by the Partnership) at a location and at dates and times specified by the Arbitrator. The Arbitrator will give all parties adequate notice of the dates, times, and location of the arbitration hearing. The
length of the arbitration hearing shall be limited to five (5) days of no more than eight (8) hours per day. The time allotted for the arbitration hearing shall be allocated equally among the parties to the hearing. Unless the Arbitrator
allows adjournment for good cause, the arbitration hearing shall be continued on successive Business Days until it is concluded. The Arbitrator shall have jurisdiction to proceed with the arbitration notwithstanding the failure or refusal of any
party to comply with these rules or with the Arbitrator’s orders or directions, or to attend any hearing, but only after giving that party written notice that the Arbitrator intends to do so. In conducting the arbitration hearing, the
Arbitrator shall be governed by the evidentiary rules and principles set forth in the California Evidence Code, and may order any party to produce and to supply copies of any documents in the party’s custody, possession, or control that the
Arbitrator deems to be relevant to determination of the issues in dispute. 
 9.5    Timely Determination.
The parties agree to act at all times so as to facilitate, and not to frustrate or to delay, the efficient, expeditious, and inexpensive resolution of the matters in dispute. The Arbitrator is authorized and directed to make orders, on his or her
initiative or upon application of any party to the dispute, to ensure that the arbitration proceeds in an efficient, expeditious and inexpensive manner, and in particular, to enforce strictly the time limits provided for in these rules or set by
order of the Arbitrator. The parties acknowledge and agree that it is their intention that arbitration hearing will commence as soon as possible, but in any event, no later than one hundred twenty (120) days after appointment of the Arbitrator,
which deadline has been set recognizing the time required to complete the limited discovery authorized under Section 9.3 above. However, upon his or her own motion or the application of any party to the arbitration, and for
good cause shown under extraordinary circumstances, the Arbitrator may extend the time for commencement of the arbitration hearing. 

9.6    Award or Decision. The Arbitrator shall make a written award or decision permitted under this Agreement. The
award or decision of the Arbitrator shall be final and binding on the parties, whether participating in the proceeding or not. The Arbitrator is directed to make all reasonable efforts to make his or her award within fifteen (15) days following
completion of the arbitration hearing. The parties agree that any judge the New York Supreme Court or the United States District Court sitting in New York County or of the San Diego County Superior Court or of the United States District Court
sitting in San Diego shall have the power to enforce or enter judgment based on the Arbitrator’s award. 
  

  
 47 

 9.7    Limitations. Subject to
Section 9.8, the Arbitrator is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any
dispute subject to this Article 9. In rendering a decision, the arbitrators shall apply the applicable law of the State of Delaware. 

9.8    Remedies. This Agreement is not intended to, and does not, create an employment relationship among the
parties or any of them. Other than for cases involving extra-contractual claims, the parties specifically acknowledge and agree that their remedies against one another are limited to compensatory damages and, if necessary and appropriate to enforce
the provisions of this Agreement, specific performance, declaratory relief and injunctions. The Arbitrator shall have the authority to award punitive damages or interest on an award for extra-contractual claims only and, for the avoidance of doubt,
for any arbitration involving both contractual and extra-contractual claims, the arbitrator shall be empowered to award punitive damages or interest on an award in the arbitrator’s discretion only for the portion of the arbitration involving
extra-contractual claims. 
 9.9    Statute of Limitations. The demand for arbitration must be filed and served
within one (1) year of the date of the acts, events, or transactions giving rise to the claims alleged in the demand become known to the Person making such claims. The Arbitrator shall dismiss as time-barred any claim not properly identified in
a timely filed and served demand for arbitration. 
 9.10    Continuing Project. Any aspect of this
Agreement not at issue in and not materially affected by the arbitration proceedings and all non-disputed terms of this Agreement shall continue during any arbitration proceedings. 

9.11    Jurisdiction and Venue. The parties consent to personal jurisdiction and venue in New York County, New York
and San Diego County, California and hereby waive any challenge to the exercise of personal jurisdiction by a court thereof. 

9.12    Fees. The Arbitrator may award all reasonable costs and attorneys’ fees to the prevailing party or
parties in the arbitration hearing. A party who prevails on one or more but less than all of its claims shall be entitled only to a proportionate share of fees corresponding to those claims on which it prevailed to be determined by the Arbitrator.
Such costs shall include witness fees, deposition transcript fees, travel costs, expert witness fees, photocopying charges and fees charged by the Arbitrator. In any judicial enforcement or confirmation proceeding, the prevailing parties or
Partner(s) shall be entitled to recover its/their reasonable costs incurred in connection therewith. 

  
 48 

 9.13    Coordination with Tax Receivable Agreements. To the
extent any provision of this Article 9 is inconsistent with a provision of the Tax Receivable Agreements, the provisions of the Tax Receivable Agreements shall control. 

ARTICLE 10 

MISCELLANEOUS 

10.1    Amendments. 

10.1.1    Subject to the rights of any Partner set forth in a Class Designation, this Agreement may be
amended, supplemented, waived or modified by the written consent of the General Partner in its sole discretion without the approval of any other Partner or other Person; provided, that to the extent that any such amendment, supplement, waiver
or modification would adversely affect the legal rights of the holders of any given class of Units in relation to other classes of Units, such amendment shall require the consent of the holders of a majority of the then outstanding Units of each
such adversely affected class. 
 10.1.2    In making any amendments, there shall be prepared and filed
by, or for, the General Partner such documents and certificates as may be required under the Act and under the Law of any other jurisdiction applicable to the Partnership. 

10.2    Voting. With respect to all Partnership decisions as to which Partners are entitled and/or required to
vote, consent, or give approval under the provisions of this Agreement or the Act, unless otherwise specifically provided herein, each Partner shall be entitled to one vote for each Unit. 

10.3    Accounting and Fiscal Year. Subject to Code section 448, the books of the Partnership shall be kept on such
method of accounting for tax and financial reporting purposes as may be determined by the General Partner, pursuant to Section 6.4. Unless otherwise required by Code section 706, the fiscal year of the Partnership
(“Fiscal Year”) shall end on March 31 of each year, or on such other date permitted under the Code as the General Partner shall determine. 

10.4    Entire Agreement. This Agreement (including the Schedules hereto and any Class Designation), together with
the Exchange Agreement, the Tax Receivable Agreements and the Registration Rights Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and fully supersedes any and all prior or contemporaneous
agreements or understandings between the parties hereto pertaining to the subject matter hereof. The parties hereto acknowledge that, notwithstanding any other provision of this Agreement, the General Partner, on its own behalf or on behalf of the
Partnership, without any act, consent or approval of any other Partner, may enter into side letters or other writings to or with one or more Limited Partners which have the effect of limiting, but not otherwise supplementing, the rights under this
Agreement (each, a “Side Letter”). The parties agree that any limits established in a Side Letter to or with one or more Limited Partners shall govern solely with respect to such Limited Partner(s) notwithstanding any other
provision of this Agreement. 
  

  
 49 

 10.5    Further Assurances. Each of the parties hereto does
hereby covenant and agree on behalf of itself, its successors, and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such
other action as may be required by law or reasonably necessary to effectively carry out the purposes of this Agreement. 

10.6    Notices. Any notice, consent, payment, demand, or communication required or permitted to be given by any
provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed, or (b) sent by registered or certified mail, return receipt requested, postage
prepaid, addressed to any Partner at the principal executive office of the Partnership or at such other address as such Partner may from time to time specify by notice to the Partnership, or (c) sent by
e-mail to the e-mail address maintained by the Partnership. Any such notice shall be deemed to be delivered, given and received for all purposes as of: (i) the date
so delivered, if delivered personally, or (ii) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed, or
(iii) on the date when such e-mail is transmitted, provided that email notice shall not be effective if the transmitter of the e-mail receives a non-deliverable or similar message indicting that the email has not been received. 

10.7    Governing Law; Certain Waivers. This Agreement, including its existence, validity, construction, and
operating effect, and the rights of each of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to otherwise governing principles of conflicts of law. The Partners waive any and
all rights they may have to a jury trial, and any and all rights they may have to punitive, special, exemplary, or consequential damages, in respect of any dispute based on this Agreement. 

10.8    Approvals. Except as otherwise explicitly provided herein to the contrary, whenever a Partner’s
approval or consent is required (other than the approval of SSG or the General Partner), such approval or consent shall not be unreasonably withheld or delayed. If the General Partner provides written notice to a Partner requesting that the Partner
approve or consent to an action or proposal, which action or proposal is specified in the written notice, the Partner’s approval or consent (as the case may be) shall be deemed given thirty (30) days thereafter if the Partner has not
responded to the notice from the General Partner prior to such thirtieth (30th) day. 

10.9    Power of Attorney. Each Partner (other than SSG and the General Partner) authorizes the General Partner and
its designees to act as its attorney-in-fact to execute such documents, certificates and filings as may be necessary or appropriate to effectuate the terms of this Agreement, including the execution of any amendments to this Agreement permitted
under the terms hereof. 
  

  
 50 

 10.10    Construction. This Agreement shall be construed as if
all parties prepared this Agreement. 
 10.11    Interpretation. Any titles or captions contained in this
Agreement are for convenience only and shall not be deemed part of the text of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as appropriate. References to
“including” shall be read as “including, without limitation”. Any reference to an entity which has been the subject of a conversion shall be deemed to include reference to such entity’s predecessor or successor (as the case
may be), and any reference to an agreement shall be deemed to include any amendment, restatement or successor agreement. 

10.12    Binding Effect. Except as otherwise expressly provided herein, this Agreement shall be binding on and
inure to the benefit of the Partners, their heirs, executors, administrators, successors and all other Persons hereafter holding, having or receiving an interest in the Partnership, whether as Assignees, Substitute Partners or otherwise. 

10.13    Severability. In the event that any provision of this Agreement as applied to any party or to any
circumstance, shall be adjudged by a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision in this Agreement, the application of such provision in any other circumstance or with
respect to any other party, or the validity or enforceability of the Agreement as a whole. 

10.14    Counterparts. This Agreement may be executed in any number of multiple counterparts, each of which shall
be deemed to be an original copy and all of which shall constitute one agreement, binding on all parties hereto. 

10.15    Spousal Consent. Each Partner agrees to use reasonable efforts, as requested by the General Partner, to
obtain the consent of such Partner’s spouse, if applicable, to all of the terms of this Agreement that are or may become applicable to such spouse, and to prevent any marital dissolution from interfering in any way with the activities and
business of the Partnership, its Affiliates or any of its Partners. 

  
 51 

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

			
	 General Partner:
  

STEPSTONE GROUP HOLDINGS LLC

		
	By:	 	/s/ Scott Hart
		 	 Name: Scott Hart
 Title: Authorized
Signatory

  

			
	 Limited Partners:
  

By the General Partner, as attorney-in-fact:

 
 STEPSTONE GROUP HOLDINGS LLC

		
	By:	 	/s/ Scott Hart
		 	 Name: Scott Hart
 Title: Authorized
Signatory

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