Document:

EX-10.13

 Exhibit 10.13 
  

 
 FORM OF 

TAX RECEIVABLE AGREEMENT 

between 
 RIHI, INC. 

and 
 RE/MAX HOLDINGS, INC.

 Dated as of         , 2013 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	 	 Definitions
	  	 	2	  
		
	 Article II DETERMINATION OF REALIZED TAX BENEFIT
	  	 	11	  
			
	 Section 2.1
	 	 Tax Characterization of Transactions; Basis Adjustments
	  	 	11	  
	 Section 2.2
	 	 Basis Schedules
	  	 	14	  
	 Section 2.3
	 	 Tax Benefit Schedules
	  	 	14	  
	 Section 2.4
	 	 Procedures; Amendments
	  	 	15	  
		
	 Article III TAX BENEFIT PAYMENTS
	  	 	16	  
			
	 Section 3.1
	 	 Timing and Amount of Tax Benefit Payments
	  	 	16	  
	 Section 3.2
	 	 No Duplicative Payments
	  	 	18	  
	 Section 3.3
	 	 Pro-Ration of Payments as Between RIHI and WP
	  	 	19	  
	 Section 3.4
	 	 Optional Estimated Payment Procedure
	  	 	19	  
	 Section 3.5
	 	 Suspension of Payments
	  	 	20	  
	 Section 3.6
	 	 Payments Upon a Change of Control
	  	 	21	  
		
	 Article IV TERMINATION
	  	 	22	  
			
	 Section 4.1
	 	 Early Termination of Agreement; Breach of Agreement
	  	 	22	  
	 Section 4.2
	 	 Early Termination Notice
	  	 	23	  
	 Section 4.3
	 	 Payment Upon Early Termination
	  	 	24	  
		
	 Article V SUBORDINATION AND LATE PAYMENTS
	  	 	24	  
			
	 Section 5.1
	 	 Subordination
	  	 	24	  
	 Section 5.2
	 	 Late Payments by Holdings
	  	 	24	  
		
	 Article VI TAX MATTERS; CONSISTENCY; COOPERATION
	  	 	24	  
			
	 Section 6.1
	 	 Participation in Holdings’ and RMCO’s Tax Matters
	  	 	24	  
	 Section 6.2
	 	 Consistency
	  	 	25	  
	 Section 6.3
	 	 Cooperation
	  	 	25	  
		
	 Article VII MISCELLANEOUS
	  	 	25	  
			
	 Section 7.1
	 	 Notices
	  	 	25	  
	 Section 7.2
	 	 Counterparts
	  	 	26	  
	 Section 7.3
	 	 Entire Agreement; No Third Party Beneficiaries
	  	 	27	  
	 Section 7.4
	 	 Governing Law
	  	 	27	  
	 Section 7.5
	 	 Severability
	  	 	27	  
	 Section 7.6
	 	 Assignment; Amendments; Successors; Waiver
	  	 	27	  
	 Section 7.7
	 	 Titles and Subtitles
	  	 	28	  
	 Section 7.8
	 	 Resolution of Disputes
	  	 	28	  
	 Section 7.9
	 	 Reconciliation
	  	 	29	  
	 Section 7.10
	 	 Withholding
	  	 	30	  
	 Section 7.11
	 	 Admission of Holdings Into a Consolidated Group; Transfers of Corporate Assets
	  	 	30	  
	 Section 7.12
	 	 Confidentiality
	  	 	31	  

  
 -i- 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 7.13
	 	 Change in Law
	  	 	31	  
	 Section 7.14
	 	 Independent Nature of Rights and Obligations
	  	 	32	  

 Exhibit A: Joinder 
 Annex A:
List of Common Unit Holders 
 Exhibit B: List of Pre-IPO Asset Acquisitions 

  
 -ii- 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of
            , 2013, is hereby entered into by and between RE/MAX Holdings, Inc., a Delaware corporation (“Holdings”), and RIHI, Inc., a Delaware corporation
(“RIHI”), and each of their respective successors and assigns hereto. 
 RECITALS 

WHEREAS, RMCO, LLC, a Delaware limited liability company (“RMCO”), is classified as a partnership for United States
(“U.S.”) federal income tax purposes and, prior to the date hereof, Weston Presidio V, L.P., a Delaware limited partnership (“WP”), held Class A preferred units in RMCO, RIHI held Class B common units in RMCO,
and RMCO engaged in certain Pre-IPO Asset Acquisitions; 
 WHEREAS, as of the date hereof, RMCO has recapitalized itself (the
“Recapitalization”) pursuant to the Restated RMCO Partnership Agreement (as defined herein) and, as a result of the Recapitalization, (i) WP has received newly issued preferred units in RMCO (“Preferred Units”)
and newly issued common units in RMCO (“Common Units”) in exchange for WP’s prior Class A preferred units in RMCO and (ii) RIHI has received Common Units in exchange for RIHI’s prior Class B common units in RMCO;

 WHEREAS, as of the date hereof, and exclusive of the Over-Allotment Option (as defined below), Holdings has sold its Class A shares
(“Class A Shares”) to public investors in an initial public offering (“IPO”) and has used $27,305,000 of the net proceeds received from the IPO (the “Net IPO Proceeds”) to purchase the HBN/Tails
Assets (as defined herein); 
 WHEREAS, as of the date hereof, and following the Recapitalization, the IPO, and Holdings’ purchase of
the HBN/Tails Assets, Holdings has subsequently contributed the HBN/Tails Assets (the “HBN/Tails Contribution”) to RMCO in exchange for Common Units worth $27,305,000 pursuant to that certain Contribution Agreement (as defined
herein); 
 WHEREAS, as of the date hereof, and following the HBN/Tails Contribution, Holdings has used the remaining Net IPO Proceeds that
were left over following its purchase of the HBN/Tails Assets (the “Remaining Net IPO Proceeds”) to purchase newly issued Common Units from RMCO pursuant to that certain Common Unit Purchase Agreement (as defined herein); 

WHEREAS, following RMCO’s receipt of the Remaining Net IPO Proceeds from Holdings in exchange for RMCO’s delivery of newly issued
Common Units to Holdings, RMCO has used $49,850,000 of the Remaining Net IPO Proceeds to first completely liquidate the Preferred Units held by WP, including to satisfy the liquidation preference associated with the Preferred Units (the “WP
Preferred Unit Liquidation”) and; 
 WHEREAS, following the WP Preferred Unit Liquidation, RMCO has used the rest of the Remaining
Net IPO Proceeds to redeem Common Units held by RIHI (the “RIHI Initial Common Unit Redemption”) and to redeem Common Units held by WP (the “WP Initial Common Unit Redemption”); 

 WHEREAS, on and after the date hereof, Holdings may issue additional Class A shares in
connection with the IPO as a result of the exercise by the underwriters of their over-allotment option (the “Over-Allotment Option”) and, if the Over-Allotment Option is in fact exercised in whole or in part, any additional net
proceeds (the “Net Over-Allotment Proceeds”) shall also be used by Holdings to purchase newly issued Common Units from RMCO pursuant to the Common Unit Purchase Agreement; 

WHEREAS, following RMCO’s receipt of any Net Over-Allotment Proceeds from Holdings in exchange for RMCO’s delivery of newly issued
Common Units to Holdings, RMCO will, in turn, use such Net Over-Allotment Proceeds to redeem additional Common Units held by RIHI (the “RIHI Follow-On Common Unit Redemption”) and, to the extent that WP’s membership interest in
RMCO is not otherwise completely redeemed in the WP Initial Common Unit Redemption, to redeem Common Units held by WP (the “WP Follow-On Common Unit Redemption”); 

WHEREAS, on and after the date hereof, RIHI has the right to have its remaining Common Units redeemed by RMCO, or under certain circumstances
acquired by Holdings, pursuant to Article XI of the Restated RMCO Partnership Agreement (the “RIHI Redemption Right”); 

WHEREAS, the Parties (as defined herein) desire to make certain arrangements with respect to the Realized Tax Benefits and Realized Tax
Detriments (as each of those terms is defined herein), if any, associated with the foregoing relationships, agreements, and transactions. 

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

DEFINITIONS 

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

“Actual Interest Amount” is defined in Section 3.1(b)(vii) of this Agreement. 

“Advisory Firm” means an accounting firm or law firm that, in either case, is nationally recognized as being expert in Tax
matters. Solely with respect to the Advisory Firm that may be used by Holdings in connection with the performance of its obligations under this Agreement, such Advisory Firm shall initially be proposed as KPMG, LLP, subject to review and approval by
the Audit Committee. The Audit Committee may subsequently replace the Advisory Firm used by Holdings in connection with the performance of its obligations under this Agreement at any time at its discretion, subject to the consistency requirements
set forth in Section 6.2 of this Agreement. 

  
 2 

 “Advisory Firm Letter” means a letter, that has been prepared by the Advisory
Firm used by Holdings in connection with the performance of its obligations under this Agreement and reviewed and approved by the Audit Committee, which states that the relevant Schedules, notices or other information to be provided by Holdings to
RIHI, along with all supporting schedules and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law
in existence on the date such Schedules, notices or other information were delivered by Holdings to RIHI. 
 “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means LIBOR plus 100 basis points. 

“Agreement” is defined in the preamble. 

“Amended Schedule” is defined in Section 2.4(b) of this Agreement. 

“Attributable” is defined in Section 3.1(b)(i) of this Agreement. 

“Audit Committee” means the independent audit committee of the Board. 

“Basis Adjustment” means any adjustment to, or share of, Tax basis that Holdings may obtain in relation to a Reference Asset
and that may arise: 
 (i) in the case of the WP IPO-Related Sale (which, for the avoidance of doubt, is composed of the WP
Preferred Unit Liquidation, the WP Initial Common Unit Redemption, and, to the extent applicable, the WP Follow-On Common Unit Redemption), under Sections 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder, or comparable
sections of state, local, or foreign Tax laws; 
 (ii) in the case of the RIHI IPO-Related Sale (which, for the avoidance of
doubt, is composed of the RIHI Initial Common Unit Redemption and, to the extent applicable, the RIHI Follow-On Common Unit Redemption), under Sections 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder, or comparable
sections of state, local, or foreign Tax laws; 
 (iii) in the case of any RIHI Post-IPO Sale, under either (A) Sections
755 and 1012 of the Code and the Treasury Regulations promulgated thereunder, or other applicable provisions of the Code, or comparable sections of state, local, or foreign tax laws (in situations where RMCO becomes an entity that is disregarded as
separate from its owner for U.S. federal income tax purposes) or (B) Sections 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder, or other applicable provisions of the Code, or comparable sections of state, local, or
foreign Tax laws (in situations where RMCO remains in existence as an entity for U.S. federal income tax purposes); 

  
 3 

 (iv) in the case of the WP IPO-Related Sale, the RIHI IPO-Related Sale, or any
RIHI Post-IPO Sale, as a result of Holdings’ effective acquisition of a share of any Pre-Existing Tax Basis (and to the extent that such acquisition of Pre-Existing Tax Basis is not otherwise already accounted for as a Basis Adjustment under
any of the preceding clauses (i), (ii), or (iii), as applicable); or 
 (v) with respect to any Tax Benefit Payments made by
Holdings to RIHI pursuant to this Agreement (excluding amounts accounted for as Imputed Interest and any Actual Interest Amounts). 

Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from any transaction that is subject to
clause (iii) above (including any Basis Adjustments that result under clause (iv) or (v) above by reason of a transaction described in clause (iii) above) shall be determined without regard to any Pre-Exchange Transfer and as if
any such Pre-Exchange Transfer had not occurred, to the extent that such Pre-Exchange Transfer resulted in the partial or complete elimination of a future Basis Adjustment that Holdings would have otherwise obtained pursuant to the terms of this
Agreement. 
 “Basis Schedule” is defined in Section 2.2 of this Agreement. 

“Beneficial Owner” means, with respect to any security, a Person who directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, with respect to such security and/or (ii) investment power, which includes the power to
dispose of, or to direct the disposition of, such security. 
 “Board” means the Board of Directors of Holdings. 

“Business Day” means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in New York are closed. 
 “Change Notice” is defined in
Section 3.5(a) of this Agreement. 
 “Change of Control” means the occurrence of any of the following events: 

(i) any Person or any group of Persons acting together which would constitute a “group” for purposes of
Section 13(d) of the Securities and Exchange Act of 1934, as amended, or any successor provisions thereto, is or becomes the Beneficial Owner, directly or indirectly, of equity interests of Holdings representing more than 50% of the combined
voting power represented by all issued and outstanding equity interests in Holdings; provided, that RIHI’s ownership of Class B shares of Holdings as of the date hereof, and RIHI’s potential future ownership of any Class A
Shares that may arise as a result of a RIHI Post-IPO Sale, shall not be considered, either individually or collectively, to cause a Change of Control; or 

  
 4 

 (ii) less than a majority of the members of the Board shall be individuals who
are either (x) members of such Board at the time of the completion of the IPO or (y) members of the Board whose election, or nomination for election by the stockholders of Holdings, was approved by a vote of at least a majority of the
members of the Board then in office who are individuals described in clause (x) above or in this clause (y), other than any individual whose nomination or appointment under this clause (y) occurred as a result of an actual or threatened
solicitation of proxies or consents for the election or removal of one or more directors on the Board (other than any such solicitation made by the Board); or 

(iii) there is consummated a merger or consolidation of Holdings with any other corporation or other entity, and, immediately
after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the
surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of Holdings immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined
voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(iv) the shareholders of Holdings approve a plan of complete liquidation or dissolution of Holdings or there is consummated an
agreement or series of related agreements for the sale or other disposition, directly or indirectly, by Holdings of all or substantially all of Holdings’ assets, other than such sale or other disposition by Holdings of all or substantially all
of Holdings’ assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of Holdings in substantially the same proportions as their ownership of Holdings immediately prior to such
sale. 
 Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be
deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Class A Shares and Class B shares of Holdings immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of Holdings
immediately following such transaction or series of transactions. 
 “Class A Shares” is defined in the recitals to this
Agreement. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations
promulgated thereunder. 
 “Common Units” is defined in the recitals to this Agreement. 

“Common Unit Purchase Agreement” means that certain Common Unit Purchase Agreement between Holdings and RMCO and dated as of
the date hereof. 

  
 5 

 “Contribution Agreement” means that certain Contribution Agreement between
Holdings and RMCO and dated as of the date hereof. 
 “Control” means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Covered Taxes” means any and all U.S. federal income taxes and U.S. state and local income and franchise taxes. 

“Cumulative Net Realized Tax Benefit” is defined in Section 3.1(b)(iii) of this Agreement. 

“Default Rate” means LIBOR plus 300 basis points. 

“Default Rate Interest” is defined in Section 3.1(b)(ix) of this Agreement. 

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

“Dispute” has the meaning set forth in Section 7.8(a) of this Agreement. 

“Early Termination Effective Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Reference Date” is defined in Section 4.2 of this Agreement. 

“Early Termination Notice” is defined in Section 4.2 of this Agreement. 

“Early Termination Schedule” is defined in Section 4.2 of this Agreement. 

“Early Termination Payment” is defined in Section 4.3(b) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.50% per annum, compounded annually, and (ii) LIBOR plus 100
basis points. 
 “Estimated Tax Benefit Payment” is defined in Section 3.4 of this Agreement. 

“Expert” is defined in Section 7.9 of this Agreement. 

“Extension Rate Interest” is defined in Section 3.1(b)(viii) of this Agreement. 

“Final Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. For the avoidance
of doubt, the Final Payment Date in respect of a Tax Benefit Payment is determined pursuant to Section 3.1(a) of this Agreement. 

  
 6 

 “GAAP” means U.S. generally accepted accounting principles as consistently
applied and interpreted. 
 “HBN/Tails Assets” means the assets purchased by Holdings from HBN, Inc. and Tails, Inc. as of
the date hereof. 
 “HBN/Tails Contribution” is defined in the recitals to this Agreement. 

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

“Holdings’ Return” means the U.S. federal or state Tax Return, as applicable, of Holdings (or any consolidated Tax
Return filed for a group of which Holdings is a member) filed with respect to Taxes for any Taxable Year. 
 “Hypothetical Tax
Liability” means, with respect to any Taxable Year, the hypothetical liability of Holdings that would arise in respect of Covered Taxes, using the same methods, elections, conventions and similar practices used on the relevant
Holdings’ Returns but (i) calculating depreciation, amortization, or other similar deductions, or otherwise calculating any items of income, gain, or loss, using the Non-Adjusted Tax Basis as reflected on the Basis Schedule, including
amendments thereto for the Taxable Year, and (ii) excluding any deduction attributable to Imputed Interest or Actual Interest Amounts for the Taxable Year. For the avoidance of doubt, the Hypothetical Tax Liability shall be determined without
taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to any of the items described in the previous sentence. 

“Imputed Interest” is defined in Section 3.1(b)(vi) of this Agreement. 

“Independent Directors” means the independent members of the Board. 

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

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

“Joinder Requirement” is defined in Section 7.6(a) of this Agreement. 

“LIBOR” means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior
to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London
interbank offered rates for U.S. dollar deposits for such period. 
 “Market Value” shall mean the Common Unit Redemption
Price, as defined in the Restated RMCO Partnership Agreement, determined as of an Early Termination Date. 
 “Net IPO
Proceeds” is defined in the recitals to this Agreement. 
 “Net Over-Allotment Proceeds” is defined in the
recitals to this Agreement. 

  
 7 

 “Net Tax Benefit” is defined in Section 3.1(b)(ii) of this Agreement. 

“Non-Adjusted Tax Basis” means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had
at such time if no Basis Adjustments had been made. 
 “Objection Notice” has the meaning set forth in
Section 2.4(a)(i) of this Agreement. 
 “Over-Allotment Option” is defined in the recitals to this Agreement. 

“Parties” means the parties to this Agreement; namely, Holdings and RIHI, and their respective successors and assigns. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pre-Exchange Transfer” means any valid
transfer, distribution, sale, exchange, or other disposition of Common Units by RIHI, as determined pursuant to the terms of the Restated RMCO Partnership Agreement and to a party other than RMCO or Holdings, that is treated as a taxable transaction
for applicable Tax purposes. 
 “Pre-Existing Assets” means any of the tangible and intangible assets of RMCO that were
originally acquired prior to the date hereof in connection with the Pre-IPO Asset Acquisitions. 
 “Pre-Existing Tax Basis”
means any pre-existing Tax basis attributable to a Pre-Existing Asset. 
 “Preferred Unit” is defined in the recitals to
this Agreement. 
 “Pre-IPO Asset Acquisitions” means the taxable asset acquisition transactions consummated prior to the
IPO by either RIHI, RMCO, or WP, or by any of their respective Affiliates or Subsidiaries, or by any predecessor entities of their respective Affiliates or Subsidiaries (excluding Holdings), as set forth on Exhibit B to this Agreement. 

“Realized Tax Benefit” is defined in Section 3.1(b)(iv) of this Agreement. 

“Realized Tax Detriment” is defined in Section 3.1(b)(v) of this Agreement. 

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

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

“Reconciliation Procedures” has the meaning set forth in Section 2.4(a) of this Agreement. 

“Redemption Date” is defined in Section 2.1(d) of this Agreement. 

  
 8 

 “Reference Asset” means any tangible or intangible asset of RMCO or any of its
successors or assigns, and whether held directly by RMCO or indirectly by RMCO through any entity in which RMCO now holds or may subsequently hold an ownership interest, at the time of (i) the WP IPO-Related Sale, (ii) the RIHI IPO-Related
Sale, or (iii) any RIHI Post-IPO Sale. A Reference Asset also includes any asset the Tax basis of which is determined, in whole or in part, by reference to the Tax basis of an asset that is described in the preceding sentence, including
“substituted basis property” within the meaning of Section 7701(a)(42) of the Code. 
 “Remaining Net IPO
Proceeds” is defined in the recitals to this Agreement and, for the avoidance of doubt, means the Net IPO Proceeds, minus the $27,305,000 used by Holdings to purchase the HBN/Tails Assets as of the date hereof. 

“Reserve Notice” is defined in Section 3.5(b). 

“Restated RMCO Partnership Agreement” means that certain Fourth Amended and Restated Limited Liability Company Agreement of
RMCO, dated as of the date hereof, and entered into by and among RMCO, RIHI, and WP, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time. 

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

“RIHI Follow-On Common Unit Redemption” is defined in the recitals to this Agreement. 

“RIHI Initial Common Unit Redemption” is defined in the recitals to this Agreement. 

“RIHI IPO-Related Sale” is defined in Section 2.1(a) of this Agreement. 

“RIHI Post-IPO Sale” is defined in Section 2.1(b) of this Agreement. 

“RIHI Redemption Right” is defined in the recitals to this Agreement. 

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

“Sale” means a sale of Units effected by (i) RIHI in connection with the RIHI IPO-Related Sale or any RIHI Post-IPO Sale
or (ii) WP in connection with the WP IPO-Related Sale. Any reference in this Agreement to Units “Sold” is intended to denote Units subject to Sale. 

“Sale Date” means the date of any Sale, which, for the avoidance of doubt, means: (i) as of the date hereof, in the case
of the WP Preferred Unit Liquidation, the RIHI Initial Common Unit Redemption, and the WP Initial Common Unit Redemption; (ii) as of the date on which the underwriters exercise the Over-Allotment Option, in the case of the RIHI Follow-On Common
Unit Redemption and the WP Follow-On Common Unit Redemption (to the extent that it occurs); and (iii) as of the relevant Redemption Date, in the case of a RIHI Post-IPO Sale. 

“Schedule” means any of the following: (i) a Basis Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early
Termination Schedule, and, in each case, any amendments thereto. 

  
 9 

 “Senior Obligations” is defined in Section 5.1 of this Agreement. 

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

“Subsidiary Stock” means any stock or other equity interest in any subsidiary entity of Holdings that is treated as a
corporation for U.S. federal income tax purposes. 
 “Tax Benefit Payment” is defined in Section 3.1(b) of this
Agreement. 
 “Tax Benefit Schedule” is defined in Section 2.3(a) of this Agreement. 

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

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

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

“Taxing Authority” shall mean any national, federal, state, county, municipal, or local government, or any subdivision,
agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to Tax matters. 

“Termination Objection Notice” is defined in Section 4.2 of this Agreement. 

“Treasury Regulations” means the final, temporary, and (to the extent they can be relied upon) proposed regulations under the
Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“True-Up” is defined in Section 3.4 of this Agreement. 

“Units” means either Preferred Units or Common Units, or both, as applicable. 

“U.S.” is defined in the recitals to this Agreement. 

“Valuation Assumptions” shall mean, as of an Early Termination Effective Date, the assumptions that: (1) in each Taxable
Year ending on or after such Early Termination Effective Date, Holdings will have taxable income sufficient to fully use the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable Years

  
 10 

 
(including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions)
in which such deductions would become available; (2) the U.S. federal income tax rates and state income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as
in effect on the Early Termination Effective Date; (3) any loss carryovers generated by any Basis Adjustment or Imputed Interest and available as of the date of the Early Termination Schedule will be used by Holdings on a pro rata basis from
the date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers; (4) any non-amortizable assets (other than Subsidiary Stock) will be disposed of on the fifteenth anniversary of the applicable Basis
Adjustment; provided that, in the event of a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than such fifteenth anniversary); (5) any Subsidiary Stock will
be deemed never to be disposed of; (6) if, on the Early Termination Effective Date, RIHI has Common Units that have not been Sold, then each such Common Units shall be deemed to be Sold for the Market Value of the Class A Shares on the
Early Termination Effective Date, and RIHI shall be deemed to receive the amount of cash RIHI would have been entitled to pursuant to Section 4.3(a) had such Common Units actually been Sold on the Early Termination Effective Date; and
(7) any payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation relates is required to be filed excluding any extensions. 

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

“WP Follow-On Common Unit Redemption” is defined in the recitals to this Agreement. 

“WP Initial Common Unit Redemption” is defined in the recitals to this Agreement. 

“WP IPO-Related Sale” is defined in Section 2.1(a) of the WP TRA. 

“WP Preferred Unit Liquidation” is defined in the recitals to this Agreement. 

“WP TRA” means that certain Tax Receivable Agreement between Holdings and WP and dated as of the date hereof. 

ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.1 Tax Characterization of Transactions; Basis Adjustments. For purposes of determining the Tax liability of each of the
relevant Parties and the amount of any Realized Tax Benefits or Realized Tax Detriments under this Agreement, the Parties agree as follows: 

(a) RIHI IPO-Related Sale. Holdings and RIHI will each treat Holdings’ purchase of newly issued Common Units from RMCO, followed by
(i) the RIHI Initial Common Unit Redemption, and (ii) to the extent that the Over-Allotment Option is exercised, the RIHI Follow-On Common Unit Redemption (collectively, the “RIHI IPO-Related Sale”), as Holdings’

  
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direct purchase of Common Units from RIHI pursuant to Section 707(a)(2)(B) of the Code that will give rise to Basis Adjustments. For purposes of the RIHI Initial Common Unit Redemption,
Holdings and RIHI shall treat the gain recognized by RIHI and the Basis Adjustments obtained by Holdings as occurring as of the date hereof. For purposes of the RIHI Follow-On Common Unit Redemption (to the extent that it actually occurs), Holdings
and RIHI shall treat the gain recognized by RIHI and the Basis Adjustments obtained by Holdings as occurring as of the date on which the RIHI Follow-On Common Unit Redemption occurs (which may be as of the date hereof or as of some other date up to
30 calendar days following the date hereof, depending upon whether and when the underwriters exercise the Over-Allotment Option). The aggregate sales proceeds that will be treated as received by RIHI from Holdings in connection with the RIHI
IPO-Related Sale shall equal the portion of the Remaining Net IPO Proceeds received by RIHI from RMCO in connection with the RIHI Initial Common Unit Redemption and the portion of the Net Over-Allotment Proceeds received by RIHI from RMCO in
connection with the RIHI Follow-On Common Unit Redemption (to the extent that it actually occurs), and such sales proceeds shall be allocated based on the number of Common Units treated as sold by RIHI to Holdings in each such transaction. Subject
only to any principles contained in IRS Revenue Ruling 84-53 that might otherwise require a different result, the aggregate amount of gain recognized by RIHI in connection with the RIHI IPO-Related Sale shall be determined by allocating an equal
portion of RIHI’s aggregate adjusted tax basis held in its Common Units to each Common Unit treated as sold by RIHI to Holdings in the RIHI Initial Common Unit Redemption and the RIHI Follow-On Redemption (to the extent that it actually
occurs). In connection with the RIHI IPO-Related Sale, RIHI will not elect out of the installment method under Section 453 of the Code and RIHI and Holdings will not take into account the fair market value of any payments to be made under this
Agreement in determining the gain recognized by RIHI in respect of the RIHI IPO-Related Sale or in determining Holdings’ related Basis Adjustments. 

(b) RIHI Post-IPO Sales. Holdings and RIHI will each treat any future redemption of Common Units by RMCO from RIHI, or a direct
acquisition of Common Units by Holdings from RIHI, in each case, pursuant to the RIHI Redemption Right, as Holdings’ direct purchase of Common Units from RIHI (with any redemption of Common Units by RMCO from RIHI being treated as a direct
purchase pursuant to Section 707(a)(2)(B) of the Code)(each a “RIHI Post-IPO Sale”) that will give rise to Basis Adjustments. For purposes of a RIHI Post-IPO Sale, Holdings and RIHI shall treat the gain recognized by RIHI and
the Basis Adjustments obtained by Holdings as occurring as of the date of such RIHI Post-IPO Sale. Subject only to any principles contained in IRS Revenue Ruling 84-53 that might otherwise require a different result, the aggregate sales proceeds
that will be treated as received by RIHI from Holdings in connection with a RIHI Post-IPO Sale shall equal the fair market value of the Class A Shares or the amount of cash, or both, received by RIHI. For this purpose, the fair market value of
any Class A Shares received by RIHI will equal the number of such Class A Shares multiplied by the Common Unit Redemption Price, as defined in the Restated RMCO Partnership Agreement. The aggregate amount of gain recognized by RIHI in
connection with a RIHI Post-IPO Sale shall be determined by allocating an equal portion of RIHI’s aggregate adjusted tax basis held in its Common Units to each Common Unit treated as sold by RIHI to Holdings. In connection with a RIHI Post-IPO
Sale, unless RIHI determines that it will elect out of the installment method under Section 453 of the Code and properly notifies Holdings of that fact pursuant to Section 2.01(d) of this Agreement, RIHI and Holdings will not take into
account the fair market value of any payments to be made under this Agreement in determining the gain recognized by RIHI in respect of a RIHI Post-IPO Sale or in determining Holdings’ related Basis Adjustments. 

  
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 (c) Pre-IPO Asset Acquisitions. In the case of the RIHI IPO-Related Sale, and in the case
of any RIHI Post-IPO Sale, Holdings and RIHI will treat Holdings’ effective acquisition of a share of any Pre-Existing Tax Basis with respect to any Pre-Existing Asset as giving rise to a Basis Adjustment, to the extent that Holdings’
acquisition of such Pre-Existing Tax Basis has not already otherwise effectively been accounted for as part of a Basis Adjustment made pursuant to Sections 2.1(a) or 2.1(b). For the avoidance of doubt, the HBN/Tails Contribution shall not give rise
to a Basis Adjustment because the HBN/Tails Contribution will not result in Holdings’ acquisition of a share of any Pre-Existing Tax Basis in connection with an actual or deemed acquisition by Holdings of Common Units from RIHI. Furthermore,
and again for the avoidance of doubt, Holdings’ acquired share of Pre-Existing Tax Basis with respect to any Pre-Existing Asset in connection with the RIHI IPO-Related Sale or any RIHI Post-IPO Sale shall equal an amount that is proportionate
to the ratio that (x) the total number of Common Units exchanged by RIHI in the relevant transaction bears to (y) the total number of Preferred Units and Common Units outstanding immediately prior to such transaction, subject to any
required adjustments under Section 704(c) of the Code or other applicable Code provisions. For purposes of calculating Holdings’ actual Tax liability under this Agreement, the amount of any items of amortization or deduction attributable
to any Basis Adjustment that Holdings receives pursuant to this Section 2.1(c) in respect of any acquired share of Pre-Existing Tax Basis shall be determined using RMCO’s applicable recovery period for each relevant Pre-Existing Tax Asset.

 (d) Payments Under Agreement. The Parties agree that (i) all Tax Benefit Payments made by Holdings to RIHI under this
Agreement and attributable to the Basis Adjustments (excluding amounts accounted for as Imputed Interest and any Actual Interest Amounts) will be treated as subsequent upward purchase price adjustments that give rise to further Basis Adjustments
with respect to Reference Assets for Holdings in the year of payment and (ii) as a result, such additional Basis Adjustments will be incorporated into the relevant calculations under this Agreement for the year of payment and for future years,
as appropriate. Any Tax Benefit Payments will be reported by RIHI using the installment method under Section 453 of the Code (to the extent applicable, and taking into account the rules under Section 453A of the Code), unless RIHI decides
in connection with a RIHI Post-IPO Sale to affirmatively elect out of the installment method and to treat the fair market value of its rights to receive such Tax Benefit Payments as received on the relevant date on which such RIHI Post-IPO Sale
occurs (the “Redemption Date”). For purposes of this Agreement, RIHI shall notify Holdings of any decision to affirmatively elect out of the installment method by delivering written notice to Holdings by no later than
January 31st of the year following the year in which the relevant Redemption Date occurs. For the avoidance of doubt, any Tax benefit attributable to any deduction taken by Holdings with
respect to Imputed Interest or Actual Interest Amounts payable by Holdings under this Agreement shall be accounted for in connection with calculating the Realized Tax Benefits or Realized Tax Detriments under this Agreement. Notwithstanding anything
herein to the contrary, unless (i) the Parties agree otherwise in writing upon the request of RIHI or (ii) RIHI provides timely written notice to Holdings that it will elect out of the installment method under Section 453, in no event
shall the gross Tax Benefit Payments paid in respect of the RIHI IPO-Related Sale or any RIHI Post-IPO Sale exceed 75% of the amount of the initial consideration received by RIHI in connection with such RIHI IPO-Related Sale or any RIHI Post-IPO
Sale (which, for the avoidance of doubt, shall include the amount of any cash and the fair market value of any Class A Shares to be received, and exclude the fair market value of any Tax Benefit Payments). 

  
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 (e) RMCO Section 754 Election. In its capacity as the sole managing member of RMCO,
Holdings will ensure that, on and after the date hereof, and continuing throughout the term of this Agreement, RMCO and each of its direct and indirect subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in
effect an election under Section 754 of the Code (and under any similar provisions of applicable state or local law). 

Section 2.2 Basis Schedules. Within ninety (90) calendar days after the filing of the U.S. federal income tax return of
Holdings for the Taxable year in which the RIHI IPO-Related Sale occurs, and for each Taxable Year in which any RIHI Post-IPO Sale occurs, Holdings shall deliver to RIHI a schedule (the “Basis Schedule”) that shows, in reasonable
detail as necessary in order to understand the calculations performed under this Agreement: (i) the Non-Adjusted Tax Basis of the Reference Assets as of each applicable Sale Date; (ii) the Basis Adjustments with respect to the Reference
Assets as a result of the relevant Sales effected in such Taxable Year, calculated (a) in the aggregate (including Sales attributable to both RIHI and WP), and (b) solely with respect to Sales by RIHI; (iii) the period (or periods)
over which the Reference Assets are amortizable and/or depreciable; and (iv) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable. 

Section 2.3 Tax Benefit Schedules. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the U.S. federal income Tax Return of Holdings for
any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, Holdings shall provide to RIHI a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year
(a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a), and may be amended by the Parties pursuant to the procedures set forth in
Section 2.4(b). 
 (b) Applicable Principles. Subject to the provisions of this Agreement, the Realized Tax Benefit or Realized
Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the actual liability of Holdings for Covered Taxes for such Taxable Year attributable to the Basis Adjustments, Imputed Interest, and Actual Interest Amounts, as
determined using a “with and without” methodology. Carryovers or carrybacks of any Tax item attributable to any Basis Adjustment, Imputed Interest, or Actual Interest Amounts shall be considered to be subject to the rules of the Code and
the Treasury Regulations or the appropriate provisions of U.S. state tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a
portion that is attributable to a Basis Adjustment, Imputed Interest, or Actual Interest Amounts (a “TRA Portion”) and another portion that is not (a “Non-TRA Portion”), such portions shall be considered to be used
in accordance with the “with and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion (with the TRA Portion being applied on a proportionate basis
consistent with the provisions of Section 3.3(a)); and (ii) in the case of a carryback of a Non-TRA Portion, 

  
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such carryback shall not affect the original “with and without” calculation made in the prior Taxable Year (which, for the avoidance of doubt, may result in RIHI and/or WP retaining the
amount of a prior Tax Benefit Payment that was made in respect of a prior Taxable Year as originally calculated pursuant to the terms of this Agreement, even though the Hypothetical Tax Liability of Holdings on a purely “without” basis
might be less as compared with the original calculation if the Non-TRA portion was otherwise applied to and allowed to affect the original “with and without” calculation made in such prior Taxable Year). 

Section 2.4 Procedures; Amendments. 

(a) Procedures. Each time Holdings delivers an applicable Schedule to RIHI under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.4(b), but excluding any Early Termination Schedule or amended Early Termination Schedule delivered pursuant to the procedures set forth in Section 4.2, Holdings shall also: (x) deliver supporting
schedules and work papers, as determined by Holdings or as reasonably requested by RIHI, that provide a reasonable level of detail regarding the data and calculations that were relevant for purposes of preparing the Schedule; (y) deliver an
Advisory Firm Letter supporting such Schedule; and (z) allow RIHI and its advisors to have reasonable access to the appropriate representatives, as determined by Holdings or as reasonably requested by RIHI, at Holdings and the Advisory Firm in
connection with a review of such Schedule. Without limiting the generality of the preceding sentence, Holdings shall ensure that any Tax Benefit Schedule that is delivered to RIHI, along with any supporting schedules and work papers, provides a
reasonably detailed presentation of the calculation of the actual liability of Holdings for Covered Taxes (the “with” calculation) and the Hypothetical Tax Liability of Holdings (the “without” calculation), and identifies any
material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final and binding on the Parties thirty (30) calendar days from the date on
which RIHI first received the applicable Schedule or amendment thereto unless: 
 (i) RIHI within thirty (30) calendar
days after receiving the applicable Schedule or amendment thereto, provides Holdings with (A) written notice of a material objection to such Schedule that is made in good faith and that sets forth in reasonable detail RIHI’s material
objection (an “Objection Notice”) and (B) a letter from an Advisory Firm (that is different from the Advisory Firm that was used by Holdings to prepare the Schedule at issue) in support of such Objection Notice; or 

(ii) RIHI provides a written waiver of its right to deliver an Objection Notice within the time period described in clause
(i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by Holdings. 
 In the
event that RIHI timely delivers an Objection Notice pursuant to clause (i) above, and if the Parties, for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after
receipt by Holdings of the Objection Notice, Holdings and RIHI shall employ the reconciliation procedures as described in Section 7.9 of this Agreement (the “Reconciliation Procedures”). For the avoidance of doubt, and
notwithstanding anything to the contrary herein, the expense of preparing and obtaining the letter from an Advisory Firm referenced in clause (i) above shall be borne solely by RIHI and Holdings shall have no liability with respect to such
letter or any of the expenses associated with its preparation and delivery. 

  
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 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from
time to time by Holdings: (i) in connection with a Determination affecting such Schedule; (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after
the date the Schedule was originally provided to RIHI; (iii) to comply with (A) an Expert’s determination under the Reconciliation Procedures applicable to this Agreement or (B) an Expert’s determination under the
Reconciliation Procedures applicable to the WP TRA (as such term is defined in Section 2.4(a) of such WP TRA); (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback
or carryforward of a loss or other Tax item to such Taxable Year; (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year; or
(vi) to adjust a Basis Schedule to take into account any Tax Benefit Payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.1 Timing and Amount of Tax Benefit Payments. 

(a) Timing of Payments. Except as provided in Sections 3.4, 3.5, and 3.6, and subject to Sections 3.2 and 3.3, within five
(5) Business Days following the date on which each Tax Benefit Schedule that is required to be delivered by Holdings to RIHI pursuant to Section 2.3(a) of this Agreement becomes final in accordance with Section 2.4(a) of this
Agreement, Holdings shall pay to RIHI the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made by wire or transfer of immediately available funds to the bank account previously designated by
RIHI or as otherwise agreed by Holdings and RIHI. For the avoidance of doubt, RIHI shall not be required under any circumstances to return any portion of any Tax Benefit Payment previously paid by Holdings to RIHI (including any portion of any
Estimated Tax Benefit Payment or any Early Termination Payment). 
 (b) Amount of Payments. For purposes of this Agreement, a
“Tax Benefit Payment” means an amount, not less than zero, equal to the sum of: (i) the Net Tax Benefit that is Attributable to RIHI (including Imputed Interest calculated in respect of such amount); and (ii) the Actual
Interest Amount. 
 (i) Attributable. A Net Tax Benefit is “Attributable” to RIHI to the extent that
it is derived from any Basis Adjustment, Imputed Interest, or Actual Interest Amount that is attributable to: (i) the RIHI IPO-Related Sale (which, for the avoidance of doubt, is composed of the RIHI Initial Common Unit Redemption and, to the
extent applicable, the RIHI Follow-On Common Unit Redemption); or (ii) any RIHI Post-IPO Sale. 
 (ii) Net Tax
Benefit. The “Net Tax Benefit” for a Taxable Year equals the amount of the excess, if any, of (x) 85% of the Cumulative Net Realized Tax Benefit as 

  
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of the end of such Taxable Year over (y) the aggregate amount of all Tax Benefit Payments previously made to RIHI under this Section 3.1. For the avoidance of doubt, if the Cumulative
Net Realized Tax Benefit as of the end of any Taxable Year is less than the aggregate amount of all Tax Benefit Payments Previously made to RIHI, RIHI shall not be required to return any portion of any Tax Benefit Payment previously made by Holdings
to RIHI. 
 (iii) Cumulative Net Realized Tax Benefit. The “Cumulative Net Realized Tax Benefit” for
a Taxable Year equals the cumulative amount of Realized Tax Benefits for all Taxable Years of Holdings, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and
Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

(iv) Realized Tax Benefit. The “Realized Tax Benefit” for a Taxable Year equals the excess, if any, of
the Hypothetical Tax Liability over the actual liability of Holdings for Covered Taxes. If all or a portion of the actual liability for such Covered Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year,
such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

(v) Realized Tax Detriment. The “Realized Tax Detriment” for a Taxable Year equals the excess, if any,
of the actual liability of Holdings for Covered Taxes over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the actual liability for such Covered Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

(vi) Imputed Interest. The principles of Sections 1272, 1274, or 483 of the Code, as applicable, and the principles of
any similar provision of state and local law, will apply to cause a portion of any Net Tax Benefit payable by Holdings to RIHI under this Agreement to be treated as imputed interest (“Imputed Interest”). For the avoidance of doubt,
the amount of Imputed Interest as determined with respect to any Net Tax Benefit payable by Holdings to RIHI shall be excluded from the Hypothetical Tax Liability of Holdings for purposes of calculating Realized Tax Benefits and Realized Tax
Detriments pursuant to this Agreement. 
 (vii) Actual Interest Amount. The “Actual Interest Amount”
calculated in respect of the Net Tax Benefit for a Taxable Year will equal the amount of any Extension Rate Interest. For the avoidance of doubt, any Actual Interest Amount as determined with respect to any Net Tax Benefit payable by Holdings to
RIHI shall be excluded from the Hypothetical Tax Liability of Holdings for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement. 

(viii) Extension Rate Interest. Subject to Section 3.4, the amount of “Extension Rate Interest”
calculated in respect of the Net Tax Benefit (including previously accrued 

  
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Imputed Interest) for a Taxable Year will equal interest calculated at the Agreed Rate from the due date (without extensions) for filing the U.S. federal income Tax Return of Holdings for such
Taxable Year until the date on which Holdings makes a timely Tax Benefit Payment to RIHI on or before the Final Payment Date as determined pursuant to Section 3.1(a). 

(ix) Default Rate Interest. In the event that Holdings does not make timely payment of all or any portion of a Tax
Benefit Payment to RIHI on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed
Interest and Extension Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a) until the date on which Holdings makes
such Tax Benefit Payment to RIHI. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to any Net Tax Benefit payable by Holdings to RIHI shall be included in the Hypothetical Tax Liability of Holdings for
purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement. 
 Holdings and RIHI hereby
acknowledge and agree that, as of the date of this Agreement and as of the date of any future Sale that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. federal income or
other applicable Tax purposes. 
 Section 3.2 No Duplicative Payments. It is intended that the provisions of this Agreement will
not result in the duplicative payment of any amount (including interest) that may be required under this Agreement, and the provisions of this Agreement shall be consistently interpreted and applied in accordance with that intent. With respect to
the amount of interest that may be payable under this Agreement, and for the avoidance of doubt, the provisions of Section 3.1(b) are intended to operate so that interest will effectively accrue in respect of the Net Tax Benefit for any Taxable
Year: (i) first, at the applicable rate used to determine the amount of Imputed Interest under the Code (from the relevant Sale Date or date on which the relevant Tax Benefit Payment was made until the due date (without extensions) for filing
the U.S. federal income Tax Return of Holdings for such Taxable Year); (ii) second, at the Agreed Rate in respect of any Extension Rate Interest (from the due date (without extensions) for filing the U.S. federal income Tax Return of Holdings
for such Taxable Year until the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a)); and (iii) third, at the Default Rate in respect of any Default Rate Interest (from the Final Payment Date for a Tax
Benefit Payment as determined pursuant to Section 3.1(a) until the date on which Holdings makes the relevant Tax Benefit Payment to RIHI). For purposes of this Agreement, and also for the avoidance of doubt, no Tax Benefit Payment shall be
calculated or made in respect of any estimated Tax payments, including, without limitation, any estimated U.S. federal income tax payments. 

  
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 Section 3.3 Pro-Ration of Payments as Between RIHI and WP. 

(a) Insufficient Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary, if the aggregate potential Tax benefit
of Holdings’ as calculated with respect to the Basis Adjustments, Imputed Interest, and Actual Interest Amounts is limited in a particular Taxable Year because Holdings does not have sufficient actual taxable income, then the available Tax
benefit for Holdings shall be allocated among the RIHI TRA and the WP TRA in proportion to the respective Tax Benefit Payment (as defined in Section 3.1(b) of each of the RIHI TRA and the WP TRA) that would have been payable if Holdings had in
fact had sufficient taxable income so that there had been no such limitation. As an illustration of the intended operation of this Section 3.3(a), if Holdings had $200 of aggregate potential Tax benefits with respect to the Basis Adjustments,
Imputed Interest, and Actual Interest Amounts in a particular Taxable Year (with $50 of such Tax benefits being attributable to the RIHI TRA and $150 of such Tax benefits being attributable to the WP TRA), such that RIHI would have potentially been
entitled to a Tax Benefit Payment of $42.50 and WP would have been entitled to a Tax Benefit Payment of $127.50 if Holdings had $200 of taxable income, and if at the same time Holdings only had $100 of actual taxable income in such Taxable Year,
then $25 of the aggregate $100 actual Tax benefit for Holdings for such Taxable Year would be allocated to the RIHI TRA and $75 of the aggregate $100 actual Tax benefit for Holdings would be allocated to the WP TRA, such that RIHI would receive a
Tax Benefit Payment of $21.25 and WP would receive a Tax Benefit Payment of $63.75. 
 (b) Late Payments. If for any reason Holdings
is not able to timely and fully satisfy its payment obligations under both the RIHI TRA and the WP TRA in respect of a particular Taxable Year, then Default Rate Interest will begin to accrue pursuant to Section 5.2 and Holdings and RIHI agree
that (i) Holdings shall pay the same proportion of each Tax Benefit Payment (as defined in Section 3.1(b) of each of the RIHI TRA and the WP TRA) due in respect of such Taxable Year, without favoring one obligation over the other, and
(ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full. 

Section 3.4 Optional Estimated Payment Procedure. As long as Holdings is current in respect of its payment obligations owed under
each of the RIHI TRA and the WP TRA and there are no delinquent Tax Benefit Payments outstanding in respect of prior Taxable Years, Holdings may, at any time on or after the due date (without extensions) for filing the U.S. federal income Tax Return
of Holdings for a Taxable Year and at Holdings’ option, make one or more estimated payments to RIHI in respect of any anticipated amounts to be owed with respect to a Taxable Year to RIHI pursuant to Section 3.1 of this Agreement (any such
estimated payments referred to as an “Estimated Tax Benefit Payment”); provided, that any Estimated Tax Benefit Payment made to RIHI pursuant to this Section 3.4 is matched by a proportionately equal Estimated Tax
Benefit Payment to WP under Section 3.4 of the WP TRA. Any Estimated Tax Benefit Payment made under this Section 3.4 shall be paid by Holdings to RIHI and applied against the final amount of any expected Tax Benefit Payment to be made
pursuant to Section 3.1. The payment of an Estimated Tax Benefit Payment by Holdings to RIHI pursuant to this Section 3.4 shall also terminate the obligation of Holdings to make payment of any Extension Rate Interest that might have
otherwise been owed with respect to the proportionate amount of the Tax Benefit Payment that is being paid off in advance of the applicable Tax Benefit Schedule being finalized pursuant to Section 2.4. Upon the making of any Estimated Tax
Benefit Payment pursuant to this Section 3.4, the amount of such Estimated Tax Benefit Payment shall first be applied to any 

  
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estimated Extension Rate Interest, then to Imputed Interest, and then applied to the remaining residual amount of the Tax Benefit Payment to be made pursuant to Section 3.1. In determining
the final amount of any Tax Benefit Payment to be made pursuant to Section 3.1, and for purposes of finalizing the Tax Benefit Schedule pursuant to Section 2.4, the amount of any Estimated Tax Benefit Payments that may have been made with
respect to the Taxable Year shall be increased, if the finally determined Tax Benefit Payment for a Taxable Year exceeds the Estimated Tax Benefit Payments made for such Taxable Year, with such increase being paid by Holdings to RIHI along with an
appropriate amount of Extension Rate Interest in respect of such increase (a “True-Up”). If the Estimated Tax Benefit Payment for a Taxable Year exceeds the finally determined Tax Benefit Payment for such Taxable Year, such excess,
along with an appropriate amount of Extension Rate Interest in respect of such excess (being charged by Holdings to RIHI), shall be applied to reduce the amount of any subsequent future Tax Benefit Payments (including Estimated Tax Benefit Payments,
if any) to be paid by Holdings to RIHI. As of the date on which any Estimated Tax Benefit Payments are made, and as of the date on which any True-Up is made, all such payments shall be made in the same manner and subject to the same terms and
conditions as otherwise contemplated by Section 3.1 and all other applicable terms of this Agreement. For the avoidance of doubt, as is the case with Tax Benefit Payments made by Holdings to RIHI pursuant to Section 3.1, the amount of any
Estimated Tax Benefit Payments made pursuant to this Section 3.4 shall also be treated, in part, as subsequent upward purchase price adjustments that give rise to Basis Adjustments in the Taxable Year of payment and as of the date on which such
payments are made (to the extent of the estimated Net Tax Benefit associated with such Estimated Tax Benefit Payment, less any Imputed Interest, and exclusive of any Extension Rate Interest). 

Section 3.5 Suspension of Payments. 

(a) Receipt of Change Notice. If any Party, or any Affiliate or Subsidiary of any Party, receives a 30-day letter, a final audit report,
a statutory notice of deficiency, or similar written notice from any Taxing Authority relating to the amount of the Net Tax Benefit calculated for purposes of this Agreement, or relating to any other material Tax matter that is relevant to the terms
of this Agreement and the calculation of the Tax Benefit Payments that may be payable by Holdings to RIHI (a “Change Notice”), prompt written notification and a copy of the relevant Change Notice shall be delivered by the Party, or
its Affiliate or Subsidiary, that received such Change Notice to the other Party to this Agreement. 
 (b) Receipt of Reserve Notice.
Prior to the delivery of any Tax Benefit Schedule or other Schedule by Holdings to RIHI pursuant to Section 2.4, the auditors for Holdings shall consult with the management of Holdings and, if necessary, the Advisory Firm or other legal or
accounting advisors to Holdings regarding the substantive Tax issues and related conclusions that underlie the calculations related to the determination of the Tax Benefit Payments required under this Agreement. If, following such consultation, the
auditors for Holdings reasonably determine that a Tax reserve or contingent liability must be established by Holdings or RMCO for financial accounting purposes (as determined in accordance with GAAP) in relation to any past or future Tax position
that affects the amount of any past or future Tax Benefit Payments that have been made or that may be made under this Agreement, then the management of Holdings shall notify the Audit Committee of such determination (a “Reserve
Notice”). 

  
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 (c) Suspension of Payments. From and after the date on which a Change Notice or a Reserve
Notice is received, any Tax Benefit Payments required to be made under this Agreement will, to the extent determined reasonably necessary by the Audit Committee after considering the potential Tax implications of the Change Notice or the Reserve
Notice, be paid by Holdings to a national bank mutually agreeable to the Parties to act as escrow agent to hold such funds in escrow pursuant to an escrow agreement until a Determination is received (in the case of a Change Notice) or the relevant
reserve is released or contingent liability is eliminated (in the case of a Reserve Notice). For purposes of the preceding sentence, and in particular for purposes of the Audit Committee’s determination of the amount to be placed in escrow
pending a Determination (in the case of a Change Notice) or the release of a reserve or the elimination of a contingent liability (in the Case of a Reserve Notice), the Audit Committee: (i) will suspend all future Tax Benefit Payments required
under this Agreement until the amount of such suspended Tax Benefit Payments at least equals 85% of the amount of the asserted deficiency in Tax owed (in the case of a Change Notice) or 85% of the amount of the reserve or contingent liability (in
the case of a Reserve Notice); and (ii) upon the suspension of Tax Benefit Payments in the minimum amount contemplated by the preceding clause (i), may continue to suspend all or a portion of any future Tax Benefit Payments required under this
Agreement. 
 (d) Release of Escrowed Funds. As of the date on which a reserve is released or contingent liability is eliminated (in
the case of a Reserve Notice), and provided that no Change Notice has previously been issued and is still outstanding in relation to the same Tax position that was the subject of the Reserve Notice, the relevant escrowed funds (along with any net
interest earned on such funds, and less the out-of-pocket expenses incurred by Holdings or RMCO in administering the escrow) shall be distributed to RIHI. If a Determination is received (in the case of a Change Notice), and if such Determination
results in no adjustment in any Tax Benefit Payments under this Agreement, and provided that no Reserve Notice has previously been issued and is still outstanding in relation to the same Tax position that was the subject of the Change Notice, then
the relevant escrowed funds (along with any net interest earned on such funds, and less the out-of-pocket expenses incurred by Holdings or RMCO in administering the escrow) shall be distributed to RIHI. If a Determination is received (in the case of
a Change Notice), and if such Determination results in an adjustment in any Tax Benefit Payments under this Agreement, and provided that no Reserve Notice has previously been issued and is still outstanding in relation to the same Tax position that
was the subject of the Change Notice, then the relevant escrowed funds (along with any net interest earned on such funds) shall be distributed as follows: (i) first, to Holdings or RMCO in an amount equal to the out-of-pocket expenses incurred
by Holdings or RMCO in administering the escrow and in contesting the Determination; and (ii) second, to the relevant Parties (which, for the avoidance of doubt and depending on the nature of the adjustments, may include Holdings, RMCO, or
RIHI, or some combination thereof) in accordance with the relevant Amended Schedule prepared pursuant to Section 2.4 of this Agreement. 

Section 3.6 Payments Upon a Change of Control. Upon a Change of Control, all Tax Benefit Payments, whether paid with respect to
Units that were Sold prior to the date of such Change of Control or on or after the date of such Change of Control, shall be calculated (i) by using Valuation Assumptions (3), (4) and (5), substituting in each case the terms “the
closing date of a Change of Control” for an “Early Termination Effective Date” and (ii) assuming that in each Taxable Year ending on or after the closing date of such Change of Control, Holdings’

  
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Taxable income (prior to the application of deductions arising from the Basis Adjustments, Imputed Interest, and Actual Interest Amounts) will equal the greater of (A) the actual Taxable
income (prior to the application of deductions arising from the Basis Adjustments, Imputed Interest, and Actual Interest Amounts) for such Taxable Year and (B) the product of (x) four and (y) the highest taxable income (calculated
without taking into account extraordinary items of income or deduction and prior to the application of deductions arising from the Basis Adjustments, Imputed Interest, and Actual Interest Amounts) in any of the four fiscal quarters ended prior to
the closing date of such Change of Control. The amount determined pursuant to clause (B) of the preceding sentence shall be increased by 10% (compounded annually) for each Taxable Year beginning with the second Taxable Year following the
closing date of the Change of Control and shall be adjusted on a daily pro rata basis for any short Taxable Year following the Change of Control. 

ARTICLE IV 
 TERMINATION

 Section 4.1 Early Termination of Agreement; Breach of Agreement. 

(a) Early Termination Right. With the written approval of a majority of the Independent Directors, Holdings may completely terminate
this Agreement, as and to the extent provided herein, with respect to all amounts payable to RIHI by paying to RIHI the Early Termination Payment; provided, that any Early Termination Payment made to RIHI pursuant to this Section 4.1(a)
is matched by an Early Termination Payment to WP under Section 4.1(a) of the WP TRA and in complete termination of the WP TRA, and provided, further, that Holdings may withdraw any notice to execute its termination rights under
this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon Holdings’ payment of the Early Termination Payment, Holdings shall not have any further payment obligations under this Agreement, other than
with respect to any: (i) prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date of the Early Termination Notice; and (ii) current Tax Benefit Payment due for the Taxable Year
ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the calculation of the Early Termination Payment). If a Sale subsequently occurs with respect to
Common Units for which Holdings has exercised its termination rights under this Section 4.1(a), Holdings shall have no obligations under this Agreement with respect to such Sale. 

(b) Acceleration Upon Breach of Agreement. In the event that Holdings materially breaches any of its material obligations under this
Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder, or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy
Code or otherwise, then all obligations hereunder shall be automatically accelerated and become immediately due and payable, and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and
shall include, but not be limited to: (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of such breach; (ii) any prior Tax Benefit Payments that are due and payable under this
Agreement but that still remain unpaid as 

  
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of the date of such breach; and (iii) any current Tax Benefit Payment due for the Taxable Year ending with or including the date of such breach. Notwithstanding the foregoing, in the event
that Holdings breaches this Agreement and such breach is not a material breach of a material obligation, RIHI shall still be entitled to enforce all of its rights otherwise available under this Agreement, including potentially seeking an
acceleration of amounts payable under this Agreement. For purposes of this Section 4.1(b), and subject to the following sentence, the Parties agree that the failure to make any payment due pursuant to this Agreement within six (6) months
of the relevant Final Payment Date shall be deemed to be a material breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a material breach of a material obligation under
this Agreement to make a payment due pursuant to this Agreement within six (6) months of the relevant Final Payment Date. Notwithstanding anything in this Agreement to the contrary, it shall not be a material breach of a material obligation of
this Agreement if Holdings fails to make any Tax Benefit Payment within six (6) months of the relevant Final Payment Date to the extent that Holdings has insufficient funds, or cannot take commercially reasonable actions to obtain sufficient
funds, to make such payment; provided that the interest provisions of Section 5.2 shall apply to such late payment (unless Holdings does not have sufficient funds to make such payment as a result of limitations imposed by any Senior
Obligations, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Extension Rate). 
 Section 4.2 Early
Termination Notice. If Holdings chooses to exercise its right of early termination under Section 4.1 above, Holdings shall deliver to RIHI a notice of Holdings’ decision to exercise such right (an “Early Termination
Notice”) and a schedule (the “Early Termination Schedule”) showing in reasonable detail the calculation of the Early Termination Payment. Holdings shall also (x) deliver supporting schedules and work papers, as
determined by Holdings or as reasonably requested by RIHI, that provide a reasonable level of detail regarding the data and calculations that were relevant for purposes of preparing the Early Termination Schedule; (y) deliver an Advisory Firm
Letter supporting such Early Termination Schedule; and (z) allow RIHI and its advisors to have reasonable access to the appropriate representatives, as determined by Holdings or as reasonably requested by RIHI, at Holdings and the Advisory Firm
in connection with a review of such Early Termination Schedule. The Early Termination Schedule shall become final and binding on each Party thirty (30) calendar days from the first date on which RIHI received such Early Termination Schedule
unless: 
 (i) RIHI within thirty (30) calendar days after receiving the Early Termination Schedule, provides Holdings with
(A) notice of a material objection to such Early Termination Schedule made in good faith and setting forth in reasonable detail RIHI’s material objection (a “Termination Objection Notice”) and (B) a letter from an
Advisory Firm (that is different from the Advisory Firm that was used by Holdings to prepare the Early Termination Schedule) in support of such Termination Objection Notice; or 

(ii) RIHI provides a written waiver of such right of a Termination Objection Notice within the period described in clause (i) above, in
which case such Early Termination Schedule becomes binding on the date the waiver is received by Holdings. 

  
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 In the event that RIHI timely delivers a Termination Objection Notice pursuant to clause
(i) above, and if the Parties, for any reason, are unable to successfully resolve the issues raised in the Termination Objection Notice within thirty (30) calendar days after receipt by Holdings of the Termination Objection Notice,
Holdings and RIHI shall employ the Reconciliation Procedures. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the expense of preparing and obtaining the letter from an Advisory Firm referenced in clause
(i) above shall be borne solely by RIHI and Holdings shall have no liability with respect to such letter or any of the expenses associated with its preparation and delivery. The date on which the Early Termination Schedule becomes final in
accordance with this Section 4.2 shall be the “Early Termination Reference Date.” 
 Section 4.3 Payment Upon
Early Termination. 
 (a) Timing of Payment. Within five (5) Business Days after the later of either the (i) Early
Termination Reference Date or (ii) if Holdings is concurrently exercising early termination rights under the WP TRA, the Early Termination Reference Date pursuant to the WP TRA, Holdings shall pay to RIHI an amount equal to the Early
Termination Payment. Such payment shall be made by Holdings by wire or transfer of immediately available funds to a bank account or accounts designated by RIHI or as otherwise agreed by Holdings and RIHI. 

(b) Amount of Payment. The “Early Termination Payment” payable pursuant to Section 4.3(a) shall equal the present
value, discounted at the Early Termination Rate as determined as of the Early Termination Reference Date, of all Tax Benefit Payments that would be required to be paid by Holdings to RIHI beginning from the Early Termination Effective Date and using
the Valuation Assumptions. 
 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made by Holdings to RIHI under this Agreement shall rank subordinate and junior in right of payment to any principal, interest, or other amounts due and payable in respect of any obligations owed in respect of
secured indebtedness for borrowed money of Holdings and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of Holdings that are not Senior Obligations. 

Section 5.2 Late Payments by Holdings. The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment
not made to RIHI when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the Final Payment Date on which such Tax Benefit Payment or Early Termination Payment
was first due and payable. 
 ARTICLE VI 

TAX MATTERS; CONSISTENCY; COOPERATION 

Section 6.1 Participation in Holdings’ and RMCO’s Tax Matters. Except as otherwise provided herein, and except as
provided in Article IX of the Restated RMCO Partnership 

  
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Agreement, Holdings shall have full responsibility for, and sole discretion over, all Tax matters concerning Holdings and RMCO, including without limitation the preparation, filing or amending of
any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, Holdings shall notify RIHI of, and keep them reasonably informed with respect to, the portion of any Tax audit of Holdings or RMCO, or
any of RMCO’s Subsidiaries, the outcome of which is reasonably expected to materially affect the Tax Benefit Payments payable to RIHI under this Agreement, and RIHI shall have the right to participate in and to monitor at its own expense (but,
for the avoidance of doubt, not to control) any such portion of any such Tax audit. 
 Section 6.2 Consistency. All calculations
and determinations made hereunder, including, without limitation, any Basis Adjustments, the Schedules, and the determination of any Realized Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies or
positions taken by Holdings and RMCO on their respective Tax Returns. RIHI shall prepare its Tax Returns in a manner that is consistent with the terms of this Agreement, and any related calculations or determinations that are made hereunder,
including, without limitation, the terms of Section 2.1 of this Agreement and the Schedules provided to RIHI under this Agreement. In the event that an Advisory Firm is replaced with another Advisory Firm acceptable to the Audit Committee, such
replacement Advisory Firm shall perform its services under this Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless otherwise required by law or unless Holdings and RIHI agree to the use of other
procedures and methodologies. 
 Section 6.3 Cooperation. RIHI shall (a) furnish to Holdings in a timely manner such
information, documents and other materials as Holdings may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit,
examination or controversy with any Taxing Authority, (b) make itself available to Holdings and its representatives to provide explanations of documents and materials and such other information as Holdings or its representatives may reasonably
request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and Holdings shall reimburse RIHI for any reasonable third-Party costs and expenses incurred
pursuant to this Section 6.3. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be given
(and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by certified or registered mail (postage prepaid, return receipt requested) to the
respective Parties at the following addresses (or at such other address for a Party as shall be as specified in a notice given in accordance with this Section 7.1). All notices hereunder shall be delivered as set forth below, or pursuant to
such other instructions as may be designated in writing by the Party to receive such notice: 

  
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 If to Holdings, to: 

RE/MAX Holdings, Inc. 
 5075 S.
Syracuse Street 
 Denver, CO 80237 

Attention: David Metzger, Chief Financial Officer 

Geoffrey Lewis, General Counsel 

Telephone: (303) 770-5531 

Facsimile: (303) 796-3599 

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

Morrison & Foerster LLP 

370 Seventeenth Street 
 Suite
5200 
 Denver, CO 80202 

Telephone: 303-592-1500 

Facsimile: 303-592-1510 

Attention: David B. Strong 
 If
to RIHI: 
 Telephone: 

Facsimile: 
 Attention: 

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

Telephone: 
 Facsimile: 

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

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

  
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 Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. Except with respect to the provisions of Section 3.3, 3.4, and 4.1(a),
which the Parties agree will make WP a third-Party beneficiary of this Agreement solely to the extent that such provisions require that proportionate payments be made by Holdings to each of RIHI and WP, this Agreement shall be binding upon and inure
solely to the benefit of each Party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. 
 Section 7.4 Governing Law . This Agreement shall be governed by, and
construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.6 Assignment; Amendments; Successors; Waiver. 

(a) Assignment. RIHI may not assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement, including the right
to receive any Tax Benefit Payments under this Agreement, to any Person without the prior written consent of Holdings, which consent shall not be unreasonably withheld, conditioned, or delayed, and without such Person executing and delivering a
joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement, agreeing to succeed to the applicable portion of RIHI’s interest in this Agreement and to become a Party for all purposes of this Agreement
(the “Joinder Requirement”); provided, however, that to the extent RIHI sells, exchanges, distributes, or otherwise transfers Common Units to any Person (other than Holdings or RMCO) in accordance with the terms of the
Restated RMCO Partnership Agreement, RIHI shall have the option to assign to the transferee of such Common Units its rights under this Agreement with respect to such transferred Common Units, provided that such transferee has satisfied the Joinder
Requirement. For the avoidance of doubt, if RIHI transfers Common Units in accordance with the terms of the Restated RMCO Partnership Agreement but does not assign to the transferee of such Common Units its rights under this Agreement with respect
to such transferred Common Units, RIHI shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Sale of such Common Units. 

  
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 (b) Amendments. No provision of this Agreement may be amended unless such amendment is
approved in writing by Holdings and RIHI, and solely with respect to the provisions of Sections 3.3, 3.4, and 4.1(a), to the extent that such provisions require that proportionate payments be made by Holdings to each of RIHI and WP, is approved in
writing by Holdings, RIHI and WP ; provided, that, amendment of the definition of Change of Control will also require the written approval of a majority of the Independent Directors. Notwithstanding the foregoing, in the case of any amendment
to the WP TRA, the corresponding provision of this Agreement shall be automatically amended in a corresponding manner, unless RIHI specifies otherwise in writing after being notified in a timely manner by Holdings of such amendment. No provision of
this Agreement may be waived unless such waiver is in writing and signed by the Party against whom the waiver is to be effective. 
 (c)
Successors. All of the terms and provisions of this Agreement shall be binding upon, and shall inure to the benefit of and be enforceable by, the Parties hereto and their respective successors, assigns, heirs, executors, administrators and
legal representatives. Holdings shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Holdings, by written agreement, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that Holdings would be required to perform if no such succession had taken place. 

(d) Waiver. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement, or condition of this
Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition. 

Section 7.7 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement. 
 Section 7.8 Resolution of Disputes. 

(a) Except for Reconciliation Disputes subject to Section 7.9, any and all disputes which cannot be settled amicably, including any
ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this
arbitration provision) (each a “Dispute”) shall be finally resolved by arbitration in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by a panel of three
arbitrators, of which each Party shall designate one arbitrator in accordance with the “screened” appointment procedure provided in Resolution Rule 5.4. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C.
§§ 1 et seq., and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of the arbitration shall be Denver, Colorado. 

(b) Notwithstanding the provisions of paragraph (a), any Party to this Agreement may bring an action or special proceeding in any court of
competent jurisdiction for the purpose of compelling another Party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each
Party (i) expressly consents to the application of paragraph (c) of this 

  
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Section 7.8 to any such action or proceeding, and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to
calculate and that remedies at law would be inadequate. For the avoidance of doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be settled in accordance with the procedures set forth in Section 7.9. 

(c) Each Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Chancery Court
of the State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington, Delaware, and of the U.S. District Court for the District of Delaware sitting in Wilmington, Delaware, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment, and each of the Parties hereto irrevocably and unconditionally agrees that all claims in respect of
any such action or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by applicable law, in such U.S. District Court. Each Party agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (d) Each Party
irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in Section 7.8(c). Each Party irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 

(e) Each Party irrevocably consents to service of process by means of notice in the manner provided for in Section 7.1. Nothing in this
Agreement shall affect the right of any Party to serve process in any other manner permitted by law. 
 (f) Any dispute as to whether a
dispute is a Reconciliation Dispute within the meaning of Section 7.9, or a Dispute within the meaning of Section 7.8, shall be decided and resolved as a Dispute subject to the procedures set forth in Section 7.8. 

Section 7.9 Reconciliation. In the event that Holdings and RIHI are unable to resolve a disagreement with respect to a Schedule
(other than an Early Termination Schedule) prepared in accordance with the procedures set forth in Section 2.4, or with respect to an Early Termination Schedule prepared in accordance with the procedures set forth in Section 4.2, within
the relevant time period designated in this Agreement (a “Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular
area of disagreement mutually acceptable to both Parties. The Expert shall be a partner or principal in a nationally recognized accounting firm, and unless Holdings and RIHI agree otherwise, the Expert shall not, and the firm that employs the Expert
shall not, have any material relationship with Holdings or RIHI or other actual or potential conflict of interest. If the Parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written
notice of a Reconciliation Dispute, the selection of an Expert shall be treated as a Dispute subject to Section 7.8 and an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not have any material

  
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relationship with Holdings or RIHI or other actual or potential conflict of interest. The Expert shall resolve any matter relating to the Basis Schedule or an amendment thereto or the Early
Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably
practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence
of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by Holdings, subject to adjustment or
amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by Holdings except as provided in the next sentence. Holdings and RIHI shall bear their own costs and expenses of
such proceeding, unless (i) the Expert adopts RIHI’s position, in which case Holdings shall reimburse RIHI for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts Holdings’ position, in
which case RIHI shall reimburse Holdings for any reasonable out-of-pocket costs and expenses in such proceeding. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9
shall be binding on Holdings and RIHI and may be entered and enforced in any court having jurisdiction. 
 Section 7.10
Withholding. Holdings shall be entitled to deduct and withhold from any payment that is payable to RIHI pursuant to this Agreement such amounts as Holdings is required to deduct and withhold with respect to the making of such payment under
the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by Holdings, such withheld amounts shall be treated for all purposes of this Agreement as
having been paid by Holdings to RIHI. 
 Section 7.11 Admission of Holdings Into a Consolidated Group; Transfers of Corporate
Assets. 
 (a) Subject to Section 3.6, or other applicable provisions of this Agreement, if Holdings is or becomes a member of an
affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Section 1501 or other applicable Sections of the Code governing affiliated or consolidated groups, or any corresponding provisions of state
or local law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments (including payments following a Change of Control, as determined subject to the provisions of
Section 3.6), Early Termination Payments, and other applicable items hereunder shall be computed with reference to the consolidated Taxable income of the group as a whole. For the avoidance of doubt, and with respect to clause (ii) of the
preceding sentence, if Holdings is not a member of an affiliated or consolidated group of corporations that files a consolidated income Tax Return prior to a Change of Control, but becomes a member of such a group immediately following such Change
of Control, then the actual Taxable income of Holdings for purposes of clause (ii)(A) of the first sentence of Section 3.6 shall be calculated based on the consolidated Taxable income of the group as a whole, while the Taxable income of
Holdings for purposes of clause (ii)(B) of the first sentence of Section 3.6 shall be calculated based on the Taxable income of Holdings on a stand-alone basis as determined prior to the closing date of such Change of Control. 

  
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 (b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment
hereunder transfers one or more assets to a corporation (or a Person classified as a corporation for U.S. income tax purposes) with which such entity does not file a consolidated tax return pursuant to Section 1501 of the Code, such entity, for
purposes of calculating the amount of any Tax Benefit Payment (including payments following a Change of Control) or Early Termination Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date
of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated as a
transfer of the transferring partner’s share of each of the assets and liabilities of that partnership. 
 Section 7.12
Confidentiality. RIHI and its assignees acknowledge and agree that the information of Holdings is confidential and, except in the course of performing any duties as necessary for Holdings and its Affiliates, as required by law or legal
process or to enforce the terms of this Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of Holdings and its Affiliates and
successors, learned by RIHI heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by Holdings or any of its Affiliates, becomes public knowledge (except as a result of an
act of RIHI in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for RIHI to prepare and file its Tax Returns, to respond to any inquiries regarding the
same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary herein, RIHI and each of their assignees (and each employee,
representative or other agent of RIHI or their assignees, as applicable) may disclose at their discretion to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of Holdings, RIHI, and any of their transactions,
and all materials of any kind (including Tax opinions or other Tax analyses) that are provided to RIHI relating to such Tax treatment and Tax structure. If RIHI or an assignee commits a breach, or threatens to commit a breach, of any of the
provisions of this Section 7.12, Holdings shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post
any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Holdings or any of its Subsidiaries and that money damages alone shall not provide an adequate remedy to such
Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.13 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, RIHI reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by RIHI (or direct or indirect equity holders in RIHI) in connection with
any Sale to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse Tax consequences to RIHI or any direct or indirect owner of
RIHI, then at the election of RIHI and to the extent specified by RIHI, this Agreement shall cease to have further effect and shall not apply to a Sale occurring after a date specified by RIHI, or may be amended by in a manner determined by RIHI,
provided that such amendment shall not result in an increase in any payments owed by Holdings under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

  
 31 

 Section 7.14 Independent Nature of Rights and Obligations. The rights and obligations
of RIHI hereunder are several and not joint with the rights and obligations of any other Person (including, for the avoidance of doubt, any rights and obligations that WP may have as a third-party beneficiary under Sections 3.3, 3.4, and 4.1(a)).
RIHI shall not be responsible in any way for the performance of the obligations of any other Person hereunder, nor shall RIHI have the right to enforce the rights or obligations of any other Person hereunder. The obligations of RIHI hereunder are
solely for the benefit of, and shall be enforceable solely by, Holdings. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by RIHI pursuant hereto or thereto, shall be deemed to constitute
RIHI and WP acting as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that RIHI and WP are in any way acting in concert or as a group with respect to such rights or obligations or the transactions
contemplated hereby, and Holdings acknowledges that RIHI and WP are not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations or the transactions contemplated hereby. 

[Signature Page Follows This Page] 

  
 32 

 IN WITNESS WHEREOF, Holdings and RIHI have duly executed this Agreement as of the date first
written above. 
  

			
	RE/MAX Holdings, Inc.
		
	By:	 	 
		 	Name:
		 	Title:
	
	RIHI, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Tax Receivable Agreement Between Holdings and RIHI]

  
 33 

 Exhibit A 

Joinder 
 This JOINDER
(“Joinder”) to the Tax Receivable Agreement (as defined below) is dated as of             , and is entered into by and among RE/MAX Holdings, Inc., a Delaware corporation
(“Holdings”), RIHI, Inc., a Delaware corporation (“Transferor”), and            (“Permitted Transferee”). 

WHEREAS, on             , the Permitted Transferee acquired (the
“Acquisition”) [Common Units from Transferor and][the right to receive any and all payments that may become due and payable under the Tax Receivable Agreement (as defined below) with respect to][such Common Units][Common Units that
were previously sold or redeemed by Transferor][as described and set forth in greater detail in Annex A to this Joinder] ([collectively,] the “Interest”); and 

WHEREAS, Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to
Section 7.6 of the Tax Receivable Agreement, dated as of             , between Holdings and Transferor (the “Tax Receivable Agreement”); 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Permitted Transferee hereby agrees as follows: 

Section 1.1. Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall
have the respective meanings set forth in the Tax Receivable Agreement. 
 Section 1.2. Joinder. Permitted Transferee hereby
acknowledges and agrees to become a Party to the Tax Receivable Agreement for all purposes of the Tax Receivable Agreement and to the extent of the Interest. 

Section 1.3. Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted
Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable Agreement. 

Section 1.4. Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and
construed, interpreted and enforced in accordance with, the laws of the State of Delaware (without regard to any choice of law rules thereunder). 

 IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as
of the date first above written. 
  

			
	[PERMITTED TRANSFEREE]
		
	By:	 	 
		 	Name:
		 	Title:
		 	 Address for notices:

 Annex A 

Common Unit Holders and Transfers 

 Exhibit B 

List of Pre-IPO Asset AcquisitionsEX-10.14

 Exhibit 10.14 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 
  

					
	 Grantee’s Name and Address:
	  	 	  	
		  	 	  	
		  	 	  	

 You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”),
subject to the terms and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit
Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 

 

					
	 Award Number
	  	 	  	
			
	 Date of Award
	  	 	  	
			
	 Total Number of Restricted Stock

Units Awarded (the “Units”)
	  	 	  	

 Vesting Schedule: 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Agreement and the Plan, the Units will
“vest” in accordance with the following schedule (the “Vesting Schedule”): 
 [For Grantees Subject to
Section 16 only: In the event of a Corporate Transaction or a Change in Control in connection with which the Award is not assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), the Units,
to the extent outstanding and unvested, shall automatically become fully vested immediately prior to the effective date of such Corporate Transaction or Change in Control.] 

In the event of the Grantee’s change in status from Employee to Consultant or Director, the determination of whether such change in
status results in a termination of Continuous Service will be determined in accordance with Section 409A of the Code. 
 For purposes
of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company. If the Grantee would become vested in a fraction of a Unit, such Unit shall not
vest until the Grantee becomes vested in the entire Unit. 
 Vesting shall cease upon the date the Grantee terminates Continuous Service for
any reason, excluding death or Disability. In the event the Grantee terminates Continuous Service for any reason, excluding death or Disability, any unvested Units held by the Grantee immediately upon such termination of the Grantee’s
Continuous Service shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further
action by the Grantee. 

 If the Grantee’s Continuous Service terminates due to the Grantee’s death or
Disability, the Units that would have vested on the vesting date next following the date of such termination of Continuous Services shall immediately become vested as of the date of such termination of Continuous Service, and all remaining unvested
Units shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the
Grantee. 
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the
terms and conditions of this Notice, the Plan, and the Agreement. 
  

			
	 RE/MAX Holdings, Inc.,
 a Delaware
corporation

		
	By:	 	 
	Title:	 	 
	Date:	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S
CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR
IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S
CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 

  
 2 

 Grantee Acknowledges and Agrees: 

The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the
Code. 
 The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to
applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares. The Grantee further acknowledges and agrees that, prior to the sale of any Shares
acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws. 

The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan
prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable. By signing below (or providing an electronic signature by
clicking below) and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or the website of the Company’s
designated brokerage firm, if applicable; (ii) represents that the Grantee has access to the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (iii) acknowledges receipt of electronic
copies, or that the Grantee is already in possession of paper copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents. 

The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to
participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a
third party designated by the Company. 
 The Grantee hereby agrees that all questions of interpretation and administration relating to this
Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 8 of the Agreement. The Grantee further agrees to the venue and jurisdiction selection in accordance with Section 9 of the Agreement. The
Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice. 
  

			
	Date:                                     
                                    	 	  

		 	Grantee’s Signature
		 	  

		 	Grantee’s Printed Name
		 	  

		 	Address
		 	  

		 	City, State & Zip

  
 3 

 Award Number:
                                 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

1. Issuance of Units. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the
Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.
Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan. 
 2. Transfer
Restrictions. The Units may not be transferred in any manner other than by will or by the laws of descent and distribution. 
 3.
Conversion of Units and Issuance of Shares. 
 (a) General. Subject to Section 3(b), one share of Common Stock shall be
issuable for each Unit subject to the Award (the “Shares”) upon vesting. Immediately thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the Grantee, subject to satisfaction of
any required tax or other withholding obligations. Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share. Notwithstanding the foregoing, the relevant number of Shares
shall be issued no later than sixty (60) days following the date the Unit vests.  
 (b) Delay of Issuance of Shares. The
Company shall delay the issuance of any Shares under this Section 3 to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain
publicly-traded companies); in such event, any Shares to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first
business day following the expiration of such six (6) month period. 
 4. Right to Shares and Dividends; Dividend Equivalents.
The Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights or rights with respect to dividends paid on the Shares) issuable under the Award until the Award is settled by the issuance of such Shares
to the Grantee, except that Dividend Equivalents shall be earned with respect to Units that vest. The amount of Dividend Equivalents earned with respect to each such Unit that vests shall be equal to the total ordinary cash dividends, if any,
declared on a Share where the record date of the dividend is between the Grant Date of this Award and the date a Share is issued upon vesting of the Unit. Any Dividend Equivalents earned shall be paid in cash to the Grantee when the Shares subject
to the vested Units to which they relate are issued. No Dividend Equivalents shall be earned or paid with respect to any Units that do not vest. Dividend Equivalents shall not accrue interest. 

 5. Taxes. 

(a) Tax Liability. The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award,
regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company nor any Related Entity makes any representation or undertaking regarding
the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares acquired upon vesting and the
receipt of any dividends or dividend equivalents. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. 

(b) Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting or issuance of Shares) that the Company
determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding
Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. 

(i) By Share Withholding. If permissible under Applicable Law, the Grantee authorizes the Company to, upon the exercise of its sole
discretion, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the withheld Shares may not be sufficient to
satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding
Obligation that is not satisfied by the withholding of Shares described above. 
 (ii) By Sale of Shares. Unless the Grantee
determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company and any
brokerage firm determined acceptable to the Company for such purpose to, upon the exercise of Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company
determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation. Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter
as practicable. The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the
extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange
for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon
as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above. 

  
 2 

 (iii) By Check, Wire Transfer or Other Means. At any time not less than five
(5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by
delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the
Company, or (z) such other means as specified from time to time by the Administrator. 
 Notwithstanding the foregoing, the Company or a Related Entity
also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity. Furthermore, in the event of any
determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Award, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after
receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at that time. 
 6. Entire
Agreement; Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and
governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of
the parties. Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 

7. Construction. The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the
Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the
context clearly requires otherwise. 
 8. Administration and Interpretation. Any question or dispute regarding the administration or
interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 

9. Venue and Jurisdiction. The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or
this Agreement shall be brought exclusively in the United States District Court for Delaware (or should such court lack jurisdiction to hear such 

  
 3 

 
action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law,
any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any
one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid
and enforceable. 
 10. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively
given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees
prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

11. Amendment and Delay to Meet the Requirements of Section 409A. The Grantee acknowledges that the Company, in the exercise of
its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of
Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable. Notwithstanding anything in this Agreement or the Plan to the contrary, to the extent
the Award is determined to be subject to Section 409A of the Code and Shares will be issued pursuant to the Award on account of such Change in Control or Corporate Transaction, neither a Change in Control nor a Corporate Transaction shall be
deemed to have occurred for purposes of this Award unless such Change in Control or Corporate Transaction also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the
assets of the Company, as those terms are used in Section 409A of the Code. In addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of
the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units. The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code. 

END OF AGREEMENT 

  
 4

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