Document:

EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 EVOLENT
HEALTH, INC. 
 AND 

CERTAIN STOCKHOLDERS 

DATED AS OF JUNE 4, 2015 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	Effectiveness	  
			
	 Section 1.1.
	 	 Effectiveness
	  	 	2	  
	
	ARTICLE II	  
	
	Definitions	  
			
	 Section 2.1.
	 	 Definitions
	  	 	2	  
	
	ARTICLE III	  
	
	Registration Rights	  
			
	 Section 3.1.
	 	 Demand Registration
	  	 	8	  
			
	 Section 3.2.
	 	 Shelf Registration
	  	 	11	  
			
	 Section 3.3.
	 	 Piggyback Registration
	  	 	15	  
			
	 Section 3.4.
	 	 Lock-Up Agreements
	  	 	17	  
			
	 Section 3.5.
	 	 Registration Procedures
	  	 	17	  
			
	 Section 3.6.
	 	 Underwritten Offerings
	  	 	23	  
			
	 Section 3.7.
	 	 No Inconsistent Agreements; Additional Rights
	  	 	25	  
			
	 Section 3.8.
	 	 Registration Expenses
	  	 	25	  
			
	 Section 3.9.
	 	 Indemnification
	  	 	26	  
			
	 Section 3.10.
	 	 Rules 144 and 144A and Regulation S
	  	 	29	  
			
	 Section 3.11.
	 	 Existing Registration Statements
	  	 	29	  
	
	ARTICLE IV	  
	
	Miscellaneous	  
			
	 Section 4.1.
	 	 Authority: Effect
	  	 	30	  
			
	 Section 4.2.
	 	 Notices
	  	 	30	  
			
	 Section 4.3.
	 	 Termination and Effect of Termination
	  	 	32	  
			
	 Section 4.4.
	 	 Permitted Transferees
	  	 	32	  
			
	 Section 4.5.
	 	 Remedies
	  	 	33	  
			
	 Section 4.6.
	 	 Amendments
	  	 	33	  
			
	 Section 4.7.
	 	 Governing Law
	  	 	33	  

							
			
	 Section 4.8.
		 Consent to Jurisdiction
		 	33	  
			
	 Section 4.9.
		 WAIVER OF JURY TRIAL
		 	34	  
			
	 Section 4.10.
		 Merger; Binding Effect, Etc
		 	34	  
			
	 Section 4.11.
		 Counterparts
		 	34	  
			
	 Section 4.12.
		 Severability
		 	35	  
			
	 Section 4.13.
		 No Recourse
		 	35	  

  
 ii 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in
accordance with the terms hereof, the “Agreement”), dated as of June 4, 2015, is made by and among: 
 i. Evolent
Health, Inc., a Delaware corporation (the “Company”); 
 ii. TPG Growth II BDH, L.P., a Delaware limited partnership, and
TPG Eagle Holdings, L.P., a Delaware limited partnership (together with their Permitted Transferees that become party hereto, the “TPG Investor”); 

iii. UPMC, a Pennsylvania nonprofit corporation (together with its Permitted Transferees that become party hereto, the “UPMC
Investor”); 
 iv. The Advisory Board Company, a Delaware corporation (together with its Permitted Transferees that become party
hereto, “The Advisory Board Investor” and, together with the TPG Investor and the UPMC Investor, the “Principal Investors”); 

v. Ptolemy Capital, LLC (the “Ptolemy Investor” and a Holder (as defined herein) for the purposes of this Agreement); and

 vi. such other Persons, if any, that from time to time become party hereto as holders of Registrable Securities pursuant to
Section 4.4 in their capacity as Permitted Transferees. 
 RECITALS 

WHEREAS, on January 6, 2014, Evolent Health Holdings, Inc., a Delaware corporation, Evolent Health LLC, a Delaware limited liability
company (“Evolent Health LLC”), the TPG Investor, the UPMC Investor, The Advisory Board Investor and certain other Persons entered into an Amended and Restated Master Investors’ Rights Agreement (the “Prior
Agreement”), which, among other things, provided the Principal Investors with registration rights with respect to the common stock of Evolent Health Holdings, Inc.; 

WHEREAS, the Company has effected a series of reorganization transactions (the “Reorganization Transactions”) in connection
with an initial public offering (the “IPO”) of shares of the Company’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”); 

WHEREAS, after giving effect to the Reorganization Transactions, the TPG Investor and The Advisory Board Investor own Class B limited
liability company interests in Evolent Health LLC (“Class B common units”), together with shares of the Company’s Class B common stock, par value $0.01 per share (the “Class B Common Stock” and, together
with the Class A Common Stock, the “Common Stock”), which, subject to certain restrictions, are exchangeable from time to time at the option of the holder thereof for shares of the Company’s Class A Common Stock,
pursuant to an Exchange Agreement dated as of the date hereof (the “Exchange Agreement”); 

 WHEREAS, after giving effect to the Reorganization Transactions, The Advisory Board Investor and
the UPMC Investor own shares of Class A Common Stock. 
 WHEREAS, on the date hereof, the Company has consummated the IPO pursuant to
an Underwriting Agreement dated as of the date hereof (the “Underwriting Agreement”); 
 WHEREAS, the Prior Agreement is
being terminated by the parties thereto immediately following the pricing of the IPO; and 
 WHEREAS, the parties believe that it is in the
best interests of the Company and the other parties hereto to set forth their agreements regarding registration rights and certain other matters following the IPO. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 Effectiveness 

Section 1.1. Effectiveness. This Agreement shall become effective upon the Closing. 

ARTICLE II 

Definitions 

Section 2.1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Board
of Directors of the Company, after consultation with outside counsel to the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement, from and after its
effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) would not be required to be made at such
time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Advisory Board Investor” shall have the meaning set forth in the Preamble. 

  
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 “Affiliate” means, with respect to any specified Person, any Person that
directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of
the TPG Investor, the UPMC Investor or The Advisory Board Investor. As used in this definition, the term “control” means the possession, directly or indirectly, 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. For purposes of this Agreement, each of the TPG Investor, the UPMC Investor and The Advisory Board Investor shall not be deemed to be affiliates of each other
solely as a result of entering into this Agreement. 
 “Agreement” shall have the meaning set forth in the Preamble. 

“Block Trade Offering” means any bought deal or block sale to a financial institution conducted as an underwritten Public
Offering. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or
authorized by law to be closed in the City of New York. 
 “Class A Common Stock” shall have the meaning set forth in the
Recitals. 
 “Class B Common Stock” shall have the meaning set forth in the Recitals. 

“Class B common unit” shall have the meaning set forth in the Recitals. 

“Closing” means the closing of the IPO. 

“Common Stock” shall have the meaning set forth in the Recitals. 

“Demand Notice” shall have the meaning set forth in Section 3.1.3. 

“Demand Registration” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1(c). 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6. 

“Demanding Holder” means any Principal Investor that exercises a right to request a Demand Registration pursuant to
Section 3.1. 
 “Effective Date” means the date of the Closing. 

  
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 “Exchange” means the exchange of shares of Class B Common Stock (together with
Class B common units) for shares of Class A Common Stock pursuant to the Exchange Agreement. 
 “Exchange
Agreement” shall have the meaning set forth in the Recitals. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a
subsidiary pursuant to a stock option, stock purchase, or similar plan on Form S-8 or its successor approved by the Board of Directors of the Company or (ii) a registration statement on Form S-4 or its successor. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Holders” means holders of Registrable Securities under this Agreement. 

“IPO” shall have the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of the Registrable Securities. 
 “Issuer Shares” means the shares of Common Stock or other equity
securities of the Company, and any securities into which such shares of Common Stock or other equity securities shall have been changed or any securities resulting from any reclassification or recapitalization of such shares of Common Stock or other
equity securities. 
 “Loss” shall have the meaning set forth in Section 3.9.1. 

“Participation Conditions” shall have the meaning set forth in Section 3.2.5(b). 

“Permitted Transferee” means with respect to any Holder, any Affiliate of such Holder. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1. 

  
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 “Potential Takedown Participant” shall have the meaning set forth in
Section 3.2.5(b). 
 “Principal Investor Minimum” means, with respect to a Principal Investor, at least 20% of the
shares of Common Stock held by such Principal Investor as of the closing of the transactions contemplated by the Underwriting Agreement (as adjusted for any stock dividend or distribution, stock split, reverse stock split, recapitalization,
reclassification, reorganization, stock exchange, subdivision, combination thereof or similar transaction). 
 “Principal
Investors” or “Principal Investor” shall have the meaning set forth in the Preamble. 
 “Prior
Agreement” shall have the meaning set forth in the Recitals. 
 “Pro Rata Portion” means, with respect to each
Holder requesting that its shares be registered pursuant to a Demand Registration or sold in a Public Offering, a number of such shares equal to the aggregate number of Registrable Securities requested to be registered in such Demand Registration or
sold in such Public Offering (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of shares of Common Stock held by such Holder immediately prior to
the IPO, and the denominator of which is the aggregate number of shares of Common Stock held by all Holders immediately prior to the IPO. 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Ptolemy Investor” shall have the meaning set forth in the Preamble. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 
 “Registrable
Securities” means (i) all shares of Class A Common Stock held by the Principal Investors as of the Closing, (ii) all shares of Class A Common Stock issuable upon exercise, conversion or exchange of any option, warrant or
convertible security (including shares of Class A Common Stock issuable upon Exchange) and (iii) all shares of Class A Common Stock directly or indirectly issued or issuable with respect to the securities referred to in clause
(i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed
of in accordance with such Registration Statement, (x) such securities shall have been 

  
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Transferred to the public pursuant to Rule 144 and the restrictive legend and any stop transfer restrictions have been removed, (y) such holder is able to immediately distribute such
securities publicly without any restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and (h) of Rule 144) or (z) such securities shall have ceased to be outstanding. 

“Registration” means registration under the Securities Act of the offer and sale to the public of any Issuer Shares under a
Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement
other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Requisite Investor Approval” means the approval of (a) each of the Principal Investors for so long as each Principal
Investor and its Affiliates beneficially own in the aggregate the Principal Investor Minimum and (b) to the extent only one Principal Investor and its Affiliates beneficially own in the aggregate the Principal Investor Minimum, such Principal
Investor; provided that, for purposes of this definition, a Principal Investor shall be deemed to have approved an action to the extent that such Principal Investor or its Affiliates holding a majority of the Issuer Shares held by such
Principal Investor and its Affiliates in the aggregate vote in favor of, or provide their written consent to, such action. 

“Reorganization Transactions” shall have the meaning set forth in the Recitals. 

“Rule 144” means Rule 144 under the Securities Act (or any successor Rule). 

“SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 

  
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 “Shelf Period” shall have the meaning set forth in Section 3.2.3. 

“Shelf Registration” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Registration Notice” shall have the meaning set forth in Section 3.2.2. 

“Shelf Registration Request” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Registration Statement” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Suspension” shall have the meaning set forth in Section 3.2.4. 

“Shelf Takedown Notice” shall have the meaning set forth in Section 3.2.5(b). 

“Shelf Takedown Request” shall have the meaning set forth in Section 3.2.5(a). 

“TPG Investor” shall have the meaning set forth in the Preamble. 

“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity
interests, a direct or indirect transfer, sale, exchange, assignment or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to
judicial process or otherwise. “Transferred” shall have a correlative meaning. 
 “Underwritten Public
Offering” means an underwritten Public Offering, including any Block Trade Offering. 
 “Underwritten Shelf
Takedown” means an Underwritten Public Offering pursuant to an effective Shelf Registration Statement. 
 “Underwriting
Agreement” shall have the meaning set forth in the Recitals. 
 “UPMC Investor” shall have the meaning set forth
in the Preamble. 
 “WKSI” means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405
under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

Section 2.2. Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and
plural forms of the defined terms. 

  
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 (b) The words “hereof”, “herein”, “hereunder” and similar words
refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 
 ARTICLE III 

Registration Rights 
 The
Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 Section 3.1. Demand Registration. 

Section 3.1.1. Request for Demand Registration. 

(a) Following the Effective Date, each of the Principal Investors shall have the right to make a written request from time to
time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by such Principal Investor. Any such Registration pursuant to a Demand Registration Request shall hereinafter
be referred to as a “Demand Registration.” Subject to Section 3.2.8, each of the Principal Investors shall be limited to no more than two Demand Registration Requests on Form S-1 or
any similar long-form registration statement (provided that delivery of a written notice pursuant to Section 3.1.3 shall not constitute a Demand Registration Request), and each such demand shall be required to be in respect of at least
$50 million in anticipated aggregate net proceeds from all shares sold pursuant to such registration (including after giving effect to net proceeds expected to be received by any Holder that participates in such offering after delivering
written notice pursuant to Section 3.1.3 or otherwise); provided, that a Demand Registration shall not be counted for purposes of the number of Demand Registration Requests made by the Demanding Holder that had submitted such Demand
Registration Request unless and until the Demand Registration has become effective and the Demanding Holders are able to register and sell at least 90% of the Registrable Securities requested to be included in such registration. 

  
 8 

 (b) Each Demand Registration Request shall specify (x) the aggregate amount
of Registrable Securities to be registered, and (y) the intended method or methods of disposition thereof. 
 (c) Upon
receipt of the Demand Registration Request, the Company shall as promptly as reasonably practicable file a Registration Statement (a “Demand Registration Statement”), as specified in the Demand Registration Request for such Demand
Registration, relating to such Demand Registration. The Company shall use its reasonable best efforts to cause such Demand Registration Statement to be declared effective under the Securities Act within 60 days after receipt of the Demand
Registration Request; provided that in the event that the SEC notifies the Company that it will not review a Demand Registration Statement, the Company shall cause such Demand Registration Statement to become effective no later than five
Business Days after receiving such notification. 
 Section 3.1.2. Limitation on Demand Registrations. The
Company shall not be obligated to take any action to effect any Demand Registration if a Demand Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding 60 days (unless otherwise consented to by
the Board of Directors of the Company); provided, however, that if a prior Underwritten Shelf Takedown was executed as a Block Trade Offering, no such limitation shall apply. 

Section 3.1.3. Demand Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1
(but in no event more than three Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all other Holders and the Demand Notice shall offer each such
Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to Section 3.1.7, the Company shall include in the Demand Registration all such Registrable
Securities with respect to which the Company has received written requests for inclusion therein within three Business Days after the date that the Demand Notice was delivered. 

Section 3.1.4. Demand Withdrawal. A Demanding Holder and any other Holder that has requested its Registrable
Securities be included in a Demand Registration pursuant to Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the execution of the
underwriting agreement related to such Demand Registration. Upon receipt of a notice to such effect from a Demanding Holder (or if there is more than one Demanding Holder, from all such Demanding Holders) with respect to all of the Registrable
Securities included by such Demanding Holder(s) in such Demand Registration, the Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement; provided that, for the avoidance of doubt, in the event
of a 

  
 9 

 
request for a Demand Registration by more than one Holder, the Company shall continue all efforts to secure effectiveness of the applicable Demand Registration Statement with respect to the
Registrable Securities requested to be included by each of the Holders that has not withdrawn its Registrable Securities. Notwithstanding any withdrawal of Registrable Securities from a Demand Registration pursuant to this Section 3.1.4, the
Demand Registration with respect to which the withdrawal was made shall be counted for purposes of the number of Demand Registration Requests made by the Demanding Holder that had submitted the Demand Registration Request pursuant to
Section 3.1.1(a) unless (a) the Demanding Holders reimburse the Company for all expenses incurred in connection with the Demand Registration with respect to which the withdrawal was made, (b) the withdrawal is made as a result of an
event that has had a material adverse effect on the business, assets, condition (financial or otherwise) or results of operations of the Company or (c) the withdrawal is made in response to a Demand Suspension pursuant to Section 3.1.6.

 Section 3.1.5. Effective Registration. The Company shall use reasonable best efforts to cause the Demand
Registration Statement to become effective and remain effective for not less than 180 days plus the duration of any suspension period (or such shorter period as will terminate when all Registrable Securities covered by such Demand Registration
Statement have been sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is required by law to be
delivered in connection with sales of Registrable Securities by an underwriter or dealer. 
 Section 3.1.6. Delay in
Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to
exercise a Demand Suspension (i) more than once during any 12-month period or (ii) for a period exceeding 60 days on any one occasion. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus
in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon (a) the Company’s decision to
file or seek effectiveness of such Demand Registration Statement following such Demand Suspension and (b) the effectiveness of such Demand Registration Statement. Notwithstanding the provisions of this Section 3.1.6, the Company may not
postpone the filing or effectiveness of, or suspend use of, a Demand Registration Statement past the date upon which the applicable Adverse Disclosure is disclosed to the public or ceases to be material. During a Demand Suspension, the Company shall
be prohibited from filing a registration statement for its own account or for the account of any other Holder or holder of its securities and, upon termination of any Demand Suspension, the Company shall

  
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promptly amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so
amended or supplemented as the Holders may reasonably request. 
 Section 3.1.7. Priority of Securities Registered
Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration, advise the Company in writing that, in its or their
opinion, the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered
or the market for the securities offered, then the securities to be included in such Registration shall be in the case of any Demand Registration (x) first, for each Holder that has requested to participate in such Demand Registration an amount
equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the
securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect. 

Section 3.1.8. Resale Rights. In the event that a Principal Investor elects to request a Registration pursuant to
this Section 3.1 in connection with a distribution of Registrable Securities to its partners, members or stockholders, the Registration shall provide for resale by such partners, members or stockholders, if requested by such Principal Investor.

 Section 3.2. Shelf Registration. 

Section 3.2.1. Request for Shelf Registration. 

(a) Upon the written request of any Principal Investor from time to time following the date on which the Company becomes
eligible to use Form S-3 or any similar short-form registration statement (a “Shelf Registration Request”), the Company shall promptly file with the SEC a shelf Registration Statement pursuant to Rule 415 under the Securities Act
(“Shelf Registration Statement”) relating to the offer and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in the Shelf
Registration Statement and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to become effective under the Securities Act as promptly as practicable, and in any event within 60 days following receipt of
such Shelf Registration Request; provided that in the event that the SEC notifies the Company that it will not review a Shelf Registration Statement, the Company shall cause such Shelf Registration Statement to become effective no later than
five 

  
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Business Days after receiving such notification. Any such Registration pursuant to a Shelf Registration Request shall hereinafter be referred to as a “Shelf Registration.” 

(b) If on the date of the Shelf Registration Request: (i) the Company is a WKSI, then the Shelf Registration Request may
request Registration of an unspecified amount of Registrable Securities; and (ii) the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. 

Section 3.2.2. Shelf Registration Notice. Promptly upon receipt of a Shelf Registration Request (but in no event
more than three Business Days thereafter), the Company shall deliver a written notice (a “Shelf Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of Registrable
Securities to be registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing. Subject to
Section 3.2.6, the Company shall include in such Shelf Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three Business Days after the date that the Shelf
Registration Notice has been delivered. 
 Section 3.2.3. Continued Effectiveness. The Company shall use its
reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of:
(i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in
Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). Subject to Section 3.2.4, the
Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of
the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 

Section 3.2.4. Suspension of Registration. If the continued use of such Shelf Registration Statement at any time
would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided,
however, that the Company shall not be permitted to exercise a Shelf Suspension (i) more than one time during any 12-month period, or (ii) for a period exceeding 60 days on any one occasion. In the case of a Shelf Suspension, the
Holders agree to suspend use of the applicable Prospectus 

  
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and in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the
Holders in writing upon the termination of any Shelf Suspension, and upon such termination, promptly amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of
copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. Notwithstanding the provisions of this Section 3.2.4, the Company may not postpone the filing or effectiveness of, or suspend use of, a Shelf
Registration Statement past the date upon which the applicable Adverse Disclosure is disclosed to the public or ceases to be material. During a Shelf Suspension, the Company shall be prohibited from filing a registration statement for its own
account or for the account of any other Holder or holder of its securities. 
 Section 3.2.5. Shelf Takedown.

 (a) At any time during which the Company has an effective Shelf Registration Statement with respect to a Principal
Investor’s Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, such Principal Investor may make a written request (a “Shelf Takedown Request”) to the Company to
effect a Public Offering, including an Underwritten Shelf Takedown, of all or a portion of such Holder’s Registrable Securities that are covered by such Shelf Registration Statement, and as soon as practicable the Company shall amend or
supplement the Shelf Registration Statement for such purpose; provided that any Underwritten Shelf Takedown Request shall be required to be in respect of at least $25 million in anticipated net proceeds in the aggregate (including after
giving effect to net proceeds expected to be received by any Holder that participates in such offering after delivering a written notice pursuant to Section 3.2.5(b)), unless a lesser amount is then held by the Principal Investors requesting to
participate in such offering. 
 (b) Promptly upon receipt of a Shelf Takedown Request (but in no event more than three
Business Days thereafter) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement (each a
“Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown that number of Registrable Securities as each such
Potential Takedown Participant may request in writing. Subject to Section 3.2.6, the Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for
inclusion therein within three Business Days after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to participate in 

  
 13 

 
an Underwritten Shelf Takedown in connection with a proposed Block Trade Offering shall be binding on the Potential Takedown Participant; provided that each such Potential Takedown
Participant that elects to participate may condition its participation on such Underwritten Shelf Takedown being completed within 10 Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or
commissions) to such Potential Takedown Participant of not less than 90% (or such lesser percentage specified by such Potential Takedown Participant in writing) of the closing price for the shares on their principal trading market on the Business
Day immediately prior to such Potential Takedown Participant’s election to participate (the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions in
any Block Trade Offering, all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.5 shall be determined
by the initiating Principal Investor(s); provided that if such Underwritten Shelf Takedown is to be completed and subject to the Participation Conditions in any Block Trade Offering, each Potential Takedown Participant’s Pro Rata Portion
shall be included in such Underwritten Shelf Takedown if such Potential Takedown Participant has complied with the requirements set forth in this Section 3.2.5. For any Underwritten Shelf Takedown that is not a Block Trade Offering, any
Principal Investor that has requested its Registrable Securities be included in such Underwritten Shelf Takedown pursuant to this Section 3.2.5 may withdraw all or any portion of its Registrable Securities included in an Underwritten Shelf
Takedown from such Underwritten Shelf Takedown at any time prior to the execution of the underwriting agreement related to such Underwritten Shelf Takedown. 

(c) The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or
an Underwritten Shelf Takedown was consummated within the preceding 60 days (unless otherwise consented to by the Board of Directors of the Company); provided, however, that if a prior Underwritten Shelf Takedown was executed as a
Block Trade Offering, no such limitation shall apply. 
 Section 3.2.6. Priority of Securities Sold Pursuant to Shelf
Takedowns. If the managing underwriter or underwriters of a proposed Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the
proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the
securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, for each Holder that has requested to participate in such 

  
 14 

 
Underwritten Shelf Takedown an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such
shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or
underwriters can be sold without having such adverse effect. 
 Section 3.2.7. Resale Rights. In the event that a
Principal Investor elects to request a Registration pursuant to this Section 3.2 in connection with a distribution of Registrable Securities to its partners, members or stockholders, the Registration shall provide for resale by such partners,
members or stockholders, if requested by such Principal Investor. 
 Section 3.2.8. S-3 Eligibility.
Notwithstanding the foregoing, if, at any time following the period of 12 calendar months after the Closing, the Company is not eligible to register securities on Form S-3, until the Company is eligible the Company shall be obligated to file such
additional Demand Registration Statements on Form S-1 or any similar long-form registration statements as may be necessary to effect the registration of all Registrable Securities held by the Principal Investors, in a manner to allow sales
consistent with the terms of this Section 3.2. Any such Demand Registration Statement filed pursuant to this Section 3.2.8 shall not be counted for purposes of the number of Demand Registration Requests made by the Demanding Holder that
had submitted such Demand Registration Request pursuant to Section 3.1.1(a). The meaning of the phrase “period of 12 calendar months” is intended to be consistent with the way in which the phrase “12 calendar months” is used
for purposes of the registrant eligibility requirements in Form S-3. 
 Section 3.3. Piggyback Registration.

 Section 3.3.1. Participation. If the Company at any time proposes to file a Registration Statement under the
Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than an Excluded Registration), then, as soon as practicable (but in no event
less than five Business Days prior to the proposed date of filing of such Registration Statement or, in the case of any such Public Offering, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback
Notice”) of such proposed filing or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of
Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 3.3.2, the Company shall include in such Registration Statement or in such Public Offering as applicable, all
such Registrable Securities that are requested to be included therein within three Business Days after the receipt by such Holder of any such notice; provided, however, that if at any time after giving written notice of its intention
to register or sell any securities and prior to the effective date of the Registration Statement 

  
 15 

 
filed in connection with such Registration, or the pricing or trade date of such Public Offering, the Company shall determine for any reason not to register or sell or to delay Registration or
the sale of such securities, the Company shall promptly give written notice of such determination to each Holder and, thereupon, (i) in the case of a determination not to register or sell, the Company shall be relieved of its obligation to
register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders
entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or an Underwritten Shelf Takedown under Section 3.2, as the case may be, and (ii) in the case of a determination to delay
Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, the Company shall be permitted to delay registering or selling any Registrable Securities, for the same period as the
delay in registering or selling such other securities. If the offering pursuant to such Registration Statement or Public Offering is to be an Underwritten Public Offering, then each Holder making a request for a Piggyback Registration pursuant to
this Section 3.3.1 shall, and the Company shall, make such arrangements with the managing underwriter or underwriters so that each such Holder may, participate in such underwritten offering. If the offering pursuant to such Registration
Statement or Public Offering is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall, make such arrangements so that each such Holder may,
participate in such offering on such basis. Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to
withdraw; provided that such request must be made in writing prior to the execution of the underwriting agreement. 

Section 3.3.2. Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed
offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such Holders and any other Persons intend to include in
such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be
included in such Registration shall be (i) first, 100% of the securities that the Company or (subject to Section 3.7) any Person (other than a Holder) exercising a contractual right to demand Registration, as the case may be, proposes to
sell, and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such
adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (i) the number of such Registrable Securities requested to be sold by such
Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other
securities eligible for inclusion in such Registration. 

  
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 Section 3.3.3. No Effect on Other Registrations. No Registration of
Registrable Securities effected pursuant to a request under this Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1 and 3.2. 

Section 3.4. Lock-Up Agreements. In connection with each Registration or sale of Registrable Securities pursuant to
Section 3.1, 3.2 or 3.3 conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute and deliver such lock-up agreement with the underwriter(s) of such Public Offering restricting such
Holder’s right to (a) Transfer, directly or indirectly, any Registrable Securities or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of Registrable Securities, as
is entered into by any Principal Investor with the underwriter(s) of such Public Offering; provided, however, that no Holder shall be required to enter into a lock-up agreement covering a period of greater than 90 days after the date
of the final Prospectus relating to such offering or such longer period as is agreed to by each of the Principal Investors; provided, further, that in no event shall such lock-up period be greater than the period agreed to by the
Company, its directors or officers or any other Principal Investors. Notwithstanding the foregoing, such lock-up agreement shall not apply to (i) distributions-in-kind to a Principal Investor’s partners, members or stockholders;
(ii) Transfers to Permitted Transferees of such Holder in accordance with the terms of this Agreement, in each case, only if such distributees and transferees agree to be bound by the restrictions herein; or (iii) other customary
exceptions that the underwriter(s) of such Underwritten Public Offering may agree to. 
 Section 3.5. Registration Procedures.

 Section 3.5.1. Requirements. In connection with the Company’s obligations under Sections 3.1, 3.2 and
3.3, the Company shall use its reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably
practicable, and in connection therewith the Company shall: 
 (a) as promptly as is reasonably practicable prepare and file
the required Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto,
(x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters
and such Holders and their respective counsel, (y) subject to applicable law, make such changes in such documents concerning the Holders prior to the filing thereof as 

  
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such Holders, or their counsel, may reasonably request and (z) subject to applicable law, except in the case of a Registration under Section 3.3, not file any Registration Statement or
Prospectus or amendments or supplements thereto to which any participating Principal Investor, or the underwriters, if any, shall reasonably object; 

(b) as promptly as is reasonably practicable prepare and file with the SEC such amendments and post-effective amendments to
such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested by any Principal Investor with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating
Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable
securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such
Registration Statement; 
 (c) notify the participating Holders and the managing underwriter or underwriters, if any, and (if
requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto
has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority
for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which
may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any
preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct
in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose; 
 (d) promptly notify each selling Holder and the managing underwriter or underwriters, if
any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration 

  
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Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the
statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the
information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, as
promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or
Prospectus, which shall correct such misstatement or omission or effect such compliance; 
 (e) to the extent the Company is
eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B
under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration
Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment; 
 (f) use
its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus; 

(g) promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such
information as the managing underwriter or underwriters and the Holders of a majority of Registrable Securities being sold agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make
all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free
Writing Prospectus or post-effective amendment; 
 (h) furnish to each selling Holder and each underwriter, if any, without
charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all
documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

  
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 (i) deliver to each selling Holder and each underwriter, if any, without charge,
as many copies of the applicable Prospectus (including each preliminary prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the
Registrable Securities by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

(j) on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts
to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for offer and sale
under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other
acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or Section 3.2, as applicable; provided that the Company shall not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(k) cooperate with the selling Holders and the managing underwriter or underwriters, if any, to enable such Registrable
Securities to be in such denominations and registered in such names as the managing underwriters may request at least three Business Days prior to any sale of Registrable Securities to the underwriters; 

(l) use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; 

(m) not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable
Securities if other than the CUSIP for the publicly traded Class A Common Stock; 
 (n) make such representations and
warranties to the Holders of Registrable Securities being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

  
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 (o) enter into such customary agreements (including underwriting and
indemnification agreements) and take all such other actions as any participating Principal Investor or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such
Registrable Securities; 
 (p) obtain for delivery to the Holders being registered and to the underwriter or underwriters, if
any, an opinion or opinions from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the date of the closing under the underwriting agreement, in customary
form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

(q) in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or
underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public
accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and
covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting
agreement; 
 (r) cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(s) use its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was filed,
make available, including through the SEC’s EDGAR filing system or any successor system, to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and
the rules and regulations promulgated thereunder; 
 (t) provide and cause to be maintained a transfer agent and registrar
for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

  
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 (u) use its reasonable best efforts to cause all Registrable Securities covered
by the applicable Registration Statement to be listed on the securities exchange on which the Company’s Class A Common Stock is then listed or quoted and on each inter-dealer quotation system on which the Company’s Class A Common
Stock is then quoted; 
 (v) make available upon reasonable notice at reasonable times and for reasonable periods for
inspection by a representative appointed by the majority of the Holders covered by the applicable Registration Statement, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney,
accountant or other agent retained by such Holders or any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and
employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with
such Registration Statement; 
 (w) in the case of a marketed Public Offering, cause the senior executive officers of the
Company to participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each
proposed offering contemplated herein and customary selling efforts related thereto; 
 (x) take no direct or indirect action
prohibited by Regulation M under the Exchange Act; 
 (y) take all reasonable action to ensure that any Issuer Free Writing
Prospectus utilized in connection with any Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to
the extent required thereby and, when taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; and 
 (z) take all such other reasonable actions as are necessary or advisable in
order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

  
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 Section 3.5.2. Company Information Requests. The Company may require
each seller of Registrable Securities as to which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its
ownership of Registrable Securities as the Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such
information within a reasonable time after receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this
Agreement. 
 Section 3.5.3. Discontinuing Registration. Each Holder agrees that, as promptly as possible after
receipt of any notice from the Company of the happening of any event of the kind described in Section 3.5.1(d), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such
Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of
any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period
during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller
of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d) or is advised in writing by the Company that the use of the Prospectus may be
resumed. 
 Section 3.6. Underwritten Offerings. 

Section 3.6.1. Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Public
Offering, pursuant to a Registration or sale under Section 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company,
each Principal Investor seeking to participate in such offering and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type. The Holders of the
Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form

  
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thereof. Such Holders to be distributed by such underwriters shall be parties to such underwriting agreement, which underwriting agreement shall contain such representations and warranties by,
and the other agreements on the part of, the Company to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in public offerings similar to the applicable offering. Any such Holder shall be required to make
representations and warranties and other agreements, deliver an opinion or opinions from its counsel and provide indemnities, in each case as are customarily made by selling stockholders in secondary public offerings. 

Section 3.6.2. Piggyback Registrations. If the Company proposes to register or sell any of its securities under the
Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to Section 3.3 and, subject to the provisions of
Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by
such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between
the Company and such underwriters, which underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Holders as are customarily made by issuers to
selling stockholders in secondary public offerings. Any such Holder shall be required to make representations and warranties and other agreements, deliver an opinion or opinions from its counsel and provide indemnities, in each case as are
customarily made by selling stockholders in secondary public offerings. 
 Section 3.6.3. Participation in
Underwritten Registrations. Subject to the provisions of Section 3.6.1 and Section 3.6.2 above, no Person may participate in any Underwritten Public Offering hereunder unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements; provided that any such Holder shall not be required to make any representations or warranties to or agreements with the Company other than representations, warranties
or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that
type. 
 Section 3.6.4. Selection of Underwriters. In the case of an Underwritten Public Offering under
Section 3.1 or 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Holders of a majority of Registrable Securities to be included in such Underwritten Public Offering; provided that such
managing underwriter or underwriters shall be reasonably acceptable to the Company. 

  
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 Section 3.7. No Inconsistent Agreements; Additional Rights. Neither the Company nor
any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this
Agreement. Without Requisite Investor Approval, neither the Company nor any of its subsidiaries shall enter into any agreement granting registration or similar rights to any Person that are prior in right, pari passu or inconsistent with the rights
under this Agreement, and the Company hereby represents and warrants that, as of the date hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement. 

Section 3.8. Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement
shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with
any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word
processing, messenger, telephone, facsimile and delivery expenses of the Company (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing
Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special
audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires, (vi) all fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all reasonable
fees and disbursements of one counsel for each Principal Investor to the extent that they participate in such Registration or sale, (ix) all fees and expenses of any special experts or other Persons retained by the Company in connection with
any Registration or sale, (x) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xi) all expenses of the Company related to the
“road-show” for any Underwritten Public Offering. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be required to pay any fees and disbursements to underwriters not customarily
paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities, which shall be paid by the
participating Holders in proportion to the number of Registrable Securities offered and sold by or on behalf of each such Holder. 

  
 25 

 Section 3.9. Indemnification. 

Section 3.9.1. Indemnification by the Company. The Company shall, and it hereby does, indemnify and hold harmless,
to the fullest extent permitted by law, each Holder, its officers, directors, partners, members, managers, stockholders and employees and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons from and
against any and all losses, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and reasonable legal expenses or other reasonable expenses actually incurred thereby in connection with
investigating or defending any claim or proceeding resulting therefrom) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact
contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto
or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not
misleading; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any information furnished in writing by such selling Holder to
the Company specifically for inclusion in a Registration Statement that has not been corrected in a subsequent writing prior to the sale of the Registrable Securities to the Person asserting the claim or (iii) any violation or alleged violation
by the Company (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. This indemnity
shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of
such securities by such Holder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who
controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the indemnified parties. 

Section 3.9.2. Indemnification by the Selling Holders. Each selling Holder agrees (severally and not jointly) to
indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, partners, members, managers, stockholders and employees and each Person who controls the Company (within the meaning of the Securities Act or
the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any
final, preliminary or 

  
 26 

 
summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the
extent, that such untrue statement or omission is contained in any information about such Holder furnished in writing by such selling Holder to the Company specifically for inclusion in such Registration Statement and has not been corrected in a
subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder under the sale of Registrable Securities giving rise to such indemnification obligation less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by such Holder as a result of
liabilities incurred under the underwriting agreement, if any, related to such sale. The Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating
in the distribution, to the same extent as provided above (with appropriate modification) with respect to information furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement. 

Section 3.9.3. Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its
obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees
and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim
within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based upon
advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person
(based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ
separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party

  
 27 

 
shall not have the right to settle such action without the prior written consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written
consent of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be
unreasonably withheld or delayed. Notwithstanding the foregoing, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for reasonable fees and expenses of counsel as contemplated by this
paragraph, the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into in good faith more than 60 days after receipt by the indemnifying party of such
request and more than 30 days after receipt of the proposed terms of such settlement and (ii) the indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. It is
understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction. 

Section 3.9.4. Contribution. If for any reason the indemnification provided for in Section 3.9.1 and
Section 3.9.2 is unavailable to an indemnified party (other than as a result of exceptions contained in Section 3.9.1 and Section 3.9.2) or insufficient in respect of any Losses referred to therein, then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other
hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of
the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this Section 3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred 

  
 28 

 
to in Sections 3.9.1 and 3.9.2 shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. If indemnification is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified party to the fullest extent provided in Sections 3.9.1 and 3.9.2 hereof
without regard to the provisions of this Section 3.9.4. The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in
equity. Notwithstanding the provisions of this Section 3.9.4, in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the net proceeds
received by such holder under the sale of Registrable Securities giving rise to such contribution obligation less any amounts paid by such Holder pursuant to Section 3.9.2 and any amounts paid by such Holder as a result of liabilities incurred
under the underwriting agreement, if any, related to such sale. 
 Section 3.10. Rules 144 and 144A and Regulation S. The
Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request
of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such Rules
may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, including the delivery of customary opinions requested to effectuate such
sales pursuant to Rule 144, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and
within the limitation of the exemptions provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the
request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

Section 3.11. Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and
regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the Holders, a Registration Statement that previously
has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed accordingly; provided that
such previously filed Registration Statement may be amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify as selling stockholders those Holders
demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration 

  
 29 

 
Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously
filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended. 

ARTICLE IV 

Miscellaneous 

Section 4.1. Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are
bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its
subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 
 Section 4.2.
Notices. Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by
overnight courier, in each case, addressed as follows: 
  

					
	if to the Company, to:
		
			Evolent Health, Inc.
			800 N. Glebe Road, Suite 500
			Arlington, VA 22203
			Attention:		Jonathan Weinberg,
					General Counsel
			Facsimile:		(571) 389-6001
			E-mail:		jweinberg@evolenthealth.com
	
	with a copy (which shall not constitute notice) to:
		
			Cravath, Swaine & Moore LLP
			825 Eighth Avenue
			New York, New York 10019
			Attention:		William V. Fogg
			Facsimile:		(212) 474-1000
			E-mail:		wfogg@cravath.com

  
 30 

					
	if to the TPG Investor, to:
		
			TPG Global, LLC
			301 Commerce Street, Suite 3300
			Fort Worth, Texas 76102
			Attention:		General Counsel
			Facsimile:		(415) 743-1501
	
	with a copy (which shall not constitute notice) to:
		
			Ropes & Gray LLP
			Three Embarcadero Center
			San Francisco, California 94111
			Attention:		Thomas Holden, Esq.
			Facsimile:		(415) 315-4823
			E-mail:		thomas.holden@ropesgray.com
	
	if to The Advisory Board Investor, to:
		
			The Advisory Board Company
			2445 M St., NW
			Washington, D.C. 20037
			Attention:		Evan Farber
			Facsimile:		(202) 266-5700
			E-mail:		farbere@advisory.com
	
	with a copy (which shall not constitute notice) to:
		
			Skadden, Arps, Slate, Meagher & Flom LLP
			Attention:		Jeremy D. London
			Facsimile:		(202) 661-8299
			E-mail:		Jeremy.London@skadden.com
	
	if to the UPMC Investor, to:
		
			UPMC
			U.S. Steel Building
			600 Grant Street, 55th Floor
			Pittsburgh, Pennsylvania 15219
			Attention:		Chief Legal Officer
			Facsimile:		(412) 647-9193
	
	with a copy (which shall not constitute notice) to:
		
			Drinker Biddle & Reath LLP
			1500 K Street, N.W.
			Washington, D.C. 20005-1209
			Attention:		Gerald McCartin
			Facsimile:		(202) 842-8465
			E-mail:		Gerald.McCartin@dbr.com

  
 31 

					
	if to the Ptolemy Investor, to:
		
			Ptolemy Capital, LLC
			1250 Prospect St, Suite 200
			La Jolla, California 92037
			Attention:		Michael R. Stone
			Facsimile:		(858) 551-1175
			E-mail:		mike@fsinvestors.com and mitch@fsinvestors.com

 Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of
such securities for all purposes hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed
effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two
Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.3. Termination and Effect of Termination. This Agreement shall terminate upon the date on which no Holder holds any
Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach prior to termination. In the event this
Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder and
(ii) occurred prior to such termination. 
 Section 4.4. Permitted Transferees. The rights of a Holder hereunder may be
assigned (but only with all related obligations as set forth below) in connection with a Transfer of Class B common units, shares of Class B Common Stock or Registrable Securities effected in accordance with the terms of the Third Amended and
Restated Operating Agreement of Evolent Health LLC and this Agreement to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under
the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably
satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any
other Permitted Transferee, other than as provided in this Section 4.4. 

  
 32 

 Section 4.5. Remedies. The parties to this Agreement shall have all remedies
available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that
may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be
appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy,
nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any
other breach or default occurring before or after that waiver. 
 Section 4.6. Amendments. This Agreement may not be orally
amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed
by the Company and each of the Principal Investors. Each such amendment, modification, extension or termination shall be binding upon each party hereto and each Other Holder; provided that no such amendment, modification, extension or
termination shall be binding upon any party hereto unless agreed to in writing by such party. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

Section 4.7. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject
matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction. 
 Section 4.8. Consent to Jurisdiction. Each party to this Agreement, by its
execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise),
inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any
of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain
any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the
above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of 

  
 33 

 
any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds
of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in
which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in
any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt
requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice. 
 Section 4.9.
WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN
ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A
MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY
TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 Section 4.10. Merger; Binding Effect, Etc. This Agreement (along with the
Exchange Agreement) constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon
and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective
rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

Section 4.11. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one instrument. 

  
 34 

 Section 4.12. Severability. In the event that any provision hereof would, under
applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions
hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

Section 4.13. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each
Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited
partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any
current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
 [Signature pages
follow] 

  
 35 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused
this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

			
	EVOLENT HEALTH, INC.
		
	By:		 /s/ Jonathan Weinberg

	Name:		Jonathan Weinberg
	Title:		General Counsel

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	TPG GROWTH II BDH, L.P.
		
	By:		 /s/ Ronald Cami

	Name:		Ronald Cami
	Title:		Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	TPG EAGLE HOLDINGS, L.P.
		
	By:		 /s/ Ronald Cami

	Name:		Ronald Cami
	Title:		Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	UPMC
		
	By:		 /s/ Robert A. DeMichiei

	Name:		Robert A. DeMichiei
	Title:		Executive Vice President and CFO

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	THE ADVISORY BOARD COMPANY
		
	By:		 /s/ Evan Farber

	Name:		Evan Farber
	Title:		General Counsel and Corporate Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	PTOLEMY CAPITAL, LLC
		
	By:		 /s/ Mitchell Otolski

	Name:		Mitchell Otolski
	Title:		Agent

  
 [Signature Page to
Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

STOCKHOLDERS AGREEMENT 

BY AND AMONG 
 EVOLENT
HEALTH, INC. 
 AND 

THE STOCKHOLDERS PARTY HERETO 

DATED AS OF JUNE 4, 2015 

 
  

 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	
	DEFINITIONS	  
	 Section 1.1.
		 Definitions.
		 	2	  
	 Section 1.2.
		 Other Interpretive Provisions.
		 	6	  
	
	ARTICLE II	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 2.1.
		 Existence; Authority; Enforceability.
		 	6	  
	 Section 2.2.
		 Absence of Conflicts.
		 	7	  
	 Section 2.3.
		 Consents.
		 	7	  
	
	ARTICLE III	  
	
	GOVERNANCE	  
			
	 Section 3.1.
		 The Board.
		 	7	  
	 Section 3.2.
		 Voting Agreement.
		 	11	  
	 Section 3.3.
		 Additional Management Provisions.
		 	11	  
	 Section 3.4.
		 Confidentiality.
		 	11	  
	 Section 3.5.
		 Affiliate Transactions.
		 	12	  
	
	ARTICLE IV	  
	
	FINANCIAL INFORMATION	  
			
	 Section 4.1.
		 Earnings Releases and Public Filings.
		 	13	  
	 Section 4.2.
		 Significant Investment Enhanced Requirements.
		 	14	  
	 Section 4.3.
		 Continued Compliance.
		 	16	  
	 Section 4.4.
		 Attorney-Client Privilege.
		 	16	  
	
	ARTICLE V	  
	
	GENERAL PROVISIONS	  
			
	 Section 5.1.
		 Company Charter and Company By-laws.
		 	16	  
	 Section 5.2.
		 Freedom to Pursue Opportunities.
		 	16	  
	 Section 5.3.
		 Assignment; Benefit.
		 	18	  
	 Section 5.4.
		 Restrictions on Business Combination Transactions.
		 	18	  
	 Section 5.5.
		 Termination.
		 	18	  
	 Section 5.6.
		 Limits on Transfer or Issuance of Common Stock.
		 	18	  
	 Section 5.7.
		 Severability.
		 	19	  
	 Section 5.8.
		 Entire Agreement; Amendment.
		 	19	  

							
	 Section 5.9.
		 Counterparts.
		 	20	  
	 Section 5.10.
		 Notices.
		 	20	  
	 Section 5.11.
		 Governing Law.
		 	22	  
	 Section 5.12.
		 Jurisdiction.
		 	22	  
	 Section 5.13.
		 Waiver of Jury Trial.
		 	22	  
	 Section 5.14.
		 Specific Performance.
		 	23	  
	 Section 5.15.
		 Subsequent Acquisition of Shares.
		 	23	  
	 Section 5.16.
		 Transfer Restrictions on Class B Common Stock.
		 	23	  
	 Section 5.17.
		 Effectiveness.
		 	24	  

 This STOCKHOLDERS AGREEMENT (as it may be amended from time to time in accordance with the terms
hereof, this “Agreement”), dated as of June 4, 2015, is made by and among: 
 i. Evolent Health, Inc., a Delaware
corporation (the “Company”); 
 ii. TPG Growth II BDH, L.P., a Delaware limited partnership (“TPG Growth II
BDH”) and TPG Eagle Holdings L.P., a Delaware limited partnership (“TPG Eagle” and, together with TPG Growth II BDH, “TPG” or the “TPG Investor”); 

iii. UPMC, a Pennsylvania nonprofit corporation (“UPMC” or the “UPMC Investor”); 

iv. The Advisory Board Company, a Delaware corporation (“The Advisory Board” or “The Advisory Board
Investor”); and 
 v. such other Persons who from time to time become party hereto by executing a counterpart signature page hereof
and are designated by the Board (as defined below) as “Other Stockholders” (the “Other Stockholders” and, together with the TPG Investor, the UPMC Investor and The Advisory Board Investor, the
“Stockholders”). 
 For purposes of this Agreement, each of TPG, UPMC and The Advisory Board is a “Principal
Stockholder”. 
 RECITALS 

WHEREAS, on January 6, 2014, Evolent Health Holdings, Inc., a Delaware corporation (“Holdings”), Evolent Health LLC, a
Delaware limited liability company (“Evolent Health LLC”), TPG, UPMC, The Advisory Board and certain other Persons entered into an Amended and Restated Master Investors’ Rights Agreement (the “Prior
Agreement”); 
 WHEREAS, in connection with the IPO, the Prior Agreement is being terminated by the parties thereto; 

WHEREAS, on the date hereof, the Company has priced an initial public offering (the “IPO”) of shares of its Class A
Common Stock, par value $0.01 per share (the “Class A Common Stock”), pursuant to an Underwriting Agreement dated as of the date hereof; 

WHEREAS, in connection with the IPO (i) the preferred units of Evolent Health LLC will be converted into common units of Evolent Health
LLC, (ii) the second amended and restated operating agreement of Evolent Health LLC will be further amended and restated to establish two classes of equity consisting of the Class A common units (“Class A Common Units”) to
be held by Evolent Health, Inc. as sole managing member and the Class B common units (“Class B Common Units”) to be initially held by TPG and The Advisory Board, (iii) the shares of preferred stock of Holdings will be converted
into common stock of Holdings, (iv) pursuant to a series of 

 
share exchanges and contributions, the Company will issue shares of Class A Common Stock to certain pre-merger stockholders of Holdings and an affiliate of TPG and shares of its Class B
common stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), to TPG, The Advisory Board and Ptolemy and (v) pursuant to a series of
mergers, Holdings and an affiliate of TPG will merge with and into the Company with the Company continuing as the surviving entity and, in connection with such mergers, the Company will issue shares of Class A Common Stock to the other
pre-merger stockholders of Holdings; 
 WHEREAS, after the completion of the IPO, the Class B common units (together with shares of Class B
Common Stock) held by TPG and The Advisory Board will, subject to certain restrictions, be exchangeable from time to time at the option of the holder thereof for shares of the Class A Common Stock, pursuant to an Exchange Agreement dated as of
the date hereof (as such agreement may be amended from time to time, the “Exchange Agreement”); and 
 WHEREAS, the parties
hereto desire to provide for certain governance rights and other matters, and to set forth the respective rights and obligations of the Stockholders following the IPO. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE
I 
 DEFINITIONS 

Section 1.1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“90-Day Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“365-Day Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“Advisory Board Director” has the meaning set forth in Section 3.1(a). 

“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is a natural Person, a Member of the Immediate Family of such Person. As used in this definition,
the term “control” means the possession, directly or indirectly, 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. For
purposes of Section 3.5, the direct and indirect subsidiaries of the Company and Evolent Health LLC shall not constitute an Affiliate of the Company or Evolent Health LLC. 

  
 2 

 “Affiliate Transaction” has the meaning set forth in Section 3.5. 

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

“Annual Financial Statements” has the meaning set forth in Section 4.2(d). 

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

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or specifically
authorized by law to be closed in the City of New York. 
 “Business Combination Transaction” has the meaning set forth in
Section 5.4. 
 “Chief Executive Officer” means the chief executive officer of the Company then in office. 

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

“Class A Common Units” has the meaning set forth in the Recitals. 

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

“Class B Common Units” has the meaning set forth in the Recitals. 

“Closing” means the closing of the IPO. 

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

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

“Company By-laws” means the by-laws of the Company in effect on the date hereof, as may be amended from time to time. 

“Company Charter” means the certificate of incorporation of the Company in effect on the date hereof, as may be amended from
time to time. 
 “Company Information” has the meaning set forth in Section 4.1(a). 

“Company Shares” means (i) all shares of Common Stock that are not then subject to vesting (including shares that were
at one time subject to vesting to the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security that are not then subject to vesting (including shares
that were at one time subject to vesting to the extent they have vested) (without double counting shares of Class A Common Stock issuable upon an exchange of shares of Class B Common Stock together with Class B Common Units) and (iii) all
shares of Common Stock directly or indirectly issued or issuable with respect to the securities referred to in clause (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units
or shares, recapitalization, merger, consolidation or other reorganization. 

  
 3 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Exchange Agreement” has the meaning set forth in the Recitals. 

“Fund Indemnitors” has the meaning set forth in Section 3.1(h). 

“GAAP” means generally accepted accounting principles in the United States. 

“Indemnitee” has the meaning set forth in Section 3.1(h). 

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

“Member of the Immediate Family” means, with respect to an individual, (a) each parent, spouse (but not including a
former spouse or a spouse from whom such individual is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her capacity as trustee and so long as such trustee is reasonably
satisfactory to the Company, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 

“Necessary Action” means, with respect to a specified result, all actions reasonably necessary to cause such result,
including (i) voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company,
(iii) executing agreements and instruments, and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are reasonably required to achieve such
result. 
 “Operating Agreement” means the Third Amended and Restated Operating Agreement of the Company dated as of the
date hereof, as such agreement may be amended from time to time. 
 “Other Stockholders” has the meaning set forth in the
Recitals. 
 “PCAOB” has the meaning set forth in Section 4.2(c). 

“Person” means any individual, partnership, limited liability company, corporation, trust, association, estate,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Principal Stockholder” has
the meaning set forth in the Preamble. 

  
 4 

 “Principal Stockholder Designee” has the meaning set forth in
Section 3.1(b). 
 “Ptolemy” means Ptolemy Capital, LLC, a Delaware limited liability company. 

“Public Filings” has the meaning set forth in Section 4.1(b). 

“Purported Owner” has the meaning set forth in Section 5.16(b). 

“Quarterly Financial Statements” has the meaning set forth in Section 4.2(c). 

“Registration Statement” means the Registration Statement on Form S-1, as amended, filed by the Company with the SEC in
connection with the IPO. 
 “Representatives” means, with respect to any Person, any of such Person’s officers,
directors, employees, agents, attorneys, accountants, actuaries, consultants or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Restricted Shares” has the meaning set forth in Section 5.16(b). 

“Restrictions” has the meaning set forth in Section 5.16(b). 

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

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Share Exchange” means a share exchange
involving more than 50% of the shares of the Common Stock. Share exchanges effected in accordance with the Exchange Agreement shall not constitute a “Share Exchange” for purposes of this Agreement. 

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

“Tax Receivables Agreement” means the tax receivables agreement by and among the Company, TPG, The Advisory Board, UPMC,
Ptolemy and certain holders of Class A Common Stock, dated as of the date hereof, as such agreement may be amended from time to time. 

“The Advisory Board” or “The Advisory Board Investor” has the meaning set forth in the Preamble. 

“TPG” or “TPG Investor” has the meaning set forth in the Preamble. 

“TPG Director” has the meaning set forth in Section 3.1(a). 

  
 5 

 “Transfer” means, with respect to any Company Shares, any interest therein, or
any other securities or equity interests, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or
indirectly, whether voluntarily, involuntarily or by operation of law; and “Transferred”, “Transferee” and “Transferor” shall each have a correlative meaning. 

“Transfer Agent” has the meaning set forth in Section 5.16(b). 

“Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“Unaffiliated Directors” shall mean the Unaffiliated Director, the 90-Day Unaffiliated Director and the 365-Day Unaffiliated
Director. 
 “UPMC” or “UPMC Investor” has the meaning set forth in the Preamble. 

“UPMC Director” has the meaning set forth in Section 3.1(a). 

Section 1.2. Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the
singular and plural forms of the defined terms. 
 (b) The words “hereof,” “herein,”
“hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Each of the parties to this Agreement hereby represents and warrants to each other party to this Agreement that as of the date such party
executes this Agreement: 
 Section 2.1. Existence; Authority; Enforceability. Such party has the power and
authority to enter into this Agreement and to perform its obligations hereunder. Such party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the performance of its
obligations hereunder, have been authorized by all necessary action on the part of its board of directors (or 

  
 6 

 
equivalent) and shareholders (or other holders of equity interests), if required, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the
performance of its obligations hereunder. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the effect of any laws relating to
bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or preferential transfers, or similar laws relating to or affecting creditors’ rights generally and subject, as to enforceability, to the effect of general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 2.2.
Absence of Conflicts. The execution and delivery by such party of this Agreement and the performance of its obligations hereunder does not and will not (a) conflict with, or result in the breach of any provision of the constitutive
documents of such party, (b) result in any material violation, breach, conflict, default or an event of default (or an event which with notice, lapse of time, or both, would constitute a default or an event of default), or give rise to any
right of acceleration or termination or any additional material payment obligation, under the terms of any material contract, agreement or permit to which such party is a party or by which such party’s assets or operations are bound or
affected, or (c) violate any law applicable to such party, except, in the case of each of (b) and (c) with respect to the Stockholders, for any such violation, breach, conflict or default that would not impair in any material respect
the ability of such Stockholder to perform its respective obligations hereunder. 
 Section 2.3. Consents. Other
than as expressly required herein or any consents which have already been obtained, no material consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection
with the execution, delivery or performance of this Agreement. 
 ARTICLE III 

GOVERNANCE 

Section 3.1. The Board. 

(a) Composition of Initial Board. Prior to Closing, the Company and the Stockholders shall take all Necessary Action to cause the Board
to be comprised of eight directors, (i) two of whom shall be designated by TPG (each, a “TPG Director”), (ii) two of whom shall be designated by UPMC (each, a “UPMC Director”), (iii) two of whom shall
be designated by The Advisory Board (each, an “Advisory Board Director”), (iv) one of whom shall be the Chief Executive Officer and (v) one of whom shall be a director who meets the independence criteria set forth in Rule
10A-3 under the Exchange Act (an 

  
 7 

 
“Unaffiliated Director”). Within 90 days of the effective date of the Registration Statement, the Company and the Stockholders shall take all Necessary Action to cause the
Board to increase in size by one director to nine directors and to fill such vacancy with one additional Unaffiliated Director (the “90-Day Unaffiliated Director”) who shall meet the independence criteria set forth in Rule
10A-3 under the Exchange Act and who shall be appointed by a majority of the Board (upon the affirmative recommendation of the Nominating and Corporate Governance Committee of the Board). Within 365 days
of the effective date of the Registration Statement, the Company and the Stockholders shall take all Necessary Action to cause the Board to increase in size by one director to ten directors and to fill such vacancy with one additional Unaffiliated
Director (the “365-Day Unaffiliated Director”) who shall meet the independence criteria set forth in Rule 10A-3 under the Exchange Act and who shall be appointed by a majority of the Board (upon the affirmative recommendation of the
Nominating and Corporate Governance Committee of the Board). The foregoing directors shall be divided into three classes of directors, each of whose members shall serve for staggered three-year terms as follows: 

(1) the class I directors shall include one TPG Director, one UPMC Director and one Advisory Board Director; 

(2) the class II directors shall include one TPG Director, one UPMC Director and one Advisory Board Director; and 

(3) the class III directors shall include the Chief Executive Officer, the Unaffiliated Director, the 90-Day Unaffiliated
Director and the 365-Day Unaffiliated Director. 
 The initial term of the class I directors shall expire immediately following the Company’s first
annual meeting of stockholders at which directors are elected following the completion of the IPO. The initial term of the class II directors shall expire immediately following the Company’s second annual meeting of stockholders at which
directors are elected following the completion of the IPO. The initial term of the class III directors shall expire immediately following the Company’s third annual meeting at which directors are elected following the completion of the IPO.

 For the avoidance of doubt, this Section 3.1(a) is applicable solely to the initial composition of the Board and shall have no further force or
effect after the 365-Day Unaffiliated Director is appointed to the Board (except that (i) a director shall remain a member of the class of directors to which he or she was assigned in accordance with this Section 3.1(a) and (ii) the
initial terms of each class of directors shall expire as set forth in this Section 3.1(a)). 
 (b) Principal Stockholder
Representation. For so long as a Principal Stockholder holds a number of shares of Common Stock representing at least the percentage of shares of Common Stock held by such Principal Stockholder as of the Closing shown below, there shall be
included in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by

  
 8 

 
such Principal Stockholder (each, a “Principal Stockholder Designee”) that, if elected, will result in such Principal Stockholder having the number of directors serving on the
Board that is shown below. 
  

			
	 Percent
	  	Number of Directors
	 40% or greater
	  	2
	 Less than 40% but greater than or equal to 5%
	  	1

 Upon any decrease in the number of directors that a Principal Stockholder is entitled to designate for election to the Board,
such Principal Stockholder shall take all Necessary Action to cause the appropriate number of Principal Stockholder Designees to offer to tender resignation. The Board shall have the option, but not the obligation, to accept any such resignations,
and if such resignation is then accepted by the Board, the Board may take all Necessary Action to cause the authorized size of the Board to be reduced accordingly. 

(c) CEO Representation. Subject to the last sentence of Section 3.1(d), if the term of the Chief Executive Officer as a director
on the Board is to expire in conjunction with any annual or special meeting of stockholders at which directors are to be elected, the Chief Executive Officer shall be included in the slate of nominees recommended by the Board for election. 

(d) Vacancies. Except as provided in Section 3.1(b), (i) each Principal Stockholder shall have the exclusive right to remove
its designees from the Board, and the Company and the Principal Stockholders shall take all Necessary Action to cause the removal of any such designee at the request of the designating Principal Stockholder and (ii) each Principal Stockholder
or, if applicable, the Nominating and Corporate Governance Committee of the Board, shall have the exclusive right to designate for election or appointment to the Board directors to fill vacancies created by reason of death, removal or resignation of
its designees to the Board, and the Company and the other Principal Stockholders shall take all Necessary Action to cause any such vacancies to be filled by replacement directors designated by such designating Principal Stockholder as promptly as
reasonably practicable; provided, that, for the avoidance of doubt and notwithstanding anything to the contrary in this paragraph, no Principal Stockholder shall have the right to designate a replacement director, and the Company and the
other Principal Stockholders shall not be required to take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board would result in a number of directors designated
by such Principal Stockholder in excess of the number of directors that such Principal Stockholder is then entitled to designate for membership on the Board pursuant to Section 3.1(b). If the Chief Executive Officer resigns or is terminated for
any reason, the Chief Executive Officer shall resign from the Board, and the Company and the Principal Stockholders shall take all Necessary Action to remove the Chief Executive Officer from the Board and fill such vacancy with the next Chief
Executive Officer in office. 
 (e) Additional Unaffiliated Directors. For so long as any Principal Stockholder has the right to
designate at least one director for nomination under this 

  
 9 

 
Agreement, the Company will take all Necessary Action to ensure that the number of directors serving on the Board shall not exceed ten; provided, that the number of directors may be
increased if necessary to satisfy the requirements of applicable laws and stock exchange regulations and applicable listing requirements. 

(f) Committees. Subject to applicable laws and stock exchange regulations, each Principal Stockholder shall have the right to have a
representative appointed to serve on each committee of the Board for so long as such Principal Stockholder has the right to designate at least one director for election to the Board. Subject to applicable laws and stock exchange regulations and
applicable listing requirements, each Principal Stockholder shall have the right to have a representative appointed as an observer to any committee of the Board to which such Principal Stockholder (i) does not elect to have a representative
appointed or (ii) is prohibited by applicable laws or stock exchange regulations or applicable listing requirements from having a representative appointed, in each case for so long as such Principal Stockholder has the right to designate at
least one director for nomination under this Agreement. Notwithstanding the foregoing, (i) not later than the Closing, one of the Unaffiliated Directors then serving shall be appointed to serve on the Audit Committee of the Board, (ii) not
later than 90 days following the effective date of the Registration Statement, two of the Unaffiliated Directors then serving shall be appointed to serve on the Audit Committee of the Board, (iii) not later than 365 days following the effective
date of the Registration Statement, three of the Unaffiliated Directors then serving shall be appointed to serve on the Audit Committee of the Board and (iv) at all times during which this Agreement is operative and effective, the Board shall
have determined that at least one director serving on the Audit Committee of the Board shall qualify as an “audit committee financial expert” under the rules and regulations of the SEC. 

(g) Reimbursement of Expenses. In accordance with the Company By-laws, the Company shall reimburse each TPG Director, UPMC Director,
Advisory Board Director and Principal Stockholder Designee for all reasonable and documented out-of-pocket expenses incurred in connection with such director’s or designee’s participation in the meetings of the Board or any committee of
the Board, including reasonable travel, lodging and meal expenses. 
 (h) D&O Insurance; Indemnification Priority. The Company
shall obtain customary director and officer indemnity insurance on reasonable terms. The Company hereby acknowledges that any director, officer or other indemnified person covered by any such indemnity insurance policy (any such Person, an
“Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by TPG, UPMC, The Advisory Board or one or more of their respective Affiliates (collectively, the “Fund
Indemnitors”). The Company hereby (i) agrees that the Company and any subsidiary of the Company that provides indemnity shall be the indemnitor of first resort (i.e., its or their obligations to an Indemnitee shall be primary and any
obligation of any Fund Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by an Indemnitee shall be secondary), (ii) agrees that it shall be required to advance the full amount of expenses
incurred by an Indemnitee and shall be liable for the full amount of all expenses, 

  
 10 

 
judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this agreement or any other agreement between the Company and an
Indemnitee, without regard to any rights an Indemnitee may have against any Fund Indemnitor or their insurers, and (iii) irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for
contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of an Indemnitee with respect to any claim for which such Indemnitee has
sought indemnification from the Company, as the case may be, shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of
such Indemnitee against the Company. 
 Section 3.2. Voting Agreement. Each Principal Stockholder agrees to cast
all votes to which such Principal Stockholder is entitled in respect of its Company Shares, whether at any annual or special meeting, by written consent or otherwise, so as to cause to be elected to the Board those individuals designated in
accordance with Section 3.1(a)-(e) and to otherwise effect the intent of this Article III. 
 Section 3.3.
Additional Management Provisions. The Company hereby agrees and acknowledges that the Principal Stockholder Designees of each Principal Stockholder entitled to designate a member of the Board pursuant to this Agreement shall receive such
information relating to the financial condition, business, prospects or corporate affairs of the Company as such Principal Stockholder may from time to time reasonably request, and such Principal Stockholder Designee may share such information about
the Company with such Principal Stockholder. 
 Section 3.4. Confidentiality. Each Stockholder agrees with the
Company for the benefit of the Company that such Stockholder will, until the second anniversary of the termination of this Agreement with respect to such Stockholder, keep confidential and will not disclose, divulge or use for any purpose (other
than to monitor, increase or decrease its investment in the Company) any confidential information obtained from the Company pursuant to this Agreement or provided by or on behalf of the Company to such Stockholder unless such confidential
information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.4 by such Stockholder), (b) is or has been independently developed or conceived by the Stockholder without use of
the Company’s confidential information, (c) is determined by the Company in good faith upon request of any Stockholder no longer to be confidential information (as confirmed in writing to the Stockholder by the Board) or (d) is or has
been made known or disclosed to the Stockholder by a third party without the Stockholder’s knowledge that the disclosure of such information constitutes a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that a 

  
 11 

 
Stockholder may disclose confidential information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with
monitoring its investment in the Company; (ii) to any existing or prospective Affiliate, partner, member, stockholder or wholly owned subsidiary of such Stockholder in the ordinary course of business; provided that such Stockholder
informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iii) subject to the terms of Article IV, as may otherwise be required by law, including, without
limitation, to the extent required in periodic disclosures or for regulatory purposes; provided that the Stockholder promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required
disclosure; provided, further that nothing in this Section 3.4 shall be deemed to restrict any Stockholder’s ability to monetize its equity investment in the Company in compliance with applicable securities laws.
Notwithstanding the foregoing, each of the Company and each Stockholder acknowledges that each other Stockholder may develop or receive from third parties information that is the same as or similar to the confidential information of the Company, and
agrees that nothing in this Agreement restricts or prohibits any Stockholder (by itself or through a third party) from developing, receiving or disclosing such information, or any products, services, concepts, ideas, systems or techniques that are
similar to or compete with the products, services, concepts, ideas, systems or techniques contemplated by or embodied in the confidential information of the Company. 

Section 3.5. Affiliate Transactions. Neither the Company nor Evolent Health LLC shall make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate of the Company or Evolent Health LLC involving, with respect to any such transaction or series of related transactions, payments, consideration, properties or assets with a fair market value in excess of $2.0 million (each,
an “Affiliate Transaction”), unless with respect to any Affiliate Transaction or series of related Affiliate Transactions, such Affiliate Transaction or series of related Affiliate Transactions either (a) has been approved by a
majority of the members of the Board that are disinterested with respect to such Affiliate Transaction or series of related Affiliate Transactions or (b) has been conducted on an arm’s-length basis. For purposes of this Agreement, the
following shall not constitute an “Affiliate Transaction”: (i) any transaction, contract, agreement, understanding, loan, advance or guarantee completed or in effect upon, or prior to, the Closing and (ii) any transaction,
contract, agreement or understanding relating to director and officer indemnification, advancement of expenses and/or insurance. 

  
 12 

 ARTICLE IV 

FINANCIAL INFORMATION 

Section 4.1. Earnings Releases and Public Filings. (a) During any period in which a Principal Stockholder is
(i) subject to the reporting requirements of the Exchange Act, (ii) required to file audited financial statements of the Company pursuant to Rule 3-09 of Regulation S-X and (iii) required to account for its investment in the Company
or Evolent Health LLC on a consolidated basis or under the equity method of accounting (determined in accordance with GAAP consistently applied after consultation with such Principal Stockholder’s auditors) or (b) at any other time to
comply with the Principal Stockholder’s reporting obligations under any of its debt instruments or otherwise, including to comply with any law, rule, regulation or other obligation: 

(a) Earnings Releases. The Principal Stockholders each agree that, unless required by law, rule or regulation or unless the Company
shall have consented thereto, which consent shall not be unreasonably withheld, conditioned or delayed, none of the Principal Stockholders will publicly release any quarterly or annual financial information that includes Company Information sooner
than 35 days after any quarter or year end. Except as otherwise provided in the last sentence of this paragraph or in Section 4.2(f), no such Principal Stockholder shall include any Company Information in any such earnings release without the
prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. As used herein, “Company Information” means any monthly, quarterly or annual financial information of the Company or any
of its subsidiaries, including Evolent Health LLC. In the event that any of the Principal Stockholders is required by law, rule or regulation, including but not limited to Regulation FD, to publicly release such Company Information prior to its
public release by the Company, such Principal Stockholder will give the Company notice of such release of Company Information as soon as practicable but no later than two Business Days prior to such release of Company Information or such shorter
period if otherwise required by law, rule or regulation and will give the Company an opportunity to review such Company Information. 
 (b)
Public Filings. Each of the Principal Stockholders and the Company shall cooperate fully with each other to the extent reasonably requested by the other in the preparation of any of their respective public filings that include Company
Information, including earnings releases, quarterly reports on Form 10-Q, annual reports on Form 10-K, any current reports on Form 8-K and any other proxy, information and registration statements, reports, notices, prospectuses, investor
presentations and any other filings made by them or any of their respective subsidiaries with the SEC, any national securities exchange or otherwise made publicly available (collectively, “Public Filings”). Unless required by law,
rule or regulation, each of the Principal Stockholders and the Company shall not publicly release any financial or other information which materially conflicts with the information of the other party that is included in any Public Filing without the
prior consent of the Company or such Principal Stockholder, as the case may be, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
 13 

 Section 4.2. Significant Investment Enhanced Requirements. The
Company agrees that, (a) during any period in which a Principal Stockholder is (i) subject to the reporting requirements of the Exchange Act, (ii) required to file audited financial statements of the Company pursuant to Rule 3-09 of
Regulation S-X and (iii) required to account for its investment in the Company on a consolidated basis or under the equity method of accounting (determined in accordance with GAAP consistently applied after consultation with such Principal
Stockholder’s auditors) or (b) at any other time to comply with the Principal Stockholder’s reporting obligations under any of its debt instruments or otherwise, including to comply with any law, rule, regulation or other obligation,
in addition to any other requirements set forth in this Article IV, and only with respect to and for the benefit of such Principal Stockholder or Principal Stockholders, as the case may be at any particular time, described in this Section 4.2:

 (a) Maintenance of Books and Records. The Company shall, and shall cause each of its consolidated subsidiaries to, (i) make
and keep books, records and accounts, which, in reasonable detail, accurately and fairly reflect the transactions of the Company and its subsidiaries and (ii) devise and maintain a system of internal accounting controls sufficient to provide
reasonable assurances that: (x) transactions are executed in accordance with management’s general or specific authorization, (y) transactions are recorded as necessary (1) to permit preparation of financial statements in
conformity with GAAP or any other criteria applicable to such statements and (2) to maintain accountability for assets, and (z) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. 
 (b) Monthly and Quarterly Financial Information. As soon as practicable, and
within 10 Business Days after the end of each month in each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder a statement of operations and balance sheet for Evolent Health, Inc. and Evolent Health LLC for such
month. As soon as practicable, and within 11 Business Days after the end of each fiscal quarter in each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder a statement of shareholders’ equity for Evolent
Health, Inc. and Evolent Health LLC for such quarter. 
 (c) Unaudited Quarterly Financial Information and Financial Statements.
Within 35 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder its estimate of the Company Information sufficient for such Principal
Stockholder to record the line item equity in loss of unconsolidated subsidiaries in its earnings release for such fiscal quarter consistent with prior practice, including an estimate of the Company’s net income or losses for such fiscal
quarter. As soon as practicable, and within 39 days after the end 

  
 14 

 
of each of the first three fiscal quarters of each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder the final form of the consolidated financial statements
of the Company (and notes thereto) for such periods and for the period from the beginning of the current fiscal year to the end of such quarter, prepared in accordance with Article 10 of
Regulation S-X (such information is herein referred to as the “Quarterly Financial Statements”), and the Company’s independent auditors shall have performed the procedures specified
by the Public Company Accounting Oversight Board (United States) (“PCAOB”) for a review of interim financial information as described in PCAOB AU 722, Interim Financial Information. Beginning 10 Business Days after the
end of each such fiscal quarter, the Company shall make available to such Principal Stockholder the personnel of the Company responsible for the preparation of such Quarterly Financial Statements for telephonic meetings. If on or before the 20th day
or the 30th day after the end of any of the first three fiscal quarters of each fiscal year of the Company, the Company becomes aware that it will be unable to deliver the Quarterly Financial Statements within 39 days after the end of such fiscal
quarter, then the Company shall notify the Principal Stockholder and provide, at the Company’s expense (it being agreed and understood that the Company shall be responsible for 50% of the fees and expenses of such Principal Stockholder’s
auditors for work performed pursuant to this Section 4.2(c)), full access and cooperation from the Company’s management and personnel, along with the Company’s auditors, in connection with a review by the auditors of such Principal
Stockholder of the business, books and records of the Company. 
 (d) Annual Financial Information and Financial Statements. Within
35 days after the end of each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder its estimate of the Company Information sufficient for such Principal Stockholder to record the line item equity in loss of
unconsolidated subsidiaries in its earnings release and prepare its audited financial statements for such fiscal year consistent with prior practice, including an estimate of the Company’s net income or losses for such fiscal year. As soon as
practicable, and within 59 days after the end of each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder the final form of the consolidated financial statements of the Company (and notes thereto) for such year
(such information is herein referred to as the “Annual Financial Statements”), accompanied by an opinion thereon by the Company’s independent certified public accountants. Beginning 10 Business Days after the end of each such
fiscal year, the Company shall make available to such Principal Stockholder the personnel of the Company responsible for the preparation of such Annual Financial Statements for telephonic meetings. If on or before the 40th day or the 50th day after
the end of any fiscal year of the Company, the Company becomes aware that it will be unable to deliver the Annual Financial Statements within 59 days after the end of such fiscal year, then the Company shall notify the Principal Stockholder and
provide, at the Company’s expense (it being agreed and understood that the Company shall be responsible for 50% of the fees and expenses of such Principal Stockholder’s auditors for work performed pursuant to this Section 4.2(d)),
full access and cooperation from the Company’s management and personnel, along with the Company’s auditors, in connection with a review by the auditors of such Principal Stockholder of the business, books and records of the Company. 

  
 15 

 (e) Accounting Estimates and Principles. The Company will give such Principal Stockholder
reasonable notice of any proposed significant change in accounting estimates or material changes in accounting principles from those in effect on the date hereof, including changes that are mandated or required by the SEC, the Financial Accounting
Standards Board or the American Institute of Certified Public Accountants, that could affect both the Company and such Principal Stockholder. In this connection, the Company will consult with such Principal Stockholder and, if requested by a
Principal Stockholder, the Company will consult with its independent public accountants with respect thereto. 
 (f) Earnings
Releases. Subject to Section 4.1(a), nothing herein shall prevent a Principal Stockholder from reflecting its net income/loss attributed to such Principal Stockholder’s investment in the Company on a timely basis in any earnings
release issued by such Principal Stockholder. 
 Section 4.3. Continued Compliance. During any period in which
neither clause (a) nor clause (b) of the first sentence of Section 4.1 applies for a Principal Stockholder, the Company agrees to use commercially reasonable efforts to provide Company Information on a timely basis to such Principal
Stockholder upon the reasonable request of such Principal Stockholder. 
 Section 4.4. Attorney-Client Privilege.
The provision of any information pursuant to this Article IV shall not be deemed a waiver of any privilege, including privileges arising under or related to the attorney-client privilege. 

ARTICLE V 
 GENERAL
PROVISIONS 
 Section 5.1. Company Charter and Company By-laws. The provisions of this Agreement shall be
controlling if any such provisions or the operation thereof conflict with the provisions of the Company Charter or the Company By-laws. The Company and the Principal Stockholders agree to take all Necessary Action to amend the Company Charter and
Company By-laws so as to avoid any conflict with the provisions hereof. 
 Section 5.2. Freedom to Pursue
Opportunities. Subject to Section 12.03 of the Company Charter and any contractual obligations by which the Company or any or all of the Principal Stockholders may be bound from time to time, none of the Principal Stockholders nor any of
their Affiliates shall have a duty to refrain from engaging, directly or indirectly, in the same or similar business activities or lines of business as the Company or any of the Company’s Affiliates, including those business activities or lines
of business deemed to be competing with the Company or any of the Company’s Affiliates. To the fullest extent permitted by law 

  
 16 

 
none of the Principal Stockholders nor any of their Affiliates, nor any of their respective officers or directors, shall be liable to the Company or its stockholders, or to any Affiliate of the
Company or such Affiliate’s stockholders or members, for breach of any fiduciary duty, solely by reason of any such activities of any Principal Stockholder or its Affiliates, or of the participation therein by any officer or director of any
Principal Stockholder or its Affiliates. To the fullest extent permitted by law, but subject to any contractual obligations by which the Company or any or all of the Principal Stockholders may be bound from time to time, none of the Principal
Stockholders nor any of its Affiliates shall have a duty to refrain from doing business with any client, customer or vendor of the Company or any of the Company’s Affiliates, and without limiting Section 12.03 of the Company Charter, none
of the Principal Stockholders nor any of their Affiliates nor any of their respective officers, directors or employees shall be deemed to have breached his, her or its fiduciary duties, if any, to the Company or its stockholders or to any Affiliate
of the Company or such Affiliate’s stockholders or members solely by reason of engaging in any such activity. Subject to any contractual provisions by which the Company or any or all of the Principal Stockholders or their respective Affiliates
may be bound from time to time, in the event that any Principal Stockholder or any of their Affiliates or any of their respective officers, directors or employees, acquires knowledge of a potential transaction or other matter which may be a
corporate opportunity for any Principal Stockholder (or any of its respective Affiliates), on the one hand, and the Company (or any of its Affiliates), on the other hand, none of the Principal Stockholders nor any of their Affiliates, officers,
directors or employees shall have any duty to communicate or offer such corporate opportunity to the Company or any of its Affiliates, and to the fullest extent permitted by law, none of the Principal Stockholders nor any of their Affiliates,
officers, directors or employees shall be liable to the Company or its stockholders, or any Affiliate of the Company or such Affiliate’s stockholders or members, for breach of any fiduciary duty or otherwise, solely by reason of the fact that
such Principal Stockholder or any of its Affiliates, officers, directors or employees acquires, pursues or obtains such corporate opportunity for itself, directs such corporate opportunity to another person, or otherwise does not communicate
information regarding such corporate opportunity to the Company or any of its Affiliates, and the Company (on behalf of itself and its Affiliates and their respective stockholders and Affiliates) to the fullest extent permitted by law hereby waives
and renounces in accordance with Section 122(17) of the DGCL any claim that such business opportunity constituted a corporate opportunity that should have been presented to the Company or any of its Affiliates. For purposes of this
Section 5.2, the term “Affiliate” shall be given the meaning assigned to such term in the Company Charter. 

  
 17 

 Section 5.3. Assignment; Benefit. 

(a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto, subject to the
prior termination of this Agreement with respect to any Principal Stockholder in accordance with Section 5.5. Any attempted assignment of rights or obligations in violation of this Section 5.3 shall be null and void. 

(b) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted
assigns, and there shall be no third-party beneficiaries to this Agreement other than the Indemnitees and the Fund Indemnitors under Section 3.1(h), and the Principal Stockholders and their Representatives under Section 5.2. 

Section 5.4. Restrictions on Business Combination Transactions. The Company shall not be a party to any
reorganization, Share Exchange, consolidation, conversion or merger or any other transaction having an effect on stockholders substantially similar to that resulting from a reorganization, Share Exchange, consolidation, conversion or merger (each a
“Business Combination Transaction”) that includes or is in conjunction with a transaction involving the disposition, exchange or conversion of Class B Common Units for consideration unless (a) each holder of Class A Common
Stock and Class B Common Stock (together with the corresponding number of Class B Common Units) is allowed to participate pro rata in such Business Combination Transaction (as if the Class B Common Stock (together with the corresponding number of
Class B Common Units) had been exchanged immediately prior to such Business Combination Transaction for Class A Common Stock pursuant to the Exchange Agreement) and (b) the gross proceeds payable in respect of each Class B Common Unit
equals the gross proceeds that would be payable on account of such Class B Common Unit if it were exchanged immediately prior to such Business Combination Transaction into Class A Common Stock pursuant to the Exchange Agreement. Nothing in
this Section 5.4 shall be deemed to modify any of the rights of The Advisory Board, TPG, UPMC or Ptolemy set forth in the Tax Receivables Agreement. 

Section 5.5. Termination. If not otherwise stipulated, this Agreement shall terminate automatically (without any
action by any party hereto) as to each Principal Stockholder when such Principal Stockholder no longer has the right to designate any directors to the Board pursuant to Article III hereof. 

Section 5.6. Limits on Transfer or Issuance of Common Stock. The parties each acknowledge and agree that no shares
of Class A Common Stock may be issued unless (a) a corresponding number of Class A Common Units are issued therewith (including any issuances of shares of Class A Common Stock held in treasury or otherwise by the Company or any
of its subsidiaries) or (b) the issuance of shares of Class A Common 

  
 18 

 
Stock is to a holder of shares of Class B Common Stock in exchange for shares of Class B Common Stock (together with the corresponding number of Class B Common Units) pursuant to the Exchange
Agreement. The parties each also acknowledge and agree that no shares of Class B Common Stock may be Transferred or issued unless a corresponding number of Class B Common Units are Transferred or issued therewith (including any transfers or
issuances of shares of Class B Common Stock held in treasury or otherwise by the Company or any of its subsidiaries) and that the Company will not register any Transfers of shares of Class B Common Stock that do not satisfy this Section 5.6.

 Section 5.7. Severability. In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 
 Section 5.8. Entire Agreement; Amendment. 

(a) This Agreement sets forth the entire understanding and agreement among the parties with respect to the transactions contemplated herein and
supersedes and replaces any prior understanding, agreement or statement of intent, in each case written or oral, of any kind and every nature with respect hereto. This Agreement or any provision hereof may only be amended, modified or waived, in
whole or in part, at any time by an instrument in writing signed by each of the Principal Stockholders with respect to which this Agreement is not terminated. 

(b) No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and
executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or
in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

(c) The parties hereby agree to take no action to amend or repeal the provisions set forth in Section 4.04 of the Company Charter
(whether directly, by the filing of a certificate of designations, powers, preferences, rights or privileges, by a Business Combination Transaction or otherwise) in any respect, or to adopt, amend (whether directly, by the filing of a certificate of
designations, powers, preferences, rights or privileges, by a Business Combination Transaction or otherwise) or repeal any other provision of the Company Charter which would have the effect of modifying or permitting the circumvention of the
provisions set forth in Section 4.04 of the Company 

  
 19 

 
Charter, unless such action is approved by the affirmative vote of the holders of not less than 75% of the voting power of the outstanding shares of Class A Common Stock entitled to vote
with respect thereto. 
 Section 5.9. Counterparts. This Agreement may be executed in any number of separate
counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. Counterpart signature pages to this Agreement may be delivered by facsimile or electronic delivery
(i.e., by email of a PDF signature page) and each such counterpart signature page will constitute an original for all purposes. 

Section 5.10. Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations,
requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered by personal hand delivery, by facsimile transmission, by electronic mail,
by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery (and such notice shall be deemed to have been duly given, made or delivered
(a) on the date received, if delivered by personal hand delivery, (b) on the date received, if delivered by facsimile transmission, by electronic mail or by registered first-class mail prior to 5:00 p.m. prevailing local time on a Business
Day, or if delivered after 5:00 p.m. prevailing local time on a Business Day or on other than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by air courier guaranteeing overnight
delivery), at the following addresses (or at such other address as shall be specified by like notice): 
  

					
	  if to the Company, to:
		
			Evolent Health, Inc.
			800 N. Glebe Road, Suite 500
			Arlington, Virginia 22203
			Attention:		Jonathan Weinberg
			Facsimile:		(571) 389-6001
			E-mail:		JWeinberg@evolenthealth.com
	
	  with a copy (which shall not constitute notice) to:
		
			Cravath, Swaine & Moore LLP
			825 Eighth Avenue
			New York, New York 10019
			Attention:		William V. Fogg
			Facsimile:		(212) 474-1000
			E-mail:		wfogg@cravath.com

  
 20 

					
	  if to the TPG Investor, to:
		
			TPG Global, LLC
			301 Commerce Street, Suite 3300
			Fort Worth, Texas 76102
			Attention:		General Counsel
			Facsimile:		(415) 743-1501
	
	  with a copy (which shall not constitute notice) to:
		
			Ropes & Gray LLP
			Three Embarcadero Center
			San Francisco, California 94111
			Attention:		Thomas Holden, Esq.
			Facsimile:		(415) 315-4823
			E-mail:		thomas.holden@ropesgray.com
	
	  if to The Advisory Board Investor, to:
		
			The Advisory Board Company
			2445 M St., NW
			Washington, D.C. 20037
			Attention:		Evan Farber
			Facsimile:		(202) 266-5700
			E-mail:		farbere@advisory.com
	
	  with a copy (which shall not constitute notice) to:
		
			Skadden, Arps, Slate, Meagher & Flom LLP
			Attention:		Jeremy D. London
			Facsimile:		(202) 661-8299
			E-mail:		Jeremy.London@skadden.com

  
 21 

					
	  if to the UPMC Investor, to:
		
			UPMC
			U.S. Steel Building
			600 Grant Street, 55th Floor
			Pittsburgh, Pennsylvania 15219
			Attention:		Chief Legal Officer
			Facsimile:		(412) 647-9193
	
	  with a copy (which shall not constitute notice) to:
		
			Drinker Biddle & Reath LLP
			1500 K Street, N.W.
			Washington, D.C. 20005-1209
			Attention:		Gerald McCartin
			Facsimile:		(202) 842-8465
			E-mail:		Gerald.McCartin@dbr.com

 Section 5.11. Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 
 Section 5.12. Jurisdiction.
ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE UNITED STATES DISTRICT COURT FOR
THE DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED
IN ANY JURISDICTION. 
 Section 5.13. Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT
CANNOT BE WAIVED, EACH PARTY HERETO WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY STOCKHOLDER IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. EACH PARTY
HERETO ACKNOWLEDGES 

  
 22 

 
THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 5.13 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH IT IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 5.13 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 5.14. Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure in
money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not have
an adequate remedy at law. Any such party shall therefore be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations,
without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

Section 5.15. Subsequent Acquisition of Shares. Any equity securities of the Company acquired subsequent to the
date hereof by a Stockholder shall be subject to the terms and conditions of this Agreement. 
 Section 5.16.
Transfer Restrictions on Class B Common Stock. 
 (a) A holder of Class B Common Stock may only transfer shares of Class B Common
Stock to another person if such holder transfers the corresponding number of Class B Common Units to such person in accordance with the provisions of the Operating Agreement. 

(b) Any purported transfer of shares of Class B Common Stock in violation of the restrictions described in Section 5.16(a) (the
“Restrictions”) shall be null and void. If, notwithstanding the foregoing prohibition, a person shall, voluntarily or involuntarily, purportedly become or attempt to become, the purported owner (“Purported Owner”)
of shares of Class B Common Stock in violation of the Restrictions, then the Purported Owner shall not obtain any rights in and to such shares of Class B Common Stock (the “Restricted Shares”), and the purported transfer of the
Restricted Shares to the Purported Owner shall not be recognized by the Company’s transfer agent (the “Transfer Agent”). 

(c) Upon a determination by the Board that a person has attempted or may attempt to transfer or to acquire Restricted Shares in violation of
Section 5.16(a), the 

  
 23 

 
Board may take such action as it deems advisable to refuse to give effect to such transfer or acquisition on the books and records of the Company, including without limitation to cause the
Transfer Agent to record the Purported Owner’s transferor as the record owner of the Restricted Shares, and to institute proceedings to enjoin or rescind any such transfer or acquisition. 

(d) The Board may, to the extent permitted by law, from time to time establish, modify, amend or rescind, by by-law or otherwise, regulations
and procedures not inconsistent with the provisions of this Section 5.16 for determining whether any acquisition of shares of Class B Common Stock would violate the Restrictions and for the orderly application, administration and implementation
of the provisions of this Section 5.16. Any such procedures and regulations shall be kept on file with the Secretary of the Company and with its Transfer Agent and shall be made available for inspection by any prospective transferee and, upon
written request, shall be mailed to any holder of shares of Class B Common Stock. 
 (e) The Board shall have all powers necessary to
implement the Restrictions, including without limitation the power to prohibit the transfer of any shares of Class B Common Stock in violation thereof. 

(f) Upon the transfer of any shares of Class B Common Stock to the Company by the Principal Stockholders, or their successors and assigns,
such shares of Class B Common Stock shall immediately be cancelled on the books and records of the Company and shall no longer be deemed to be issued and outstanding capital stock of the Company. 

Section 5.17. Effectiveness. This Agreement shall become operative and effective upon, but contingent on, the
effectiveness of the Company Charter. 
 [Signature pages follow] 

  
 24 

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

			
	EVOLENT HEALTH, INC.
		
	By:		 /s/ Jonathan Weinberg

	Name:		Jonathan Weinberg
	Title:		General Counsel
	
	EVOLENT HEALTH LLC
		
	By:		 /s/ Jonathan Weinberg

	Name:		Jonathan Weinberg
	Title:		General Counsel

  
 [Signature Page to
Stockholders Agreement] 

 
			
	With respect to the last sentence of Section 3.1(d):
	
	FRANK WILLIAMS
	
	 /s/ Frank Williams

  

  
 [Signature Page to
Stockholders Agreement] 

 
			
	TPG GROWTH II BDH, L.P.
		
	By:		 /s/ Ronald Cami

	Name:		Ronald Cami
	Title:		Vice President

  
 [Signature Page to
Stockholders Agreement] 

 
			
	TPG EAGLE HOLDINGS, L.P.
		
	By:		 /s/ Ronald Cami

	Name:		Ronald Cami
	Title:		Vice President

  
 [Signature Page to
Stockholders Agreement] 

 
			
	UPMC
		
	By:		 /s/ Robert A. DeMichiei

	Name:		Robert A. DeMichiei
	Title:		Executive Vice President and CFO

  
 [Signature Page to
Stockholders Agreement] 

 
			
	THE ADVISORY BOARD COMPANY
		
	By:		 /s/ Evan Farber

	Name:		Evan Farber
	Title:		General Counsel and Corporate Secretary

  
 [Signature Page to
Stockholders Agreement]

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