Document:

EX-10.1

 Exhibit 10.1 

SHAREHOLDER AGREEMENT 

BETWEEN 
 AXA EQUITABLE
HOLDINGS, INC. 
 AND 

AXA S.A. 
 DATED AS OF
[●], 2018 

 ARTICLE I 

DEFINITIONS 
  

							
	1.1	  	 Definitions.
	  	 	1	 
	1.2	  	 Beneficial Ownership.
	  	 	6	 
	1.3	  	 Timing of Provisions.
	  	 	6	 

 ARTICLE II 

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE 
  

							
	2.1	  	 Charter and By-Laws.
	  	 	7	 
	2.2	  	 Board of Directors.
	  	 	7	 
	2.3	  	 Audit Committee of the Board of Directors.
	  	 	8	 
	2.4	  	 Compensation Committee of the Board of Directors.
	  	 	9	 
	2.5	  	 Nominating and Governance Committee of the Board of Directors.
	  	 	10	 
	2.6	  	 Finance and Risk Committee of the Board of Directors.
	  	 	11	 
	2.7	  	 Executive Committee of the Board of Directors.
	  	 	11	 
	2.8	  	 Management Risk Committee.
	  	 	12	 
	2.9	  	 Asset Liability Management Committee.
	  	 	12	 
	2.10	  	 Implementation.
	  	 	13	 

 ARTICLE III 

AXA APPROVAL AND CONSENT RIGHTS 
  

							
	3.1	  	 AXA Approval and Consent Rights at Thirty Percent Threshold.
	  	 	13	 
	3.2	  	 Implementation.
	  	 	16	 

 ARTICLE IV 

INFORMATION, DISCLOSURE AND FINANCIAL ACCOUNTING 
  

							
	4.1	  	 Information Rights During Equity Accounting Periods.
	  	 	16	 
	4.2	  	 Information Rights During Full Consolidation Periods.
	  	 	17	 
	4.3	  	 General Information Requirements.
	  	 	18	 
	4.4	  	 Reporting Coordination Committee.
	  	 	19	 
	4.5	  	 Matters Concerning Auditors.
	  	 	19	 
	4.6	  	 Release of Information and Public Filings.
	  	 	20	 
	4.7	  	 Information in Connection with Regulatory or Supervisory Requirements.
	  	 	21	 
	4.8	  	 Implementation with Respect to Legal Disclosures.
	  	 	22	 
	4.9	  	 Expenses.
	  	 	23	 

 ARTICLE V 

SUBSEQUENT SALES OF COMMON STOCK 
  

							
	5.1	  	 Registration Rights.
	  	 	23	 
	5.2	  	 Lock-Up Provisions.
	  	 	23	 

  
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 ARTICLE VI 

OTHER PROVISIONS 
  

							
	6.1	  	 Other Agreements.
	  	 	24	 
	6.2	  	 Related Party Transaction Policy.
	  	 	24	 
	6.3	  	 Certain Policies and Procedures.
	  	 	24	 
	6.4	  	 Access to Personnel and Data.
	  	 	25	 
	6.5	  	 Access to Historical Records.
	  	 	25	 
	6.6	  	 Indemnification; Liability Insurance.
	  	 	26	 

 ARTICLE VII 

REQUIREMENTS WITH RESPECT 
 TO
AXA-GUARANTEED OBLIGATIONS 
  

							
	7.1	  	 Reimbursement Obligations with Respect to AXA Guarantees.
	  	 	29	 

 ARTICLE VIII 

INDEMNIFICATION 
  

							
	8.1	  	 General Cross Indemnification.
	  	 	30	 
	8.2	  	 Procedure.
	  	 	30	 
	8.3	  	 Other Matters.
	  	 	31	 

 ARTICLE IX 

DISPUTE RESOLUTION 
  

							
	9.1	  	 Negotiation and Mediation.
	  	 	31	 
	9.2	  	 Arbitration.
	  	 	32	 
	9.3	  	 Confidentiality.
	  	 	33	 

 ARTICLE X 

GENERAL PROVISIONS 
  

							
	10.1	  	 Obligations Subject to Applicable Law.
	  	 	34	 
	10.2	  	 Notices.
	  	 	34	 
	10.3	  	 Specific Performance; Remedies.
	  	 	35	 
	10.4	  	 Applicable Law.
	  	 	35	 
	10.5	  	 Severability.
	  	 	35	 
	10.6	  	 Confidential Information.
	  	 	35	 
	10.7	  	 Amendment, Modification and Waiver.
	  	 	36	 
	10.8	  	 Assignment.
	  	 	36	 
	10.9	  	 Further Assurances.
	  	 	36	 
	10.10	  	     Third Party Beneficiaries.
	  	 	36	 
	10.11	  	     Discretion of Parties.
	  	 	36	 
	10.12	  	     Entire Agreement.
	  	 	36	 
	10.13	  	     Term.
	  	 	37	 
	10.14	  	     Counterparts.
	  	 	37	 

  
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 Schedules and Annexes 

Schedule 1.1A – AXA Guarantees 
 Schedule 1.1B – Other
Agreements 
 Schedule 2.2(a) – Board of Directors 

Schedule 4.6(b) – Public Reporting Protocol Prior to Majority Holder Date 

Annex A – Registration Rights Agreement 
 Annex B – Form
of Amended and Restated Certificate of Incorporation 
 Annex C – Form of Amended and Restated By-Laws 

Annex D – Form of Common Interest Agreement 

  
 iii 

 SHAREHOLDER AGREEMENT 

This Shareholder Agreement, dated as of [·], 2018 (this “Agreement”) is between AXA Equitable Holdings, Inc., a Delaware corporation (the “Company”), and AXA S.A., a société anonyme formed under the laws of
France (“AXA”) (each a “Party” and, collectively, the “Parties”). 

RECITALS: 

WHEREAS, AXA is the direct owner of all of the issued and outstanding Common Stock (as defined herein) of the Company immediately prior
to the date hereof; 
 WHEREAS, following Completion of the IPO (as defined herein), AXA will continue to own a majority of the
outstanding Common Stock; and 
 WHEREAS, the Parties hereto wish to set forth certain agreements that will govern certain matters
between them following the Completion of the IPO. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth
herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

  

	1.1	Definitions. 

 In this Agreement, the following terms shall have the following meanings:

 “ACPR” means Autorité de Contrôle Prudentiel et de Résolution. 

“Actions” has the meaning set forth in Section 8.1(a). 

“Agreed Coverage” has the meaning set forth in Section 6.6(b). 

“Agreement” and “hereof” and “herein” means this Shareholder Agreement, including all
amendments, modifications and supplements and all annexes and schedules to any of the foregoing, and shall refer to this Agreement as the same may be in effect at the time such reference becomes operative. 

“AMF” means Autorité des Marchés Financiers. 

“Applicable Law” means any domestic or foreign statute, law (including the common law), ordinance, rule, regulation,
published regulatory policy or guideline, order, judgment, injunction, decree, award or writ of any court, tribunal or other regulatory authority, arbitrator, governmental authority, or other Person having jurisdiction, or any consent, exemption,
approval or license of any governmental authority that applies in whole or in part to a Party and, with respect to the Company, includes the Exchange Act, the Securities Act, the General Corporation 

 
Law of the State of Delaware, the rules of the SEC, insurance company laws and all related regulations, guidelines and instructions and the rules of the Exchange and any other exchange or
quotation system on which the securities of the Company are listed or traded from time to time. 
 “AXA” has the meaning
set forth in the preamble to this Agreement. 
 “AXA Auditor” means the independent certified public accountants
responsible for conducting the audit of AXA’s annual financial statements. 
 “AXA Director” means a Director
specified on Schedule 2.2(a) as an AXA Director, designated by AXA pursuant to its designation rights set forth in Section 2.2(e) hereof or otherwise designated in writing by AXA to the Board of Directors to act in such capacity, and
“AXA Directors” has a correlative meaning. Any AXA Director may, at the discretion of AXA, be an Independent Director. 

“AXA Executive Officer” means the Chief Executive Officer of AXA. 

“AXA Group Standards” means the AXA Group Standards which apply to all AXA Group entities where AXA has the majority of the
voting rights or otherwise exercises control. 
 “AXA Guarantees” means the guarantee obligations set forth on
Schedule 1.1A hereto. 
 “AXA Individual” has the meaning set forth in Section 6.6(m). 

“Bankruptcy Laws” means Title 11 of the United States Code, as amended, and other Federal, State or foreign laws principally
dealing with the liquidation, reorganization, administration, conservatorship or receivership of insolvent debtors, including provisions of Federal, state and foreign laws and regulation principally dealing with the rehabilitation or liquidation of
regulated insurance entities. 
 “Board of Directors” means the board of directors of the Company from time to time. 

“Business Day” means any day except a (i) Saturday, (ii) Sunday, (iii) any day on which
the principal office of the Company or of AXA is not open for business, and (iv) any other day on which commercial banks in New York or in France are authorized or obligated by law or executive order to close. 

“Capital Stock” means any and all shares or units of, rights to purchase, warrants or options for, or other equivalents of or
interests in (however designated) the equity capital of a Person or a security convertible (whether or not such conversion is contingent or conditional) into the equity capital of a Person. 

“Cause” means (i) the willful failure of an employee to perform substantially his or her duties as an employee of the
Company or any of its affiliates after reasonable notice to the employee of such failure; (ii) the employee’s willful misconduct that is materially injurious to the Company or any of its affiliates; (iii) the employee’s having
been convicted of, or entered a plea of nolo contendere to, a crime that constitutes a felony (other than a felony involving “limited vicarious liability”); or (iv) the willful breach of any written covenant or agreement with 

  
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the Company or any of its affiliates not to disclose any information pertaining to the Company or any of its affiliates or not to compete or interfere with the Company or any of its affiliates.
“Limited vicarious liability” shall mean any liability which is (i) based on acts of the Company for which the employee is responsible solely as a result of his or her office(s) with the Company and (ii) provided that (x) he
or she was not directly involved in such acts and either had no prior knowledge of such intended actions or promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (y) he or she did not have a
reasonable basis to believe that a law was being violated by such acts. No act or failure to act will be considered “willful” unless it is done, or omitted to be done, in bad faith and without reasonable belief that this action or omission
was in the best interests of the Company. 
 “CEO” means the Chief Executive Officer of the Company from time to time (or
the equivalent successor position), as appointed by the Board of Directors. 
 “CFO” means the Chief Financial Officer of
the Company from time to time (or the equivalent successor position), as appointed by the Board of Directors. 
 “Common
Stock” means the common stock, par value $0.01, of the Company. 
 “Company” has the meaning set forth in the
preamble to this Agreement. 
 “Company Auditor” means the independent registered public accounting firm responsible for
conducting the audit of the Company’s annual financial statements. 
 “Company Slate” means the candidates for
election as Director proposed or recommended by the Board of Directors to the Company’s stockholders in connection with a meeting of stockholders. 

“Completion of the IPO” means the occurrence of the settlement of the first sale of Common Stock pursuant to the IPO
Registration Statement. 
 “COO” means the Chief Operating Officer of the Company from time to time (or the equivalent
successor position), as appointed by the Board of Directors. 
 “Coverage Change” has the meaning set forth in
Section 6.6(e). 
 “Critical Policy” has the meaning set forth in Section 6.3(a). 

“CRO” means the Chief Risk Officer of the Company from time to time (or the equivalent successor position), as appointed by
the Board of Directors. 
 “Debt Exchange Offer” means the registered exchange offer for the 3.900% senior notes due 2023,
the 4.350% senior notes due 2028 and the 5.000% senior notes due 2048 pursuant to the registration rights agreement, dated April 20, 2018, by and among the Company, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo
Securities, LLC. 
 “Delaware Courts” means the U.S. federal and Delaware State courts located in the City of Wilmington in
the State of Delaware. 

  
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 “Director” means a member of the Board of Directors and
“Directors” has a correlative meaning. 
 “Disclosure Controls and Procedures” means controls and other
procedures designed to ensure that information required to be disclosed by the Company and AXA under Applicable Law is recorded, processed, summarized and reported within applicable time periods, including controls and procedures designed to ensure
that such information is accumulated and communicated to the Company’s management, including the CEO and CFO, and to AXA, as appropriate to allow timely decisions regarding required disclosure. 

“Dispute” has the meaning set forth in Section 9.1(a) hereof. 

“Dispute Resolution Process” has the meaning set forth in Section 9.1(a) hereof. 

“Equity Awards” means a grant to a Director, employee or financial professional of the Company or one of its Subsidiaries of
vested or unvested shares of Common Stock or restricted Common Stock, options to acquire shares of Common Stock, restricted stock units, “phantom” stock units or similar interests in the Company’s common equity, in each case pursuant
to an equity compensation plan approved by the Board of Directors. 
 “Exchange” means the New York Stock Exchange. 

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

“Executive Officer” means the CEO, CFO, COO and all other Persons qualifying as “officers” of the Company for
purposes of Rule 16a-1(f) under the Exchange Act. 
 “First Threshold Date” means
the first date on which AXA ceases to beneficially own at least 35% of the outstanding Common Stock. 
 “Fourth Threshold
Date” means the date on which AXA ceases to beneficially own at least 10% of the outstanding Common Stock. 

“GAAP” means generally accepted accounting principles in the United States, as in effect from time to time. 

“Governmental Authority” means ACPR, AMF and any federal, state, local, domestic or foreign agency, court, tribunal,
administrative body, arbitration panel, department or other legislative, judicial, governmental, quasi-governmental entity or self-regulatory organization with competent jurisdiction. 

“Group NAS Policy” means the AXA policy on Auditor Independence and the Provision of
Non-Audit Services from time to time. 
 “IFRS” means International Financial
Reporting Standards, as adopted by the European Union. 
 “Indemnifying Party” has the meaning set forth in
Section 8.2(a). 

  
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 “Indemnitee” has the meaning set forth in Section 8.2(a). 

“Independent Director” means a Director who is both (i) a NYSE Independent Director and
(ii) “independent” for purposes of Rule 10A-3(b)(1) under the Exchange Act. 

“Information Party” has the meaning set forth in Section 4.8(c) hereof. 

“Internal Control Over Financial Reporting” means a process designed by, or under the supervision of, the CEO and CFO and
effected by the Board of Directors, Company management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles and includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of
the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the Company are being made only in accordance with authorizations of management of the Company and the Board of Directors and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company’s assets that could have a material effect on its financial statements. 
 “IPO Registration
Statement” means the Registration Statement on Form S-1, as amended, relating to the initial public offering of the Common Stock. 

“Losses” has the meaning set forth in Section 8.1(a). 

“Majority Holder Date” means the first date on which AXA ceases to beneficially own more than 50% of the outstanding Common
Stock. 
 “Notice of Dispute” has the meaning set forth in Section 9.1(a). 

“NYSE Independent Director” means a Director who is “independent” within the meaning of that term used in Rule
303A.02 of the NYSE Manual, taking into account the additional factors specified in Rule 303A.02(a)(ii) for compensation committee members. 

“NYSE Manual” means the Listed Company Manual of the New York Stock Exchange, as amended. 

“Other Agreements” means those agreements between the Company or its Subsidiaries and AXA or its Subsidiaries and listed on
Schedule 1.1B hereto. 
 “Party” and “Parties” have the respective meanings set forth in the preamble to
this Agreement. 
 “Person” means any individual, corporation, partnership, joint venture, limited liability company,
association or other business entity and any trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
 5 

 “Qualified Compensation Director” means a Director who is a “Non-Employee Director” as defined in Rule 16b-3(b)(3)(i) under the Exchange Act. 

“Registration Rights Agreement” means the registration rights agreement dated the date hereof between the Company and AXA in
the form attached hereto as Annex A. 
 “Regulation S-K” means Regulation S-K, as amended, under the Securities Act. 
 “SEC” means the United States Securities
and Exchange Commission. 
 “Second Threshold Date” means the date on which AXA ceases to beneficially own at least 30% of
the outstanding Common Stock. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 

“Sign Off Procedures” means the accounting and financial sign-off procedure for half
year and full year financial closing communicated to the Company from time to time. 
 “Subsidiary” of a Party shall mean
any corporation, partnership, joint venture, limited liability company, association or other entity of which such Party has the ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities or similar ownership
interests, including any securities or similar ownership interests which are voting only upon the occurrence of a contingency where such contingency has occurred and is continuing. For purposes of this Agreement, (i) no investment fund,
investment company, collective investment trust or similar vehicle sponsored, formed or seeded by the Company or any of its Subsidiaries shall be deemed to be a Subsidiary of the Company and (ii) the Company and its Subsidiaries shall
not be deemed to be Subsidiaries of AXA. 
 “Third Threshold Date” means the date on which AXA ceases to beneficially own
at least 20% of the outstanding Common Stock. 
 “Trademark License Agreement” means the trademark license agreement, dated
[·], 2018, between AXA S.A. and the Company. 

“Wholly Owned Subsidiary” means a Subsidiary, 100% of the Capital Stock of which is owned, directly or indirectly, by a
Party. 
  

	1.2	Beneficial Ownership. 

 For purposes of this Agreement, AXA shall be deemed to
beneficially own securities which are beneficially owned by AXA’s Subsidiaries. 
  

	1.3	Timing of Provisions. 

 In this Agreement, any provision which applies “until”
a specified date shall apply on such specified date, and shall cease to apply on the date immediately following such specified date. 

  
 6 

 ARTICLE II 

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE 
  

	2.1	Charter and By-Laws. 

 (a) The Company shall no
later than the Completion of the IPO, file with the Secretary of State of the State of Delaware, and cause to become effective, the amended and restated certificate of incorporation in the form attached hereto as Annex B. 

(b) The Board of Directors shall no later than the Completion of the IPO, adopt the amended and restated
by-laws in the form attached hereto as Annex C. 
  

	2.2	Board of Directors. 

 (a) As of the Completion of the IPO, the Board of Directors shall
consist of nine members, and from the Completion of the IPO until the Majority Holder Date, subject to Section 2.2(g), the Company and AXA shall use their best efforts to cause the Board of Directors to consist of nine members, in each case as
follows: 
  

	 	(i)	the CEO; 

  

	 	(ii)	five AXA Directors; and 

  

	 	(iii)	three Independent Directors. 

 (b) Until the Majority Holder Date, the Company shall, and shall
use its best efforts to cause the Board of Directors to, cause the Chairman of the Board of Directors to be an AXA Director. 
 (c) At all
times, at least two of the Independent Directors shall also be Qualified Compensation Directors. 
 (d) Until the Second Threshold Date, the
Company shall not change the number of Directors on the Board of Directors without the consent of AXA. 
 (e) AXA shall have the right to
include on each Company Slate the following number of Directors, which shall each be designated as “AXA Directors”: 
  

	 	(i)	Until the Majority Holder Date, a majority of the Directors on the Board of Directors (or such lower number as AXA shall determine); 

 

	 	(ii)	After the Majority Holder Date and until the First Threshold Date: three; 

  

	 	(iii)	After the First Threshold Date and until the Fourth Threshold Date: two; and 

  

	 	(iv)	After the Fourth Threshold Date, none. 

  
 7 

 (f) Until the Fourth Threshold Date, the Company shall, and shall use its best efforts to cause
the Board of Directors to, do each of the following: 
  

	 	(i)	cause there to be on the Board of Directors at all times that number of AXA Directors for which AXA maintains designation rights pursuant to Section 2.2(e); 

 

	 	(ii)	fill any vacancy on the Board of Directors created by the resignation, removal or incapacity of any AXA Director with another AXA Director candidate identified by AXA, to the extent AXA would at such time have
designation rights for such AXA Director candidate pursuant to Section 2.2(e); and 

  

	 	(iii)	not permit the removal of any AXA Director without AXA’s consent, to the extent AXA would at such time have designation rights for such AXA Director pursuant to Section 2.2(e). 

(g) Unless otherwise consented to by the Company, AXA shall cause within 60 days of: (i) the Majority Holder Date, two AXA
Directors (such AXA Directors to be designated by AXA) to resign from the Board of Directors if at such time there are more than three AXA Directors on the Board of Directors, (ii) the First Threshold Date, one AXA Director (such AXA
Director to be designated by AXA) to resign from the Board of Directors if at such time there are more than two AXA Directors on the Board of Directors and (iii) the Fourth Threshold Date, any remaining AXA Directors to resign from the
Board of Directors. 
  

	2.3	Audit Committee of the Board of Directors. 

 (a) As of the Completion of the IPO, the
Board of Directors shall have established an audit committee that shall consist of (i) three Independent Directors and (ii) one AXA Director (so long as such AXA Director shall also meet the standard for audit committee
membership as set forth in the NYSE Manual) who shall be appointed by the Board of Directors. Until the date immediately preceding the first anniversary of the date upon which the IPO Registration Statement becomes effective, such AXA Director need
not be an Independent Director. On or prior to the earlier of the first anniversary of the date upon which the IPO Registration Statement becomes effective and the Second Threshold Date, any AXA Director shall resign from the audit committee and,
thereafter, such committee shall consist of three Independent Directors. 
 (b) If the Second Threshold Date occurs after the first
anniversary of the date upon which the IPO Registration Statement becomes effective, then until the Second Threshold Date, AXA shall have the right to designate one Independent Director to the audit committee, so long as such Independent Director
shall also meet the standards for audit committee membership as set forth in the NYSE Manual. 
 (c) The audit committee shall have
responsibilities and authority consistent with Rule 10A-3 under the Exchange Act and Rule 303A.07 of the NYSE Manual, and such additional responsibilities and authority, not inconsistent with this
Agreement, as shall be delegated to it by the Board of Directors from time to time. 

  
 8 

 (d) The audit committee shall have at all times at least one member who is an “audit
committee financial expert” as defined in Item 407(d)(5) of Regulation S-K under the Exchange Act. 
  

	2.4	Compensation Committee of the Board of Directors. 

 (a) As of the Completion of the IPO,
the Board of Directors shall have established a compensation committee that shall consist of (i) two Independent Directors (which are also Qualified Compensation Directors) and (ii) one AXA Director (as determined by the
Board of Directors). Until the Majority Holder Date, AXA shall have the right to designate one AXA Director who shall be appointed by the Board of Directors to the compensation committee. Within 60 days of the Majority Holder Date, such AXA Director
shall resign from the compensation committee and thereafter, the compensation committee shall consist of three Independent Directors. After the Majority Holder Date and until the Second Threshold Date, AXA shall have the right to designate one
Independent Director to the compensation committee. 
 (b) From the Completion of the IPO until the Majority Holder Date, the following
provisions will apply: 
  

	 	(i)	the compensation committee of the Board of Directors shall be responsible for: 

  

	 	(A)	reviewing and approving the compensation of each of the Executive Officers; 

  

	 	(B)	reviewing the equity compensation plans and other compensation plans of the Company, and making recommendations to the Board of Directors as to any changes to such plans; 

 

	 	(C)	making recommendations to the Board of Directors as to performance-based awards and target levels under performance-based compensation arrangements; 

 

	 	(D)	preparing, or supervising the preparation of, the report required by Item 407(e)(5) of Regulation S-K for inclusion in the Company’s proxy statement; and 

 

	 	(E)	such other responsibilities, not inconsistent with this Agreement, as shall be delegated to it by the Board of Directors from time to time; and 

 

	 	(ii)	the Board of Directors shall be responsible for: 

  

	 	(A)	approving and adopting the equity compensation plans and other compensation plans of the Company; and 

  

	 	(B)	approving performance-based awards and target levels under performance-based compensation arrangements. 

  
 9 

 (c) On the Majority Holder Date (or on such earlier date as AXA shall determine), to the extent
not already so delegated, the Board of Directors shall delegate to the compensation committee the responsibilities and authority set forth in Section 303A.05 of the NYSE Manual. 

(d) From the Completion of the IPO until the Majority Holder Date, and during any other time that the compensation committee includes members
who are not Qualified Compensation Directors, the compensation committee shall maintain a subcommittee consisting solely of two or more Qualified Compensation Directors who shall be responsible for: 

 

	 	(i)	approving any grants of equity or equity-based compensation awards to an Executive Officer or Director of the Company; and 

  

	 	(ii)	such other matters as shall be delegated to the subcommittee by the compensation committee or as shall be required by Applicable Law to be approved or determined by Qualified Compensation Directors. 

(e) From the Completion of the IPO until the Majority Holder Date, and except for those matters specifically reserved in Section 2.4(d)
for approval by a subcommittee of Qualified Compensation Directors, the compensation committee shall only act with the consent of a majority of the members of the compensation committee, which majority must include an AXA Director, unless such
action is required by Applicable Law to be approved solely by Independent Directors. 
 (f) Following the Majority Holder Date, the
compensation committee shall have responsibilities and authority consistent with Rule 303A.05 of the NYSE Manual, and such additional responsibilities and authority, not inconsistent with this agreement, as shall be delegated to it by the Board
of Directors from time to time. 
  

	2.5	Nominating and Governance Committee of the Board of Directors. 

 (a) As of the Completion
of the IPO, the Board of Directors shall have established a nominating and governance committee consisting of (i) two Independent Directors and (ii) one AXA Director (as determined by the Board of Directors). Until the
Majority Holder Date, AXA shall have the right to designate one AXA Director who will be appointed by the Board of Directors to the nominating and governance committee. Within 60 days of the Majority Holder Date, such AXA Director shall resign from
the nominating and governance committee and, thereafter, the nominating and governance committee shall consist of three Independent Directors. After the Majority Holder Date and until the Second Threshold Date, AXA shall have the right to designate
one Independent Director to the nominating and governance committee. 
 (b) Until the Majority Holder Date, the nominating and governance
committee shall only act with the consent of a majority of the members of the committee, which majority must include an AXA Director, unless such action is required by Applicable Law to be approved solely by Independent Directors. 

(c) The nominating and governance committee shall at all times exercise the responsibilities and authority set forth under Rule 303A.04
of the NYSE Manual, and such additional responsibilities and authority, not inconsistent with this agreement, as shall be 

  
 10 

 
delegated to it by the Board of Directors from time to time, subject in each case to AXA’s designation rights under Section 2.2(e) hereof. 

 

	2.6	Finance and Risk Committee of the Board of Directors. 

 (a) As of the Completion of the
IPO, the Board of Directors shall have established a finance and risk committee consisting of three Independent Directors as shall be determined by the Board of Directors and with such responsibilities, not inconsistent with this Agreement, as shall
be determined by the Board of Directors. 
 (b) Until the Second Threshold Date, AXA shall have the right to designate one of the three
Independent Directors constituting the finance and risk committee. 
  

	2.7	Executive Committee of the Board of Directors. 

 (a) As of the Completion of the IPO, the
Board of Directors shall have established an executive committee consisting of: 
  

	 	(i)	the CEO; 

  

	 	(ii)	one Independent Director who is not an AXA Director; and 

  

	 	(iii)	two AXA Directors. 

 (b) Until the Majority Holder Date, AXA shall have the right to designate
two AXA Directors who will be appointed by the Board of Directors to the executive committee of the Board of Directors. 
 (c) Until the
Majority Holder Date, the executive committee shall only act with the consent of a majority of the members of the executive committee, which majority must include an AXA Director. 

(d) Following the Majority Holder Date but prior to the First Threshold Date, (i) AXA shall have the right to designate one AXA
Director to the executive committee and (ii) one AXA Director on the executive committee of the Board of Directors may be replaced by a Director, as determined by the Board of Directors. 

(e) Following the First Threshold Date, any remaining AXA Directors may be replaced by one or more Directors, as determined by the Board of
Directors. 
 (f) At any time that any AXA Directors are members of the executive committee, such AXA Directors shall be available to the
other committee members on short notice (generally meaning within 24 hours of any communication being sent), or shall provide for a delegate (who shall also be an AXA Director) to be available within such a time period. 

(g) The executive committee of the Board of Directors shall have such authority as shall be delegated to it by the Board of Directors from
time to time; provided, however, that until 

  
 11 

 
the Fourth Threshold Date, the executive committee shall report promptly to the Board of Directors any actions or decisions it has taken in reliance on its delegated authority. 

 

	2.8	Management Risk Committee. 

 (a) As of the Completion of the IPO, the Board of Directors
shall have established a management risk committee, which shall be a management committee and which shall report periodically (and no less frequently than before each regularly scheduled audit committee meeting) to the audit committee of the Board
of Directors. 
 (b) The management risk committee shall consist of (i) the CRO and (ii) such other employees of the
Company as shall be appointed from time-to-time by the CEO. 

(c) Until the Third Threshold Date, AXA shall be entitled to appoint one observer to attend each meeting of the management risk committee, and
shall be sent a copy of all materials, reports and other communications from the management risk committee. The presence or participation of such observers shall not be required for the management risk committee to act, provided, however, that such
presence or participation may not be interfered with by the Company. 
 (d) The management risk committee shall be the principal management
committee of the Company responsible for assisting the audit committee and the finance and risk committee of the Board of Directors and the Board of Directors in monitoring the Company’s risk and capital profile and policies. The Board of
Directors shall be entitled to receive reports directly from the Company’s CRO. 
  

	2.9	Asset Liability Management Committee. 

 (a) As of the Completion of the IPO, the Board of
Directors shall have established an asset liability management committee, which shall be a management committee and which shall report periodically (and no less frequently than before each regularly scheduled meeting of the Board of Directors) to
the Board of Directors. 
 (b) The asset liability management committee shall consist of such employees of the Company as shall be appointed
from time-to-time by the CEO. 
 (c) Until the Third
Threshold Date, AXA shall be entitled to appoint one observer to attend each meeting of the asset liability management committee, and shall be sent a copy of all materials, reports and other communications from the asset liability management
committee. The presence or participation of such observers shall not be required for the asset liability management committee to act, provided, however, that such presence or participation may not be interfered with by the Company. 

(d) The asset liability management committee shall be the principal management committee of the Company responsible for setting the
Company’s investment policies and practices and hedging strategy subject to approval by the Board of Directors, monitoring the Company’s general account and other investments and assisting the Board of Directors in its oversight of these
matters. 

  
 12 

	2.10	Implementation. 

 (a) The Company shall make such disclosures, and shall take such other
steps, as shall be required to avail itself of such exemptions from Exchange rules and other Applicable Law so as to permit the full implementation of this Article II. 

(b) Any determination by or consent of AXA pursuant to this Article II shall be evidenced in writing signed by an AXA Executive Officer. The
signature of an AXA Executive Officer who is also an AXA Director on a unanimous written consent by the Board of Directors shall not constitute consent or approval under this Section 2.10(b). 

(c) For the avoidance of doubt, except as expressly stated above, AXA Directors (i) shall not be required to be Independent
Directors or meet any standard of independence from the Company and (ii) may be officers or employees of AXA, but not of the Company. 

ARTICLE III 
 AXA
APPROVAL AND CONSENT RIGHTS 
  

	3.1	AXA Approval and Consent Rights at Thirty Percent Threshold. 

 (a) Until the Second
Threshold Date, the Company shall not (either directly or indirectly through a Subsidiary, or through one or a series of related transactions) take any of the following actions without the prior written consent of AXA: 

 

	 	(i)	Any merger, consolidation or similar transaction (or any amendment to or termination of an agreement to enter into such a transaction) involving the Company or any Subsidiary of the Company, on the one hand, and any
other Person, on the other hand; other than (A) an acquisition of 100% of the Capital Stock of such other Person or (B) disposition of 100% of the Capital Stock of a Subsidiary of the Company, in each case involving
consideration not exceeding $250 million; 

  

	 	(ii)	Any acquisition or disposition of securities, assets or liabilities (including through reinsurance on a proportional or non-proportional basis whether involving full or partial
risk transfer or for other purposes of surplus or capital relief) involving consideration or book value greater than $250 million, other than transactions involving assets invested in the Company’s consolidated general account and approved
in accordance with the Company’s established policies and procedures to monitor invested assets; 

  

	 	(iii)	Any increase or decrease in the authorized Capital Stock of the Company, or the creation of any new class or series of Capital Stock of the Company; 

 

	 	(iv)	Any issuance or acquisition (including stock buy-backs, redemptions, and other reductions of capital) of Capital Stock, or securities convertible into or exchangeable or
exercisable for Capital Stock or equity-linked securities, of the Company or any of its Subsidiaries (including any 

  
 13 

	 	
partnership interests or units of AllianceBernstein Holding L.P. or AllianceBernstein L.P.), except: 

  

	 	(A)	issuances of Equity Awards; 

  

	 	(B)	issuances of Capital Stock of a Subsidiary to a Wholly Owned Subsidiary, or acquisitions of Capital Stock (other than any partnership interests or units of AllianceBernstein Holding L.P. or AllianceBernstein L.P.) of a
Subsidiary by a Wholly Owned Subsidiary; 

  

	 	(C)	issuances or acquisitions of Capital Stock that, in the express judgment of the Board of Directors as stated in the authorizing resolutions thereof, are necessary to maintain compliance with covenants contained in any
instrument under which the Company or any Subsidiary has issued indebtedness; and 

  

	 	(D)	acquisitions of Capital Stock in connection with the funding of Equity Awards or to prevent shareholder dilution from the issuance of Equity Awards. 

 

	 	(v)	Any issuance or acquisition (including redemptions, prepayments, open-market or negotiated repurchases or other transactions reducing the outstanding debt of the Company or any Subsidiary) of any debt security of the
Company or any Subsidiary to or from a third party, in each case involving an aggregate principal amount exceeding $250 million, except the Debt Exchange Offer; 

 

	 	(vi)	Any other incurrence of a debt obligation of the Company or any Subsidiary to a third party having a principal amount greater than $250 million, except the Debt Exchange Offer and the roll-over of existing amounts
of debt or other obligations (A) incurred in connection with repurchase agreements and securities lending, (B) owed to a Federal Home Loan Bank, or (C) to the extent the proceeds of which are used directly or
indirectly (including for the purpose of funding portfolios that are used to fund trusts) in order to support AXXX, XXX and other similar insurance reserve requirements. 

 

	 	(vii)	Entry into or termination of any joint venture or cooperation arrangements involving assets having a book value exceeding $250 million; 

 

	 	(viii)	The listing or delisting of securities of the Company or any of its Subsidiaries on a securities exchange, other than the listing or delisting of debt securities on the Exchange or any other securities exchange located
solely in the United States; 

  

	 	(ix)	(A) The formation of, or delegation of authority to, any new committee, or subcommittee thereof, of the Board of Directors, (B) the delegation of 

 

  
 14 

	 	
authority to any existing committee or subcommittee thereof not set forth in the committee’s charter or authorized by the Board of Directors prior to the Completion of the IPO or
(C) any amendments to the charter (or equivalent authorizing document) of any committee, including any action to increase or decrease size of any committee (whether by amendment or otherwise), except in each case as required by
Applicable Law; 

  

	 	(x)	The amendment (or approval or recommendation of the amendment) of the Company’s certificate of incorporation or by-laws; 

 

	 	(xi)	With respect to the Company or any Subsidiary, any filing or the making of any petition under Bankruptcy Laws, any general assignment for the benefit of creditors, any admission of an inability to meet obligations
generally as they become due or any other act the consequence of which is to subject the Company or any Subsidiary to a proceeding under Bankruptcy Laws; 

  

	 	(xii)	Any commencement or settlement of material litigation or any regulatory proceedings if such litigation or regulatory proceeding is material to AXA or could reasonably be expected to have a material adverse effect on
AXA’s reputation; 

  

	 	(xiii)	Entry into any material written agreement or settlement with, or any material written commitment to, a regulatory agency, or any settlement of a material enforcement action if such agreement, settlement or commitment is
material to AXA or could reasonably be expected to have a material adverse effect on AXA’s reputation; 

  

	 	(xiv)	Any dissolution or winding-up of the Company; 

  

	 	(xv)	The election, appointment, hiring, dismissal or removal (other than for Cause) of the Company’s CEO or CFO; 

  

	 	(xvi)	The entry into, termination of or material amendment of any material contract with a third party, excluding, in each case, (A) any employment agreement, (B) any contract involving aggregate
cumulative payments of $50 million or less or (C) any contract where entry into, termination of or material amendment of is otherwise expressly permitted by this Agreement or by any of the Other Agreements; 

 

	 	(xvii)	Any material change to the nature or scope of the Company’s business immediately prior to the Completion of the IPO; or 

  

	 	(xviii)	Any material change in hedging strategy. 

 (b) Until the later of (i) the date when
AXA ceases to be required under IFRS to consolidate the financial statements of the Company with its financial statements and (ii) the 

  
 15 

 
Majority Holder Date, AXA shall have the right to approve the Company’s business plan or annual budget. 

(c) The Company shall not cease use of any licensed trademarks or otherwise rebrand its products and services prior to the termination of the
Trademark License Agreement. 
  

	3.2	Implementation. 

 (a) The consent or approval of AXA for any action for which AXA has
consent or approval rights under this Article III shall be evidenced in writing signed by an AXA Executive Officer. The signature of an AXA Executive Officer who is also an AXA Director on a unanimous written consent by the Board of Directors shall
not constitute consent or approval under this Section 3.2. 
 (b) In exercising its rights pursuant to this Article III, AXA shall
periodically consult with the Independent Directors and consider in good faith their views. 
 ARTICLE IV 

INFORMATION, DISCLOSURE AND FINANCIAL ACCOUNTING 
  

	4.1	Information Rights During Equity Accounting Periods. 

 (a) The Company agrees that,
during the period beginning when Section 4.2 hereof ceases to apply and ending on the later of (A) AXA being no longer required under IFRS (x) to account in its financial statements for its holdings in the Company under
an equity method or (y) to consolidate the financial statements of the Company with its financial statements and (B) the Third Threshold Date, unless AXA shall earlier provide written notice to the Company that it is opting-out of this Section 4.1(a), the Company shall provide AXA with (i) information and data relating to the business and financial results of the Company and its Subsidiaries,
(ii) access, during usual business hours, to the Company’s personnel, data and systems and (iii) the information and data required by Section 4.2(a)(ii) and (iii) hereof, in each case to the extent that such
information, data or access is required for AXA to meet its legal, financial or regulatory obligations or requirements (as determined by AXA in its reasonable judgment) and on or prior to any deadline set by AXA for receipt of such information, data
or access. 
 (b) The Company agrees that, during the period beginning when Section 4.2 hereof ceases to apply and ending on the later
of (A) AXA being no longer required under IFRS (x) to account in its financial statements for its holdings in the Company under an equity method or (y) to consolidate the financial statements of the Company with
its financial statements and (B) the Third Threshold Date, the Company shall, and shall cause each of its Subsidiaries, to: 
  

	 	(i)	maintain Disclosure Controls and Procedures; 

  

	 	(ii)	maintain Internal Control Over Financial Reporting; 

  

	 	(iii)	provide quarterly certifications from its relevant officers and employees regarding Disclosure Controls and Procedures and Internal Control Over Financial Reporting; and 

  
 16 

	 	(iv)	maintain Sign Off Procedures. 

  

	4.2	Information Rights During Full Consolidation Periods. 

 (a) The Company agrees that, so
long as AXA is required under IFRS to consolidate the financial statements of the Company with its financial statements, and in any case for all financial periods commencing prior to the Majority Holder Date: 

 

	 	(i)	General Principles. The Company shall continue to provide AXA with (A) information and data relating to the business and financial results of the Company and its Subsidiaries and
(B) access to the Company’s personnel, data and systems, in each case in the same manner as it does immediately prior to the Completion of the IPO and on or prior to any deadline set by AXA for receipt of such information, data or
access; 

  

	 	(ii)	Solvency II. The Company shall, and, where applicable, shall cause each of its Subsidiaries to: 

  

	 	(A)	produce calculations in respect of the Company (and its Subsidiaries if applicable) for the purposes of AXA’s Solvency II calculations and reporting requirements in line with AXA’s internal model including
validation reports produced in line with AXA’s approved validation policy; 

  

	 	(B)	provide all information required or requested by AXA in respect of the Company (and its Subsidiaries if applicable) in order for AXA to comply with its Solvency II obligations, including without limitation detailed
reports on assets and liabilities in the form required for AXA’s Quantitative Reporting Templates, supervisory reporting and Solvency & Financial Condition Report in addition to assets and liabilities valued in accordance with local
rules to calculate available capital for the Company’s risk-based capital requirement for so long as the United States is regarded as equivalent for the purposes of Solvency II; 

 

	 	(C)	provide all reasonable assistance to AXA in relation to its Solvency II calculations and regulatory reporting at a group level, including without limitation with respect to AXA’s group-wide recovery and resolution
planning, in the timescales required; and 

  

	 	(D)	provide all reasonable assistance to AXA in connection with its reporting requirements as a Globally Systemic Insurance Company; 

  

	 	(iii)	Actuarial Indicators. The Company shall, and, where applicable, shall cause each of its Subsidiaries to continue to provide AXA with all data, information and calculations necessary for AXA to produce any
requested 

  

  
 17 

	 	
actuarial indicators, including embedded value, new business value, free cash flow and internal rate of return; 

 

	 	(iv)	Accounting Systems and Principles. The Company shall maintain accounting principles, systems and reporting formats that are consistent with AXA’s financial accounting practices in effect as of the Completion
of the IPO, and shall thereafter in good faith consider any changes to such principles, systems or reporting formats requested by AXA; 

  

	 	(v)	Controls and Procedures. The Company shall, and shall cause each of its Subsidiaries, to: 

  

	 	(A)	maintain Disclosure Controls and Procedures; 

  

	 	(B)	maintain Internal Control Over Financial Reporting; 

  

	 	(C)	provide quarterly certifications from its relevant officers and employees regarding Disclosure Controls and Procedures and Internal Control Over Financial Reporting, in accordance with AXA’s internal standards; and

  

	 	(D)	maintain Sign Off Procedures; and 

  

	 	(vi)	Advance Notice. The Company shall inform AXA promptly of any events or developments that might reasonably be expected to materially affect the Company’s financial results. 

(b) In connection with its provision of information to AXA pursuant to Section 4.2(a) hereof, the Company may implement reasonable
procedures to restrict access to such information to only those Persons who AXA reasonably determines have a need to access such information. For the avoidance of doubt, the provisions of Section 10.6 hereof shall apply to all information
provided to AXA pursuant to Section 4.2(a) hereof. 
  

	4.3	General Information Requirements. 

 (a) All information provided by the Company or any of
its Subsidiaries to AXA pursuant to Sections 4.1 and 4.2 shall be in the format and detail as reasonably requested by AXA. All financial statements and information provided by the Company or any of its Subsidiaries to AXA pursuant to Sections 4.1
and 4.2 shall be provided under IFRS with a reconciliation to GAAP. The Company shall maintain Internal Control Over Financial Reporting in connection with the preparation of financial statements under IFRS. 

(b) AXA shall provide the Company with all software and other applications necessary for the Company to prepare and submit to AXA the required
financial information including software and other applications to reconcile the income, equity and any required balance sheet accounts from the Company’s financial statements to the required AXA accounting. AXA shall provide the Company with
at least 30 days’ notice of any change in its administrative practices and policies as they relate to the obligations of the Company pursuant to 

  
 18 

 
Section 4.3(a), including any change in such policies relating to reporting times and delivery methods. 

(c) With respect to any information provided by the Company or any of its Subsidiaries to AXA that is contained in, or used in the preparation
of, any public disclosure of AXA, the Company shall not provide any such information that contains an untrue statement of a material fact, or omits to state a material fact necessary to make such information not misleading. 

 

	4.4	Reporting Coordination Committee. 

  (a) To facilitate the coordination of financial
reporting, the Company and AXA shall establish a Reporting Coordination Committee, which shall have a membership that includes (i) the Chief Accounting Officer of the Company or his or her designee, (ii) a senior member of
the AXA accounting group and (iii) such other members as shall be mutually agreed between the Company and AXA. 
  (b) The
Reporting Coordination Committee shall meet at least quarterly to (i) monitor the financial reporting protocols between the Company and AXA and make recommendations as to any appropriate changes; (ii) determine appropriate
reporting deadlines consistent with the public reporting obligations of the Company and AXA; and (iii) make such other determinations regarding reporting procedures, technologies and personnel as shall be necessary or advisable to
facilitate accurate and efficient financial reporting between the Company and AXA. 
  

	4.5	Matters Concerning Auditors. 

 (a) Until the date on which AXA is no longer required
under IFRS to consolidate the Company’s financial statements with its financial statements, AXA shall have full access, during usual business hours, to the Company Auditor and to the Company’s internal audit function (through the
Company’s head of internal audit), including access to work papers and the personnel responsible for conducting the Company’s quarterly reviews and annual audit, and shall be provided with copies of all material correspondence between the
Company and the Company Auditor. 
 (b) Until the Third Threshold Date, or if later, the date on which AXA is no longer required under IFRS
to account in its financial statements for its holdings in the Company under an equity method: 
  

	 	(i)	the Company shall provide AXA with reasonable access to the Company Auditor and to the Company’s internal audit function (through the Company’s head of internal audit) and shall extend all reasonably requested
cooperation with the AXA Auditor in connection with AXA’s internal and external audit function as necessary for AXA to fulfill its financial reporting obligations; 

 

	 	(ii)	 the Company shall use its reasonable best efforts to enable the Company Auditor to complete its quarterly review
and annual audit such that it shall date its report on such quarterly review or opinion on the Company’s audited annual financial statements on or before the date that the 

  
 19 

	 	
AXAAuditor date their report or opinion on AXA’s financial statements, and to enable AXA to meet its timetable for the printing, filing and public dissemination of its financial statements.
The Company shall instruct the Company Auditor to perform the work requested by the AXA Auditor pursuant to this Agreement and the Company shall use its reasonable best efforts to enable the Company Auditor to comply with the instruction received;

  

	 	(iii)	upon reasonable notice, the Company shall authorize the Company Auditor to make available to the AXA Auditor both the personnel responsible for conducting the Company’s quarterly reviews and annual audit and,
consistent with customary professional practice and courtesy of such auditors with respect to the furnishing of work papers, work papers related to the quarterly review or annual audit of the Company, in all cases within a reasonable time after the
Company Auditor’s opinion date, so that the AXA Auditor are able to perform the procedures they consider necessary to take responsibility for the work of the Company Auditor as it relates to the AXA Auditor’s report on AXA’s financial
statements, all within sufficient time to enable AXA to meet its timetable for the printing, filing and public dissemination of its financial statements; and 

  

	 	(iv)	subject to Applicable Law (including Rule 10A-3 under the Exchange Act), the Company shall not change the Company Auditor without the approval of AXA. 

(c) Neither AXA nor the Company shall take any action that would cause either the Company Auditor or the AXA Auditor, respectively, not to be
independent with respect to the Company or AXA. The Company shall comply with the Group NAS Policy for so long as the Company is an “AXA Group company” as defined in the Group NAS Policy. 

 

	4.6	Release of Information and Public Filings. 

 (a) Until the Third Threshold Date: 

 

	 	(i)	the Company and its Subsidiaries shall coordinate with AXA with respect to the public release of any material information relating to the Company or its Subsidiaries, as applicable. The Company and its Subsidiaries, as
applicable, shall, to the extent practicable, provide AXA with a copy of any such proposed public release no later than two Business Days prior to publication, and shall consider in good faith incorporating any comments provided thereon by AXA prior
to such publication; 

  

	 	(ii)	The Company and its Subsidiaries and AXA shall consult on the timing of their annual and quarterly earnings releases and, to the extent practicable, each Party shall give the other Party an opportunity to review the
information therein relating to the Company and its Subsidiaries and to comment thereon. In the event that the Company or any of its Subsidiaries 

  
 20 

	 	
is required by Applicable Law to publicly release information concerning the Company’s or such Subsidiary’s financial information for a period for which AXA has yet to publicly release
financial information, the Company shall, or cause such Subsidiary to, provide AXA notice of such release of such information as soon as practicable prior to such release of such information; and 

 

	 	(iii)	each of AXA and the Company and its Subsidiaries shall take reasonable steps to cooperate with each other in connection with the preparation, printing, filing, and public dissemination of their respective annual and
quarterly statutory statements, their respective audited annual financial statements, their respective annual reports to stockholders, their respective annual, quarterly and current reports under the Securities Act and the Exchange Act, any
prospectuses and other filings made with the SEC, AMF or ACPR, federal or state insurance requirements or any other required regulatory filings. 

(b) Until the Majority Holder Date: 
  

	 	(i)	AXA shall have the rights with respect to all public communications and filings by the Company set forth in Schedule 4.6(b) hereto; provided, however, that such rights shall not apply to the extent
that they would prevent the Company from complying with its disclosure or other obligations under Applicable Law. 

  

	4.7	Information in Connection with Regulatory or Supervisory Requirements. 

 (a) During any
period in which AXA is deemed to control the Company for U.S., European Commission, or French regulatory purposes, and in any case at all times prior to the Third Threshold Date: 

 

	 	(i)	the Company shall: 

  

	 	(A)	provide, as promptly as reasonably possible but in any case within three business days of any request from AXA (unless not reasonably available within such time, in which case as soon as possible thereafter), any
information, records or documents (x) requested or demanded by any governmental, regulatory, judicial, supra-national or self-regulatory authority having jurisdiction or oversight authority over AXA or any of its Subsidiaries (including,
for the avoidance of doubt, ACPR, AMF and the European Commission) or (y) deemed necessary or advisable by AXA in connection with any filing, report, response or communication made by AXA or its Subsidiaries with or to an authority
referred to in clause (x) of this Section 4.7(a)(i)(A) (whether made pursuant to specific request from such authority or in the ordinary course); and 

  
 21 

	 	(B)	upon reasonable notice, provide access to any governmental, regulatory, judicial, supra-national or self-regulatory authority having jurisdiction or oversight authority over AXA or any of its Subsidiaries (including,
for the avoidance of doubt, ACPR, AMF and the European Commission) to its offices, employees and management in a reasonable manner where and as required under Applicable Law; and 

 

	 	(ii)	AXA shall provide, as promptly as reasonably possible but in any case within three business days of any request from the Company (unless not reasonably available within such time, in which case as soon as possible
thereafter), any information, records or documents (A) requested or demanded by any governmental, regulatory, judicial, supra-national or self-regulatory authority having jurisdiction or oversight authority over the Company or any of its
Subsidiaries; or (B) deemed necessary or advisable by the Company in connection with any filing, report, response or communication by the Company or its Subsidiaries with or to an authority referred to in clause (A) of this
Section 4.7(a)(ii) (whether made pursuant to specific request from such authority or in the ordinary course). 	 

 (b) Each of AXA and the Company shall use reasonable efforts to keep the other Party informed of the
type of information it expects to require on a regular basis in order to meet its reporting or filing obligations with the authorities referred to in Section 4.7(a) above, and the timing of such requirements; provided, however,
that no failure to abide by this Section 4.7(b) shall affect the validity of any demand made pursuant to Section 4.7(a). 
  

	4.8	Implementation with Respect to Legal Disclosures. 

 (a) All requests for information or
documents relating to legal or regulatory matters or with respect to which legal privilege may be sought or asserted under Sections 4.1, 4.2, 4.7(a)(i) or 6.5 shall be made solely to the office of the General Counsel of the Company, and all
responses thereunder shall be made solely to the office of the General Counsel of AXA. For the avoidance of doubt, such information or documents contained in databases, reports or systems of the Company to which AXA has unrestricted access prior to
the date hereof may be redacted, or access to the relevant databases, reports or systems may be restricted or denied, to the extent necessary so that such information and documents are handled in accordance with this Section 4.8. 

(b) All requests for information or documents under Section 4.7(a) shall be made solely to the office of the General Counsel of AXA, and
all responses thereunder shall be made solely to the office of the General Counsel of the Company. 
 (c) If the party required to deliver
the information or documents pursuant to this Section 4.8 (the “Information Party”) believes in good faith, based upon legal advice (from internal or external counsel), that the delivery of any information or documents pursuant
to this Agreement would cause the loss of any applicable legal privilege (or create a risk of such loss), then both parties will work in good faith to determine an alternate means of delivering the 

  
 22 

 
requested information or documents, or the substance thereof, that does not result in the loss of such privilege. If needed to preserve a privilege, the Company and AXA agree to enter into a
Common Interest Agreement, in substantially the form attached hereto as Annex D, in advance of, and as a condition to, such delivery. Notwithstanding the foregoing, if no alternate means can be agreed by the parties and external counsel to the
Information Party informs the other party in writing that a common interest cannot be established, or with sufficient confidence be asserted, to preserve the legal privilege with respect to the information or documents in question, even if a Common
Interest Agreement were to be entered into, or that for any other reason the information or documents cannot be delivered without loss of the privilege (such counsel to explain the reasons for its conclusion briefly but in reasonable detail so that
the other party can review the legal analysis with its own counsel), then the Information Party is excused from providing such information or documents but only to the extent and for the time necessary to preserve the privileged character thereof.

  

	4.9	Expenses. 

 The Company shall be responsible for any expenses it incurs in connection
with the fulfillment of its obligations under this Article IV, except (i) out-of-pocket expenses incurred with respect to specific requests by AXA for
information, documents or access, in excess of amounts historically incurred by the Company (if any) for the provisions of similar information, documents and access; (ii) to the extent expressly agreed between AXA and the Company prior
to the incurrence of any specific expenses; and (iii) any incremental out-of-pocket expense incurred in connection with the acquisition of the software and
applications referred to in Section 4.3(b) hereof (in excess of expenses that would otherwise be incurred by the Company in the absence of such section). 

ARTICLE V 
 SUBSEQUENT
SALES OF COMMON STOCK 
  

	5.1	Registration Rights. 

 The Parties shall execute and deliver, concurrently with the
execution and delivery of this Agreement, the Registration Rights Agreement. 
  

	5.2	Lock-Up Provisions. 

 (a) In connection with any
underwritten offering of Common Stock (whether or not pursuant to the Registration Rights Agreement), the Company shall, and shall cause the Executive Officers and Directors to, and, prior to the Fourth Threshold Date, AXA shall, agree with the
underwriters in any such offering to a lock-up period of up to 90 days (or such shorter period as may be agreed to by the managing underwriter(s)), subject to customary carve-outs. 

(b) Notwithstanding Section 5.2(a) hereof, AXA shall not be obligated to agree to any lock-up
period during which it would be prevented from selling all or any portion of its Common Stock in privately negotiated transactions that are not executed through the facilities of a securities exchange. 

  
 23 

 ARTICLE VI 

OTHER PROVISIONS 
  

	6.1	Other Agreements. 

 If not already executed and delivered, the Parties shall execute and
deliver, concurrently with the execution and delivery of this Agreement, the Other Agreements. 
  

	6.2	Related Party Transaction Policy. 

 (a) Subject to the terms of the Related Party
Transaction Policy, the review and approval of the audit committee of the Board of Directors shall be required prior to the Company entering into: 
  

	 	(i)	any transaction that would be reportable by the Company pursuant to Item 404(a) of Regulation S-K in the Company’s subsequent Annual Report on Form 10-K; and 

  

	 	(ii)	any material amendment to this Agreement or the Other Agreements. 

 (b) No Director on the
audit committee of the Board of Directors who has a material interest in a transaction referred to in Section 6.2(a) shall be eligible to consider such transaction. 

(c) As of the Completion of the IPO, the Board of Directors shall adopt the Related Party Transaction Policy in the form provided to the Board
of Directors. 
  

	6.3	Certain Policies and Procedures. 

 (a) Until the Majority Holder Date, the Board of
Directors shall, when determining to implement, amend or rescind any policy of the Company or any of its Subsidiaries relating to risk, capital, investment, environmental and social responsibility or regulatory compliance (each, a “Critical
Policy”), take into account the Company’s status as a consolidated Subsidiary of AXA, and take into account the interests of AXA therein and the requirement for the Company to comply with AXA Group Standards; 

(b) During any period in which AXA is deemed to control the Company for U.S., European Commission or French regulatory purposes, and in any
case at all times prior to the Third Threshold Date, the Company: 
  

	 	(i)	shall not adopt or implement any policies or procedures, and at AXA’s reasonable request, shall refrain from taking any actions, that would cause AXA to violate any Applicable Law to which AXA is subject;

  

	 	(ii)	shall, prior to implementing, amending or rescinding any Critical Policy, consult with AXA (though one or more AXA Directors, if any shall be in office at such time, or else through the General Counsel of AXA); and, to
the extent consistent with its fiduciary duties, the Board of Directors shall 

  
 24 

	 	
take into account the reasonable interests of AXA with respect thereto; and 

  

	 	(iii)	shall maintain and observe the policies of AXA to the extent necessary for AXA to comply with its legal and regulatory obligations; 

provided that this Section 6.3(b) shall not require the Company to take any action (including adopting or implementing any policy) or refrain from
taking any action where such action or inaction would cause the Company to violate Applicable Law. 
  

	6.4	Access to Personnel and Data. 

 (a) In addition to the specific rights of AXA set forth
elsewhere in this Agreement, until the Majority Holder Date and subject to Section 4.8 hereof: 
  

	 	(i)	the Company shall continue to provide representatives of AXA with reasonable access to the Company’s personnel (including senior-level management and other employees) and data, in a manner consistent with the
status of the Company as a consolidated Subsidiary of AXA; provided that AXA shall comply with the Company’s reasonable data privacy and data security policies and procedures with respect to any personally identifiable information
received; and 

  

	 	(ii)	AXA shall continue to provide representatives of the Company with reasonable access to AXA’s personnel (including senior-level management and other employees) and data, in a manner consistent with the status of AXA
as the corporate parent of the Company; provided that the Company shall comply with the AXA’s reasonable data privacy and data security policies and procedures with respect to any personally identifiable information received.

  

	6.5	Access to Historical Records. 

 (a) For a period of two years following the Third
Threshold Date, subject to an extension of up to ten years upon the demonstration of a legal, tax or regulatory requirement for such extension by the requesting Party, AXA and the Company shall retain the right to access such records of the other
which exist resulting from AXA’s control or ownership of all or a portion of the Company. Upon reasonable notice and at each Party’s own expense, AXA (and its authorized representatives) and the Company (and its authorized representatives)
shall be afforded access to such records at reasonable times and during normal business hours and each Party (and its authorized representatives) shall be permitted, at its own expense, to make abstracts from, or copies of, any such records;
provided that access to such records may be denied if (i) AXA or the Company, as the case may be, cannot demonstrate a legitimate business need (during the two year period following the Third Threshold Date), or a legal or
regulatory requirement (during the extension period described above), for such access to the records; (ii) the information contained in the records is subject to any applicable confidentiality commitment to a third party;
(iii) a bona fide competitive reason exists to deny such access; (iv) the records are to be used for the initiation of, or as part of, a suit or claim against the other Party; (v) such access 

  
 25 

 
would serve as a waiver of any privilege afforded to such record; or (vi) such access would unreasonably disrupt the normal operations of AXA or the Company, as the case may be. 

 

	6.6	Indemnification; Liability Insurance. 

 (a) Until at least the day after the last date on
which an AXA Individual is a Director, officer or employee of the Company, the Company shall grant indemnification (including advancement of expenses) to each such Director, officer and employee of the Company to the greatest extent permitted under
Section 145 of the General Corporation Law of the State of Delaware and other Applicable Law, as may be amended from time to time. Such indemnification and advancement shall continue as to any AXA Individual (i) who becomes entitled to
indemnification or advancement on or prior to such date, notwithstanding any change (except those changes made as required by applicable law) in the Company’s indemnification or advancement policies following such date, and (ii) with
respect to liabilities existing or arising from events that have occurred on or prior to such date, notwithstanding such AXA Individual’s ceasing to be a Director, officer or employee of the Company. 

(b) In connection with the IPO, the Company has obtained new insurance coverage effective as of the Completion of the IPO with respect to
(i) director and officer liability (including entity coverage for any securities claims) and (ii) director and officer liability that is not indemnified by the Company and not covered under the foregoing clause (i) of this
Section 6.6(b) (collectively, “Agreed Coverage”). The Agreed Coverage covers Directors, officers and employees of the Company and AXA Individuals equally and to the same extent, and the Company, Subsidiaries of the Company and
AXA equally and to the same extent. 
 (c) In addition to the Agreed Coverage, the Company maintains insurance coverage for fiduciary
liability and director and officer liability unrelated to the IPO (collectively, the “Current Coverage”). The Current Coverage shall be renewed annually and kept in force by the Company on substantially the same terms in order to
cover any claims made on or prior to the sixth anniversary of the last date on which any AXA Individual is a Director, officer or employee of the Company. The Company shall be responsible for the cost of the Current Coverage. 

(d) Subject to the provisions of this Section 6.6, the Agreed Coverage shall be renewed annually by the Company on substantially the same
terms in order to cover any claims made on or prior to the sixth anniversary of the last date on which the closing occurred for any offering of securities by the Company (i) in which AXA is a securityholder, (ii) completed
while any AXA Individual is a Director (or was named in the Registration Statement of the Company under the Securities Act for such offering as a Director nominee of the Company), officer, employee of the Company or (iii) completed prior
to the termination of this Agreement (excluding those provisions of this Agreement that are expressly stated to survive such termination in Section 10.13 hereof). 

(e) As used in this Section 6.6, the terms “Current Coverage” and “Agreed Coverage” shall mean the
coverages in place as of the date of this Agreement as well as any renewal, amendment, endorsement or replacement (each, a “Coverage Change”) of such coverages. A change in premium for any such Agreed Coverage or Current Coverage
shall not be considered a “Coverage Change.” 

  
 26 

 (f) Promptly upon receipt of any written request from AXA, the Company will supply AXA with
copies of any policies of insurance, binders, proposed terms or wording and other relevant information or documents with respect to the Agreed Coverage or Current Coverage or any actual or proposed Coverage Change regarding the Agreed Coverage or
Current Coverage. 
 (g) AXA shall receive reasonable prior notice of any proposed Coverage Change and any proposed change in premiums on
the Agreed Coverage. No Coverage Change shall become effective that would have the effect of making the Agreed Coverage and Current Coverage (i) less favorable to AXA Individuals in comparison to Directors, officers or employees of the Company
than is the Agreed Coverage and Current Coverage prior to such Coverage Change or (ii) less favorable to AXA in comparison to the Company and Subsidiaries of the Company than is the Agreed Coverage and Current Coverage prior to such Coverage
Change without the prior written consent of AXA, which consent may be granted, conditioned or withheld in the sole discretion of AXA. If the proposed premium change for the Agreed Coverage would materially increase its cost, AXA shall have the right
to participate with the Company in negotiations with the insurance brokers and insurance companies with respect to such proposed increase. 

(h) If a Coverage Change to the Agreed Coverage or Current Coverage is required by the relevant insurers because certain terms and conditions
are no longer available, and such Coverage Change would have the effect of making the Agreed or Current Coverage (i) less favorable to AXA Individuals in comparison to Directors, officers, employees or agents of the Company than the
Agreed Coverage or Current Coverage prior to such Coverage Change, or (ii) less favorable to AXA in comparison to the Company and Subsidiaries of the Company than is the Agreed Coverage or Current Coverage prior to such Coverage Change,
AXA shall have the option of either (x) consenting to such Coverage Changes, which consent may be granted, conditioned or withheld in the sole discretion of AXA, or (y) requiring the Company to procure “run-off” or “tail” coverage on behalf of AXA for a period of six (6) years from the date of such Coverage Change. Additionally, the Company will continue to maintain the Agreed Coverage and
Current Coverage (subject to such Coverage Change) pursuant to Section 6.6(c) and (d) for any alleged liability occurring after the effective date of the “run off” or “tail coverage.” The cost of such “run-off” or “tail” coverage will be borne by AXA and the Company according to the same percentage of cost outlined in Section 6.6 (c) and (d). 

(i) AXA may at any time request in writing a Coverage Change with respect to the (i) Agreed Coverage of AXA Individuals or AXA or
(ii) Current Coverage of AXA Individuals. The Company will use commercially reasonable efforts to effect such Coverage Change so long as such Coverage Change would not have the effect of making the Agreed Coverage or Current Coverage
(i) less favorable to the Company or any of its Subsidiaries or any Director, officer or employee of the Company and its Subsidiaries than the Agreed Coverage or Current Coverage prior to such Coverage Change, (ii) more
favorable to AXA Individuals in comparison to Directors, officers or employees of the Company than is the Agreed Coverage or Current Coverage prior to such Coverage Change, or (iii) more favorable to AXA in comparison to the Company and
Subsidiaries of the Company than is the Agreed Coverage prior to such Coverage Change. AXA may request, at any time, the termination of the Agreed Coverage applicable to AXA Individuals or AXA or Current Coverage applicable to AXA Individuals by
advancewritten notice to the Company in accordance with Section 10.2. Upon receipt of such 

  
 27 

 
notice, the Company shall use commercially reasonable efforts to promptly terminate such coverage. 

(j) In the event that any insured makes a claim or delivers a notice of circumstances under any insurance policy providing the Agreed Coverage
or Current Coverage, then, provided that attorney-client privilege and attorney-work product protection are protected and preserved with respect to such matters (including by entering into a Common Interest Agreement in the form attached hereto as
Annex D), each of the Company (with respect to claims or notices by the Company or any of its Subsidiaries or any Director, officer or employee of the Company) and AXA (with respect to claims or notices by AXA or any AXA Individual) shall
promptly provide written notice to the other of such claim or notice of circumstances and shall continue to keep the other informed of the status and progress of such claim or notice of circumstances, including providing copies of such relevant
documentation and correspondence with the insurers as the other may request. 
 (k) In the event that multiple insureds make claims or
deliver notices of circumstances with respect to the same underlying events or facts under any insurance policy providing the Agreed Coverage or Current Coverage, then, provided that attorney-client privilege and attorney-work product protection are
protected and preserved with respect to such matters (including by entering into a Common Interest Agreement in the form attached hereto as Annex D), each of the Company (with respect to claims or notices by the Company or any of its
Subsidiaries or any Director, officer or employee of the Company) and AXA (with respect to claims or notices by AXA or any AXA Individual) shall cooperate with the other in connection with (i) the defense of allegations from third parties with
respect to the underlying events or facts, and (ii) dealing with the insurers providing the Agreed Coverage and Current Coverage with respect to asserting rights to coverage in respect of such third party claims and the underlying events or
facts, in all cases with the intention of seeking to maximize the aggregate benefits to all insureds under the Agreed Coverage and Current Coverage in respect of such third party claims and the underlying events or facts. Any self-insured retention
or deductible applicable to such common claim or notice of circumstances will be borne by the Company. 
 (l) In the event that any conflict
of interest arises between insureds that make claims or deliver notices of circumstances under any insurance policy providing the Agreed Coverage or Current Coverage , then each of the Company (with respect to claims or notices by the Company or any
of its Subsidiaries or any Director, officer or employee of the Company) and AXA (with respect to claims or notices by AXA or any AXA Individual) shall use commercially reasonable efforts to resolve such conflict or to manage it in such a way as to
maximize the aggregate benefits to all insureds under the Agreed Coverage or Current Coverage. 
 (m) For purposes of this Section 6.6,
“AXA Individual” shall mean (i) any director, officer or employee of AXA, (ii) any Person designated by AXA as an AXA Director and who serves in such capacity, (iii) not more than five individuals
(including any personal management entity of such an individual being treated as the same individual), directly or indirectly engaged by AXA as its agent on a project basis with respect to an offering of securities of the Company during the term of
this Agreement and having a binding, written agreement with AXA that obligates AXA to indemnify such individual to the same extent as AXA indemnifies its directors, 

  
 28 

 
officers or employees, or (iv) any Person who, with his consent, is named in any Registration Statement of the Company under the Securities Act as a Director nominee of the Company.

 (n) The Company will take all necessary action to ensure that the Agreed Coverage and Current Coverage remains in full force and effect
and will comply with the provisions of the Agreed Coverage and Current Coverage, including any conditions precedent to coverage such any notice and cooperation obligations. The Company will use commercially reasonable efforts to pursue any claims
that are potentially covered under the Agreed Coverage and Current Coverage, including reporting any claims to the applicable insurers as promptly as practicable and in accordance with the terms and conditions of the Agreed Coverage and Current
Coverage after such incident is reported to a member of the Company’s Risk Management group. The Company will also promptly notify AXA and any AXA Individuals who are named in any claims against the Company. AXA and AXA Individuals shall have
the right to effectively associate in the defense of any claim made against them under the Agreed Coverage or Current Coverage, including the ability to withhold consent to any settlement, such consent not to be unreasonably withheld. 

ARTICLE VII 

REQUIREMENTS WITH RESPECT 

TO AXA-GUARANTEED OBLIGATIONS 

 

	7.1	Reimbursement Obligations with Respect to AXA Guarantees. 

 (a) The Company agrees that,
to the extent that AXA or any Subsidiary of AXA shall at any time make any payments with respect to the obligations that are the subject of any AXA Guarantee, the Company shall, immediately and without any requirement for notice or demand, reimburse
AXA or such Subsidiary for the full amount of such payments, to the extent AXA or such Subsidiary has not been reimbursed from other sources, and for all reasonable expenses incurred by AXA or the Subsidiary in connection with making such payments.

 (b) The Company agrees that to the extent that AXA or any Subsidiary of AXA shall at any time be required to post collateral in respect
of any AXA Guarantee, the Company shall (i) immediately transfer assets to AXA or such Subsidiary of AXA in an amount and type to satisfy the full collateral posting obligations of AXA or such Subsidiary, (ii) reimburse AXA or such
Subsidiary of AXA for all reasonable expenses incurred by AXA or such Subsidiary of AXA in connection with posting such collateral and (iii) cooperate with AXA or such Subsidiary of AXA to ensure that appropriate steps are taken as may be
necessary to implement such collateral arrangement. 
 (c) Except with respect to any AXA Guarantee listed on Schedule 1.1A(c), the Company
agrees to use continuous reasonable best ıefforts to novate or terminate the AXA Guarantees as promptly as practicable after the Completion of the IPO. The Company agrees to (i) cooperate with AXA to review the approach with respect
to the novation or termination of the AXA Guarantees listed on Schedule 1.1A(c)(i) periodically following the Completion of the IPO and use reasonable best efforts to implement any approach mutually agreed by the Company and AXA, and
(ii) upon request from AXA, use reasonable best efforts to novate or terminate the AXA Guarantees listed on Schedule 1.1A(c)(ii) as promptly as practicable after such request; 

  
 29 

 
provided that AXA may exercise such right to request the Company to renew its efforts to novate or terminate the AXA Guarantees no more than once per calendar year. 

ARTICLE VIII 

INDEMNIFICATION 
  

	8.1	General Cross Indemnification. 

 (a) AXA shall indemnify and hold harmless the Company
and each of its Subsidiaries against any and all costs and expenses arising out of third party claims (including, without limitation, reasonable attorneys’ fees, interest, penalties and costs of investigation or preparation for defense),
judgments, fines, losses, claims, damages, liabilities, demands, assessments and amounts paid in settlement (collectively, “Losses”), in each case, based on, arising out of, resulting from or in connection with any claim, action,
cause of action, suit, proceeding or investigation, whether civil, criminal, administrative, investigative or other (collectively, “Actions”), based on, arising out of, pertaining to or in connection with any breach by AXA or any of
its Subsidiaries of this Agreement. 
 (b) The Company shall indemnify and hold harmless AXA and each of its Subsidiaries (other than the
Company and its Subsidiaries) against any and all Losses, in each case, based on, arising out of, resulting from or in connection with any Actions, based on, arising out of, pertaining to or in connection with any breach by the Company or any of its
Subsidiaries of this Agreement. 
  

	8.2	Procedure. 

 (a) If any Action shall be brought against any Person entitled to
indemnification pursuant to this Article VIII (each such Person, an “Indemnitee”) in respect of which indemnity may be sought against the other Party (the “Indemnifying Party”), such Indemnitee shall promptly notify
the Indemnifying Party; provided, however, that any delay of such notice shall not affect the liability of the Indemnifying Party, except to the extent that the Indemnifying Party is actually prejudiced by such delay. 

(b) The Indemnitees shall be entitled to direct the defense of the Action and retain counsel of their choosing. Except where an Indemnitee
shall have been advised by its outside counsel that representation of such Indemnitee and any other Indemnitee by the same counsel would be prohibited under applicable standards of professional conduct (whether or not such representation by the same
counsel has been proposed) due to actual or potential differing interests between them, the Indemnifying Party shall, in connection with any one such Action or separate but substantially similar or related Actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of only one outside counsel (in addition to any local outside counsel) at any time for all such Indemnitees not having actual or potential differing
interests among themselves. 
 (c) The Indemnifying Party shall not be liable for any settlement of any Action effected without its written
consent, unless such consent has been unreasonably withheld, conditioned or delayed. 

  
 30 

 (d) Notwithstanding the other provisions of this Article VIII, the Indemnifying Party shall not
be liable for any Losses incurred subsequent to an Indemnitee’s refusal to enter into a settlement of an Action that (i) has been proposed to Indemnitee in writing by the adverse party to the Action, (ii) includes an
unconditional release (except for the payment of amounts for which the Indemnitee is entitled to indemnification (or, except for Section 8.3(c) hereof, would be so entitled)) of such Indemnitee from all liability on claims that are the subject
matter of such Action, and (iii) does not involve any admission of liability on the part of the Indemnitees, except where (x) such written settlement proposal has been provided to the Indemnifying Party and
(y) the Indemnifying Party has not consented to such settlement. 
  

	8.3	Other Matters. 

 (a) Any Losses for which an Indemnitee is entitled to indemnification or
contribution under this Article VIII shall be paid by the Indemnifying Party to the Indemnitee as such Losses are incurred. 
 (b) The
indemnity and contribution agreements contained in this Article VIII shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any Indemnitee, any Indemnifying Party, or any of their
respective officers, directors, stockholders or employees, and (ii) any termination of this Agreement. 
 (c) For the avoidance
of doubt, indemnification amounts payable under this Article VIII shall be reduced by the amount of any insurance recovery obtained by an Indemnitee. 

(d) Each Indemnitee shall take, and cause its affiliates to take, all reasonable steps to mitigate any Losses upon becoming aware of any event
or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum extent necessary to remedy the breach that gives rise to such Losses. 

ARTICLE IX 
 DISPUTE
RESOLUTION 
  

	9.1	Negotiation and Mediation.  

 (a)
The Parties shall act honestly and reasonably in interpreting this Agreement. In the event of any dispute or claim arising out of, relating to, or in connection with this Agreement, including with respect to the formation, applicability, breach,
termination, validity or enforceability thereof (“Dispute”), the Parties agree to work together in good faith to resolve the Dispute between them. 

(b) If any Party considers that a Dispute has arisen, it shall serve a notice of the Dispute (“Notice of Dispute”) on the
other Party and demand that senior officers of each Party meet to resolve the Dispute. 
 (c) If the Dispute is not resolved within 30 days
of such Notice of Dispute, then any Party shall have the right to demand that mediation commence. Any such mediation shall be conducted in accordance with the American Arbitration Association (“AAA”) Commercial Mediation Procedures
except as they may be modified herein. The Parties shall share the costs 

  
 31 

 
of the mediator and the process of mediation (provided that each Party shall be responsible for its own costs of preparing for and appearing before the mediator). The decision of the mediator
shall not be binding on the Parties, but the Parties agree that each shall act in good faith while the process of mediation is proceeding. 

(d) Notwithstanding anything else contained herein, any Party shall have the right to commence arbitration at any time after the expiration of
30 days after service of the Notice of Dispute under Section 9.1(b). Any disputes concerning the propriety of the commencement of the arbitration shall be finally settled by the arbitral tribunal. 

 

	9.2	Arbitration. 

 Any Dispute referred to arbitration shall be finally resolved according to
the following rules of arbitration: 
 (a) The arbitration shall be administered by the AAA under its Commercial Arbitration Rules then in
effect (the “Rules”) except as modified herein. The seat of the arbitration shall be Wilmington, Delaware and it shall be conducted in the English language. 

(b) There shall be three arbitrators of whom each Party shall select one within 15 days of respondent’s receipt of claimant’s
request for arbitration. The two Party-appointed arbitrators shall select a third arbitrator to serve as Chair of the tribunal within 15 days of the selection of the second arbitrator. If any arbitrator has not been appointed within the time limits
specified herein, such appointment shall be made by the AAA in accordance with the Rules upon the written request of either Party within 15 days of such request. The hearing shall be held no later than 120 days following the appointment of the third
arbitrator. 
 (c) The arbitral tribunal shall permit prehearing discovery that is relevant to the subject matter of the dispute and
material to the outcome of the case, taking into account the Parties’ desire that the arbitration be conducted expeditiously and cost effectively. All discovery shall be completed within 60 days of the appointment of the third arbitrator. 

(d) By agreeing to arbitration, the Parties do not intend to deprive a court of its jurisdiction to issue a
pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such
provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies, to direct the Parties to request that any court modify or vacate any temporary or preliminary
relief issued by such court, and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. The Parties agree that any ruling by the arbitral tribunal on interim measures shall be deemed to be a
final award with respect to the subject matter of the ruling and shall be fully enforceable as such. The Parties hereby irrevocably submit to the jurisdiction of the courts of the State of Delaware solely in respect of any proceeding relating to or
in aid of an arbitration under this Agreement. Each Party unconditionally and irrevocably waives any objections which they may have now or in the future to the jurisdiction of the Delaware Courts for this purpose, including objections by reason of
lack of personal jurisdiction, improper venue, or inconvenient forum. Nothing in this paragraph 

  
 32 

 
limits the scope of the Parties’ agreement to arbitrate or the power of the arbitral tribunal to determine the scope of its own jurisdiction. 

(e) The award shall be in writing, shall state the findings of fact and conclusions of law on which it is based, shall be final and binding
and shall be the sole and exclusive remedy between the Parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. § 1
et seq., and judgment upon any award may be entered in any court having jurisdiction of the award or having jurisdiction over the relevant Party or its assets. The Parties hereby irrevocably waive any defense on the basis of forum non
conveniens in any proceedings to enforce an arbitration award rendered by a tribunal constituted pursuant to this Agreement. The Parties undertake to carry out any award without delay. 

(f) The Parties will bear equally all fees, costs, disbursements and other expenses of the arbitration, and each Party shall be solely
responsible for all fees, costs, disbursements and other expenses incurred in the preparation and prosecution of their own case; provided that in the event that a Party fails to comply with the orders or decision of the arbitral tribunal, then such
noncomplying Party shall be liable for all costs and expenses (including attorney fees) incurred by the other Party in its effort to obtain either an order to compel, or an enforcement of an award, from a court of competent jurisdiction. 

(g) The arbitral tribunal shall have the authority, for good cause shown, to extend any of the time periods in this arbitration provision
either on its own authority or upon the request of any of the Parties. The arbitral tribunal shall be authorized in its discretion to grant pre-award and post-award interest at commercial rates. The arbitral
tribunal shall have no authority to award punitive, exemplary or multiple damages or any other damages not measured by the prevailing Parties’ actual damages. The arbitral tribunal shall have the authority to order specific performance or to
issue any other type of temporary or permanent injunction. 
 (h) All notices by one Party to the other in connection with the arbitration
shall be in accordance with the provisions of Section 10.2 hereof, except that all notices for a request for arbitration made pursuant to this Article IX must be made by personal delivery or receipted overnight courier. This agreement to
arbitrate shall be binding upon the successors and permitted assigns of each Party. This Agreement and the rights and obligations of the Parties shall remain in full force and effect pending the award in any arbitral proceeding hereunder. 

 

	9.3	Confidentiality. 

 (a) The Parties agree that any negotiation, mediation, or arbitration
(the “Dispute Resolution Process”) pursuant to this Article IX shall be kept confidential. The existence of the Dispute Resolution Process, any non-public information provided in the Dispute
Resolution Process, and any submissions, orders or awards made in the Dispute Resolution Process, shall not be disclosed to any non-Party except the mediator, tribunal, the AAA, the Parties, their counsel,
experts, witnesses, accountants and auditors, insurers and reinsurers, and any other Person necessary to the conduct of the Dispute Resolution Process. 

  
 33 

 (b) Notwithstanding the foregoing, a Party may disclose information referred to in
Section 9.3(a) to the extent that disclosure may be required to fulfill a legal duty, protect or pursue a legal right, or enforce or challenge an award in bona fide legal proceedings. This confidentiality provision survives termination
of this Agreement and of any Dispute Resolution Process brought pursuant to this Agreement. 
 ARTICLE X 

GENERAL PROVISIONS 
  

	10.1	Obligations Subject to Applicable Law. 

 The obligations of each Party under this
Agreement shall be subject to Applicable Law, and, to the extent inconsistent therewith, the Parties shall adopt such modified arrangements as are as close as possible to the requirements of this Agreement while remaining compliant with Applicable
Law; provided, however, that the Company shall fully avail itself of all exemptions, phase-in provisions and other relief available under Applicable Law before any modified arrangements shall be
adopted. 
  

	10.2	Notices. 

 Unless otherwise specified herein, all notices required or permitted to be
given under this Agreement shall be in writing, shall refer specifically to this Agreement and shall be delivered personally or sent by an internationally recognized overnight courier service, and shall be deemed to be effective upon delivery. All
such notices shall be addressed to the receiving Party at such Party’s address set forth below, or at such other address as the receiving Party may from time to time furnish by notice as set forth in this Section 10.2: 

If to the Company, to: 
 AXA
Equitable Holdings, Inc. 
 1290 Avenue of the Americas 

New York, NY 10104 
 Attention:
Dave Hattem, General Counsel 
 Telephone: (212) 314-3863 

Email: dave.hattem@axa.us.com 

If to AXA, to: 
 AXA S.A. 

25, avenue Matignon 
 75008 Paris

 France 
 Attention: General
Counsel 
 Telephone: +33 (1) 40 75 48 68 

Email: helen.browne@axa.com 

  
 34 

	10.3	Specific Performance; Remedies. 

 In the event of any actual or threatened default in, or
breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other
rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief. The Parties agree that the remedies at law for any breach or threatened breach hereof,
including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such
remedy are hereby waived. 
  

	10.4	Applicable Law. 

 This Agreement shall be governed by, and interpreted in accordance
with, the laws of the State of Delaware applicable to contracts made and to be performed entirely within such State, without regard to the conflicts of law principles thereof to the extent that such principles would apply the law of another
jurisdiction. 
  

	10.5	Severability. 

 In the event that any provision of this Agreement is declared invalid,
void or unenforceable, the remainder of this Agreement shall remain in full force and effect, and such invalid, void or unenforceable provision shall be interpreted in a manner that accomplishes, to the extent possible, the original purpose of such
provision. 
  

	10.6	Confidential Information. 

 All information provided by either Party shall, except if the
purpose for which such information is furnished pursuant to this Agreement contemplates such disclosure or is for disclosure in public documents of the Company or any of its Subsidiaries or AXA or any of its Subsidiaries and, except for disclosure
to other Subsidiaries of AXA or the Company, as the case may be, be kept strictly confidential and, unless otherwise required by Applicable Law or as agreed by the Parties, neither Party shall disclose, and each shall take all necessary steps to
ensure that none of their respective directors, officers, employers, agents and representatives disclose, or make use of, except in accordance with Applicable Law, such information in any manner whatsoever until such information otherwise becomes
generally available to the public; provided, however, this Section 10.6 shall not apply to information relating to or disclosed in the IPO Registration Statement or in connection with any registration statement filed in accordance with the
terms of the Registration Rights Agreement. In no event shall either Party or any of its Subsidiaries or any of their respective directors, officers, employees, agents or representatives use material
non-public information of the other to acquire or dispose of securities of the other or transact in any way in such securities. Each Party shall be liable for any breach of this Section 10.6 by it or any
of its Subsidiaries or any of their respective directors, officers, employees, agents and representatives. 

  
 35 

	10.7	Amendment, Modification and Waiver. 

 This Agreement may be amended, modified or
supplemented at any time by written agreement of the Parties. Any failure of any Party to comply with any term or provision of this Agreement may be waived by the other Party, by an instrument in writing signed by such Party, but such waiver or
failure to insist upon strict compliance with such term or provision shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to comply. 
  

	10.8	Assignment. 

 This Agreement shall be binding upon and inure to the benefit of the
Parties and their respective permitted successors and assigns. The Parties shall not assign any of their rights or delegate any of their obligations under this Agreement without the prior written consent of the other Party. Any purported assignment
in violation of this Section 10.8 shall be null and void ab initio. 
  

	10.9	Further Assurances. 

 In addition to the actions specifically provided for elsewhere in
this Agreement, each Party hereto shall execute and deliver such additional documents, instruments, conveyances and assurances, take, or cause to be taken, all actions and do, or cause to be done, all things reasonably necessary, proper or advisable
to carry out the provisions of this Agreement. 
  

	10.10	Third Party Beneficiaries. 

 Other than as set forth in Article VIII with respect to the
Indemnitees and as expressly set forth elsewhere in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any person, other than the Parties and their respective successors and permitted assigns, any rights or
remedies under or by reason of this Agreement. Only the Parties that are signatories to this Agreement (and their respective permitted successors and assigns) shall have any obligation or liability under, in connection with, arising out of,
resulting from or in any way related to this Agreement or any other matter contemplated hereby, or the process leading up to the execution and delivery of this Agreement and the transactions contemplated hereby, subject to the provisions of this
Agreement. 
  

	10.11	Discretion of Parties. 

 Where this Agreement requires or permits any Party to make or
take any decision, determination or action with respect to matters governed by this Agreement, unless expressly provided otherwise, such decision, determination or action may be made or taken by such Party in its sole and absolute discretion. 

 

	10.12	Entire Agreement. 

 This Agreement and the Other Agreements, including any schedules or
exhibits hereto or thereto, embody the entire agreement and understanding of the Parties hereto in respect of the subject matter covered by this Agreement and the Other Agreements. There are no restrictions, promises, representations, warranties,
covenants or undertakings, other than those expressly set 

  
 36 

 
forth or referred to herein or therein. This Agreement and the Other Agreements supersede all prior oral and written agreements and understandings between the Parties with respect to such subject
matter. 
  

	10.13	Term. 

 Except to the extent set forth in the following sentence, this Agreement shall
terminate and be of no further force or effect as of the date that is one year following the Fourth Threshold Date. Notwithstanding the foregoing sentence, the provisions of Article I, Article VII, Article VIII, Article IX, Article X and
Section 6.6 hereof shall survive termination of this Agreement. 
  

	10.14	Counterparts. 

 This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same instrument. The counterparts of this Agreement may be executed and delivered by facsimile or other electronic imaging means (including in pdf or tif format
sent by electronic mail) by a Party to the other Party and the receiving Party may rely on the receipt of such document so executed and delivered by facsimile or other electronic imaging means as if the original had been received. 

[Signature Page Follows] 

  
 37 

 IN WITNESS WHEREOF, the Parties have caused this Shareholder Agreement to be executed and
delivered as of the date first above written. 
  

			
	 AXA S.A.

			
		
	By:	 	  

		 	Name:
		 	Title:
	
	 AXA EQUITABLE HOLDINGS,
INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Shareholder Agreement] 

 Schedule 1.1A – AXA Guarantees 

[To be provided.] 
 Schedule
1.1A(c) – Schedule 1.1A(c)(i) AXA Guarantees 
 [To be provided.] 

Schedule 1.1A(c) – Schedule 1.1A(c)(ii) AXA Guarantees 

[To be provided.] 

  
 S-1 

 Schedule 1.1B- Other Agreements 

Registration Rights Agreement between AXA S.A. and AXA Equitable Holdings, Inc. 

Tax Sharing Agreement between AXA S.A. and AXA Equitable Holdings, Inc. 

Trademark License Agreement AXA S.A. and AXA Financial, Inc. 

Transitional Services Agreement between AXA S.A. and AXA Equitable Holdings, Inc. 

Services Agreement between AXA Technology Services America Inc. and AXA US Holdings Inc. 

  
 S-2 

 Schedule 2.2(a) 

Board of Directors 
 CEO 

Mark Pearson 
 AXA Directors 

Thomas Buberl 
 Gerald Harlin

 George Stansfield 

Bertrand Poupart-Lafarge 

Karima Silvent 
 Independent Directors

 Ramon de Oliveira 
 Dan
Kaye 
 Charles Stonehill 

  
 S-3 

 Schedule 4.6(b) 

Public Reporting Protocol Prior to Majority Holder Date 
  

					
	 Item / Principle
	  	 Principal Contact/ addressee
	  	 Lead time

	The Board of Directors has oversight and sign-off on communications strategy, timing and content	  	The heads of corporate communications, investor relations and other functions of the Company to contact the heads of corporate communications and investor relations of AXA or other relevant AXA personnel	  	As needed
			
	Inform AXA reasonably timely and adequately of any development/ information that the Company, acting reasonably, believes may be considered price sensitive for AXA or may have a significant adverse effect on AXA, its financial
condition or reputation so that AXA can, should it consider that necessary, issue a press release.	  	The head of corporate communications of the Company to contact the head of corporate communications of AXA	  	At least one week in advance of public announcement to the extent practicable and reasonable
			
	Inform AXA timely and adequately of considerations, strategy, content and timing of the Company’s press releases	  	The head of corporate communications of the Company to contact the head of corporate communications of AXA	  	At least one week in advance of public announcement to the extent practicable and reasonable
			
	Any internal communications that the Company, acting reasonably, considers material to AXA	  	The head of corporate communications of the Company to contact the head of corporate communications of AXA	  	At least one week in advance of wide internal distribution to the extent practicable and reasonable

  
 S-4 

 ANNEX A 

Registration Rights Agreement 

[Draft to be provided separately] 

  
 A-1 

 ANNEX B 

Form of Amended and Restated Certificate of Incorporation 

[Draft to be provided separately] 

  
 B-1 

 ANNEX C 

Form of Amended and Restated By-Laws 

[Draft to be provided separately] 

  
 C-1 

 ANNEX D 

Form of Common Interest Agreement 

COMMON INTEREST AGREEMENT 

This COMMON INTEREST AGREEMENT (“Agreement”) is hereby entered into by and between AXA S.A. (“AXA”) and AXA
Equitable Holdings, Inc. (“AXA US”) (collectively, the “Parties”, and each individually, a “Party”). This Agreement is entered into subsequent to the [DATE] initial public offering of AXA US common stock
(the “Common Stock”), after which AXA has continued to own a majority of the shares of Common Stock (the “Transaction”), pursuant to the Shareholder Agreement dated
            , 2018 (the “Shareholder Agreement”), between the Parties, and concerns the common interest of the Parties with respect to
                     (the “[Designation for Specific Legal Matter]”). 

WHEREAS, each of the Parties has determined that it may be in its best interest to exchange with the other Party certain information,
documents, opinions, analyses, and other materials protected from disclosure by the attorney-client privilege, the attorney work product immunity doctrine or any other applicable privilege or protection (each, a “Privilege”), for
the sole purpose of exploring issues common to both Parties, particularly in light of each Party’s respective interests as a result of the Transaction and rights and obligations under the Shareholder Agreement, and assessing potential
litigation and other risks in connection with the [Designation for Specific Legal Matter]; 
 NOW, THEREFORE, it is hereby agreed by and
between the undersigned, as follows: 
  

	1.	The Parties are entering into this Agreement to confirm their mutual intention that all privileged and/or protected information that the Parties have exchanged in the past or will exchange in the future concerning the
[Designation for Specific Legal Matter] shall retain its privileged and/or protected status, and that no Privilege is intended to be or shall be waived by virtue of any sharing pursuant to the terms of this Agreement. 

 

	2.	The Parties agree that they share a common legal interest related to their consideration or defense of the [Designation for Specific Legal Matter], which has been and will continue to be furthered by the disclosure of
communications between the Parties and their counsel protected by the attorney-client privilege or the attorney work product immunity doctrine. Accordingly, the Parties agree that the Parties and their counsel may continue to exchange material
related to [Designation for Specific Legal Matter] without waiver of any privileges, immunities or protections that attach to such material. 

  

	3.	 In order to effectively pursue and protect their common legal interests, the Parties have concluded that their
interests may be best served by sharing certain documents, factual material, mental impressions, memoranda, strategies, legal theories, interview reports, and other information, communications, and confidences related to the [Designation for
Specific Legal Matter] (hereinafter “Common Interest Materials”). In the absence of such 

  
 D-1 

	 	
sharing, these Common Interest Materials would be privileged from disclosure to adverse or other parties as a result of one or more Privileges. 

 

	4.	It is the intention and understanding of the Parties and their respective counsel that all Common Interest Materials, including (a) any memoranda of or communications made in, and the content and results of,
all joint conferences of counsel or discussions between representatives of a Party and counsel for either Party, (b) any and all correspondence or exchanges of documents and other information concerning the [Designation for Specific
Legal Matter], and (c) all other Common Interest Materials of whatever nature, are intended to be confidential and protected from disclosure to any third party by one or more Privileges, to the same extent and degree as if such
communications, correspondence and exchanges of documents and other information had been solely between or among each of the Parties and its own respective counsel. 

 

	5.	The Parties and their counsel shall not disclose Common Interest Materials, or the contents thereof, to anyone except their respective in-house or outside counsel, paralegals, or
other staff of such outside counsel, experts, and consultants retained to assist counsel with respect to the [Designation for Specific Legal Matter], and their own employees on a “need to know” basis, without first obtaining the consent of
the other Party. All persons to whom Common Interest Materials are provided shall be under an obligation to maintain their confidentiality and to use them only as permitted by this Agreement. Each Party agrees that any inadvertent or purposeful
disclosure by the receiving Party of Common Interest Materials shall not constitute or be deemed a waiver by the producing Party of any applicable Privilege. 

  

	6.	Nothing in this Agreement shall limit the right of a Party to disclose any documents or information independently obtained from a third party having no obligations of confidence to any Party herein. Nothing herein shall
affect or in any manner limit the rights or discretion of a Party or its counsel to dispose of, disclose to others, or otherwise use Common Interest Materials originating with that Party (i.e., Common Interest Materials not provided to that
Party by another Party). Nothing in this Agreement shall limit the right of a Party to add or change its counsel. 

  

	7.	Except as otherwise provided in this Agreement, any shared Common Interest Materials, and the information contained therein, shall be used by the Parties and their counsel solely in connection with the [Designation for
Specific Legal Matter]. 

  

	8.	Nothing in this Agreement shall be construed to (a) affect the separate and independent representation of each Party by its respective counsel according to what its counsel believes to be in the Party’s
best interests, or (b) create an attorney-client relationship between any counsel and anyone other than the client of that counsel. The fact that the Parties have entered into this Agreement shall not in any way preclude counsel for any
Party from representing any interest that may be construed to be adverse to the other Party to this Agreement. Nor shall counsel for either Party be disqualified from representing any Party it currently represents or examining or cross-examining any
Party or agent of a Party who testifies in any proceeding because of such counsel’s receipt of information pursuant to this Agreement. 

  
 D-2 

	9.	This Agreement shall continue in effect notwithstanding completion of the [Designation for Specific Legal Matter]. Each of the Parties agrees that it will continue to be bound by this Agreement following any such
completion. 

  

	10.	Any waiver in a particular instance of the rights and limitations contained herein shall not be deemed, and is not intended to be, a general waiver of any rights or limitations contained herein, and shall not operate as
a waiver beyond the particular instance. 

  

	11.	In the event that any third party, including a government enforcement authority, requests, requires or demands, by subpoena or otherwise, Common Interest Materials that a Party received pursuant to this Agreement, the
Party receiving such request or demand shall, if and to the extent not prohibited by applicable laws or regulations, (i) promptly notify the other Party, (ii) attempt to afford the person who provided the Common Interest
Materials a reasonable opportunity to object and (iii) take all steps reasonably requested by the other Party to defend against the disclosure of Common Interest Materials and to permit the assertion of all applicable rights and
privileges with respect to Common Interest Materials. Absent the consent of the other Party, the Party receiving the subpoena or other legal process shall not produce such Common Interest Materials prior to the time production is legally required.

  

	12.	In view of the nature of the obligations undertaken in this Agreement, it is agreed and understood that money damages or other relief at law would not adequately remedy any violation or threatened violation of its
terms. Specific performance, injunctive relief, and other appropriate relief shall be available against a Party or any other person found to have violated or to be about to violate any of the terms of this Agreement. 

 

	13.	This Agreement constitutes the sole and complete agreement between and among the Parties relating to Common Interest Materials. 

  

	14.	Any modifications to this Agreement must be in writing and signed by all Parties. 

  

	15.	This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by
facsimile or pdf shall be equally effective as delivery of the original, and shall not affect the validity, enforceability or binding effect of this Agreement. 

  

	16.	This Agreement is governed by and shall be construed in accordance with the laws of the State of [Delaware] (without regard to its choice of law principles). In addition, each Party hereby irrevocably submits to the
exclusive jurisdiction of the [Court of Chancery of the State of Delaware], in respect of any claim or dispute arising out of or relating to this Agreement. Each Party hereby irrevocably waives any objection which it may now or hereafter have to the
[Court of Chancery of the State of Delaware], being nominated as the forum to hear and determine any proceedings and to settle any disputes and shall not claim that any such court is not a convenient or appropriate forum. 

 

	17.	The invalidity of any one provision or part of this Agreement shall not render the entire Agreement invalid. 

  
 D-3 

 [Signature Page Follows] 

  
 D-4 

 Effective as of
            ,            . 
  

			
	 AXA S.A.

			
		
	By:	 	  

		 	Name:
		 	Title:
	
	 AXA EQUITABLE HOLDINGS,
INC.

			
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-5EX-10.2

 Exhibit 10.2 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

dated as of 
 [•],
2018 
 between 

AXA Equitable Holdings, Inc. 

and 
 AXA S.A. 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	 
	
	DEFINITIONS	 
			
	 1.1
	  	Definitions	  	 	1	 
	 1.2
	  	Interpretation	  	 	5	 
	
	ARTICLE II	 
	
	REGISTRATION RIGHTS	 
			
	 2.1
	  	Shelf Registration	  	 	5	 
	 2.2
	  	Demand Registrations	  	 	7	 
	 2.3
	  	Priority	  	 	8	 
	 2.4
	  	Piggyback Registrations	  	 	8	 
	 2.5
	  	Lock-up Agreements	  	 	9	 
	 2.6
	  	Registration Procedures	  	 	10	 
	 2.7
	  	Registration Expenses	  	 	16	 
	 2.8
	  	Underwritten Offering	  	 	17	 
	 2.9
	  	Suspension of Registration	  	 	18	 
	 2.10
	  	Indemnification	  	 	18	 
	 2.11
	  	Conversion of Other Securities	  	 	22	 
	 2.12
	  	Rule 144; Rule 144A	  	 	22	 
	 2.13
	  	Transfer of Registration Rights	  	 	22	 
	
	ARTICLE III	 
	
	PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY AXA	 
			
	 3.1
	  	Underwriter Selection	  	 	22	 
	 3.2
	  	Cooperation with Sales	  	 	23	 
	 3.3
	  	Expenses of Offerings	  	 	23	 
	 3.4
	  	Further Assurances	  	 	23	 
	
	ARTICLE IV	 
	
	MISCELLANEOUS	 
			
	 4.1
	  	Term	  	 	23	 
	 4.2
	  	Other Holder Activities	  	 	24	 

  
 ii 

							
	 4.3
	  	No Inconsistent Agreements	  	 	24	 
	 4.4
	  	Amendments and Waivers	  	 	24	 
	 4.5
	  	No Third Party Beneficiaries	  	 	24	 
	 4.6
	  	Entire Agreement	  	 	24	 
	 4.7
	  	Severability	  	 	24	 
	 4.8
	  	Counterparts	  	 	25	 
	 4.9
	  	Remedies; Attorney’s Fees	  	 	25	 
	 4.10
	  	GOVERNING LAW	  	 	25	 
	 4.11
	  	CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL	  	 	25	 
	 4.12
	  	Notice	  	 	26	 

  
 iii 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement, dated as of [•], 2018 (this “Agreement”), is between AXA Equitable Holdings, Inc., a
Delaware corporation (the “Company”), and AXA S.A., a société anonyme organized under the laws of the France (“AXA”). 

WHEREAS, AXA intends to sell shares of the Company’s common stock, par value $0.01 (the “Common Stock”), in the
IPO (as defined below); 
 WHEREAS, following the completion of the IPO, AXA will continue to own a majority of the outstanding
shares of Common Stock; and 
 WHEREAS, in connection with the IPO, the Company has agreed to provide AXA certain rights with respect
to the registration and sale of the Common Stock as set forth herein; 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Definitions. 

In this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) when used
with respect to any Person, means the possession directly or indirectly, of the power to cause the direction of the management or policies of such Person, whether through the ownership of voting securities, as trustee or executor, by contract or
otherwise. 
 “AXA Affiliated Group” means AXA and its Affiliates (excluding the Company and its subsidiaries). 

“Block Sale” means the sale of Registrable Securities to one or several purchasers in a registered transaction by means of
(i) a bought deal, (ii) a block trade or (iii) a direct sale. 
 “Board of Directors” means the Board of
Directors of the Company. 

 “Business Day” means any day except (i) Saturday, (ii) Sunday,
(iii) any day on which the principal office of the Company or AXA is not open for business and (iv) any other day on which commercial banks in New York or in France are authorized or obligated by law or executive order to close. 

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

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

“Company Outside Counsel” means one counsel selected by the Company to act on its behalf. 

“Covered Person” has the meaning set forth in Section 2.10(a). 

“Demand Registration” has the meaning set forth in Section 2.2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority. 

“Holder” means any of (i) AXA, (ii) any other member of the AXA Affiliated Group and (iii) any Person that is not a
member of the AXA Affiliated Group that is a direct or indirect transferee (any such transferee, a “Non-AXA Holder”) from any member of the AXA Affiliated Group, which transferee has acquired
Registrable Securities constituting not less than 10% of the outstanding shares of Common Stock of the Company from such member of the AXA Affiliated Group and has entered into a Joinder Agreement substantially in the form of Exhibit A hereto
at the time of the acquisition. 
 “Holders’ Counsel” means, if any member of the AXA Affiliated Group is
participating in an offering of Registrable Securities, one counsel selected by AXA for the Holders participating in such offering, or otherwise, one counsel selected by the Holders of a majority of the Registrable Securities included in such
offering. 
 “IPO” means the initial underwritten public offering of Common Stock pursuant to an effective Registration
Statement under the Securities Act. 
 “Loss” or “Losses” each has the meaning set forth in
Section 2.10(a). 
 “Material Disclosure Event” means, as of any date of determination, any pending or imminent event
relating to the Company or any of its subsidiaries that the Board of Directors reasonably determines in good faith, after consultation with Company Outside Counsel, (i) would require disclosure of material,
non-public information relating to such event in any Registration Statement under which Registrable Securities may be offered 

  
 2 

 
and sold (including documents incorporated by reference therein) in order that such Registration Statement would not be materially misleading and (ii) would not otherwise be required to be
publicly disclosed by the Company at that time in a periodic report to be filed with or furnished to the SEC under the Exchange Act but for the filing of such Registration Statement. 

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

“Piggyback Registration” means any registration of Registrable Securities under the Securities Act requested by a Holder in
accordance with Section 2.4(a). 
 “register,” “registered” and “registration”
refers to a registration made effective by preparing and filing a Registration Statement with the SEC in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement, and compliance with
applicable state securities laws of such states in which Holders notify the Company of their intention to offer Registrable Securities. 

“Registrable Securities” means (i) all shares of Common Stock held by a Holder and (ii) any equity securities
issued or issuable, directly or indirectly, with respect to any such securities referred to in (i) above by way of conversion or exchange thereof or stock dividend or stock split or in connection with a combination of shares, recapitalization,
reclassification, merger, amalgamation, arrangement, consolidation or other reorganization; provided that any securities constituting Registrable Securities will cease to be Registrable Securities when (a) such securities are sold in a
private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities, (b) such securities are sold pursuant to an effective Registration Statement, (c) such securities are sold
pursuant to Rule 144 or (d) such securities shall have ceased to be outstanding. 
 “Registration Expenses” has the
meaning set forth in Section 2.7. 
 “Registration Statement” means any registration statement of the Company under
the Securities Act that permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits, all material incorporated by reference or deemed to be incorporated by reference in such registration statements and all other documents filed with the SEC to effect a registration under the Securities Act. 

“Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“Rule 144A” means Rule 144A promulgated by the SEC under the Securities Act. 

  
 3 

 “Rule 405” means Rule 405 promulgated by the SEC under the Securities Act. 

“Rule 415” means Rule 415 promulgated by the SEC under the Securities Act. 

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

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to
the sale of Registrable Securities hereunder. 
 “Selling Holder” means a Holder that holds Registrable Securities
registered (or to be registered) on a Registration Statement. 
 “Selling Holder Information” means information furnished
to the Company in writing by a Selling Holder expressly for use in any Registration Statement, which information is limited to the name of such Selling Holder, the number of offered shares of common stock and the address and other information with
respect to such Selling Holder included in the “Principal and Selling Stockholders” (or similarly titled) section of the Registration Statement. 

“Shareholder Agreement” means the Shareholder Agreement, dated as of [•], 2018, between the Company and AXA. 

“Shelf Registration Statement” means a Registration Statement that contemplates offers and sales of securities pursuant to
Rule 415. 
 “Short-Form Registration Statement” means Form S-3 or any successor or
similar form of Registration Statement pursuant to which the Company may incorporate by reference its filings under the Exchange Act made after the date of effectiveness of such Registration Statement. 

“Suspension” has the meaning set forth in Section 2.9. 

“Take-Down Notice” has the meaning set forth in Section 2.1(e). 

“Underwritten Offering” means a discrete registered offering of securities under the Securities Act in which securities of
the Company are sold by one or more underwriters pursuant to the terms of an underwriting agreement. 

  
 4 

 1.2 Interpretation. 

(a) The words “hereto,” “hereunder,” “herein,” “hereof” and words of similar import, when used in this
Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement, unless expressly stated otherwise herein. 

(b) Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed
followed by the words “without limitation.” 
 (c) The definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms. 
 (d) “Writing,” “written” and comparable terms refer to printing, typing, and
other means of reproducing words (including electronic media) in a visible form. 
 (e) All references to “$” or
“dollars” mean the lawful currency of the United States of America. 
 (f) The table of contents and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (g) Except as
expressly stated in this Agreement, all references to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and in the case of statutes, include any rules and
regulations promulgated under the statute) and to any successor to such statute, rule or regulation. 
 (h) Except as expressly stated in
this Agreement, all references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successor thereto. 

ARTICLE II 

REGISTRATION RIGHTS 
 2.1
Shelf Registration. 
 (a) Filing. At any time after the date that is one year following the date hereof (or, if sooner, the
date on which the Company first becomes eligible to use a Short-Form Registration Statement), upon the written request of any Holder, the Company shall promptly (but no later than 30 days after the receipt of such request) file with the SEC a Shelf
Registration Statement (which, if permitted, shall be an “automatic shelf registration statement” as defined in Rule 405) relating to the offer and sale by such Holder of all or part of the Registrable Securities. If at any time while
Registrable 

  
 5 

 
Securities are outstanding, the Company files any Shelf Registration Statement for its own benefit or for the benefit of holders of any of its securities other than the Holders, the Company shall
include in such Shelf Registration Statement such disclosures as may be required under the Securities Act to ensure that the Holders may sell their Registrable Securities pursuant to such Shelf Registration Statement through the filing of a
prospectus supplement rather than a post-effective amendment. 
 (b) Effectiveness. The Company shall use its reasonable best efforts
to (i) cause such Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable after such Shelf Registration Statement is filed and (ii) keep such Shelf Registration Statement (or a replacement
Shelf Registration Statement) continuously effective and in compliance with the Securities Act and usable for the resale of Registrable Securities, until such time as there are no Registrable Securities remaining. 

(c) Sales by Holders. The plan of distribution contained in any Shelf Registration Statement referred to in this Section 2.1 (or
any related prospectus supplement) shall be determined by AXA, if any member of the AXA Affiliated Group is a requesting Holder for such Shelf Registration Statement, or otherwise by the other requesting Holder or Holders. Each Holder shall be
entitled to sell Registrable Securities pursuant to the Shelf Registration Statement referred to in this Section 2.1 from time to time and at such times as such Holder shall determine. Such Holder shall promptly advise the Company of its
intention so to sell Registrable Securities pursuant to the Shelf Registration Statement. 
 (d) Underwritten Offering. If any Holder
intends to sell Registrable Securities pursuant to any Shelf Registration Statement referred to in this Section 2.1 through an Underwritten Offering, the Company shall take all steps to facilitate such an offering, including the actions
required pursuant to Section 2.6 and Article III, as appropriate; provided that the Company shall not be required to facilitate such Underwritten Offering unless so requested by AXA or any other member of the AXA Affiliated Group. Any
Holder shall be entitled to request an unlimited number of Underwritten Offerings under this Section 2.1. 
 (e) Shelf
Take-Downs. At any time that a Shelf Registration Statement covering Registrable Securities is effective, if any Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an Underwritten
Offering of all or part of its Registrable Securities included by it on such Shelf Registration Statement, the Company shall amend or supplement such Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to
be distributed pursuant to the Underwritten Offering. In connection with any Underwritten Offering pursuant to this Section 2.1, the Company shall deliver the Take-Down Notice to any other Holder with securities included on such Shelf
Registration Statement and permit such Holder to include its Registrable Securities included on the Shelf Registration Statement in such Underwritten Offering if such Holder notifies the Company within two Business Days after the Company has given
Holders notice of the Take-Down Notice. 

  
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 (f) No Notice in Block Sales. Notwithstanding any other provision of this Agreement, if
any member of the AXA Affiliated Group wishes to engage in a Block Sale (including a Block Sale off of a Shelf Registration Statement or an effective automatic shelf registration statement, or in connection with the registration of the Registrable
Securities of any member of the AXA Affiliated Group under an automatic shelf registration statement for purposes of effectuating a Block Sale), then notwithstanding the foregoing or any other provisions hereunder, any
Non-AXA Holder shall not be entitled to receive any notice of or have its Registrable Securities included in such Block Sale. 

2.2 Demand Registrations. 

(a) Right to Request Additional Demand Registrations. At any time after the IPO, any Holder may, by providing a written request to the
Company, request to sell all or part of the Registrable Securities pursuant to a Registration Statement separate from a Shelf Registration Statement (a “Demand Registration”). Each request for a Demand Registration shall specify the
kind and aggregate amount of Registrable Securities to be registered and the intended methods of disposition thereof (which, if not specified, shall be by way of Underwritten Offering). Promptly after its receipt of a request for a Demand
Registration (but in any event within five days), the Company shall give written notice of such request to all other Holders. Within 30 days after the date the Company has given the Holders notice of the request for Demand Registration, the Company
shall file a Registration Statement, in accordance with this Agreement, with respect to all Registrable Securities that have been requested to be registered in the request for Demand Registration and that have been requested by any other Holders by
written notice to the Company within five days after the Company has given the Holders notice of the request for Demand Registration. 
 (b)
Limitations on Demand Registrations. Subject to Section 2.2(a) and this Section 2.2(b), any Holder will be entitled to request an unlimited number of Demand Registrations; provided that any
Non-AXA Holder will be entitled to no more than three Demand Registrations. Any Holder shall be entitled to participate in a Demand Registration initiated by any other Holder. The Company shall not be
obligated to effect more than one Demand Registration in any 90-day period. Any Demand Registration shall be in addition to any registration on a Shelf Registration Statement. 

(c) Effectiveness. The Company shall be required to maintain the effectiveness of the Registration Statement with respect to any Demand
Registration for a period of at least 90 days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement have actually been sold; provided, however, that such
period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such Registration Statement at the request of the Company or an underwriter of the Company
pursuant to the provisions of this Agreement. 

  
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 (d) Withdrawal. A Holder may, by written notice to the Company, withdraw its Registrable
Securities from a Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of notices from all applicable Holders to such effect, the Company shall cease all efforts to seek effectiveness of
the applicable Registration Statement. 
 2.3 Priority. If a registration pursuant to Section 2.1 or 2.2 above is an Underwritten
Offering and the managing underwriters of such proposed Underwritten Offering advise the Holders in writing that, in their good faith opinion, the number of securities requested to be included in such Underwritten Offering exceeds the number which
can be sold in such offering without being likely to have a material adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the number of securities to be included in such
Underwritten Offering shall be reduced in the following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the Holders;
second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the Company; and finally, the number of Registrable Securities of any Holders that have been requested to be included therein
shall be reduced, pro rata based on the number of Registrable Securities owned by each such Holder, in each case to the extent necessary to reduce the total number of securities to be included in such offering to the number recommended by the
managing underwriters. 
 2.4 Piggyback Registrations. 

(a) Piggyback Request. Whenever the Company proposes to register any of its securities under the Securities Act or equivalent non-U.S. securities laws (other than (i) in the IPO, (ii) pursuant to a Demand Registration, (iii) pursuant to a registration statement on Form S-4 or any
similar or successor form or (iv) pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), and the registration
form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice to all Holders of its intention to effect such a registration (but in no event less than 20
days prior to the proposed date of filing of the applicable Registration Statement) and, subject to Section 2.4(c), will include in such registration all Registrable Securities with respect to which the Company has received written requests for
inclusion therein within 10 days after the date the Company’s notice is given to such Holders (a “Piggyback Registration”). There shall be no limitation on the number of Piggyback Registrations that the Company shall be
required to effect under this Section 2.4. 

  
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 (b) Withdrawal and Termination. The Company shall be required to maintain the
effectiveness of the Registration Statement for a registration requested pursuant to Section 2.4(a) until the earlier to occur of (i) 90 days after the effective date thereof and (ii) consummation of the distribution by the Holders of the
Registrable Securities included in such Registration Statement. Any Holder that has made a written request for inclusion in a Piggyback Registration may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to
the Company on or before the fifth day prior to the planned effective date of such Piggyback Registration. The Company may, without prejudice to the rights of Holders to request a registration pursuant to Section 2.1 or 2.2 hereof, at its
election, give written notice of such determination to each Holder of Registrable Securities and terminate or withdraw any registration under this Section 2.4 prior to the effectiveness of such registration, whether or not any Holder has
elected to include Registrable Securities in such registration, and, except for the obligation to pay or reimburse Registration Expenses, the Company shall be relieved of its obligation to register any Registrable Securities in connection with such
registration and will have no liability to any Holder in connection with such termination or withdrawal. 
 (c) Priority of Piggyback
Registrations. If the managing underwriters advise the Company and Holders of Registrable Securities in writing that, in their good faith opinion, the number of securities requested to be included in an Underwritten Offering to be effected
pursuant to a Piggyback Registration exceeds the number which can be sold in such offering without being likely to have a material 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 Underwritten Offering shall be reduced in the following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any Non-AXA Holder; second, the number of securities to be included in the Underwritten Offering shall be reduced pro rata based, in the case of the AXA Holders, on the number of Registrable Securities owned by
each AXA Holder, and in the case of the Company, the number of securities to be sold for the account of the Company, to the extent necessary to reduce the total number of Registrable Securities to be included in such offering to the number
recommended by the managing underwriters. No registration of Registrable Securities effected pursuant to a request under this Section 2.4 shall be deemed to have been effected pursuant to Sections 2.1 or 2.2 or shall relieve the Company of its
obligations under Sections 2.1 or 2.2. 
 2.5 Lock-up Agreements. Each of the Company and the
Holders agrees, upon notice from the managing underwriters in connection with any registration for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement on Form
S-4 or any similar or successor form, or pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee
benefit plan arrangement), not to effect (other than pursuant to such registration) any public sale or distribution of Registrable 

  
 9 

 
Securities, including, but not limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any Registrable
Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the managing underwriters for a period of up to 90
days (or such shorter period as may be agreed to by the managing underwriter(s)); provided that such restrictions shall not apply in any circumstance to (i) securities acquired by a Holder in the public market subsequent to the IPO, (ii) distributions-in-kind to a Holder’s limited or other partners, members, shareholders or other equity holders or (iii) transfers by a member of the AXA
Affiliated Group to another member of the AXA Affiliated Group. Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.5 shall be required of Holders (A) unless each of the Company’s directors
and executive officers agrees to be bound by a substantially identical holdback agreement for at least the same period of time; or (B) that restricts the offering or sale of Registrable Securities pursuant to a Demand Registration. 

2.6 Registration Procedures. Subject to the proviso of Section 2.1(d), if and whenever the Company is required to effect the
registration of any Registrable Securities pursuant to this Agreement, the Company shall use its reasonable best efforts to effect and facilitate the registration, offering and sale of such Registrable Securities in accordance with the intended
method of disposition thereof as promptly as is practicable, and the Company shall as expeditiously as possible: 
 (a) prepare and file with
the SEC (within 30 days after the date on which the Company has given Holders notice of any request for Demand Registration) a Registration Statement with respect to such Registrable Securities, make all required filings required (including FINRA
filings) in connection therewith and thereafter and (if the Registration Statement is not automatically effective upon filing) use its reasonable best efforts to cause such Registration Statement to become effective; provided that, before
filing a Registration Statement or any amendments or supplements thereto (including free writing prospectuses under Rule 433), the Company will furnish to Holders’ Counsel for such registration copies of all such documents proposed to be filed
(including exhibits thereto), which documents will be subject to review of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and give the Holders participating in such
registration an opportunity to comment on such documents and keep such Holders reasonably informed as to the registration process; provided further that if the Board of Directors determines in its good faith judgment that registration
at the time would require the inclusion of pro forma financial or other information, which requirement the Company is reasonably unable to comply with, then the Company may defer the filing (but not the preparation) of the Registration
Statement which is required to effect the applicable registration for a reasonable period of time (but not in excess of 45 days). 

  
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 (b) (i) prepare and file with the SEC such amendments and supplements to any Registration
Statement as may be necessary to keep such Registration Statement effective for a period of either (A) not less than 90 days or, if such Registration Statement relates to an Underwritten Offering in the case of a Demand Registration, such
longer period as in the opinion of counsel for the managing underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or the maximum period of time permitted by the
Securities Act in the case of a Shelf Registration Statement, or (B) such shorter period ending when all of the Registrable Securities covered by such Registration Statement have been disposed of (but in any event not before the expiration of
any longer period required under the Securities Act) and (ii) to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 

(c) furnish to each Selling Holder, Holders’ Counsel and the underwriters such number of copies, without charge, of any Registration
Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, all exhibits and other documents filed therewith and such other documents as such Persons may reasonably request from time to time in order to
facilitate the disposition of the Registrable Securities owned by such Selling Holder; provided that, before amending or supplementing any Registration Statement, the Company shall furnish to the Holders a copy of each such proposed amendment
or supplement and not file any such proposed amendment or supplement to which any Selling Holder reasonably objects. The Company hereby consents to the use of such prospectus and each amendment or supplement thereto by each of the Selling Holders of
Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such prospectus and any such amendment or supplement thereto; 

(d) use its reasonable best efforts to register or qualify any Registrable Securities under such other securities or blue sky laws of such
jurisdictions as any Selling Holder, and the managing underwriters, if any reasonably request, use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective during the period such Registration
Statement is required to be kept effective and do any and all other acts and things that may be necessary or reasonably advisable to enable such Selling Holder and each underwriter, if any, to consummate the disposition of the seller’s
Registrable Securities in such jurisdictions; provided that the Company will not be required to (i) qualify generally to do business in any such jurisdiction where it would not otherwise be required to qualify but for this subsection,
(ii) subject itself to taxation in any jurisdiction where it is not then so subject or (iii) consent to general service of process in any such jurisdiction where it is not then so subject (other than service of process in connection with
such registration or qualification or any sale of Registrable Securities in connection therewith); 

  
 11 

 (e) use its reasonable best efforts to cause all Registrable Securities covered by any
Registration Statement to be registered with or approved by such other governmental agencies, authorities or self-regulatory bodies as may be necessary or reasonably advisable in light of the business and operations of the Company to enable the
Selling Holders to consummate the disposition of such Registrable Securities in accordance with the intended method or methods of disposition thereof; 

(f) during any time when a prospectus is required to be delivered under the Securities Act, promptly notify each Selling Holder and
Holders’ Counsel upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made and, as promptly as practicable, prepare and furnish to such Selling Holders a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances
under which they were made; 
 (g) promptly notify each Selling Holder and Holders’ Counsel (i) when the Registration Statement,
any prospectus supplement or any post-effective amendment to the Registration Statement has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any written
comments by the SEC or any request by the SEC for amendments or supplements to such Registration Statement or to amend or to supplement any prospectus contained therein or for additional information, (iii) of the issuance by the SEC of any stop
order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings for any of such purposes, (iv) if at the time the Company has reason to believe that the representations and warranties of the
Company contained in any agreement (including any underwriting agreement) contemplated by Section 2.6(j) below cease to be true and correct and (v) of the receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of such Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

(h) cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then
listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the New York Stock Exchange; 

(i) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration
Statement, and, if required, obtain a CUSIP number for such Registrable Securities not later than such effective date; 

  
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 (j) enter into such customary agreements (including underwriting agreements with customary
provisions in such forms as may be requested by the managing underwriters) and take all such other actions as the Selling Holders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable
Securities (including, without limitation, effecting a share split or a combination of shares); 
 (k) make available for inspection by any
Selling Holder, Holders’ Counsel, any underwriter participating in any disposition pursuant to the applicable Registration Statement and any attorney, accountant or other agent retained by any such Selling Holder or underwriter all financial
and other records, pertinent corporate documents and documents relating to the business of the Company reasonably requested by such Selling Holder, cause the Company’s officers, directors, employees and independent accountants to supply all
information reasonably requested by any such Selling Holder, Holders’ Counsel, underwriter, attorney, accountant or agent in connection with such Registration Statement and make senior management of the Company available for customary due
diligence and drafting activity; provided that any such Person gaining access to information or personnel pursuant to this Section 2.6(k) shall (i) reasonably cooperate with the Company to limit any resulting disruption to the
Company’s business and (ii) agree to use reasonable efforts to protect the confidentiality of any information regarding the Company which the Company determines in good faith to be confidential, and of which determination such Person is
notified, unless (A) the release of such information is requested or required by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process, (B) the release of such information,
in the opinion of such Person, is required to be released by law or applicable legal process, (C) such information is or becomes publicly known without a breach of this Agreement, (D) such information is or becomes available to such Person
on a non-confidential basis from a source other than the Company or (E) such information is independently developed by such Person. In the case of a proposed disclosure pursuant to (A) or (B) above,
such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure; 

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

  
 13 

 (m) in the case of an Underwritten Offering, promptly incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriters or any Selling Holder reasonably requests to be included therein, the purchase price being paid therefor by the underwriters and any other terms of the Underwritten Offering of
the Registrable Securities to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment; 

(n) in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or
preventing the use of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use every reasonable effort to promptly obtain the withdrawal of such order; 

(o) make senior management of the Company available to assist to the extent reasonably requested by the managing underwriters of any
Underwritten Offering to be made pursuant to such registration in the marketing of the Registrable Securities to be sold in the Underwritten Offering, including the participation of such members of the Company’s senior management in “road
show” presentations and other customary marketing activities, including “one-on-one” meetings with prospective purchasers of the Registrable Securities to
be sold in the Underwritten Offering, and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, in each case to the same extent as if the Company were
engaged in a primary registered offering of its Common Stock; 
 (p) use reasonable best efforts to: (a) obtain all consents of
independent public accountants required to be included in the Registration Statement and (b) in connection with each offering and sale of Registrable Securities, obtain one or more comfort letters, addressed to the underwriters and to the
Selling Holders, dated the date of the underwriting agreement for such offering and the date of each closing under the underwriting agreement for such offering, signed by the Company’s independent public accountants in customary form and
covering such matters of the type customarily covered by comfort letters as the underwriters or AXA, if any member of the AXA Affiliated Group is a Selling Holder in such offering, or otherwise by the Holders of a majority of the Registrable
Securities being sold in such offering, as applicable, reasonably request; 
 (q) use reasonable best efforts to obtain: (a) all legal
opinions from Company Outside Counsel (or internal counsel if acceptable to the managing underwriters) required to be included in the Registration Statement and (b) in connection with each closing of a sale of Registrable Securities, legal
opinions from Company Outside Counsel (or internal counsel if acceptable to the managing underwriters), addressed to the underwriters and the Selling Holders, dated as of the date of such closing, with respect to the Registration Statement, each
amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature; 

  
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 (r) upon the occurrence of any event contemplated by Section 2.6(f) above, promptly prepare
a supplement or post-effective amendment to the Registration Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such prospectus will 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, in the light of the circumstances under which they were made, not misleading; 
 (s) reasonably cooperate with each
seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 

(t) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided that, to the extent that any
prohibition is applicable to the Company, the Company will take all reasonable action to make such prohibition inapplicable; 
 (u) shall
cause its Affiliates (including any registered investment companies, registered investment advisers and management investment companies) to, upon request of AXA at any time following completion of the IPO, either (i) obtain a no-action letter, interpretive guidance, exemptive order or other relief from the SEC to the effect that sales of securities by AXA undertaken subsequent to the IPO do not constitute an “assignment” (as
defined in the Investment Company Act of 1940, as amended or the Investment Advisers Act of 1940, as amended) of any investment advisory contract to which the Company, its Affiliates is party, or (ii) if such sales would constitute an
assignment, to obtain the requisite client consents to such assignments (including, for this purpose, the approval of the board of directors and shareholders of any client that is a registered investment company, or a new investment advisory
contract and, if applicable, a new sub-advisory contract with any sub-adviser whose contract would terminate as a result of such assignment). In connection therewith,
the Company shall, and shall cause its Affiliates to, take all steps necessary to obtain such relief or consents, including, (A) in the case of clause (i), through the preparation and submission of a request for no-action relief or exemptive application, and (B) in the case of clause (ii), preparing and filing with the SEC a proxy statement, promptly responding to any comments from the SEC on any proxy
statement, hiring a proxy solicitation firm, distributing a proxy statement to relevant parties and holding a shareholder meeting and preparing and delivering such other documents as may be necessary to solicit the consent of client that are not
registered investment companies; and 

  
 15 

 (v) use its reasonable best efforts to take or cause to be taken all other actions, and do and
cause to be done all other things necessary or reasonably advisable in the opinion of Holders’ Counsel to effect the registration, marketing and sale of such Registrable Securities. 

The Company agrees not to file or make any amendment to any Registration Statement with respect to any Registrable Securities, or any
amendment of or supplement to the prospectus used in connection therewith, that refers to any Holder covered thereby by name, or otherwise identifies such Holder as the holder of any securities of the Company, without the consent of such Holder,
such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by law, rule or regulation, in which case the Company shall provide prompt written notice to such Holders prior to the filing of such
amendment to any Registration Statement or amendment of or supplement to such prospectus or any free writing prospectus. 
 Each Holder of
Registrable Securities as to which any registration is being effected shall furnish the Company with such information regarding such Holder and pertinent to the disclosure requirements relating to the registration and the distribution of such
securities as the Company may from time to time reasonably request in writing. 
 If the Company files any Shelf Registration Statement for
the benefit of the holders of any of its securities other than the Holders, the Company agrees that it shall use its reasonable best efforts to include in such 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. 
 2.7 Registration Expenses. Whether
or not any Registration Statement is filed or becomes effective, the Company shall pay directly or promptly reimburse all costs, fees and expenses incident to the Company’s performance of or compliance with this Agreement, including
(i) all registration and filing fees, (ii) all fees and expenses associated with filings to be made with any securities exchange or with any other governmental or quasi-governmental authority; (iii) all fees and expenses of compliance
with securities or blue sky laws, including reasonable fees and disbursements of counsel in connection therewith, (iv) all printing expenses (including expenses of printing certificates for Registrable Securities and of printing prospectuses if
the printing of prospectuses is requested by the Holders or the managing underwriters, if any), (v) all “road show” expenses incurred in respect of any Underwritten Offering, including all costs of travel, lodging and meals, (vi) all
messenger, telephone and delivery expenses, (vii) all fees and disbursements of Company Outside Counsel, (viii) all fees and disbursements of all independent certified public accountants of the Company (including expenses of any “cold
comfort” letters required in connection with this Agreement) and 

  
 16 

 
all other persons, including special experts, retained by the Company in connection with such Registration Statement, (ix) all reasonable fees and disbursements of underwriters (other than
Selling Expenses) customarily paid by the issuers or sellers of securities and, (x) all other costs, fees and expenses incident to the Company’s performance or compliance with this Agreement (all such expenses, “Registration
Expenses”). The Selling Holders shall be responsible for the fees and expenses of Holders’ Counsel and Selling Expenses. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit or quarterly review and the expenses of any liability insurance. The Company shall have no obligation to pay any Selling Expenses. 

2.8 Underwritten Offering. 

(a) No Holder may participate in any registration hereunder that is an Underwritten Offering unless such Holder (i) agrees to sell its
Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green
shoe” option requested by the managing underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities that such Holder has requested the Company to include in any registration), (ii)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s
reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Holder’s failure to cooperate, will not
constitute a breach by the Company of this Agreement); provided that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to
(A) such Holder’s ownership of Registrable Securities to be transferred free and clear of all liens, claims, and encumbrances created by such Holder and (B) such Holder’s power and authority to effect such transfer;
provided further that any obligation of such Holder to indemnify any Person pursuant to any underwriting agreement shall be several, not joint and several, among such Holders selling Registrable Securities, and such liability shall be
limited to the net proceeds received by such Holder, as applicable, from the sale of Registrable Securities pursuant to such registration (which proceeds shall include the amount of cash or the fair market value of any assets in exchange for the
sale or exchange of such Registrable Securities or that are the subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net proceeds. 

  
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 2.9 Suspension of Registration. In the event of a Material Disclosure Event at the time of
the filing, initial effectiveness or continued use of a Registration Statement, including a Shelf Registration Statement, the Company may, upon giving at least 10 days’ prior written notice of such action to the Holders delay the filing or
initial effectiveness of, or suspend use of, such Registration Statement (a “Suspension”); provided, however, that the Company shall not be permitted to exercise a Suspension (i) more than twice during any 12-month period, (ii) for a period exceeding 60 days on any one occasion, (iii) unless for the full period of the Suspension, the Company does not offer or sell securities for its own account, does not
permit registered sales by any holder of its securities and prohibits offers and sales by its directors and officers, or (iv) at any time within seven days prior to the anticipated pricing of an Underwritten Offering pursuant to a Demand
Registration or within 35 days after the pricing of such an Underwritten Offering. In the case of a Suspension, the Holders will suspend use of the applicable prospectus in connection with any sale or purchase of, or offer to sell or purchase,
Registrable Securities, upon receipt of the notice referred to above. In connection with a Demand Registration, prior to the termination of any Suspension, the Holder that made the request for Demand Registration will be entitled to withdraw its
Demand Notice. Upon receipt of notices from all Holders of Registrable Securities included in such Registration Statement to such effect, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. The
Company shall immediately notify the Holders upon the termination of any Suspension. 
 2.10 Indemnification. 

(a) The Company agrees to indemnify and hold harmless to the fullest extent permitted by law, each Holder, any Person who is or might be deemed
to be a controlling person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act their respective direct and indirect general and limited partners, advisory board
members, directors, officers, trustees, managers, members, agents, Affiliates and shareholders, and each other Person, if any, who controls any such Holder or controlling person within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (each such person being referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for any losses, claims, damages, liabilities, joint or several, costs
(including, without limitation, costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such Covered Person in connections with any investigation or proceeding), expenses, judgments, fines,
penalties, charges and amounts paid in settlement (collectively, “Losses” and, individually, each a “Loss”) to which such Covered Person may become subject under the Securities Act, the Exchange Act, any state blue
sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon
(i) any untrue or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, prospectus, preliminary prospectus or free writing prospectus, or any amendment thereof or supplement thereto, or
any document incorporated by reference therein, or any other 

  
 18 

 
such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, (ii) any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation by the Company of any rule or regulation promulgated under the Securities Act or
any state securities laws applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, and the Company will pay and reimburse such Covered Persons for any legal or any other expenses
actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided that the Company shall not be liable in any such case to the extent that any such
Loss (or action or proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made or incorporated by reference in such Registration Statement, any such prospectus,
preliminary prospectus or free writing prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act
and any document incorporated by reference therein) or other document or report, or in any application in reliance upon, and in conformity with, the Selling Holder Information. In connection with an Underwritten Offering, the Company, if requested,
will indemnify the underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Covered Persons
and in such other manner as the underwriters may request in accordance with their standard practice. 
 (b) In connection with any
Registration Statement in which a Holder is participating, each such Holder will indemnify and hold harmless the Company, its directors and officers, employees, agents and any Person who is or might be deemed to be a controlling person of the
Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any Losses to which such Holder or any such director or officer, any such underwriter or controlling person
may become subject under the Securities Act, the Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus, preliminary prospectus or free writing
prospectus, or any amendment thereof or supplement thereto, or in any application or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to
the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus, preliminary prospectus or free writing prospectus, or any amendment or supplement thereto, or in any application, in reliance upon and in
conformity with the Selling Holder Information (and except insofar as such Losses arise out of or are based 

  
 19 

 
upon any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any underwriter furnished to the Company in writing by such underwriter
expressly for use in such Registration Statement), and such Holder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal or any other expenses actually and reasonably incurred by them in
connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such
Losses (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided further that the obligation to indemnify and hold harmless shall
be individual and several to each Holder and shall be limited to the amount of net proceeds received by such Holder from the sale of Registrable Securities covered by such Registration Statement. 

(c) Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim or the
commencement of any proceeding with respect to which it seeks indemnification pursuant hereto; provided, however, 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. The indemnifying party shall have the right, exercisable by giving written notice to an indemnified party promptly after the
receipt of written notice from such indemnified party of such claim or proceeding, to assume, at the indemnifying party’s expense, the defense of any such claim or proceeding, with counsel reasonably acceptable to such indemnified party;
provided that (i) any indemnified party shall have the right to select and employ separate counsel and to participate in the defense of any such claim or proceeding, but the fees and expenses of such counsel shall be at the expense of
such indemnified party unless (A) the indemnifying party has agreed in writing to pay such fees or expenses or (B) the indemnifying party shall have failed to assume, or in the event of a conflict of interest cannot assume, the
defense of such claim or proceeding within a reasonable time after receipt of notice of such claim or proceeding or fails to employ counsel reasonably satisfactory to such indemnified party or to pursue the defense of such claim in a reasonably
vigorous manner or (C) the named parties to any proceeding (including impleaded parties) include both such indemnified and the indemnifying party, and such indemnified party has reasonably concluded (based upon advice of its counsel) that there
may be legal defenses available to it that are inconsistent with those available to the indemnifying party or that a conflict of interest is likely to exist among such indemnified party and any other indemnified parties (in which case the
indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party); and (ii) subject to clause (i)(C) above, the indemnifying party shall not, in connection with any one such claim or
proceeding or separate but substantially similar or related claims or proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys

  
 20 

 
(together with appropriate local counsel) at any time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not the indemnifying party assumes the
defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which (x) does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party, from all liability in respect of such claim or litigation for which
such indemnified party would be entitled to indemnification hereunder or (y) involves the imposition of equitable remedies or the imposition of any obligations on the indemnified party or adversely affects such indemnified party other than as a
result of financial obligations for which such indemnified party would be entitled to indemnification hereunder. 
 (d) If the
indemnification provided for in this Section 2.10 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses (other than in accordance with its terms), then the indemnifying party, in lieu
of indemnifying such indemnified party thereunder, will contribute to the amount paid or payable by such indemnified party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the indemnifying party on
the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the
indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the 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. Notwithstanding the foregoing, the amount any Holder will be obligated to contribute pursuant
to this Section 2.10(d) will be limited to an amount equal to the net proceeds to such Holder from the Registrable Securities sold pursuant to the Registration Statement which gives rise to such obligation to contribute (less the aggregate
amount of any damages which the Holder has otherwise been required to pay in respect of such Loss or any substantially similar Loss arising from the sale of such Registrable Securities). 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. 

(e) To the extent that any of the Holders is, or would be expected to be, deemed to be an underwriter of Registrable Securities pursuant to any
SEC comments or policies or any court of law or otherwise, the Company agrees that (i) the indemnification and contribution provisions contained in this Section 2.10 shall be applicable to the benefit of such Holder in its role as deemed
underwriter in addition to its capacity as a Holder (so long as the amount for which any other Holder is or becomes responsible does not exceed the amount for which such Holder would be responsible if the Holder were

  
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not deemed to be an underwriter of Registrable Securities) and (ii) such Holder and its representatives shall be entitled to conduct the due diligence which would normally be conducted in
connection with an offering of securities registered under the Securities Act, including receipt of customary opinions and comfort letters. 

(f) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of any securities by any Person entitled to any indemnification hereunder and the expiration or
termination of this Agreement. 
 2.11 Conversion of Other Securities. If any Holder offers any options, rights, warrants or other
securities issued by it that are offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities underlying such options, rights, warrants or other securities shall be eligible for
registration pursuant to Sections 2.1, 2.2 and 2.4 hereof. 
 2.12 Rule 144; Rule 144A. The Company shall use its reasonable best
efforts to file in a timely fashion all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the Holders may reasonably request, all to the extent required by the
SEC as a condition to the availability of Rule 144. Rule 144A or any similar rule or regulation hereafter adopted by the SEC under the Securities Act. 

2.13 Transfer of Registration Rights. Any member of the AXA Affiliated Group may transfer all or any portion of its rights under this
Agreement to any transferee of Registrable Securities constituting not less than 10% of the outstanding shares of Common Stock of the Company. Any transfer of registration rights pursuant to this Section 2.13 from any member of the AXA
Affiliated Group to any Person that is not a member of the AXA Affiliated Group shall be effective upon receipt by the Company of written notice from the transferor stating the name and address of the transferee and identifying the amount of
Registrable Securities with respect to which rights under this Agreement are being transferred. 
 ARTICLE III 

PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY AXA 

3.1 Underwriter Selection. In any public or private offering of Registrable Securities in which a member of the AXA Affiliated Group is
a Selling Holder, other than pursuant to a Piggyback Registration, AXA shall have the sole right to select the managing underwriters to arrange such Underwritten Offering, which may include any Affiliate of AXA and which shall be investment banking
institutions of international standing. 

  
 22 

 3.2 Cooperation with Sales. In addition to the provisions of Section 2.6 hereof,
applicable to sales of Registrable Securities pursuant to a registration, in connection with any sale or disposition of Registrable Securities by AXA, the Company shall provide full cooperation, including: 

(a) providing access to employees, management and company records to any purchaser or potential purchaser, and to any underwriters, initial
purchasers, brokers, dealers or agents involved in any sale or disposition, subject to entry into customary confidentiality arrangements; 

(b) participation in road shows, investor and analyst meetings, conference calls and similar activities; 

(c) using reasonable best efforts to obtain customary auditor comfort letters and legal opinions; 

(d) entering into customary underwriting and other agreements; 

(e) using reasonable best efforts to obtain any regulatory approval or relief necessary for any proposed sale or disposition; and 

(f) filing of registration statements with the SEC or with other authorities or making other regulatory or similar filings necessary or
advisable in order to facilitate any sale or disposition. 
 3.3 Expenses of Offerings. Notwithstanding anything to the contrary in
this Agreement, the Company shall be responsible for any expenses associated with any sale of Registrable Securities by AXA, except for the fees and expenses of Holders’ Counsel and Selling Expenses. 

3.4 Further Assurances. The Company shall use its reasonable best efforts to cooperate with and facilitate, and shall not interfere
with, the disposition by AXA of its holdings of Registrable Securities. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Term. This Agreement shall terminate upon such time as no Registrable Securities remain outstanding, except for the provisions of Sections 2.7, 2.10, and 3.3 and this Article 4 which shall survive such termination. 

  
 23 

 4.2 Other Holder Activities. Notwithstanding anything in this Agreement, none of the
provisions of this Agreement shall in any way limit a Holder or any of its Affiliates from engaging in any brokerage, investment advisory, financial advisory, financing, asset management, trading, market making, arbitrage, investment activity and
other similar activities conducted in the ordinary course of their business. 
 4.3 No Inconsistent Agreements. 

(a) The Company represents and warrants that it has not entered into and covenants and agrees that it will not enter into, any agreement with
respect to its securities which is inconsistent with, more favorable than or violates the rights granted to the Holders of Registrable Securities in this Agreement. 

(b) To the extent any portion of this Agreement conflicts, or is inconsistent, with the Shareholder Agreement, the Shareholder Agreement shall
control. 
 4.4 Amendment, Modification and Waiver. This Agreement may be amended, modified or supplemented at any time by written
agreement of the parties. Any failure of any party to comply with any term or provision of this Agreement may be waived by the other party, by an instrument in writing signed by such party, but such waiver or failure to insist upon strict compliance
with such term or provision shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to comply. 
 4.5
No Third-Party Beneficiaries. Other than as set forth in Section 2.10 with respect to the indemnified parties and as expressly set forth elsewhere in this Agreement, nothing in this Agreement, express or implied, is intended to confer
upon any person, other than the parties and their respective successors and permitted assigns, any rights or remedies under or by reason of this Agreement. Only the parties that are signatories to this Agreement and any Joinder Agreement
substantially in the form of Exhibit A hereto (and their respective permitted successors and assigns) shall have any obligation or liability under, in connection with, arising out of, resulting from or in any way related to this Agreement or any
other matter contemplated hereby, or the process leading up to the execution and delivery of this Agreement and the transactions contemplated hereby, subject to the provisions of this Agreement. 

4.6 Entire Agreement. Except as otherwise expressly provided herein, this Agreement, together with the Shareholder Agreement,
constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both written and oral, between or on behalf of AXA or its Affiliates, on the one hand,
and the Company or its Affiliates, on the other hand, with respect to the subject matter of this Agreement. 
 4.7 Severability. In
the event that any provision of this Agreement is declared invalid, void or unenforceable, the remainder of this Agreement shall remain in full force and effect, and such invalid, void or unenforceable provision shall be interpreted in a manner that
accomplishes, to the extent possible, the original purpose of such provision. 

  
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 4.8 Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same instrument. The counterparts of this Agreement may be executed and delivered by facsimile or other electronic imaging means (including in pdf or tif format
sent by electronic mail) by a party to the other party and the receiving party may rely on the receipt of such document so executed and delivered by facsimile or other electronic imaging means as if the original had been received. 

4.9 Specific Performance; Remedies. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and
provisions of this Agreement, the affected party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and
all such rights and remedies shall be cumulative. The other party shall not oppose the granting of such relief. The parties agree that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate
compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are hereby waived. 

4.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD APPLY THE LAW OF ANOTHER JURISDICTION. 

4.11 WAIVER OF JURY TRIAL. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 

4.12 Jurisdiction; Venue. Any suit, action or proceeding relating to this Agreement shall be brought exclusively in the United States
District Court for the Southern District of New York or in the courts of the State of New York, in each case located in New York County, New York. The parties hereby consent to the exclusive jurisdiction of such courts for any such suit, action or
proceeding, and irrevocably waive, to the fullest extent permitted by law, any objection to such courts that they may now or hereafter have based on improper venue or forum non conveniens. 

  
 25 

 4.13 Notice. Unless otherwise specified herein, all notices required or permitted to be
given under this Agreement shall be in writing, shall refer specifically to this Agreement and shall be delivered personally or sent by a nationally recognized overnight courier service, and shall be deemed to be effective upon delivery. All such
notices shall be addressed to the receiving Party at such Party’s address set forth below, or at such other address as the receiving Party may from time to time furnish by notice as set forth in this Section 4.13: 

If to AXA, to: 
 AXA S.A. 

25 Avenue Matignon 
 75008 Paris,
France 
 Attention: General Counsel 

Telephone: +33 (1) 40 75 48 68 
 E-mail: helen.browne@axa.com 
 If to the Company, to: 

AXA Equitable Holdings, Inc. 

1290 Avenue of the Americas 
 New
York, New York 10104 
 Attention: Dave Hattem, General Counsel 

Telephone: (212) 314-3863 

E-mail: dave.hattem@axa.us.com 

[Signature Page Follows] 

  
 26 

 In witness whereof, the parties have caused this Registration Rights Agreement to be executed and
delivered as of the date first above written. 
  

			
	AXA EQUITABLE HOLDINGS, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	AXA S.A.
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement] 

 Exhibit A 

JOINDER AGREEMENT 

Reference is made to the Registration Rights Agreement, dated as of [•], 2018 (as amended from time to time, the “Registration
Rights Agreement”), by and among AXA Equitable Holdings, Inc. and AXA S.A. and the other parties thereto, if any. The undersigned agrees, by execution hereof, to become a party to, and to be subject to the rights and obligations under the
Registration Rights Agreement. 
  

			
	[NAME]
		
	By:	 	 
		 	Name:
		 	Title:
	
	Date:
	
	Address:

  

			
	Acknowledged by:
	
	[NAME OF COMPANY]
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Joinder Agreement]

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