Document:

Executive employment agreement - Marie Tedesco

 Exhibit 10.5 

EMPLOYMENT AGREEMENT 
 This
Employment Agreement (“Agreement”) made this 8th day of June 2017, by and between Beasley Mezzanine Holdings, LLC (“Employer”) and Marie Tedesco (“Employee”) (Employer and Employee each “Party”). 

In consideration of the mutual covenants herein contained, the parties hereto hereby agree as follows: 

1. EMPLOYMENT. Employer hereby employs Employee and Employee hereby accepts such employment by Employer upon the terms and
conditions set forth herein as Chief Financial Officer of Employer. 
 2. TERM OF EMPLOYMENT. (a) Initial Term. The
initial term of employment shall begin on January 1, 2017 (“Commencement Date”) and expire on December 31, 2019 (“ Initial Term”), however, Employer may terminate this Agreement at any time “without cause” or
“for cause” (as defined in Section 7 hereof). (b) Extension. The term hereunder shall be extended for successive one-year periods (“Extension Terms” and, collectively with the Initial Term, the
“Term”) upon the mutual agreement of the parties in writing. 
 3. SERVICES. Employee’s principal duties shall
be those of performing services as Chief Financial Officer for Employer at times and days determined by Employer in accordance with the terms and conditions set forth herein. Subject to reasonable modification from time to time by the Board of
Directors or by the Chief Executive Officer, Employee shall report to the Chief Executive Officer and shall serve as Chief Financial Officer of the Employer with such customary responsibilities, duties and authority as are usually incident to the
position of Chief Financial Officer. Employee shall be responsible for the financial plans, policies and management of the Employer along with its accounting practices and relationships with lending institutions, shareholders and the financial
community. Employee shall direct the accounting, cash management, tax, budget, credit and treasury functions and activities associated with the security and investment of assets and funds that ensures that financial transactions, policies and plans
meet short- and long-term objectives and regulatory requirements. Employee will, on a full-time basis, apply all of her skill and experience to the performance of her duties in such employment and will not, without the prior consent of the Board of
Directors, devote substantial amounts of time to outside business activities. Notwithstanding the foregoing, Employee may devote a reasonable amount of her time to civic, community, charitable or passive investment activities. Employee agrees and
acknowledges that Employer retains sole discretion to change the scope and extent of Employee’s duties at any time, subject only to the terms of this Agreement, including but not limited to reassigning any of the duties herein to another
employee; relieving Employee of any of the duties herein; and/or eliminating, removing, reassigning or relieving Employee of any of the titles granted to Employee herein. 

4. EFFORTS OF EMPLOYEE. Employee shall not enter into any agreement or contract on behalf of Employer or commit to any
obligation without the prior approval of Employer. Employee shall faithfully and diligently discharge his/her duties and responsibilities and shall exert his/her best efforts and abilities to maintain and preserve good relationships with suppliers,
advertisers, customers, lessors, governmental agencies, and others having business dealings with Employer. Employee shall not, during the Term, be or become involved or interested, directly or indirectly, in any manner, as a partner, officer.
director, stockholder, advisor, inventor, creditor, employee or in any other capacity in any Business as defined in Attachment A; provided, however, that Employee may, as a passive investor, invest personal funds in the capital stock or other
securities of a corporation or other entity, provided Employee owns less than one percent (1%) of the equity securities of such entity or an investment in such entity represents less than five percent (5%) of the total assets of Employee.

 5. COMPENSATION. In consideration of entering into this Agreement, during the Term: 

 (a) Employer shall pay to Employee and Employee agrees to accept from Employer for
Employee’s full and faithful performance by Employee of services provided hereunder, an annual salary (“Base Salary”) set forth in Attachment B. Such Base Salary shall be paid on a semi-monthly basis; provided, however, that Employer
may withhold or deduct from sums due Employee any taxes, contributions, payments and assessments which Employer is now or may hereafter be required by law to withhold or deduct. 

(b) In addition to Employee’s Base Salary, Employee will be eligible to receive additional compensation as set forth in
Attachment B. 
 (c) Any compensation earned pursuant to this Section 5 shall be paid according to Employer’s customary
payment practices, as may be implemented or changed by Employer from time to time. 
 6. BENEFITS. During the Term, Employee
shall be entitled to participate in any Employer benefit plans now existing or hereafter adopted for which Employee may be eligible pursuant to established Employer policy, subject to the provisions of such plans as the same may be in effect from
time to time. Employee agrees that nothing contained in this Agreement shall prevent Employer from terminating or modifying any such benefit plan in whole or in part at any time. During the Term, Employer will reimburse Employee for the cost of
adult/child medical and dental insurance provided by Employer. Employee will be entitled to five (5) weeks’ vacation each year, or prorated for any partial year, during the Term. Vacation must be approved in advance and may not be carried
over from one year to another. 
 7. DEATH. In the event of the death of Employee during the term of this Agreement, this
Agreement shall terminate and Employee’s executor, administrator or legal representative shall be entitled only to any accrued compensation due and owing up to the date of Employee’s death. 

8. TERMINATION. 

(a) If, due to a physical or mental disability, including without limitation, impairment of Employee’s voice, Employee becomes unable to
perform all the essential functions of the applicable job description set forth in Section 3 above and/or the services to be provided pursuant to this Agreement, whichever is applicable, even with a reasonable accommodation of such disability,
Employer may suspend or terminate this Agreement at its sole discretion, without any further obligation to Employee under this Agreement. In the event of a suspension or termination of this Agreement pursuant to this Section, benefit plan coverage
applicable to Employee will be available to Employee to the extent provided by the terms and conditions of such plan or as required by applicable law. Whether or not Employer suspends or terminates this Agreement, Employer will have no obligation
to, but may at its option and in its sole discretion, pay Employee the pro rata share of Employee’s Base Salary applicable to any portion or all of such period during which, due to any personal illness or injury, whether or not it constitutes a
disability, Employee fails to provide services or materials (if any) required to be furnished by Employee pursuant to this Agreement. Should a question arise as to Employee’s ability to perform all the essential functions of his/her position
listed in this Agreement, Employee agrees to cooperate fully in assisting Employer in making a determination of whether Employee is able to perform those essential functions with or without a reasonable accommodation, including, without limitation,
having his/her treating medical provider respond to medical inquiries, and if necessary submission to a medical examination by licensed health care provider designated by Employer. Employee will also be asked to help in determining if a reasonable
accommodation can be made. Employer will give Employee notice of the action it intends to take after determining that Employee cannot perform all essential functions of the applicable job description and/or the services to be provided pursuant to
this Agreement. 
 (b) Employer shall have the right to immediately terminate Employee’s employment and all rights and obligations
hereunder at any time “for cause” upon giving written notice thereof to Employee. Termination “for cause” shall include, but not be limited to: 

  
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	 	•	 	conduct which reflects adversely upon and detracts from Employee’s value as Chief Financial Officer or Employer’s public image or reputation; 

 

	 	•	 	failure to perform according to or follow the policies and directives of Employer; 

  

	 	•	 	failure to perform the duties set forth in Section 3 of this Agreement; 

  

	 	•	 	Employee’s fraud, theft or embezzlement, 

  

	 	•	 	Employee’s arrest or conviction of any felony or other crime involving moral turpitude; 

  

	 	•	 	gross or willful misconduct or negligence; 

  

	 	•	 	breach by Employee of a material term of this Agreement; 

  

	 	•	 	insubordination; 

  

	 	•	 	possession or consumption of intoxicating liquor or illegal drugs on Employer’s property, or reporting to work under the influence of alcohol or intoxicating drugs; 

 

	 	•	 	illegal use or possession of a controlled substance; 

  

	 	•	 	any violations of federal, state or local rules and regulations; 

  

	 	•	 	payola and or plugola; 

  

	 	•	 	unethical conduct; 

  

	 	•	 	failure to work in a harmonious manner with management or other employees; 

  

	 	•	 	failure to comply with any rules or regulations of Employer or any conduct inconsistent with the policies, procedures, or best interest of Employer; 

 

	 	•	 	excessive absenteeism or tardiness; 

  

	 	•	 	Employee’s failure or refusal to perform the services required of Employee under this Agreement for a period of two (2) or more days for reasons other than vacation, illness, accident, injury, incapacity or
authorized leave of absence. 

 (c) If Employee is terminated for cause, disability or death, Employee shall be entitled to
compensation that has accrued up to the date of termination, disability or death but Employee shall not be entitled to severance or other payment whatsoever. If at any time Employee fails to perform fully any one or more of the obligations
hereunder, or in the event of breach by Employee of any representation, warranty, term, obligation or condition of this Agreement, Employer shall have the right at its sole option, in addition to the rights set forth in this Agreement an any other
right at law or in equity, to (i) discipline Employee, by suspension from work and/or suspension or reduction in pay or otherwise and/or (ii) extend the Term for a period equal to that of the non-performance 

(d) (i) Employer may terminate this Agreement and Employee’s employment at any time during the Term without cause. If Employee is
terminated “without cause” (“Separation of Service”), Employee shall be entitled to severance equal to the lesser of the Base Salary for six (6) months or the balance of the Term of the Agreement (“Severance
Period”). Employee shall not be entitled to payment of any severance if Employee becomes employed by Employer or an affiliate of Employer in any capacity within six (6) months of Employee’s date of Separation from Service. 

(ii) At Employer’s option, such severance payment, net of applicable deductions, may be made in a lump sum (to the extent such payment
does not result in the imposition of an excise tax under Section 409A of the Code) or over the Severance Period in accordance with Employer’s standard payroll practices as they may exist from time to time. In order to be eligible to
receive the severance: (a) Employee must execute and deliver within 21 days following delivery to Employee, and not subsequently revoke, a full release (the “Release”) of any and all claims Employee may have against Employer, its
affiliates, and their respective officers, directors, employees, shareholders, agents and assigns (collectively “Releasees”), arising through the date the release is executed and a covenant not to sue the Releasees and (b) the
Employee must be and remain in full compliance with the obligations under Section 10, 11, 12 13, 14 and 15 of this Agreement. Employer shall deliver the Release to Employee within 2 days of Employee’s Separation from Service.
Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payments due under this Section 8(d) be paid (i) before Employer’s first regular payroll payment date occurring on or after the 30th day following the date of Employee’s Separation from Service, or (ii) after the date that is 24 months after the date of Employee’s Separation from Service. 

  
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 (iii) Employee shall be required to mitigate the amount of any severance payments made pursuant
to this Paragraph 8(d), and the amount of such payments shall be reduced by any compensation earned by Employee from any source for work performed by Employee for the same periods for which those payments are made to Employee, including, without
limitation, salary, sign-on or annual bonus compensation, consulting fees, commission payments, and car allowance. Employee agrees to advise Employer immediately and in writing of any employment for which Employee is receiving such payments and to
provide documentation thereof as requested by Employer with respect to such employment. During any period in which Employer remains liable to make severance payments to Employee hereunder, Employee shall use good faith efforts to obtain employment
commencing as soon as possible after the expiration of any obligation hereunder not to compete. 
 (e) Any termination of this Agreement,
whether by expiration or otherwise as provided hereunder, shall also constitute termination of employment with Employer, unless a successor agreement is executed or employment otherwise continues as provided below. If, by the expiration date of this
Agreement, no successor agreement is executed by Employee and Employer and, at Employer‘s request, Employee continues to provide Employee’s personal services to Employer, any such continued employment of Employee by Employer shall be
day-to-day, terminable at the will of either party for any reason. Unless otherwise expressly agreed to in writing by Employer, compensation and other terms and conditions of such day-to-day employment shall be governed solely by the terms of this
Agreement, provided however, that Employee shall not be entitled to any severance payment (pursuant to this Agreement or otherwise) upon termination of such day-to-day employment hereunder. If Employer does not request Employee to continue providing
Employee’s personal services after expiration of this Agreement, and Employee has not advised Employer of Employee’s intention to terminate Employee’s employment with Employer upon expiration of this Agreement, Employee’s
employment shall be deemed terminated by Employer. If Employer does request Employee to continue providing Employee’s personal services after expiration of this Agreement, but Employee declines to provide Employee’s personal services, then
Employee’s employment shall be deemed terminated by Employee. 
 9. EXCLUSIVE NEGOTIATION. 

(a) Notification of Offer From a Third Party: Employee agrees to immediately notify Employer in writing of all offers of employment
received by Employee from any third party to perform any duties described in Section 3 herein or to perform any services for a Business as defined in Attachment A during the Term of this Agreement. 

(b) First Negotiation: If Employer desires to continue to utilize Employee’s services after the expiration of this Agreement,
Employer shall so notify Employee, in writing, no sooner than ninety (90) days prior to the expiration of the Term. Upon such written notification, for a least the following sixty (60) days, Employee shall negotiate in good faith
exclusively with Employer concerning continuation of Employee’s services to Employer in the period following expiration of this Agreement. Nothing contained herein shall relieve Employee of Employee’s non-compete and/or
right-of-first-refusal obligations under this Section 9 and Section 12. 
 (c) Right of First Refusal: At any time during
the Term and for six (6) months after the date this Agreement expires or employment is otherwise terminated, and subject to Section 12 hereof, Employee shall not enter into employment of, perform services for, enter into any oral or
written agreement for services, or grant or receive future rights of any kind to provide services to or from any person or entity engaged the Business within the Restricted Territory as defined in Attachment A unless Employee has first promptly
disclosed the terms thereof to Employer and offered in writing to enter into an employment agreement with Employer on terms and conditions which are at least as favorable to Employer as those of any bona fide offer which Employee has received or
option or rights 

  
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which Employee intends to grant or accept. Employer shall have twenty (20) days from receipt of notice from Employee of any such offer within which to notify Employee of Employer’s
election to accept said offer; however, in no event shall such twenty (20) day period commence prior to the expiration of this Agreement. Notice to Employer of any such offer must be in writing, set forth all details of such offer and contain
the signature of both the offeror and offeree, acknowledging the validity of the offeror’s offer and the offeree’s willingness to accept such offer. Employer shall be deemed to have accepted Employee’s offer by acceptance of all terms
thereof reducible to a determinable amount of money. If Employer does not accept any offer of which Employee duly notifies Employer, and Employee does not enter into the employ of or provide services for the third party on the terms and conditions
set forth in said offer, the terms of this Section shall apply to any subsequent offer to or by Employee. 
 10.
ACKNOWLEDGMENTS. Employee acknowledges that: 
  

	 	(a)	The Employer is engaged in the Business as defined in Attachment A; 

  

	 	(b)	Employee’s position is a position of trust and responsibility with the Employer and will provide Employee with access to Confidential Information and Trade Secrets as defined in Attachment A, and valuable
information concerning employees and customers of the Employer; 

  

	 	(c)	the Trade Secrets and Confidential Information, and the relationship between the Employer and each of its employees and customers, are valuable assets of the Employer; 

 

	 	(d)	The Employer’s competitors would obtain an unfair advantage if Employee: (i) discloses Confidential Information or Trade Secrets to the Employer’s competitors; (ii) uses Confidential Information or
Trade Secrets on behalf of any entity that competes with the Employer; or (iii) exploits the relationships Employee develops on behalf of the Employer during Employee’s employment to solicit Customers or Employees in violation of this
Agreement; 

  

	 	(e)	the restrictions contained in Sections 11-14 of this Agreement are reasonable and necessary to protect the legitimate business interests of the Employer, and will not impair or infringe upon Employee’s right to
work or earn a living in the event Employee’s employment with the Employer ends. 

 11. TRADE SECRETS AND
CONFIDENTIAL INFORMATION. 
  

	 	(a)	Employee agrees that Employee will not: 

  

	 	(i)	either during or after Employee’s employment with the Employer, use or disclose the Trade Secrets or the Confidential Information for any purpose other than the performance of duties in the Business on behalf of
the Employer, except as authorized in writing by the Employer; 

  

	 	(ii)	during Employee’s employment with the Employer, use or disclose: (a) any confidential information or trade secrets of any third party; or (b) any works of authorship developed in whole or in part by
Employee for any other party, unless authorized in writing by the third party; or 

  

	 	(iii)	 upon the conclusion of Employee’s employment with the Employer, for any reason, retain Trade Secrets or
Confidential Information, including any copies existing in any form (including electronic form) that are in Employee’s possession or control. This includes customer information on any social media account that Employee utilizes on behalf of the

  
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Employer. Employee agrees to: (1) maintain the privacy settings on any social media account such that competitors cannot access customer information on said accounts; and (2) delete
(within three days of the close of Employee’s employment with the Employer) all customer information that Employee adds to any social media accounts during the course of Employee’s employment with the Employer. 

 

	 	(b)	The obligations under this Section 11 shall remain in effect as long as the information constitutes a Trade Secret or Confidential Information under the definitions set forth in this Agreement and/or applicable
law. 

  

	 	(c)	The confidentiality, property, and proprietary rights protections available in this Agreement are in addition to, and not exclusive of, any and all other rights to which the Employer is entitled under federal and state
law, including, but not limited to, rights provided under copyright laws, trade secret and confidential information laws, and laws concerning fiduciary duties. 

12. NON-COMPETITION. During the Restricted Period, Employee will not, except as authorized by the Employer, perform Competitive
Tasks in the Restricted Territory. This provision shall be limited to performing such tasks on behalf of any entity engaged in the Business or otherwise in competition with the Employer. 

13. NON-SOLICITATION OF CUSTOMERS. During the Restricted Period, Employee will not directly or indirectly solicit any Customer
of the Employer as defined in Attachment A for the purpose of selling or providing any products or services competitive with those offered by the Employer. Nothing in this Section shall be construed to prohibit Employee from soliciting: (a) a
Customer that has terminated its business relationship with the Employer (for reasons other than being solicited or encouraged by Employee to do so), or (b) a product line or service line competitive with one that the Employer no longer offers.

 14. NON-RECRUITMENT OF EMPLOYEES. During the Restricted Period, Employee will not, directly or indirectly, solicit, recruit
or induce any employee to terminate his or her employment relationship with the Employer in order to work for any other person or entity engaged in the Business. 

15. NON-DISPARAGEMENT. During the Restricted Period, Employee shall not, in any communications with the press or other media, to
the public or to any customer, client or supplier of Employer or its affiliates, criticize, ridicule or make any statement which disparages or is derogatory of Employer, Stations, their affiliates or any of their respective directors, officers or
employees. 
 16. WORK PRODUCT. Employee’s employment duties may include inventing in areas directly or indirectly
related to the Business of the Employer or to a line of business that the Employer may reasonably be interested in pursuing. All Work Product as defined in Attachment A shall constitute work made for hire. If: (a) any of the Work Product may
not be considered work made for hire; or (b) ownership of all right, title, and interest in and to the Work Product will not vest exclusively in the Employer, then, without further consideration, Employee assigns all presently-existing Work
Product to the Employer, and agrees to assign, and automatically assign, all future Work Product to the Employer. 
 The Employer will have the right to
obtain and hold in its own name copyrights, patents, design registrations and continuations thereof, proprietary database rights, trademarks, rights of publicity, and any other protection available in the Work Product. At the Employer’s
request, Employee agrees to perform, during or after Employee’s employment with the Employer, any acts to transfer, perfect and defend the Employer’s ownership of the Work Product, including, but not limited to: (a) executing all
documents (including a formal assignment to the Employer) for filing an application or registration for protection of the Work Product (an “Application”); (b) explaining the nature of the Work Product to persons designated by the
Employer; (c) reviewing Applications and other related papers; or (d) providing any other assistance reasonably required for the orderly prosecution of Applications. 

  
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 Employee agrees to provide the Employer with a written description of any Work Product in which Employee is
involved (solely or jointly with others) and the circumstances surrounding the creation of such Work Product. 
 17. RETURN OF
EMPLOYER PROPERTY/MATERIALS. Upon the termination of Employee’s employment for any reason or upon the Employer’s request at any time, Employee shall immediately provide to the Employer all of the Employer’s property,
including, but not limited to, any mobile/smart phone, personal digital assistant (PDA), keys, passcards, credit cards, confidential or proprietary lists (including, but not limited to, customer or vendor lists existing in any format), rolodexes,
tapes, laptop computer, software, computer files, external data device, marketing and sales materials, information relating to work done for the Employer or that Employee obtained as a result of working for the Employer (including such information
residing on Employee’s personal computer, e-mail account, social media account, Cloud account, external data device, or mobile/smart phone) and any other property, record, document, or piece of equipment belonging to the Employer. Employee will
not retain any copies of the Employer’s property, including any copies existing in electronic form, that are in Employee’s possession, custody, or control. The obligations contained in this Section shall also apply to any property that
belongs to a third party, including, but not limited to: (a) any entity that is affiliated or related to the Employer; or (b) the Employer’s customers, licensors, or suppliers. If Employee has any questions regarding Employee’s
obligations to return and not to retain Employer property, then Employee is obligated to contact Employee’s direct supervisor (as of the end of Employee’s employment) to obtain guidance. 

18. POST-EMPLOYMENT DISCLOSURE. During the Restricted Period, Employee shall provide a copy of Sections 11-18 and Attachment A
of this Agreement to persons and/or entities for whom Employee works or consults as an owner, partner, joint venturer, employee or independent contractor. If, during the Restricted Period, Employee agrees to work or consult for another person or
entity as an owner, partner, joint venturer, employee or independent contractor, then Employee shall provide the Employer on or before Employee’s first day of work or consultation with such person’s or entity’s name, the nature of
such person’s or entity’s business, Employee’s job title, and a general description of the services Employee will provide. 

19. COOPERATION. Employee agrees to cooperate, to the extent and in the manner requested by the Employer and at the
Employer’s expense, in the prosecution or defense of any claims, litigation (other than litigation between Employee and the Employer regardless of who initiated said litigation) or other proceeding involving any Employer property. 

20. GENERAL PROVISIONS. 

(a) SEVERABILITY: The provisions of this Agreement are severable. If any provision is determined to be invalid, illegal, or
unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law. If such provision cannot be modified to be enforceable, then the unenforceable element of the provision (or,
failing that, the entire provision) shall be severed from this Agreement. The remaining provisions and any partially enforceable provisions shall remain in full force and effect. 

(b) ATTORNEYS’ FEES. In the event of litigation relating to this Agreement, the prevailing party shall be entitled to
recover its attorneys’ fees and costs of litigation in addition to all other remedies available at law or in equity. 
  

  
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 (c) ASSIGNABILITY. This Agreement shall not be assignable by Employee. This
Agreement shall be assignable by Employer to any person or entity who succeeds to ownership of the Employer or to any licensees of the Employer. 

(d) WAIVER. All remedies, rights, undertakings, obligations and agreements contained in this Agreement shall be cumulative, and
none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either party. All remedies provided in this Agreement shall be deemed cumulative and the exercise of one shall not preclude the exercise of any
other remedy for the same event or any other event; nor shall the specification of remedies herein exclude any rights or remedies at law or in equity. The delay or failure of either party to assert or exercise any right, remedy or privilege
hereunder, with actual or constructive notice or knowledge of the breach of any representation, warranty or provisions herein, shall not constitute a waiver of any such right, remedy, privilege or breach. No waiver shall be effective unless such
waiver is in writing, and then it shall be applicable only in the specific instance for which such waiver was given. A waiver by either party of any term or condition of this Agreement in any instance shall not be deemed or construed as a waiver of
such term or condition for the future, or of any subsequent breach thereof. 
 (e) NOTICE. Any notice, election or other
communication required or permitted to be given to a party pursuant to this Agreement shall be in writing and shall be determined to have been duly given when delivered personally, by overnight courier service or by United States Certified or
Registered Mail, return receipt requested, postage prepaid as follows: 
  

			
	As to EMPLOYEE:	  	 Marie Tedesco
 9253 Estero River Circle

Estero, FL 33928

		
	As to EMPLOYER:	  	 Caroline Beasley
 Chief Executive Officer

Beasley Mezzanine Holdings, LLC
 3033 Riviera Drive, Suite 200

Naples, FL 34103

 Either party may change his or its address for the purposes of this Section by written notice given in the
manner herein provided. 
 (f) ENTIRE AGREEMENT. This Agreement, including Attachments A and B, which are incorporated by
reference, constitutes the entire agreement between the Parties concerning the subject matter of this Agreement. This Agreement supersedes any prior communications, agreements or understandings, whether oral or written, between the Parties relating
to the subject matter of this Agreement. 
 (g) AMENDMENTS. Employee understands that, at any time during Employee’s
employment, the Employer may request that Employee sign an amendment to this Agreement that would modify the Agreement based on changes to Employee’s duties, changes in the area for which Employee has responsibility, changes in the
Employer’s Business, or changes in the law regarding restrictive covenants. This Agreement may not otherwise be amended or modified except in writing signed by both Parties. 

(h) APPLICABLE LAW AND VENUE. This Agreement shall be governed by and construed in accordance with the laws of the State of
Florida, without reference to its choice of law rules. Employee agrees that any claim arising out of or relating to this Agreement shall be brought exclusively in the state or federal courts of competent jurisdiction for Collier County, Florida.
Employee consents to the personal jurisdiction of such courts and thereby waives: (a) any objection to jurisdiction or venue; or (b) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts.
Employee further acknowledges that Employee is executing this Agreement in the State of Florida. 

  
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 (i) REMEDIES. The Employee recognizes that the services to be rendered by Employee
hereunder are of a special, unique, and unusual character involving special talent and providing peculiar value, the loss of which cannot be adequately compensated for in damages. In the event of a breach of this Agreement by Employee, in addition
to other remedies it may have, the Employer shall be entitled to seek equitable relief by way of injunction or any other legal or equitable remedies. Resort by Employer to injunctive or other relief, however, shall not be considered a waiver of any
other rights Employer may have against Employee for damages, lost revenue, lost profit, lost earnings or otherwise. Employee agrees that Employer shall not be required to file any bond in connection with any such request for injunctive or other
equitable relief. The remedies provided in this Agreement shall be deemed cumulative and the exercise of one shall not preclude the exercise of any other remedy for the same event or any other event; nor shall the specification of remedies herein
exclude any right or remedies at law or in equity. 
 (j) CONSTRUCTION. Each party has had an opportunity to negotiate fully
the terms of this Agreement and to consult with counsel with respect thereto. Accordingly, any rule of construction seeking to resolve any ambiguities against the drafting party shall not be applicable in the interpretation of this Agreement. 

(k) EXTENSION OF TIME. If Employee violates any covenant contained in this Agreement, the duration of any covenant so violated
automatically shall be extended for a period equal to the period during which Employee shall have been in violation of such covenant. 
 (l)
FORCE MAJEURE. If the regular operations of Employer are suspended because of an act of God; act of war or terrorist action; inevitable accident; fire; lockout, strike or other labor dispute; riot or civil commotion; act of public
enemy; enactment, rule, order or act of government or governmental instrumentality (whether federal, state, local or foreign); failure of technical facilities; failure or delay of transportation facilities or other cause of similar or different
nature beyond the control of Employer, Employer may suspend the performance of services by Employee and the payment of compensation hereunder during the continuation of such suspension of operations. If any such suspension of operations shall
continue for a period of six (6) consecutive weeks, Employer may, by written notice, terminate this Agreement with no further liability hereunder. No such suspension of Employer’s operations or Employee’s services shall operate to
extend the Term. 
 (m) CONFIDENTIALITY. The terms and conditions of this Agreement shall not be disclosed by Employee to any
other person or entity without the prior written consent of Employer; provided, however, the Employee may provide copies of and discuss the terms of this Agreement with Employee’s legal advisor. 

(n) COMPUTER AUTHORIZATION. Employee agrees that Employee is not authorized to use Employer’s computer system or any
of Employer’s IT hardware or software for any purpose other than the performance of Employee’s job duties or incidental, limited personal use that does not affect Employer or its Business in any way. This includes: (a) transferring
information relating to Employer’s Business from Employer’s system, hardware, or software to an external device or account other than as necessary in the performance of Employee’s job duties; (b) deleting information relating to
Employer’s Business from Employer’s system, hardware, or software other than as necessary in the performance of Employee’s job duties; or (c) altering information relating to Employer’s Business found on Employer’s
system, hardware, or software in an unauthorized manner. 
 (o) INDEPENDENT ENFORCEMENT. Each of the covenants set forth in
Sections 11-14 of this Agreement shall be construed as covenants independent of: (a) any agreements other than this Agreement; or (b) any other covenants in this Agreement, and the existence of any claim or cause of action by Employee
against the Employer, whether predicated on this Agreement or otherwise, regardless of who was at fault and regardless of any claims that either Employee or the Employer may 

  
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have against the other, shall not constitute a defense to the enforcement by the Employer of the covenants set forth in Sections 11-14 of this Agreement. The Employer shall not be barred from
enforcing the restrictive covenants set forth in Sections 11-14 of this Agreement by reason of any breach of: (a) any other part of this Agreement; or (b) any other agreement with Employee. 

(p) COUNTERPARTS. This Agreement may be executed in any number of counterparts and signed copies may be exchanged by facsimile
or e-mail, in which case each copy shall be deemed to be an original and all of which when taken together shall constitute one Agreement. 

(q) SURVIVAL. Sections 10, 11, 12, 13, 14, 15, 16, 17, 18, 19 and 20 and Attachment A of this Agreement shall survive
termination of this Agreement. 
 21. SECTION 409A. 

(a) IRS CODE SECTION 409A: To the extent applicable, it is intended that the compensation and benefits arrangements under this
Agreement be in full compliance with Section 409A of the Internal Revenue Code of 1986, as amended (“Code Section 409A”). This Agreement shall be construed in a manner to give effect to such intention. In no event whatsoever
(including, but not limited to as a result of this Paragraph or otherwise) shall Employer or any of its affiliates be liable for any tax, interest or penalties that may be imposed on Employee by Code Section 409A. Neither Employer nor any of
its affiliates shall have any obligation to indemnify or otherwise hold Employee harmless from any or all such taxes, interest or penalties or liability for any damages related thereto. Employee acknowledges that he or she has been advised to obtain
independent legal, tax or other counsel in connection with Code Section 409A. 
 (b) IN-KIND BENEFITS AND
REIMBURSEMENTS. The parties agree that, consistent with the provisions of Code Section 409A, the following in-kind benefit and reimbursement rules shall also apply: (i) the amount of in-kind benefits or reimbursements
paid under this Agreement during a calendar year will not affect the in-kind benefits or reimbursements in any other calendar year, (ii) Employee’s right to in-kind benefits or reimbursements hereunder is not subject to liquidation or
exchange for another benefit and (iii) reimbursement requests must be timely submitted by the Employee and, if timely submitted, reimbursement payments shall be promptly made to the Employee following such submission, but in no event later than
December 31st of the calendar year following the calendar year in which the expense was incurred. 
 (c) 409A SEPARATION FROM
SERVICE. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement upon Employee’s termination of employment shall be payable only upon Employee’s “separation from
service” with the Employer within the meaning of Code Section 409A (a “409A Separation from Service”) and, except as provided below, any such compensation or benefits shall not be paid, or, in the case of installments, shall not
commence payment, until the thirtieth (30th) day following Employee’s 409A Separation from Service. Any installment payments that would have been made to Employee during the thirty (30) day period immediately following Employee’s
409A Separation from Service but for the preceding sentence shall be paid to Employee on the thirtieth (30th) day following Employee’s 409A Separation from Service and the remaining payments shall be made as provided in this Agreement.

 (d) SPECIFIED EMPLOYEE. Notwithstanding anything to the contrary in this Agreement, if at the time of the Employee’s
409A Separation from Service with the Employer, the Employee is a “specified employee” as defined in Code Section 409A, as determined by the Employer in accordance with Code Section 409A, and the deferral of the commencement of
any payments or benefits otherwise payable hereunder as a result of such 409A Separation from Service is necessary in order to prevent any accelerated or additional tax under Code Section 409A, then the Employer will

  
 10 

 
defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in the payments or benefits ultimately paid or provided to the Employee) until the date
that is at least six (6) months following the Employee’s 409A Separation from Service with the Employer (or the earliest date permitted under Code Section 409A), whereupon the Employer will pay the Employee a lump-sum amount equal to
the cumulative amounts that would have otherwise been previously paid to the Employee under this Agreement during the period in which such payments or benefits were deferred. Thereafter, payments will resume in accordance with this Agreement. For
purposes of Code Section 409A, the Employee’s right to receive any installment payments under this Agreement, including each payment made after a 409A Separation from Service, will be considered as a right to receive a series of separate
payments. 
 BALANCE OF PAGE INTENTIONALLY BLANK 

  
 11 

 22. AFFIRMATION. Employee acknowledges that Employee has carefully read this
Agreement, Employee knows and understands its terms and conditions, and Employee has had the opportunity to ask the Employer any questions Employee may have had prior to signing this Agreement. Employee also acknowledges that Employee has had the
opportunity to consult an attorney of Employee’s choice (at Employee’s expense) to review this Agreement before signing it. 

This Agreement will not be considered to be binding, nor will any modifications become effective until signed by Marie Tedesco and Caroline
Beasley. 
  

							
		 		 	Beasley Mezzanine Holdings, LLC
				
	/s/ Marie Tedesco	 		 	By:	 	/s/ Caroline Beasley
	Marie Tedesco	 		 		 	Caroline Beasley, Chief Executive Officer

  
 12 

 ATTACHMENT A 

DEFINITIONS 
  

	A.	“Business” means (i) the buying and selling of advertising on media platforms, (ii) radio broadcasting, (iii) internet streaming, (iv) website management and content creation and
(v) content creation for distribution platforms, including but not limited to social networking sites and mobile phones. 

  

	B.	“Competitive Tasks” means: (i) the same or similar tasks that Employee performed on behalf of the Employer during Employee’s last twelve (12) months of employment or (ii) any job duty that
would require the use or disclosure of Confidential Information. 

  

	C.	“Confidential Information” means: 

  

	 	(1)	information of the Employer, to the extent not considered a Trade Secret under applicable law, that: (i) relates to the business of the Employer; (ii) possesses an element of value to the Employer;
(iii) is not generally known to the Employer’s competitors; and (iv) would damage the Employer if disclosed; or 

  

	 	(2)	information of any third party provided to the Employer that the Employer is obligated to treat as confidential (such third party to be referred to as the “Third Party”), including, but not limited to,
information provided to the Employer by its licensors, suppliers, or Customers. 

 Subject to the foregoing general
definition, Confidential Information includes, but is not limited to: (i) information regarding the Employer’s techniques used in the Business; (ii) business plans; (iii) pricing information, such as price lists;
(iv) advertising or marketing plans; (v) information regarding independent contractors, employees, licensors, suppliers, customers, or any Third Party, including, but not limited to, customer lists compiled by the Employer, and customer
information compiled by the Employer; and (vi) information concerning the Employer’s financial structure or condition, the Employer’s prospects or plans, its marketing and sales programs, the Employer’s research and development
information, the Employer’s contemplated or actual mergers and acquisitions, stock splits and divestitures, and its methods and procedures of operation. 

Confidential Information shall not include any information that: (i) is or becomes generally available to the public other than as a
result of an unauthorized disclosure; (ii) has been independently developed and disclosed by others without violating this Agreement or the legal rights of any party; or (iii) otherwise enters the public domain through lawful means. 

 

	D.	“Customer” means any person or entity to whom the Employer has sold its products or services or directly solicited to sell its products or services in the last twelve (12) months of Employee’s
employment with the Employer and: 

  

	 	(1)	With whom Employee dealt on behalf of the Employer in the last twelve (12) months of Employee’s employment with the Employer; 

 

	 	(2)	Whose dealings with the Employer were coordinated or supervised by Employee in the last twelve (12) months of Employee’s employment with the Employer; 

 

	 	(3)	About whom Employee obtained Trade Secrets or Confidential Information in the ordinary course of business in the last twelve (12) months of Employee’s employment with the Employer and as a result of
Employee’s work performed on behalf of the Employer; or 

  
 13 

	 	(4)	Who purchased products or services from the Employer, the sale or provision of which directly results or resulted in compensation, commissions, or earnings for Employee in the last twelve (12) months of
Employee’s employment with the Employer. 

  

	E.	“Employee” means any person who: (i) was employed by the Employer at the time Employee’s employment with the Employer ended; and (ii) remains employed by the Employer during the Restricted
Period. 

  

	F.	“Restricted Period” means the time period during Employee’s employment with the Employer, and for eighteen (18) months after Employee’s employment with the Employer ends, except for the
Non-Competition restriction in Section 12, which shall cover the time period during Employee’s employment with the Employer, and for six (6) months after Employee’s employment with the Employer ends. 

 

	G.	“Restricted Territory” means the market, as defined by Nielsen, where any of the Employer’s Stations is located at which Employee provided services or about whose operations Employee’s learned
Confidential Information in the last twelve (12) months of Employee’s employment with the Employer. 

  

	H.	“Stations” means radio stations owned or operated by Employer or its affiliates during Restricted Period. 

  

	I.	“Trade Secrets” means the Employer’s trade secrets as defined by applicable statutory or common law. 

  

	J.	“Work Product” means any subject matter protected under patent, copyright, proprietary database, trademark, trade secret, rights of publicity, confidential information, or other property rights, including all
worldwide rights therein, that was conceived, created or developed in whole or in part by Employee while employed by the Employer and that either: (1) was created within the scope of Employee’s employment; (2) was based on, resulted
from, or was suggested by any work performed within the scope of Employee’s employment and is directly or indirectly related to the business of the Employer or a line of business that the Employer may reasonably be interested in pursuing;
(3) has been paid for by the Employer; or (4) was created or improved in whole or in part by using the Employer’s time, resources, data, facilities, or equipment. This Agreement does not apply to an invention for which no equipment,
supplies, facility, or trade secret information of Employer was used and which invention was developed entirely on Employee’s own time, so long as the invention does not (i) relate directly to the business of the Employer, (ii) relate
to the Employer’s actual or demonstrably anticipated research or development, or (iii) result from any work performed by Employee for Employer. 

  
 14 

 ATTACHMENT B 

BASE SALARY: $300,000.00. 

Bonus. Employee shall be eligible to receive an annual bonus of $120,000 for each calendar year during the Term to be determined by the
Compensation Committee of the Board to be based on criteria as set forth in the Performance Incentive Plan dated January 1, 2012, or any successor Performance Incentive Plan approved by the Compensation Committee, such Annual Bonus to be
established by the Compensation Committee in its sole discretion. The annual bonus shall be paid in no event later than March 15th of the calendar year following the calendar year in which such bonus is earned. 

Restricted Stock Grants. As soon as reasonably practicable following the date hereof, subject to the approval of the Compensation Committee,
Employee shall be granted 45,000 shares of Restricted Stock pursuant to the Beasley Broadcast Group Inc. 2007 Equity Incentive Award Plan (“Restricted Stock Units”). Provided that the Employee remains continuously employed by Employer from
the date of grant through the applicable vesting date, one third of the Restricted Stock Units shall vest on the first anniversary of the Commencement Date, one third of the Restricted Stock Units shall vest on the second anniversary of the
Commencement Date and one third of the Restricted Stock Units shall vest on the third anniversary of the Commencement Date. The Restricted Stock Units shall be governed by the terms of a restricted stock agreement that is approved by the
Compensation Committee 

  
 15EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 INVESTOR RIGHTS
AGREEMENT 
 Dated as of December 31, 2016 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I REGISTRATION RIGHTS
	  	 	1	 
			
	 1.1
	 	Shelf Registrations	  	 	1	 
	 1.2
	 	Demand Registrations	  	 	3	 
	 1.3
	 	Inclusion of Other Securities; Priority	  	 	4	 
	 1.4
	 	Restrictions on Registration	  	 	4	 
	 1.5
	 	Piggyback Registrations	  	 	5	 
	 1.6
	 	Holdback Agreement	  	 	7	 
	 1.7
	 	Registration Procedures	  	 	8	 
	 1.8
	 	Registration Expenses	  	 	13	 
	 1.9
	 	Indemnification	  	 	13	 
	 1.10
	 	Participation in Underwritten Registrations	  	 	15	 
	 1.11
	 	Rule 144 and 144A Reporting	  	 	16	 
	 1.12
	 	Miscellaneous	  	 	16	 
	 1.13
	 	Subject to Transfer Restrictions	  	 	17	 
		
	 ARTICLE II COVENANTS
	  	 	17	 
			
	 2.1
	 	Transfer Restrictions	  	 	17	 
	 2.2
	 	Standstill	  	 	18	 
	 2.3
	 	Redemptions and Accelerated Share Repurchases	  	 	20	 
	 2.4
	 	Open-Market Repurchases	  	 	20	 
	 2.5
	 	Ownership Threshold	  	 	22	 
	 2.6
	 	Listing	  	 	23	 
	 2.7
	 	Private Sale and Legends	  	 	23	 
		
	 ARTICLE III TAX MATTERS
	  	 	23	 
			
	 3.1
	 	Tax Return Information	  	 	23	 
	 3.2
	 	PFIC and CFC Information	  	 	24	 
	 3.3
	 	QEF Election	  	 	24	 
	 3.4
	 	Retention of Tax Information	  	 	24	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	24	 
			
	 4.1
	 	Term	  	 	24	 
	 4.2
	 	Notices	  	 	24	 
	 4.3
	 	Investor Actions	  	 	25	 
	 4.4
	 	No Partnership	  	 	25	 
	 4.5
	 	Memorandum of Association	  	 	26	 
	 4.6
	 	Amendments and Waivers	  	 	26	 
	 4.7
	 	Assignment of Registration Rights	  	 	26	 
	 4.8
	 	Assignment	  	 	26	 

  
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	 4.9
	 	Severability	  	 	26	 
	 4.10
	 	Counterparts	  	 	26	 
	 4.11
	 	Entire Agreement	  	 	27	 
	 4.12
	 	Governing Law; Arbitration; Waiver of Jury Trial	  	 	27	 
	 4.13
	 	Agent for Service of Process	  	 	27	 
	 4.14
	 	Specific Performance	  	 	27	 
	 4.15
	 	No Third Party Beneficiaries	  	 	27	 
	 4.16
	 	Defined Terms	  	 	27	 
	 4.17
	 	Interpretation	  	 	35	 
	 4.18
	 	Further Assurances	  	 	35	 

  
 -ii- 

 This INVESTOR RIGHTS AGREEMENT, dated as of December 31, 2016 (this
“Agreement”), is made between Arch Capital Group Ltd., an exempted company with limited liability registered under the laws of Bermuda (together with its successors and permitted assigns, the “Company”), and
American International Group, Inc., a Delaware corporation (the “Parent”). 
 A. On August 15, 2016 (the
“Signing Date”), the Company and the Parent entered into the Stock Purchase Agreement, dated as of the Signing Date (the “Stock Purchase Agreement”), providing for, among other things, the issuance to the Parent of
certain securities of the Company. 
 B. On the date hereof, pursuant to the Stock Purchase Agreement, the Parent acquired from the Company
1,276,282 Company Series D Preferred Shares convertible into 12,762,820 Company Common Shares (such Company Series D Preferred Shares, together with such Company Common Shares issuable by way of conversion thereof, the “Convertible
Preferred Shares”). 
 C. The Company and the Parent desire to establish in this Agreement certain terms and conditions concerning
the Parent’s and other Investors’ relationships with and investments in the Company, including the registration rights for Registrable Securities set forth in this Agreement. 

D. Capitalized terms used in this Agreement are used as defined in Section 4.16. 

Now, therefore, the parties hereto agree as follows: 

ARTICLE I 
 REGISTRATION RIGHTS

 1.1 Shelf Registrations. 

(a) Shelf Registration. No later than the date that is ten (10) days, in the case of a Shelf Registration Statement that is an
Automatic Shelf Registration Statement, or sixty (60) days, in the case of a Shelf Registration Statement other than an Automatic Shelf Registration Statement, prior to the Six-Month Restricted Date, the Company shall prepare and file with the
SEC a Shelf Registration Statement covering all Registrable Securities held by the Investors pursuant to a Shelf Registration. If permitted under the Securities Act, such Shelf Registration Statement shall be an “automatic shelf registration
statement” as defined in Rule 405 under the Securities Act. The Shelf Registration shall provide for the resale of such Registrable Securities from time to time by and pursuant to any method or combination of methods legally available to the
Investors (including, without limitation, an underwritten offering, a direct sale to purchasers, a sale to or through brokers, dealers or agents, a sale over the internet, block trades, derivative transactions with third parties, sales in connection
with short sales and other hedging transactions). The Company shall comply with the applicable provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Shelf Registration Statement in accordance
with the intended methods of disposition by the Parent and the other Investors thereof. 

 (b) Effectiveness. The Company shall use its reasonable best efforts to (i) cause the
Shelf Registration Statement filed pursuant to Section 1.1(a) to be declared effective by the SEC or otherwise become effective under the Securities Act as promptly as practicable after the filing thereof and (ii) keep such Shelf
Registration Statement continuously effective and in compliance with the Securities Act and useable for the resale of Registrable Securities covered by such Shelf Registration Statement until such time as there are no Registrable Securities
remaining, including by filing successive replacement or renewal Shelf Registration Statements upon the expiration of such Shelf Registration Statement. 

(c) Additional Selling Shareholders. At any time and from time to time when a Shelf Registration Statement is effective, if the Parent
or any other Investor requests that the Parent or any other Investor be added as a selling shareholder in such Shelf Registration Statement, the Company shall as promptly as practicable amend or supplement the Shelf Registration Statement to cover
such additional Investor. 
 (d) Right to Effect Shelf Take-Down. The Parent and each other Investor shall be entitled, at any time
and from time to time when a Shelf Registration Statement is effective, to sell any or all of the Registrable Securities covered by such Shelf Registration Statement (a “Shelf Take-Down”). 

(e) Underwritten Shelf Take-Downs. The Parent or any other Investor intending to effect a Shelf Take-Down shall be entitled to request,
by written notice to the Company (an “Underwritten Shelf Take-Down Notice”), that the Shelf Take-Down be an underwritten offering (an “Underwritten Shelf Take-Down”). The Underwritten Shelf Take-Down Notice shall
specify the number of Registrable Securities intended to be offered and sold by the Parent and/or other Investor(s) pursuant to the Underwritten Shelf Take-Down. The Company shall amend or supplement the Shelf Registration as may be necessary in
order to enable such Registrable Securities to be distributed pursuant to the Underwritten Shelf Take-Down. The Company will pay all Registration Expenses incurred in connection with any registration or underwritten offering requested in accordance
with this Agreement. The Company shall not be required to facilitate an Underwritten Shelf Take-Down unless the aggregate gross proceeds from such offering are reasonably expected to be at least two-hundred million dollars ($200 million) and shall
not be required to effect more than two (2) Underwritten Shelf Take-Downs in any twelve (12) month period. 
 (f) Selection of
Underwriters. In connection with any such underwritten offering, the Parent or any other Investor requesting such underwritten offering shall have the right to select the investment banking firm(s) and manager(s) to administer such underwritten
offering as lead bookrunning managing underwriter(s), subject to the approval of the Company (which approval shall not be unreasonably withheld, conditioned or delayed). For such underwritten offering, the Company will have the right to appoint one
co-lead manager that shall not serve in the capacity as a bookrunning underwriter. 
 (g) Non-Underwritten Shelf Take-Down. If the
Parent or any other Investor desires to initiate an offering or sale of all or part of the Parent’s or any other Investor’s 

  
 -2- 

 
Registrable Securities that does not constitute an Underwritten Shelf Take-Down (a “Non-Underwritten Shelf Take-Down”), the Parent or such other Investor shall so indicate in a
written notice (a “Non-Underwritten Shelf Take-Down Notice”) delivered to the Company no later than three (3) Business Days (or in the event any amendment or supplement to a Shelf
Registration Statement is necessary, no later than ten (10) Business Days) prior to the expected date of such Non-Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable Securities expected to be
offered and sold in such Non-Underwritten Shelf Take-Down, (ii) the expected plan of distribution of such Non-Underwritten Shelf Take-Down and (iii) the action or actions required (including the timing thereof) in connection with such
Non-Underwritten Shelf Take-Down (including the delivery of one or more share certificates representing Registrable Securities to be sold in such Non-Underwritten Shelf Take-Down), and, to the extent necessary, the Company shall file and effect an
amendment or supplement to its applicable Shelf Registration Statement for such purpose as soon as practicable after receipt of such Non-Underwritten Shelf Take-Down Notice. 

1.2 Demand Registrations. 

(a) Right to Demand Registrations. If the Company has not made available a Shelf Registration, on or after the date that is sixty
(60) days prior to the Six-Month Restricted Date, the Parent or any other Investor may, by providing written notice to the Company, request to sell all or a portion of the Registrable Securities pursuant to a Registration Statement separate
from a Shelf Registration Statement (a “Demand Registration”). Each request for a Demand Registration (a “Demand Registration Request”) shall specify the number of Registrable Securities intended to be offered and
sold by the Parent and any other Investors pursuant to the Demand Registration and the intended method of distribution thereof, including whether it is intended to be an underwritten offering. As promptly as practicable and no later than ten
(10) Business Days after receipt of a Demand Registration Request, the Company shall register all Registrable Securities that have been requested to be registered in the Demand Registration Request. The Company shall use its reasonable best
efforts to cause the Registration Statement filed pursuant to this Section 1.2(a) to be declared effective by the SEC or otherwise become effective under the Securities Act as promptly as reasonably practicable after the filing thereof;
provided, however, that the Registration Statement filed pursuant to this Section 1.2(a) need not be declared effective prior to the Six-Month Restricted Date. A Demand Registration shall be effected by way of a
Registration Statement on Form S-3 or any similar short-form registration statement to the extent the Company is permitted to use such form at such time, and may be effected through an existing registration statement that is already effective under
the Securities Act, or through a post-effective amendment or supplement to any such Registration Statement or other registration statement. 

(b) Number of Demand Registrations. The Parent and the other Investors shall be collectively entitled to request up to a total of three
(3) Demand Registrations (which, for the avoidance of doubt, shall be in addition to any Shelf Registration pursuant to Section 1.1); provided, however, that a registration shall not count as a Demand Registration for
this purpose unless and until the Parent and the other Investors are able to register and sell at least 75% of the Registrable Securities requested to be included in such registration; provided, that the Company shall not be required to
comply with a Demand Registration unless the aggregate gross proceeds from such offering are reasonably expected to be at least two-hundred million dollars ($200 million). 

  
 -3- 

 (c) Withdrawal. An Investor 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 Investors to such effect, the Company shall cease all efforts to seek
effectiveness of the applicable Registration Statement, unless the Company intends to effect a primary offering of securities pursuant to such Registration Statement. 

(d) Selection of Underwriters. If a Demand Registration is an underwritten offering, the Parent or any other Investor requesting such
underwritten offering shall have the right to select the investment banking firm(s) and manager(s) to administer such underwritten offering as lead bookrunning managing underwriter(s), subject to the approval of the Company (which approval shall not
be unreasonably withheld, conditioned or delayed). For such underwritten offering, the Company will have the right to appoint one co-lead manager that shall not serve in the capacity as a bookrunning underwriter. 

1.3 Inclusion of Other Securities; Priority. The Company shall not include in any Demand Registration or Shelf Take-Down any securities
that are not Registrable Securities without the prior written consent of the Investors participating in such Demand Registration or Shelf Take-Down (such consent not to be unreasonably withheld, conditioned or delayed). If a Demand Registration or
Shelf Take-Down involves an underwritten offering and the managing underwriters of such offering advise the Company and the Investors in writing that, in their opinion, the number of Equity Securities proposed to be included in such Demand
Registration or Underwritten Shelf Take-Down, including all Registrable Securities and all other Equity Securities proposed to be included in such offering, exceeds the number of Equity Securities that can reasonably be expected to be sold in such
offering without adversely affecting the success of the offering (including the price, timing or distribution of the securities to be sold in such offering), the Company shall include in such Demand Registration or Underwritten Shelf Take-Down: (i) first, the Registrable Securities proposed to be sold by Investors in such offering; and (ii) second, any Equity Securities proposed to be included therein by any other Persons
(including Equity Securities to be sold for the account of the Company and/or any other holders of Equity Securities), allocated, in the case of this clause (ii), among such Persons in such manner as the Company may determine. If more than
one Investor is participating in such Demand Registration or Underwritten Shelf Take-Down and the managing underwriters of such offering determine that a limited number of Registrable Securities may be included in such offering without reasonably
being expected to adversely affect the success of the offering (including the price, timing or distribution of the securities to be sold in such offering), then the Registrable Securities that are included in such offering shall be allocated pro
rata among the participating Investors on the basis of the number of Registrable Securities initially requested to be sold by each such Investor in such offering. 

1.4 Restrictions on Registration. 

(a) Right to Defer or Suspend Registration. In the event that the Company determines in good faith that any one or more of the
following circumstances exist, the Company may, at its option, (x) defer, suspend or delay any Demand Registration or (y) require the Parent and the other Investors to suspend any offerings of Registrable Securities pursuant to a
Registration Statement for the periods specified: 

  
 -4- 

 (i) if the Company is subject to any of its customary suspension or blackout
periods, for all or part of such period; 
 (ii) if the Company believes after consultation with counsel that an offering
would require the Company, under applicable securities laws and other laws, to make disclosures of material non-public information that would not otherwise be required to be disclosed at that time and the Company believes in good faith that such
disclosures at that time would have a material and adverse effect on the Company; provided, that this exception shall continue to apply only during the time that such material non-public information has not been disclosed and remains
material; provided, further, that upon disclosure of such material non-public information, the Company shall (x) notify the Parent and the other Investors whose Registrable Securities are included in the Registration Statement;
(y) terminate any deferment or suspension it has put into effect; and (z) take such actions necessary to permit registered sales of Registrable Securities as required or contemplated by this Agreement, including, if necessary, preparation
and filing of a post-effective amendment or prospectus supplement so that the Registration Statement and any prospectus forming a part thereof will not include an untrue statement of material fact or omit to state any material fact necessary to make
the statements therein, in light of the circumstances in which they were made, not misleading; and 
 (iii) if any such
offering would violate applicable Law. 
 (b) Limitation on Deferrals and Suspensions. The Company shall not be permitted to defer
registration or require the Parent and the other Investors to suspend an offering pursuant to Section 1.4(a)(ii) if the duration of all such deferrals or suspensions would for any individual reason exceed sixty (60) consecutive days
or if the duration of all such deferrals or suspensions would in the aggregate exceed one hundred twenty (120) days in any twelve (12) month period. 

(c) Withdrawal. If the Company delays or suspends a Demand Registration, the Investor that initiated such Demand Registration shall be
entitled to withdraw its Demand Registration Request and, if it does so, such Demand Registration Request shall not count against the limitation on the number of such Holder’s Demand Registrations set forth in Section 1.2(b). 

1.5 Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any Equity Securities under the Securities Act (other than a
registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee share plan or other employee benefit arrangement),
(ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), (iii) in connection with any dividend or distribution
reinvestment or similar plan or (iv) pursuant to a registration in which the Company is offering to exchange its own securities for other securities), whether for its own account or for the account of one or more shareholders of the Company
(other than the Investors) (a “Piggyback Registration”), the Company shall give 

  
 -5- 

 
prompt written notice to each Investor of its intention to effect such a registration (but in no event less than ten (10) days prior to the proposed date of filing of the applicable
Registration Statement) and, subject to Sections 1.5(b), 1.5(c) and 2.1, shall include in such Registration Statement and in any offering of Equity Securities to be made pursuant to such Registration Statement that number of
Registrable Securities requested to be sold in such offering by such Investor for the account of such Investor, provided that the Company has received a written request for inclusion therein from such Investor no later than five
(5) business days after the date on which the Company has given notice of the Piggyback Registration to Investors. The Company may terminate, delay or withdraw a Piggyback Registration prior to the effectiveness of such registration at any time
in its sole discretion and, thereupon, (x) in the case of a determination to terminate or withdraw any registration, the Company shall be relieved of its obligation to register any Registrable Securities under this Section 1.5 in
connection with such registration and (y) in the case of a determination to delay registration, the Company shall be permitted to delay registering any Registrable Securities under this Section 1.5 for the same period as the delay
in registering the other equity securities covered by such registration. If a Piggyback Registration is effected pursuant to a Registration Statement on Form S-3 or the then-appropriate form for an offering to be made on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Piggyback Shelf Registration Statement”), the Investors shall be notified by the Company of and shall have the right, but not the obligation,
to participate in any offering pursuant to such Piggyback Shelf Registration Statement (a “Piggyback Shelf Take-Down”), subject to the same limitations that are applicable to any other Piggyback Registration as set forth above. 

(b) Priority on Primary Registrations. If a Piggyback Registration or Piggyback Shelf Take-Down is initiated as a primary underwritten
offering on behalf of the Company and the managing underwriters of the offering advise the Company in writing that, in their opinion, the number of Equity Securities proposed to be included in such offering, including all Registrable Securities and
all other Equity Securities proposed to be included in such offering, exceeds the number of Equity Securities that can reasonably be expected to be sold in such offering without adversely affecting the success of the offering (including the price,
timing or distribution of the securities to be sold in such offering), the Company shall include in such Piggyback Registration or Piggyback Shelf Take-Down: (i) first, the Equity Securities that the Company proposes to sell in such
offering; (ii) second, the Registrable Securities requested to be included in such registration by the Parent or any other Investor, allocated, in the case of this clause (ii), pro rata among such Investors on the
basis of the number of Registrable Securities initially proposed to be included by each such Investor in such offering; and (iii) third, any Equity Securities proposed to be included in such offering by any other Person to whom the
Company has a contractual obligation to facilitate such offering (subject to Section 1.12(a)), allocated, in the case of this clause (iii), among such Persons in such manner as the Company may determine, up to the number of
Equity Securities, if any, that the managing underwriters determine can be included in the offering without reasonably being expected to adversely affect the success of the offering (including the price, timing or distribution of the securities to
be offered in such offering). 
 (c) Priority on Secondary Registrations. If a Piggyback Registration or a Piggyback Shelf Take-Down
is initiated as an underwritten offering other than on behalf of the Company, and the managing underwriters of the offering advise the Company in writing that, in 

  
 -6- 

 
their opinion, the number of Equity Securities proposed to be included in such offering, including all Registrable Securities and all other Equity Securities requested to be included in such
offering, exceeds the number of Equity Securities which can reasonably be expected to be sold in such offering without adversely affecting the success of the offering (including the price, timing or distribution of the securities to be sold in such
offering), the Company shall include in such Piggyback Registration or Piggyback Shelf Take-Down: (i) first, the Registrable Securities requested to be included in such registration by the Parent or any other Investor, allocated, in the
case of this clause (i), pro rata among such Investors on the basis of the number of Registrable Securities initially proposed to be included by each such Investor in such offering; and (ii) second, any Equity
Securities proposed to be included in such offering by any other Person to whom the Company has a contractual obligation to facilitate such offering (subject to Section 1.12(a)) and any Equity Securities that the Company proposes to sell
in such offering, allocated, in the case of this clause (ii), among such Persons in such manner as the Company may determine, up to the number of Equity Securities, if any, that the managing underwriters determine can be included in the
offering without reasonably being expected to adversely affect the success of the offering (including the price, timing or distribution of the securities to be offered in such offering). 

(d) Selection of Underwriters. In any Piggyback Registration or Piggyback Shelf Take-Down,
including if initiated as a primary underwritten offering on behalf of the Company or another securityholder, the Company shall have the right to select the investment banking firm(s) to act as the underwriters (including managing underwriter(s)) in
connection with such offering. 
 1.6 Holdback Agreement. 

(a) For so long as Parent and any other Investor, individually or together, holds or Beneficially Owns at least five percent (5%) of the
issued and outstanding Company Common Shares on an as-converted basis, each Investor agrees that in connection with any registered underwritten offering of Company Common Shares, and upon request from the managing underwriter(s) for such offering,
such Investor shall not, without the prior written consent of such managing underwriter(s), during such period as is reasonably requested by the managing underwriter(s) (which period shall in no event be longer than three (3) days prior to and
ninety (90) days after the launch of such offering), Transfer any Registrable Securities. The foregoing provisions of this Section 1.6(a) shall not apply to offers or sales of Registrable Securities that are included in an offering
pursuant to Section 1.1, 1.2 or 1.5 of this Agreement and shall be applicable to the Investors only if, for so long as and to the extent that the Company, the directors and executive officers of the Company and each selling
shareholder included in such offering are subject to the same restrictions. Each Investor agrees to execute and deliver such customary agreements as may be reasonably requested by the managing underwriter(s) that are consistent with the foregoing
provisions of this Section 1.6(a) and are necessary to give further effect thereto; provided, that the terms of such agreements shall not be more restrictive than the restrictions to which the directors and executive officers of
the Company are subject. 
 (b) To the extent requested by the managing underwriter(s) for the applicable offering, the Company and its
directors and executive officers shall not effect any sale registered under the Securities Act or other public distribution of Equity Securities during the period commencing three (3) days prior to and ending ninety (90) days after the
launch of an 

  
 -7- 

 
underwritten offering pursuant to Section 1.1, 1.2 or 1.5 of this Agreement, other than a registration (i) pursuant to a Registration Statement on Form S-8 (or
other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee share plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar
form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), (iii) pursuant to a registration in which the Company is offering to exchange its own securities for other securities or
(iv) in connection with any dividend or distribution reinvestment or similar plan. 
 1.7 Registration Procedures. 

(a) In connection with the registration obligations of the Company pursuant to and in accordance with this Agreement, the Company will use its
reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of disposition thereof as promptly as reasonably practicable, the Company shall: 

(i) prepare and file with the SEC a Registration Statement with respect to such Registrable Securities, cooperate with
underwriters’ counsel in an underwritten offering in connection with all required filings with FINRA and thereafter use its reasonable best efforts to cause such Registration Statement to become effective upon filing but in any event as soon as
reasonably practicable after the filing of such Registration Statement (provided, however, that a Registration Statement filed pursuant to Section 1.2(a) need not be declared effective prior to the Six-Month Restricted
Date); provided, that before filing a Registration Statement or any amendments or supplements thereto (other than reports required to be filed by it under the Exchange Act that are incorporated or deemed to be incorporated by reference into
the Registration Statement), the Company will furnish to the Parent and the other Investors copies of all documents proposed to be filed. In the case of a Registration Statement pursuant to Section 1.1 or 1.2, if the Parent
informs the Company that it has any objections to the filing of such Registration Statement, amendment or supplement, the Company will not file such Registration Statement, amendment or supplement. In the case of a Registration Statement pursuant to
Section 1.5, the Company will not file any Registration Statement or amendment or supplement to such Registration Statement to which the Parent will have reasonably objected on the grounds that such amendment or supplement does not
comply in all material respects with the requirements of the Securities Act or of the rules or regulations thereunder; 

(ii) use reasonable best efforts to prepare and file with the SEC such amendments and supplements to any Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective until all of the Registrable Securities covered by such Registration Statement have been disposed of and comply with the applicable
requirements of the Securities Act with respect to the disposition of the Registrable Securities covered by such Registration Statement; 

  
 -8- 

 (iii) furnish to the Parent and the other Investors, without charge, such number
of conformed copies of such Registration Statement and of each post-effective amendment thereto, and deliver, without charge, such number of copies of each preliminary prospectus, final prospectus, all
exhibits and other documents filed therewith and such other documents as the Parent and the other Investors may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by it or any Investor; 

(iv) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky
laws of such jurisdictions as the Parent and the other Investors reasonably request in writing; provided that the Company shall not be required to qualify generally to do business, subject itself to taxation or consent to general service of
process in any jurisdiction where it would not otherwise be required to do so but for its obligations pursuant to this Section 1.7(a)(iv); 

(v) promptly as reasonably practicable notify the Parent and the other Investors, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, 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 the light of the circumstances under which they were made, and, as promptly as practicable, prepare and furnish to the Parent and the other Investors 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 an 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; provided, that any Investor receiving information pursuant to this Section 1.7(a)(v) shall protect the confidentiality of, and not disclose, any
information regarding the Company which the Company determines in good faith to be confidential and of which determination such Person is notified, unless such information (A) is or becomes known to the public without a breach of this Agreement
or any other agreement to which such Person is a party, (B) is or becomes available to such Person on a non-confidential basis from a source other than the Company, (C) is independently developed by such Person, (D) is requested or
required by a deposition, interrogatory, request for information or documents by a Governmental Authority, subpoena or similar process, or (E) is otherwise required to be disclosed by applicable Law (other than securities Laws); 

(vi) promptly notify the Parent and the other Investors (A) when the prospectus or any prospectus supplement or
post-effective amendment has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (B) of any request by the SEC for amendments or supplements to such Registration
Statement or to amend or to supplement such prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for such
purpose and (D) of the 

  
 -9- 

 
receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; 
 (vii) use reasonable best efforts to cause all such
Registrable Securities to be listed on each securities exchange, if any, on which similar securities issued by the Company are then listed; 

(viii) enter into such customary agreements (including underwriting agreements in form, scope and substance as is customary in
underwritten offerings) and take all such appropriate and reasonable other actions as the Parent, the Investors or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities;

 (ix) if such offering is an underwritten offering, make available upon reasonable notice at reasonable times and for
reasonable periods for inspection by the Parent, the other Investors, any underwriter participating in any disposition pursuant to such Registration Statement and any counsel, accountant or other agent retained by the Parent and the other Investors
or any such underwriter, all financial and other records, pertinent corporate documents of the Company related to the Company and its business as will be reasonably necessary and requested by such Investor(s) or underwriters to enable them to
reasonably exercise their due diligence responsibilities, provided that any Person receiving access to information or personnel pursuant to this Section 1.7(a)(ix) shall (i) reasonably cooperate with the Company to limit any
resulting disruption to the Company’s business and (ii) protect the confidentiality of, and not disclose, any information regarding the Company which the Company determines in good faith to be confidential and of which determination such
Person is notified, unless such information (A) is or becomes known to the public without a breach of this Agreement or any other to which such Person is a party, (B) is or becomes available to such Person on a non-confidential basis from
a source other than the Company, (C) is independently developed by such Person, (D) is requested or required by a deposition, interrogatory, request for information or documents by a Governmental Authority, subpoena or similar process, or
(E) is otherwise required to be disclosed by applicable law (other than securities laws); 
 (x) 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 in a form that satisfies the provisions of
Section 11(a) of the U.S. Securities Act and Rule 158 thereunder, which requirement shall be deemed satisfied if the Company timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise
complies with Rule 158 under the Securities Act or any successor rule thereto; 
 (xi) 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 

  
 -10- 

 
included in such Registration Statement for sale in any jurisdiction, use reasonable best efforts promptly to obtain the withdrawal of such order at the earliest practicable time; 

(xii) enter into such agreements and take such other actions as the Parent, the Investors or the underwriters reasonably
request in order to expedite or facilitate the disposition of such Registrable Securities, including, without limitation, entering into a customary underwriting agreement and preparing for and participating in such customary selling efforts as the
underwriters reasonably request in order to expedite or facilitate such disposition, including, as the underwriters reasonably request, making members of senior management of the Company, as would customarily participate in “road show” and
other customary marketing activities for an offering by the Company comparable to such offering in size and type of securities offered, cooperate with the managing underwriters or underwriter and make themselves available to participate on a
reasonable basis in “road show” and other customary marketing activities reasonably requested by the managing underwriter(s); 

(xiii) if such offering is an underwritten offering, use reasonable best efforts to furnish to the Parent, each underwriter and
the other Investors one or more comfort letters, addressed to the underwriters, the Parent and the Investors, dated the effective date of, or the date of the final receipt issued for, such Registration Statement (the date of the 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 in similar underwritten offerings; 

(xiv) if such offering is an underwritten offering, use its reasonable best efforts to provide legal opinions of the
Company’s outside counsel, addressed to the underwriters, dated the effective date of, or the date of the final receipt issued for, such Registration Statement (the date of the closing under the underwriting agreement for such offering), each
amendment and supplement thereto, 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; 
 (xv) make available to the Parent and the other Investors
each item of correspondence from the SEC or the staff of the SEC and each item of correspondence written by or on behalf of the Company to the SEC or the staff of the SEC, in each case solely relating to such Registration Statement; and 

(xvi) use commercially reasonable efforts to procure the cooperation of the Company’s transfer agent in settling any
Transfer of Registrable Securities, including (A) with respect to the transfer of any physical share certificates representing common shares into book-entry form in accordance with any procedures reasonably requested by the Parent or the
Investors or the underwriters, and (B) to the extent such Registrable Securities are subject to a 

  
 -11- 

 
restrictive legend, by removing such legend (or eliminating or terminating such comparable notations or arrangements on securities held in book-entry form) and, if required by the
Company’s transfer agent, delivering an opinion of the Company’s counsel that the restriction referenced in such legend (or such notations or arrangements) is no longer required in order to ensure compliance with the Securities Act. 

(b) 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 the Parent or any other Investor by name, or otherwise identifies the Parent or any other Investor as the holder of any securities of the Company, without the
consent of the Parent (any such consent to be binding on each other Investor), such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by applicable Law. 

(c) The Company may require the Parent and any other Investor to furnish the Company with such information regarding the Parent and such other
Investor 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 within twenty (20) Business Days of the receipt of
such a written request from the Company, the Parent or any other Investor fails to provide to the Company any information relating to the Parent or such Investor, as applicable, that is required by applicable law to be disclosed in the Registration
Statement, the Company may exclude the Parent’s and such Investor’s, as applicable, Registrable Securities from such Registration Statement. 

(d) The Parent agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 1.7(a)(v), 1.7(a)(vi)(B), 1.7(a)(vi)(C) or 1.7(a)(vi)(D) hereof, to the extent that such event requires the discontinuance of the disposition of Registrable Securities covered by a Registration Statement or
the related prospectus and such notice reasonably requests such discontinuance, that the Parent shall discontinue, and shall cause each Investor to discontinue, disposition of any Registrable Securities covered by such Registration Statement or the
related prospectus until receipt of the copies of the supplemented or amended prospectus contemplated by Section 1.7(a)(iii) hereof, which supplement or amendment shall be prepared and furnished as soon as practicable, or until the
Parent and the other Investors are advised in writing by the Company that the use of the applicable prospectus may be resumed, and has received copies of any amended or supplemented prospectus or any additional or supplemental filings which are
incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company, the Parent shall use its
commercially reasonable efforts to return to the Company all copies then in its possession or in the possession of any Investor, other than permanent file copies then in such holder’s possession, of the prospectus covering such Registrable
Securities at the time of receipt of such request. As soon as practicable (and in any event no later than two (2) Business Days) after the Company has determined that the use of the applicable prospectus may be resumed, the Company shall
provide written notice to the Parent and the other Investors. In the event the Company invokes an Interruption Period hereunder, as soon as practicable (and in any event no later than two (2) Business Days) after the need for the Company to
continue the Interruption Period ceases for any reason, the Company shall provide written notice to the Parent and the 

  
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other Investors that such Interruption Period is no longer applicable. Notwithstanding anything in this paragraph to the contrary, no Interruption Period shall exceed sixty (60) days and, in
any calendar year, no more than one hundred twenty (120) days in the aggregate may be part of an Interruption Period. 
 1.8
Registration Expenses. 
 (a) The Company shall pay directly or promptly reimburse all costs, fees and expenses (other than Selling
Expenses) incident to the Company’s performance of or compliance with this Agreement, including, without limitation, (i) all SEC, FINRA and other registration and filing fees; (ii) all fees and expenses associated with filings to be
made with, or the listing of any Registrable Securities on, any securities exchange or over-the-counter trading market on which the Registrable Securities are to be listed or quoted; (iii) all fees and expenses of complying with securities and
blue sky laws (including fees and disbursements of counsel in connection therewith); (iv) all printing, messenger, telephone and delivery expenses (including the cost of distributing prospectuses in preliminary and final form as well as any
supplements thereto); (v) all fees and expenses incurred in connection with any “road show” for underwritten offerings, including all costs of travel, lodging and meals; (vi) all transfer agent’s and registrar’s fees;
(vii) all fees and expenses of counsel to the Company; (viii) all fees and expenses of the Company’s independent public accountants (including any fees and expenses arising from any special audits or “comfort letters”) and
any other Persons retained by the Company in connection with or incident to any registration of Registrable Securities pursuant to this Agreement; and (ix) all fees and expenses of underwriters (other than Selling Expenses) customarily paid by
the issuers or sellers of securities (all such costs, fees and expenses, “Registration Expenses”). Each Investor shall pay the fees and expenses of any counsel engaged by such Investor and shall bear its respective Selling Expenses
associated with a registered sale of its Registrable Securities pursuant to this Agreement. 
 (b) The obligation of the Company to bear and
pay the Registration Expenses shall apply irrespective of whether a registration, once properly demanded or requested, becomes effective or is withdrawn or suspended; provided, that the Registration Expenses for any Registration Statement
withdrawn solely at the request of one or more Investor(s) (unless withdrawn following commencement of a suspension pursuant to Section 1.4(c)) shall be borne by such Investor(s). 

1.9 Indemnification. 

(a) In connection with the registration of Registrable Securities pursuant to this Agreement, the Company agrees to indemnify and hold
harmless, and hereby does indemnify and hold harmless, the Parent and the other Investors, their affiliates and their respective directors, officers, employees and partners and each Person who is a “controlling person” of the Parent or the
other Investors (within the meaning of the Securities Act or the Exchange Act) against, and pay and reimburse the Parent and the other Investors, affiliate, director, officer, employee or partner or controlling person for any losses, claims,
damages, liabilities, (collectively, “Losses”) joint or several, to which the Parent and the other Investors or any such affiliate, director, officer, employee or partner or controlling person may become subject under the Securities
Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise 

  
 -13- 

 
out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or
supplement thereto, or any “issuer free writing prospectus” as such term is defined under Rule 433 under the Securities Act or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, and the Company will pay and reimburse the Parent and the other Investors and each such affiliate, director, officer, employee, partner 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 that the Company will not be liable in any such case to the extent that any such Losses arise
out of or are based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or any “issuer
free writing prospectus” as such term is defined under Rule 433 under the Securities Act, or in any application, in reliance upon, and in conformity with, written information prepared and furnished to the Company by the Parent or any other
Investor expressly for use therein and provided, further, that the Company shall not be liable to the extent that any Losses arise out of or are based upon the use of any prospectus after such time as the Company has advised Parent or
any other Investor in writing that a post-effective amendment or supplement thereto is required. 
 (b) In connection with any Registration
Statement in which the Parent or any other Investor is participating, the Parent and each other Investor will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or prospectus and will indemnify and hold harmless the Company, its directors and officers, each underwriter and each other Person who is a “controlling person” of the Parent or the other Investors (within the
meaning of the Securities Act or the Exchange Act) and each such underwriter against any losses, claims, damages, liabilities, joint or several, to which the Company or any such director or officer, any such underwriter or controlling person
may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (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 or preliminary prospectus or any amendment thereof or supplement thereto or in any application, (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) the failure of such Investor to deliver a prospectus in accordance with the requirements of the Securities Act, but, with respect to
clauses (i) and (ii), only to the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in each
case in reliance upon, and in conformity with, written information prepared and furnished to the Company by the Parent or any other Investor expressly for use therein, and the Parent and any such other Investor 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 that the obligation to indemnify and hold harmless will be limited to the net amount of proceeds received by the Parent and each other Investor (in the aggregate) from the sale of Registrable Securities pursuant to such
Registration Statement. 

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

(d) 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. 
 (e) If the indemnification provided for in this Section 1.9 is legally unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, 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 loss, liability, claim, damage or expense 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 loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relative 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 the Parent and any other Investor will be obligated to contribute pursuant to this
Section 1.9(e) will be limited to an amount equal to the proceeds received by the Parent and each other Investor (in the aggregate) in respect of 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 Parent and each other Investor has otherwise been required to pay in respect of such loss, claim, damage, liability or action or any substantially similar
loss, claim, damage, liability or action arising from the sale of such Registrable Securities). 
 1.10 Participation in Underwritten
Registrations. No Person may participate in any underwritten offering pursuant to this Agreement unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements in customary form
approved by the Persons entitled under this Agreement to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting 

  
 -15- 

 
arrangements; provided, that no Investor included in any underwritten offering shall be required to make any representations or warranties to the Company or the underwriters (other than
representations and warranties regarding (A) such Investor’s ownership of its Registrable Securities to be sold in such offering, (B) such Investor’s power and authority to effect such Transfer and (C) such matters
pertaining to such Investor’s compliance with securities laws as may be reasonably requested by the managing underwriter(s)) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except to the
extent otherwise provided in Section 1.9 hereof. 
 1.11 Rule 144 and 144A Reporting. 

(a) With a view to making available the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable
Securities to the public without registration, the Company agrees to use its reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act and
keep public information available at any time when the Company is subject to such reporting requirements. 
 Upon request of the Parent or
the other Investors, the Company will deliver to the Parent and the other Investors a written statement as to whether it has complied with such informational and reporting requirements and will, within the limitations of the exemptions provided by
Rule 144 (as such rule may be amended from time to time) or any similar rule enacted by the SEC, instruct the transfer agent to remove the restrictive legend affixed to any Subject Securities to enable such shares to be sold in compliance with
Rule 144 (as such rule may be amended from time to time) or any similar rule enacted by the SEC. 
 (b) For purposes of facilitating
sales pursuant to Rule 144A, so long as the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Parent, each Investor and any prospective purchaser of the Parent’s or any
Investor’s securities will have the right to obtain from the Company, upon written request of the Parent prior to the time of sale, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents that
the Company would have been required to file if the Company were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act as the Parent, the Investors or prospective purchaser may reasonably request in writing in
availing itself of any rule or regulation of the SEC allowing the Parent or any other Investor, as applicable, to sell any such securities without registration. 

1.12 Miscellaneous. 
 (a)
No Inconsistent Agreements. The Company represents and warrants that it has not entered into, and agrees that it will not enter into, any agreement with respect to its securities that violates or subordinates or is otherwise inconsistent with
the rights granted to the Holders of Registrable Securities under this Agreement. For the term of this Agreement, the Company shall not grant to any Person the right to require the Company to register any Equity Securities of the Company, or any
securities convertible or exchangeable into or exercisable for such securities, without written consent of the Parent, unless such rights are explicitly made subordinate to all rights granted hereunder. 

  
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 (b) Adjustments Affecting Registrable Securities. The Company will not on its own
initiative, except to the extent required by applicable law or an enforceable court order, propose any of the following actions to be taken by the general meeting of shareholders after the date of this Agreement with respect to Subject Securities if
such actions would materially and adversely affect the ability of the Parent or the other Investors to include the Registrable Securities in a registration undertaken pursuant to this Agreement: (i) implementing Transfer restrictions on Subject
Securities, (ii) implementing limits on dispositions of Subject Securities, (iii) adopting restrictions on the nature of Transferees of Subject Securities or (iv) implementing or adopting any similar restrictions or limitations with
respect to the Transfer of Subject Securities in violation of the terms of this Agreement. For the avoidance of doubt, any actions which occur by operation of Law, pursuant to an enforceable court order or are taken by the general meeting of
shareholders shall not be deemed to be a violation of this Section 1.12(b). 
 (c) Dilution. If, from time to time, there
is any change in the capital structure of the Company by way of a split, dividend, combination or reclassification, or through a merger, amalgamation, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment
shall be made in the provisions hereof so that the rights and privileges granted hereby shall continue. 
 (d) Conversion of Other
Securities. If the Parent or any other Investor offers Registrable Securities by forward sale, or by an offering (directly or by entering into a derivative transaction with a broker-dealer or other financial institution) of any options,
rights, warrants or other securities that are offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities subject to such forward sale or underlying such options, rights or warrants or
other securities shall be eligible for registration pursuant to this Agreement. 
 (e) DTC Eligibility. The Company shall use its
reasonable best efforts to cause the Convertible Preferred Shares, concurrently with the registration of such Convertible Preferred Shares pursuant to this ARTICLE I, to be eligible for the depository and book-entry transfer services of The
Depository Trust Company. 
 1.13 Subject to Transfer Restrictions. For the avoidance of doubt, any exercise by any Investor of its
rights pursuant to Section 1.1 or Section 1.2 shall at all times be subject to the limitations set forth in Section 2.1. 

ARTICLE II 
 COVENANTS 

2.1 Transfer Restrictions. 

(a) Other than Permitted Transfers, neither the Parent nor any Investor shall Transfer any Convertible Preferred Shares until the date that is
the eighteen (18) month anniversary of the date of this Agreement (such date, the “Restricted Period Termination Date”); provided that the Parent or any other Investor may Transfer any Convertible Preferred Shares, not
counting Convertible Preferred Shares that are Transferred pursuant to a Permitted Transfer, (i) up to an aggregate amount equal to one-third (1/3) of the Original Convertible Preferred 

  
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Shares during the Six-Month Restricted Period and (ii) up to an aggregate amount equal to two-thirds (2/3) of the Original Convertible Preferred Shares (including any Convertible
Preferred Shares Transferred by the Parent or any other Investor during the Six-Month Restricted Period) in the Twelve-Month Restricted Period. 

(b) “Permitted Transfer” means, in each case so long as such Transfer is in accordance with applicable Law: 

(i) a Transfer of Convertible Preferred Shares to a Permitted Transferee, so long as such Permitted Transferee, to the extent
it has not already done so, executes a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Permitted Transferee agrees to be an “Investor” for all purposes of this Agreement; 

(ii) a Transfer of Convertible Preferred Shares in connection with a Merger Transaction approved by the Board; and 

(iii) a Transfer of Convertible Preferred Shares to the Company. 

(c) Notwithstanding anything to the contrary contained herein, including the occurrence of the Restricted Period Termination Date or the
expiration or inapplicability of the Six-Month Restricted Period or the Twelve-Month Restricted Period, none of the Parent or any other Investor shall Transfer any Convertible Preferred Shares other than in accordance with all applicable Laws
and the other terms and conditions of this Agreement. 
 (d) In connection with any Transfer to a Permitted Transferee prior to the
termination of this Agreement pursuant to Section 4.1, the Parent shall cause any Permitted Transferee to execute a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Permitted
Transferee agrees to become a party to this Agreement and to be an “Investor” for all purposes of this Agreement and provides notice information for the purposes of Section 4.2. 

2.2 Standstill. 
 (a)
Until the date on which the Parent and the other Investors Beneficially Own Convertible Preferred Shares representing less than five percent (5%) of the total issued and outstanding Company Common Shares on an as-converted basis, without the
prior written consent of the Company, the Parent shall not, and shall cause each of the other Investors not to, directly or indirectly: 

(i) acquire, offer to acquire or agree to acquire Beneficial Ownership of Company Common Shares, except pursuant to share
splits, reverse share splits, share dividends or distributions, or combinations or any similar recapitalizations on or after the date hereof; 

(ii) effect or seek, offer or propose (whether publicly or otherwise) to effect, or announce any intention to effect or cause
or participate in or in any way assist or encourage any other Person to effect or seek, offer or propose (whether 

  
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publicly or otherwise) to effect or participate in (a) any acquisition of any securities (or beneficial ownership thereof) or assets of the Company or any of its Affiliates, including rights
or options to acquire such ownership; (b) initiate or propose any merger, tender offer, business combination, restructuring, recapitalization or other extraordinary transaction involving, or any change of control of, the Company or any of its
Subsidiaries; or (c) any shareholder proposal or make, or in any way participate in, directly or indirectly, any “solicitation” of “proxies” to vote, or seek to influence any Person with respect to the voting of, Company
Common Shares, or become a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) with respect to Company Common Shares; 

(iii) deposit any Company Common Shares into a voting trust or subject Company Common Shares to any proxy, arrangement or
agreement with respect to the voting of such securities or other agreement having a similar effect; 
 (iv) initiate or
propose a call for any special meeting of the Company’s shareholders; 
 (v) seek or propose to influence, advise,
change or control the management, board of directors of the Company, governing instruments or policies of the Company or any of its Subsidiaries; 

(vi) participate in any acquisition of assets or business of the Company or its Subsidiaries or Affiliates outside of the
ordinary course of business; or 
 (vii) propose, or agree to, or enter into any discussions, negotiations or arrangements
with, or provide any confidential information to, any third party with respect to any of the foregoing. 
 (b) The prohibition in
Section 2.2(a)(i) shall not apply to ordinary course of business activities of the Parent, each Investor or any of their respective Affiliates in connection with: 

(i) proprietary and third party fund and asset management activities; 

(ii) brokerage and securities trading activities; 

(iii) financial services and insurance activities; 

(iv) acquisitions made as a result of (A) a share split, share dividend, reorganization, recapitalization,
reclassification, combination, exchange of shares or other like change or (B) in connection with securing or collecting indebtedness previously contracted in good faith and not with the intention of circumventing the prohibition in
Section 2.2(a)(i); and 
 (v) acquisitions made in connection with a transaction in which the Parent, any of the
Investors or any of their respective Affiliates acquires a previously unaffiliated business entity that Beneficially Owns Company Common Shares, or any securities convertible into, or exercisable or exchangeable for, Company Common Shares, at the
time of the consummation of such acquisition; 

  
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 provided that, in the case of each of (i) through (v) of this Section 2.2(b), such
ordinary course of business activities shall be made without the intent to influence the control of the Company. 
 2.3 Redemptions and
Accelerated Share Repurchases. In the event of a proposed redemption or accelerated share repurchase of Company Common Shares by the Company or its Subsidiaries (for the avoidance of doubt, excluding an Open-Market Repurchase), notwithstanding
the Transfer restrictions set forth in Section 2.1, each Investor shall hold a right of first refusal to cause the Company or its Subsidiaries to redeem or repurchase Company Series D Preferred Shares that such Investor holds up to
its Redemption/ASR Amount. The Company shall give written notice of a proposed redemption or accelerated share repurchase to the Parent and each other Investor at least five (5) days prior to the date of the proposed redemption or
accelerated share repurchase. Such notice shall set forth the material terms and conditions of the proposed redemption or accelerated share repurchase, including the proposed manner of redemption or repurchase, the number or amount and description
of the shares proposed to be redeemed or repurchased, the proposed transaction date, the proposed redemption or repurchase price per share, and an offer to each Investor of a right of first refusal to cause the Company or its Subsidiaries to redeem
or repurchase Company Series D Preferred Shares that such Investor holds up to its Redemption/ASR Amount. At any time during the five (5) day period following receipt of such notice, each Investor shall have the right to elect to
redeem or resell its Redemption/ASR Amount of Company Series D Preferred Shares at the Redemption/ASR Price and upon the terms and conditions set forth in the notice. After the expiration of such five (5) day period, the Company shall be
free to complete the proposed redemption or repurchase of Company Common Shares; provided that (i) the Company redeems or repurchases any Company Series D Preferred Shares any Investor elected to have redeemed or repurchased
pursuant to its response to the Company’s notice, on the terms and conditions set forth in the notice, simultaneously with any redemption or repurchase of Company Common Shares from any other shareholder of the Company; (ii) any redemption
or repurchase of such Company Common Shares from any other shareholder must be on terms no less favorable to the Company than those set forth in the notice delivered to the Investors; and (iii) the redemption or repurchase must close no later
than ninety (90) days after the proposed date included in the notice. Notwithstanding anything to the contrary, the Investors’ rights of first refusal pursuant to this Section 2.3 shall expire on the Restricted Period
Termination Date. 
 2.4 Open-Market Repurchases. In the event of an open-market repurchase of Company Common Shares by the Company
or its Subsidiaries other than pursuant to accelerated share repurchases covered by Section 2.3 (an “Open-Market Repurchase”, and the number of Company Common Shares that are repurchased in such Open-Market Repurchase,
the “Repurchased Amount”), notwithstanding the Transfer restrictions set forth in Section 2.1, each Investor shall be entitled to cause the Company to repurchase a number of Company Series D Preferred Shares it
holds up to and including its respective OMR Investor Put Amount. 
 (a) If the Company determines to effect an Open-Market Repurchase
pursuant to a plan intended to be compliant under Rule 10b5-1(c) under the Exchange Act, the Company shall give written notice of such plan for an Open-Market Repurchase to each Investor at least seven (7) Business Days prior to the start of
such plan. Such Investor may elect to sell to the 

  
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Company a number of Company Series D Preferred Shares it holds up to and including its OMR Investor Put Amount at the OMR Put Price for such plan by giving written notice to the Company of
its election (including the number of shares it elects to sell) no later than five (5) Business Days following receipt of the Company’s notice regarding such Open-Market Repurchase. If the Investor elects to participate in such Open-Market
Repurchase (which for the avoidance of doubt shall be with respect to any Open-Market Repurchase during the entire period of such plan), 

(i) the Company shall provide a statement to the Investor at the end of each day during such period on which the Company
purchases any Company Common Shares pursuant such Open-Market Repurchase setting forth: 
 1. the purchases of Company
Common Shares made on such day and the volume weighted average price paid for such Company Common Shares; 
 2. the OMR
Investor Put Amount for such day; and 
 3. the OMR Put Price for such day; and 

(ii) the Company and such Investor shall use their respective reasonable best efforts to effect the share purchase within three
(3) Business Days of any day on which an Open-Market Repurchase is made pursuant to such plan. 
 (b) For Open-Market Repurchases other
than pursuant to a plan intended to be compliant under Rule 10b5-1(c) under the Exchange Act as set forth in Section 2.4(a) above, the Company shall give written notice of a proposed Open-Market Repurchase to each Investor (x) no
later than 5:00 P.M. New York City time on the Friday before a week for which the Company intends to effect an Open-Market Repurchase, which notice shall set forth the week or weeks of the Open-Market Repurchase or (y) other than notices for a
week or week(s) as set forth in clause (x), no later than one (1) Business Day prior to a date on which the Company intends to effect such Open-Market Repurchase. Such Investor may elect to sell to the Company a number of Company
Series D Preferred Shares it holds up to and including its OMR Investor Put Amount at the OMR Put Price by giving written notice to the Company of its election no later than (i) in the case of clause (x) above 8:00 A.M. New
York City time on the first Business Day of the week of such proposed Open-Market Repurchase or (ii) in the case of clause (y) above 8:00 A.M. New York City time on the date of such proposed Open-Market Repurchase. If the Investor
elects to participate in such Open-Market Repurchase (which for the avoidance of doubt in the case of clause (x) above shall be with respect to any Open-Market Repurchase during such week), 

(i) the Investors may condition its participation on the receipt of a minimum price per share of Company Common Shares; 

(ii) the Company shall provide a statement to the Investor at the end of each day during such week(s) or day on which the
Company purchases any Company Common Shares pursuant such Open-Market Repurchase setting forth: 

  
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 1. the purchases of Company Common Shares made on such day and the average price
paid for such Company Common Shares; 
 2. the OMR Investor Put Amount for such day; and 

3. the OMR Put Price for such day; and 

(iii) the Company and such Investor shall use their respective reasonable best efforts to effect the share purchase within
three (3) Business Days of any day on which an Open-Market Repurchase is made during such period. 
 (c) Notwithstanding anything to
the contrary herein, (x) if Investor informs the Company that it does not wish to participate in any Open-Market Repurchase or does not respond within the time periods set forth in Section 2.4(a) or Section 2.4(b), as
applicable, the Company may proceed with such Open-Market Repurchase and shall have no obligation to purchase any shares from an Investor pursuant to such Open-Market Repurchase and (y) if the Company does not purchase any Company Common Shares
during such Open-Market Repurchase it shall not be required to purchase any Company Series D Preferred Shares from any Investor. 
 (d)
Notwithstanding anything to the contrary, the Investors’ rights to cause the Company to make repurchases pursuant to this Section 2.4 shall expire on the Restricted Period Termination Date. 

2.5 Ownership Threshold. Neither any Investor nor the Company shall take any action that could reasonably be expected to result in the
Parent, the Investors or any of their respective Affiliates, acting alone or as part of a Group, directly or indirectly, either (i) to Beneficially Own more than five percent (5%) of the Company Common Shares or any other class of Voting
Securities, or any securities convertible into, or exercisable or exchangeable for, Company Common Shares or other Voting Securities (excluding Company Series D Preferred Shares and other securities that are not convertible in the hands of the
holder), or (ii) to have a Total BHC Ownership Level in excess of twenty-three and one-half percent (23.5%) of the Company’s total equity; provided that if the Investors (collectively) do come (i) to Beneficially Own
more than five percent (5%) of the Company Common Shares or any other class of Voting Securities, or any securities convertible into, or exercisable or exchangeable for, Company Common Shares or other Voting Securities (excluding Company
Series D Preferred Shares and other securities that are not convertible in the hands of the holder) or (ii) to have a Total BHC Ownership Level in excess of twenty-three and one-half percent (23.5%) of the Company’s total equity
(the number of securities in excess of either or both of such five percent (5%) and twenty-three and one-half percent (23.5%) levels, the “Excess Shares Amount”), (a) the Parent and each other Investor may Transfer a
number of such Equity Securities equal to the Excess Shares Amount multiplied by its Pro Rata Portion freely without regard to the Transfer restrictions set forth in Section 2.1, and (b) in the event of an action taken by the
Company that causes such ownership thresholds to be exceeded, the Company and the Investors shall negotiate in good faith for the Company to repurchase Equity Securities from the Investors so that the Investors (collectively) will no longer
(i) Beneficially Own more than five percent (5%) of the Company Common Shares or any other class of Voting Securities, or any securities convertible into, or exercisable or exchangeable for, Company Common Shares or other Voting Securities

  
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(excluding Company Series D Preferred Shares and other securities that are not convertible in the hands of the holder) or (ii) have a Total BHC Ownership Level in excess of twenty-three
and one-half percent (23.5%) of the Company’s total equity. 
 2.6 Listing. The Company agrees to use commercially
reasonable efforts to cause the Company Common Shares to continue to be listed on the NASDAQ Stock Market or another national securities exchange. 

2.7 Private Sale and Legends. 

(a) Except as provided in Section 2.1, the Company agrees that nothing in this Agreement shall prohibit the Investors, at any time
and from time to time, from selling or otherwise Transferring Company Series D Preferred Shares pursuant to a private sale or other transaction which is not registered pursuant to the Securities Act. 

(b) At the request of an Investor and to the extent the Company Series D Preferred Shares are subject to a restrictive legend, whether
such securities are certificated or held in book-entry form, (i) the purchaser who takes ownership from an Investor holding any certificates for such Company Series D Preferred Shares shall be entitled, upon conversion of Company
Series D Preferred Shares to Company Common Shares in such Transfer, to receive from the Company new certificates for the appropriate number of Company Common Shares not bearing such legend (or the elimination or termination of such comparable
notations or arrangements on securities held in book-entry form) and (ii) the Company shall procure the cooperation of the Company’s transfer agent in removing such legend (or the elimination or termination of such notations or
arrangements). If required by the Company or the Company’s transfer agent, the Investor shall deliver an opinion of its counsel that the restriction referenced in such legend (or such notations or arrangements) is no longer required in order to
ensure compliance with the Securities Act. 
 ARTICLE III 

TAX MATTERS 
 3.1 Tax Return
Information. The Company will as promptly as practicable furnish to any Investor information reasonably requested to enable such Investor or its direct or indirect equity owners to comply with any applicable tax reporting requirements with
respect to Convertible Preferred Shares held by such Investor, including, without limitation, such information as may be reasonably requested by such Investor to complete U.S. federal, state or local or non-U.S. income tax returns (including, for
the avoidance of doubt, information regarding the source of any dividends paid or deemed paid with respect to Convertible Preferred Shares held by such Investor or its direct or indirect equity owners); provided, that this
Section 3.1 shall not require the Company to provide information to any Investor regarding the computation of earnings and profits for U.S. federal income tax purposes (and any Investor should assume that the Company’s distributions
constitute dividends for U.S. federal income tax purposes), except to the extent that such information is otherwise required to be provided by the Company under Section 3.2 or Section 3.3. The Company will provide any
tax-related information that is required to be provided to the Investors by the Company or any of its Subsidiaries in respect of a fiscal year within sixty (60) calendar days following the end of such fiscal year. 

  
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 3.2 PFIC and CFC Information. After the end of each taxable year, the Company will timely
determine whether the Company or any of its Subsidiaries is expected to be, or was, a PFIC or CFC for any taxable year and inform the Investors of its determination. If the Company believes the Company or any of its Subsidiaries is a PFIC or a CFC
for any taxable year or there is a reasonable possibility that the Company or any of its Subsidiaries may be a PFIC or a CFC for any taxable year, the Company will prepare an annual statement that sets forth the amount that the Investors would be
required to include in taxable income on their U.S. tax returns if the Company or such Subsidiary were in fact to constitute a PFIC or a CFC for such taxable year, as well as any other information required to comply with applicable CFC and PFIC
reporting requirements. Each of the Investors will cooperate with the Company, and provide such information as may be reasonably requested by the Company, to determine whether the Company is a CFC. 

3.3 QEF Election. If the Company believes there is a reasonable possibility that the Company or any of its Subsidiaries constitutes a
PFIC for any taxable year, the Company will provide the Investors with the information necessary in order for the Investors or any direct or indirect equity owner therein, as the case may be, to timely and properly make an election under section
1295 of the Code to treat the Company or such Subsidiary as a “qualified electing fund” (a “QEF Election”) and comply with the reporting requirements applicable to such a QEF Election. The Company will obtain
professional assistance experienced in matters relating to the relevant aspects of the Code to the extent necessary to make the determinations and to provide the information and statements described in Section 3.2 and this
Section 3.3. 
 3.4 Retention of Tax Information. The Company hereby undertakes to keep any documentation supporting any
tax-related information supplied to any Investor as provided under this ARTICLE III for no less than seven (7) years. 
 ARTICLE
IV 
 MISCELLANEOUS 
 4.1
Term. This Agreement will be effective as of the date hereof and shall automatically terminate at such time as the Investors no longer Beneficially Own any Subject Securities. If this Agreement is terminated pursuant to this
Section 4.1, this Agreement shall become void and of no further force and effect, except for the provisions set forth in this ARTICLE IV. 

4.2 Notices. 
 (a) All
notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service,
by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the 

  
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respective parties hereto at the following respective addresses (or at such other address for a party hereto as shall be specified in a notice given in accordance with this
Section 4.2): 
  

	 	(i)	if to the Parent: 

 American International Group, Inc. 

175 Water Street 

New York, NY 10038 

Attention: General Counsel 

Facsimile: (212) 770-3500 

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

Sullivan & Cromwell LLP 

125 Broad Street 

New York, NY 10004 

Attention: Robert G. DeLaMater & Jared M. Fishman 

Facsimile: (212) 291-9037 
  

	 	(ii)	if to the Company: 

 Arch Capital Group Ltd. 

Waterloo House, Ground Floor 

100 Pitts Bay Road 

Pembroke HM 08, Bermuda 

Attention: Mark D. Lyons 

Facsimile: (441) 278-9255 

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

Cahill Gordon & Reindel LLP 

80 Pine Street 

New York, New York 10005 

Attention: John Schuster 

Facsimile: (212) 269-5420 

4.3 Investor Actions. Any determination, consent or approval of, or notice or request delivered by, or any similar action of, the
Investors (each, an “Investor Action”) shall be made by, and shall be valid and binding upon, all Investors if made by (i) holders of a majority of the Registrable Securities then Beneficially Owned by all Investors or
(ii) the Parent; provided, that in the event of any conflict between any Investor Action made by holders of a majority of the Registrable Securities then Beneficially Owned by all Investors and an Investor Action made by the Parent, the
Investor Action made by the Parent shall control. 
 4.4 No Partnership. Nothing in this Agreement shall be taken to constitute a
partnership between any of the parties to this Agreement or the appointment of the parties to this Agreement as agent for the others. 

  
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 4.5 Memorandum of Association. Upon the occurrence of a conflict between any provision of
this Agreement and any provision of the Memorandum of Association, then this Agreement will prevail, subject to applicable Law, and in the event applicable Law would conflict with the provisions of this Agreement, the Company will use its best
efforts to facilitate the provision of this Agreement. 
 4.6 Amendments and Waivers. No provision of this Agreement may be amended,
supplemented or modified except by a written instrument signed by all of the parties thereto. No provision of this Agreement may be waived except by a written instrument signed by the party against whom the waiver is to be effective. No failure or
delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

4.7 Assignment of Registration Rights. The rights of the Parent and any other Investor to registration of all or any portion of its
Registrable Securities pursuant to this Agreement may be assigned by the Parent or such Investor to any Permitted Transferee to the extent of the Registrable Securities Transferred as long as (i) the Parent or such Investor, within ten
(10) days after such Transfer, furnishes to the Company written notice of the Transfer to the Permitted Transferee and (ii) such Permitted Transferee agrees, following such Transfer, to be subject to all applicable restrictions and
obligations set forth in this Agreement, and executes a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which case the applicable Permitted Transferee shall be the beneficiary to all rights of the
Parent or such Investor and subject to all restrictions and obligations applicable to the Parent or such Investor pursuant to this Agreement, to the same extent as the Parent or such Investor. 

4.8 Assignment. Except as provided in Section 4.7 hereof, this Agreement shall not be assigned, in whole or in part, by
operation of law or otherwise without the prior written consent of the parties hereto. Any attempted assignment in violation of this Section 4.8 shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and
shall be enforceable by the parties hereto and their successors and permitted assigns. 
 4.9 Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this
Agreement be consummated as originally contemplated to the greatest extent possible. 
 4.10 Counterparts. This Agreement may be
executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of a signature page to this Agreement by facsimile or other means of electronic transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

  
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 4.11 Entire Agreement. Except as otherwise expressly provided in this Agreement, this
Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between or on behalf of the Parent and/or its Affiliates, on the
one hand, and the Company and/or its Affiliates, on the other hand, with respect to the subject matter hereof. 
 4.12 Governing Law;
Arbitration; Waiver of Jury Trial. 
 (a) This Agreement, and all claims and defenses arising out of or relating to this Agreement or
the formation, breach, termination or validity of this Agreement, shall in all respects be governed by, and construed in accordance with, the Laws of the State of New York without giving effect to any conflicts of Law principles of such state that
would apply the Laws of another jurisdiction. 
 (b) Section 11.10(b) through (f) of the Stock Purchase Agreement shall apply to
this Agreement mutatis mutandis. 
 4.13 Agent for Service of Process. Without prejudice to any other permitted mode of
service, the Company irrevocably agrees that service of any claim form, notice or other document for the purpose of Section 4.12 shall be duly served upon it if delivered personally or sent by pre-paid recorded delivery, special delivery
or registered post to Cahill Gordon & Reindel LLP, 80 Pine Street, New York, NY 10005 Attention: John Schuster, Esq., or such other Person and address in New York, New York as the Company shall notify the Parent of in writing from time to
time and the parties agree that failure by such appointed Person to notify their appointor of any such service shall not invalidate the proceedings concerned. 

4.14 Specific Performance. (a) The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, (b) it is accordingly agreed that, without the necessity of posting bond or other undertaking, the parties hereto shall be
entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Agreement, this being in addition to any other remedy to which such party
is entitled at law or in equity and (c) in the event that any Action is brought in equity to enforce the provisions of this Agreement, no party hereto shall allege, and each party hereto hereby waives the defense or counterclaim that there is
an adequate remedy at law. 
 4.15 No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and
their successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. 
 4.16 Defined Terms. Capitalized terms when used in this Agreement have the following meanings: 

  
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 “Action” means any claim, action, suit, arbitration or proceeding by or before
any Governmental Authority, court, tribunal or arbitration body. 
 “Affiliate” means, with respect to any Person, any
other Person that, at the time of determination, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such Person; provided that for the avoidance of doubt, the Company and the
Parent shall not be deemed to be Affiliates of each other. 
 “Agreement” has the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405
under the Securities Act. 
 “Beneficial Owner,” “Beneficially Own” or “Beneficial
Ownership” has the meaning assigned to such term in Rule 13d-3 under the Exchange Act, and a Person’s Beneficial Ownership of securities shall be calculated in accordance with the provisions of such Rule (in each case, irrespective of
whether or not such Rule is actually applicable in such circumstance). In addition, a Person shall be deemed to be the Beneficial Owner of, and shall be deemed to Beneficially Own, and shall be deemed to have Beneficial Ownership of, any securities
which are the subject of, or the reference securities for, or that underlie, any Derivative Instrument of such Person, with the number of securities Beneficially Owned being the notional or other number of securities specified in the documentation
evidencing the Derivative Instrument as being subject to be acquired upon the exercise or settlement of the Derivative Instrument or as the basis upon which the value or settlement amount of such Derivative Instrument is to be calculated in whole or
in part or, if no such number of securities is specified in such documentation, as determined by the Board in its sole discretion to be the number of securities to which the Derivative Instrument relates. 

“BHC Act” means the Bank Holding Company Act of 1956, as amended, together with any regulations promulgated thereunder. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which commercial banks in the City of New York,
New York are required or authorized by Law to remain closed. 
 “CFC” means a “controlled foreign corporation”
within the meaning of section 957 of the Code. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” has the meaning set forth in the preamble and includes the Company’s successors by merger, acquisition,
reorganization or otherwise. 
 “Company Common Shares” means the common shares, par value $0.0033 per share, of the
Company. 

  
 -28- 

 “Company Series D Preferred Shares” means the preference shares, par value
$0.01 per share, of the Company designated as the “Series D Convertible Participating Non-Voting Perpetual Preferred Shares”. 

“Contract” means any contract, agreement, instrument, undertaking, indenture, commitment, loan, license, settlement, consent,
note or other legally binding obligation (whether or not in writing). 
 “Control,” “Controlled” and
“Controlling” means, with respect to any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms
“Controlled by” and “under common Control with” shall be construed accordingly. 
 “Controlled
Affiliate” means any Affiliate of the specified Person that is, directly or indirectly, Controlled by the specified Person. 

“Conversion Rate” means one (1) divided by the number (or fraction) of Company Common Shares issuable upon the
conversion of one (1) Company Series D Preferred Share. 
 “Convertible Preferred Shares” has the meaning set
forth in the recitals. 
 “Demand Registration” has the meaning set forth in Section 1.2(a). 

“Demand Registration Request” has the meaning set forth in Section 1.2(a). 

“Derivative Instruments” means any and all derivative securities (as defined under Rule 16a-1 under the Exchange
Act) that increase in value as the value of any Equity Securities of the Company increases, including a long convertible security, a long call option and a short put option position, in each case, regardless of whether (i) such derivative
security conveys any voting rights in any Equity Security, (ii) such derivative security is required to be, or is capable of being, settled through delivery of any Equity Security or (iii) other transactions hedge the value of such
derivative security. 
 “Encumbrance” means any mortgage, commitment, transfer restriction, deed of trust, pledge, option,
power of sale, retention of title, right of pre-emption, right of first refusal, executorial attachment, hypothecation, security interest, encumbrance, claim, lien or charge of any kind, or an agreement, arrangement or obligation to create any of
the foregoing. 
 “Equity Securities” means any and all (i) shares, interests, participations or other equivalents
(however designated) of capital stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person (other than a corporation), (ii) securities convertible into
or exchangeable for shares, interests, participations or other equivalents (however designated) of capital stock or voting securities of a corporation, and securities convertible into or exchangeable for any equivalent or analogous ownership
(or profit) or voting interests in a Person (other than a corporation), and (iii) any and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares,
interests, participations, equivalents, securities, warrants, options, rights or other interests are authorized or otherwise existing on any date of determination. 

  
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 “Excess Shares Amount” has the meaning set forth in Section 2.5.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute and the rules and
regulations thereunder, as in effect from time to time. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc.

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

“Governmental Authority” means any supranational, national, regional, federal, state, provincial, territorial, municipal or
local court, administrative body or other governmental or quasi-governmental entity or authority or SRO with competent jurisdiction (including any arbitration panel or body) exercising legislative, judicial, regulatory or administrative
functions of or pertaining to supranational, national, regional, federal, state, provincial, territorial, municipal or local government, including any department, commission, board, agency, bureau, subdivision, instrumentality or other regulatory,
administrative, arbitral or judicial authority. 
 “Group” has the meaning assigned to such term in
Section 13(d)(3) of the Exchange Act. 
 “Interruption Period” has the meaning set forth in
Section 1.7(d). 
 “Investor” means each of the Parent, any successor and any Permitted Transferee who becomes
a party hereto pursuant to Section 4.7. 
 “Investor Action” has the meaning set forth in
Section 4.3. 
 “Law” means any supranational, federal, state, local or foreign law (including common law),
statute or ordinance, or any rule, regulation, or agency requirement of any Governmental Authority. 
 “Losses” has the
meaning set forth in Section 1.9(a). 
 “Memorandum of Association” means the Company’s memorandum of
association as then in effect. 
 “Merger Transaction” means any transaction or series of related transactions involving:
(i) any acquisition (whether direct or indirect, including by way of merger, share exchange, consolidation, business combination or other similar transaction) or purchase from the Company or any of its Subsidiaries that would result in any
Person or Group Beneficially Owning more than fifty percent (50%) of the total outstanding Equity Securities of the Company (measured by voting power or economic interest), (ii) any tender offer, exchange offer or other secondary
acquisition that would result in any Person or Group Beneficially Owning more than fifty percent (50%) of the total outstanding Equity Securities of the Company (measured by voting power or economic interest), or (iii) any transaction
pursuant to which Company Common Shares are exchanged for, or canceled and converted into the right to receive, another security. 

  
 -30- 

 “Non-Underwritten Shelf Take-Down” has the meaning set forth in
Section 1.1(g). 
 “Non-Underwritten Shelf Take-Down Notice” has the meaning set forth in
Section 1.1(g). 
 “OMR Aggregate Holdings” means, with respect to any Open-Market Repurchase, the total number
of Company Series D Preferred Shares held by all Investors in the aggregate at the time of such Open-Market Repurchase. 
 “OMR
Aggregate Put Amount” means, with respect to any Open-Market Repurchase, the lesser of (i) (A) three (3) multiplied by (B) the Repurchased Amount multiplied by (C) the Conversion Rate and (ii) the OMR Aggregate
Holdings. 
 “OMR Investor Put Amount” means, with respect to any Investor and any Open-Market Repurchase, the Pro Rata
Portion of the Investor with respect to Company Series D Preferred Shares multiplied by the OMR Aggregate Put Amount. 
 “OMR
Put Price” means, with respect to any Open-Market Repurchase, the Repurchase Price divided by the Conversion Rate. 

“Open-Market Repurchase” has the meaning set forth in Section 2.4. 

“Original Convertible Preferred Shares” means the 1,276,282 Company Series D Preferred Shares issued to the Parent by
the Company on the date hereof (as adjusted from time to time to reflect appropriately the effect of any share split, reverse share split, share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other
like change). 
 “Parent” has the meaning set forth in the preamble. 

“Permitted Transfer” has the meaning set forth in Section 2.1(b). 

“Permitted Transferees” means (i) the Parent and (ii) any Controlled Affiliate. 

“Person” means an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an
unincorporated organization or a government or department or agency thereof. 
 “PFIC” means a “passive foreign
investment company” within the meaning of section 1297 of the Code. 
 “Piggyback Registration” has the meaning set
forth in Section 1.5(a). 
 “Piggyback Shelf Registration Statement” has the meaning set forth in
Section 1.5(a). 
 “Piggyback Shelf Take-Down” has the meaning set forth in Section 1.5(a). 

“Pro Rata Portion” means, with respect to any Investor and any type of Subject Securities or other Equity Securities at any
time of determination, the ratio determined by dividing (A) the 

  
 -31- 

 
number of shares of such type of Subject Securities or Equity Securities (or any securities convertible into, or exercisable or exchangeable for, such Subject Securities or Equity Securities)
held by such Investor by (B) the total number of shares of such type of Subject Securities or Equity Securities (or any securities convertible into, or exercisable or exchangeable for, such Subject Securities or Equity Securities) held by all
Investors in the aggregate. 
 “QEF Election” has the meaning set forth in Section 3.3. 

“Redemption/ASR Amount” means, with respect to any Investor and any proposed redemption or accelerated share repurchase by
the Company or its Subsidiaries, the lesser of (i) the number of Company Series D Preferred Shares held by such Investor immediately prior to the proposed redemption or repurchase and (ii) (A) the number of Company Common Shares
the Company or its Subsidiaries propose to redeem or repurchase in the aggregate in such proposed redemption or accelerated share repurchase multiplied by (B) the Conversion Rate multiplied by (C) such Investor’s Pro Rata Portion with
respect to Company Series D Preferred Shares as of immediately prior to such proposed redemption or accelerated share repurchase. 

“Redemption/ASR Price” means, with respect to any proposed redemption or accelerated share repurchase by the Company or its
Subsidiaries, (i) the amount proposed to be paid for each Company Common Share to be redeemed or repurchased divided by (ii) the Conversion Rate. 

“Register,” “registered” and “registration” (regardless of case) refer to a registration
effected by preparing and filing a Registration Statement 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 the Parent notifies the Company of its or any Investor’s intention to offer Registrable Securities. 
 “Registrable
Securities” means any Equity Securities, including Company Common Shares, issued or issuable directly or indirectly with respect to the Convertible Preferred Shares issued pursuant to the Stock Purchase Agreement by way of conversion
or exchange thereof or share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization. As to any particular securities
constituting Registrable Securities, such securities will cease to be Registrable Securities when (x) they have been effectively registered or qualified for sale by prospectus filed under the Securities Act and disposed of in accordance with
the Registration Statement covering such securities or (y) they have been sold to the public through a broker, dealer or market maker pursuant to Rule 144 or other exemption from registration under the Securities Act. For purposes of this
Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire directly or indirectly such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or
otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 

“Registration Expenses” has the meaning set forth in Section 1.8(a). 

“Registration Statement” means the prospectus and other documents filed with the SEC to effect a registration under the
Securities Act. 

  
 -32- 

 “Representatives” of a Person means such Person’s Affiliates and the
directors, officers, employees, advisors, agents, consultants, accountants, attorneys, sources of financing, investment bankers and other representatives of such Person and of such Person’s Affiliates. 

“Repurchase Price” means, with respect to any Open-Market Repurchase, the average price paid by the Company or its
Subsidiaries to repurchase Company Common Shares on any such day pursuant to such Open-Market Repurchase. 
 “Repurchased
Amount” has the meaning set forth in Section 2.4. 
 “Restricted Period Termination Date” has the
meaning set forth in Section 2.1(a). 
 “Rule 144” means Rule 144 under the Securities Act or any successor or
similar rule as may be enacted by the SEC from time to time, as in effect from time to time. 
 “Rule 144A” means Rule 144A
under the Securities Act or any successor or similar rule as may be enacted by the SEC from time to time, as in effect from time to time. 

“SEC” means the United States Securities and Exchange Commission or any other federal agency administering the Securities
Act. 
 “Securities Act” means the United States Securities Act of 1933, as amended, or any similar federal statute and the
rules and regulations thereunder, as in effect from time to time. 
 “Selling Expenses” means all underwriting discounts,
selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder. 
 “Shelf Registration”
means registering under the Securities Act an offering of securities to be made on a delayed or continuous basis pursuant to Securities Act Rule 415 or any successor rule thereto on a Shelf Registration Statement (or an existing Automatic Shelf
Registration Statement or a prospectus supplement that shall be deemed to be part of an existing Automatic Shelf Registration Statement in accordance with Rule 430B under the Securities Act). 

“Shelf Registration Statement” means a Registration Statement on Form S-3 or the then-appropriate form for an offering to be
made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto. 
 “Shelf
Take-Down” has the meaning set forth in Section 1.1(d). 
 “Signing Date” has the meaning set forth in
the recitals. 
 “Six-Month Restricted Date” means the date that is the six (6) month anniversary of the date of this
Agreement. 
 “Six-Month Restricted Period” means the period from and including the Six-Month Restricted Date to and
including the date prior to the Twelve-Month Restricted Date. 

  
 -33- 

 “SRO” means (i) any “self-regulatory organization” as defined in
Section 3(a)(26) of the Exchange Act, (ii) any other United States or foreign securities exchange, futures exchange, commodities exchange or contract market or (iii) any other securities exchange. 

“Stock Purchase Agreement” has the meaning set forth in the recitals. 

“Subject Securities” means Company Common Shares and Company Series D Preferred Shares. 

“Subsidiary” in respect of a Person, means any corporation, partnership, joint venture, trust, limited liability company,
unincorporated association or other entity in respect of which such Person: (w) is entitled to more than 50% of the interest in the capital or profits; (x) holds or controls a majority of the voting securities or other voting interests;
(y) has rights via holdings of debt or other contract rights that are sufficient for control and consolidation for GAAP purposes; or (z) has the right to appoint or elect a majority of the board of directors or Persons performing similar
functions. 
 “Total BHC Ownership Level” means the percentage of the total equity of the Company that the Parent, the
Investors or any of their respective Affiliates that directly or indirectly Controls, or is Controlled by or under the direct or indirect common Control with, the Parent or the Investors or with the power, directly or indirectly, to direct the
management or policies of the Parent or the Investors or any of their respective Affiliates, or the officers and directors thereof in the aggregate, directly or indirectly own, Control or have the power to vote, calculated in a manner consistent
with the BHC Act. 
 “Transfer” means (i) any direct or indirect sale, lease, assignment, Encumbrance, disposition or
other transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any Contract, option or other arrangement or understanding with respect to any sale, lease, assignment, Encumbrance, disposition or other transfer (by
operation of law or otherwise), of any Equity Security or (ii) to enter into any Derivative Instrument, swap or any other Contract, agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or
indirectly, the economic consequence of ownership of any Equity Security, whether any such Derivative Instrument, swap, Contract, agreement, transaction or series of transactions is to be settled by delivery of securities, in cash or otherwise. 

“Transferee” means a Person to whom a Transfer is made or is proposed to be made. 

“Transferor” means a Person that Transfers or proposes to Transfer. 

“Twelve-Month Restricted Date” means the date that is the twelve (12) month anniversary of the date of this Agreement.

 “Twelve-Month Restricted Period” means the period from and including the Twelve-Month Restricted Date to and including
the date prior to the Restricted Period Termination Date. 
 “Underwritten Shelf Take-Down” has the meaning set forth in
Section 1.1(e). 
 “Underwritten Shelf Take-Down Notice” has the meaning set forth in
Section 1.1(e). 

  
 -34- 

 “Voting Securities” means Company Common Shares, any other securities of the
Company entitled to vote at any general meeting of the Company and any other securities of the Company that would be considered a class of voting shares for purposes of the BHC Act. 

4.17 Interpretation. The words “hereof” and “herein” and similar words shall be construed as references to this
Agreement as a whole and not limited to the particular Article, Section or Schedule in which the reference appears. Unless the context otherwise requires, references herein: (x) to Articles, Sections and Schedules mean the Articles and Sections
of, and Schedules attached to, this Agreement; and (y) to an agreement, instrument or other document, means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the
provisions thereof. Any reference to a wholly owned Subsidiary of a Person shall mean such Subsidiary is directly or indirectly wholly owned by such Person. The meanings of defined terms are equally applicable to the singular and plural forms of the
defined terms. No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement and this Agreement shall be interpreted literally not taking into account any other facts or
circumstances, including any conduct, actions, statements, intentions, assumptions or beliefs of any of the parties at any time, as this Agreement is the product of negotiations between sophisticated parties advised by counsel. The headings in this
Agreement do not affect its interpretation. The schedules, exhibits and annexes form part of this Agreement. References to “$”, “US$” or “U.S. dollars” are to U.S. dollars. Any reference to a “company”
includes any company, corporation or other body corporate, wherever and however incorporated or established. Any reference to a statute, statutory provision or subordinate legislation (“legislation”) includes references to:
(a) that legislation as re-enacted or amended by or under any other legislation before or after the Signing Date; (b) any legislation which that legislation re-enacts (with or without modification); and (c) any subordinate legislation
made under that legislation before or after the Signing Date, as re-enacted or amended as described in (a), or under any legislation referred to in (b). Any reference to writing shall include any mode of
reproducing words in a legible and non-transitory form. References to one gender include all genders and references to the singular include the plural and vice versa. References to “ordinary course” or words of similar meaning when used in
this Agreement shall mean with respect to any Person “the ordinary course of business of such Person, consistent with past practice” unless specified otherwise. References to “includes” or “including” or words of
similar meaning when used in this Agreement shall mean “including without limitation” unless specified otherwise. 
 4.18
Further Assurances. Each of the parties (as reasonably requested by the other party) shall execute and deliver, or shall cause to be executed and delivered, such documents and other instruments and shall take, or shall cause to be taken, such
further actions as may be reasonably required to carry out the provisions of this Agreement and give effect to the transactions contemplated by this Agreement. 

[The remainder of this page left intentionally blank.] 

  
 -35- 

 IN WITNESS WHEREOF, each of the parties has duly executed this Agreement as of the date and year set forth above.

  

			
	AMERICAN INTERNATIONAL GROUP, INC.
		
	By:	 	/s/ Alon Neches
	Name:	 	Alon Neches
	Title:	 	Vice President – Strategy and Mergers and Acquisitions

  

Signature Page 

Investor Rights Agreement 

 IN WITNESS WHEREOF, each of the parties has duly executed this Agreement as of the date and year set forth above.

  

			
	ARCH CAPITAL GROUP LTD.
		
	By:	 	/s/ Mark D. Lyons
	Name:	 	Mark D. Lyons
	Title:	 	Executive Vice President and Chief Financial Officer

  

Signature Page 

Investor Rights Agreement

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