Document:

EX-10.3

 EXHIBIT 10.3 

FORM OF TAX RECEIVABLE AGREEMENT (REORGANIZATIONS) 

dated as of 

[                    ], 2020 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DETERMINATION OF REALIZED TAX BENEFIT
	  	 	1	 
			
	 Section 1.01
	 	 Assumptions and Principles for Calculation
	  	 	1	 
	 Section 1.02
	 	 Procedures Relating to Calculation of Tax Benefits
	  	 	2	 
		
	 ARTICLE II TAX BENEFIT PAYMENTS
	  	 	4	 
			
	 Section 2.01
	 	 Payments
	  	 	4	 
	 Section 2.02
	 	 No Duplicative Payments
	  	 	5	 
	 Section 2.03
	 	 Proportionate Payments and Coordination of Benefits
	  	 	5	 
	 Section 2.04
	 	 No Escrow or Clawback; Reduction of Future Payments
	  	 	5	 
		
	 ARTICLE III TERMINATION
	  	 	6	 
			
	 Section 3.01
	 	 Early Termination Events
	  	 	6	 
	 Section 3.02
	 	 Early Termination Notice and Early Termination Schedule
	  	 	7	 
	 Section 3.03
	 	 Early Termination Payment
	  	 	8	 
		
	 ARTICLE IV SUBORDINATION AND LATE PAYMENTS
	  	 	8	 
			
	 Section 4.01
	 	 Subordination
	  	 	8	 
	 Section 4.02
	 	 Late Payments by the Corporation
	  	 	8	 
	 Section 4.03
	 	 Manner of Payment
	  	 	9	 
		
	 ARTICLE V PREPARATION OF TAX RETURNS; COVENANTS
	  	 	9	 
			
	 Section 5.01
	 	 No Participation by TRA Holder in the Corporation’s and the Partnership’s Tax
Matters
	  	 	9	 
	 Section 5.02
	 	 Consistency
	  	 	9	 
	 Section 5.03
	 	 Cooperation
	  	 	9	 
	 Section 5.04
	 	 Section 754 Election
	  	 	10	 
	 Section 5.05
	 	 Available Cash
	  	 	10	 
		
	 ARTICLE VI MISCELLANEOUS
	  	 	10	 
			
	 Section 6.01
	 	 Notices
	  	 	10	 
	 Section 6.02
	 	 Counterparts
	  	 	11	 
	 Section 6.03
	 	 Entire Agreement
	  	 	11	 
	 Section 6.04
	 	 Governing Law
	  	 	12	 
	 Section 6.05
	 	 Severability
	  	 	12	 
	 Section 6.06
	 	 Assignment; Amendments; Waiver of Compliance; Successors
	  	 	12	 
	 Section 6.07
	 	 Titles and Subtitles
	  	 	13	 
	 Section 6.08
	 	 Dispute Resolution
	  	 	13	 
	 Section 6.09
	 	 Indemnification of the TRA Representative
	  	 	15	 

  
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	 Section 6.10
	 	 Withholding
	  	 	15	 
	 Section 6.11
	 	 Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets
	  	 	15	 
	 Section 6.12
	 	 Confidentiality
	  	 	16	 
	 Section 6.13
	 	 Partnership Agreement
	  	 	17	 
	 Section 6.14
	 	 Joinder
	  	 	17	 
	 Section 6.15
	 	 Survival
	  	 	17	 
		
	 ARTICLE VII DEFINITIONS
	  	 	17	 

 Annex A —IPO Date Asset Schedule 

Annex B —Subsidiaries 
 Annex C —Pre-IPO Ownership of Blockers 
 Annex D —Reorganization Agreements 

  
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 FORM OF TAX RECEIVABLE AGREEMENT (REORGANIZATIONS) 

This TAX RECEIVABLE AGREEMENT (REORGANIZATIONS) (this “Agreement”), dated as of
[                ], 2020, is entered into by and among StepStone Group Inc., a Delaware corporation (StepStone Group Inc. and any of its Subsidiaries classified
as a corporation for U.S. federal income tax purposes, and any successor thereto, the “Corporation”), StepStone Group LP, a Delaware limited partnership that is classified as a partnership for U.S. federal income tax purposes (the
“Partnership”), each of the TRA Holders and the TRA Representative. 
 RECITALS 

WHEREAS, the TRA Holders held stock in each of the Blockers before the Reorganization (as defined below) and the initial public offering of
shares of Class A common stock by the Corporation (the “IPO”); 
 WHEREAS, the Blockers held units of partnership
interest in the Partnership (“Units”) before the Reorganization and the IPO; 
 WHEREAS, pursuant to the registration
statement on Form S-1 publicly filed with the Securities and Exchange Commission on [                ], 2020 (Registration
No. [        ]), as amended before the date of this Agreement, the Corporation will undertake the IPO; 

WHEREAS, the Corporation will hold Units in the Partnership and is the sole member of StepStone Group Holdings, LLC, the general partner of
the Partnership; 
 WHEREAS, pursuant to the transactions set forth in the Reorganization Agreements (as defined below), the Corporation
will become the owner of the Units in the Partnership held by the Blockers (the “Reorganization”); 
 WHEREAS, as a result
of the Reorganizations, the liability of the Corporation in respect of Taxes may be reduced by the Tax Assets; 
 WHEREAS, the parties to
this Agreement desire to make certain arrangements with respect to the benefits attributable to the effect of the Tax Assets on the liability for Taxes of the Corporation; 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth in this Agreement, and intending to be
legally bound hereby, the undersigned parties agree as follows: 
 ARTICLE I 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 1.01    Assumptions and Principles for Calculation. Except as otherwise expressly
provided in this Agreement, the parties intend that the Realized Tax Benefit or Realized Tax Detriment for each Taxable Year shall measure the decrease or increase (respectively) in the actual liability for Taxes of the Corporation for such Taxable
Year that is 

 
attributable to the Tax Assets, determined using a “with and without” methodology (that is, treating the Tax Assets as the last tax attributes used in such Taxable Year). The actual
liability for Taxes of the Corporation shall be determined by the Corporation using such reasonable methods as the Corporation determines; provided that the Corporation shall use the following assumptions in making the determination: 

(a)    Treatment of Tax Benefit Payments. Tax Benefit Payments shall be treated in part as Imputed
Interest and in part as purchase price for stock of the Blockers (or dividends) in the Reorganization, as required by the Code. Tax Benefit Payments shall (i) not be treated as positive (or upward) purchase price adjustments that give rise to
further Basis Adjustments to Adjusted Assets for the Corporation and (ii) not have the effect of creating additional Basis Adjustments to Adjusted Assets for the Corporation in the year of payment, and, as a result, no additional Basis
Adjustments shall be incorporated into the current year calculation and into future year calculations. 

(b)    Imputed Interest. The actual liability for Taxes of the Corporation shall take into account
the deduction of the portion of each Tax Benefit Payment that is accounted for as Imputed Interest under the Code due to the characterization of such Tax Benefit Payments as additional consideration payable by the Corporation in connection with the
Reorganizations. 
 (c)    Carryovers and Carrybacks. Carryovers or carrybacks of any Tax Items
attributable to the Tax Assets shall be considered to be subject to the rules of the Code and the Treasury Regulations governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any
Tax Item includes a portion that is attributable to a Tax Asset and another portion that is not, the portion attributable to the Tax Asset shall be considered to be used in accordance with the “with and without” methodology. 

(d)    State and Local Taxes. The provisions of this Agreement shall apply to state and local tax
matters mutatis mutandis. For purposes of calculating the actual liability for Taxes of the Corporation with respect to a Taxable Year, it shall be assumed that the Corporation’s state and local Tax liability (the “Assumed SALT
Liability”) equals the product of (i) the net amount of taxable income and gain, if any, apportioned to all states and localities in which the Corporation pays Taxes in that Taxable Year and (ii) the weighted average of the Tax
rates applicable to that income and gain, with such weighted average determined by multiplying (A) the tax rate for each jurisdiction in which the Corporation pays Taxes by (B) the apportionment factor with respect to that jurisdiction for
the Taxable Year. For purposes of this Section 1.01(d), the Corporation shall use the apportionment factors set forth on the relevant Corporate Tax Returns for that Taxable Year unless otherwise determined by the
Corporation after consultation with the TRA Representative. 

  
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 Section 1.02    Procedures Relating to
Calculation of Tax Benefits. 
 (a)    Preparation and Delivery of IPO Date Asset Schedule
and Tax Benefit Schedule. 
 (i)    Basis Adjustment. The calculations required by this
Agreement, to the extent dependent on the information set forth on Annex A, shall be made using estimates of the information set forth in reasonable detail on the schedule attached as Annex A with respect to each Blocker (each schedule, including
any replacement to each such schedule (as described in the next sentence), an “IPO Date Asset Schedule”). Within 120 days after the IPO, the TRA Representative and the Corporation shall agree on a replacement IPO Date Asset Schedule
that reflects any adjustments necessary as a result of the IPO. 
 (ii)    Tax Benefit Schedule.
Within 120 days after the filing of the U.S. federal income Tax Return of the Corporation for any Taxable Year ending after the date of this Agreement, the Corporation shall provide to the TRA Representative either (A) a schedule showing, in
reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”), or, (B) if there is no Realized Tax Benefit or Realized Tax Detriment for that Taxable
Year, notice to that effect. 
 (iii)    Supporting Material; Review Right. Each time the
Corporation delivers to a TRA Representative an IPO Date Asset Schedule or a Tax Benefit Schedule, including any Amended Schedule delivered pursuant to Section 1.02(c), the Corporation shall also deliver to the TRA
Representative schedules and work papers providing reasonable detail regarding the preparation of the schedule and a Supporting Letter confirming the calculations and allow the TRA Representative reasonable access, at no cost to the TRA
Representative, to the appropriate representatives at the Corporation and, if applicable, the Advisory Firm in connection with a review of such schedules or workpapers. 

(iv)    Provision of Information to TRA Holders. Upon the reasonable request of a TRA Holder, the
TRA Representative shall provide to that TRA Holder, in a reasonably prompt manner and at the TRA Holder’s expense, such information that the TRA Representative receives pursuant to this Agreement (including the schedules described in this
Section 1.02), but only to the extent that the TRA Representative determines that such information is relevant and relates to that TRA Holder. 

(b)    Objection to, and Finalization of, IPO Date Asset Schedule and Tax Benefit
Schedule. Each IPO Date Asset Schedule or Tax Benefit Schedule, including any Amended Schedule delivered pursuant to Section 1.02(c), shall become final and binding on all parties unless the TRA Representative, within
30 days after receiving an IPO Date Asset Schedule or a Tax Benefit Schedule, provides the Corporation with notice of a material objection to such schedule made in good faith (an “Objection Notice”). If the Corporation and the TRA
Representative are unable to successfully resolve the issues raised in the Objection Notice within 30 days after receipt by the Corporation of the Objection Notice, the Corporation and the TRA Representative shall employ the dispute resolution
procedures as described in Section 6.08 of this Agreement (the “Dispute Resolution Procedures”). 

  
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 (c)    Amendment of IPO Date Asset Schedule
and Tax Benefit Schedule. After finalization of an IPO Date Asset Schedule or a Tax Benefit Schedule in accordance with Section 1.02(b), any IPO Date Asset Schedule or Tax Benefit Schedule may be amended from time to
time by the Corporation (i) to correct material inaccuracies in any such schedule, (ii) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to either a carryback or
carryforward of a Tax Item to such Taxable Year, or to an amended Tax Return filed with respect to such Taxable Year, (iii) to comply with the Arbitrators’ determination under the Dispute Resolution Procedures, or (iv) in connection
with a Determination affecting such schedule (such schedule, an “Amended Schedule”). Any Amended Schedule shall be subject to the finalization procedures set forth in Section 1.02(b) and the Dispute
Resolution Procedures set forth in Section 6.08. 
 ARTICLE II 

TAX BENEFIT PAYMENTS 

Section 2.01    Payments. 

(a)    General Rule. The Corporation shall pay to each TRA Holder for each Taxable Year the Tax
Benefit Payment that is attributable to that TRA Holder at the times set forth in Section 2.01(c). For purposes of this Section 2.01(a), the amount of a Tax Benefit Payment that is attributable to
a TRA Holder shall be determined by multiplying (i) the aggregate Tax Benefit Payment for the Taxable Year that arose directly or indirectly as a result of the Reorganization or as a result of any payments under this Agreement to any TRA Holder
by (ii) a fraction (x) the numerator of which is the aggregate amount of all Tax Benefit Items available for use in the Taxable Year that arose directly or indirectly as a result of that TRA Holder’s direct or indirect participation
in the Reorganization or as a result of payments to such TRA Holder under this Agreement and (y) the denominator of which is the aggregate amount of all Tax Benefit Items available for use in the Taxable Year that arose directly or indirectly
as a result of the Reorganization or as a result of any payments under this Agreement to any TRA Holder. If a Realized Tax Benefit is attributable to two or more former shareholders of a Blocker that are TRA Holders, the Realized Tax Benefit shall
be apportioned among the applicable TRA Holders in proportion to their ownership of the Blocker as set forth on Annex C. 

(b)    Determination of Tax Assets. The Tax Assets shall be determined separately with
respect to each Blocker. 
 (c)    Timing of Tax Benefit Payments. The Corporation shall make each
Tax Benefit Payment not later than 10 days after a Tax Benefit Schedule delivered to the TRA Representative becomes final in accordance with Section 1.02(b). The Corporation may, but is not required to, make one or more
estimated payments at other times during the Taxable Year and reduce future payments so that the total amount paid to a TRA Holder in respect of a Taxable Year equals the amount calculated with respect to such Taxable Year pursuant to
Section 2.01(c). 

  
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 (d)    Optional Cap on Payments. Notwithstanding
any provision of this Agreement to the contrary, any TRA Holder may elect with respect to any Reorganization to limit the aggregate Tax Benefit Payments made to such TRA Holder in respect of that Reorganization to a specified dollar amount, a
specified percentage of the amount realized by the TRA Holder with respect to the Reorganization, or a specified portion of the Basis Adjustment with respect to the Adjusted Assets as a result of the Reorganization. The TRA Holder shall exercise its
rights under the preceding sentence by including a notice of its desire to impose such a limit and the specified limitation and such other details as may be reasonably necessary (including whether such limitation includes the Interest Amounts in
respect of any such Reorganization) in the Reorganizations Notice. 
 Section 2.02    No
Duplicative Payments. The provisions of this Agreement are not intended to, and shall not be construed to, result in duplicative payment of any amount (including interest) required under this Agreement. 

Section 2.03    Proportionate Payments and Coordination of Benefits. If for any
reason (including, but not limited to, the lack of sufficient Available Cash to satisfy the Corporation’s obligations to make all Tax Benefit Payments due in a particular Taxable Year under this Agreement and the Other Tax Receivable
Agreements) the Corporation does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement and the Other Tax Receivable Agreements in a particular Taxable Year, then (i) the TRA Holders under this
Agreement and the Other Tax Receivable Agreements shall receive payments under this Agreement or the Other Tax Receivable Agreements, as the case may be, in respect of such Taxable Year in the same proportion as they would have received if the
Corporation had been able to fully satisfy its payment obligations, without favoring one obligation over the other, and (ii) no Tax Benefit Payment under this Agreement or the Other Tax Receivable Agreements shall be made in respect of any
subsequent Taxable Year until all such Tax Benefit Payments in respect of the current and all prior Taxable Years have been made in full. The parties to the Other Tax Receivable Agreements are expressly made third party beneficiaries of this
Section 2.03 solely to the extent necessary to protect their rights under this Section 2.03. 

Section 2.04    No Escrow or Clawback; Reduction of Future Payments. No amounts due to a
TRA Holder under this Agreement shall be escrowed, and no TRA Holder shall be required to return any portion of any Tax Benefit Payment previously made to it. No TRA Holder shall be required to make a payment to the Corporation on account of any
Realized Tax Detriment. If a TRA Holder receives amounts in excess of its entitlements under this Agreement (including as a result of an audit adjustment or Realized Tax Detriment), future payments under this Agreement shall be reduced until the
amount received by the TRA Holder equals the amount the TRA Holder would have received had it not received the amount in excess of such entitlements. 

  
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 ARTICLE III 

TERMINATION 

Section 3.01    Early Termination Events. 

(a)    Early Termination Election by Corporation. The Corporation may terminate the rights
under this Agreement with respect to all or a portion of the amounts payable to the TRA Holders at any time by (A) delivering an Early Termination Notice as provided in Section 3.02 and (B) paying the Early
Termination Payment as provided in Section 3.03(a). If the Corporation terminates the rights under this Agreement with respect to less than all of the amounts payable, such termination shall be made among the TRA Holders in
such manner that it results in each TRA Holder receiving the same proportion of the Early Termination Payment made at that time as each TRA Holder would have received had the Corporation terminated all of the rights of the TRA Holders under this
Agreement at that time. 
 (b)    Deemed Early Termination. 

(i)    Deemed Early Termination Event. If there is a Material Uncured Breach of this Agreement with
respect to a TRA Holder or a Change of Control (each, a “Deemed Early Termination Event”), (A) the Corporation (or the TRA Representative (with a copy to the Corporation)) shall deliver to the applicable TRA Holder(s) an Early
Termination Notice as provided in Section 3.02(a), and (B) all obligations under this Agreement with respect to the applicable TRA Holder(s) shall be accelerated. 

(ii)    Payment upon Deemed Early Termination Event. The amount payable to the applicable TRA Holder
as a result of that acceleration shall equal the sum of: 
 (A) an Early Termination Payment calculated with respect to such TRA Holder(s)
pursuant to this ARTICLE III as if an Early Termination Notice had been delivered on the date of the Deemed Early Termination Event using the Valuation Assumptions but substituting the phrase “the date of the Deemed Early
Termination Event” in each place where the phrase “Early Termination Date” appears; 
 (B) any Tax Benefit Payment agreed to
by the Corporation and such TRA Holder(s) as due and payable but unpaid as of the date of a breach; and 
 (C) any Tax Benefit Payment due
to such TRA Holder(s) for the Taxable Year ending with or including the date of the breach (except to the extent that any amounts described in clauses (B) or (C) are included in the amount payable upon early termination). 

  
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 (iii)    Waiver of Deemed Early Termination. A
TRA Holder may elect to waive the acceleration of obligations under this Agreement triggered by a Deemed Early Termination Event by submitting a waiver in writing to the Corporation within 30 days after the date of the Early Termination Notice. If a
TRA Holder elects to waive the acceleration of obligations pursuant to the preceding sentence, this Agreement shall continue to apply with respect to that TRA Holder as though no Deemed Early Termination Event had occurred, and, if there are any due
and unpaid amounts with respect to that TRA Holder, the Corporation shall pay those amounts to the TRA Holder in the manner provided in this Agreement. 

Section 3.02    Early Termination Notice and Early Termination Schedule. 

(a)    Notice; Schedule. 

(i)    Delivery of Early Termination Notice and Early Termination Schedule. If the Corporation
chooses to exercise its right of early termination under Section 3.01(a) above, or if there is a Deemed Early Termination under Section 3.01(b) above, the Corporation shall deliver to each TRA
Holder whose rights are being terminated (A) a notice (an “Early Termination Notice”) specifying (x) such early termination and (y) the date on which the termination of rights is to be effective (the “Early
Termination Date”), which date shall be not less than 30 days and not more than 120 days after the date of the Early Termination Notice, and (B) a schedule showing in reasonable detail the calculation of the Early Termination Payment
with respect to each TRA Holder (the “Early Termination Schedule”). The Early Termination Notice shall be delivered within 30 days after the Corporation elects to terminate this Agreement or there is a Deemed Early Termination
Event. 
 (ii)    Finalization of Early Termination Schedule; Disputes. The applicable Early
Termination Schedule delivered to a TRA Holder pursuant to Section 3.02(a)(i) shall become final and binding on the Corporation and such TRA Holder unless that TRA Holder, within 30 days after receiving the Early
Termination Schedule, provides the Corporation with notice of a material objection to such schedule made in good faith (“Material Objection Notice”). If the Corporation and such TRA Holder are unable to successfully resolve the
issues raised in the Material Objection Notice within 30 days after receipt by the Corporation of the Material Objection Notice, the Corporation and the TRA Holder shall employ the Dispute Resolution Procedures set forth in
Section 6.08. 
 (iii)    Withdrawal of Early Termination Notice. The
Corporation may withdraw an Early Termination Notice before the Early Termination Payment is due and payable to any applicable TRA Holder(s). 

(b)    Amendment of Early Termination Schedule. After finalization of an Early Termination Schedule
in accordance with Section 3.02(a)(ii), any Early Termination Schedule may be amended by the Corporation at any time before the Early Termination Payment is made (i) in connection with a Determination affecting such
schedule, (ii) to correct material inaccuracies in any such schedule, or (iii) to comply with the Arbitrators’ determination under Section 6.08. Any amendment shall be subject to the procedures of
Section 3.02(a)(ii) and the Dispute Resolution Procedures set forth in Section 6.08. 

  
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 Section 3.03    Early Termination
Payment. 
 (a)    Amount and Timing of Early Termination Payment. The payment due to a
TRA Holder in connection with an early termination described in Section 3.01(a) (the “Early Termination Payment”) shall be an amount equal to the present value, discounted at the Early Termination Rate as
of the Early Termination Date, of all Tax Benefit Payments that the Corporation would be required to pay to the TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. Not later than 10 days
after an Early Termination Schedule delivered to a TRA Holder becomes final in accordance with Section 3.01(a), the Corporation shall pay to the TRA Holder the Early Termination Payment due to that TRA Holder. 

(b)    Effect of Early Termination Payment. Upon payment of the Early Termination Payment by the
Corporation under Section 3.03, neither the TRA Holder nor the Corporation shall have any further rights or obligations under this Agreement in respect of the portion of the amounts otherwise payable under this Agreement
with respect to which the rights under this Agreement have been terminated in accordance with Section 3.01, other than for any (i) payment under this Agreement that is due and payable but has not been paid as of the
Early Termination Notice and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the Early
Termination Payment). 
 ARTICLE IV 

SUBORDINATION AND LATE PAYMENTS 

Section 4.01    Subordination. Any Tax Benefit Payment or Early Termination Payment
required to be paid by the Corporation to a TRA Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any current or future obligations in respect
of indebtedness for borrowed money of the Corporation and its Subsidiaries and shall rank pari passu with all current or future unsecured obligations of the Corporation that are not principal, interest or other amounts due and payable in
respect of any current or future obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries and shall be senior to equity interests in the Corporation. 

Section 4.02    Late Payments by the Corporation. The amount of all or any portion of any
amount due under the terms of this Agreement that is not paid to any TRA Holder when due shall be payable, together with any interest thereon computed at the Default Rate commencing from the date on which such payment was due and payable.
Notwithstanding the preceding sentence, the Default Rate shall not apply (and the Agreed Rate shall apply) to any late payment that is late solely as a result of (a) a prohibition, restriction or covenant under any credit agreement, loan
agreement, note, indenture or other agreement governing indebtedness of the Partnership or any of its Subsidiaries or the Corporation or (b) restrictions under applicable law. 

  
 8 

 Section 4.03    Manner of Payment. All
payments required to be made to a TRA Holder pursuant to this Agreement will be made by electronic payment to a bank account previously designated and owned by such TRA Holder or, if no such account has been designated, by check payable to such TRA
Holder. 
 ARTICLE V 

PREPARATION OF TAX RETURNS; COVENANTS 

Section 5.01    No Participation by TRA Holder in the Corporation’s and
the Partnership’s Tax Matters. 
 (a)    General Rule. Except as otherwise
provided in this ARTICLE V, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the Partnership, including, without limitation, the preparation, filing and amending
of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. 

(b)    Notification of TRA Representative. The Corporation shall notify the TRA Representative of,
and keep the TRA Representative reasonably informed with respect to, the portion of any audit of the Corporation and the Partnership by a Taxing Authority the outcome of which is reasonably expected to affect the TRA Holders’ rights and
obligations under this Agreement. 
 Section 5.02    Consistency. The Corporation and
the TRA Holders agree to report and cause to be reported for all purposes, including U.S. federal, state, local and foreign tax purposes and financial reporting purposes, all tax-related items (including
without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any schedule provided by or on behalf of the Corporation under this Agreement unless the Corporation or a TRA
Holder receives a written opinion from an Advisory Firm that reporting in such manner will result in an imposition of penalties pursuant to the Code. Any Dispute concerning such written opinion shall be subject to the Dispute Reconciliation
Procedures set forth in Section 6.08. 

Section 5.03    Cooperation. Each TRA Holder shall (a) furnish to the Corporation in
a timely manner such information, documents and other materials, not to include such TRA Holder’s personal Tax Returns, as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate
under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporation and its representatives to provide explanations of documents
and materials and such other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in clause (a) of this Section 5.03, and (c) reasonably
cooperate in connection with any such matter. The Corporation shall reimburse each TRA Holder for any reasonable and documented third-party costs and expenses incurred by the TRA Holder in complying with this Section 5.03.

  
 9 

 Section 5.04    Section 754 Election.
In its capacity as the sole member of StepStone Group Holdings LLC, which is the general partner of the Partnership, the Corporation shall ensure that, on and after the date of this Agreement and continuing throughout the term of this Agreement,
each of (a) the Partnership, (b) its Subsidiaries listed on Annex B and (c) any other Subsidiary determined by the Partnership that is classified as a partnership for U.S. federal income Tax purposes, shall have in effect an election
pursuant to section 754 of the Code (and any similar provisions of applicable U.S. state or local law). This Section 5.04 shall not apply with respect to Subsidiaries that StepStone Group Holdings LLC cannot cause to
make a section 754 election or with respect to Subsidiaries that would not customarily make a section 754 election at the request of StepStone Group Holdings LLC. 

Section 5.05    Available Cash. The Corporation shall use commercially reasonable efforts
to ensure that it has sufficient Available Cash to make all payments due under this Agreement, including using commercially reasonable efforts to cause the Partnership to make distributions to the Corporation to make such payments so long as such
distributions do not violate (a) a prohibition, restriction or covenant under any credit agreement, loan agreement, note, indenture or other agreement governing indebtedness of the Partnership or any of its Subsidiaries or the Corporation or
(b) restrictions under applicable law. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.01    Notices. All notices, requests, claims, demands and other communications
with respect to this Agreement shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by e-mail if sent on a Business Day (or otherwise on
the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service. All notices under this Agreement shall be delivered
as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 if to the
Corporation, to: 
 StepStone Group Inc. 

4275 Executive Square, Suite 500 

La Jolla, CA 92037 

Phone +1.858.768.4430 

Attention: Jennifer Ishiguro, Chief Legal Officer 

E-mail: jishiguro@stepstoneglobal.com 

with a copy to: 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 

New York, NY 10166-0193 

Phone: +1.212.351.2340 

Fax: +1.212.351.5220 

Attention: Eric Sloan 

E-mail: esloan@gibsondunn.com 

  
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 if to the Partnership, to: 

StepStone Group LP 

4275 Executive Square, Suite 500 

La Jolla, CA 92037 

Phone +1.858.768.4430 

Attention: Jennifer Ishiguro, Chief Legal Officer 

E-mail: jishiguro@stepstoneglobal.com 

with a copy to: 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 

New York, NY 10166-0193 

Phone: +1.212.351.2340 

Fax: +1.212.351.5220 

Attention: Eric Sloan 

E-mail: esloan@gibsondunn.com 

if to the TRA Representative, to: 

the address provided to the Corporation at the time of the TRA Representative’s appointment in accordance with the definition of “TRA
Representative.” 
 if to the TRA Holder(s), to: 

the address set forth for such TRA Holder in the records of the Partnership. 

Any party may change its address by giving the other party written notice of its new address, fax number, or e-mail
address in the manner set forth in this Section 6.01. 

Section 6.02    Counterparts. This Agreement may be executed in one or more counterparts,
all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the
same counterpart. This Agreement may be executed in two or more counterparts by manual, electronic or facsimile signature, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of
an executed signature page to this Agreement by electronic transmission or facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 6.03    Entire Agreement. The provisions of this Agreement, the Reorganization
Agreements, the LPA and the other writings referred to herein or delivered pursuant hereto which form a part hereof contain the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior oral and
written agreements and memoranda and undertakings among the parties hereto with regard to such subject matter. Except as expressly provided herein, this Agreement does not create any rights, claims or benefits inuring to any person that is not a
party hereto nor create or establish any third party beneficiary hereto. 

  
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 Section 6.04    Governing Law. This
Agreement shall be governed by, and construed in accordance with, the law of the state of Delaware (and, to the extent applicable, federal law), without regard to the conflicts of laws principles thereof that would mandate the application of the
laws of another jurisdiction. 
 Section 6.05    Severability. If any provision of this
Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other
provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted
by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. In addition, if any court of competent jurisdiction determines that any provision of this Agreement is
invalid or unenforceable as written, each Person party hereto shall take all necessary action to cause this Agreement to be amended so as to provide, to the maximum extent reasonably possible, that the purposes of the Agreement can be realized, and
to modify this Agreement to the minimum extent reasonably possible. 

Section 6.06    Assignment; Amendments; Waiver of Compliance; Successors and
Assigns. 
 (a)    Assignment. No TRA Holder may, directly or indirectly, assign or otherwise
transfer its rights under this Agreement to any person without the express prior written consent of the Corporation and then only if the transferee executes and delivers a joinder to this Agreement agreeing to become a “TRA Holder” for all
purposes of this Agreement (except as otherwise provided in such joinder), with such joinder being, in form and substance, reasonably satisfactory to the Corporation. 

(b)    Amendments. 

(i)    General Rule. No provision of this Agreement may be amended unless such amendment is approved
in writing by the Corporation, the Partnership, and the TRA Holders who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all TRA Holders (as determined by the
Corporation) if the Corporation had exercised its right of early termination under Section 3.01(a) immediately before the amendment. 

(ii)    Amendments with Disproportionate Adverse Effect. Notwithstanding the provisions of
Section 6.06(b)(i), if a proposed amendment would have a disproportionate adverse effect on the payments one or more TRA Holders will or may receive under this Agreement, such amendment shall not be effective unless at
least two-thirds of the TRA Holders who would be disproportionately adversely affected (with such two-thirds threshold being measured as set forth in
Section 6.06(b)(i)) consent in writing to that amendment. 

  
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 (c)    Waiver of Compliance. Except as
otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the
party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(d)    Successors and Assigns. Except as otherwise provided herein, all of the terms and
provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. The Corporation shall require and cause any direct or indirect
successor (whether by purchase, merger, consolidation, division, conversion or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

Section 6.07    Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

Section 6.08    Dispute Resolution. 

(a)    Disputes as to Interpretation and Calculations. Any Dispute as to the interpretation of, or
calculations required by, this Agreement shall be resolved by the Corporation in its sole discretion; provided, that such resolution shall reflect a reasonable interpretation of the provisions of this Agreement, consistent with the goal that
the provisions of this Agreement result in the TRA Holders receiving eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit and the Interest Amount thereon. 

(b)    Dispute Resolution; Arbitration. Except for the matters in
Section 6.08(a), the parties shall negotiate in good faith to resolve any dispute, controversy, or claim arising out of or in connection with this Agreement, or the interpretation, breach, termination or validity thereof
(“Dispute”). To the extent any Dispute is not resolved through good faith negotiations, Disputes shall be finally resolved by arbitration before a panel of three independent tax lawyers at major law firms who are resident in New
York, New York and are mutually acceptable to the parties (the “Arbitrators”). The Arbitrators, with the consent of the parties, may, or, at the direction of the parties, shall delegate some or all of the issues under dispute
(including disputes under Section 1.02, Section 2.01(c) or Section 5.02) to a nationally recognized accounting firm selected by the Arbitrators and agreed to by the
parties. Notwithstanding anything to the contrary in this Agreement, the TRA Representative shall represent the interests of any TRA Holder(s) in any dispute and no TRA Holder shall individually have the right to participate in any proceeding. 

  
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 (c)    Selection of Arbitrators; Timing. There
shall be three Arbitrators who shall be appointed by the parties within 20 days of receipt by a party of a copy of the demand for arbitration. The Corporation shall appoint one arbitrator and the TRA Representative shall appoint one arbitrator (with
the appointment being subject, in each case, to the reasonable objection of the other party), and the parties shall jointly appoint the third arbitrator. If any of the Arbitrators is not appointed within 20 days, and the parties have not agreed to
extend the 20-day time period, such arbitrator shall be appointed by JAMS in accordance with the listing, striking and ranking procedure in the JAMS Comprehensive Arbitration Rules and Procedures, with each
party being given a limited number of strikes, except for cause. Any arbitrator appointed by JAMS shall be a retired judge or a practicing attorney with no less than fifteen years of experience with corporate and partnership tax matters and an
experienced arbitrator. In rendering an award, the Arbitrators shall be required to follow the laws of the state of Delaware, notwithstanding any Delaware choice-of-law
rules. The costs of arbitration shall be split equally between the parties. 
 (d)    Arbitration
Award; Damages; Attorney Fees. The arbitral award shall be in writing and shall state the findings of fact and conclusions of law on which it is based. The Arbitrators shall not be permitted to award punitive, non-economic, or any non-compensatory damages. The award shall be final and binding upon the parties and shall be the sole and exclusive remedy between the parties regarding
any claims, counterclaims, issues, or accounting presented to the Arbitrators. Judgment upon the award may be entered in any court having jurisdiction over any party or any of its assets. Any costs or fees (including all attorneys’ fees and
expenses) incident to enforcing the award shall be charged against the party resisting such enforcement. Each party shall bear its own attorneys fees incurred in the underlying arbitration. 

(e)    Confidentiality. All Disputes shall be resolved in a confidential manner. The Arbitrators
shall agree to hold any information received during the arbitration in the strictest of confidence and shall not disclose to any non-party the existence, contents or results of the arbitration or any other
information about such arbitration. The parties to the arbitration shall not disclose any information about the evidence adduced or the documents produced by the other party in the arbitration proceedings or about the existence, contents or results
of the proceeding except as may be required by law, regulatory or governmental authority or as may be necessary in an action in aid of arbitration or for enforcement of an arbitral award. Before making any disclosure permitted by the preceding
sentence (other than private disclosure to financial regulatory authorities), the party intending to make such disclosure shall use reasonable efforts to give the other party reasonable written notice of the intended disclosure and afford the other
party a reasonable opportunity to protect its interests. 
 (f)    Discovery. Barring
extraordinary circumstances (as determined in the sole discretion of the Arbitrators), discovery shall be limited to pre-hearing disclosure of documents that each side shall present in support of its case, and
non-privileged documents essential to a matter of import in the proceeding for which a party has demonstrated a substantial need. The parties agree that they shall produce to each other all such requested non-privileged documents, except documents objected to and with respect to which a ruling has been or shall be sought from the Arbitrators. The parties agree that information from the Corporate Tax Return (including
by way of a redacted Corporate Tax Return) shall be sufficient, and that the Corporation shall not be compelled to produce any unredacted tax returns. There will be no depositions or live witness testimony. 

  
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 Section 6.09    Indemnification of the TRA
Representative. The Corporation shall pay, or to the extent the TRA Representative pays, indemnify and reimburse, to the fullest extent permitted by applicable law, the TRA Representative for all costs and expenses, including legal and
accounting fees (as such fees are incurred) and any other costs arising from claims in connection with the TRA Representative’s duties under this Agreement; provided, that the TRA Representative must have acted reasonably and in good
faith in incurring such expenses and costs. 
 Section 6.10    Withholding. The
Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts, if any, as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any
provision of state, local or foreign tax law. To the extent that amounts are so withheld and are (or, when due, will be) paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of
this Agreement as having been paid to the TRA Holder. Each TRA Holder shall provide such necessary tax forms, in form and substance reasonably acceptable to the Corporation, as the Corporation may request from time to time. The Corporation shall use
commercially reasonable efforts to notify a TRA Holder before any withholding is made pursuant to this Section 6.10 unless the TRA Holder fails to comply with the provisions of the preceding sentence. 

Section 6.11    Admission of the Corporation into a Consolidated Group; Transfers of
Corporate Assets. 
 (a)    Admission of the Corporation into a Consolidated Group. If the
Corporation is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law
(a “Consolidated Group”), then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items in this
Agreement shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b)    Transfers of Assets by Corporation. 

(i)    General Rule. If the Partnership or any of its Subsidiaries or the Corporation transfers one
or more assets to a corporation with which the transferor does not file a consolidated Tax Return pursuant to Section 1501 et. seq. of the Code, then, for purposes of calculating the amount of any payment due under this Agreement, the
transferor shall be treated as having disposed of such asset(s) in a fully taxable transaction on the date of the transfer. 

  
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 (ii)    Rules of Application. For purposes of
this Section 6.11(b): 
 (A) Except as provided in
Section 6.11(b)(ii)(B), the consideration deemed to be received by the transferor in the transaction shall be deemed to equal the fair market value of the transferred asset(s) (taking into account the principles of section
7701(g) of the Code); 
 (B) The consideration deemed to be received by the transferor in exchange for a partnership
interest shall be deemed to equal the fair market value of the partnership interest increased by any liabilities (as defined in Treasury Regulation § 1.752-1(a)(4)) of the partnership allocated to
the transferor with regard to such transferred interest under section 752 of the Code immediately after the transfer; and 

(C) A transfer to a “corporation” (other than the Corporation) includes a transfer to any entity or arrangement
classified as a corporation for U.S. federal income tax purposes, and “partnership” includes any entity or arrangement classified as a partnership for U.S. federal income tax purposes. 

Section 6.12    Confidentiality. 

(a)    General Rule. Each TRA Holder and assignee acknowledges and agrees that the information of
the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in the
strictest confidence and not disclose to any Person any confidential matters or information of the Corporation, its Affiliates and successors and the other TRA Holders acquired pursuant to this Agreement, including marketing, investment, performance
data, credit and financial information and other business affairs of the Corporation, its Affiliates and successors and the other TRA Holders. 

(b)    Exceptions. This Section 6.12 shall not apply to (i) any
information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of such TRA Holder in violation of this Agreement) or is generally known to the business community
and (ii) the disclosure of information to the extent necessary for a TRA Holder to prepare and file his or her Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any action,
proceeding or audit by any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary in this Section 6.12, each TRA Holder and assignee (and each employee, representative or other agent of
such TRA Holder or assignee, as applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Corporation, the Partnership, the TRA Holders and their Affiliates and (y) any
of their transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the TRA Holders relating to such tax treatment and tax structure. 

(c)    Enforcement. If a TRA Holder or assignee commits a breach, or threatens to commit a breach,
of any of the provisions of this Section 6.12, the Corporation shall have the right and remedy to have the provisions of this Section 6.12 specifically enforced by injunctive relief or otherwise by
any court of competent jurisdiction without 

  
 16 

 
the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Affiliates
or the other TRA Holders and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 6.13    Partnership Agreement. For U.S. federal income Tax purposes, to the
extent this Agreement imposes obligations upon the Partnership or a partner of the Partnership, this Agreement shall be treated as part of the LPA as described in section 761(c) of the Code and
sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

Section 6.14    Joinder. The Partnership shall have the power and authority (but not the
obligation) to permit any Person who becomes a member of the Partnership to execute and deliver a joinder to this Agreement promptly upon acquisition of membership interests in the Partnership by such Person, and such Person shall be treated as a
“TRA Holder” for all purposes of this Agreement. 
 Section 6.15    Survival.
If this Agreement is terminated pursuant to ARTICLE III, this Agreement shall become void and of no further force and effect, except for the provisions set forth in Section 6.04,
Section 6.08, Section 6.12, and this Section 6.15. 

ARTICLE VII 
 DEFINITIONS

 As used in this Agreement, the terms set forth in this ARTICLE VII shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined). 
 “Adjusted Asset” means any asset with
respect to which a Basis Adjustment is made. 
 “Advisory Firm” means any accounting firm or any law firm, in each case,
that is nationally recognized as being expert in Tax matters and that is agreed to by the Board. 
 “Affiliate” means, with
respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means the Secured Overnight Financing Rate, as reported by the Wall Street Journal
(“SOFR”) plus [        ] basis points. 
 “Agreement” is
defined in the preamble of this Agreement. 
 “Amended Schedule” is defined in Section 1.02(c) of
this Agreement. 
 “Arbitrators” is defined in Section 6.08(b) of this Agreement. 

“Assumed SALT Liability” is defined in Section 1.01(d). 

  
 17 

 “Available Cash” means all cash and cash equivalents of the Corporation on
hand, less (i) the amount of cash reserves reasonably established in good faith by the Corporation to provide for the proper conduct of business of the Corporation (including paying creditors) and (ii) any amount the Corporation cannot pay
to a TRA Holder by reason of (A) a prohibition, restriction or covenant under any credit agreement, loan agreement, note, indenture or other agreement governing indebtedness of the Partnership or any of its Subsidiaries or the Corporation or
(B) restrictions under applicable law. 
 “Basis Adjustment” means any adjustment to the tax basis of an asset (i)
under sections 732, 734(b), or 1012 of the Code as a result of the Reorganization or (ii) under section 743(b) of the Code without regard to whether that adjustment arose as a result of the Reorganization, in either case, which asset is owned
directly or indirectly by the Corporation as a result of the Reorganization. 
 “Beneficial Ownership” (including
correlative terms) shall have the meaning ascribed to that term in Rule 13d-3 promulgated under the Securities Exchange Act of 1934. 

“Blocker” means each of Faig SS Holdings LLC, AAIG SS Holdings LLC CIPFINS SS Holdings LLC, FBAL SS Holdings LLC, SCGR SS
Holdings LLC, SCGRK6 SS Holdings LLC, Stone SCSF, LLC, Stone SCI, LLC, Stone SCCET, LLC, Stone SCVF, LLC and Stone SCVET, LLC. 

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

“Business Day” means any day other than a Saturday, Sunday or any other day on which commercial banks located in New York
City, New York are authorized or required to close. 
 “Change of Control” means the occurrence of any of the following
events: 
 (a)    any Person or any group of Persons acting together which would constitute a
“group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, or any successor provisions thereto, excluding any Permitted Transferee or any group of Permitted Transferees, becomes the Beneficial Owner, directly or
indirectly, of securities of the Corporation representing more than fifty percent (50%) of the combined voting power of the Corporation’s then outstanding voting securities; or 

(b)    the following individuals cease for any reason to constitute a majority of the directors of the
Corporation then serving: (i) individuals who, on the IPO Date, constitute the Board, and (ii) any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation) whose appointment by the Board or nomination for election by the Corporation’s shareholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors on the IPO Date or whose appointment or nomination for election was previously so approved or recommended by the directors
referred to in this clause (ii); or 
 (c)    there is consummated a merger or consolidation of the
Corporation or any direct or indirect Subsidiary of the Corporation with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (i) the members of the Board immediately prior to
the merger or consolidation do not constitute 

  
 18 

 
at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (ii) all of the Persons who
were the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the
then-outstanding voting securities of the Person resulting from such merger or consolidation; or 

(d)    the shareholders of the Corporation approve a plan of complete liquidation or dissolution of the
Corporation, or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation’s assets, other than the sale or
other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are Beneficially Owned by shareholders of
the Corporation in substantially the same proportions as their Beneficial Ownership of such securities of the Corporation immediately before such sale. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Consolidated Group” is defined in Section 6.11(a). 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporation” is defined
in the preamble of this Agreement. 
 “Corporate Tax Return” means a Tax Return of the Corporation. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the excess, if any, of (a) the cumulative amount of
Realized Tax Benefits for all Taxable Years of the Corporation, including such Taxable Year, over (b) the cumulative amount of Realized Tax Detriments, if any, for the same period. The Realized Tax Benefit and Realized Tax Detriment for each
Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“day” means a calendar day. 

“Deemed Early Termination Event” is defined in Section 3.01(b)(i) of this Agreement. 

“Default Rate” means SOFR plus [        ] basis points. 

“Depreciation” means depreciation, amortization, or other similar deductions for recovery of cost or basis. 

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

  
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 “Dispute” is defined in Section 6.08(b) of this
Agreement. 
 “Dispute Resolution Procedures” is defined in Section 1.02(b) of this Agreement.

 “Early Termination Date” is defined in Section 3.02(a)(i). 

“Early Termination Notice” is defined in Section 3.02(a)(i) of this Agreement. 

“Early Termination Payment” is defined in Section 3.03(a) of this Agreement. 

“Early Termination Schedule” is defined in Section 3.02(a)(i) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.5% and (ii) SOFR plus
[        ] basis points. 
 “Hypothetical Tax Liability” means, with respect
to any Taxable Year, the amount that would be the liability for Taxes of the Corporation if such liability were calculated using the same methods, elections, conventions and similar practices used on the relevant Corporate Tax Return (and/or Tax
Return of the Partnership), as determined in accordance with Section 1.01, except that all Tax Assets shall be disregarded. For the avoidance of doubt, the Assumed SALT Liability used to determine the Hypothetical Tax
Liability shall be calculated by disregarding all Tax Assets. 
 “Imputed Interest” means any interest imputed under
sections 1272, 1274, or 483 or other provision of the Code with respect to the Corporation’s payment obligations under this Agreement. 

“Interest Amount” for a given Taxable Year shall be the interest on the Net Tax Benefit for such Taxable Year calculated at
the Agreed Rate from the due date (without extensions) for filing the Corporate Tax Return with respect to Taxes for the most recently ended Taxable Year until the date on which the payment is required to be made. In the case of a Tax Benefit
Payment made in respect of an Amended Schedule, the “Interest Amount” shall equal the interest on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the date of such Amended Schedule becoming final in
accordance with Section 1.02(b) until the date on which the payment is required to be made, reduced to account for any payment of Interest Amount made in respect of the original Tax Benefit Schedule. The Interest Amount
shall be treated as interest for Tax purposes. 
 “IPO” is defined in the recitals of this Agreement. 

“IPO Date” means the date of the IPO. 

“IPO Date Asset Schedule” is defined in Section 1.02(a)(i). 

  
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 “LPA” means the Amended and Restated Limited Partnership Agreement of the
Partnership, as amended or restated from time to time. 
 “Material Objection Notice” is defined in
Section 3.02 of this Agreement. 
 “Material Uncured Breach” means the occurrence of any of the
following events: 
 (a)    the Corporation fails to make any payment required by this Agreement within
180 days after the due date for that payment (except for a failure to make any payment due pursuant to this Agreement as a result of a lack of Available Cash); 

(b)    this Agreement is rejected in a case commenced under the Bankruptcy Code and the Corporation does
not cure the rejection within 90 days after such rejection; or 
 (c)    the Corporation breaches any of
its material obligations under this Agreement other than an event described in clause (a) or (b) with respect to one or more TRA Holders and the Corporation does not cure such breach within 90 days after receipt of notice of such breach from
such TRA Holder(s). 
 “Net Tax Benefit” means, for each Taxable Year, the amount equal to the excess, if any, of
eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments previously made under Section 2.01, excluding payments attributable to any Interest
Amount. 
 “NOLs” means the net operating losses, capital losses, or other loss carrybacks and carryforwards of the
Blockers generated before the IPO. 
 “Non-Stepped Up Tax Basis” means, with
respect to any asset at any time, the tax basis that such asset would have had at such time if no Basis Adjustment had been made. 

“Objection Notice” is defined in Section 1.02(a) of this Agreement. 

“Other Tax Receivable Agreements” means the Tax Receivable Agreement (Exchanges) and any tax receivable agreements entered
into after the date of this Agreement by the Corporation with respect to Units. 
 “Partnership” is defined in the preamble
to this Agreement. 
 “Person” means any individual, corporation, firm, partnership, joint venture, limited liability
company, estate, trust, business association, organization, governmental entity, or other entity. 
 “Realized Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for Taxes of the Corporation for such Taxable Year, such actual liability for Taxes to be computed with the adjustments described in this
Agreement. If all or a portion of the actual liability for Taxes of the Corporation (as so adjusted) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining
the Realized Tax Benefit unless and until there has been a Determination. 

  
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 “Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of
the actual liability for Taxes of the Corporation over the Hypothetical Tax Liability for such Taxable Year, such actual liability for Taxes to be computed with the adjustments described in this Agreement. If all or a portion of the actual liability
for Taxes of the Corporation (as so adjusted) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has
been a Determination. 
 “Reorganization” is defined in the recitals of this Agreement. 

“Reorganization Agreements” means the agreements listed on Annex D. 

“Reorganizations Notice” means a notice delivered to the Corporation at least 30 days before the applicable Reorganization by
a TRA Holder that desires to exercise its right pursuant to Section 2.01(d) to limit the aggregate Tax Benefit Payments made to such TRA Holder. Such notice shall provide the information required by
Section 2.01(d) and be made in the manner required by Section 6.01. 

“SOFR” is defined in the definition of “Agreed Rate.” 

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

“Supporting Letter” means a letter prepared by the Corporation, one or more of its employees, or an Advisory Firm that states
that the relevant schedules to be provided to the TRA Representative pursuant to Section 1.02(a)(iii) were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided
in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedules were delivered by the Corporation to the TRA Representative. 

“Tax Assets” means (a) the Basis Adjustments, (b) NOLs, (c) Imputed Interest, and (d) any other item of loss,
deduction or credit, including carrybacks and carryforwards, attributable to any item described in clauses (a)-(c) of this definition. 

“Tax Benefit Payment” means, for each Taxable Year, an amount, not less than zero, equal to the sum of the Net Tax Benefit
and the Interest Amount. 
 “Tax Benefit Schedule” is defined in Section 1.02(a)(ii) of this
Agreement. 
 “Tax Benefit Items” means 

(a)    a deduction to the Corporation for NOLs or for Depreciation arising in respect of one or more Basis
Adjustments; 

  
 22 

 (b)    a reduction in gain or increase in loss to the
Corporation upon the disposition of an Adjusted Asset that arises in respect of one or more Basis Adjustments; 

(c)    a deduction to the Corporation of Imputed Interest that arises in respect of payments under this
Agreement made to a TRA Holder; or 
 (d)    any other item of loss, deduction or credit, including
carrybacks and carryforwards, attributable to any item described in clauses (a)-(c) of this definition. 
 “Tax Items”
means any item of income, gain, loss, deduction, or credit. 
 “Tax Receivable Agreement (Exchanges)” means the Tax
Receivable Agreement (Exchanges), dated as of [                ], 2020, by and among the Corporation, the Partnership, the TRA Holders, and the TRA
Representative. 
 “Tax Return” means any return, declaration, report or similar statement required to be filed with
respect to Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means, for the Corporation or the Partnership, as the case may be, a taxable year as defined in section 441(b)
of the Code or comparable section of state or local tax law, as applicable, ending on or after the closing date of the IPO. 

“Taxes” means any and all U.S. federal, state, and local taxes, assessments, or similar charges that are based on or measured
with respect to net income or profits (including any franchise taxes based on or measured with respect to net income or profits), and any interest, penalties, or additions related to such amounts imposed in respect thereof under applicable law. 

“Taxes of the Corporation” means the Taxes of the Corporation and/or the Partnership, but only with respect to Taxes imposed
on the Partnership and allocable to the Corporation for such Taxable Year. 
 “Taxing Authority” means any domestic,
federal, national, state, county, or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory
authority. 
 “TRA Holder” means any Person (other than the Corporation, its Subsidiaries, and the TRA Representative,
solely in their capacity as TRA Representative) that is a party to this Agreement. 
 “TRA Representative” is defined in
the Tax Receivable Agreement (Exchanges). For the avoidance of doubt, there shall be only one TRA Representative at any time. 

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

  
 23 

 “Units” is defined in the recitals of this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that 

(a)    in each Taxable Year ending on or after such Early Termination Date, the Corporation will have
taxable income sufficient to fully use the Tax Assets arising in such Taxable Year; 
 (b)    any NOLs
and any items of loss, deduction or credit generated by a Basis Adjustment or Imputed Interest arising in a Taxable Year preceding the Taxable Year that includes an Early Termination Date will be used by the Corporation ratably from such Taxable
Year through the earlier of (i) the scheduled expiration of such Tax Item or (ii) 15 years (provided that in any year in which the Corporation is unable to use the full amount of an NOL because of section 382 of the Code
(or any successor provision) that it otherwise would be deemed to use under this clause (b), the amount deemed to be used for purposes of this clause (b) shall equal the amount permitted to be used in such year under section 382 of
the Code); 
 (c)    any non-amortizable assets are deemed to be
disposed of in a fully taxable transaction for U.S. federal income Tax purposes on the fifteenth anniversary of the earlier of the Basis Adjustment and the Early Termination Date; and 

(d)    the federal income tax rates and state and local income tax rates that will be in effect for each
such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, taking into account any scheduled or imminent tax rate increases. For the avoidance of doubt, an
“imminent” tax rate increase is one for which both the amount and the effective time can be determined with reasonable accuracy. 

[Signature page follows] 

  
 24 

 IN WITNESS WHEREOF, each of the undersigned has signed this Tax Receivable Agreement
(Reorganizations) as of the date first above written. 
  

			
	STEPSTONE GROUP INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	STEPSTONE GROUP LP
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	[TRA HOLDERS:]
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	[TRA REPRESENTATIVE:]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Annex A 

IPO Date Asset Schedule 
 The IPO
Date Asset Schedule shall set forth, with respect to each Blocker, estimates of each of the following: 
  

	 	1.	 The Non-Stepped Up Tax Basis, 

 

	 	2.	 The Basis Adjustments, calculated in the aggregate, 

 

	 	3.	 The period (or periods) over which the assets with respect to which a Basis Adjustment has been made are
amortizable and/or depreciable, 

  

	 	4.	 The period (or periods) over which each Basis Adjustment is amortizable and/or depreciable,

  

	 	5.	 The NOLs that are attributable to each TRA Holder as of the date of the Reorganizations or the IPO Date, as the
case may be, using the closing-the-books methodology, and 

  

	 	6.	 The scheduled expiration date (or dates) of the NOLs. 

*        *        * 

  
 2 

 Annex B 

Subsidiaries 

*        *        * 

 Annex C 

Pre-IPO Ownership of Blockers 

 Annex D 

Reorganization AgreementsEX-10.4

 EXHIBIT 10.4 

FORM OF EXCHANGE AGREEMENT 

This EXCHANGE AGREEMENT (this “Agreement”), dated as of
[            ], 2020, is hereby entered into by and among StepStone Group Inc., a Delaware corporation (the “Company”), StepStone Group LP, a Delaware limited partnership
(the “Partnership”), and the Partnership Unitholders (as defined herein). 
 RECITALS 

WHEREAS, in connection with the closing of its initial public offering (the “IPO”) of Class A Common Stock (as defined
herein), the Company intends to consummate the transactions described in the Registration Statement on Form S-1, as amended (Registration
No. 333-[                    ]); and 

WHEREAS, the parties hereto desire to provide for the exchange of Exchangeable Units (as defined herein) for cash or shares of Class A
Common Stock, on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Definitions. The following capitalized terms shall have the meanings specified in this
Section 1.1. Other terms are defined in the text of this Agreement and those terms shall have the meanings respectively ascribed to them. 

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

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

“Business Day” means any day, other than a Saturday, Sunday or any other day on which commercial banks located in New York
City, New York are authorized or required to close. 
 “Cash Settlement” means immediately available funds in U.S. dollars
in an amount equal to the product of (x) the number of shares of Class A Common Stock that would otherwise be delivered to a Partnership Unitholder in an Exchange, multiplied by (y) the price per share, net of underwriting discounts
and commissions, at which Class A Common Stock is issued by the Company in an underwritten offering or block trade commenced in anticipation of the applicable Exchange for purposes of providing liquidity for Partnership Unitholders (a
“Liquidity Offering”); or (z) if no such Liquidity Offering in which the exchanging Partnership Unitholder participates occurs within 60 days after the receipt of the Exchange Notice, the arithmetic average of the volume
weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal or
its successor, for each of the three (3) 

  
 1 

 
consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Exchange Date, in each case subject to appropriate and equitable adjustment for any stock
splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the amount specified in
clause (y) shall be determined in good faith by a committee of the Board of Directors composed of a majority of the directors of the Company that do not have an interest in the Exchangeable Units and shares of Class B Common Stock being
Exchanged. 
 “Certificates” means (A) any certificates representing Exchangeable Units, (B) if applicable, any
stock certificates representing the shares of Class B Common Stock required to be surrendered in connection with an Exchange of Class B Units, and (C) such other information, documents or instruments as either the Partnership or the
Company (or the Company’s transfer agent) may reasonably require in connection with an Exchange. If any certificate or other document referenced in the immediately preceding sentence is alleged to be lost, stolen or destroyed, the Partnership
Unitholder shall cooperate with and respond to the reasonable requests of the Partnership and the Company (or the Company’s transfer agent), and if required by the Partnership or the Company furnish an affidavit of loss and/or an indemnity
against any claim that may be made against the Partnership or the Company on account of the alleged loss, theft or destruction of such certificate or other document. 

“Class B Committee” has the meaning set forth in the Stockholders’ Agreement. 

“Class A Common Stock” means the Class A Common Stock, par value $0.001 per share, of the Company.

 “Class B Common Stock” means the Class B Common Stock, par value $0.001 per share, of the
Company. 
 “Class B Unit” means (i) each Class B Unit (as such term is defined in the
Partnership Agreement) issued as of the date hereof after giving effect to all transactions contemplated to occur by Section 3.3 of the Partnership Agreement and (ii) each Class B Unit or other interest in the
Partnership that may be issued by the Partnership in the future that is designated by the Partnership as a “Class B Unit,” including any interest converted into or exchanged for a Class B Unit. For the
avoidance of doubt, the term “Class B Unit” shall not include the “Class B-2 Units” (as defined in the Partnership Agreement) until the “Full Vesting Date” thereof (as defined in the Partnership Agreement). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Contribution Notice” has the meaning set forth in Section 2.1(b)(iii). 

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

“Effective Date” means the effective date of the registration statement pursuant to which the Class A Common Stock of
the Company is sold in the IPO. 
 “Elective Exchange” has the meaning set forth in Section 2.1(a)(i)(A). 

“Elective Exchange Date” has the meaning set forth in Section 2.1(a)(i)(D). 

  
 2 

 “Elective Exchange Notice” has the meaning set forth in
Section 2.1(a)(i)(B). 
 “Exchange” means any Elective Exchange or Mandatory Exchange. 

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

“Exchange Consideration” shall mean, in the case of any Exchange, either (x) the number of shares of Class A Common
Stock that is equal to the product of the number of Exchangeable Units surrendered in the Exchange multiplied by the Exchange Rate, or (y) the Cash Settlement, plus, in the case of an Exchange of Class B Units under either sub-clause (x) or (y), an amount that is equal to $0.001 multiplied by the number of shares of Class B Common Stock included in the Exchange. 

“Exchange Date” means an Elective Exchange Date or Mandatory Exchange Date. 

“Exchange Notice” means an Elective Exchange Notice or Mandatory Exchange Notice. 

“Exchange Rate” means, in respect of any Exchange, a ratio, expressed as a fraction, the numerator of which shall be the
number of shares of Class A Common Stock outstanding immediately prior to the Exchange and the denominator of which shall be the number of Partnership Units owned by the Company immediately prior to the Exchange. On the date of this Agreement,
the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2. 
 “Exchangeable
Unit” means each Class B Unit. 
 “General Partner” has the meaning set forth in the Partnership Agreement.

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

“Mandatory Exchange” has the meaning set forth in Section 2.1(a)(ii)(A). 

“Mandatory Exchange Date” has the meaning set forth in Section 2.1(a)(ii)(A). 

“Mandatory Exchange Notice” has the meaning set forth in Section 2.1(a)(ii)(A). 

“Minimum Exchangeable Amount” means the lesser of (a) Exchangeable Units estimated to have a fair value of at least
$100,000 at the time the Exchange Notice is delivered and (b) all of the Exchangeable Units held by such Partnership Unitholder; provided, that the Board of Directors may in its discretion authorize a Minimum Exchangeable Amount that is less
than (a) or (b). 
 “Notice” has the meaning set forth in Section 4.2. 

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

“Partnership Agreement” means the Eighth Amended and Restated Limited Partnership Agreement of StepStone Group LP, dated as
of the date hereof, as the same may be further amended or restated from time to time in accordance with the terms thereof. 

  
 3 

 “Partnership Units” means all units, including Class A Units (as such
term is defined in the Partnership Agreement) and Class B Units, issued by the Partnership and outstanding from time to time. 

“Partnership Unitholder” means each holder of one or more Exchangeable Units that is a party hereto as of the date hereof or
that becomes a party to this Agreement pursuant Section 4.1. 
 “Permitted Transferee” has the
meaning set forth in Section 4.1. 
 “Person” means an individual, corporation, company, limited
liability company, association, estate, partnership, joint venture, organization, business, trust or any other entity or organization, including a government or any subdivision or agency thereof. 

“Policies” means the policies set by the Company from time to time (including policies intended to ensure orderly liquidity
for exchanging Partnership Unitholders, stability in the trading market for the Partnership’s securities and compliance with laws restricting the trading in securities while in possession of material
non-public information). As of the date of this Agreement, it is expected that the policies will generally permit one Exchange Dates each calendar quarter, with each such Exchange Date falling outside periods
during which trading in Company securities is restricted, and typically occurring on the last day of a month in which the Company has publicly announced its quarterly earnings (or earlier in the case of the Exchange Date occurring in the second
calendar quarter of the year); provided that , unless otherwise approved by the Partnership, no Elective Exchange Date may occur earlier than five Business Days after delivery of an Elective Exchange Notice and no Mandatory Exchange Date may occur
earlier than ten Business Days after delivery of a Mandatory Exchange Notice; and provided further that the Board of Directors may from time to time specify additional Exchange Dates. For the avoidance of doubt, the Company may modify or replace its
applicable policies at any time, which policies will be made available to the Partnership Unitholders. 
 “Post-IPO Partnership Units” means the number of Partnership Units outstanding after giving effect to the completion of the IPO (after taking into account the delivery of shares of Class A Common Stock
to the underwriters in respect of any overallotment option) and the related issuance of Partnership Units to the Company by the Partnership in exchange for a portion of the proceeds therefrom, as such number of Partnership Units may be equitably
adjusted to reflect any dividend, split, subdivision or combination of shares, or reclassification, recapitalization, merger, consolidation or other reorganization of or with respect to the Partnership Units occurring subsequent to such time. 

“Retraction Deadline” has the meaning set forth in Section 2.1(a)(i)(E). 

“Retraction Event” means a 5% or greater drop in the reported closing trading price of a share of Class A Common Stock
on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal or its successor. 

“Retraction Notice” has the meaning set forth in Section 2.1(a)(i)(E). 

“SEC” means the United States Securities and Exchange Commission. 

  
 4 

 “Securities Act” means the Securities Act of 1933, as amended. 

“Senior Holder” means any Person listed as a Senior Holder on the signature pages hereto. 

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

“Sunset Holder” means any Person listed as a Sunset Holder on the signature pages hereto. 

“Senior and Sunset Holder Restriction” means that no Senior Holder or Sunset Holder, as applicable, may Exchange (other than
pursuant to a Mandatory Exchange) (i) any Exchangeable Units until the first anniversary of the Effective Date, (ii) more than one third (1/3) of such Senior Holder’s or Sunset Holder’s, as applicable, Exchangeable Units until
the second anniversary of the Effective Date, and (iii) more than two thirds (2/3) of such Senior Holder’s or Sunset Holder’s, as applicable, Exchangeable Units until the third anniversary of the Effective Date. The number of
Exchangeable Units and the relevant fractions will be calculated based on the number of Exchangeable Units held on the Effective Date. 

“Takeover Laws” has the meaning set forth in Section 3.1. 

“Tax Receivable Agreement” means one or more of those certain Tax Receivable Agreements, dated on or about the date hereof,
among the Company, the Partnership, each of the TRA Partners and the TRA Representative (each as defined therein), as the same may be further amended from time to time. 

“Trading Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or
admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 
 ARTICLE
II 
 EXCHANGES 

Section 2.1    Exchange of Exchangeable Units for Class A Common Stock. 

(a)    The Exchanges. 

(i)    Elective Exchanges. 

(A)    Subject to Section 2.1(c), and otherwise upon the terms and subject to the
conditions hereof and of the Partnership Agreement, each Partnership Unitholder shall have the right from time to time (but subject to the Senior and Sunset Holder Restriction, in the case of the Senior Holders or Sunset Holders, as applicable) to
surrender Exchangeable Units in at least the Minimum Exchangeable Amount, along with the corresponding shares of Class B Common Stock (in each case, free and clear of all liens, encumbrances, rights of first refusal and similar restrictions,
except for those arising under this Agreement and the Partnership Agreement) to the Partnership and to thereby cause the Partnership to deliver to that Partnership Unitholder (or its designee) the Exchange Consideration as set forth herein (an
“Elective Exchange”). 

  
 5 

 (B)    A Partnership Unitholder shall exercise its right
to an Elective Exchange by delivering to the Partnership, with a contemporaneous copy delivered to the Company, in each case during normal business hours at the principal executive offices of the Partnership and the Company, respectively, a written
election of exchange in respect of the Exchangeable Units to be exchanged substantially in the form of Exhibit A hereto (an “Elective Exchange Notice”), duly executed by such Partnership Unitholder and the Certificates . 

(C)    A Partnership Unitholder may specify, in an applicable Elective Exchange Notice, that the Elective
Exchange is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering, change of control
transaction or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination. The termination of a transaction or event specified in the preceding sentence, prior to the consummation thereof, shall
terminate all of the exchanging Partnership Unitholder’s, Partnership’s and Company’s rights and obligations under this Section 2.1(a)(i) arising from that particular Elective Exchange Notice, and all actions taken to effect the
Elective Exchange contemplated by that Elective Exchange Notice shall be deemed rescinded. 

(D)    After the Elective Exchange Notice and corresponding Certificates have been delivered to the
Partnership, and unless such Partnership Unitholder timely has delivered a Retraction Notice pursuant to Section 2.1(a)(i)(E) or the Partnership has refused to honor the request in full pursuant to Section 2.1(b)(i), the Partnership will
effect the Elective Exchange in accordance with the Policies and inform the Partnership Unitholder of the effective date of such Elective Exchange (the “Elective Exchange Date”). 

(E)    Notwithstanding anything herein to the contrary, if a Retraction Event occurs after the delivery of
an Elective Exchange Notice and prior to 5:00 p.m., New York City time, on the Business Day immediately prior to the applicable Elective Exchange Date (the “Retraction Deadline”), a Partnership Unitholder may withdraw or amend its
Elective Exchange Notice, in whole or in part, by giving written notice at any time prior to the Retraction Deadline (a “Retraction Notice”) to the Partnership (with a copy to the Company) specifying (A) the number of withdrawn
Exchangeable Units and the corresponding number of shares of Class B Common Stock and (B) the number of Exchangeable Units and the corresponding number of shares of Class B Common Stock as to which the Elective Exchange Notice remains
in effect. The timely delivery of a Retraction Notice indicating an entire withdrawal of the Elective Exchange Notice shall terminate all of the exchanging Partnership Unitholder’s, Partnership’s and Company’s rights and obligations
under this Section 2.1(a)(i) arising from that particular Elective Exchange Notice, and all actions taken to effect the Elective Exchange contemplated by that Elective Exchange Notice shall be deemed rescinded. 

  
 6 

 (ii)    Mandatory Exchanges. 

(A)    Upon the occurrence of any of the circumstances set out in Section 7.8.2 of the Partnership
Agreement and in accordance with the terms and conditions thereof, the General Partner or the Class B Committee, as applicable, may exercise its right to cause a mandatory exchange of a Partnership Unitholder’s Exchangeable Units and the
corresponding shares of Class B Common Stock (a “Mandatory Exchange”) by delivering to the Partnership Unitholder a written notice pursuant to the notice provisions of the Partnership Agreement (an “Mandatory Exchange
Notice”) specifying the basis for the Mandatory Exchange, the Exchangeable Units of the Partnership to which the Mandatory Exchange applies and the effective date of such Mandatory Exchange (the “Mandatory Exchange Date”),
which shall be no earlier than ten (10) Business Days after delivery of the Mandatory Exchange Notice. The Partnership Unitholder receiving the Mandatory Exchange Notice shall use its best efforts to deliver to the Partnership Certificates
representing the applicable Exchangeable Units and shares of Class B Common Stock no later than the Mandatory Exchange Date. Upon the Mandatory Exchange Date, unless the Partnership has determined such Mandatory Exchange would be in breach of
Section 2.1(b)(i), the Partnership will effect the Mandatory Exchange in accordance with the Policies. 

(b)    Additional Terms Applying to Exchanges. 

(i)    For the avoidance of doubt, and notwithstanding anything else in this Agreement or the Partnership
Agreement to the contrary: (A) no Exchange of Class B Units may be made without a concurrent Exchange of an equivalent number of shares of Class B Common Stock; (B) the Company may elect to settle an Exchange, in whole or in
part, by delivery of the Cash Settlement as to all or any portion of the total number of Exchangeable Units being surrendered and delivery of Class A Common Stock as to any remaining portion not satisfied by the Cash Settlement; (C) the
Board of Directors (or a committee to which the Board of Directors has delegated such authority) may, in its sole discretion, deny or limit, in whole or in part, any Exchange that fails to comply with any requirements therefor that the Company, the
Partnership, or the Board of Directors may have established, or that, if effected, would adversely affect the trading markets in the Company’s Common Stock as determined by the Board of Directors (or a committee thereof to which the Board of
Directors has delegated such authority) in its sole discretion. In particular, a Partnership Unitholder shall not be entitled to an Exchange, and the Company and Partnership shall have the right to refuse to honor any request for an Exchange, at any
time or during any period if the Company or the Partnership determines, after consultation with counsel, that such Exchange (x) would be prohibited by law or regulation (including, without limitation, the unavailability of a registration of
such Exchange under the Securities Act or an exemption from the registration requirements thereof) or (y) would not be permitted under any agreement with the Company, the Partnership or any of their subsidiaries to which the applicable
Partnership Unitholder is party (including, without limitation, the Partnership Agreement) or (solely in the case of an Exchange requested by an officer, director or other personnel of the Company, the Partnership or any of their subsidiaries) any
written policies of the Company related to restrictions on trading applicable to its officers, directors or other personnel. 

  
 7 

 (ii)    On an Exchange Date, all rights of the
exchanging Partnership Unitholder as a holder of the Exchangeable Units and shares of Class B Common Stock that are subject to the Exchange shall cease, and unless the Company has elected Cash Settlement as to all Exchangeable Units tendered,
such Partnership Unitholder (or its designee) shall be treated for all purposes as having become the record holder of the shares of Class A Common Stock to be received by the exchanging Partnership Unitholder in respect of such Exchange. 

(iii)    At least two Business Days before the Exchange Date, the Company shall give written notice (the
“Contribution Notice”) to the Partnership (with a copy to the exchanging Partnership Unitholders) of its intended settlement method; provided that if the Company does not timely deliver a Contribution Notice, the Company
shall be deemed not to have elected the Cash Settlement method. 
 (c)    Exchange Consideration. On an Exchange
Date, provided the Partnership Unitholder has satisfied its obligations under Section 2.1(b)(i), the Company shall deliver or cause to be delivered to such Partnership Unitholder (or its designee), at the address set forth on the applicable
Exchange Notice, either certificates representing the number of shares of Class A Common Stock deliverable upon the applicable Exchange, registered in the name of the relevant exchanging Partnership Unitholder (or its designee) or, if the
Company has so elected, the Cash Settlement, as applicable. Notwithstanding the foregoing, the Company shall have the right but not the obligation (in lieu of the Partnership) to have the Company acquire Exchangeable Units and corresponding
Class B Common Stock directly from an exchanging Partnership Unitholder in exchange for shares of Class A Common Stock or, at the option of the Company, the Cash Settlement. If an exchanging Partnership Unitholder receives the shares of
Class A Common Stock or the Cash Settlement that such Partnership Unitholder is entitled to receive from the Company pursuant to this Section 2.1(c), the Partnership Unitholder shall have no further right to receive
shares of Class A Common Stock from the Partnership or the Company in connection with that Exchange. Notwithstanding anything set forth in this Section 2.1(c) to the contrary, to the extent the Class A Common
Stock is settled through the facilities of The Depository Trust Company, the Partnership or the Company will, upon the written instruction of an exchanging Partnership Unitholder, deliver the shares of Class A Common Stock deliverable to such
exchanging Partnership Unitholder through the facilities of The Depository Trust Company to the account of the participant of The Depository Trust Company designated by such exchanging Partnership Unitholder in the Exchange Notice. Upon any
Exchange, the Partnership or the Company, as applicable, shall take such actions as (A) may be required to ensure that such Partnership Unitholder receives the shares of Class A Common Stock or the Cash Settlement that such exchanging
Partnership Unitholder is entitled to receive in connection with such Exchange pursuant to this Section 2.1, and (B) may be reasonably within its control that would cause such Exchange to be treated for purposes of the
Tax Receivable Agreement as an “Exchange” (as such term is defined in the Tax Receivable Agreement). Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company elects a Cash Settlement, the
Company shall only be obligated to contribute to the Partnership (or, if the Company elects to settle directly pursuant to Section 2.1(a)(ii), settle directly for an amount equal to), an amount in respect of such Cash Settlement equal to the
net proceeds (after deduction of any underwriters’ discounts and 

  
 8 

 
commissions) from the sale by the Company of a number of shares of Class A Common Stock equal to the number of Exchangeable Units being Exchanged for such Cash Settlement (plus an amount
that is equal to $0.001 multiplied by the number of shares of Class B shares Common Stock included in the Exchange). Except as otherwise required by applicable law, the Company shall, for U.S. federal income tax purposes, be treated as paying an
appropriate portion of the selling expenses described in the previous sentence as agent for and on behalf of the exchanging Partnership Unitholder. 

(d)    Cancellation of Class B Common Stock. For clarity, any Exchange of Class B Units
shall be accompanied by and conditioned on the surrender to the Partnership of an equivalent number of shares of Class B Common Stock. Any shares of Class B Common Stock surrendered in an Exchange shall automatically be deemed cancelled
without any action on the part of any Person, including the Company. Any such cancelled shares of Class B Common Stock shall no longer be outstanding, and all rights with respect to such shares shall automatically cease and terminate, other
than the right to receive from the Company the Exchange Consideration. 
 (e)    Expenses. Subject to any other
arrangement or agreement among the Partnership and an applicable Partnership Unitholder, the Company, the Partnership, and each exchanging Partnership Unitholder shall bear their own expenses in connection with the consummation of any Exchange,
whether or not any such Exchange is ultimately consummated, except that the Company shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided,
however, that if any shares of Class A Common Stock are to be delivered pursuant to an Elective Exchange in a name other than that of the Partnership Unitholder that requested the Exchange (or The Depository Trust Company or its nominee
for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Partnership Unitholder) or the Cash Settlement is to be paid to a Person other than the Partnership Unitholder that requested the
Exchange, then such Partnership Unitholder or the Person in whose name such shares are to be delivered or to whom the Cash Settlement is to be paid shall pay to the Company the amount of any transfer taxes, stamp taxes or duties, or other similar
taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Company that such tax has been paid or is not payable. 

(f)    Publicly Traded Partnership. Notwithstanding anything to the contrary herein, if the General Partner of the
Partnership determines that an Exchange would pose a material risk that the Partnership would become a “publicly traded partnership” under Section 7704 of the Code, the Exchange shall be null and void. 

Section 2.2    Adjustment. To the extent not reflected in an adjustment to the Exchange Rate, if there is any
reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, then upon any subsequent
Exchange, an exchanging Partnership Unitholder shall be entitled to receive the amount of such security, securities or other property that such exchanging Partnership Unitholder would have received if such Exchange had occurred immediately prior to
the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization,
recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction 

  
 9 

 
in which the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, this Section 2.2 shall continue
to be applicable, mutatis mutandis, with respect to such security or other property. 

Section 2.3    Class A Common Stock to be Issued. 

(a)    Class A Common Stock Reserve. The Company shall at all times reserve and keep available out of its
authorized but unissued Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable under this Agreement upon all such Exchanges; provided,
however, that nothing contained herein shall be construed to preclude the Company from satisfying its obligations in respect of any such Exchange by delivery of unencumbered purchased shares of Class A Common Stock (which may or may not
be held in the treasury of the Company or any subsidiary thereof). 
 (b)    Rule 16(b) Exemption. The
Company has taken and will take all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of
Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of the Company (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative
securities of the Company for such purposes that result from the transactions contemplated by this Agreement, by each director or officer of the Company (including
directors-by-deputization) who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the
Company upon the registration of any class of equity security of the Company pursuant to Section 12 of the Exchange Act. 

(c)    Takeover Law. If any Takeover Law or other similar law or regulation becomes or is deemed to become
applicable to this Agreement or any of the transactions contemplated hereby, the Company shall use its reasonable best efforts to render such law or regulation inapplicable to all of the foregoing. 

(d)    Validity of Class A Common Stock. The Company covenants that all shares of Class A
Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable and not subject to any preemptive right of stockholders of the Company or to any right of first
refusal or other right in favor of any Person. 
 Section 2.4    Withholding. 

(a)    Withholding of Class A Common Stock Permitted. If the Company or the Partnership shall be
required to withhold any amounts by reason of any federal, state, local or foreign tax laws or regulations in respect of any Exchange, the Company or the Partnership, as the case may be, shall be entitled to take such action as it deems appropriate
in order to ensure compliance with such withholding requirements, including, at its option, withholding shares of Class A Common Stock with a fair market value equal to the amount of any taxes that the Company or the Partnership, as the case
may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes
of this Agreement as having been paid (or delivered) to the applicable Partnership Unitholder. 

  
 10 

 (b)    Notice of Withholding. If the Company or the Partnership
determines that any amounts by reason of any federal, state, local or foreign tax laws or regulations are required to be withheld in respect of any Exchange, the Company or the Partnership, as the case may be, shall use commercially reasonable
efforts to promptly notify the exchanging Partnership Unitholder and shall consider in good faith any positions or alternative arrangements that such Partnership Unitholder raises (reasonably in advance of the date on which the Company or the
Partnership believes withholding is required) as to why withholding is not required or that may avoid the need for such withholding, provided that none of the Company or the Partnership is required to incur additional costs as a result of
such obligation and this Section 2.4(b) shall not in any manner limit the authority of the Company or the Partnership to withhold taxes with respect to an exchanging Partnership Unitholder pursuant to
Section 2.4(a). 
 Section 2.5    Tax Treatment. Unless otherwise required by
applicable law, the parties hereto acknowledge and agree that an Exchange with the Partnership or the Company shall be treated as a direct exchange between the Company and the Partnership Unitholder for U.S. federal and applicable state and local
income tax purposes. The parties hereto intend to treat any Exchange consummated hereunder as a taxable exchange for U.S. federal and applicable state and local income tax purposes except as otherwise agreed to in writing by the exchanging
Partnership Unitholder and the Company or required by applicable law. This Agreement shall be treated as part of the partnership agreement of the Partnership as described in Section 761(c) of the Code and Sections
1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. 

Section 2.6    Contribution of the Company. In connection with any Exchange between a Partnership Unitholder
and the Partnership, the Company shall contribute to the Partnership the shares of Class A Common Stock or Cash Settlement that the Partnership Unitholder is entitled to receive in such Exchange. Unless the Partnership Unitholder has timely
delivered a Retraction Notice as provided in Section 2.1(a)(i)(E), on the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date) (i) the Company shall make a capital contribution to the Partnership
(in the form of the shares of Class A Common Stock or the Cash Settlement that the Partnership Unitholder is entitled to receive in such Exchange) required under this Section 2.6 and (ii) the Partnership shall
issue to the Company a number of Partnership Class A Units equal to the number of Exchangeable Units surrendered by the Partnership Unitholder. The timely delivery of a Retraction Notice shall terminate all of the Partnership’s and the
Company’s rights and obligations under this Section 2.6 arising from the Exchange Notice. 

Section 2.7    Apportionment of Distributions. Distributions with a Distribution Record Date (as described in
Section 4.7.1 the Partnership Agreement) on or before the Exchange Date shall be made to the Exchanging Partnership Unitholder. 

Section 2.8    Conclusive Nature of Determinations. All determinations, interpretations, calculations,
adjustments and other actions of the Partnership, the Company, the Board of Directors (or a committee to which the Board of Directors has delegated such authority), the General Partner or a designee of any of the foregoing that are within such
Person’s authority hereunder shall be binding and conclusive on a Partnership Unitholder absent manifest error. In connection with any such determination, interpretation, calculation, adjustment or other action, the Partnership, the Company,
the Board of Directors (or a committee to which the Board of Directors has delegated such authority), the General Partner or the designee of any of the foregoing shall be 

  
 11 

 
entitled to resolve any ambiguity with respect to the manner in which such determination, interpretation, calculation, adjustment or other action is to be made or taken, and shall be entitled to
interpret the provisions of this Agreement, in such a manner as it determines to be fair and equitable, and such resolution or interpretation shall be binding and conclusive on a Partnership Unitholder absent manifest error. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1    Representations and Warranties of the Company. The Company represents and warrants that
(i) it is a corporation duly incorporated and is existing and in good standing under the laws of the State of Delaware, (ii) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby and to issue the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby (including the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate action on the part of the Company, including all actions determined by the Board of Directors to be reasonably necessary to ensure
that the acquisition of shares of Class A Common Stock pursuant to an Exchange shall not be subject to any “moratorium,” “control share acquisition,” “business combination,” “fair price” or other form of
anti-takeover laws and regulations of any United States jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated hereby (collectively, “Takeover Laws”) to the extent permitted by applicable
law, (iv) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby will not (A) result in a violation of the certificate of incorporation of the Company or the bylaws of the Company or (B) conflict with, or constitute a default (or an event that with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or (C) based on the representations to be made by
each Partnership Unitholder pursuant to the written election in the form of Exhibit A attached hereto in connection with Exchanges made pursuant to the terms of the Agreement, result in a violation of any law, rule, regulation, order, judgment or
decree applicable to the Company or by which any property or asset of the Company is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would
not reasonably be expected to have a material adverse effect on the Company or its business, financial condition or results of operations. 

Section 3.2    Representations and Warranties of the Partnership. The Partnership represents and warrants that
(i) it is a limited partnership duly formed and is existing and in good standing under the laws of the State of Delaware, (ii) it has all requisite power and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby, (iii) the execution and delivery of this Agreement by the Partnership and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the
Partnership, (iv) this Agreement constitutes a legal, valid and binding obligation of the 

  
 12 

 
Partnership enforceable against the Partnership in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the Partnership and the consummation by the Partnership of the transactions contemplated
hereby will not (A) result in a violation of the Partnership Agreement or the certificate of limited partnership of the Partnership or (B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Partnership is a party, or (C) result in a violation of any law, rule,
regulation, order, judgment or decree applicable to the Partnership or by which any property or asset of the Partnership is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations,
cancellations or violations that would not reasonably be expected to have a material adverse effect on the Partnership or its business, financial condition or results of operations. 

Section 3.3    Representations and Warranties of the Partnership Unitholders. Each Partnership Unitholder,
severally and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of organization, is existing and in good standing under
the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and
delivery of this Agreement by it and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Partnership Unitholder, (iv) this Agreement
constitutes a legal, valid and binding obligation of such Partnership Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally and (v) the execution, delivery and performance of this Agreement by such Partnership Unitholder and the consummation by such Partnership Unitholder of the
transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the certificate of incorporation, bylaws or other organizational documents of such Partnership Unitholder, (B) conflict with, or
constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such
Partnership Unitholder is a party or by which any property or asset of such Partnership Unitholder is bound or affected, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to such Partnership
Unitholder, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would not in any material respect result in the unenforceability against such Partnership Unitholder
of this Agreement. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.1    Additional Partnership Unitholders. If a Partnership Unitholder validly transfers any or all of
such holder’s Class B Units and shares of Class B Common Stock to another Person in a transaction in accordance with, and not in contravention of, the Partnership Agreement, then such transferee (each, a “Permitted
Transferee”) shall, as a condition to such transfer, be 

  
 13 

 
required to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a Partnership Unitholder
hereunder. To the extent the Partnership issues Exchangeable Units in the future to a Person who is not a Partnership Unitholder, then the Partnership shall, as a condition to such issuance, require each holder of such Exchangeable Units to execute
and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a Partnership Unitholder hereunder. Except as set forth in this Section 4.1, a Partnership
Unitholder may not assign or transfer any of its rights or obligations under this Agreement. No Person shall have any rights hereunder until he, she, or it has executed this Agreement (including by executing a joinder thereto). 

Section 4.2    Term; Termination. This Agreement shall remain in effect (i) as to the Partnership and the
Company, until the date on which no Class B Units remain outstanding and there exist no rights to acquire Exchangeable Units, and (ii) as to any Partnership Unitholder, until the date such Partnership Unitholder no longer holds or has any
right to acquire Exchangeable Units. 
 Section 4.3    Notifications. Any notice, demand, consent, election,
approval, request, or other communication (collectively, a “notice”) required or permitted under this Agreement must be in writing or electronic form and either delivered personally, sent by certified or registered mail, postage prepaid,
return receipt requested or sent by recognized overnight delivery service, electronically or by facsimile transmittal. A notice must be addressed: 

If to the Company or the Partnership at: 

StepStone Group Inc. 
 450
Lexington Avenue, 31st Floor 
 New York, NY 10017 

Telephone: (212) 351-6100 

E-mail: jishiguro@stepstoneglobal.com 

Attention: Chief Legal Officer 

with a copy (which shall not constitute notice to the Company or the Partnership) to: 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 
 New York, NY
10166 
 Telephone: (212) 351-4000 

Facsimile: (212) 351-4035 

Attention: Andrew Fabens 
 If to
any Partnership Unitholder, to the address and other contact information set forth in the records of the Partnership from time to time. 
 A
notice delivered personally will be deemed given only when accepted or refused by the Person to whom it is delivered. A notice that is sent by mail will be deemed given: (i) three Business Days after such notice is mailed to an address within
the United States of America or (ii) 

  
 14 

 
seven Business Days after such notice is mailed to an address outside of the United States of America. A notice sent by recognized overnight delivery service will be deemed given when received or
refused. A notice sent electronically or by facsimile shall be deemed given upon receipt of a confirmation of such transmission, unless such receipt occurs after normal business hours, in which case such notice shall be deemed given as of the next
Business Day. The Partnership or the Company may designate, by notice to all of the Partnership Unitholders, substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees.
Partnership Unitholders may designate, by notice to the Partnership and the Company, substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees. 

Section 4.4    Complete Agreement. This Agreement, together with the Partnership Agreement and the Tax
Receivable Agreement, constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and thereof, and supersedes all prior agreements or arrangements (written and oral), including any prior
representation, statement, condition or warranty between the parties relating to the subject matter hereof and thereof. 

Section 4.5    Applicable Law; Venue; Waiver of Jury Trial. 

(a)    Applicable Law. The parties hereto hereby agree that all questions concerning the construction, validity and
interpretation of this Agreement and the performance of the obligations imposed by this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware without giving effect to any choice of law or
conflict of law provision or rule, notwithstanding that public policy in Delaware or any other forum jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts with such state or otherwise.

 (b)    Venue. Each of the parties hereto submits to the exclusive jurisdiction of the Court of Chancery in the
State of Delaware (or, if (but only if) such court lacks jurisdiction, any state or federal court of the State of Delaware) in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action
or proceeding may be heard and determined solely and exclusively in such court and the appellate courts therefrom. Each party hereto also agrees not to bring any action or proceeding arising out of or relating to this Agreement in any court other
than as aforesaid. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required of any other party hereto with
respect thereto. The parties hereto each agree that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding on it and may be enforced in any court to the jurisdiction of which it is subject by a
suit upon such judgment. 
 (c)    Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, 

  
 15 

 
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 4.5. 

Section 4.6    References to this Agreement; Headings. Unless otherwise indicated, “Sections,”
“clauses” and “Exhibits” mean and refer to designated Sections, clauses, and Exhibits of this Agreement. Words such as “herein,” “hereby,” “hereinafter,” “hereof,” “hereto,” and
“hereunder” refer to this Agreement as a whole, unless the context indicates otherwise. All headings in this Agreement are for convenience of reference only and are not intended to define or limit the scope or intent of this Agreement. All
exhibits and schedules referred to herein, and as the same may be amended from time to time, are by this reference made a part hereof as though fully set forth herein. 

Section 4.7    Binding Provisions. This Agreement is binding upon, and inures to the benefit of, the parties
hereto and their respective personal and legal representatives, heirs, executors, successors and Permitted Transferees. 

Section 4.8    Construction. Common nouns and pronouns and any variations thereof shall be deemed to refer to
masculine, feminine, or neuter, singular or plural, as the identity of the Person, Persons or other reference in the context requires. Every covenant, term and provision of this Agreement shall be construed simply according to its fair meaning and
not strictly for or against any party hereto. Any reference to any statute, law, or regulation, form or schedule shall include any amendments, modifications, or replacements thereof. Any reference to any agreement, contract or schedule, unless
otherwise stated, shall include any amendments, modifications, or replacements thereof. Whenever used herein, “or” shall include both the conjunctive and disjunctive unless the context requires otherwise, “any” shall mean
“one or more,” and “including” shall mean “including, without limitation.” 

Section 4.9    Severability. It is expressly understood and agreed that if any provision of this Agreement or
the application of any such provision to any party or circumstance shall be determined by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision to any
party or circumstance other than those to which it is so determined to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by law so long as the economic or legal
substance of the matters contemplated by this Agreement is not affected in any manner materially adverse to any party. If the final judgment of a court of competent jurisdiction declares or finds that any term or provision hereof is invalid or
unenforceable, the parties hereto agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration or portion of the term or provision, or to delete specific words or phrases, and to
replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention 

  
 16 

 
of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. If such court of competent jurisdiction does not so replace an invalid or unenforceable
term or provision, the parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the matters contemplated hereby are
fulfilled to the fullest extent possible. 
 Section 4.10    Counterparts. This Agreement and any amendments
may be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same document. The signature of any party
to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart. 

Section 4.11    No Third-Party Beneficiaries. Each Partnership Unitholder on the date hereof is expected to
become a party to this Agreement. Each of their Permitted Transferees and each Person who is or becomes a Partnership Unitholder may become a party hereto, subject to their execution and delivery to the Partnership and the Company of an executed
joinder to this Agreement in form and substance acceptable to the Partnership and the Company. This Agreement is not otherwise intended to, and does not, provide or create any rights or benefits in any Person. 

Section 4.12    Mutual Drafting. The parties hereto are sophisticated and have been advised by attorneys
throughout the transactions contemplated hereby who have carefully negotiated the provisions hereof. As a consequence, the parties do not intend that the presumptions of laws or rules relating to the interpretation of contracts against the drafter
of any particular clause should be applied to this Agreement or any agreement or instrument executed in connection herewith, and therefore waive their effects. 

Section 4.13    Rights and Remedies Cumulative. The rights and remedies provided by this Agreement are
cumulative and the use of any one right or remedy by any party shall not preclude or waive the right to use any or all other remedies. Such rights and remedies are given in addition to any other rights the parties may have by law, statute, ordinance
or otherwise. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such
breach or any other covenant, duty, agreement or condition. 
 Section 4.14    Amendment. The provisions of
this Agreement may be amended only by an instrument in writing approved by the affirmative vote or written or electronic consent of each of (i) the Company, (ii) the Partnership, and (iii) Partnership Unitholders holding a majority of
the then outstanding Class B Units; provided that no amendment may disproportionately and adversely affect the rights of a Partnership Unitholder in respect of the Class B Units (compared to the rights of other Partnership
Unitholders in respect of the Class B Units) without the consent of at least two-thirds of such affected Partnership Unitholders. 

Section 4.15    Specific Performance. The parties recognize that irreparable injury will result from a breach
of any provision of this Agreement and that money damages would be inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement, any party that may be injured
(in addition to 

  
 17 

 
any other remedies that may be available to that party) shall be entitled (without the need to post any bond, surety, or other security) to one or more preliminary or permanent orders
(a) restraining and enjoining any act that would constitute a breach or (b) compelling the performance of any obligation that, if not performed, would constitute a breach. 

Section 4.16    Independent Nature of Partnership Unitholders’ Rights and Obligations. The obligations of
each Partnership Unitholder hereunder are several and not joint with the obligations of any other Partnership Unitholder, and no Partnership Unitholder shall be responsible in any way for the performance of, or failure to perform, the obligations of
any other Partnership Unitholder hereunder. The decision of each Partnership Unitholder to enter into this Agreement has been made by such Partnership Unitholder independently of any other Partnership Unitholder. Nothing contained herein, and no
action taken by any Partnership Unitholder pursuant hereto, shall be deemed to constitute the Partnership Unitholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Partnership
Unitholders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Company acknowledges that the Partnership Unitholders are not acting in concert or as a group, and the
Company will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

  
 18 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	STEPSTONE GROUP INC.
		
	By:	 	
                     
                   

	Name:	 	
	Title:	 	
	
	STEPSTONE GROUP LP
		
	By:	 	StepStone Group Holdings LLC, its general partner
		
	By:	 	
                     
                   

	Name:	 	
	Title:	 	

			
	SUNSET HOLDERS:
	
                     
                   

	
	SENIOR HOLDERS:
		
	By:	 	
                     
                   

	Name:	 	
	Title:	 	
	
	OTHER PARTNERSHIP UNITHOLDERS:
		
	By:	 	
                     
                   

	Name:	 	
	Title:	 	

 EXHIBIT A 

FORM OF 
 ELECTIVE EXCHANGE NOTICE

 StepStone Group Inc. 
 450 Lexington Avenue, 31st Floor 

New York, NY 10017 
 Telephone: (212) 351-6100 
 E-mail: jishiguro@stepstoneglobal.com 

Attention:   Chief Legal Officer 
 StepStone Group LP

 450 Lexington Avenue, 31st Floor 
 New York, NY 10017 

Telephone: (212) 351-6100 

E-mail: jishiguro@stepstoneglobal.com 

Attention:   Chief Legal Officer 

Reference is hereby made to the Exchange Agreement, dated as of [            ],
2020 (the “Exchange Agreement”), among StepStone Group Inc., a Delaware corporation (the “Company”), StepStone Group LP, a Delaware limited partnership (the “Partnership”), and the Partnership
Unitholders (as defined therein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 

The undersigned Partnership Unitholder hereby transfers to the Partnership or the Company (in the event that the Company determined to effect
a direct exchange with the undersigned Partnership Unitholder) the number of Exchangeable Units and shares of Class B Common Stock set forth below, in Exchange for either shares of Class A Common Stock to be issued in its name (or the name
of its designee) as set forth below or, at the option of the Company, the Cash Settlement payable to the account set forth below, in accordance with the terms of the Exchange Agreement. 

 

			
	Legal Name of Partnership Unitholder:	 	                                     
                                         
                                         
 
		
	Maximum Number of Class B Units and shares of Class B Common Stock to be Exchanged:	 	                                     
                                         
                                         
 
		
	Limitation on Tax Benefit Payments under Section [                    ] of the Tax Receivable Agreement:	 	                                     
                                         
                                         
 

 If the Partnership Unitholder desires the shares of Class A Common Stock be settled through delivery to a brokerage
account, please provide the broker name, account holder name and account number below. The Partnership’s transfer agent may request further information from the Partnership Unitholder. 

  
 A-1 

 If the Partnership Unitholder desires the shares of Class A Common Stock be settled through the
delivery of certificates to the Partnership Unitholder or its designee, please indicate the following: 
  

			
	Legal Name for Certificates:	 	                                      
                                         
                     
		
	Address for Delivery of Certificates:	 	                                      
                                         
                     
		
	If the Company elects Cash Settlement:	 	                                      
                                         
                     
		
	Broker Name:	 	                                      
                                         
                     
		
	Account Number:	 	                                      
                                         
                     
		
	Legal Name of Account Holder:	 	                                      
                                         
                     

 The undersigned Partnership Unitholder hereby represents and warrants that (i) the Partnership Unitholder
has all requisite legal capacity and authority to execute and deliver this Exchange Notice and to perform the undersigned’s obligations hereunder; (ii) the execution and delivery of this Exchange Notice and the consummation of the Exchange
have been duly authorized by all necessary corporate or other entity action on the part of the Partnership Unitholder; (iii) this Exchange Notice constitutes a legal, valid and binding obligation of the undersigned Partnership Unitholder
enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally;
(iv) the Exchangeable Units and shares of Class B Common Stock subject to this Exchange Notice are being transferred to the Partnership or the Company, as applicable, free and clear of any pledge, lien, security interest, encumbrance,
equities or claim; (v) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Exchangeable Units and shares
of Class B Common Stock subject to this Exchange Notice is required to be obtained by the undersigned for the transfer of such Exchangeable Units and shares of Class B Common Stock to the Partnership or the Company, as applicable;
(vi) the Partnership Unitholder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act, and is not acquiring the shares of Class A Common Stock with the intent to distribute them in
violation of the Securities Act; and (vii) the Partnership Unitholder is not aware of or in possession of any material non-public information concerning the Company or the Class A Common Stock. 

The undersigned hereby irrevocably constitutes and appoints any officer of the Partnership as the attorney of the undersigned, with full power
of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer the Partnership Units subject to this Exchange Notice and to deliver to the undersigned the shares of
Class A Common Stock or the Cash Settlement to be delivered in Exchange therefor. 

  
 A-2 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Exchange
Notice to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	Name:	 	  

 Dated:
                     

  
 A-3 

 EXHIBIT B 

FORM OF 
 JOINDER 

This Joinder (“Joinder”) is a joinder to the Exchange Agreement, dated as of
[            ], 2020 (the “Agreement”), among StepStone Group Inc., a Delaware corporation (the “Company”), StepStone Group LP, a Delaware limited
partnership (the “Partnership”), and each of the Partnership Unitholders from time to time party thereto. Capitalized terms used but not defined in this Joinder shall have the meanings given to them in the Agreement. The
Partnership, the Company and the undersigned agree that all questions concerning the construction, validity and interpretation of this Joinder shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving
effect to any choice or conflict of law provision or rule, notwithstanding that public policy in Delaware or any other forum jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts with
such state or otherwise. In the event of any conflict between this Joinder and the Agreement, the terms of this Joinder shall control. 

The undersigned, having acquired shares of Class B Common Stock and Class B Units, hereby joins and enters into the Agreement. By
signing and returning this Joinder to the Partnership and the Company, the undersigned (A) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a Partnership Unitholder contained in the
Agreement, with all attendant rights, duties and obligations of a Partnership Unitholder thereunder and (B) makes each of the representations and warranties of a Partnership Unitholder set forth in Section 3.3 of the
Agreement as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and,
upon receipt of this Joinder by the Partnership and the Company, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement. 

 

			
	Unitholder Name:
		
	By:	 	
                     
                   

	Name:	 	
	Title:	 	
	Address for notices:
	
	Copies to:

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