Document:

EX-10.1

 Exhibit 10.1 

TAX RECEIVABLE AGREEMENT 

among 
 RYAN SPECIALTY
GROUP HOLDINGS, INC. 
 and 

THE PERSONS NAMED HEREIN 

Dated as of July 26, 2021 
  

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.1
	  	Definitions	  	 	2	 
		
	 ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT
	  	 	12	 
	 Section 2.1
	  	Basis Schedule	  	 	12	 
	 Section 2.2
	  	Tax Benefit Schedule	  	 	12	 
	 Section 2.3
	  	Procedures, Amendments	  	 	13	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	14	 
	 Section 3.1
	  	Payments	  	 	14	 
	 Section 3.2
	  	No Duplicative Payments	  	 	15	 
	 Section 3.3
	  	Pro Rata Payments	  	 	15	 
	 Section 3.4
	  	Payment Ordering	  	 	16	 
	 Section 3.5
	  	Excess Payments	  	 	16	 
		
	 ARTICLE IV TERMINATION
	  	 	16	 
	 Section 4.1
	  	Early Termination of Agreement; Breach of Agreement	  	 	16	 
	 Section 4.2
	  	Early Termination Notice	  	 	18	 
	 Section 4.3
	  	Payment upon Early Termination	  	 	18	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	19	 
	 Section 5.1
	  	Subordination	  	 	19	 
	 Section 5.2
	  	Late Payments by the Corporate Taxpayer	  	 	19	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	19	 
	 Section 6.1
	  	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	  	 	19	 
	 Section 6.2
	  	Consistency	  	 	20	 
	 Section 6.3
	  	Cooperation	  	 	20	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	20	 
	 Section 7.1
	  	Notices	  	 	20	 
	 Section 7.2
	  	Counterparts	  	 	21	 
	 Section 7.3
	  	Entire Agreement; No Third Party Beneficiaries	  	 	21	 
	 Section 7.4
	  	Governing Law	  	 	21	 
	 Section 7.5
	  	Severability	  	 	21	 
	 Section 7.6
	  	Successors; Assignment; Amendments; Waivers	  	 	22	 
	 Section 7.7
	  	Titles and Subtitles	  	 	23	 
	 Section 7.8
	  	Resolution of Disputes	  	 	23	 
	 Section 7.9
	  	Reconciliation	  	 	23	 
	 Section 7.10
	  	Withholding	  	 	24	 
	 Section 7.11
	  	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	  	 	25	 
	 Section 7.12
	  	Confidentiality	  	 	26	 
	 Section 7.13
	  	Change in Law	  	 	26	 
	 Section 7.14
	  	Electronic Signature	  	 	27	 
	 Section 7.15
	  	Effectiveness	  	 	27	 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), is dated as of July 26, 2021, and is between Ryan
Specialty Group Holdings, Inc., a Delaware corporation (“PubCo”), each of the undersigned parties, and each of the other persons from time to time that becomes a party hereto (each, excluding Ryan Specialty Group, LLC, a
Delaware limited liability company (“RSG LLC”) and New RSG Holdings, LLC, a Delaware limited liability company (“NEW RSG LLC”), a “TRA Party” and together the “TRA
Parties”). 
 RECITALS 

WHEREAS, the TRA Parties directly or indirectly hold units (the “Units”) in OpCo (as defined below), which is
classified as a partnership for United States federal income tax purposes; 
 WHEREAS, after the IPO (as defined below) PubCo will be
the sole managing member of OpCo, and holds and will hold, directly and/or indirectly, Units; 
 WHEREAS, the Units held by certain
TRA Parties may be exchanged for Class A common stock (the “Class A Shares”) of the Corporate Taxpayer (as defined below), in accordance with and subject to the provisions of the LLC
Agreement (as defined below); 
 WHEREAS, in connection with the IPO, certain TRA Parties engaged in an Exchange (as defined below)
of Units for cash in a transaction intended to be governed by Section 741 of the Code; 
 WHEREAS, in connection with the IPO,
the Contribution TRA Parties engaged in an Exchange (as defined below) pursuant to which such TRA Parties transferred direct or indirect interests in their respective Units to the Corporate Taxpayer in exchange for Class A Shares in a
transaction intended to be governed by Section 351 and/or Section 368(a) of the Code, including the Blocker Exchanges; 

WHEREAS, OpCo and each of its direct and indirect Subsidiaries (as defined below) that is treated as a partnership for United States
federal income tax purposes currently have and will have in effect an election under Section 754 of the Code, for each Taxable Year (as defined below) that includes the IPO Date and for each Taxable Year in which a taxable acquisition
(including a deemed taxable acquisition under Section 707(a) of the Code) or non-taxable acquisition of Units (directly or indirectly) by the Corporate Taxpayer or by OpCo from any of the TRA Parties (an
“Exchanging Holder”) for Class A Shares and/or other consideration (an “Exchange”) occurs; 

WHEREAS, the income, gain, loss, expense and other Tax items of the Corporate Taxpayer may be affected by the (i) Common Basis,
(ii) Remedial Allocations (iii) Basis Adjustments and (iv) Imputed Interest (as defined below) (collectively, the “Tax Attributes”); 

WHEREAS, the parties to this Agreement desire to provide for certain payments and make certain arrangements with respect to the effect
of the Tax Attributes on the liability for Taxes (as defined below) of the Corporate Taxpayer. 

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

DEFINITIONS 

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

“Actual Tax Liability” means, with respect to any Taxable Year, the sum of (i) the actual liability for U.S.
federal income Taxes of the Corporate Taxpayer as reported on its IRS Form 1120 (or any successor form) for such Taxable Year, and, without duplication, the portion of any liability for U.S. federal income taxes imposed directly on OpCo (and
OpCo’s applicable Subsidiaries) under Section 6225 or any similar provision of the Code that is allocable to the Corporate Taxpayer under Section 704 of the Code and/or the Partnership Audit Rules (provided, that such amount will be
calculated excluding deductions of (and other effects of) state and local income taxes) and (ii) the product of the amount of the United States federal taxable income or gain for such Taxable Year reported on the Corporate Taxpayer’s IRS
Form 1120 (or any successor form) and the Assumed Rate. 
 “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 a per annum rate of the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points. 

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

“Amended Schedule” has the meaning set forth in Section 2.3(b) of this Agreement. 

“Assumed Rate” means, with respect to any Taxable Year, the product of (a) the excess of (i) one hundred
percent (100%) over (ii) the highest U.S. federal corporate income tax rate for such Taxable Year multiplied by (b) the sum, with respect to each state and local jurisdiction in which the Corporate Taxpayer files Tax Returns, of the
products of (i) the Corporate Taxpayer’s tax apportionment rate(s) for such jurisdiction for such Taxable Year multiplied by (ii) the highest corporate tax rate(s) for such jurisdiction for such Taxable Year. 

  
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 “Attributable” means the portion of any Tax Attribute of the
Corporate Taxpayer that is “Attributable” to any present or former holder of Units, other than the Corporate Taxpayer, and shall be determined by reference to the Tax Attributes, under the following principles: 

(i) any Common Basis and the Basis Adjustments shall be determined separately with respect to each Exchanging Holder, using
reasonable methods for tracking such Common Basis or Basis Adjustments, and are Attributable to each Exchanging Holder in an amount equal to the total Common Basis and Basis Adjustments relating to such Units Exchanged by such Exchanging Holder
(determined without regard to any dilutive or antidilutive effect of any contribution to or distribution from OpCo after the date of an applicable Exchange, and taking into account (A) Section 704(c) of the Code and Remedial Allocations,
and (B) any adjustment under Section 743(b) of the Code); and 
 (ii) any deduction to the Corporate Taxpayer with
respect to a Taxable Year in respect of Imputed Interest is Attributable to the Person that is required to include the Imputed Interest in income (without regard to whether such Person is actually subject to Tax thereon). 

“Basis Adjustment” means the adjustment to the Tax basis of Reference Property under Sections 732, 734(b), 362, 1012
and/or 1014 of the Code (in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner for United States federal income tax purposes) or under Sections 734(b), 743(b), 362 and/or 754
of the Code (in situations where, following an Exchange, OpCo remains in existence as an entity treated as a partnership for United States federal income tax purposes) as a result of an Exchange and the payments made pursuant to this Agreement in
respect of such Exchange. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such
Units and as if any such Pre-Exchange Transfer had not occurred. The amount of any Basis Adjustment shall be determined using the Market Value at the time of the Exchange. 

“Basis Schedule” has the meaning set forth in Section 2.1 of this Agreement. 

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

“Blocker Exchange” means any Exchange by a TRA Party effected through the contribution or transfer to the Corporate
Taxpayer (including by way of merger) of an entity treated as a corporation for U.S. federal income tax purposes. 

“Board” means the Board of Directors of the Corporate Taxpayer. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York,
New York are authorized or required by law to close. 
 “Change of Control” means the occurrence of any of the
following events: 
 (i) any Person or any “group” of Persons acting together that would constitute a
“group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended or any successor provisions thereto (excluding (a) a corporation or other entity owned, directly or indirectly, by the stockholders of the
Corporate Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer or (b) a group of Persons in which one or more members of the Founder Group or any of

  
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their Affiliates, directly or indirectly hold Beneficial Ownership of securities representing more than 50% of the total voting power held by such group) is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or 

(ii) the following individuals cease for any reason to constitute a majority of the number of directors of the Corporate
Taxpayer then serving: individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the Board or nomination for election by the Corporate Taxpayer’s stockholders 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, election or nomination for election was previously so approved or
recommended by the directors referred to in this clause (ii); or 
 (iii) there is consummated a merger or consolidation of
the Corporate Taxpayer with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a
majority of the board of directors of the company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such
merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving
company is a Subsidiary, the ultimate parent thereof; or 
 (iv) the stockholders of the Corporate Taxpayer approve a plan of
complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially
all of the Corporate Taxpayer’s assets, other than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity at least 50% of the combined voting power of the voting
securities of which are owned by stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale or other disposition. 

Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in, and voting control over, and own substantially all of the shares of, an entity which owns, directly or indirectly, all or substantially all of the assets of the Corporate Taxpayer
immediately following such transaction or series of transactions. 
 “Class A
Shares” has the meaning set forth in the Recitals of this Agreement. 

  
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 “Code” means the United States Internal Revenue Code of 1986, as
amended. 
 “Common Basis” means the Tax basis of the Reference Property that is depreciable or amortizable for
United States federal income tax purposes Attributable to Units acquired by the Corporate Taxpayer upon an Exchange, including a Blocker Exchange. For the avoidance of doubt, Common Basis shall not include any Basis Adjustments. 

“Contribution TRA Parties” means the persons listed on Exhibit B. 

“Contribution Agreements” means the agreements entered into in connection with the IPO by the Corporate Taxpayer,
certain of its subsidiaries, and certain holders of units of RSG, LLC, pursuant to which such Persons shall contribute units of RSG LLC to New RSG LLC in exchange for newly issued units of New RSG LLC, including any provision of the LLC Agreement
that provides for such contributions. 
 “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. 

“Corporate Taxpayer” means Ryan Specialty Group Holdings, Inc. and any successor corporation and shall include any
company that is a member of any consolidated Tax Return of which Ryan Specialty Group Holdings, Inc. is a member. 
 “Corporate
Taxpayer Return” means the United States federal income Tax Return of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year, including any consolidated Tax Return. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all
Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year net of the Realized Tax Detriment 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 Schedules or Amended Schedules, if any, in existence at the time of such determination; provided, that, for the avoidance of doubt, the computation of the Cumulative Net Realized Tax Benefit shall be adjusted to reflect any
applicable Determination with respect to any Realized Tax Benefits and/or Realized Tax Detriments. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or any other event
(including the execution of IRS Form 870-AD), including a settlement with the applicable Taxing Authority, that establishes the amount of any liability for Tax. 

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

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Effective Date” means the date on which an Early Termination Schedule
becomes binding pursuant to Section 4.2. 

  
 5 

 “Early Termination Notice” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Early Termination Payment” has the meaning set forth in
Section 4.3(b) of this Agreement. 
 “Early Termination Rate” means the lesser of (i) 6.5%
and (ii) LIBOR plus 100 basis points. 
 “Early Termination Schedule” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Exchange” has the meaning set forth in the Recitals of
this Agreement. 
 “Exchange Date” means the date of any Exchange. 

“Exchanging Holder” has the meaning set forth in the Recitals of this Agreement. 

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

“Family Group” means, with respect to a Person who is an individual, (i) such individual’s spouse and
descendants (whether natural or adopted) (collectively, for purposes of this definition, “relatives”), (ii) such individual’s executor or personal representative, (iii) any trust, the trustee of which is such individual or
such individual’s executor or personal representative or such individual’s spouse and which at all times is and remains solely for the benefit of such individual and/or such individual’s relatives and (iv) any corporation,
limited partnership, limited liability company or other tax flow-through entity the governing instruments of which provide that such individual or such individual’s spouse, executor or personal
representative shall have the exclusive, nontransferable power to direct the management and policies of such entity and of which the sole record and beneficial owners of stock, partnership interests, membership interests or any other equity
interests are limited to such individual, such individual’s relatives and/or the trusts described in clause (iii) above. 

“Founder” means Patrick G. Ryan. 

“Founder Group” means Founder, members of the Founder’s Family Group and Founder’s Affiliates. 

“Founder Majority” means Founder; provided that upon the death of Founder (or at such other time approved in
writing by Founder), it shall mean the holders of a majority of the Units owned by the Founder Group. 
 “Future
TRAs” has the meaning set forth in Section 5.1 of this Agreement. 
 “Hypothetical Tax
Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii) without duplication, the portion of any liability for U.S. federal income taxes imposed directly on OpCo (and
OpCo’s applicable Subsidiaries) under Section 6225 or any similar provision of the Code that is allocable to the 

  
 6 

 
Corporate Taxpayer under Section 704 of the Code and/or the Partnership Audit Rules, in each case using the same methods, elections, conventions and similar practices used on the relevant
Corporate Taxpayer Return, but (a) using the Non-Stepped Up Tax Basis as reflected on the Basis Schedule including amendments thereto for the Taxable Year, (b) excluding any Remedial Allocations and
(c) excluding any deduction attributable to Imputed Interest attributable to any payment made under this Agreement for the Taxable Year; provided, that Hypothetical Tax Liability shall be calculated (x) excluding deductions of state
and local income taxes for U.S. federal income tax purposes and (y) assuming the liability for state and local Taxes (but not, for the avoidance of doubt, United States federal taxes) shall be equal to the product of (i) the amount of the
U.S. federal taxable income or gain calculated for purposes of this definition of Hypothetical Tax Liability for such Taxable Year multiplied by (ii) the Assumed Rate. For the avoidance of doubt, Hypothetical Tax Liability shall be determined
without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to a Tax Attribute as applicable (including, for the avoidance of doubt, any deductions carried forward or deferred by reason of Code
Section 163(j) or otherwise). 
 “Imputed Interest” in respect of a TRA Party shall mean any interest imputed
under Section 1272, 1274, 7872 or 483 or other provision of the Code with respect to the Corporate Taxpayer’s payment obligations in respect of such TRA Party under this Agreement. 

“Interest Amount” has the meaning set forth in Section 3.1(b) of this Agreement. 

“IPO” means the initial public offering of Class A Shares by the Corporate Taxpayer (including any greenshoe
related to such initial public offering). 
 “IPO Date” means the initial closing date of the IPO. 

“IRS” means the United States Internal Revenue Service. 

“Joinder” has the meaning set forth in Section 7.6(a) of this Agreement. 

“LIBOR” means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Corporate Taxpayer as an authorized information
vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two
(2) Business Days prior to the first day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period; provided, that at no time shall LIBOR be less than 0%. At the
earliest of (i) the date that LIBOR is no longer a widely recognized benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars, (ii) June 30, 2023 and (iii) the date on which the TRA Party Representative
and Corporate Taxpayer mutually agree that it is appropriate to establish a replacement interest rate (a “Replacement Rate”), then the Corporate Taxpayer shall (as determined by the Corporate Taxpayer to be consistent with
market practice generally and subject to the prior written consent of the TRA Party Representative, which consent shall not be unreasonably withheld, conditioned or delayed), establish a Replacement Rate, in which case, the

  
 7 

 
Replacement Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement; provided that unless otherwise mutually agreed by the TRA Party
Representative and the Corporate Taxpayer, the Replacement Rate shall be SOFR. In connection with the establishment and application of the Replacement Rate, this Agreement shall be amended solely with the consent of the Corporate Taxpayer and OpCo,
as may be necessary or appropriate, in the reasonable judgment of the Corporate Taxpayer, to effect the provisions of this section. The Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to
the extent such market practice is not administratively feasible for the Corporate Taxpayer, such Replacement Rate shall be applied as otherwise reasonably determined by the Corporate Taxpayer. 

“LLC Agreement” means, with respect to OpCo, (i) prior to the Post-IPO
Restructuring, the Sixth Amended and Restated Limited Liability Company Agreement of RSG LLC, dated as of July 26, 2021, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time and
(ii) following the Post-IPO Restructuring, the Amended and Restated Limited Liability Company Agreement of New RSG LLC, as such agreement may be further amended, restated, supplemented and/or otherwise
modified from time to time. 
 “LLC Unit Holder” means holders of Units other than the Corporate Taxpayer. 

“Market Value” shall mean, with respect to an Exchange, the value of the Class A Shares on the applicable
Exchange Date used by the Corporate Taxpayer in its U.S. federal income tax reporting with respect to such Exchange. 
 “Material
Objection Notice” has the meaning set forth in Section 4.2 of this Agreement. 
 “Net Tax
Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 
 “New RSG
LLC” shall mean New RSG Holdings, LLC, a Delaware limited liability company. 
 “Non-Stepped Up Tax Basis” means, with respect to any Reference Property, the Tax basis that such property would have had at such time if no Basis Adjustments had been made and if the Common Basis was
equal to zero. 
 “Objection Notice” has the meaning set forth in Section 2.3(a) of this
Agreement. 
 “Onex Parties” shall mean the persons identified as Onex Parties in Exhibit B. 

“Onex Representative” means the person identified as the Onex Representative in Exhibit B. 

“OpCo” means (i) prior to the Post-IPO Restructuring, RSG LLC and
(ii) following the Post-IPO Restructuring, New RSG LLC. 

  
 8 

 “Partnership Audit Rules” means the centralized partnership audit
regime enacted by the Bipartisan Budget Act of 2015, as set forth in Sections 6221 through 6241 of the Code and any Treasury Regulations and administrative guidance thereunder. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, governmental entity or other entity. 

“Post-IPO Restructuring” means the consummation of the transactions
contemplated by the Contribution Agreements. 
 “Pre-Adjustment Net Tax
Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 
 “Pre-Exchange Transfer” means any transfer (including upon the death of an LLC Unit Holder) or distribution in respect of one or more Units (i) that occurs prior to an Exchange of such Units, and
(ii) to which Section 734(b) or 743(b) of the Code applies. 
 “Realized Tax Benefit” means, for a Taxable
Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability of (i) the Corporate Taxpayer and (ii) without duplication, OpCo (and OpCo’s applicable Subsidiaries), but only with respect to Taxes imposed on
OpCo (and OpCo’s applicable Subsidiaries) that are allocable to the Corporate Taxpayer under Section 704 of the Code and/or the Partnership Audit Rules. If all or a portion of the Actual Tax Liability 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. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the
Hypothetical Tax Liability of (i) the Corporate Taxpayer and (ii) without duplication, OpCo (and OpCo’s applicable Subsidiaries), but only with respect to Taxes imposed on OpCo (and OpCo’s applicable Subsidiaries) that are
allocable to the Corporate Taxpayer under Section 704 of the Code and/or the Partnership Audit Rules. If all or a portion of the Actual Tax Liability 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. 

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

“Reconciliation Procedures” has the meaning set forth in Section 2.3(a) of this Agreement.

 “Reference Property” means property (as determined for U.S. federal income tax purposes) that is held by OpCo, or
by any of its direct or indirect Subsidiaries treated as a partnership or disregarded entity (but only to the extent such indirect Subsidiaries are held through Subsidiaries treated as partnerships or disregarded entities) for purposes of the
applicable Tax, at the time of an Exchange. Reference Property also includes any property that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to Reference Property. For the avoidance of doubt,
Reference Property does not include property held directly or indirectly by a Subsidiary treated as a corporation for U.S. federal income tax purposes. 

  
 9 

 “Relevant Governmental Body” means the Board of Governors of the
Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 

“Remedial Allocations” means the allocations made under Section 704(c) of the Code (including “remedial
items” and “offsetting remedial items”) in respect of the Units transferred to the Corporate Taxpayer upon an Exchange using the “remedial allocation method” of Treasury Regulations
Section 1.704-3(d) with respect to differences between book basis and tax basis (calculated for purposes of Section 704(c) of the Code). 

“RSG LLC” has the meaning set forth in the Preamble of this Agreement. 

“Schedule” means any of the following: (i) a Basis Schedule; (ii) a Tax Benefit Schedule; or (iii) the
Early Termination Schedule. 
 “Section 734(b) Exchange” means any Exchange that
results in a Basis Adjustment under Section 734(b) of the Code. 
 “Senior Obligations” has the meaning set
forth in Section 5.1 of this Agreement. 
 “SOFR” with respect to any Business Day
means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor
source) at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body. 

“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 power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Subsidiary Stock” means stock or other equity interest in a Subsidiary of OpCo that is treated as a corporation for
U.S. federal income tax purposes. 
 “Tax Attributes” has the meaning set forth in the Recitals of this Agreement.

 “Tax Benefit Payment” has the meaning set forth in Section 3.1(b) of this Agreement.

 “Tax Benefit Schedule” has the meaning set forth in Section 2.2 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement filed or 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. 

  
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 “Taxable Year” means a taxable year of the Corporate Taxpayer as
defined in Section 441(b) of the Code or comparable section of state or local Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending
on or after the IPO Date. 
 “Taxes” means any and all United States federal, state, local and foreign taxes,
assessments or similar charges that are based on or measured with respect to net income or profits, and any interest related to such Tax. 

“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 Party” has the meaning set forth in the Preamble to this Agreement. 

“TRA Party Representative” means Founder or such other Person designated by the Founder or the Founder Majority. 

“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. 

“Units” has the meaning set forth in the Recitals of this Agreement. 

“Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending
on or after such Early Termination Date, (1) the Corporate Taxpayer will have taxable income sufficient to fully utilize the Tax items arising from the Tax Attributes (other than any items addressed in clause (2) below) during such Taxable
Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future payments made under this Agreement that would be paid in accordance with the Valuation Assumptions) in which
such deductions would become available, (2) loss carryovers generated by deductions arising from any Tax Attributes or Imputed Interest that are available as of the date of such Early Termination Date will be used by the Corporate Taxpayer on a
pro rata basis from the date of such Early Termination Date through the earlier of (x) the scheduled expiration date under applicable Tax law of such loss carryovers or (y) the fifth (5th) anniversary of the Early Termination Date,
(3) the United States federal 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, (4) any non-amortizable assets (other than any Subsidiary Stock) will be disposed of on the fifteenth (15th) anniversary of the applicable Exchange and any cash equivalents will be disposed of twelve (12) months
following the Early Termination Date, unless such date has passed in which case such assets will be deemed disposed of on the fifth (5th) anniversary of the Early Termination Date; provided, that in the event of a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale (if applicable) of the relevant asset in the Change of Control (if earlier than such fifteenth

  
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(15th) anniversary), (5) any Subsidiary Stock will not be deemed to be disposed unless actually disposed, and (6) if, at the Early Termination Date, there are Units that have not been
Exchanged, then each such Unit shall be deemed Exchanged for the Market Value of the Class A Shares that would be transferred if the Exchange occurred on the Early Termination Date. 

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT 

Section 2.1 Basis Schedule. Within ninety (90) calendar days after the due date (including
extensions) of IRS Form 1120 (or any successor form) of the Corporate Taxpayer for each relevant Taxable Year, the Corporate Taxpayer shall deliver (a) to the TRA Party Representative a schedule (the “Basis Schedule”) that
shows, in reasonable detail necessary to perform the calculations required by this Agreement, (i) the Common Basis of the Reference Property in respect of each TRA Party, if any, (ii) the Non-Stepped
Up Tax Basis of the Reference Property in respect of each TRA Party as of each applicable Exchange Date, if any, (iii) the Basis Adjustment with respect to the Reference Property in respect of each TRA Party as a result of the Exchanges
effected in such Taxable Year or any prior Taxable Year by each TRA Party, if any, calculated in the aggregate, (iv) the period (or periods) over which the Common Basis and each Basis Adjustment in respect of each TRA Party is amortizable
and/or depreciable (or otherwise deductible or available as an offset against taxable income) and (b) to the Onex Representative, the portion of such Basis Schedule relating to the Onex Parties. All costs and expenses incurred in connection
with the provision and preparation of the Basis Schedules and Tax Benefit Schedules under this Agreement shall be borne by OpCo. 

Section 2.2 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the due date (including extensions) of IRS Form 1120 (or any
successor form) of the Corporate Taxpayer for any Taxable Year in which there is a Realized Tax Benefit or a Realized Tax Detriment Attributable to a TRA Party, the Corporate Taxpayer shall provide (a) to the TRA Party Representative a schedule
showing, in reasonable detail, the calculation of the Realized Tax Benefit and Tax Benefit Payment, or the Realized Tax Detriment, as applicable, in respect of such TRA Party for such Taxable Year (a “Tax Benefit Schedule”)
and (b) to the Onex Representative, the portion of such Tax Benefit Schedule relating to the Onex Parties. Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended as provided in
Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 
 (b)
Applicable Principles. 
 (i) General. Subject to Section 3.3, the Realized Tax Benefit (or the
Realized Tax Detriment) for each Taxable Year is intended to measure the actual decrease (or increase) in the liability for Taxes of the Corporate Taxpayer for such Taxable Year attributable to the Tax Attributes, determined using a “with and
without” methodology. Carryovers or carrybacks of any Tax item attributable to any of the Tax Attributes 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 

  
 12 

 
a portion that is attributable to any Tax Attribute and another portion that is not, such portions shall be considered to be used in accordance with the “with and without” methodology.
The parties agree that (A) all Tax Benefit Payments (other than the portion of the Tax Benefit Payments treated as Imputed Interest) attributable to the Common Basis or Basis Adjustments will, except in the case of a Blocker Exchange, be
treated as subsequent upward purchase price adjustments that have the effect of creating additional Basis Adjustments to Reference Property for the Corporate Taxpayer in the year of payment to the extent permitted by applicable law (as determined in
good faith by the Corporate Taxpayer), (B) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate, and (C) the Actual Tax Liability will take into
account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest. 
 (ii) Applicable
Principles of Section 734(b) Exchanges. Notwithstanding any provisions to the contrary in this Agreement, the foregoing treatment set out in the last sentence of Section 2.2(b)(i) shall not be
required to apply to payments hereunder to an Exchanging Holder in respect of a Section 734(b) Exchange by such Exchanging Holder. For the avoidance of doubt, payments made under this Agreement relating to a Section 734(b) Exchange
shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. The parties intend that (A) an Exchanging Holder that has made a Section 734(b) Exchange shall, with respect to the
Basis Adjustment resulting from such Section 734(b) Exchange or any payments hereunder in respect of such Section 734(b) Exchange, be entitled to Tax Benefit Payments attributable to such Basis Adjustments only to the extent such Basis
Adjustments are allocable to the Corporate Taxpayer following such Section 734(b) Exchange (without taking into account any concurrent or subsequent Exchanges) and (B) if, as a result of a subsequent Exchange, an increased portion of the
Basis Adjustments resulting from such Section 734(b) Exchange or any payments hereunder in respect of such Section 734(b) Exchange becomes allocable to the Corporate Taxpayer, then the LLC Unit Holder that makes such subsequent Exchange
shall be entitled to a Tax Benefit Payment calculated in respect of such increased portion. For purposes of this Agreement, such Basis Adjustments resulting from subsequent Section 734(b) Exchanges as described in (B) in the previous
sentence shall be reported and treated as Common Basis for purposes of this Agreement. 
 Section 2.3
Procedures, Amendments. 
 (a) Procedure. Every time the Corporate Taxpayer delivers to the TRA Party Representative an
applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also
(x) deliver to the TRA Party Representative supporting schedules and work papers, as determined by the Corporate Taxpayer or as reasonably requested by the TRA Party Representative, providing reasonable detail regarding data and calculations
that were relevant for purposes of preparing the Schedule (y) deliver to the Onex Representative the portion of the materials described in clause (x) above to the extent related to the Onex Parties, and (z) allow the TRA Party
Representative and the Onex Representative reasonable access at no cost to the appropriate representatives at the Corporate Taxpayer, as determined by the Corporate Taxpayer or as reasonably requested by the TRA Party Representative or the Onex
Representative, in connection with a review of such Schedule (or, in the case of the Onex Representative, the portion of such Schedule relating to the Onex Parties). 

  
 13 

 
Without limiting the generality of the preceding sentence, the Corporate Taxpayer shall ensure that any Tax Benefit Schedule that is delivered to the TRA Party Representative (and the portion of
any such Schedule delivered to the Onex Representative), along with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the Actual Tax Liability and the Hypothetical Tax Liability and
identifies any material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from
the date on which the TRA Party Representative is treated as having received the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) within thirty (30) calendar days
from such date provides the Corporate Taxpayer with written notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides a written waiver of such right of any Objection Notice
within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the Corporate Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any
reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall
employ the reconciliation procedures as described in Section 7.9 of this Agreement (the “Reconciliation Procedures”). 

(b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer
(i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the
Schedule was provided to the TRA Party Representative, (iii) to comply with an Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit, or the Realized Tax Detriment for such
Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or the Realized Tax Detriment for such Taxable Year attributable to an amended Tax
Return filed for such Taxable Year or (vi) to adjust an applicable TRA Party’s Basis Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate
Taxpayer shall provide (a) an Amended Schedule to the TRA Party Representative and (b) the portion of such Amended Schedule that relates to the Onex Parties to the Onex Representative, in each case, when the Corporate Taxpayer delivers the
Basis Schedule for the following taxable year. 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1 Payments. 

(a) Payments. Within five (5) Business Days after a Tax Benefit Schedule delivered to the TRA Party Representative becomes final
in accordance with Section 2.3(a) and Section 7.9, if applicable, the Corporate Taxpayer shall pay each TRA Party for such Taxable Year the Tax Benefit Payment determined pursuant to
Section 3.1(b) that is Attributable to each TRA Party. Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to the Corporate
Taxpayer or 

  
 14 

 
as otherwise agreed by the Corporate Taxpayer and such TRA Party. For the avoidance of doubt, (x) no Tax Benefit Payment shall be made in respect of estimated Tax payments, including,
without limitation, United States federal estimated income Tax payments and (y) the payments provided for pursuant to the above sentence shall be computed separately for each TRA Party. Notwithstanding anything herein to the contrary, unless
otherwise specified by a TRA Party in the election of Exchange, delivered in accordance with the terms of the LLC Agreement, for any Exchange, the aggregate Tax Benefit Payments payable under this Agreement in respect of such Exchange (other than
amounts accounted for as interest under the Code) shall not exceed 60% of the fair market value of the total consideration received in connection with such Exchange. 

(b) A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to
the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. For the avoidance of doubt, for tax purposes, the Interest Amount shall not be treated as interest, but instead, shall be treated as additional
consideration in the applicable transaction, unless otherwise required by law. Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 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 the first sentence of Section 3.1(a) (excluding payments attributable to Interest
Amounts) (such amount, the “Pre-Adjustment Net Tax Benefit”); provided, for the avoidance of doubt, that no such recipient shall be required to return any portion of any
previously made Tax Benefit Payment. Notwithstanding anything to the contrary in this Agreement, the parties acknowledge and agree that the determination of the portion of the Tax Benefit Payment to be paid to a TRA Party under this Agreement with
respect to state and local taxes shall not require separate “with and without” calculations in respect of each applicable state and local tax jurisdiction but rather will be based on the United States federal taxable income or gain for
such taxable year reported on the Corporate Taxpayer’s IRS Form 1120 (or any successor form) and the Assumed Rate. The “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate from
the due date (without extensions) for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to Taxes for such Taxable Year until the payment date under Section 3.1(a). Notwithstanding the
foregoing, for each Taxable Year ending on or after the date of a Change of Control that occurs after the IPO Date, all Tax Benefit Payments shall be calculated by utilizing Valuation Assumptions (1), (2), (4) and (5), substituting in each case the
terms “date of a Change of Control” for an “Early Termination Date.” 
 Section 3.2 No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the
appropriate manner to ensure such intentions are realized. 
 Section 3.3 Pro Rata Payments.
Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate Realized Tax Benefit of the Corporate Taxpayer with respect to the Tax Attributes is limited in a particular Taxable Year because the
Corporate Taxpayer does not have sufficient taxable income, the Net Tax Benefit of the Corporate Taxpayer shall be allocated among all parties eligible for Tax Benefit Payments under this Agreement in proportion to the amount of Net Tax Benefit that
would have been Attributable to each such party if the Corporate Taxpayer had sufficient taxable income so that there were no such limitation. To the extent any part of the limitation on the Realized Tax Benefit is allocated in a manner that differs

  
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from the order prescribed in the applicable rules of the Code and the Treasury Regulations regarding the utilization, or deemed utilization, of such Tax items, appropriate adjustments, consistent
with the principles of this Section 3.3, shall be made in future Taxable Years to take into account such differing allocation. 

Section 3.4 Payment Ordering. If for any reason the Corporate Taxpayer does not fully satisfy its
payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the TRA Parties agree that (i) Tax Benefit Payments for such Taxable Year shall be allocated
to all parties eligible for Tax Benefit Payments under this Agreement in proportion to the amounts of Net Tax Benefit, respectively, that would have been Attributable to each TRA Party if the Corporate Taxpayer had sufficient cash available to make
such Tax Benefit Payments (taking into account the operation of Section 3.3) and (ii) no Tax Benefit Payments shall be made in respect of any Taxable Year until all Tax Benefit Payments to all TRA Parties in respect of
all prior Taxable Years have been made in full. 
 Section 3.5 Excess Payments. To the extent the
Corporate Taxpayer makes a payment to a TRA Party in respect of a particular Taxable Year under Section 3.1(a) of this Agreement (taking into account Section 3.3 and
Section 3.4) in an amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year, then (i) such TRA Party shall not receive further payments under
Section 3.1(a) until such TRA Party has foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer will pay the amount of such TRA Party’s foregone payments to the other Persons to whom a
payment is due under this Agreement in a manner such that each such Person to whom a payment is due under this Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a) (taking into account
Section 3.3 and Section 3.4) in the amount it would have received if there had been no excess payment to such TRA Party. 

ARTICLE IV 

TERMINATION 

Section 4.1 Early Termination of Agreement; Breach of Agreement. 

(a) With the written approval of a majority of its independent directors, the Corporate Taxpayer may terminate this Agreement with respect to
all amounts payable to the TRA Parties and with respect to all of the Units held by the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided, however, that this
Agreement shall only terminate upon the receipt of the Early Termination Payment by all TRA Parties, and provided, further, that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this
Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Corporate Taxpayer, none of the TRA Parties or the Corporate Taxpayer shall have
any further payment obligations under this Agreement, other than for any (a) Tax Benefit Payments due and payable and that remain unpaid as of the Early Termination Notice and (b) 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 (b) is included in the Early Termination Payment). If an Exchange occurs after the Corporate Taxpayer makes all of the required Early
Termination Payments, the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. 

  
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 (b) In the event that the Corporate Taxpayer (1) breaches any of its material
obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case
commenced under the Bankruptcy Code or otherwise or (2)(A) shall commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate a bankruptcy or insolvency, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its
assets, or it shall make a general assignment for the benefit of creditors or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or other action of the nature referred to in clause (A) above that remains
undismissed or undischarged for a period of sixty (60) calendar days, all obligations hereunder shall be automatically accelerated and shall be immediately due and payable, and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payments calculated as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit
Payment due and payable and that remains unpaid as of the date of a breach, and (3) any Tax Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the date of a breach; provided that procedures similar to
the procedures of Section 4.2 shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence. Notwithstanding the foregoing (other than as set forth in subsection
(2) above), in the event that the Corporate Taxpayer breaches this Agreement, each TRA Party shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific performance of the terms hereof.
The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this
Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything in
this Agreement to the contrary, it shall not be a breach of a material obligation of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds to make
such payment; provided, (i) the Corporate Taxpayer has used reasonable efforts to obtain such funds and (ii) that the interest provisions of Section 5.2 shall apply to such late payment (unless the Corporate
Taxpayer does not have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations, in which case Section 5.2 shall apply); provided further, for the avoidance of doubt, the last
sentence of this Section 4.1(b) shall not apply to any payments due pursuant to an election by a TRA Party for the acceleration upon a Change of Control contemplated by Section 4.1(c). 

  
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 (c) In the event of a Change of Control, all payment obligations hereunder shall be
accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of Control and shall include, but not be limited to the following: (i) payment of the Early Termination
Payment calculated as if an Early Termination Notice had been delivered on the effective date of a Change of Control, (ii) payment of any Tax Benefit Payment previously due and payable but unpaid as of the Early Termination Notice, and
(iii) except to the extent included in the Early Termination Payment or if included as a payment under clause (ii) of this Section 4.1(c), payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including
the effective date of a Change of Control. In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each case the terms “the closing date of a Change of
Control” for an “Early Termination Date.” 
 Section 4.2 Early Termination Notice. If
the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1 above, the Corporate Taxpayer shall deliver to the TRA Party Representative notice of such intention to exercise such right
(“Early Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early
Termination Payment(s) due for each TRA Party. Concurrently with the delivery of the Early Termination Notice and the Early Termination Schedule to the TRA Party Representative pursuant to this Section 4.2, the Corporate Taxpayer shall deliver
to the Onex Representative an Early Termination Notice and such portion of the Early Termination Schedule that relates to the Onex Parties. Each Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days
from the first date on which the TRA Party Representative is treated as having received such Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) within thirty (30) calendar days
after such date provides the Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written waiver of such right of a Material Objection
Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the date the waiver is received by the Corporate Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are
unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the
Reconciliation Procedures in which case such Schedule becomes binding ten (10) calendar days after the conclusion of the Reconciliation Procedures. 

Section 4.3 Payment upon Early Termination. 

(a) Within three (3) calendar days after an Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an
amount equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by the Corporate
Taxpayer and such TRA Party or, in the absence of such designation or agreement, by check mailed to the last mailing address provided by such TRA Party to the Corporate Taxpayer. 

(b) “Early Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early
Termination Rate as of the applicable Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date and assuming

  
 18 

 
that the Valuation Assumptions in respect of such TRA Party are applied and that each Tax Benefit Payment for the relevant Taxable Year would be due and payable on the due date (without
extensions) under applicable law as of the Early Termination Effective Date for filing of IRS Form 1120 (or any successor form) of the Corporate Taxpayer. 

ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any
payments required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect
of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu in right of payment with all current or future unsecured obligations of the Corporate Taxpayer
that are not Senior Obligations. To the extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1 and the terms of agreements governing Senior
Obligations, such payment obligation nevertheless shall accrue for the benefit of TRA Parties and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance with the terms of
the Senior Obligations. Notwithstanding any other provision of this Agreement to the contrary, to the extent that the Corporate Taxpayer or any of its Affiliates enters into future Tax receivable or other similar agreements (“Future
TRAs”), the Corporate Taxpayer shall ensure that the terms of any such Future TRA shall provide that the Tax Attributes subject to this Agreement are considered senior in priority to any Tax attributes subject to any such Future TRA for
purposes of calculating the amount and timing of payments under any such Future TRA. 
 Section 5.2 Late
Payments by the Corporate Taxpayer. Subject to the proviso in the last sentence of Section 4.1(b), the amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not made to the TRA Parties
when due under the terms of this Agreement, whether as a result of Section 5.1 or otherwise, shall be payable together with any interest thereon, computed at the Agreed Rate and commencing from the date on which such Tax
Benefit Payment or Early Termination Payment was first due and payable to the date of actual payment. 
 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporate Taxpayer’s and
OpCo’s Tax Matters. Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer and OpCo,
including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the TRA Party Representative
of, and keep the TRA Party Representative reasonably informed with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing Authority the outcome of which is reasonably expected to materially affect the rights and

  
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obligations of the TRA Parties under this Agreement, and shall provide the TRA Party Representative reasonable opportunity to provide information and other input to the Corporate Taxpayer, OpCo
and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo shall not be required to take any action that is inconsistent with any provision of the LLC Agreement.

 Section 6.2 Consistency. The Corporate Taxpayer and the TRA Parties agree to report and cause to
be reported for all purposes, including United States federal, state and local tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments and
each Tax Benefit Payment) in a manner consistent with that (x) contemplated by this Agreement, (y) contemplated by any other Agreement entered into in connection with the IPO or (z) specified by the Corporate Taxpayer in any Schedule
required to be provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law. The Corporate Taxpayer shall (and shall cause OpCo and its other Subsidiaries to) use commercially reasonable efforts (for the
avoidance of doubt, taking into account the interests and entitlements of all TRA Parties under this Agreement) to defend the Tax treatment contemplated by this Agreement and any Schedule in any audit, contest or similar proceeding with any Taxing
Authority. 
 Section 6.3 Cooperation. Each of the TRA Parties shall (a) furnish to the
Corporate Taxpayer in a timely manner such information, documents and other materials in its possession as the Corporate Taxpayer 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 Corporate Taxpayer and its representatives to provide explanations of documents and
materials and such other information as the Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such
matter, and the Corporate Taxpayer shall reimburse each such TRA Party for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to this
Section 6.3. Upon the request of any TRA Party, the Corporate Taxpayer shall cooperate in taking any action reasonably requested by such TRA Party in connection with its tax or financial reporting and/or the consummation of
any assignment or transfer of any of its rights and/or obligations under this Agreement, including without limitation, providing any information or executing any documentation. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, requests, claims, demands and other communications hereunder shall
be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile or email with confirmation of transmission by the transmitting equipment or (b) on the first Business Day
following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 

  
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 If to the Corporate Taxpayer, to: 

Ryan Specialty Group Holdings, Inc. 

Two Prudential Plaza 
 180 N.
Stetson Avenue, Suite 4600 
 Chicago, Illinois 60601 

Attention: Jeremiah R. Bickham, Chief Financial Officer 

Email: [****] 
 If to the TRA
Parties, to the respective addresses, fax numbers and email addresses set forth in the records of OpCo. 
 Any party may change its address, fax number or
email by giving the other party written notice of its new address, fax number or email in the manner set forth above. 

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

Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire
agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.4 Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Delaware. 
 Section 7.5 Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

  
 21 

 Section 7.6 Successors; Assignment; Amendments;
Waivers. 
 (a) Subject to the Corporate Taxpayer’s prior written consent (not to be unreasonably withheld, conditioned or
delayed), each TRA Party may assign all or any portion of its rights under this Agreement to any Person as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement,
substantially in the form of Exhibit A hereto, agreeing to become a TRA Party for all purposes of this Agreement, except as otherwise provided in such joinder (a “Joinder”). For avoidance of doubt, this
Section 7.6(a) shall apply regardless of whether such TRA Party continues to hold any interest in the Corporate Taxpayer. For the avoidance of doubt, (1) if a TRA Party transfers Units in accordance with the terms of
the LLC Agreement but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such TRA Party shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a
subsequent Exchange of such Units and (2) an assignment to any entity controlled by a TRA Party shall be treated as one transfer (or an assignment to an Affiliate, if applicable) for purposes of this Section 7.6(a),
even if the interests in such entity are subsequently transferred or distributed to third parties. Any assignment, or attempted assignment in violation of this Agreement, including any failure of a purported assignee to enter into a Joinder or to
provide any forms or other information to the extent required hereunder, shall be null and void, and shall not bind or be recognized by the Corporate Taxpayer or the TRA Parties. The Corporate Taxpayer shall be entitled to treat the record owner of
any rights under this Agreement as the absolute owner thereof and shall incur no liability for payments made in good faith to such owner until such time as a written assignment of such rights is permitted pursuant to the terms and conditions of this
Section 7.6(a) and has been recorded on the books of the Corporate Taxpayer. 
 (b) No provision of this Agreement
may be amended unless such amendment is approved in writing by each of the Corporate Taxpayer and by the TRA Party Representative; provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on
the payments one or more TRA Parties receive under this Agreement unless such amendment is consented in writing by such TRA Parties disproportionately affected who would be entitled to receive at least a majority of the total amount of the Early
Termination Payments payable to all TRA Parties disproportionately affected hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of
this sentence, all payments made to any TRA Party pursuant to this Agreement since the date of such most recent Exchange). No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver
is to be effective. 
 (c) 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 parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporate
Taxpayer would be required to perform if no such succession had taken place. 

  
 22 

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

Section 7.8 Resolution of Disputes. 

(a) Any and all disputes which are not governed by Section 7.9 and cannot be settled amicably, including any
ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Delaware. Any dispute relating hereto shall be heard in the state or federal courts of Delaware and the parties agree to jurisdiction and venue therein. The parties hereto agree that any suit, action
or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in any United States District Court in Delaware or any Delaware
State, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State
of Delaware, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by
law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Each TRA Party irrevocably appoints the Corporate Taxpayer as agent of such TRA Party for
service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise the TRA Party of any such service of process, shall be deemed in every respect effective service of
process upon the TRA Party in any such action or proceeding. 
 (b) AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES
HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE
MATTERS CONTEMPLATED HEREBY. 
 Section 7.9 Reconciliation. In the event that the Corporate Taxpayer
and the TRA Party Representative are unable to resolve a disagreement with respect to the matters governed by Section 2.3 and Section 4.2 within the relevant period designated in this Agreement
(“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both
parties. The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and the TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs the Expert
shall not, have any 

  
 23 

 
material relationship with the Corporate Taxpayer or the TRA Party Representative or other actual or potential conflict of interest. If the Corporate Taxpayer and the TRA Party Representative are
unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, then the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The
Expert shall resolve any matter relating to the TRA Party’s Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax
Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding
sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be
paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending
any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the TRA Party Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts
the TRA Party Representative’s position, in which case the Corporate Taxpayer shall reimburse the TRA Party Representative for any reasonable out-of-pocket costs
and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which case the TRA Party Representative shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the
Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on the Corporate Taxpayer and each of the TRA Parties and may be
entered and enforced in any court having jurisdiction. 
 Section 7.10 Withholding. The Corporate
Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer 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; provided that, prior to deducting or withholding any such amounts, the Corporate Taxpayer shall notify the TRA Party Representative and shall consult in good faith with the TRA Party
Representative regarding the basis for such deduction or withholding; provided, further, that in the case of deduction or withholding in respect of a payment to an Onex Party, the Corporate Taxpayer shall notify the Onex Representative
and shall consult in good faith with the Onex Representative regarding the basis for such deduction or withholding. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld
amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such withholding was made. Each TRA Party shall promptly provide the Corporate Taxpayer, OpCo or other applicable withholding agent with
any applicable Tax forms and certifications (including IRS Form W-9 or the applicable version of IRS Form W-8) reasonably requested, in connection with determining
whether any such deductions and withholdings are required under the Code or any provision of United States state, local or foreign Tax law. 

  
 24 

 Section 7.11 Admission of the Corporate Taxpayer into a
Consolidated Group; Transfers of Corporate Assets. 
 (a) If the Corporate Taxpayer 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 or local law, then: (i) the provisions of this Agreement shall be applied with
respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers or is deemed to
transfer any Unit or any Reference Property to a transferee that is treated as a corporation for United States federal income tax purposes (other than a member of a group described in Section 7.11(a)) in a transaction in
which the transferee’s basis in the property acquired is determined in whole or in part by reference to such transferor’s basis in such property, then the Corporate Taxpayer shall cause such transferee to assume the obligation to make
payments hereunder with respect to the applicable Tax Attributes associated with any Reference Property or interest therein acquired (directly or indirectly) in such transfer (taking into account any gain recognized in the transaction) in a manner
consistent with the terms of this Agreement as the transferee (or one of its Affiliates) actually realizes Tax benefits from the Tax Attributes. If OpCo transfers (or is deemed to transfer for United States federal income tax purposes) any Reference
Property to a transferee that is treated as a corporation for United States federal income tax purposes (other than a member of a group described in Section 7.11(a)) in a transaction in which the transferee’s basis in
the property acquired is determined in whole or in part by reference to such transferor’s basis in such property, OpCo shall be treated as having disposed of the Reference Property in a wholly taxable transaction. The consideration deemed to be
received by OpCo in a transaction contemplated in the prior sentence shall be equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer of an encumbered
asset or (ii) the amount of debt allocated to such asset, in the case of a transfer of a partnership interest. If any member of a group described in Section 7.11(a) that owns any Unit deconsolidates from the group (or
the Corporate Taxpayer deconsolidates from the group), then the Corporate Taxpayer shall cause such member (or the parent of the consolidated group in a case where the Corporate Taxpayer deconsolidates from the group) to assume the obligation to
make payments hereunder with respect to the applicable Tax Attributes associated with any Reference Property it owns (directly or indirectly) in a manner consistent with the terms of this Agreement as the member (or one of its Affiliates) actually
realizes Tax benefits. If a transferee or a member of a group described in Section 7.11(a) assumes an obligation to make payments hereunder pursuant to either of the foregoing sentences, then the initial obligor is relieved
of the obligation assumed. 
 (c) If the Corporate Taxpayer (or any member of a group described in
Section 7.11(a)) transfers (or is deemed to transfer for United States federal income tax purposes) any Unit in a transaction that is wholly or partially taxable, then for purposes of calculating payments under this
Agreement, OpCo shall be treated as having disposed of the portion of any Reference Property that is indirectly transferred by the Corporate Taxpayer (i.e., taking into account the number of Units transferred) in a wholly or partially taxable
transaction in which all income, gain or loss is allocated to the Corporate Taxpayer. The consideration deemed to be received by OpCo shall be equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which
such asset is subject, in the case of a transfer of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a transfer of a partnership interest. 

  
 25 

 Section 7.12 Confidentiality. 

(a) Subject to the last sentence of Section 6.3, each TRA Party and each of their assignees acknowledge and agree
that the information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this
Agreement, such person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning OpCo, its
members and its Affiliates and successors, learned by the TRA Party heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or
any of its Affiliates, becomes public knowledge (except as a result of an act of the TRA Party in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for
the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such returns.
Notwithstanding anything to the contrary herein, each TRA Party and each of their assignees (and each employee, representative or other agent of the TRA Party or its assignees, as applicable) may disclose to any and all Persons, without limitation
of any kind, the Tax treatment and Tax structure of the Corporate Taxpayer, OpCo and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the TRA Party
relating to such Tax treatment and Tax structure. 
 (b) If a TRA Party or an assignee commits a breach, or threatens to commit a breach, of
any of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or
otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its
Subsidiaries or the TRA Parties and the accounts and funds managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any
other rights and remedies available at law or in equity. 
 Section 7.13 Change in Law.
Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment
under this Agreement) recognized by the TRA Party upon any Exchange by such TRA Party to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for United States federal income tax purposes or would have
other material adverse Tax consequences to such TRA Party, then at the election of such TRA Party and to the extent specified by such TRA Party, this Agreement (i) shall cease to have further effect with respect to such TRA Party,
(ii) shall not apply to an Exchange by such TRA Party occurring after a date specified by such TRA Party, or (iii) shall, if approved by the TRA Party Representative, otherwise be amended in a manner determined by the TRA Party
Representative, provided that such amendment shall not result in an increase in payments under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

  
 26 

 Section 7.14 Electronic Signature. This Agreement,
the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a
facsimile machine or electronic transmission in portable document format (pdf) or comparable electronic transmission, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall reexecute original forms thereof and deliver them
to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or pdf electronic transmission or comparable electronic transmission to deliver a signature or the fact that any signature or
agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

Section 7.15 Effectiveness. This Agreement shall become effective at such date and at such time as
determined by the Corporate Taxpayer in connection with its initial public offering. In the event that the Corporate Taxpayer decides not to proceed with its initial public offering, it shall notify the parties to this Agreement of its decision not
to proceed and this Agreement shall be null and void. 
 [The remainder of this page is intentionally blank] 

  
 27 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
written above. 
  

			
	PUBCO:
	
	Ryan Specialty Group Holdings, Inc., a Delaware corporation
	
	By: /s/ Patrick G. Ryan
	Name: Patrick G. Ryan
	Title: Chairman & CEO
	
	TRA PARTIES:
	
	 ONEX RSG PARTNERSHIP, a Delaware

Partnership

	
	By: Onex RSG GP, Inc., its general partner
	
	By: /s/ Todd Clegg
	Name: Todd Clegg
	Title: Vice President

 Exhibit A 

Form of Joinder 
 This
JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), is by and among Ryan Specialty Group Holdings, Inc., a Delaware corporation (including any successor corporation the “Corporate
Taxpayer”), ______________________ (“Transferor”) and ______________________ (“Permitted Transferee”). 

WHEREAS, on ______________________, Permitted Transferee shall acquire ______________________ percent of the Transferor’s right to
receive payments that may become due and payable under the Tax Receivable Agreement (as defined below) (the “Acquired Interests”) from Transferor (the “Acquisition”); and WHEREAS, Transferor, in connection with the
Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.6(a) of the Tax Receivable Agreement, dated as of June 3, 2020, between the Corporate Taxpayer, OpCo and the TRA
Parties (as defined therein) (the “Tax Receivable Agreement”). 
 NOW, THEREFORE, in consideration of the foregoing and the
respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

Section 1.1 Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall
have the respective meanings set forth in the Tax Receivable Agreement. 
 Section 1.2 Acquisition. For good and valuable
consideration, the sufficiency of which is hereby acknowledged by the Transferor and the Permitted Transferee, the Transferor hereby transfers and assigns absolutely to the Permitted Transferee all of the Acquired Interests. 

Section 1.3 Joinder. Permitted Transferee hereby acknowledges and agrees (i) that it has received and read the Tax Receivable
Agreement, (ii) that the Permitted Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Tax Receivable Agreement and (iii) to become a “TRA Party” (as defined in the Tax
Receivable Agreement) for all purposes of the Tax Receivable Agreement. 
 Section 1.4 Notice. Any notice, request, consent,
claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with
Section 7.1 of the Tax Receivable Agreement. 
 Section 1.5 Governing Law. This Joinder shall be
governed by and construed in accordance with the law of the State of New York. 

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

			
	CORPORATE TAXPAYER:
	
	Ryan Specialty Group Holdings, Inc., a Delaware corporation

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	TRANSFEROR:
	
	
[________________________________________________]

			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	PERMITTED TRANSFEREE:
	
	
[________________________________________________]

			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 Exhibit B 

Contribution TRA Parties 

  
 31EX-10.2

 Exhibit 10.2 

RYAN SPECIALTY GROUP, LLC 

SIXTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of July 26, 2021 
 THE LIMITED
LIABILITY COMPANY INTERESTS REPRESENTED BY THIS SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH
LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON
TRANSFERABILITY SET FORTH HEREIN. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	15	 
	
        Section 2.01
	  	Formation of Company	  	 	15	 
	 Section 2.02
	  	Sixth Amended and Restated Limited Liability Company Agreement	  	 	15	 
	 Section 2.03
	  	Name	  	 	15	 
	 Section 2.04
	  	Purpose; Powers	  	 	16	 
	 Section 2.05
	  	Principal Office; Registered Office	  	 	16	 
	 Section 2.06
	  	Term	  	 	16	 
	 Section 2.07
	  	No State-Law Partnership	  	 	16	 
		
	 ARTICLE III MEMBERS; UNITS; CAPITALIZATION
	  	 	16	 
	 Section 3.01
	  	Members	  	 	16	 
	 Section 3.02
	  	Units	  	 	17	 
	 Section 3.03
	  	Recapitalization; the Corporation’s Capital Contribution; the IPO Unit Acquisition	  	 	18	 
	 Section 3.04
	  	Authorization and Issuance of Additional Units	  	 	19	 
	 Section 3.05
	  	Repurchase or Redemption of shares of Class A Common Stock	  	 	20	 
	 Section 3.06
	  	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	  	 	20	 
	 Section 3.07
	  	Negative Capital Accounts	  	 	21	 
	 Section 3.08
	  	No Withdrawal	  	 	21	 
	 Section 3.09
	  	Loans From Members	  	 	21	 
	 Section 3.10
	  	Corporate Equity Plans	  	 	21	 
	 Section 3.11
	  	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	  	 	24	 
		
	 ARTICLE IV DISTRIBUTIONS
	  	 	24	 
	 Section 4.01
	  	Distributions	  	 	24	 
		
	 ARTICLE V CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS
	  	 	28	 
	 Section 5.01
	  	Capital Accounts	  	 	28	 
	 Section 5.02
	  	Allocations	  	 	29	 
	 Section 5.03
	  	Regulatory Allocations	  	 	29	 
	 Section 5.04
	  	Final Allocations	  	 	31	 
	 Section 5.05
	  	Tax Allocations	  	 	31	 
	 Section 5.06
	  	Indemnification and Reimbursement for Payments on Behalf of a Member	  	 	32	 
		
	 ARTICLE VI MANAGEMENT
	  	 	33	 
	 Section 6.01
	  	Authority of Manager; Officer Delegation	  	 	33	 
	 Section 6.02
	  	Actions of the Manager	  	 	34	 
	 Section 6.03
	  	Resignation; No Removal	  	 	34	 

							
	
        Section 6.04
	  	Vacancies	  	 	34	 
	 Section 6.05
	  	Transactions Between the Company and the Manager	  	 	34	 
	 Section 6.06
	  	Reimbursement for Expenses	  	 	34	 
	 Section 6.07
	  	Delegation of Authority	  	 	35	 
	 Section 6.08
	  	Limitation of Liability of Manager	  	 	35	 
	 Section 6.09
	  	Investment Company Act	  	 	36	 
		
	 ARTICLE VII RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER
	  	 	37	 
	 Section 7.01
	  	Limitation of Liability and Duties of Members	  	 	37	 
	 Section 7.02
	  	Lack of Authority	  	 	38	 
	 Section 7.03
	  	No Right of Partition	  	 	38	 
	 Section 7.04
	  	Indemnification	  	 	38	 
	 Section 7.05
	  	Inspection Rights	  	 	39	 
		
	 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE
COVENANTS
	  	 	39	 
	 Section 8.01
	  	Records and Accounting	  	 	39	 
	 Section 8.02
	  	Fiscal Year	  	 	40	 
		
	 ARTICLE IX TAX MATTERS
	  	 	40	 
	 Section 9.01
	  	Preparation of Tax Returns	  	 	40	 
	 Section 9.02
	  	Tax Elections	  	 	40	 
	 Section 9.03
	  	Tax Controversies	  	 	40	 
		
	 ARTICLE X RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS
	  	 	41	 
	 Section 10.01
	  	Transfers by Members	  	 	41	 
	 Section 10.02
	  	Permitted Transfers	  	 	41	 
	 Section 10.03
	  	Restricted Units Legend	  	 	42	 
	 Section 10.04
	  	Transfer	  	 	42	 
	 Section 10.05
	  	Assignee’s Rights	  	 	42	 
	 Section 10.06
	  	Assignor’s Rights and Obligations	  	 	43	 
	 Section 10.07
	  	Overriding Provisions	  	 	43	 
	 Section 10.08
	  	Spousal Consent	  	 	45	 
	 Section 10.09
	  	Certain Transactions with respect to the Corporation	  	 	45	 
	 Section 10.10
	  	Unvested Common Units	  	 	47	 
		
	 ARTICLE XI REDEMPTION AND DIRECT EXCHANGE RIGHTS
	  	 	47	 
	 Section 11.01
	  	Redemption Right of a Member	  	 	47	 
	 Section 11.02
	  	Election and Contribution of the Corporation	  	 	51	 
	 Section 11.03
	  	Direct Exchange Right of the Corporation	  	 	51	 
	 Section 11.04
	  	Reservation of shares of Class A Common Stock; Listing; Certificate of the Corporation	  	 	52	 
	 Section 11.05
	  	Exchange of Class C Common Incentive Units	  	 	53	 
	 Section 11.06
	  	Effect of Exercise of Redemption or Direct Exchange	  	 	54	 
	 Section 11.07
	  	Tax Treatment	  	 	54	 

  
 3 

							
	 ARTICLE XII ADMISSION OF MEMBERS
	  	 	54	 
	
        Section 12.01
	  	Substituted Members	  	 	54	 
	 Section 12.02
	  	Additional Members	  	 	54	 
		
	 ARTICLE XIII WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS
	  	 	54	 
	 Section 13.01
	  	Withdrawal and Resignation of Members	  	 	54	 
		
	 ARTICLE XIV DISSOLUTION AND LIQUIDATION
	  	 	56	 
	 Section 14.01
	  	Dissolution	  	 	56	 
	 Section 14.02
	  	Winding up	  	 	56	 
	 Section 14.03
	  	Deferment; Distribution in Kind	  	 	57	 
	 Section 14.04
	  	Cancellation of Certificate	  	 	57	 
	 Section 14.05
	  	Reasonable Time for Winding Up	  	 	58	 
	 Section 14.06
	  	Return of Capital	  	 	58	 
		
	 ARTICLE XV GENERAL PROVISIONS
	  	 	58	 
	 Section 15.01
	  	Power of Attorney	  	 	58	 
	 Section 15.02
	  	Confidentiality	  	 	59	 
	 Section 15.03
	  	Amendments	  	 	59	 
	 Section 15.04
	  	Title to Company Assets	  	 	60	 
	 Section 15.05
	  	Addresses and Notices	  	 	60	 
	 Section 15.06
	  	Binding Effect; Intended Beneficiaries	  	 	61	 
	 Section 15.07
	  	Creditors	  	 	61	 
	 Section 15.08
	  	Waiver	  	 	62	 
	 Section 15.09
	  	Counterparts	  	 	62	 
	 Section 15.10
	  	Applicable Law	  	 	62	 
	 Section 15.11
	  	Severability	  	 	62	 
	 Section 15.12
	  	Further Action	  	 	62	 
	 Section 15.13
	  	Execution and Delivery by Electronic Signature and Electronic Transmission	  	 	63	 
	 Section 15.14
	  	Right of Offset	  	 	63	 
	 Section 15.15
	  	Entire Agreement	  	 	63	 
	 Section 15.16
	  	Remedies	  	 	63	 
	 Section 15.17
	  	Descriptive Headings; Interpretation	  	 	63	 
	 Section 15.18
	  	Formation of Management Holdings	  	 	64	 

 Schedules 

Schedule 1 – Schedule of Pre-IPO Members 

Schedule 2 – Schedule of Members 
 Schedule 3 – Initial
Officers 
 Exhibits 
 Exhibit A – Form of
Joinder Agreement 
 Exhibit B-1 – Form of Agreement and Consent of Spouse 

Exhibit B-2 – Form of Spouse’s Confirmation of Separate Property 

  
 4 

 RYAN SPECIALTY GROUP, LLC 

SIXTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

This SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, this “Agreement”) of Ryan Specialty Group, LLC, a Delaware limited liability company (the “Company”), dated as of July 23, 2021
(the “Effective Date”), is entered into by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation (the “Corporation”), as the managing member of
the Company, and each of the other Members (as defined herein). 
 RECITALS 

WHEREAS, unless the context otherwise requires, capitalized terms used herein have the respective meaning ascribed to them in Article
I; 
 WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Act by the filing
of the Certificate with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware Act on December 2, 2009; 

WHEREAS, prior to the IPO (as defined below), the Company was governed by that certain Fifth Amended and Restated Limited Liability Company
Agreement of the Company, effective as of April 2, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, together with all schedules, exhibits and annexes thereto, the
“Previous LLC Agreement”), to which the parties thereto are bound in their capacity as members (collectively, the “Pre-IPO Members”),

 WHEREAS, in connection with the IPO, the Company was a party to a series of reorganization transactions with the Corporation and various
other parties, pursuant to which, among other matters, the Corporation and certain of its Subsidiaries were admitted as a Pre-IPO Members; 

WHEREAS, in connection with the IPO, the Company, the Corporation, the Corporation’s applicable Subsidiaries, and the Pre-IPO Members desire to convert all of the Original Units (as defined below) into Common Units and Class C Common Incentive Units (as defined below) (the
“Recapitalization”) as provided herein; 
 WHEREAS, the Corporation will sell shares of Class A
Common Stock to public investors in the IPO and will use the net proceeds received from the IPO (the “IPO Net Proceeds”) (A) to fund the acquisition of certain Units held directly or indirectly by the Members
and (B) to acquire newly-issued Common Units of the Company (collectively, the “IPO Unit Acquisition”); 

WHEREAS, the Corporation may issue additional shares of Class A Common Stock in connection with the IPO as a result of the exercise by
the underwriters of their over-allotment option (the “Over-Allotment Option”); and 

 WHEREAS, in connection with the foregoing matters, the Company and the Members desire to
continue the Company without dissolution and amend and restate the Previous LLC Agreement in its entirety as of the Effective Date to reflect, among other things, (a) the Recapitalization, (b) the addition of the Corporation as a Member
and its designation as sole Manager of the Company and (c) the other rights and obligations of the Members, the Company, the Manager and the Corporation, in each case, as provided and agreed upon in the terms of this Agreement as of the
Effective Date, at which time the Previous LLC Agreement shall be superseded entirely by this Agreement and shall be of no further force or effect. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Previous LLC Agreement is hereby amended and restated in its entirety and the Company, the Corporation and the other Members, each intending to be legally bound, each hereby agrees as follows: 

ARTICLE I 
 DEFINITIONS 

The following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the
contrary. 
 “Additional Member” has the meaning set forth in Section 12.02.

 “Adjusted Capital Account Deficit” means, with respect to the Capital Account of any Member as of
the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be: 
  

	 	(a)	 reduced for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); and

  

	 	(b)	 increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute
to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(l) and 1.704-2(i) (relating to minimum gain). 

“Admission Date” has the meaning set forth in Section 10.06. 

“Affiliate” (and, with a correlative meaning, “Affiliated”) means,
with respect to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition,
“control” (including with correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether
through ownership of voting securities or by contract or other agreement). 
 “Agreement” has the
meaning set forth in the Preamble. 

  
 2 

 “Assignee” means a Person to whom a Unit has been
transferred but who has not become a Member pursuant to Article XII. 
 “Assumed Tax Liability”
means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for
federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full
or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to
such Member after the closing date of the IPO pursuant to Section 4.01(b)(i), Section 4.01(b)(ii) and Section 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to
Section 4.1(a) of the Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant
to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its
obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code
Section 704(c) allocations (including “reverse” 704(c) allocations) to the Member. 
 “Award
Agreement” means one or more agreements, notices or other governing documents (including adjustment agreements or notices, subscription agreements, Equity Plans and investment plans) between a Service Provider Member and/or any of his,
her or its Affiliates, as applicable, on the one hand, and the Company, on the other hand (in each case, as amended from time to time), governing the issuance or other terms of any Units (or any interests which were converted into or exchanged for
such Units). 
 “Base Rate” means a per annum rate of the lesser of (i) 6.5% and (ii) LIBOR plus
100 basis points. 
 “Black-Out Period” means any “black-out” or similar period under the Corporation’s policies covering trading in the Corporation’s securities to which the applicable Redeeming Member is subject (or will be subject at such
time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement. For the
avoidance of doubt, such policies shall not impose restrictions on trading by passive institutional investors. 
 “Beneficial
Owner” means, with respect to any security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to
direct the voting of, such security; and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The term “Beneficial Ownership” shall have a correlative meaning.

  
 3 

 “Book Value” means, with respect to any property of
the Company, the Company’s adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g). 

“Business Day” means any day other than a Saturday, Sunday or day on which banks located in New York
City, New York are authorized or required by Law to close. 
 “Capital Account” means the capital
account maintained for a Member in accordance with Section 5.01. 
 “Capital
Contribution” means, with respect to any Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Member (or such Member’s predecessor) contributes (or is
deemed to contribute) to the Company pursuant to Article III hereof. 
 “Cash Settlement” means
immediately available funds in U.S. dollars which are proceeds received pursuant to a Secondary Offering in an amount equal to the Redeemed Units Equivalent; provided, that such proceeds shall be net of any Discount; provided
further, that the Corporation’s Capital Account shall be increased by an amount equal to any such Discounts relating to such sale of shares of Class A Common Stock in accordance with Section 6.06. 

“Cause” means, with respect to the termination of a Member’s employment or consultancy with the
Company or any of its Affiliates, the following: (i) any act or omission which constitutes a breach by such Member of the terms of his or her employment agreement or consulting agreement that adversely impacts the business or reputation of the
Company or any of its Affiliates, (ii) such Member’s conviction of a felony or commission of any act that would rise to the level of a felony, (iii) such Member’s conviction or commission of a lesser crime or offense that
adversely impacts or potentially could impact upon the business or reputation of the Company or any of its Affiliates in a material way, (iv) such Member fails to meet the expected standard of performance as communicated by such Member’s
supervisor, including, without limitation, with respect to obtaining and maintaining proper licensure for the conduct of such Member’s business, (v) such Member’s violation of specific lawful directives of the Company or any Affiliate
that employs or engages such Member, (vi) such Member’s commission of a dishonest or wrongful act involving fraud, misrepresentation, or moral turpitude causing damage or potential damage to the Company or any of its Affiliates,
(vii) such Member’s failure to perform a substantial part of such Member’s duties, or (viii) such Member’s breach of fiduciary duty. With respect to the termination of a Member’s directorship with the Company or any of
its Affiliates, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Delaware law. In other respects, “Cause” means clauses (ii), (iii) or (vi) set forth in this paragraph
above. 
 “Certificate” means the Company’s Certificate of Formation as filed with the Secretary
of State of the State of Delaware, as amended or amended and restated from time to time. 
 “Change of
Control” means the occurrence of any of the following events: 
 (1) any Person or any “group”
of Persons acting together that would constitute a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended or any successor provisions thereto (excluding (a) a corporation or other entity

  
 4 

 
owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation or (b) a group of Persons in which
one or more members of the Founder Group or any of their Affiliates, directly or indirectly hold Beneficial Ownership of securities representing more than 50% of the total voting power held by such group) is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities; or 

(2) the following individuals cease for any reason to constitute a majority of the number of directors of the Corporation then
serving: individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the Board or nomination for election by the Corporation’s stockholders 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, election or nomination for election was previously so approved or recommended by the directors
referred to in this clause (2); or 
 (3) there is consummated a merger or consolidation of the Corporation with any other
corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the
company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporation immediately prior to such merger or consolidation do not continue to
represent or are not converted into more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent
thereof; or 
 (4) the stockholders 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, lease or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation’s assets, other than such sale
or other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Corporation in
substantially the same proportions as their ownership of the Corporation immediately prior to such sale or other disposition. 
 Notwithstanding the
foregoing, except with respect to clause (2) and clause (3)(x) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately
following which the record holders of the shares of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and voting control over, and own substantially
all of the shares of, an entity which owns, directly or indirectly, all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

“Change of Control Date” has the meaning set forth in Section 10.09(a). 

  
 5 

 “Change of Control Transaction” means any Change of
Control that was approved by the Corporate Board prior to such Change of Control. 

“Class A Common Stock” means, as applicable, (a) the shares of
Class A common stock, par value $0.001 per share, of the Corporation or (b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities of the Corporation or any
other Person or cash or other property that become payable in consideration for the Class A common stock, $0.001 par value per share, of the Corporation or into which the Class A common stock, $0.001 par value per share, of the Corporation
is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

“Class B Common Stock” means, as applicable, (a) the shares of
Class B Common Stock, par value $0.001 per share, of the Corporation or (b) following any consolidation, merger, reclassification or other similar event involving the Corporation, any shares or other securities of the Corporation or any
other Person or cash or other property that become payable in consideration for the Class B common stock, $0.001 par value per share, of the Corporation or into which the Class B common stock, $0.001 par value per share, of the Corporation
is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

“Class C Common Incentive Unit” means a Unit designated as a
“Class C Common Incentive Unit” and having the rights and obligations specified with respect to the Class C Common Incentive Units in this Agreement. 

“Class C Common Incentive Unitholder” means a Member who is the
registered holder of Class C Common Incentive Units. 
 “Class C Common Incentive
Unit Return Threshold” has the meaning set forth in Section 3.02(d). 

“Code” means the United States Internal Revenue Code of 1986, as amended. Unless the context requires
otherwise, any reference herein to a specific section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period. 

“Common Unit” means a Unit designated as a “Common Unit” and having the rights and obligations
specified with respect to the Common Units in this Agreement. 
 “Common Unit Redemption Price” means,
with respect to any Redemption, the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the Stock Exchange, or any other exchange or automated or electronic quotation system on which the Class A
Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the twenty (20) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the applicable Redemption Date, 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 the Stock Exchange or any other securities
exchange or automated or electronic quotation system as of any particular Redemption Date, then the Manager (through a majority of its directors who are disinterested) shall determine the Common Unit Redemption Price in good faith. 

  
 6 

 “Common Unitholder” means a Member who is the
registered holder of Common Units. 
 “Company” has the meaning set forth in the preamble to this
Agreement. 
 “Confidential Information” has the meaning set forth in
Section 15.02(a). 
 “Corporate Board” means the board of directors of the
Corporation. 
 “Corporate Incentive Award Plan” means the 2021 Omnibus Incentive Plan of the
Corporation, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Corporation” has the meaning set forth in the recitals to this Agreement, together with its successors
and assigns. 
 “Corresponding Rights” means any rights issued with respect to a share of Class A
Common Stock or Class B Common Stock pursuant to a “poison pill” or similar stockholder rights plan approved by the Corporate Board. 

“Credit Agreements” means any promissory note, mortgage, loan agreement, indenture or similar instrument
or agreement to which the Company or any of its Subsidiaries is or becomes a borrower, as such instruments or agreements may be amended, restated, supplemented or otherwise modified from time to time and including any one or more refinancing or
replacements thereof, in whole or in part, with any other debt facility or debt obligation, for as long as the payee or creditor to whom the Company or any of its Subsidiaries owes such obligation is not an Affiliate of the Company. 

“Delaware Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et
seq., as it may be amended from time to time, and any successor thereto. 
 “Direct Exchange” has
the meaning set forth in Section 11.03(a). 
 “Discount” has the meaning set
forth in Section 6.06. 
 “Distributable Cash” means, as of any relevant
date on which a determination is being made by the Manager regarding a potential distribution pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in accordance with the
Credit Agreements (and without otherwise violating any applicable provisions of any of the Credit Agreements). 

“Distribution” (and, with a correlative meaning, “Distribute”)
means each distribution made by the Company to a Member with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution or otherwise; provided, however, that any
recapitalization that does not result in the distribution of cash or property to Members or any exchange of securities of the Company, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any
outstanding Units shall not be a Distribution. 

  
 7 

 “Distribution Tax Rate” means a rate reasonably
determined by the Manager, which rate shall be no greater than to the highest effective marginal combined federal, state and local income tax rate for a Fiscal Year applicable to corporate or individual taxpayers (whichever is higher) that may
potentially apply to any Member (or, except in the case of the Corporation, its applicable direct or indirect beneficial owners) for such Fiscal Year, taking into account the character of the relevant tax items (e.g., ordinary or capital) and
the deductibility of state and local income taxes for federal income tax purposes (but only to the extent such taxes are deductible under the Code). 

“Effective Date” has the meaning set forth in the Preamble. 

“Election Notice” has the meaning set forth in Section 11.01(b). 

“Equity Plan” means any stock or equity purchase plan, restricted stock or equity plan, stock option
plan, or other similar equity compensation plan now or hereafter adopted by the Company or the Corporation, including the Corporate Incentive Award Plan. 

“Equity Securities” means (a) Units or other equity interests in the Company or any Subsidiary of
the Company (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the provisions of this Agreement, including rights, powers and/or duties senior
to existing classes and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (b) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units or other equity
interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests in the Company or any Subsidiary of the Company. 

“Event of Withdrawal” means the bankruptcy or dissolution of a Member or the occurrence of any other
event that terminates the continued membership of a Member in the Company. 
 “Exchange Act” means the
U.S. Securities Exchange Act of 1934, as amended, and any applicable rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations. 

“Exchange Election Notice” has the meaning set forth in Section 11.03(b). 

“Fair Market Value” of a specific asset of the Company will mean the amount which the Company would
receive in an all-cash sale of such asset in an arms-length transaction with a willing unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day immediately
preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale), as such amount is determined by the Manager (or, if
pursuant to Section 14.02, the Liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent. 

“Family Group” means (i) in the case of a Member or LLC Employee who is an individual, such
individual’s spouse, parents and descendants (whether natural or adopted) and any trust or estate planning vehicle or entity solely for the benefit of such individual and/or the individual’s spouse, parents, descendants and/or other
relatives, and (ii) in the case of a Member or LLC Employee that is a trust, the beneficiary of such trust. 

  
 8 

 “Fiscal Period” means any interim accounting period
within a Taxable Year established by the Manager and which is permitted or required by Section 706 of the Code. 

“Fiscal Year” means the Company’s annual accounting period established pursuant to
Section 8.02. 
 “Founder” means Patrick G. Ryan. 

“Founder Group” means Founder, members of the Founder’s Family Group and Founder’s Affiliates. 

“Governmental Entity” means (a) the United States of America, (b) any other sovereign nation,
(c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including, but not limited to, any county, municipal or other local subdivision of the foregoing, or (d) any agency,
arbitrator or arbitral body, authority, board, body, bureau, commission, court, department, entity, instrumentality, organization or tribunal exercising executive, legislative, judicial, regulatory or administrative functions of government on behalf
of (a), (b) or (c) of this definition. 
 “Indemnified Person” has the meaning set forth in
Section 7.04(a). 
 “Investment Company Act” means the U.S. Investment
Company Act of 1940, as amended from time to time. 
 “IPO” means the initial underwritten public
offering of shares of the Corporation’s Class A Common Stock. 
 “IPO Common Unit Subscription
Agreement” means that certain Common Unit Subscription Agreement, dated as of the Effective Date, by and between the Corporation and the Company. 

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

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

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit
A to this Agreement. 
 “Law” means all laws, statutes, ordinances, rules and regulations of any
Governmental Entity. 
 “Liquidator” has the meaning set forth in
Section 14.02. 
 “LLC Employee” means an employee of, or other service
provider (including, without limitation, any management member whether or not treated as an employee for the purposes of U.S. federal income tax) to the Company or any of its Subsidiaries, in each case acting in such capacity. 

  
 9 

 “Losses” means items of loss or deduction of the
Company determined according to Section 5.01(b). 
 “Manager” has the
meaning set forth in Section 6.01. 
 “Market Price” means, with respect to
a share of Class A Common Stock as of a specified date, the last sale price per share of Class A Common Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of
Class A Common Stock, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the Stock Exchange or, if the Class A Common Stock is not
listed or admitted to trading on the Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Class A Common Stock is
listed or admitted to trading or, if the Class A Common Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal
other automated quotation system that may then be in use or, if the Class A Common Stock is not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker making a market in shares of
Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by
the Corporate Board. 
 “Member” means, as of any date of determination, (a) each of the members
named on the Schedule of Members and (b) any Person admitted to the Company as a Substituted Member or Additional Member in accordance with Article XII but in each case only so long as such Person is shown on the Company’s books and
records as the owner of one or more Units, each in its capacity as a member of the Company. 
 “Member Nonrecourse Debt
Minimum Gain” means an amount with respect to each “partner nonrecourse debt” (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Minimum Gain that would
result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
 “Minimum Gain” means
“partnership minimum gain” determined pursuant to Treasury Regulation Section 1.704-2(d). 
 “Net
Loss” means, with respect to a Fiscal Year, the excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Sections 5.03 and
Section 5.04). 

  
 10 

 “Net Profit” means, with respect to a Fiscal Year, the
excess if any, of Profits for such Fiscal Year over Losses for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Sections 5.03 and Section 5.04). 

“New Common Units” means, with respect to any Exchanged Class C Common Incentive Unit, a number of Common
Units equal to the quotient of (a) the difference between the Common Unit Redemption Price on the date of the Exchange and the then unsatisfied Class C Common Incentive Unit Return Threshold applicable to such Exchanged Class C Common
Incentive Unit divided by (b) the Common Unit Redemption Price; provided that if the number of New Common Units determined by the foregoing calculation is negative, it shall be deemed to be zero. 

“Officer” has the meaning set forth in Section 6.01(b). 

“Optionee” means a Person to whom a stock option is granted under any Stock Option Plan. 

“Original Units” means the Class A Common Units, Class B Common Units and Class B
Preferred Units (each as defined in the Previous LLC Agreement) of the Company. 
 “Other Agreements”
has the meaning set forth in Section 10.04. 
 “Over-Allotment Contribution”
has the meaning set forth in Section 3.03(b). 
 “Over-Allotment Option” has
the meaning set forth in the Recitals. 
 “Partnership Representative” has the meaning set forth in
Section 9.03. 
 “Percentage Interest” means (i) as among an individual
class of Units and with respect to a Member at a particular time, such Member’s percentage interest in the Company determined by dividing the number of such Member’s Units of such class by the total number of Units of all Members of such
class at such time and (ii) as among all Units and with respect to a Member at a particular time, such Member’s percentage interest in the Company determined by dividing the number of such Member’s Units by the total number of Units
of all Members at such time, determined as if all Class C Common Incentive Units were exchanged for New Common Units in accordance with the terms of this Agreement. The Percentage Interest of each Member shall be calculated to the fourth
decimal place. 
 “Permitted Transfer” has the meaning set forth in
Section 10.02. 
 “Permitted Transferee” has the meaning set forth in
Section 10.02. 
 “Person” means an individual or any corporation,
partnership, limited liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity. 

“Previous LLC Agreement” has the meaning set forth in the Recitals. 

“Pre-IPO Members” has the meaning set forth in the recitals to
this Agreement. 

  
 11 

 “Pro rata” “pro rata
portion” “according to their interests” “ratably” “proportionately” “proportional” “in
proportion to” “based on the number of Units held” “based upon the percentage of Units held” “based upon the number of Units
outstanding” and other terms with similar meanings, when used in the context of a number of Units of the Company relative to other Units, means as amongst an individual class of Units, pro rata based upon the number of such Units
within such class of Units. 
 “Profits” means items of income and gain of the Company determined
according to Section 5.01(b). 
 “Profits Interest” means an interest in the
Company that is intended to be classified as a profits interest within the meaning of Internal Revenue Service Revenue Procedure 93-27 and 2001-43 (or the corresponding
requirements of any subsequent guidance promulgated by the Internal Revenue Service or other Law) for U.S. federal income tax purposes, including the Class C Common Incentive Units. 

“Pubco Offer” has the meaning set forth in Section 10.09(b). 

“Quarterly Tax Distribution” has the meaning set forth in Section 4.01(b)(i).

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

“Redeemed Units” has the meaning set forth in Section 11.01(a). 

“Redeemed Units Equivalent” means the product of (a) the applicable number of Redeemed Units,
multiplied by (b) the Common Unit Redemption Price. 
 “Redeeming Member” has the meaning
set forth in Section 11.01(a). 
 “Redemption” has the meaning set forth in
Section 11.01(a). 
 “Redemption Date” has the meaning set forth in
Section 11.01(a). 
 “Redemption Notice” has the meaning set forth in
Section 11.01(a). 
 “Redemption Right” has the meaning set forth in
Section 11.01(a). 
 “Registration Rights Agreement” means that certain
Registration Rights Agreement, dated as of the Effective Date, by and among the Corporation, certain of the Members as of the Effective Date and certain other Persons whose signatures are affixed thereto (together with any joinder thereto from time
to time by any successor or assign to any party to such agreement) (as it may be amended from time to time in accordance with its terms). 

“Relationship Event” means (a) the termination of a Member’s consultancy, directorship or employment with
the Company or any Affiliate of the Company for Cause, (b) a breach (as determined by the Manager in its sole discretion) by a Member in any material respect of the provisions of any
non-competition, non-solicitation, confidentiality or other similar covenant made 

  
 12 

 
by such Member in favor of the Company or any of its Affiliates or (c) the Company discovers grounds constituting Cause exist or previously existed at any time with respect to a Member.
 
 “Retraction Notice” has the meaning set forth in Section 11.01(c).

 “Revised Partnership Audit Provisions” means Code Sections 6221 through 6241, together with any
guidance issued thereunder or successor provisions and any similar provision of state, provincial or local laws. 

“Schedule of Members” has the meaning set forth in Section 3.01(b). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency
succeeding to the functions thereof. 
 “Secondary Offering” means a
follow-on or secondary public offering of shares of Class A Common Stock by the Corporation following the IPO. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

“Sell-Down Event” means any Redemption or Transfer of Units by a Member which causes the total number of Units held by
such Member to fall below 20% of the total number of Units held by such Member immediately following the IPO (and the redemption transactions being undertaken in connection with the IPO). 

“Service Provider Member” means any Member that holds Units that were issued in connection with the performance
of services as an employee or other service provider to Corporation, the Company or any of their respective Subsidiaries (including, for the avoidance of doubt, Common Units that were purchased pursuant to the terms of an Award Agreement with an
employee or other service provider), whether or not such Member continues to provide services on or after the date hereof. 

“Share Settlement” means a number of shares of Class A Common Stock (together with any
Corresponding Rights) equal to the number of Redeemed Units. 
 “Stock Exchange” means the New York
Stock Exchange. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership,
association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof, references to a “Subsidiary” of the Company 

  
 13 

 
shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company.

 “Substituted Member” means a Person that is admitted as a Member to the Company pursuant to
Section 12.01. 
 “Tax Distributions” has the meaning set forth in
Section 4.01(b)(i). 
 “Tax Receivable Agreement” means that certain Tax
Receivable Agreement, dated as the date of the Effective Date, by and among the Corporation and the Company, on the one hand, and each of the other Members whose signatures are affixed thereto (together with any joinder thereto from time to time by
any successor or assign to any party to such agreement), as the TRA Holders (as such term is defined in the Tax Receivable Agreement), on the other hand (together with any joinder thereto from time to time by any successor or assign to any party to
such agreement) (as it may be amended from time to time in accordance with its terms). 
 “Taxable
Year” means the Company’s accounting period for U.S. federal income tax purposes determined pursuant to Section 9.02. 

“Trading Day” means a day on which the Stock Exchange or such other principal United States 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). 

“Transfer” (and, with a correlative meaning, “Transferring”) means
any sale, transfer, assignment, redemption, pledge, encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of Law) (a) any interest
(legal or beneficial) in any Equity Securities or (b) any direct or indirect equity or other interest (legal or beneficial) in any Member if substantially all of the value of such equity or other interest is attributable (directly or
indirectly) to the Units. 
 “Treasury Regulations” means the final, temporary and (to the extent they
can be relied upon) proposed regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Triggering Event” means a Sell-Down Event or a Relationship Event. 

“Unit” means the fractional interest of a Member in Profits, Losses and Distributions of the Company
represented by Common Units, Class C Common Incentive Units and any other class, series or type of interests of the Company, and otherwise having the rights and obligations specified with respect to “Units” in this Agreement;
provided, however, that any class or group of Units issued shall have the relative rights, powers and duties set forth in this Agreement applicable to such class or group of Units. 

“Unvested Class C Common Incentive Units” means Class C Common Incentive Units
that are not Vested Class C Common Incentive Units. 
 “Unvested Common Units” means Common Units that are not
Vested Common Units. 

  
 14 

 “Unvested Corporate Shares” means shares of
Class A Common Stock issuable pursuant to awards of any type granted under the Corporate Incentive Award Plan that are not Vested Corporate Shares. 

“Value” means (a) for any stock option, the Market Price for the Trading Day immediately preceding
the date of exercise of a stock option and (b) for any award other than a stock option, the Market Price for the Trading Day immediately preceding the Vesting Date. 

“Vested Class C Common Incentive Units” means the Class C Common Incentive Units
that are vested pursuant to the terms thereof or any Award Agreement relating thereto. 
 “Vested Common Units”
means the Common Units that are vested pursuant to the terms of any Award Agreement relating thereto. 
 “Vested
Corporate Shares” means the shares of Class A Common Stock issued pursuant to awards of any type granted under the Corporate Incentive Award Plan that are vested pursuant to the terms thereof or any Award Agreement relating
thereto. 
 “Vesting Date” has the meaning set forth in Section 3.10(c)(ii).

 ARTICLE II 
 ORGANIZATIONAL
MATTERS 
 Section 2.01    Formation of Company. The Company was formed on December 2, 2009 pursuant to
the provisions of the Delaware Act. The filing of the Certificate of Formation of the Company, and the Certificate of Amendment, with the Secretary of State of the State of Delaware are hereby ratified and confirmed in all respects. 

Section 2.02    Sixth Amended and Restated Limited Liability Company Agreement. The Members hereby execute
this Agreement for the purpose of amending, restating and superseding the Previous LLC Agreement in its entirety and otherwise establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware
Act. The Members hereby agree that during the term of the Company set forth in Section 2.06 the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and
conditions of this Agreement and the Delaware Act. No provision of this Agreement shall be in violation of the Delaware Act and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no
effect to the extent of such violation without affecting the validity of the other provisions of this Agreement. Neither any Member nor the Manager nor any other Person shall have appraisal rights with respect to any Units. 

Section 2.03    Name. The name of the Company is “Ryan Specialty Group, LLC”. The Manager, in its
sole discretion, may change the name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members. The Company’s business may be conducted under its name and/or any other name or names
deemed advisable by the Manager. 

  
 15 

 Section 2.04    Purpose; Powers. The primary business and
purpose of the Company shall be to engage in such activities as are permitted under the Delaware Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement. The Company shall have the power and
authority to take (directly or indirectly through its Subsidiaries) any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to accomplish the foregoing purpose. 

Section 2.05    Principal Office; Registered Office. The principal office of the Company shall be located at
such place or places as the Manager may from time to time designate, each of which may be within or outside the State of Delaware. The Company may have such other offices as the Manager may designate from time to time. The registered office of the
Company required by the Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Manager may
designate from time to time in the manner provided by law. 
 Section 2.06    Term. The term of the Company
commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue in perpetuity unless dissolved in accordance with the provisions of Article XIV. 

Section 2.07    No State-Law Partnership. The Members intend that the
Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes other than as set forth in the
last sentence of this Section 2.07, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest otherwise. The Members
intend that the Company shall be treated as a partnership for U.S. federal and, if applicable, state or local income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take all tax and financial
reporting positions in a manner consistent with such treatment. 
 ARTICLE III 

MEMBERS; UNITS; CAPITALIZATION 

Section 3.01    Members. 

(a)    In connection with the reorganization transactions (as described in the Recitals), the Corporation
acquired Original Units (which will be converted into Common Units pursuant to the Recapitalization in accordance with Section 3.03) and was admitted as a Member. 

(b)    The Company shall maintain a schedule setting forth: (i) the name and address of each Member,
(ii) the aggregate number of outstanding Units and the number and class of Units held by each Member and (iii) the Class C Common Incentive Unit Return Threshold applicable to each Class C Common Incentive Unit which is
outstanding (such schedule, the “Schedule of Members”). The applicable Schedule of Members in effect as of the Effective Date and after giving effect to the Recapitalization is on file with the Company. The
Company shall also maintain a record of (1) the aggregate amount of cash Capital Contributions that has been made by the Members with respect to their Units 

  
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and (2) the Fair Market Value of any property other than cash contributed by the Members with respect to their Units (including, if applicable, a description and the amount of any liability
assumed by the Company or to which contributed property is subject) in its books and records. The Schedule of Members may be updated by the Manager in the Company’s books and records from time to time, and as so updated, it shall be the
definitive record of ownership of each Unit of the Company and all relevant information with respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for all
purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Delaware Act. 

(c)    No Member shall be required or, except as approved by the Manager pursuant to
Section 6.01 and in accordance with the other provisions of this Agreement, permitted to (i) loan any money or property to the Company, (ii) borrow any money or property from the Company or (iii) make any
additional Capital Contributions. 
 Section 3.02    Units. 

(a)    Interests in the Company shall be represented by Units, or such other securities of the Company, in
each case as the Manager may establish in its discretion in accordance with the terms and subject to the restrictions hereof. At the Effective Date, the Units will be comprised of Common Units and Class C Common Incentive Units. 

(b)    Subject to Section 3.04(a), the Manager may (i) issue additional
Common Units and/or Class C Common Incentive Units at any time in its sole discretion and (ii) create one or more new classes or series of Units or preferred Units solely to the extent such new class or series of Units or preferred Units
are substantially economically equivalent to a class of common or other stock of the Corporation or class or series of preferred stock of the Corporation, respectively; provided, that as long as there are any Members (other than the
Corporation and its Subsidiaries) (i) no such new class or series of Units may deprive such Members of, or dilute or reduce, the allocations and distributions they would have received, and the other rights and benefits to which they would have
been entitled, in respect of their Units if such new class or series of Units had not been created and (ii) no such new class or series of Units may be issued, in each case, except to the extent (and solely to the extent) the Company actually
receives cash in an aggregate amount, or other property with a Fair Market Value in an aggregate amount, equal to the aggregate distributions that would be made in respect of such new class or series of Units if the Company were liquidated
immediately after the issuance of such new class or series of Units. 
 (c)    Subject to Sections
15.03(b) and 15.03(c), the Manager may amend this Agreement, without the consent of any Member or any other Person, in connection with the creation and issuance of such classes or series of Units, pursuant to Sections 3.02(b),
3.04(a) or 3.10. 

  
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 (d)    Common Units and Class C Common Incentive
Units may be subject to vesting and other terms and conditions as set forth in an Award Agreement (or Award Agreements). Each Class C Common Incentive Unit shall be subject to a return threshold (the “Class C Common Incentive Unit
Return Threshold”), which shall be, for each Class C Common Incentive Unit that is intended to constitute a Profits Interest for U.S. federal income tax purposes, an amount not less than the amount determined by the Manager to be necessary
to cause such Management Incentive Unit to constitute a Profits Interest, as set forth on the Schedule of Members. Each Class C Common Incentive Unit that is intended to constitute a Profits Interest shall have an initial Capital Account at the
time of its issuance equal to zero dollars ($0.00). 
 (e)    Unvested Common Units and Unvested
Class C Common Incentive Units shall be subject to the terms of this Agreement and any applicable Award Agreement(s). Unvested Common Units and Unvested Class C Common Incentive Units that fail to vest and are forfeited by the applicable
Member shall be cancelled by the Company (and shares of Class B Common Stock held by the applicable Member shall be cancelled, in each case for no consideration) and shall not be entitled to any distributions under this Agreement. 

Section 3.03    Recapitalization; the Corporation’s Capital Contribution; the IPO Unit
Acquisition. 
 (a)    In order to effect the Recapitalization, the number of Original Units that
were issued and outstanding and held by the Pre-IPO Members prior to the Effective Date as set forth opposite the respective Pre-IPO Member on the Pre-IPO Schedule of Members are hereby converted, as of the Effective Date, and after giving effect to such conversion and the other transactions related to the Recapitalization, into the number of Common Units
and/or Class C Common Incentive Units set forth opposite the name of the respective Member on the Schedule of Members (provided, for the avoidance of doubt, that the number of Common Units set forth on the Schedule of Members shall include the
effects of the IPO Unit Acquisition), and such Common Units are hereby issued and outstanding as of the Effective Date and the holders of such Common Units are Members hereunder. In the case of Original Units other than Original Units that were
purchased by the holder of such Original Units, the Common Units and/or Class C Common Incentive Units into which such Original Units are converted under this Section 3.03(a) are subject to the same vesting conditions
as such Original Units. 
 (b)    To the extent the underwriters in the IPO exercise the Over-Allotment
Option in whole or in part, upon the exercise of the Over-Allotment Option, the Corporation will contribute a portion of the Over-Allotment Option Net Proceeds to the Company in exchange for newly issued Common Units pursuant to the IPO Common Unit
Subscription Agreement, and such issuance of additional Common Units shall be reflected on the Schedule of Members (the “Over-Allotment Contribution”). The number of Common Units issued in the Over-Allotment
Contribution, in the aggregate, shall be equal to the number of shares of Class A Common Stock issued by the Corporation in such exercise of the Over-Allotment Option. Immediately following the consummation of the IPO, the Corporation shall use
the IPO Net Proceeds received from the IPO to effect the IPO Unit Acquisition. For the avoidance of doubt, the Corporation shall be admitted as a 

  
 18 

 
Member with respect to all Common Units it holds from time to time. Such Units that are issued to LLC Employees are being issued pursuant to and subject to the terms and conditions of (i) a
Common Unit Grant Agreement and/or (ii) a Class C Common Incentive Unit Grant Agreement in each case, pursuant to the Corporate Incentive Award Plan. 

Section 3.04    Authorization and Issuance of Additional Units. 

(a)    Except as otherwise determined by the Manager in connection with a contribution of cash or other
assets by the Corporation to the Company, the Company and the Corporation shall undertake all actions, including, without limitation, an issuance, reclassification, distribution, division or recapitalization, with respect to the Common Units and the
Class A Common Stock or Class B Common Stock, as applicable, to maintain at all times (i) a one-to-one ratio between the number of Common Units owned by
the Corporation, directly or indirectly, and the number of outstanding shares of Class A Common Stock and (ii) a one-to-one ratio between the number of Common
Units owned by Members (other than the Corporation and its Subsidiaries), directly or indirectly, and the number of outstanding shares of Class B Common Stock owned by such Members, directly or indirectly, in each case, disregarding, for
purposes of maintaining the one-to-one ratio, (A) Unvested Corporate Shares, (B) treasury stock or (C) preferred stock or other debt or equity securities
(including, without limitation, warrants, options or rights) issued by the Corporation that are convertible into or exercisable or exchangeable for Class A Common Stock or Class B Common Stock (except to the extent the net proceeds from
such other securities, including any exercise or purchase price payable upon conversion, exercise or exchange thereof, has been contributed by the Corporation to the equity capital of the Company). Except as otherwise determined by the Manager in
connection with a contribution of cash or other assets by the Corporation to the Company, in the event the Corporation issues, transfers or delivers from treasury stock or repurchases Class A Common Stock in a transaction not contemplated in
this Agreement, the Manager and the Corporation shall take all actions such that, after giving effect to all such issuances, transfers, deliveries or repurchases, the number of outstanding Common Units owned, directly or indirectly, by the
Corporation will equal on a one-for-one basis the number of outstanding shares of Class A Common Stock. Except as otherwise determined by the Manager in connection
with a contribution of cash or other assets by the Corporation to the Company, in the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation’s preferred stock in a transaction not
contemplated in this Agreement, the Manager and the Corporation shall take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation, directly or indirectly, holds (in the
case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) equity interests in the Company which (in the good faith determination by the Manager) are in the aggregate substantially economically
equivalent to the outstanding preferred stock of the Corporation so issued, transferred, delivered, repurchased or redeemed. Except as otherwise determined by the Manager in its reasonable discretion, the Company and the Corporation shall not
undertake any subdivision (by any Common Unit split, stock split, Common Unit distribution, stock distribution, reclassification, division, recapitalization or similar event) or combination (by reverse Common Unit split, reverse stock split,
reclassification, division, recapitalization or similar event) of the Common Units, Class A Common Stock 

  
 19 

 
or Class B Common Stock, as applicable, that is not accompanied by an identical subdivision or combination of Class A Common Stock, Class B Common Stock or Common Units,
respectively, to maintain at all times (x) a one-to-one ratio between the number of Common Units owned, directly or indirectly, by the Corporation and the number of
outstanding shares of Class A Common Stock or (y) a one-to-one ratio between the number of Common Units owned by Members (other than the Corporation and its
Subsidiaries) and the number of outstanding shares of Class B Common Stock, in each case, unless such action is necessary to maintain at all times a one-to-one
ratio between either the number of Common Units owned, directly or indirectly, by the Corporation and the number of outstanding shares of Class A Common Stock or the number of Common Units owned by Members (other than the Corporation and its
Subsidiaries) and the number of outstanding shares of Class B Common Stock as contemplated by the first sentence of this Section 3.04(a). 

(b)    The Company shall only be permitted to issue additional Common Units and Class C Common
Incentive Units, and/or establish other classes or series of Units or other Equity Securities in the Company to the Persons and on the terms and conditions provided for in Section 3.02, this
Section 3.04, Section 3.10 and Section 3.11. Subject to the foregoing, the Manager may cause the Company to issue additional Common Units and Class C Common Incentive
Units authorized under this Agreement and/or establish other classes or series of Units or other Equity Securities in the Company at such times and upon such terms as the Manager shall determine and the Manager shall amend this Agreement as
necessary in connection with the issuance of additional Common Units and admission of additional Members under this Section 3.04 without the requirement of any consent or acknowledgement of any other Member. 

Section 3.05    Repurchase or Redemption of Shares of Class A Common Stock. Except as
otherwise determined by the Manager in connection with the use of cash or other assets held by the Corporation, if at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically
or by means of another arrangement) by the Corporation for cash, then the Manager shall cause the Company, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding number of Common Units held
(directly or indirectly) by the Corporation, at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any expenses related
thereto) and upon such other terms as are the same for the shares of Class A Common Stock being repurchased or redeemed by the Corporation. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make
any repurchase or redemption if such repurchase or redemption would violate any applicable Law. 

Section 3.06    Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer
of Units. 
 (a)    Units shall not be certificated unless otherwise determined by the Manager. If
the Manager determines that one or more Units shall be certificated, each such certificate shall be signed by or in the name of the Company, by any two (2) authorized officers of the Company, representing the number of Units held by such
holder. Such certificate shall 

  
 20 

 
be in such form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or
printed, to the extent permitted by applicable Law. No Units shall be treated as a “security” within the meaning of Article 8 of the Uniform Commercial Code unless all Units then outstanding are certificated; notwithstanding anything to
the contrary herein, including Section 15.03, the Manager is authorized to amend this Agreement in order for the Company to opt-in to the provisions of Article 8 of the Uniform
Commercial Code without the consent or approval of any Member of any other Person. 
 (b)    If Units are
certificated, the Manager may direct that a new certificate representing one or more Units be issued in place of any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an
affidavit of the owner or owners of such certificate, setting forth such allegation. The Manager may require the owner of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to
indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate. 

(c)    To the extent Units are certificated, upon surrender to the Company or the transfer agent of the
Company, if any, of a certificate for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof, the Company shall issue a new certificate
representing one or more Units to the Person entitled thereto, cancel the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe such additional rules and regulations as it
may deem appropriate relating to the issue, Transfer and registration of Units. 
 Section 3.07    Negative
Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the
Company). 
 Section 3.08    No Withdrawal. No Person shall be entitled to withdraw any part of such
Person’s Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 

Section 3.09    Loans From Members. Loans by Members to the Company shall not be considered Capital
Contributions. Subject to the provisions of Section 3.01(c), the amount of any such advances shall be a debt of the Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon
which such advances are made. 
 Section 3.10    Corporate Equity Plans. 

(a)    Options Granted to Persons other than LLC Employees. If at any time or from time to time, in
connection with any Equity Plan, a stock option granted over shares of Class A Common Stock to a Person other than an LLC Employee is duly exercised: 

(i)    The Corporation shall, as soon as practicable after such exercise, make a Capital Contribution to
the Company in an amount equal to the exercise price paid to the Corporation by such exercising Person in connection with the exercise of such stock option. 

  
 21 

 (ii)    Notwithstanding the amount of the Capital
Contribution actually made pursuant to Section 3.10(a)(i), the Corporation shall be deemed to have contributed to the Company as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration
of additional Common Units, an amount equal to the Value of a share of Class A Common Stock as of the date of such exercise multiplied by the number of shares of Class A Common Stock then being issued by the Corporation in connection with
the exercise of such stock option. 
 (iii)    The Corporation shall receive in exchange for such Capital
Contributions (as deemed made under Section 3.10(a)(ii)), a number of Common Units equal to the number of shares of Class A Common Stock for which such option was exercised. 

(b)    Options Granted to LLC Employees. If at any time or from time to time, in connection with any
Equity Plan, a stock option granted over shares of Class A Common Stock to an LLC Employee is duly exercised: 

(i)    The Corporation shall sell to the Optionee, and the Optionee shall purchase from the Corporation,
for a cash price per share equal to the Value of a share of Class A Common Stock at the time of the exercise, the number of shares of Class A Common Stock equal to the quotient of (x) the exercise price payable by the Optionee in
connection with the exercise of such stock option divided by (y) the Value of a share of Class A Common Stock at the time of such exercise. 

(ii)    The Corporation shall sell to the Company (or if the Optionee is an employee of, or other service
provider to, a Subsidiary, the Corporation shall sell to such Subsidiary), and the Company (or such Subsidiary, as applicable) shall purchase from the Corporation, a number of shares of Class A Common Stock equal to the difference between
(x) the number of shares of Class A Common Stock as to which such stock option is being exercised minus (y) the number of shares of Class A Common Stock sold pursuant to Section 3.10(b)(i) hereof. The
purchase price per share of Class A Common Stock for such sale of shares of Class A Common Stock to the Company (or such Subsidiary) shall be the Value of a share of Class A Common Stock as of the date of exercise of such stock
option. 
 (iii)    The Company shall transfer to the Optionee (or if the Optionee is an employee of, or
other service provider to a Subsidiary, the Subsidiary shall transfer to the Optionee) at no additional cost to such LLC Employee and as additional compensation (and not a distribution) to such LLC Employee, the number of shares of Class A
Common Stock described in Section 3.10(b)(ii). 
 (iv)    The Corporation
shall, as soon as practicable after such exercise, make a Capital Contribution to the Company in an amount equal to all proceeds 

  
 22 

 
received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the Corporation in connection with the exercise of such stock option. The
Corporation shall receive for such Capital Contribution, a number of Common Units equal to the number of shares of Class A Common Stock for which such option was exercised. 

(c)    Equity Awards Other than Options Granted to LLC Employees. If at any time or from time to
time, in connection with any Equity Plan, any shares of Class A Common Stock are issued to an LLC Employee (including any shares of Class A Common Stock that are subject to forfeiture in the event such LLC Employee terminates his or her
employment with the Company or any Subsidiary) in consideration for services performed for the Company or any Subsidiary: 

(i)    The Corporation shall issue such number of shares of Class A Common Stock as are to be issued
to such LLC Employee in accordance with the Equity Plan; 
 (ii)    On the date (such date, the
“Vesting Date”) that the Value of such shares is includible in taxable income of such LLC Employee, the following events will occur: (1) the Corporation shall sell such shares of Class A Common Stock to the Company
(or if such LLC Employee is an employee of, or other service provider to a Subsidiary, to such Subsidiary) for a purchase price equal to the Value of such shares of Class A Common Stock, (2) the Corporation shall contribute the purchase
price for such shares of Class A Common Stock to the Company as a Capital Contribution, and (3) in the case where such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount to the capital
of the Subsidiary; and 
 (iii)    The Company shall issue to the Corporation on the Vesting Date a
number of Common Units equal to the number of shares of Class A Common Stock issued under Section 3.10(c)(i) in consideration for a Capital Contribution that the Corporation is deemed to make to the Company pursuant to
clause (2) of Section 3.10(c)(ii) above. 
 (d)    Future Stock
Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates
of the Corporation, the Company or any of their respective Affiliates. The Members acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the Corporation, amendments to this
Section 3.10 may become necessary or advisable and that any approval or consent to any such amendments requested by the Corporation shall be deemed granted by the Manager and the Members, as applicable, without the
requirement of any further consent or acknowledgement of any other Member. 
 (e)    Anti-dilution
Adjustments. For all purposes of this Section 3.10, the number of shares of Class A Common Stock and the corresponding number of Common Units shall be determined after giving effect to all anti-dilution or similar
adjustments that are 

  
 23 

 
applicable, as of the date of exercise or vesting, to the option, warrant, restricted stock or other equity interest that is being exercised or becomes vested under the applicable Equity Plan and
applicable Award Agreement or grant documentation. 
 Section 3.11    Dividend Reinvestment Plan, Cash Option
Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase
plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to
issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation a number of
Common Units equal to the number of new shares of Class A Common Stock so issued. 
 ARTICLE IV 

DISTRIBUTIONS 

Section 4.01    Distributions. 

(a)    Distributable Cash; Other Distributions. To the extent permitted by applicable Law and
hereunder, Distributions to Members may be declared by the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts, at such time and on such terms (including the payment dates of such Distributions) as
the Manager in its sole discretion shall determine using such record date as the Manager may designate. All Distributions made under this Section 4.01 shall be made to the Members as of the close of business on such record
date on a pro rata basis in accordance with each Member’s Percentage Interest (other than, for the avoidance of doubt, any distributions made pursuant to Section 4.01(b)(v)) as of the close of business on such
record date; provided, however, that the Manager shall have the obligation to make Distributions as set forth in Section 4.01(b) and 14.02; provided, further, subject to
Section 4.01(c), for purposes of this Section 4.01(a) and notwithstanding anything to the contrary set forth herein, a holder of a Class C Common Incentive Unit (or portion thereof) shall be
eligible to participate in distributions (A) only to the extent that the per Unit amount distributed by the Company (after the date of issuance of such Class C Common Incentive Unit) in respect of each Common Unit that is not a
Class C Common Incentive Unit and that was outstanding on the date of issuance of such Class C Common Incentive Unit, excluding Tax Distributions, exceeds the then-unsatisfied Class C Common Incentive Unit Return Threshold applicable
to such Class C Common Incentive Unit and (B) solely from the excess described in the preceding clause (A). Notwithstanding any other provision herein to the contrary, no Distributions shall be made to any Member to the extent such
Distribution would render the Company insolvent or violate the Delaware Act. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. In furtherance of the foregoing, it is
intended that the Manager shall, to the extent permitted by applicable Law and hereunder, have the right in its sole discretion to make Distributions of Distributable Cash to the Members pursuant to this Section 4.01(a) in
such amounts as shall enable the Corporation to meet its obligations, including its obligations pursuant to the Tax Receivable Agreement (to the extent such 

  
 24 

 
obligations are not otherwise able to be satisfied as a result of Tax Distributions required to be made pursuant to Section 4.01(b)). Notwithstanding anything to the
contrary in this Section 4.01(a), (i) the Company shall not make a distribution (other than Tax Distributions under Section 4.01(b)) to any Member in respect of any Unvested Common Units or
Unvested Class C Common Incentive Units and (ii) with respect to any amounts that would otherwise have been distributed to a Member but for the preceding clause (i), such amount shall be set aside by the Company for the benefit of such
Member unless and until such time as such Unvested Common Units or Unvested Class C Common Incentive Units have vested in accordance with the applicable equity plan or individual award agreement, and within five (5) Business Days of such
time, the Company shall distribute such amounts to such Member. If any condition to the vesting of Unvested Common Units or Unvested Class C Common Incentive Units becomes incapable of being satisfied (or if any holder of Common Units or
Class C Common Incentive Units is required to return any Distribution in respect thereof as a result of the violation of any employment or post-employment restrictive covenant), then any amounts that have not been distributed with respect to
such Unvested Common Units or Unvested Class C Common Incentive Units may be distributed to all other Members. 

(b)    Tax Distributions. 

(i)    With respect to each Fiscal Year, to the extent the Company has available cash for distribution by
the Company under the Delaware Act and subject to any applicable agreement to which the Company or any of its Subsidiaries is a party governing the terms of third party indebtedness for borrowed money, and subject to the retention and establishment
of reserves, or payment to third parties, of such funds as the Manager deems necessary or desirable in its sole discretion with respect to the reasonable needs and obligations of the Company or any of its Subsidiaries, the Company shall, to the
extent permitted by applicable Law, make cash distributions (“Tax Distributions”) to each Member in accordance with, and to the extent of, such Member’s Assumed Tax Liability. Tax
Distributions pursuant to this Section 4.01(b)(i) shall be estimated by the Company on a quarterly basis and, to the extent feasible, shall be distributed to the Members on a quarterly basis on or prior to April 15th, June
15th, September 15th and January 15th (of the succeeding year) (or such other dates for which individuals or corporations (whichever is earlier) are required to make quarterly estimated tax payments for U.S. federal income tax purposes) (each, a
“Quarterly Tax Distribution”), provided, that the foregoing shall not restrict the Company from making a Tax Distribution on any other date. Quarterly Tax Distributions shall take into account the
estimated taxable income or loss of the Company for the Fiscal Year through the end of the relevant quarterly period. A final accounting for Tax Distributions shall be made for each Fiscal Year after the allocation of the Company’s actual net
taxable income or loss has been determined and any shortfall in the amount of Tax Distributions a Member received for such Fiscal Year based on such final accounting shall promptly be distributed to such Member. 

(ii)    To the extent a Member otherwise would be entitled to receive less than its Percentage Interest of
the aggregate Tax Distributions to be paid pursuant 

  
 25 

 
to this Section 4.01(b) (other than any distributions made pursuant to Section 4.01(b)(v)) on any given date, the Tax Distributions to such
Member shall be increased to ensure that all Distributions made pursuant to this Section 4.01(b) are made pro rata in accordance with the Members’ respective Percentage Interests. If, on the date of a Tax
Distribution, there are insufficient funds on hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled, Distributions pursuant to this Section 4.01(b) shall be
made to the Members to the extent of available funds in accordance with their Percentage Interests and the Company shall make future Tax Distributions (pro rata in accordance with the Members’ respective Percentage Interests) as soon as funds
become available sufficient to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled. 

(iii)    In the event of any audit by, or similar event with, a taxing authority that affects the
calculation of any Member’s Assumed Tax Liability for any Taxable Year beginning on or after January 1, 2021 (other than an audit conducted pursuant to the Revised Partnership Audit Provisions for which no election is made pursuant to
Section 6226 thereof and the Treasury Regulations promulgated thereunder), or in the event the Company files an amended tax return, each Member’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to
such event (for the avoidance of doubt, taking into account interest or penalties). Any shortfall in the amount of Tax Distributions the Members and former Members received for the relevant Taxable Years based on such recalculated Assumed Tax
Liability promptly shall be distributed to such Members and the successors of such former Members, except, for the avoidance of doubt, to the extent Distributions were made to such Members and former Members pursuant to
Section 4.01(a) and this Section 4.01(b) in the relevant Taxable Years sufficient to cover such shortfall. 

(iv)    Notwithstanding the foregoing, Tax Distributions pursuant to this
Section 4.01(b) (other than, for the avoidance of doubt, any distributions made pursuant to Section 4.01(b)(v)), if any, shall be made to a Member only to the extent all previous Tax
Distributions to such Member pursuant to Section 4.01(b) with respect to the Fiscal Year are less than the Tax Distributions such Member otherwise would have been entitled to receive with respect to such Fiscal Year
pursuant to this Section 4.01(b). 
 (v)    Notwithstanding the foregoing and
anything to the contrary in this Agreement, following the Effective Date, no Member shall have any further right to any Tax Distributions (as defined in the Previous LLC Agreement) pursuant to Section 4.1(a) of the Previous LLC Agreement. 

(vi)    For the avoidance of doubt, Tax Distributions shall be treated for all purposes of this Agreement
as an entitlement separate from and in addition to any other entitlement of any Member pursuant to this Agreement, including any distributions to which a Member is entitled pursuant to Section 4.01(a). 

  
 26 

 (vii)    Notwithstanding anything herein to the
contrary, to the extent two or more Members are included in the same “affiliated group” (within the meaning of Section 1504(a)(1) of the Code) that files a consolidated U.S. federal income tax return with respect to a given taxable
year, such Members shall be aggregated and treated as a single Member for purposes of this Section 4.01(b) with respect to such taxable year. 

(c)    Limitations in Respect of Profits Interests 

(i)    It is the intention of the Members that distributions with respect to each Profits Interest be
limited to the extent necessary so that each Profits Interest qualifies at the time of grant as a “profits interest” for U.S. federal income tax purposes, and this Agreement shall be interpreted accordingly. In the event that distributions
to which a Member would otherwise be entitled are inconsistent with the preceding sentence, the Manager is authorized to adjust future distributions to the Members in whatever manner it deems appropriate (to the extent consistent with the intended
treatment of each Profits Interest as a “profits interest” for U.S. federal income tax purposes) so that, after such adjustments are made, each Member receives, to the maximum extent possible, an amount of distributions equal to the amount
of distributions such Member would have received were such sentence not part of this Agreement. Additionally, the Company intends to treat a Member holding a Profits Interest as the owner of such Interest for tax reporting purposes from the date it
is granted, and the Company intends to file its IRS Form 1065, and the Company intends to issue appropriate Schedule K-1s, if any, to such Member, allocating to such Member its distributive share of all items
of income, gain, loss, deduction and credit associated with such Class C Common Incentive Unit (or portion thereof) as if no time-based vesting restrictions applied. Each holder of Class C Common Incentive Units agrees to take into account
such distributive share in computing its U.S. federal income tax liability for the entire period during which it holds any Class C Common Incentive Unit (or portion thereof). The undertakings contained in this
Section 4.01(c)(i) shall be construed in accordance with the treatment of each Profits Interest as a “profits interest” for U.S. federal income tax purposes. Each recipient of a Profits Interest whether issued on
or after the date hereof that is subject to vesting agrees to timely and properly file an election under Section 83(b) of the Code with respect to each Profits Interest and provide the Company with a copy of such election. Each holder of
Profits Interests acknowledges and agrees that such holder will consult with such holder’s tax advisor to determine the tax consequences of filing an election under Section 83(b) of the Code. Each such holder acknowledges that it is the
sole responsibility of such holder, and not the Company, to file a timely election under Section 83(b) of the Code even if such holder requests the Company or its representatives to make such filing on behalf of such holder. 

(ii)    By executing this Agreement, each Member authorizes the Company, at the election of the Manager, to
elect to have the “Safe Harbor” described in the proposed Revenue Procedure (“Revenue Procedure” ) set forth in the IRS Notice 2005-43 (the “Notice”) apply to any Interest
Transferred to a service 

  
 27 

 
provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company or any Subsidiary of the Company. For purposes of making such
“Safe Harbor” election, the Manager is hereby designated as the “partner who has responsibility for U.S. federal income tax reporting” by the Company and, accordingly, execution of such “Safe Harbor” election by the
Manager shall constitute execution of a “Safe Harbor Election” in accordance with Section 3.03 of the Notice. The Company and each Member hereby agree to comply with all requirements of the “Safe Harbor” described in the
Notice, to the extent such requirements are imposed in the Revenue Procedure, including the requirement that each Member shall prepare and file all U.S. federal income tax returns reporting the income tax effects of each interest in the Company
issued by the Company covered by the “Safe Harbor” in a manner consistent with the requirements of the Revenue Procedure. 

(iii)    Each Member authorizes the Manager to amend this Section 4.01(c) to the
extent necessary and advisable as determined by the Manager to comply with the requirements of the Revenue Procedure as issued; provided, that such amendment is not materially and disproportionally adverse to such Member (as compared with the after-tax consequences that would result if the provisions of the Notice applied to all Interests in the Company Transferred to a service provider by the Company in connection with services provided to the Company
or any Subsidiary of the Company). A Member’s obligations to comply with the requirements of this Section 4.01(c) shall survive such Member’s ceasing to be a Member of the Company and/or the winding up and
dissolution of the Company, and, for purposes of this Section 4.01(c), the Company shall be treated as continuing in existence. 

ARTICLE V 
 CAPITAL ACCOUNTS;
ALLOCATIONS; TAX MATTERS 
 Section 5.01    Capital Accounts. 

(a)    The Company shall maintain a separate Capital Account for each Member according to the rules of
Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the
Capital Accounts in accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company’s property. 

(b)    For purposes of computing the amount of any item of income, gain, loss or deduction with respect to
the Company to be allocated pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such item shall be the same as its determination, recognition and
classification for U.S. federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided, however, that: 

  
 28 

 (i)    The computation of all items of income, gain,
loss and deduction shall include those items described in Code Section 705(a)(1)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includible in
gross income or are not deductible for U.S. federal income tax purposes. 
 (ii)    If the Book Value of
any property of the Company is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. 

(iii)    Items of income, gain, loss or deduction attributable to the disposition of property of the
Company having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. 

(iv)    Items of depreciation, amortization and other cost recovery deductions with respect to property of
the Company having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g). 

(v)    To the extent an adjustment to the adjusted tax basis of any asset of the Company pursuant to Code
Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an
item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis). 

Section 5.02    Allocations. Except as otherwise provided in Section 5.03 and
Section 5.04, Net Profits and Net Losses for any Fiscal Year or Fiscal Period shall be allocated among the Capital Accounts of the Members in a manner such that the Capital Account of each Member, immediately after making
such allocation, is, as nearly as possible, equal to (i) the distributions that would be made to such Member pursuant to Section 4.01(a) if the Company were dissolved, its affairs wound up and its assets sold for cash
equal to their Book Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Book Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with
Section 4.01(a), to the Members immediately after making such allocation, assuming for this purpose that any Common Units or Class C Common Incentive Units which are subject to vesting conditions in accordance with any
applicable equity plan or individual award agreement are fully vested, minus (ii) such Member’s share of Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. 

Section 5.03    Regulatory Allocations. 

(a)    Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation
Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury 

  
 29 

 
Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)),
Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

(b)    Nonrecourse deductions (as determined according to Treasury Regulation Section 1.704-2(b)(l))
for any Taxable Year shall be allocated pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a), if there is a net decrease in the Minimum Gain during any
Taxable Year, each Member shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f). This
Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(c)    If any Member that unexpectedly receives an adjustment, allocation or Distribution described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d) (4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Section 5.03(a) and 5.03(b) but
before the application of any other provision of this Article V, then Profits for such Taxable Year shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This
Section 5.03(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 

(d)    If the allocation of Net Losses to a Member as provided in Section 5.02
would create or increase an Adjusted Capital Account Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Net Losses that would, absent the application of
the preceding sentence, otherwise be allocated to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d). 

(e)    Profits and Losses described in Section 5.01(b)(v) shall be allocated in a
manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

(f)    The allocations set forth in Section 5.03(a) through and including
Section 5.03(e) (the “Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory
Allocations may not be consistent with the manner in which the Members intend to allocate Profit and Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject to the Regulatory
Allocations, income, gain, deduction and loss with respect to the Company shall be reallocated among the Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be in
the amounts (or 

  
 30 

 
as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory
Allocations. In general, the Members anticipate that this will be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among the Members so that the net amount of the Regulatory
Allocations and such special allocations to each such Member is zero. In addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership minimum gain, or in partner nonrecourse debt minimum gain, and application of the minimum
gain chargeback requirements set forth in Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement among the Members, the Members may, if they do not expect that the
Company will have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is granted, this Agreement shall be applied in such
instance as if it did not contain such minimum gain chargeback requirement. 
 Section 5.04    Final
Allocations. 
 (a)    Notwithstanding any contrary provision in this Agreement except
Section 5.03, the Manager shall make appropriate adjustments to allocations of Profits and Losses to (or, if necessary, allocate items of gross income, gain, loss or deduction of the Company among) the Members upon the
liquidation of the Company (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially all the Units (whether by sale or exchange or merger) or sale of all or substantially all the assets of
the Company, such that, to the maximum extent possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments or allocations shall occur, to the maximum extent possible, in the Fiscal
Year of the event requiring such adjustments or allocations. 
 (b)    If any holder of Common Units or
Class C Common Incentive Units which are subject to vesting conditions forfeits (or the Company has repurchased at less than fair market value) all or a portion of such holder’s unvested Common Units or Class C Common Incentive Units,
the Company shall make forfeiture allocations in respect of such unvested Common Units or Class C Common Incentive Units in the manner and to the extent required by Proposed Treasury Regulations Section 1.704-1(b)(4)(xii) (as such Proposed
Treasury Regulations may be amended or modified, including upon the issuance of temporary or final Treasury Regulations). 

Section 5.05    Tax Allocations. 

(a)    The income, gains, losses, deductions and credits of the Company will be allocated, for federal,
state and local income tax purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and credits among the Members for computing their Capital Accounts; provided that if any such allocation is not
permitted by the Code or other applicable Law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among the Members so as to reflect as nearly as possible the allocation set forth herein in computing their
Capital Accounts. 

  
 31 

 (b)    Items of taxable income, gain, loss and deduction
of the Company with respect to any property contributed to the capital of the Company shall be allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property
to the Company for federal income tax purposes and its Book Value as determined by the Manager in good faith. 

(c)    If the Book Value of any asset of the Company is adjusted pursuant to
Section 5.01(b), including adjustments to the Book Value of any asset of the Company in connection with the execution of this Agreement, subsequent allocations of items of taxable income, gain, loss and deduction with
respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value using the traditional method set forth in Treasury Regulations Section 1.704-3(b). 

(d)    Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated
to the Members as determined by the Manager taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii). 

(e)    Allocations pursuant to this Section 5.05 are solely for purposes of
federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, Distributions or other items of the Company pursuant to any provision of this
Agreement. 
 Section 5.06    Indemnification and Reimbursement for Payments on Behalf of a Member. If the
Company is obligated to pay any amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s status as such (including federal income taxes, additions to
tax, interest and penalties as a result of obligations of the Company pursuant to the Revised Partnership Audit Provisions, federal withholding taxes, state personal property taxes and state unincorporated business taxes), then such Member shall
indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses). The Manager may offset Distributions to which a Member is otherwise entitled under this Agreement against such Member’s obligation to
indemnify the Company under this Section 5.06. In addition, notwithstanding anything to the contrary, each Member agrees that any Cash Settlement such Member is entitled to receive pursuant to Article XI may be
offset by an amount equal to such Member’s obligation to indemnify the Company under this Section 5.06 and that such Member shall be treated as receiving the full amount of such Cash Settlement and paying to the
Company an amount equal to such obligation. A Member’s obligation to make payments to the Company under this Section 5.06 shall survive the transfer or termination of any Member’s interest in any Units of the
Company, the termination of this Agreement and the dissolution, liquidation, winding up and termination of the Company. In the event that the Company has been terminated prior to the date such payment is due, such Member shall make such payment to
the Manager (or its designee), which shall distribute such funds in accordance with this Agreement. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.06,
including instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Member hereby
agrees to furnish to the Company such information and forms as required or 

  
 32 

 
reasonably requested in order to comply with any Laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to which the Member is
legally entitled. The Company may withhold any amount that it determines is required to be withheld from any amount otherwise payable to any Member hereunder, and any such withheld amount shall be deemed to have been paid to such Member for purposes
of this Agreement. 
 ARTICLE VI 

MANAGEMENT 

Section 6.01    Authority of Manager; Officer Delegation. 

(a)    Except for situations in which the approval of any Member(s) is specifically required by this
Agreement, (i) all management powers over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole managing member of the Company (the Corporation, in such capacity, the
“Manager”), (ii) the Manager shall conduct, direct and exercise full control over all activities of the Company and (iii) no other Member shall have any right, authority or power to vote, consent or approve any matter,
whether under the Delaware Act, this Agreement or otherwise. The Manager shall be the “manager” of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the other provisions of
this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by the Delaware Act with respect to the management and control of the Company. Any vacancies in the position of Manager
shall be filled in accordance with Section 6.04. 
 (b)    Without limiting the
authority of the Manager to act on behalf of the Company, the day-to-day business and operations of the Company may be overseen and implemented by officers of the
Company (each, an “Officer” and collectively, the “Officers”), subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer
shall be appointed by the Manager, with the initial Officers of the Company hereby appointed in such roles as set forth on Schedule 3 attached hereto, and shall hold office until his or her successor shall be duly designated and shall qualify
or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than one office. Subject to the other provisions of this Agreement (including in
Section 6.07 below), the salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Manager. The authority and responsibility of the Officers shall be limited to such
duties as the Manager may, from time to time, delegate to them. Unless the Manager decides otherwise, if the title is one commonly used for officers of a business corporation formed under the General Corporation Law of the State of Delaware, the
assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. All Officers shall be, and shall be deemed to be, officers and employees of the Company. An Officer
may also perform one or more roles as an officer of the Manager. Any Officer may be removed at any time, with or without cause, by the Manager. 

  
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 (c)    Subject to the other provisions of this
Agreement, the Manager shall have the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion,
option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger, consolidation, conversion, division, reorganization or other combination of the Company with or into
another entity, for the avoidance of doubt, without the prior consent of any Member or any other Person being required. The Manager shall have the power and authority to cash out fractional Units on such terms and at such times as it determines.

 Section 6.02    Actions of the Manager. The Manager may act through any Officer or through any other
Person or Persons to whom authority and duties have been delegated pursuant to Section 6.07. 

Section 6.03    Resignation; No Removal. The Manager may resign at any time by giving written notice to the
Members. Unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not be necessary to make it effective. For the avoidance of doubt, the Members have
no right under this Agreement to remove or replace the Manager. 
 Section 6.04    Vacancies. Vacancies in
the position of Manager occurring for any reason shall be filled by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the
Corporation immediately prior to such cessation). For the avoidance of doubt, the Members (other than the Corporation) have no right under this Agreement to fill any vacancy in the position of Manager. 

Section 6.05    Transactions Between the Company and the Manager. The Manager may cause the Company to
contract and deal with the Manager, or any Affiliate of the Manager, provided, that such contracts and dealings (other than contracts and dealings between the Company and its Subsidiaries) are on terms comparable to and competitive with those
available to the Company from others dealing at arm’s length or are approved by the Members and otherwise are permitted by the Credit Agreements; provided that the foregoing shall in no way limit the Manager’s rights under
Section 3.02, 3.04, 3.05 or 3.10. The Members hereby approve each of the contracts or agreements between or among the Manager, the Company and their respective Affiliates entered into on or prior to the
date of this Agreement in accordance with the Previous LLC Agreement or that the board of managers of the Company or the Corporate Board has approved in connection with the Recapitalization or the IPO as of the date of this Agreement, including, but
not limited to, the IPO Common Unit Subscription Agreement. 
 Section 6.06    Reimbursement for Expenses.
The Manager shall not be compensated for its services as Manager of the Company except as expressly provided in this Agreement. The Members acknowledge and agree that, upon consummation of the IPO, the Manager’s Class A Common Stock will
be publicly traded and, therefore, the Manager will have access to the public capital markets and that such status and the services performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be
reimbursed by the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including without limitation all fees, expenses and costs
associated with the IPO and all fees, expenses and 

  
 34 

 
costs of being a public company (including without limitation public reporting obligations, proxy statements, stockholder meetings, Stock Exchange fees, transfer agent fees, legal fees,
accounting fees, SEC and FINRA filing fees and offering expenses, and other related fees) and maintaining its corporate existence. In the event that shares of Class A Common Stock are sold to underwriters in the IPO (or in any subsequent public
offering) at a price per share that is lower than the price per share for which such shares of Class A Common Stock are sold to the public in the IPO (or in such subsequent public offering, as applicable) after taking into account
underwriters’ discounts or commissions and brokers’ fees or commissions (such difference, the “Discount”) (i) the Manager shall be deemed to have contributed to the Company in exchange for newly issued Common
Units the full amount for which such shares of Class A Common Stock were sold to the public and (ii) the Company shall be deemed to have paid the Discount as an expense. To the extent practicable, expenses incurred by the Manager on behalf
of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the Manager or any of its Affiliates by the Company pursuant to this Section 6.06
constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall
not be treated as distributions for purposes of computing the Members’ Capital Accounts. Notwithstanding the foregoing, the Company shall not bear any income tax obligations of the Manager or any payments made pursuant to the Tax Receivable
Agreement (except, in each case, to the extent such income tax obligations specifically arise as a result of the consummation of the IPO or any restructuring transactions related thereto). 

Section 6.07    Delegation of Authority. The Manager (a) may, from time to time, delegate to one or more
Persons such authority and duties as the Manager may deem advisable, and (b) may assign titles (including, without limitation, chief executive officer, president, chief financial officer, chief operating officer, general counsel, senior vice
president, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate certain authority and duties to such Persons which may be amended, restated or otherwise modified from time to time. Any number of titles may
be held by the same individual. The salaries or other compensation, if any, of such agents of the Company shall be fixed from time to time by the Manager, subject to the other provisions in this Agreement. 

Section 6.08    Limitation of Liability of Manager. 

(a)    Except as otherwise provided herein or in an agreement entered into by such Person and the Company,
neither the Manager nor any of the Manager’s Affiliates or Manager’s officers, employees or other agents shall be liable to the Company, to any Member that is not the Manager or to any other Person bound by this Agreement for any act or
omission performed or omitted by the Manager in its capacity as the sole managing member of the Company pursuant to authority granted to the Manager by this Agreement; provided, however, that, except as otherwise provided herein, such
limitation of liability shall not apply to the extent the act or omission was attributable to the Manager’s willful misconduct or knowing violation of Law or for any present or future material breaches of any representations, warranties or
covenants by the Manager or its Affiliates contained herein or in the Other Agreements with the Company. The Manager may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either
directly or by or through its agents, and shall not be responsible for any 

  
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misconduct or negligence on the part of any such agent (so long as such agent was selected in good faith and with reasonable care). The Manager shall be entitled to rely upon the advice of legal
counsel, independent public accountants and other experts, including financial advisors, and any act of or failure to act by the Manager in good faith reliance on such advice shall in no event subject the Manager to liability to the Company or any
Member that is not the Manager. 
 (b)    To the fullest extent permitted by applicable Law, whenever
this Agreement or any other agreement contemplated herein provides that the Manager shall act in a manner which is, or provide terms which are, “fair and reasonable” to the Company or any Member that is not the Manager, the Manager shall
determine such appropriate action or provide such terms considering, in each case, the relative interests of each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted
industry practices, and any applicable United States generally accepted accounting practices or principles, notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or
otherwise. 
 (c)    To the fullest extent permitted by applicable Law and notwithstanding any other
provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise, whenever in this Agreement or any other agreement contemplated herein, the Manager is permitted or required to take any
action or to make a decision in its “sole discretion” or “discretion,” with “complete discretion” or under a grant of similar authority or latitude, the Manager shall be entitled to consider such interests and factors
as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company, other Members or any other Person. 

(d)    To the fullest extent permitted by applicable Law and notwithstanding any other provision of this
Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the Manager is permitted or required to take any action or to make a decision in its “good faith” or under
another express standard, the Manager shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein, notwithstanding any provision of this
Agreement or duty otherwise, existing at Law or in equity, and, notwithstanding anything contained herein to the contrary, so long as the Manager acts in good faith or in accordance with such other express standard, the resolution, action or terms
so made, taken or provided by the Manager shall not constitute a breach of this Agreement or impose liability upon the Manager or any of the Manager’s Affiliates and shall be deemed approved by all Members. 

Section 6.09    Investment Company Act. The Manager shall use its best efforts to ensure that the Company
shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

  
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 ARTICLE VII 

RIGHTS AND OBLIGATIONS OF MEMBERS AND MANAGER 

Section 7.01    Limitation of Liability and Duties of Members. 

(a)    Except as provided in this Agreement or in the Delaware Act, the debts, obligations and liabilities
of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and no Member or Manager shall be obligated personally for any such debts, obligations, contracts or liabilities of
the Company solely by reason of being a Member or the Manager (except to the extent and under the circumstances set forth in any non-waivable provision of the Delaware Act). Notwithstanding anything contained
herein to the contrary, to the fullest extent permitted by applicable Law, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or
the Delaware Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company. 

(b)    In accordance with the Delaware Act and the laws of the State of Delaware, a Member may, under
certain circumstances, be required to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Articles IV or XIV shall be deemed a return of money or other
property paid or distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Delaware Act, and,
to the fullest extent permitted by Law, any Member receiving any such money or property shall not be required to return any such money or property to the Company or any other Person, unless such distribution was made by the Company to its Members in
clerical error. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any
other Member. 
 (c)    To the fullest extent permitted by applicable Law, including
Section 18-1101(c) of the Delaware Act, and notwithstanding any other provision of this Agreement (but subject, and without limitation, to Section 6.08 with respect to the Manager) or in any agreement contemplated
herein or applicable provisions of Law or equity or otherwise, the parties hereto hereby agree that to the extent that any Member (other than the Manager in its capacity as such) (or any Member’s Affiliate or any manager, managing member,
general partner, director, officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary duties) to the Company, to the Manager, to another Member, to any Person who acquires an
interest in a Unit or to any other Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and replaced with the duties or standards expressly set forth herein, if
any; provided, however, that the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. The elimination of duties (including fiduciary duties) to the Company, the Manager, each of the Members, each other
Person who acquires an interest in a Unit and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, the Manager, each of the Members, each
other Person who acquires an interest in a Unit and each other Person bound by this Agreement. 

  
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 Section 7.02    Lack of Authority. No Member, other than the
Manager or a duly appointed Officer, in each case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf of the Company. The
Members hereby consent to the exercise by the Manager of the powers conferred on them by Law and this Agreement. 

Section 7.03    No Right of Partition. No Member, other than the Manager, shall have the right to seek or
obtain partition by court decree or operation of Law of any property of the Company, or the right to own or use particular or individual assets of the Company. 

Section 7.04    Indemnification. 

(a)    Subject to Section 5.06, the Company hereby agrees to indemnify and hold
harmless any Person (each an “Indemnified Person”) to the fullest extent permitted under applicable Law, as the same now exists or may hereafter be amended, substituted or replaced (but, to the fullest
extent permitted by Law, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing
immediately prior to such amendment), against all expenses, liabilities and losses (including attorneys’ fees, judgments, fines, excise taxes or penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s
Affiliates) by reason of the fact that such Person is or was a Member or an Affiliate thereof (other than as a result of an ownership interest in the Corporation) or is or was serving as the Manager or a director, officer, employee or other agent of
the Manager, or a director, manager, Officer, employee or other agent of the Company or is or was serving at the request of the Company as a manager, officer, director, principal, member, employee or agent of another corporation, partnership, joint
venture, limited liability company, trust or other enterprise; provided, however, that no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable to such Indemnified Person’s or its
Affiliates’ willful misconduct or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants by such Indemnified Person or its Affiliates contained herein or in Other Agreements with the
Company. Reasonable expenses, including out-of-pocket attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the
Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified
Person is not entitled to be indemnified by the Company. 
 (b)    The right to indemnification and the
advancement of expenses conferred in this Section 7.04 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise. 

  
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 (c)    The Company shall maintain directors’ and
officers’ liability insurance, or substantially equivalent insurance, at its expense, to protect any Indemnified Person against any expense, liability or loss described in Section 7.04(a) whether or not the Company
would have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions of this Section 7.04. The Company shall use its commercially reasonable efforts to purchase and maintain
property, casualty and liability insurance in types and at levels customary for companies of similar size engaged in similar lines of business, as determined in good faith by the Manager, and the Company shall use its commercially reasonable efforts
to purchase directors’ and officers’ liability insurance (including employment practices coverage) with a carrier and in an amount determined necessary or desirable as determined in good faith by the Manager. 

(d)    The indemnification and advancement of expenses provided for in this
Section 7.04 shall be provided out of and to the extent of Company assets only. No Member (unless such Member otherwise agrees in writing or is found in a non-appealable decision by a
court of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional Capital Contributions to help satisfy such indemnity of the Company. The Company
(i) shall be the primary indemnitor of first resort for such Indemnified Person pursuant to this Section 7.04 and (ii) shall be fully responsible for the advancement of all expenses and the payment of all damages
or liabilities with respect to such Indemnified Person which are addressed by this Section 7.04. 

(e)    If this Section 7.04 or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.04 to the fullest extent permitted by any applicable portion
of this Section 7.04 that shall not have been invalidated and to the fullest extent permitted by applicable Law. 

Section 7.05    Inspection Rights. Section 18-305(a) of the
Delaware Act (entitled “Access to and Confidentiality of Information; Records”) shall not apply to or be incorporated into this Agreement and each Unitholder hereby expressly waives any and all rights under such Section of the Delaware
Act. 
 ARTICLE VIII 
 BOOKS,
RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS 
 Section 8.01    Records and Accounting. The
Company shall keep, or cause to be kept, appropriate books and records with respect to the Company’s business, including all books and records necessary to provide any information, lists and copies of documents required pursuant to applicable
Laws. All matters concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles IV and V and (b) accounting procedures and determinations, and other
determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination shall be final and conclusive as to all of the Members absent manifest clerical error. 

  
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 Section 8.02    Fiscal Year. The Fiscal Year of the Company
shall end on December 31 of each year or such other date as may be required by the established by the Manager. 
 ARTICLE IX 

TAX MATTERS 

Section 9.01    Preparation of Tax Returns. The Manager shall arrange for the preparation and timely filing of
all tax returns required to be filed by the Company. The Manager shall use reasonable efforts to furnish, within one hundred and eighty (180) days of the close of each Taxable Year, to each Member a completed IRS Schedule K-l (and any
comparable state income tax form) and such other information as is reasonably requested by such Member relating to the Company that is necessary for such Member to comply with its tax reporting obligations. Subject to the terms and conditions of
this Agreement and except as otherwise provided in this Agreement, in its capacity as Partnership Representative, the Corporation shall have the authority to prepare the tax returns of the Company using such permissible methods and elections as it
determines in its reasonable discretion, including without limitation the use of any permissible method under Section 706 of the Code for purposes of determining the varying Units of its Members. 

Section 9.02    Tax Elections. The Taxable Year shall be the Fiscal Year set forth in
Section 8.02, unless otherwise required by Section 706 of the Code. The Manager shall cause the Company and each of its Subsidiaries that is treated as a partnership for U.S. federal income tax purposes to have in
effect an election pursuant to Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for each Taxable Year. The Manager shall take commercially reasonable efforts to cause each Person in which the
Company owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year. Each Member will upon request supply any information reasonably necessary to
give proper effect to any such elections. 
 Section 9.03    Tax Controversies. The Manager shall cause the
Company to take all necessary actions required by Law to designate the Corporation as the “tax matters partner” of the Company within the meaning of Section 6231 of the Code (as in effect prior to repeal of such section pursuant to
the Revised Partnership Audit Provisions) with respect any Taxable Year beginning on or before December 31, 2017. The Manager shall further cause the Company to take all necessary actions required by Law to designate the Corporation as the
“partnership representative” of the Company as provided in Section 6223(a) of the Code with respect to any Taxable Year of the Company beginning after December 31, 2017, and if the “partnership representative” is an
entity, the Corporation is hereby authorized to designate an individual to be the sole individual through which such entity “partnership representative” will act (in such capacities, collectively, the “Partnership
Representative”). The Company and the Members shall cooperate fully with each other and shall use reasonable best efforts to cause the Corporation (or its designated individual, as applicable) to become the Partnership
Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired (and causing any tax matters partner, partnership representative or designated individual designated prior to the
Effective Date to resign, be revoked or replaced, as applicable). The Partnership Representative shall have the right and obligation to take all actions authorized and required, by the Code for the Partnership Representative and is authorized and
required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s 

  
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affairs by tax authorities, including any resulting administrative and judicial proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith.
Each Member agrees to cooperate with the Company and the Partnership Representative and to do or refrain from doing any or all things reasonably requested by the Company or the Partnership Representative with respect to the conduct of such
proceedings. Without limiting the generality of the foregoing, with respect to any audit or other proceeding, the Partnership Representative shall be entitled to cause the Company (and any of its Subsidiaries) to make any available elections
pursuant to Section 6226 of the Code (and similar provisions of state, local and other Law), and the Members shall cooperate to the extent reasonably requested by the Company in connection therewith. The Company shall reimburse the Partnership
Representative for all reasonable out-of-pocket expenses incurred by the Partnership Representative, including reasonable fees of any professional attorneys, in carrying
out its duties as the Partnership Representative. The provisions of this Section 9.03 shall survive the transfer or termination of any Member’s interest in any Units of the Company, the termination of this Agreement
and the termination of the Company, and shall remain binding on each Member for the period of time necessary to resolve all tax matters relating to the Company, and shall be subject to the provisions of the Tax Receivable Agreement, as applicable.

 ARTICLE X 
 RESTRICTIONS ON
TRANSFER OF UNITS; CERTAIN TRANSACTIONS 
 Section 10.01    Transfers by Members. No holder of Units shall
Transfer any interest in any Units, except Transfers (a) pursuant to and in accordance with Sections 10.02 and 10.09 or (b) approved in advance and in writing by the Manager, in the case of Transfers by any Member other than
the Manager, or (c) in the case of Transfers by the Manager, to any Person who succeeds to the Manager in accordance with Section 6.04. Notwithstanding the foregoing, “Transfer” shall not
include any indirect Transfer of Units held by the Manager by virtue of any Transfer of Equity Securities in the Corporation. 

Section 10.02    Permitted Transfers. The restrictions contained in Section 10.01
shall not apply to any of the following Transfers (each, a “Permitted Transfer” and each transferee, a “Permitted Transferee”): (i)(A) a Transfer pursuant to a Redemption or Direct
Exchange in accordance with Article XI hereof or (B) a Transfer by a Member to the Corporation or any of its Subsidiaries, (ii) a Transfer to an Affiliate of such Member or pursuant to applicable laws of descent and distribution or
among such Member’s Family Group (provided that (x) Units may not be Transferred to a Member’s spouse in connection with a divorce proceeding, (y) Unvested Common Units and Unvested Class C Common Incentive Units may not be
Transferred without the written consent of the Manager and (z) such Member retains exclusive voting control of the Units Transferred); provided, however, that (x) the restrictions contained in this Agreement will continue to apply
to Units after any Permitted Transfer of such Units, and (y) in the case of the foregoing clause (ii), the Permitted Transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement, and prior to
such Transfer the transferor will deliver a written notice to the Company and the Members, which notice will disclose in reasonable detail the identity of the proposed Permitted Transferee. In the case of a Permitted Transfer of any Common Units by
any Member that is authorized to hold Class B Common Stock in accordance with the Corporation’s certificate of incorporation to a Permitted Transferee in accordance with this Section 10.02, such Member (or any
subsequent Permitted Transferee of such Member) shall 

  
 41 

 
also transfer a number of shares of Class B Common Stock equal to the number of Common Units that were transferred by such Member (or subsequent Permitted Transferee) in the transaction to
such Permitted Transferee. All Permitted Transfers are subject to the additional limitations set forth in Section 10.07(b). 

Section 10.03    Restricted Units Legend. The Units have not been registered under the Securities Act and,
therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or if an exemption from such registration is then available with respect to such sale.
To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units shall be stamped or otherwise imprinted with a legend in substantially the following
form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED ON JULY 23, 2021, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF RYAN SPECIALTY GROUP, LLC, AS IT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED, OR OTHERWISE MODIFIED FROM
TIME TO TIME, AND RYAN SPECIALTY GROUP, LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY RYAN SPECIALTY GROUP,
LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 The Company shall imprint such legend on certificates (if any) evidencing Units.
The legend set forth above shall be removed from the certificates (if any) evidencing any Units which cease to be Units in accordance with the definition thereof. 

Section 10.04    Transfer. Prior to Transferring any Units, the Transferring holder of Units shall cause the
prospective Permitted Transferee to be bound by this Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate to which the transferor was a party (collectively, the “Other
Agreements”) by executing and delivering to the Company counterparts of this Agreement and any applicable Other Agreements. 

Section 10.05    Assignee’s Rights. 

(a)    The Transfer of a Unit in accordance with this Agreement shall be effective as of the date of such
Transfer (assuming compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits, Losses and other items of the Company shall be allocated between the
transferor and the transferee according to Code Section 706, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date of such Transfer shall be paid to the transferor,
and Distributions made on or after such date shall be paid to the Assignee. 

  
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 (b)    Unless and until an Assignee becomes a Member
pursuant to Article XII, the Assignee shall not be entitled to any of the rights granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; provided,
however, that, without relieving the Transferring Member from any such limitations or obligations as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member
contained herein by which a Member would be bound on account of the Assignee’s Units (including the obligation to make Capital Contributions on account of such Units). 

Section 10.06    Assignor’s Rights and Obligations. Any Member who shall Transfer any Unit
in a manner in accordance with this Agreement shall cease to be a Member with respect to such Units and shall no longer have any rights or privileges, or, except as set forth in this Section 10.06, duties, liabilities or
obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable provisions of Sections 6.08 and 7.04 shall continue to inure to such Person’s benefit), except that unless
and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions of Article XII (the “Admission Date”), (i) such Transferring Member shall retain all
of the duties, liabilities and obligations of a Member with respect to such Units, and (ii) the Manager may, in its sole discretion, reinstate all or any portion of the rights and privileges of such Member with respect to such Units for any
period of time prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers any Units in the Company from any liability of such Member to the Company with respect to such Units that may exist as of the Admission Date
or that is otherwise specified in the Delaware Act or for any liability to the Company or any other Person for any materially false statement made by such Member (in its capacity as such) or for any present or future breaches of any representations,
warranties or covenants by such Member (in its capacity as such) contained herein or in the Other Agreements with the Company. 

Section 10.07    Overriding Provisions. 

(a)    Any Transfer or attempted Transfer of any Units in violation of this Agreement (including any
prohibited indirect Transfers) shall be, to the fullest extent permitted by applicable law, null and void ab initio, and the provisions of Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of
doubt, any Person to whom a Transfer is made or attempted in violation of this Agreement shall not become a Member and shall not have any other rights in or with respect to any rights of a Member of the Company with respect to the applicable Units.
The approval of any Transfer in any one or more instances shall not limit or waive the requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Permitted Transfer pursuant
to this Article X. 
 (b)    Notwithstanding anything contained herein to the contrary (including,
for the avoidance of doubt, the provisions of Section 10.01 and Article XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would: 

  
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 (i)    result in the violation of the Securities Act, or
any other applicable federal, state or foreign Laws; 
 (ii)    cause an assignment under the Investment
Company Act; 
 (iii)    in the reasonable determination of the Manager, be a violation of or a default
(or an event that, with notice or the lapse of time or both, would constitute a default) under, or result in an acceleration of any obligation under any Credit Agreement to which the Company or the Manager is a party; provided that the payee
or creditor to whom the Company or the Manager owes such obligation is not an Affiliate of the Company or the Manager; 

(iv)    be a Transfer to a Person who is not legally competent or who has not achieved his or her majority
of age under applicable Law (excluding trusts for the benefit of minors); 
 (v)    reasonably be
expected to create a material risk that the Company could be treated as a “publicly traded partnership” or could be taxed as a corporation pursuant to Section 7704 of the Code or any successor provision thereto under the Code (as
determined in the sole discretion of the Manager); or 
 (vi)    reasonably be expected to create a
material risk that the Company would have more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury
Regulations Section 1.7704-1(h)(3)) (as determined in the sole discretion of the Manager); provided, for the avoidance of doubt, that in determining whether a Transfer creates a material risk that
the Company would have more than one hundred (100) partners, the Manager may assume in its sole discretion the admission of any number of future additional Members. 

(c)    Notwithstanding anything contained herein to the contrary, in no event shall any Member that is not
a “United States person” within the meaning of Section 7701(a)(30) of the Code Transfer any Units, unless such Member and the transferee have delivered to the Company, in respect of the relevant Transfer, written evidence that all
required withholding under Section 1446(f) of the Code will have been done and duly remitted to the applicable taxing authority or duly executed certifications (prepared in accordance with the applicable Treasury Regulations or other
authorities) of an exemption from such withholding. 
 (d)    Without limiting any of the foregoing, and
notwithstanding any other provision of this Agreement to the contrary, no Member shall Transfer any Units during the 2021 taxable year of the Company unless such Transfer either (x) qualifies as a “block transfer” under Treasury
Regulations Section 1.7704-1(e)(2), or (y) is disregarded pursuant to Treasury Regulations Sections 1.7704-1(e)(1)(ii). 

(e)    For the avoidance of doubt, in the event that a Member (or such Member’s estate) attempts to
Transfer any Units in connection with the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of such Member, such Transfer shall, to 

  
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the extent it is in violation of this Agreement (unless otherwise waived by the Manager), be void ab initio and the provisions of Sections 10.05 and 10.06 shall not apply to
any such Transfers, such that such Member (or such Member’s estate) remains the owner of the applicable Units. 

(f)    In the event that, notwithstanding this Section 10.07 or any other provision in this Agreement,
a Transfer is required pursuant to applicable Law, immediately prior to such Transfer, the Units subject to such Transfer shall be redeemed in accordance with the provisions of Section 11.01 and Section 11.05, as applicable, such that in
no event shall the transferee in respect of such Transfer become a Member of the Company at any time. 

Section 10.08    Spousal Consent. In connection with the execution and delivery of this Agreement, any Member
who is a natural person will deliver to the Company an executed consent from such Member’s spouse (if any) in the form of Exhibit B-l attached hereto or a Member’s spouse confirmation of
separate property in the form of Exhibit B-2 attached hereto. If, at any time subsequent to the date of this Agreement such Member becomes legally married (whether in the first instance or to a
different spouse), such Member shall cause his or her spouse to execute and deliver to the Company a consent in the form of Exhibit B-l or Exhibit B-2
attached hereto. Such Member’s non-delivery to the Company of an executed consent in the form of Exhibit B-l or Exhibit
B-2 at any time shall constitute such Member’s continuing representation and warranty that such Member is not legally married as of such date. 

Section 10.09    Certain Transactions with respect to the Corporation. 

(a)    In connection with a Change of Control Transaction, the Manager shall have the right, in its sole
discretion, to require each Member to effect (x) an Exchange of all of such Member’s Vested and Unvested Class C Common Incentive Units (if any) pursuant to Section 11.05 and thereafter (y) a Redemption
of all or a portion of such Member’s Units together with an equal number of shares of Class B Common Stock, pursuant to which such Units and such shares of Class B Common Stock will be exchanged for shares of Class A Common Stock
(or economically equivalent cash or securities of a successor entity), mutatis mutandis, in accordance with the Redemption provisions of Article XI (applied for this purpose as if the Corporation had delivered an Election Notice that
specified a Share Settlement with respect to such Redemption) and otherwise in accordance with this Section 10.09(a). Any such Redemption pursuant to this Section 10.09(a) shall be effective
immediately prior to the consummation of such Change of Control Transaction (and, for the avoidance of doubt, shall be contingent upon the consummation of such Change of Control Transaction and shall not be effective if such Change of Control
Transaction is not consummated) (the date of such Redemption pursuant to this Section 10.09(a), the “Change of Control Date”). From and after the Change of Control Date,
(i) the Units and any shares of Class B Common Stock subject to such Redemption shall be deemed to be transferred to the Corporation on the Change of Control Date and (ii) each such Member shall cease to have any rights with respect
to the Units and any shares of Class B Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock (or economically equivalent cash or equity securities in a successor entity) pursuant to such
Redemption). In the event the Manager desires to initiate the provisions of this Section 10.09, the Manager shall provide written notice of an expected Change of 

  
 45 

 
Control Transaction to all Members within the earlier of (x) five (5) Business Days following the execution of an agreement with respect to such Change of Control Transaction and
(y) ten (10) Business Days before the proposed date upon which the contemplated Change of Control Transaction is to be effected, including in such notice such information as may reasonably describe the Change of Control Transaction, subject to
Law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares of Class A Common Stock in the Change of Control Transaction and any election
with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with a Change of Control Transaction (which election shall be available to each Member on the same
terms as holders of shares of Class A Common Stock). Following delivery of such notice and on or prior to the Change of Control Date, the Members shall take all actions reasonably requested by the Corporation to effect such Redemption in
accordance with the terms of Article XI, including taking any action and delivering any document required pursuant to this Section 10.09(a) to effect such Redemption. Notwithstanding the foregoing, in the event the
Manager requires the Members to exchange less than all of their outstanding Units (and to surrender a corresponding number of shares of Class B Common Stock for cancellation), each Member’s participation in the Change of Control
Transaction shall be reduced pro rata. In the event that any Unvested Class C Common Incentive Units participate in a Change of Control Transaction, all consideration payable with respect thereto shall (except as otherwise
determined by the Manager) be subject to the same vesting, forfeiture and other provisions. 
 (b)    In
the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization, or similar transaction with respect to Class A Common Stock (a “Pubco Offer”) is proposed by the Corporation
or is proposed to the Corporation or its stockholders and approved by the Corporate Board or is otherwise effected or to be effected with the consent or approval of the Corporate Board, the Manager shall provide written notice of the Pubco Offer to
all Members within the earlier of (i) five (5) Business Days following the execution of an agreement (if applicable) with respect to, or the commencement of (if applicable), such Pubco Offer and (ii) ten (10) Business Days before the
proposed date upon which the Pubco Offer is to be effected, including in such notice such information as may reasonably describe the Pubco Offer, subject to Law, including the date of execution of such agreement (if applicable) or of such
commencement (if applicable), the material terms of such Pubco Offer, including the amount and types of consideration to be received by holders of shares of Class A Common Stock in the Pubco Offer, any election with respect to types of
consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such Pubco Offer, and the number of Units (and the corresponding shares of Class B Common Stock) held by such Member
that is applicable to such Pubco Offer. The Members (other than the Manager) shall be permitted to participate in such Pubco Offer by delivering a written notice of participation that is effective immediately prior to the consummation of such Pubco
Offer (and that is contingent upon consummation of such offer), and shall include such information necessary for consummation of such offer as requested by the Corporation. In the case of any Pubco Offer that was initially proposed by the
Corporation, the Corporation shall use reasonable best efforts to enable and permit the Members (other 

  
 46 

 
than the Manager) to participate in such transaction to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock, and to enable such Members to
participate in such transaction without being required to exchange Units or shares of Class B Common Stock prior to the consummation of such transaction. For the avoidance of doubt, in no event shall Members be entitled to receive in such Pubco
Offer aggregate consideration for each Common Unit that is greater than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco Offer (it being understood that payments under or in respect of the
Tax Receivable Agreement shall not be considered part of any such consideration). 
 (c)    In the event
that a transaction or proposed transaction constitutes both a Change of Control Transaction and a Pubco Offer, the provisions of Section 10.09(a) shall take precedence over the provisions of
Section 10.09(b) with respect to such transaction, and the provisions of Section 10.09(b) shall be subordinate to provisions of Section 10.09(a), and may only be triggered
if the Manager elects to waive the provisions of Section 10.09(a). 

Section 10.10    Unvested Common Units. With respect to any shares of Class B Common Stock corresponding
to Unvested Common Units, the Member holding such shares of Class B Common Stock shall abstain from voting any such shares of Class B Common Stock with respect to any matter to be voted on or considered by the stockholders of the
Corporation at any annual or special meeting of the stockholders of the Corporation or action by written consent of the stockholders of the Corporation unless and until such time as such Common Units have vested in accordance with the applicable
Equity Plan or Individual Award Agreement. 
 ARTICLE XI 

REDEMPTION AND DIRECT EXCHANGE RIGHTS 

Section 11.01    Redemption Right of a Member. 

(a)    At any time and from time to time from and after the date of the IPO, and subject to (A) in the
case of Service Provider Members, the terms of any applicable Award Agreement and any Black-Out Period and (B) the waiver or expiration of the lock-up period in the
Corporation’s IPO or any other contractual lock-up period relating to the shares of the Corporation (or any corresponding Units) that may be applicable to such Member, each Member (other than the
Corporation and its Subsidiaries) shall be entitled to cause the Company to redeem (a “Redemption”) all or any portion of its Common Units (excluding, for the avoidance of doubt, any Common Units that are
subject to vesting conditions or the Transfer of which is prohibited pursuant to Sections 10.07(b), 10.07(c) or 10.07(d) of this Agreement) in whole or in part (the “Redemption Right”). A Member
desiring to exercise its Redemption Right (each, a “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption Notice”) to the Company
with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units (the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem and a date, not less than three
(3) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager in its sole discretion agrees in writing to waive such time periods), on which exercise of the

  
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Redemption Right shall be completed (the “Redemption Date”), provided, that the Company, the Corporation and the Redeeming Member may change the
number of Redeemed Units and/or the Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided, further, that in the event the Corporation elects a Share
Settlement, the Redemption may be conditioned (including as to timing) by the Redeeming Member on the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption.
Subject to Section 11.03 and unless the Redeeming Member timely has delivered a Retraction Notice as provided in Section 11.01(c) or has revoked or delayed a Redemption as provided in
Section 11.01(d), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date): 

(i)    the Redeeming Member shall Transfer and surrender, free and clear of all liens and encumbrances
(x) the Redeemed Units to the Company (including any certificates representing the Redeemed Units if they are certificated), and (y) a number of shares of Class B Common Stock (together with any Corresponding Rights) equal to the
number of Redeemed Units to the Corporation, to the extent applicable; 
 (ii)    the Company shall
(x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member is entitled under Section 11.01(b), and (z) if the Units are certificated, issue to the
Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (i) of this
Section 11.01(a) and the Redeemed Units; and 
 (iii)    the Corporation shall
cancel and retire for no consideration the shares of Class B Common Stock (together with any Corresponding Rights) that were Transferred to the Corporation pursuant to Section 11.01(a)(i)(y) above. 

(b)    The Corporation shall have the option (as determined solely by a majority of its directors who are
disinterested) as provided in Section 11.02 to elect to have the Redeemed Units be redeemed in consideration for either a Share Settlement or a Cash Settlement; provided, for the avoidance of doubt, that the
Corporation may elect to have the Redeemed Units be redeemed in consideration for a Cash Settlement only to the extent that the Corporation has cash available in an amount equal to at least the Redeemed Units Equivalent which was received pursuant
to a Secondary Offering. The Corporation shall give written notice (the “Election Notice”) to the Company (with a copy to the applicable Redeeming Member) of such election within two (2) Business Days of
receiving the Redemption Notice; provided, that if the Corporation does not timely deliver an Election Notice, the Corporation shall be deemed to have elected the Share Settlement method. If the Corporation elects a Share Settlement
(including in connection with a Direct Exchange pursuant to Section 11.03), the Corporation shall deliver or cause to be delivered the number of shares of Class A Common Stock deliverable upon such Share
Settlement as promptly as practicable (but not later than three (3) Business Days) after the Redemption 

  
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Date, at the offices of the then-acting registrar and transfer agent of the shares of Class A Common Stock (or, if there is no then-acting registrar and transfer agent of Class A Common
Stock, at the principal executive offices of the Corporation), registered in the name of the relevant Redeeming Member (or in such other name as is requested in writing by the Redeeming Member), in certificated or uncertificated form, as determined
by the Corporation; provided, that to the extent the shares of Class A Common Stock are settled through the facilities of The Depository Trust Company, upon the written instruction of the Redeeming Member set forth in the Redemption
Notice, the Corporation shall use its commercially reasonable efforts to deliver the shares of Class A Common Stock deliverable to such Redeeming Member through the facilities of The Depository Trust Company, to the account of the participant
of The Depository Trust Company designated by such Redeeming Member by no later than the close of business on the Business Day immediately following the Redemption Date. Notwithstanding anything to the contrary in this Agreement or any Award
Agreement, in no event may the Company and the Corporation effect a Cash Settlement unless the Redeemed Units have been outstanding and Vested for at least six (6) months prior to the date of the Redemption Notice. 

(c)    In the event the Corporation elects the Cash Settlement in connection with a Redemption, the
Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to the Corporation) within three (3) Business Days of delivery of the
Election Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the Company’s and the Corporation’s rights and obligations under this Section 11.01 arising from the
Redemption Notice. 
 (d)    In the event the Corporation elects a Share Settlement in connection with a
Redemption, a Redeeming Member shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: 

(i)    any registration statement pursuant to which the resale of the Class A Common Stock to be
registered for such Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective;

 (ii)    the Corporation shall have failed to cause any related prospectus to be supplemented by any
required prospectus supplement necessary to effect such Redemption; 
 (iii)    the Corporation shall
have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at
or immediately following the consummation of the Redemption; 
 (iv)    the Redeeming Member is in
possession of any material non-public information concerning the Corporation, the receipt of which results in such 

  
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Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Corporation does
not permit disclosure of such information); 
 (v)    any stop order relating to the registration
statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; 

(vi)    there shall have occurred a material disruption in the securities markets generally or in the
market or markets in which the Class A Common Stock is then traded; 
 (vii)    there shall be in
effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; or 

(viii)    the Corporation shall have failed to comply in all material respects with its obligations under
the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such Redemption pursuant to an effective registration statement.

 If a Redeeming Member delays the consummation of a Redemption pursuant to this Section 11.01(d), the Redemption
Date shall occur on the fifth (5th) Business Day following the date on which the condition(s) giving rise to such delay cease to exist (or such earlier day as the Corporation, the Company and such Redeeming Member may agree in writing). 

(e)    The number of shares of Class A Common Stock (or Redeemed Units Equivalent, if applicable)
(together with any Corresponding Rights) applicable to any Share Settlement or Cash Settlement shall not be adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends previously paid with respect to
Class A Common Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with respect to the Redeemed Units but
prior to payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member Transferred and surrendered the
Redeemed Units to the Company prior to such date. 
 (f)    In the case of a Share Settlement, in the
event a reclassification or other similar transaction occurs following delivery of a Redemption Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security, then a Redeeming
Member shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding Rights) that the Redeeming Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred
immediately prior to the record date of such reclassification or other similar transaction. 

  
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 (g)    Notwithstanding anything to the contrary
contained herein, neither the Company nor the Corporation shall be obligated to effectuate a Redemption if such Redemption could reasonably be expected to create a material risk (as determined in the sole discretion of the Manager) of the Company
being treated as a “publicly traded partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor provisions of the Code. 

Section 11.02    Election and Contribution of the Corporation. Unless the Redeeming Member has timely
delivered a Retraction Notice as provided in Section 11.01(c), or has revoked or delayed a Redemption as provided in Section 11.01(d), subject to Section 11.03 on the
Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall make a Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement, as determined
by the Corporation in accordance with Section 11.01(b)). and (ii) in the event of a Share Settlement, the Company shall issue to the Corporation a number of Common Units equal to the number of Redeemed Units
surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, but subject to Section 11.03, in the event that the Corporation elects a Cash Settlement, the Corporation shall
only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the Redeemed Units Equivalent with respect to such Cash Settlement, which in no event shall exceed the amount actually paid by the Company to the
Redeeming Member as the Cash Settlement. The timely delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’s rights and obligations under this Section 11.02 arising from the
Redemption Notice. 
 Section 11.03    Direct Exchange Right of the Corporation. 

(a)    Notwithstanding anything to the contrary in this Article XI (save for the limitations set
forth in Section 11.01(b) regarding the Corporation’s option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of the Members under Section 11.01,
including the right to revoke a Redemption Notice), the Corporation may, in its sole and absolute discretion (as determined solely by a majority of its directors who are disinterested) (subject to the timing limitations set forth on such discretion
in Section 11.01(b)), elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or the Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and the Share
Settlement or the Cash Settlement, as applicable, between the Redeeming Member and the Corporation (a “Direct Exchange”) (rather than contributing the Share Settlement or the Cash Settlement, as the case may be,
to the Company in accordance with Section 11.02 for purposes of the Company redeeming the Redeemed Units from the Redeeming Member in consideration of the Share Settlement or the Cash Settlement, as applicable). Upon such
Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units. 

(b)    The Corporation may, at any time prior to a Redemption Date (including after delivery of an Election
Notice pursuant to Section 11.01(b)), deliver written notice (an “Exchange Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its right to
consummate a Direct Exchange; provided, that such 

  
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election is subject to the limitations set forth in Section 11.01(b) and does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct
Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time; provided, that any such revocation does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct
Exchange on the Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all of the Redeemed Units that would have otherwise been subject to a Redemption. 

(c)    Except as otherwise provided by this Section 11.03, a Direct Exchange
shall be consummated pursuant to the same timeframe as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows: 

(i)    the Redeeming Member shall transfer and surrender, free and clear of all liens and encumbrances
(x) the Redeemed Units and (y) a number of shares of Class B Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units, to the extent applicable, in each case, to the Corporation; 

(ii)    the Corporation shall (x) issue or pay to the Redeeming Member the Share Settlement or the
Cash Settlement, as applicable, and (y) cancel and retire for no consideration the shares of Class B Common Stock (together with any Corresponding Rights) that were Transferred to the Corporation pursuant to
Section 11.03(c)(i)(y) above; and 
 (iii)    the Company shall
(x) register the Corporation as the owner of the Redeemed Units and (y) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common
Units evidenced by the certificate surrendered by the Redeeming Member pursuant to Section 11.03(c)(i)(x) and the Redeemed Units, and issue to the Corporation a certificate for the number of Redeemed Units. 

Section 11.04    Reservation of shares of Class A Common Stock; Listing; Certificate of the
Corporation. 
 (a)    At all times the Corporation shall reserve and keep available out of its
authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Share Settlement in connection with a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such
Share Settlement pursuant to a Redemption or Direct Exchange; provided, that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Share Settlement pursuant to a
Redemption or Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation) or by way of Cash Settlement. The Corporation shall deliver Class A Common Stock that has been
registered under the Securities Act with respect to any Share Settlement pursuant to a Redemption or Direct Exchange to the extent a registration statement is effective and available with respect to such shares; provided, all such

  
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unregistered shares of Class A Common Stock (if any) shall be entitled to the registration rights set forth in the Registration Rights Agreement if the holders thereof are party to the
Registration Rights Agreement and have such rights thereunder. The Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any such Share Settlement pursuant to a Redemption or
Direct Exchange prior to such delivery upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Share Settlement pursuant to a Redemption or Direct Exchange (it being
understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation covenants that all shares of Class A Common Stock issued in connection with a Share Settlement pursuant to a Redemption
or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article XI shall be interpreted and applied in a manner consistent with any corresponding
provisions of the Corporation’s certificate of incorporation (if any). 
 (b)    Prior to any
Redemption or Direct Exchange effected pursuant to this Agreement, the Corporation shall 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 to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions from, or dispositions to, the Corporation of equity securities of the Corporation (including derivative securities with respect
thereto) and any securities that may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each officer or director of the Corporation,
including any director by deputization. The authorizing resolutions shall be approved by either the Corporate Board or a committee thereof composed solely of two or more Non-Employee Directors (as defined in
Rule 16b-3) of the Corporation with the authorizing resolutions specifying the name of each such director whose acquisition or disposition of securities is to be exempted and the number of securities that may
be acquired and disposed of by each such Person pursuant to this Agreement. 
 Section 11.05    Exchange of
Class C Common Incentive Units. From and after the date of the IPO, and subject to (A) in the case of Service Provider Members, the terms of any applicable Award Agreement and any
Black-Out Period and (B) the waiver or expiration of the lock-up period in the Corporation’s IPO or any other contractual
lock-up period relating to the shares of the Corporation (or any corresponding Units) that may be applicable to such Member, each Member (other than the Manager) shall be entitled to cause the Company to
exchange (an “Exchange”) its vested Class C Common Incentive Units, in whole or in part (the “Exchange Right”) at any time and from time to time for a
number of New Common Units determined with respect to such vested Class C Common Incentive Units and in accordance with the terms set forth below; provided, that such Exchange shall not be permitted if such Class C Common Incentive Units
would be entitled to zero New Common Units pursuant to this Section 11.05. A Member desiring to exercise its Exchange Right (an “Exchanging Member”) shall exercise such right by giving written notice (including,
if permitted by the Company, in electronic form) (the “Exchange Notice”) to the Company and the Corporation. The Exchange Notice shall specify the number and identity (including the relevant then-unsatisfied Class C
Common Incentive Unit Return Threshold) of Class C Common Incentive Units (the “Exchanged Class C Common Incentive Units”) that the Exchanging Member intends to have the
Company exchange and a date, not less than two (2) 

  
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Business Days nor more than ten (10) Business Days after delivery of such Exchange Notice (unless and to the extent that the Manager in its sole discretion agrees in writing to waive such
time periods), on which exercise of the Exchange Right shall be completed (the “Exchange Date”); provided, that the Company and the Exchanging Member may change the number of Exchanged Class C Common Incentive Units
and/or the Exchange Date specified in such Exchange Notice to another number and/or date by mutual agreement signed in writing (including, if permitted by the Company, in electronic form) by each of the Company and PubCo. On the Exchange Date (to be
effective immediately prior to the close of business on the Exchange Date): (a) the Exchanging Member shall Transfer and surrender, free and clear of all liens and encumbrances, the Exchanged Class C Common Incentive Units to the Company and
(b) the Company shall (i) cancel the Exchanged Class C Common Incentive Units, (ii) issue to the Exchanging Member the New Common Units applicable to the Exchanged Class C Common Incentive Units and (iii) if the
Exchanged Class C Common Incentive Units are certificated, issue to the Exchanging Member a certificate for a number of Class C Common Incentive Units equal to the difference (if any) between the number of Class C Common Incentive
Units evidenced by the certificate surrendered by the Exchanging Member and the Exchanged Class C Common Incentive Units. Upon issuance of the New Common Units, such New Common Units shall immediately be subject to all of the provisions herein
applicable to Common Units, including the Redemption provisions contained in this Article XI, and notwithstanding anything herein to the contrary, immediately upon consummation of any Exchange, the Exchanging Member shall be required to
initiate its Redemption Right with respect to the New Common Units received in such Exchange, and therefore the provisions of the foregoing Section 11.01 shall be deemed to apply as though the applicable Member had sent a
Redemption Notice thereunder on the date that it sent the Exchange Notice under this Section 11.05, such that the Redemption occurs on the same day as, and immediately following, the Exchange. 

Section 11.06    Effect of Exercise of Redemption or Direct Exchange. This Agreement shall continue
notwithstanding the consummation of a Redemption or Direct Exchange by a Member and all rights set forth herein shall continue in effect with respect to the remaining Members and, to the extent the Redeeming Member has a remaining Unit following
such Redemption or Direct Exchange, the Redeeming Member. No Redemption or Direct Exchange shall relieve a Redeeming Member, the Company or the Corporation of any prior breach of this Agreement by such Redeeming Member, the Company or the
Corporation. 
 Section 11.07    Tax Treatment. Unless otherwise required by applicable Law, the parties
hereto acknowledge and agree that a Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal and applicable state and local income tax purposes. 

Section 11.08    Company Exchange and Redemption Right. At any time following the occurrence of a Triggering
Event with respect to a Member, the Company shall have the right to (a) require such Member and its Affiliates to engage in an Exchange pursuant to Section 11.05 covering all, but not less than all, of the Class C
Common Incentive Units held by such Member and subsequently (b) require such Member and its Affiliates to engage in a Redemption transaction with the Company covering all, but not less than all, of the Units held by such Member (including, for
the avoidance of doubt, any Common Units received by such Member and its Affiliates pursuant to any Exchange under clause (a) (the “Company Redemption Right”). The Company 

  
 54 

 
shall exercise the Company Redemption Right by delivering written notice to such Member (the “Company Redemption Notice”), which notice shall specify the Redemption Date
and whether the redemption shall be effected through a Cash Settlement, a Share Settlement or a Direct Exchange. The Member whose Units are the subject of the Redemption Notice shall not have the right to deliver a Retraction Notice or otherwise
cancel or reverse the Company’s decision to proceed with the Redemption. Except as otherwise provided in this Section 11.07, the Company Redemption Right shall be settled in accordance with the provisions of this
Article XI. Notwithstanding anything in this Article XI, the Company’s right to cause a Redemption and/or Exchange under this Section shall apply to any and all Units (including those Units that are subject to vesting conditions
held by a Member and its Affiliates), and any Shares received in exchange or redemption of any such Units which are subject to vesting conditions shall be subject to the same vesting conditions and in the same proportions as such Units. 

ARTICLE XII 
 ADMISSION OF MEMBERS

 Section 12.01    Substituted Members. Subject to the provisions of Article X hereof, in connection
with the Permitted Transfer of a Unit hereunder, the Permitted Transferee shall become a Substituted Member on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such
Transfer, and such admission shall be shown on the books and records of the Company, including the Schedule of Members. 

Section 12.02    Additional Members. Subject to the provisions of Article X hereof, any Person that is
not a Member as of the Effective Date may be admitted to the Company as an additional Member (any such Person, an “Additional Member”) only upon furnishing to the Manager (a) duly executed Joinder and
counterparts to any applicable Other Agreements and (b) such other documents or instruments as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering into such documents as may
reasonably be requested by the Manager). Such admission shall become effective on the date on which the Manager determines in its sole discretion that such conditions have been satisfied and when any such admission is shown on the books and records
of the Company, including the Schedule of Members. 
 ARTICLE XIII 

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS 

Section 13.01    Withdrawal and Resignation of Members. Except in the event of Transfers pursuant to
Section 10.06 and the Manager’s right to resign pursuant to Section 6.03, no Member shall have the power or right to withdraw or otherwise resign as a Member from the Company prior to the
dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts to withdraw or otherwise resign as a Member from the Company without the prior written consent of the Manager upon or following the
dissolution and winding up of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from the Company to which such Member is entitled pursuant to Article XIV, shall be liable to the
Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Member. Upon a Transfer of all of a Member’s Units in a Transfer
permitted by this Agreement, subject to the provisions of Section 10.06, such Member shall cease to be a Member. 

  
 55 

 ARTICLE XIV 

DISSOLUTION AND LIQUIDATION 

Section 14.01    Dissolution. The Company shall not be dissolved by the admission of Additional Members or
Substituted Members or the attempted withdrawal, removal, dissolution, bankruptcy or resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon: 

(a)    the decision of the Manager together with the written approval of the Members holding a majority of
the Common Units to dissolve the Company (excluding for purposes of such calculation the Corporation and all Common Units held directly or indirectly by it); 

(b)    a dissolution of the Company under Section 18-801(4) of the Delaware Act, unless the Company is
continued without dissolution pursuant thereto; 
 (c)    the entry of a decree of judicial dissolution
of the Company under Section 18-802 of the Delaware Act; or 
 (d)    the termination of the legal
existence of the last remaining Member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining Member of the Company in the Company unless the Company is continued without dissolution in a
manner permitted by this Agreement or the Act. 
 Except as otherwise set forth in this Article XIV, the Company is intended to have perpetual
existence. An Event of Withdrawal shall not in and of itself cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

Section 14.02    Winding up. Subject to Section 14.05, on dissolution of the
Company, the Manager shall act as liquidating trustee or may appoint one or more Persons as liquidating trustee (each such Person, a “Liquidator”). The Liquidators shall proceed diligently to wind up the affairs
of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be borne as an expense of the Company. Until final distribution, the Liquidators shall, to the fullest extent permitted by
applicable Law, continue to operate the properties of the Company with all of the power and authority of the Manager. The steps to be accomplished by the Liquidators are as follows: 

(a)    as promptly as possible after dissolution and again after final liquidation, the Liquidators shall
cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is
completed, as applicable; 
 (b)    the Liquidators shall pay, satisfy or discharge from the
Company’s funds, or otherwise make adequate provision for payment and discharge thereof (including, 

  
 56 

 
without limitation, the establishment of a cash fund for contingent, conditional and unmatured liabilities in such amount and for such term as the liquidators may reasonably determine) the
following: first, all of the debts, liabilities and obligations of the Company owed to creditors other than the Members in satisfaction of the liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof),
including all expenses incurred in connection with the liquidations; and second, all of the debts, liabilities and obligations of the Company owed to the Members (other than any payments or distributions owed to such Members in their capacity as
Members pursuant to this Agreement); and 
 (c)    following any payments pursuant to the foregoing
Section 14.02(b), all remaining assets of the Company shall be distributed to the Members in accordance with Section 4.01(a) by the end of the Taxable Year during which the liquidation of the
Company occurs (or, if later, by ninety (90) days after the date of the liquidation). 
 The distribution of cash and/or property to
the Members in accordance with the provisions of this Section 14.02 and Section 14.03 below shall constitute a complete return to the Members of their Capital Contributions, a complete distribution
to the Members of their interest in the Company and all of the Company’s property and shall constitute a compromise to which all Members have consented within the meaning of the Delaware Act. To the extent that a Member returns funds to the
Company, it has no claim against any other Member for those funds. 
 Section 14.03    Deferment; Distribution
in Kind. Notwithstanding the provisions of Section 14.02, but subject to the order of priorities set forth therein, if upon dissolution of the Company the Liquidators determine that an immediate sale of part or all of
the Company’s assets would be impractical or would cause undue loss (or would otherwise not be beneficial) to the Members, the Liquidators may, in their sole discretion and the fullest extent permitted by applicable Law, defer for a reasonable
time the liquidation of any assets except those necessary to satisfy the Company’s liabilities (other than loans to the Company by any Member(s)) and reserves. Subject to the order of priorities set forth in
Section 14.02, the Liquidators may, in their sole discretion, distribute to the Members, in lieu of cash, either (a) all or any portion of such remaining assets in-kind of the
Company in accordance with the provisions of Section 14.02(c), (b) as tenants in common and in accordance with the provisions of Section 14.02(c), undivided interests in all or any portion of such
assets of the Company or (c) a combination of the foregoing. Any such Distributions in-kind shall be subject to (y) such conditions relating to the disposition and management of such assets as the
Liquidators deem reasonable and equitable and (z) the terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time. Any assets of the Company distributed in kind will first be
written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Article V. The Liquidators shall determine the Fair Market Value of any property distributed. 

Section 14.04    Cancellation of Certificate. On completion of the winding up of the Company as provided
herein, the Manager (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation of the Certificate with the Secretary of State of Delaware, cancel any other filings made pursuant to this
Agreement that should be canceled and take such other actions as may be necessary to terminate the existence of the Company. The Company shall continue in existence for all purposes of this Agreement until it is terminated pursuant to this
Section 14.04. 

  
 57 

 Section 14.05    Reasonable Time for Winding Up. A
reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant upon such
winding up. 
 Section 14.06    Return of Capital. The Liquidators shall not be personally liable for the
return of Capital Contributions or any portion thereof to the Members (it being understood that any such return shall be made solely from assets of the Company). 

ARTICLE XV 
 GENERAL PROVISIONS

 Section 15.01    Power of Attorney. 

(a)    Each Member hereby constitutes and appoints the Manager (or the Liquidator, if applicable) with full
power of substitution, as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to: 

(i)    execute, swear to, acknowledge, deliver, file and record in the appropriate public offices
(A) this Agreement, all certificates and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State
of Delaware and in all other jurisdictions in which the Company may conduct business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this
Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate or necessary to reflect the dissolution, winding up and termination of the Company pursuant to the terms of this
Agreement, including a certificate of cancellation; (D) all instruments relating to the admission, substitution or resignation of any Member pursuant to Article XII or Article XIII; and (E) the limited liability company
agreement for New RSG Holdings and other instruments in connection with the formation and initial capitalization thereof as contemplated by Section 15.18 of this Agreement; and 

(ii)    sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and
other instruments appropriate or necessary, in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Members hereunder or is consistent with the
terms of this Agreement, in the reasonable judgment of the Manager, to effectuate the terms of this Agreement. 

(b)    The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the
death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member and the transfer of all or any portion of his, her or its Units and shall extend to such Member’s heirs, successors, assigns and personal
representatives. 

  
 58 

 Section 15.02    Confidentiality. 

Each of the Members (other than the Corporation) agrees that, without limiting the applicability of any other agreement to which any Member
may be subject, no Member shall directly or indirectly disclose or use (other than solely for the purpose of such Member monitoring and analyzing such Member’s investment made herein) at any time, including without limitation use for commercial
or proprietary advantage or profit, either during his, her or its association or employment with the Company or thereafter, any Confidential Information of which such Member is or becomes aware. Each Member in possession of Confidential Information
shall take all appropriate steps to safeguard such information and to protect it against disclosure, misuse, espionage, loss and theft. “Confidential Information” as used herein includes all nonpublic
information concerning the Company or its Subsidiaries including, but not limited to, ideas, business strategies, innovations and materials, all aspects of the Company’s business plan, proposed operation and products, operating practices and
methods, corporate structure, financial and organizational information, analyses, expansion plans, strategic plans, marketing plans, contracts, customer lists or other business documents which the Company treats as confidential, designs, employees
and their identities, equity ownership, the methods and means by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company’s business. With respect to
each Member, Confidential Information does not include information or material that: 
 (a)    (i) is
rightfully in the possession of such Member at the time of disclosure by the Company; (ii) before or after it has been disclosed to such Member by the Company, becomes part of public knowledge, not as a result of any action or inaction of such
Member in violation of this Agreement; or (iii) is approved for release by written authorization of the Corporate Board or the Manager, or any other officer designated by the Manager. 

(b)    Notwithstanding the foregoing, a Member may disclose Confidential Information to the extent
(i) the disclosure is necessary for the Member and/or the Company’s employees, agents, representatives and advisors to fulfill their duties to the Company pursuant to this Agreement and/or other written agreements or (ii) the
disclosure is required by Law, court order, subpoena or legal process or to comply with the requirements of a state or federal regulatory authority. 

(c)    Upon expiration or other termination of a Member’s interest in the Company, that Member may not
take any of the Confidential Information, and that Member shall promptly return to the Company all Confidential Information in that Member’s possession or control. 

Section 15.03    Amendments. Except as otherwise contemplated by this Agreement, this Agreement may be amended
or modified upon the written consent of the Manager, together with the written consent of the holders of a majority of the Common Units then outstanding (excluding all Common Units held directly or indirectly by the Corporation). Notwithstanding the
foregoing, no amendment or modification: 

  
 59 

 (a)    to this Section 15.03
may be made without the prior written consent of the Manager and the holders of a majority of the Units; 

(b)    to any of the terms and conditions of this Agreement which terms and conditions expressly require
the approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on such matter; and 

(c)    to any of the terms and conditions of this Agreement which would (A) reduce the amounts
distributable to a Member pursuant to Articles IV and XIV in a manner that is not pro rata with respect to all Members, (B) increase the liabilities of such Member hereunder, (C) otherwise materially and adversely
affect a holder of Units (with respect to such Units) in a manner materially disproportionate to any other holder of Units of the same class or series (with respect to such Units) (other than amendments, modifications and waivers necessary to
implement the provisions of Article XII) or (D) materially and adversely affect the rights of any Member under Section 3.04, Section 3.05, Section 7.01,
Section 7.04, Article X or Article XI, shall be effective against such affected Member or holder of Units, as the case may be, without the prior written consent of the holders a majority of such affected
Units, as the case may be. 
 Notwithstanding any of the foregoing, the Manager may make any amendment (i) of an administrative nature
that is necessary in order to implement the substantive provisions hereof, without the consent of any other Member; provided, that any such amendment does not adversely change the rights of the Members hereunder in any respect, or
(ii) to reflect any changes to the Class A Common Stock or Class B Common Stock or the issuance of any other capital stock of the Corporation; provided, that in each case of the foregoing clauses and notwithstanding anything
herein to the contrary, so long as the Tax Receivable Agreement remains outstanding and in effect, no amendment or modification may be made to this Agreement that is adverse to the TRA Holders without the prior written consent of a majority of the
TRA Holder Representative (as defined in the Tax Receivable Agreement). 
 Section 15.04    Title to Company
Assets. Company assets shall be owned by the Company as an entity, and no Member, individually or collectively, shall have any ownership interest in such assets of the Company or any portion thereof. The Company shall hold title to all of its
property in the name of the Company and not in the name of any Member. All assets of the Company shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such assets is held. The
Company’s credit and assets shall be used solely for the benefit of the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member. 

Section 15.05    Addresses and Notices. All notices and other communications to be given to any party
hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or when received in the form of an electronic transmission (receipt confirmation requested), and shall be
directed to the address set forth, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the Company or the sending party. 

  
 60 

 To the Company: 

Ryan Specialty Group, LLC 

Two Prudential Plaza 

180 N. Stetson 

Suite 4600 

Chicago, IL 60601 

Attn: 

Email: 
 with a copy (which copy
shall not constitute notice) to: 
 Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

 Attn: Robert M. Hayward, P.C. 

Facsimile: [****] 
 E-mail: [****] 
 To the Corporation: 

Ryan Specialty Group Holdings, Inc. 

Two Prudential Plaza 
 180 N.
Stetson 
 Suite 4600 
 Chicago,
IL 60601 
 Attn: 
 Email: 

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

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

 Attn: Robert M. Hayward, P.C. 

Facsimile: [****] 
 E-mail: [****] 
 To the Members, as set forth on the Schedule of Members. 

Section 15.06    Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.07    Creditors. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the 

  
 61 

 
terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Profits, Losses, Distributions,
capital or property of the Company other than as a secured creditor. 
 Section 15.08    Waiver. No failure
by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other
covenant, duty, agreement or condition. 
 Section 15.09    Counterparts. This Agreement may be executed in
separate counterparts, each of which will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

Section 15.10    Applicable Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Delaware. Any suit, dispute, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement shall be heard in the state or federal courts of the State of Delaware,
and the parties hereby consent to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD, WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY SUCH COURT (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT) AND
SHALL HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE. WITHOUT LIMITING THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT THE
ADDRESS REFERRED TO IN SECTION 15.05 (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT), TOGETHER WITH WRITTEN NOTICE OF SUCH SERVICE TO SUCH PARTY, SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY.

 Section 15.11    Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 Section 15.12    Further Action. The parties
shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 

  
 62 

 Section 15.13    Execution and Delivery by Electronic Signature
and Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection with this Agreement or contemplated hereby or entered into by the Company in accordance herewith, and any amendments hereto or thereto,
to the extent signed and delivered by means of an electronic signature and/or electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument and shall be
considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic signature or electronic transmission to execute
and/or deliver a document or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a contract and each such party forever waives any such defense.

 Section 15.14    Right of Offset. Whenever the Company or the Corporation is to pay any sum (other than
pursuant to Article IV) to any Member, any amounts that such Member owes to the Company or the Corporation which are not the subject of a good faith dispute may be deducted from that sum before payment. For the avoidance of doubt, the
distribution of Units to the Corporation shall not be subject to this Section 15.14. 

Section 15.15    Entire Agreement. This Agreement, those documents expressly referred to herein (including the
Registration Rights Agreement and the Tax Receivable Agreement), any indemnity agreements entered into in connection with the Previous LLC Agreement with any member of the board of directors at that time and other documents of even date herewith
embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any
way. For the avoidance of doubt, the Previous LLC Agreement is superseded by this Agreement as of the Effective Date and shall be of no further force and effect thereafter. 

Section 15.16    Remedies. Each Member shall have all rights and remedies set forth in this Agreement and all
rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this Agreement or any other
agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted
by Law. 
 Section 15.17    Descriptive Headings; Interpretation. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means
such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting 

  
 63 

 
the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of
this Agreement or any other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The
use of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement. 
 Section 15.18    Formation of New RSG Holdings. New RSG Holdings, LLC (“New RSG
Holdings”) has been formed prior the Effective Date for the purpose of receiving contributions of and then holding all outstanding Units after receipt of certain regulatory approvals which are expected following the Effective Date,
including all Units held by the Corporation and its Subsidiaries, except as otherwise determined by the Manager. The Manager (both as the Manager of the Company and as the manager of New RSG Holdings) shall have the power to require all holders of
outstanding Units to contribute their Units to New RSG Holdings on such terms as the Manager may determine in good faith (and such holders shall take any and all actions reasonably necessary to implement and give effect to such contributions and
become bound by the New RSG Holdings LLC Agreement), with the intention that units received by Members in New RSG Holdings have substantially the same terms, rights and obligations as the Units that are contributed to New RSG Holdings pursuant to
this Section 15.18 (as determined by the Manager, acting in good faith). In connection with such contributions, the Manager will amend the transfer restriction, redemption, exchange and other provisions of this Agreement as
necessary in order to reflect the formation of Holdings and the contribution of such Units. 

*        *        *       
 *        * 

  
 64 

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Third Amended and Restated Limited Liability Company Agreement as of the date first written above. 
 MANAGER:

  

			
	RYAN SPECIALTY GROUP
HOLDINGS, INC.
		
	By:	 	 /s/ Patrick G. Ryan

	Name: Patrick G. Ryan
	Title: President

 UNITHOLDERS: 

 

			
	RYAN SPECIALTY GROUP
HOLDINGS, INC.
		
	By:	 	 /s/ Patrick G. Ryan

	Name: Patrick G. Ryan
	Title: President

  

			
	RSG INTERMEDIATE HOLDCO, INC.
		
	By:	 	 /s/ Mark S. Katz

	Name: Mark S. Katz
	Title: Chief Executive Officer and President

  

			
	ONEX RSG HOLDINGS I INC.
		
	By:	 	 /s/ Mark S. Katz

	Name: Mark S. Katz
	Title: Chief Executive Officer and President

 
			
	UNITHOLDERS PARTY TO THE 5TH A&R
LIMITED LIABILITY AGREEMENT:
	
	By: /s/ Patrick G. Ryan            
                                         
   
	Name: Patrick G. Ryan
	 Title: Chief Executive Officer of

Ryan Specialty Group, LLC

	Acting as attorney-in-fact for all Unitholders of the Ryan Specialty Group, LLC

  
 66 

 SCHEDULE 1 

SCHEDULE OF PRE-IPO MEMBERS 

On file with the Company 

  
 67 

 SCHEDULE 2 

SCHEDULE OF MEMBERS 
 On
file with the Company 

 SCHEDULE 3 

INITIAL OFFICERS 
  

			
	 Name
	  	 Position

	Patrick G. Ryan	  	Chairman and Chief Executive Officer
		
	Timothy W. Turner	  	President
		
	Shirley W. Ryan	  	Vice President
		
	Jeremiah R. Bickham	  	Executive Vice President and Chief Financial Officer
		
	Michael T. VanAcker	  	Executive Vice President and Chief Operating Officer
		
	Brendan M. Mulshine	  	Executive Vice President and Chief Revenue Officer
		
	Mark S. Katz	  	Executive Vice President, General Counsel and Secretary
		
	Janice M. Hamilton	  	Senior Vice President, Controller and Chief Accounting Officer
		
	Lisa J. Paschal	  	Senior Vice President and Chief HR Officer
		
	Noah S. Angeletti	  	Senior Vice President and Treasurer

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of
[                    ], 20[    ] (this “Joinder”), is delivered pursuant to that certain Sixth Amended and
Restated Limited Liability Company Agreement, dated as of [•], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “LLC Agreement”) of Ryan Specialty Group,
LLC, a Delaware limited liability company (the “Company”), by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation and the managing member of the Company (the “Corporation”), and each
of the Members from time to time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LLC Agreement. 
  

	1.	 Joinder to the LLC Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof
to the Corporation, the undersigned hereby is admitted as and hereafter will be a Member under the LLC Agreement and a party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it
shall comply with and be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the date thereof. 

  

	2.	 Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated by
reference in this Joinder as if set forth herein in full. 

  

	3.	 Address. All notices under the LLC Agreement to the undersigned shall be direct to:

 [Name] 

[Address] 
 [City, State, Zip
Code] 
 Attn: 
 Facsimile:

 E-mail: 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written. 

 

			
	[NAME OF NEW MEMBER]
	By:                                   
                                         
    
	Name:	 	
	Title:	 	

  

			
	 Acknowledged and agreed
 as of the
date first set forth above:

	
	RYAN SPECIALTY GROUP, LLC
	
	By: RYAN SPECIALTY GROUP HOLDINGS, INC., its Manager
	
	By:                                   
                                         

	Name:	 	
	Title:	 	

 EXHIBIT B-1 

FORM OF AGREEMENT AND CONSENT OF SPOUSE 

The undersigned spouse of
[                    ] (the “Member”), a party to that certain Sixth Amended and Restated Limited Liability Company
Agreement, dated as of [●], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”) of Ryan Specialty Group, LLC, a Delaware limited liability
company (the “Company”), by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation and the managing member of the Company, and each of the Members from time to time party thereto (capitalized terms used
but not otherwise defined herein have the respective meanings set forth in the Agreement), acknowledges on his or her own behalf that: 
 I
have read the Agreement and understand its contents. I acknowledge and understand that under the Agreement, any interest I may have, community property or otherwise, in the Units owned by the Member is subject to the terms of the Agreement which
include certain restrictions on Transfer. 
 I hereby consent to and approve the Agreement. I agree that said Units and any interest I may
have, community property or otherwise, in such Units are subject to the provisions of the Agreement and that I will take no action at any time to hinder operation of the Agreement on said Units or any interest I may have, community property or
otherwise, in said Units. 
 I hereby acknowledge that the meaning and legal consequences of the Agreement have been explained fully to me
and are understood by me, and that I am signing this Agreement and consent without any duress and of free will. 
 Dated: 

 

	
	[NAME OF SPOUSE]
	By:                                     
                       
	Name:
	Title:

 EXHIBIT B-2 

FORM OF SPOUSE’S CONFIRMATION OF SEPARATE PROPERTY 

I, the undersigned, the spouse of
[                    ] (the “Member”), who is a party to that certain Sixth Amended and Restated Limited Liability Company
Agreement, dated as of [●], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”) of Ryan Specialty Group, LLC, a Delaware limited liability
company (the “Company”), by and among the Company, Ryan Specialty Group Holdings, Inc., a Delaware corporation and the managing member of the Company, and each of the Members from time to time party thereto (capitalized terms used
but not otherwise defined herein have the respective meanings set forth in the Agreement), acknowledge and confirm on that the Units owned by said Member are the sole and separate property of said Member, and I hereby disclaim any interest in same.

 I hereby acknowledge that the meaning and legal consequences of this Member’s spouse’s confirmation of separate property have
been fully explained to me and are understood by me, and that I am signing this Member’s spouse’s confirmation of separate property without any duress and of free will. 

Dated: 
  

	
	[NAME OF NEW MEMBER]
	By:                                     
                       
	Name:
	Title:

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