Document:

EX-10.3

 Exhibit 10.3 

EXCHANGE AGREEMENT 
 among

 MEDIAALPHA, INC., 
 QL
HOLDINGS LLC, 
 GUILFORD HOLDINGS, INC. 

and 
 THE CLASS B-1 MEMBERS OF QL HOLDINGS LLC 
 Dated as of October 27, 2020 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINED TERMS	  	 	1	 
	 Section 1.01.
	  	 Definitions
	  	 	1	 
	 Section 1.02.
	  	 Other Definitional and Interpretative Provisions
	  	 	4	 
	 ARTICLE 2 EXCHANGE
	  	 	4	 
	 Section 2.01.
	  	 Exchanges
	  	 	4	 
	 Section 2.02.
	  	 Adjustment
	  	 	8	 
	 Section 2.03.
	  	 Reservation of Class A Common Stock; Listing
	  	 	8	 
	 Section 2.04.
	  	 Recapitalization
	  	 	8	 
	 Section 2.05.
	  	 Removal of Impediments to Exchange
	  	 	9	 
	 ARTICLE 3 TRANSFER RESTRICTIONS
	  	 	9	 
	 Section 3.01.
	  	 General Restrictions on Transfer
	  	 	9	 
	 Section 3.02.
	  	 Legends
	  	 	9	 
	 Section 3.03.
	  	 Permitted Transferees
	  	 	9	 
	 ARTICLE 4 OTHER AGREEMENTS; MISCELLANEOUS
	  	 	10	 
	 Section 4.01.
	  	 Expenses
	  	 	10	 
	 Section 4.02.
	  	 Notices
	  	 	10	 
	 Section 4.03.
	  	 Permitted Transferees
	  	 	11	 
	 Section 4.04.
	  	 Severability
	  	 	11	 
	 Section 4.05.
	  	 Counterparts
	  	 	11	 
	 Section 4.06.
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	11	 
	 Section 4.07.
	  	 Further Assurances
	  	 	11	 
	 Section 4.08.
	  	 Dispute Resolution
	  	 	11	 
	 Section 4.09.
	  	 Governing Law
	  	 	11	 
	 Section 4.10.
	  	 Consent to Jurisdiction
	  	 	11	 
	 Section 4.11.
	  	 WAIVER OF JURY TRIAL
	  	 	12	 
	 Section 4.12.
	  	 Amendments; Waivers
	  	 	12	 
	 Section 4.13.
	  	 Assignment
	  	 	12	 
	 Section 4.14.
	  	 Tax Treatment
	  	 	12	 
	 Section 4.15.
	  	 Withholding
	  	 	13	 
	 Section 4.16.
	  	 Distributions
	  	 	13	 
	 Section 4.17.
	  	 Effective Date
	  	 	13	 

 EXCHANGE AGREEMENT 

among 
 MEDIAALPHA, INC.,

 QL HOLDINGS LLC, 
 GUILFORD
HOLDINGS, INC. 
 and 

THE CLASS B-1 MEMBERS OF QL HOLDINGS LLC 

EXCHANGE AGREEMENT, dated as of October 27, 2020 (this “Agreement”), among MediaAlpha, Inc., a Delaware corporation
(“Pubco”), QL Holdings LLC, a Delaware limited liability company (the “Company”), Guilford Holdings, Inc., a Delaware corporation (“Intermediate Holdco”) and the holders from time to time of Class B-1 Units in the Company listed on Exhibit A hereto (collectively, the “Class B-1 Members”). Capitalized terms used but not
simultaneously defined are defined in or by reference to Section 1.01. 
 W I T N E S S E T H: 

WHEREAS, the parties hereto desire to provide for the exchange of Class B-1 Units (together with
a transfer to Pubco (or Intermediate Holdco) of an equivalent number of shares of Class B Common Stock), for shares of Class A Common Stock (or, at Pubco’s election, cash) on the terms and subject to the conditions set forth herein.

 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINED TERMS 

Section 1.01. Definitions. As used in this Agreement, the following terms have the following meanings: 

“Agreement” is defined in the preamble. 

“Business Combination Transaction” is defined in the Amended and Restated Certificate of Incorporation of Pubco. 

“Business Day” means any day except a Saturday, Sunday, or other day on which commercial banks in New York, New York are
required or authorized by law to close. 
 “Cash Consideration” means, with respect to any applicable Exchange, an amount in
cash equal to the product of (x) the number of Class B-1 Units to be Exchanged, (y) the Exchange Rate in effect at the applicable Closing and (z) the Class A Common Stock Value. 

 “Class A Common Stock Value” means the last closing
trade price for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor, on the
Trading Day immediately prior to the applicable Closing, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common
Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Class A Common Stock Value shall be determined in good faith by a majority of the directors of Pubco that do not have an interest in the Class B-1 Units and shares of Class B Common Stock to be Exchanged. 

“Class A Common Stock” means shares of Class A common stock, par value $0.01 per share, of Pubco. 

“Class A-1 Units” is defined in the LLC Agreement. 

“Class B Common Stock” means shares of Class B common stock, par value $0.01 per share, of Pubco. 

“Class B-1 Members” is defined in the preamble. 

“Class B-1 Units” is defined in the LLC Agreement. 

“Closing” is defined in Section 2.01(b)(i). 

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

“Commission” means the U.S. Securities and Exchange Commission or any successor thereto. 

“Company” is defined in the preamble. 

“Election Notice” is defined in Section 2.01(a)(iii). 

“Exchange,” when used as a noun, has the meaning set forth in Section 2.01(a). “Exchange,” when used as
a verb, and “Exchanging,” when used as an adjective, shall have correlative meanings. 
 “Exchange Rate”
means the number of shares of Class A Common Stock for which one Class B-1 Unit (together with one share of Class B Common Stock) is entitled to be Exchanged. On the date hereof, the Exchange
Rate shall equal 1, subject to adjustment as provided in Section 2.02. 
 “Exchange Request” has the meaning set forth
in Section 2.01(a)(ii). 
 “Founder Holdco” means QuoteLab Holdings, Inc., a Delaware corporation classified as an S-corporation for U.S. federal income tax purposes. 
 “Founder Holding Vehicles” means,
collectively, the Founder Trusts and Founder Holdco. 
 “Founder Trusts” means OBF Investments, LLC, a Nevada limited
liability company, O.N.E. Holdings, LLC, a Washington limited liability company, and Wang Family Investments LLC, a Washington limited liability company. 

“Founders” means Steven Yi, Eugene Nonko and Ambrose Wang, together with their respective Founder Holding Vehicles through
which they indirectly hold Class B-1 Units. 

  
 2 

 “Governmental Entity” means any court, administrative agency, regulatory
body, commission, or other governmental authority, board, bureau, or instrumentality, domestic or foreign, and any subdivision thereof. 

“Insignia” means Insignia QL Holdings, LLC, a Delaware limited liability company, and Insignia A QL Holdings, LLC, a Delaware
limited liability company. 
 “Intermediate Holdco” is defined in the preamble. 

“IPO” means the initial public offering of shares of Pubco’s Class A Common Stock. 

“Liens” means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or
agreements, obligations, understandings or arrangements, or other restrictions on title or transfer of any nature whatsoever. 
 “LLC
Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the Company dated as of the date hereof. 

“Lock-Up Period” means the 180-day period
commencing with the pricing of the IPO. 
 “Notice” is defined in Section 4.02. 

“Permitted Transferee” is defined in the LLC Agreement. 

“Person” means any natural person, corporation, limited partnership, general partnership, limited liability company, joint
stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative
capacity, and any government or agency or political subdivision thereof. 
 “Registration Rights Agreement” means the
Registration Rights Agreement dated as of the date hereof by and among Pubco, the Class B-1 Members and the other parties thereto. 

“Restricted Class A Common Stock” is defined in Section 3.01. 

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

“Stock Consideration” means, with respect to any applicable Exchange, a number of shares of Class A Common Stock equal to
the product of (x) the number of Class B-1 Units being Exchanged and (y) the Exchange Rate in effect at the applicable Closing. 

“Stockholders Agreement” means the Stockholders Agreement dated as of the date hereof by and among Pubco, WTM, Insignia and
the Founders. 
 “Successors” is defined in Section 4.13. 

“Tax Receivables Agreement” means the Tax Receivables Agreement dated as of the date hereof by and among Pubco, the Company,
White Mountains Insurance Group, Ltd. and the Class B-1 Members. 
 “Trading
Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire
day). 
 “WTM” means White Mountains Investments (Luxembourg) S.à r.l, a Luxembourg private limited company
(société à responsabilité limitée). 

  
 3 

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The headings and captions herein are
included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. Any
capitalized term used in any Exhibit and not otherwise defined therein has the meaning ascribed to such term in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the
words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of
like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement
or contract as amended, restated, modified or supplemented from time to time in accordance with the terms thereof. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

ARTICLE 2 
 EXCHANGE 

Section 2.01. Exchanges. (a) Exchange Right of a Class B-1
Member. (i) Upon the terms and subject to the conditions of this Article 2, each Class B-1 Member may, at any time and from time to time, after the expiration or earlier termination of the Lock-Up Period, elect to exchange in one or more exchanges no fewer than the lesser of (x) 1,000 Class B-1 Units (together with an equivalent number of shares of
Class B Common Stock) and (y) 100% of the Class B-1 Member’s Class B-1 Units (together with an equivalent number of shares of Class B Common
Stock) (excluding, for the avoidance of doubt, any Class B-1 Unit or share of Class B Common Stock subject to vesting) for (I) the applicable Stock Consideration, or, at the option of Pubco,
(II) the applicable Cash Consideration (any such exchange, an “Exchange”). 
 (ii) A
Class B-1 Member shall exercise its right to effectuate an Exchange set forth in Section 2.01(a)(i) by delivering to the Company, with a copy to Pubco and Intermediate Holdco, a written notice (an
“Exchange Request”) setting forth the number of Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) such
Class B-1 Member wishes to Exchange. An Exchange Request may specify that the Exchange is to be (x) contingent (including as to timing) upon (I) the consummation of a purchase by another Person
(whether in a tender or exchange offer, an underwritten offering or otherwise) of shares of Class A Common Stock, or (II) the closing of an announced merger, consolidation or other transaction or event, including a Business Combination
Transaction, in which the Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property, (y) effective upon a specified future date and/or (z) effected with Pubco
or Intermediate Holdco pursuant to the first sentence of Section 2.01(b)(ii). The applicable Class B-1 Member shall represent in the Exchange Request that such
Class B-1 Member owns or will own the Class B-1 Units and shares of Class B Common Stock to be delivered at the applicable Closing pursuant to
Section 2.01(d)(i) and Section 2.01(d)(ii), free and clear of all Liens, except as set forth therein and other than transfer restrictions imposed by or under applicable securities laws and this Agreement and the LLC Agreement, and, if
there are any Liens on such Class B-1 Units or shares of Class B Common Stock identified in the Exchange Request, such Class B-1 Member shall covenant
that it will deliver at the applicable Closing evidence reasonably satisfactory to the Company that all such Liens (other than transfer restrictions imposed by or under applicable securities laws and this Agreement and the LLC Agreement) have been
released. 

  
 4 

 (iii) Within three Business Days following the Business Day on which the Company,
Intermediate Holdco and Pubco receive an Exchange Request, Pubco shall give written notice (the “Election Notice”) to the Company or Intermediate Holdco, as applicable, copying the Exchanging
Class B-1 Member, of its intention to deliver, at its election, either the applicable Stock Consideration or the applicable Cash Consideration in connection with the Exchange; provided that if
Pubco does not timely deliver an Election Notice, Pubco shall be deemed to have elected to deliver the applicable Stock Consideration; provided further that if the applicable Exchange Request specifies any of the contingencies set forth in
Section 2.01(a)(ii)(x) above, Pubco shall not have the right to elect to deliver Cash Consideration. 
 (iv) Any Class B-1 Member that has delivered an Exchange Request may revoke or amend such Exchange Request at any time prior to 5:00 p.m. New York time on the Business Day immediately prior to the Closing of the
applicable Exchange by delivery of a notice to the Company specifying (A) the number of Class B-1 Units (and an equivalent number of shares of Class B Common Stock) revoked, (B) the number
of Class B-1 Units (and an equivalent number of shares of Class B Common Stock) as to which the Exchange Request remains in effect, if any, and (C) if such
Class B-1 Member so determines, the new future date on which the proposed Exchange is to be effective or any other new or revised information pertaining to the Exchange Request. Notwithstanding anything
in the foregoing to the contrary, a Class B-1 Member may revoke or amend any Exchange Request at any time prior to the scheduled Closing so long as such
Class B-1 Member reimburses all out-of-pocket costs incurred by Pubco, Intermediate Holdco or the Company with respect to
such requested Exchange. 
 (v) If Pubco enters into an agreement to consummate a Business Combination Transaction, Pubco shall give each Class B-1 Member at least ten Business Days’ notice prior to the anticipated closing thereof and, upon the delivery by a Class B-1 Member of an Exchange
Request, Pubco shall cause such agreement to (and shall not enter into any such agreement unless it does) provide that such Class B-1 Member shall be entitled to Exchange its Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) immediately prior to the closing of the Business Combination Transaction in order for such Class B-1 Member to be able to receive the amount and type of consideration payable pursuant to such Business Combination Transaction to holders of Class A Common Stock. If any Person commences a tender
offer or exchange offer for any of the outstanding shares of Pubco’s stock, Pubco shall entitle such Class B-1 Member, upon the delivery by such Class B-1
Member of an Exchange Request, to Exchange its Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) immediately prior to and contingent upon the consummation of such
tender offer or exchange offer in order for such Class B-1 Member to participate in such tender offer or exchange offer. Notwithstanding anything to the contrary in the foregoing, in the event that board
of directors of Pubco approves a Business Combination Transaction and determines in good faith that such Business Combination Transaction involves a bona fide third party and is not for the primary purpose of causing an Exchange hereunder, then upon
at least ten Business Days’ notice, the mandatory Exchange of all outstanding Class B-1 Units (together with an equivalent number of shares of Class B Common Stock) shall occur in accordance
with the following sentence. The Closing for any Exchange pursuant to this Section 2.01(a)(v) shall occur immediately prior to, but remain subject to the consummation immediately after of, the Business Combination Transaction, tender offer or
exchange offer, as applicable, and such Exchange shall be null and void if such Business Combination Transaction, tender offer or exchange offer, as applicable, shall fail to be consummated. 

  
 5 

 (vi) Upon a Class B-1 Member exercising its
right to Exchange or the occurrence of an Exchange as a result of a Business Combination Transaction, (A) Pubco, Intermediate Holdco or the Company, as applicable, shall take such actions as may be required to ensure that such Class B-1 Member receives the applicable Stock Consideration or Cash Consideration that such Exchanging Class B-1 Member is entitled to receive in connection with
such Exchange pursuant to this Section 2.01, and (B) unless otherwise required by applicable law, such Exchange shall be treated for purposes of the Tax Receivables Agreement as an “Exchange” (as such term is defined in the Tax
Receivables Agreement). 
 (b) Closing. (i) Subject to the terms and conditions hereunder and unless expressly provided otherwise
herein, an Exchange pursuant to Section 2.01(a) shall be effected on the later of (x) the fourth Business Day after the Company, Intermediate Holdco and Pubco receive the applicable Exchange Request, (y) the future date as specified
in the applicable Exchange Request or (z) the date on which the conditions included in the applicable Exchange Request have been satisfied or waived (such later date, the “Closing”). 

(ii) In connection with any Exchange pursuant to Section 2.01(a)(i), unless otherwise directed by the Exchanging Class B-1 Member in the
Exchange Notice, the Company may elect to cause Pubco or Intermediate Holdco to effect the Exchange and deliver to the Exchanging Class B-1 Member the applicable Stock Consideration or Cash Consideration
that such Class B-1 Member is entitled to receive pursuant to Section 2.01(d)(v). In all other cases, the Company shall effect the Exchange and, at the time of the Closing of any such Exchange, Pubco
shall contribute to Intermediate Holdco, which shall then contribute to the Company, the applicable Stock Consideration or Cash Consideration that such Class B-1 Member is entitled to receive pursuant to
Section 2.01(d)(v). 
 (iii) Upon the occurrence of a Closing, (A) all rights of the Exchanging
Class B-1 Member as holder of the Class B-1 Units (and the equivalent number of shares of Class B Common Stock) being Exchanged shall terminate
(excluding, for the avoidance of doubt, any rights under Section 5.02(b) of the LLC Agreement and Section 4.16 of this Agreement), (B) the shares of Class B Common Stock delivered at the Closing shall be automatically cancelled on the
books and records of Pubco and shall no longer be deemed to be issued and outstanding capital stock of Pubco, (C) the Class B-1 Units delivered at the Closing to the Company, Intermediate Holdco or
Pubco, as applicable, shall automatically be cancelled on the books and records of the Company and shall no longer be deemed to be issued and outstanding membership interests of the Company and (D) unless Pubco has elected to deliver Cash
Consideration, (x) such Exchanging Class B-1 Member, or such other Person in whose name such Exchanging Class B-1 Member has requested the shares be
registered, shall be treated for all purposes as the holder of the applicable Stock Consideration delivered at the Closing and (y) the Company shall issue to Intermediate Holdco a number of Class A-1
Units equivalent to the applicable Stock Consideration. Any Stock Consideration to be received in the Exchange shall be registered in such names and in such denominations as the Exchanging Class B-1
Member shall request in writing not later than one Business Day prior to Closing. 
 (c) Closing Conditions. (i) The obligation
of any of the parties to consummate an Exchange pursuant to this Section 2.01 shall be subject to the condition that there shall be no injunction, restraining order or decree of any nature of any Governmental Entity that is then in effect that
restrains or prohibits the Exchange. 
 (ii) The obligation of the Company, Intermediate Holdco and Pubco to consummate an Exchange pursuant
to this Section 2.01 shall be subject to (A) the delivery by the Exchanging Class B-1 Member of the items specified in clauses (i), (ii) and (iii) of Section 2.01(d) and (B) the
good faith determination by Pubco that such Exchange would not be prohibited by applicable law or regulation and would not violate any contract, commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the
Company, Intermediate Holdco or Pubco is subject. 

  
 6 

 (d) Closing Deliveries. At or prior to each Closing, with respect to each Class B-1 Member that requests the Exchange contemplated for such Closing: 
 (i) to
the extent that such Class B-1 Member’s Class B-1 Units are certificated, such Class B-1 Member shall deliver
to the Company, Intermediate Holdco or Pubco, as applicable, one or more certificates representing the number of Class B-1 Units specified in the applicable Exchange Request (or an affidavit of loss in
lieu thereof in customary form, without any requirement to post a bond or furnish any other security), accompanied by security transfer powers, in form reasonably satisfactory to the Company, Intermediate Holdco or Pubco, as applicable, duly
executed in blank by such Class B-1 Member or such Class B-1 Member’s duly authorized attorney, to be Exchanged based on the Exchange Rate in effect at
the applicable Closing; 
 (ii) to the extent such Class B-1 Member’s
shares of Class B Common Stock are certificated, such Class B-1 Member shall deliver to the Company, Intermediate Holdco or Pubco, as applicable, one or more certificates representing the number of
shares of Class B Common Stock specified in the applicable Exchange Request (or an affidavit of loss in lieu thereof in customary form, without any requirement to post a bond or furnish any other security), accompanied by security transfer
powers, in form reasonably satisfactory to the Company, Intermediate Holdco or Pubco, as applicable, duly executed in blank by such Class B-1 Member or such
Class B-1 Member’s duly authorized attorney; 
 (iii) such Class B-1 Member shall represent in writing that no Liens exist on the Class B-1 Units and Class B Common Stock delivered pursuant to Sections 2.01(d)(i)
and 2.01(d)(ii) (other than transfer restrictions imposed by or under applicable securities laws, the LLC Agreement and this Agreement), or that any such Liens have been released; 

(iv) if such Class B-1 Member delivers to the Company, Intermediate Holdco or
Pubco, pursuant to Section 2.01(d)(i) or 2.01(d)(ii), a certificate representing a number of Class B-1 Units or shares of Class B Common Stock that is greater than the number of Class B-1 Units or shares of Class B Common Stock specified in the applicable Exchange Request, the Company, Intermediate Holdco or Pubco will deliver to such
Class B-1 Member certificates representing the excess Class B-1 Units or Class B Common Stock, as applicable; and 

(v) The Company, Intermediate Holdco or Pubco, as applicable, shall deliver or cause to be delivered to such Class B-1 Member (x) the applicable Stock Consideration, registered in such names and such denominations as such Class B-1 Member requested pursuant to
Section 2.01(b)(iii) or, if Pubco has so elected, (y) the applicable Cash Consideration. To the extent the any Stock Consideration is to be paid or settled through the facilities of The Depository Trust Company, the Company, Intermediate
Holdco or Pubco, as applicable shall, subject to Section 3.02(a) below, upon the written instruction of a Class B-1 Member, deliver or cause to be delivered such Stock Consideration deliverable to
such Class B-1 Member, through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such
Class B-1 Member. 
 (e) Publicly Traded Partnership. Notwithstanding anything to the
contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of the Company, such Exchange would pose a material risk that the Company would be a “publicly traded
partnership” as defined in Section 7704 of the Code; provided that an Exchange will not be prohibited on this basis so long as the Company continues to satisfy the “private placements” safe harbor pursuant to Section 1.7704-1(h) of the Treasury Regulations promulgated under such Section 7704 of the Code, as determined by the Company in its sole discretion exercised in good faith. 

  
 7 

 Section 2.02. Adjustment. On the date hereof, the Exchange Rate shall equal 1.
The Exchange Rate shall be adjusted accordingly if there is: (i) any subdivision (by any unit or stock split, unit or stock distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit or stock
split, reclassification, reorganization, recapitalization or otherwise) of the Class B-1 Units or Class B Common Stock or any similar event, in each case that is not accompanied by an identical
subdivision or combination of the Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock or any similar event, in each case that is not accompanied by an identical subdivision or combination of the
Class B-1 Units and Class B Common Stock. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock are converted or
changed into another security, securities or other property, then upon any subsequent Exchange, an Exchanging Class B-1 Member shall be entitled to receive the amount of such security, securities or other
property that such Exchanging Class B-1 Member would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other
similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any
reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, this Section 2.02 shall continue to
be applicable, mutatis mutandis, with respect to such security or other property. 
 Section 2.03. Reservation of
Class A Common Stock; Listing. Pubco shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of issuance upon an Exchange, the maximum number
of shares of Class A Common Stock as shall be issuable upon Exchange of all outstanding Class B-1 Units and shares of Class B Common Stock; provided that nothing contained herein shall be
construed to preclude Pubco from satisfying its obligations in respect of any such Exchange by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of Pubco). If any shares of Class A Common
Stock require registration with or approval of any Governmental Entity under any federal or state law before such shares of Class A Common Stock may be issued upon an Exchange, Pubco shall use reasonable efforts to cause such shares of
Class A Common Stock to be duly registered or approved, as the case may be. Pubco shall list and use its reasonable efforts to maintain the listing of the shares of Class A Common Stock required to be delivered upon any such Exchange prior
to such delivery upon the national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under
applicable securities laws). Pubco covenants that all shares of Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable. 

Section 2.04. Recapitalization. This Agreement shall apply to the Class B-1 Units
held by the Class B-1 Members and their Permitted Transferees as of the date hereof, as well as any Class B-1 Units hereafter acquired by a Class B-1 Member and its Permitted Transferees. This Agreement shall apply to, mutatis mutandis, and all references to “Class B-1 Units” shall be
deemed to include, any security, securities or other property of the Company that may be issued in respect of, in exchange for or in substitution of Class B-1 Units, by reason of any distribution or
dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

  
 8 

 Section 2.05. Removal of Impediments to Exchange. The Company, Intermediate
Holdco and Pubco shall use reasonable best efforts to remove any impediment that in the good faith judgment of the Company, Intermediate Holdco and Pubco would cause any Exchange to be prohibited by applicable law or regulation or that would cause
any Exchange to violate any contract, commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the Company, Intermediate Holdco or Pubco is subject. 

ARTICLE 3 
 TRANSFER RESTRICTIONS

 Section 3.01. General Restrictions on Transfer. (a) Each Class B-1 Member
understands and agrees that any shares of Class A Common Stock received by such Class B-1 Member in any Exchange (any such shares of Class A Common Stock, “Restricted
Class A Common Stock”) may not be transferred except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

(b) Without limitation of Section 3.01(a), each Class B-1 Member understands and agrees that,
unless exchanged pursuant to an effective registration statement under the Securities Act, the Restricted Class A Common Stock are restricted securities under the Securities Act and the rules and regulations promulgated thereunder. Each Class B-1 Member agrees that it shall not transfer any shares of Restricted Class A Common Stock (or solicit any offers in respect of any transfer of any shares of Restricted Class A Common Stock),
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

(c) Any attempt to transfer any shares of Restricted Class A Common Stock not in compliance with this Agreement shall be void ab initio,
and Pubco shall not, and shall cause any transfer agent not to, give any effect in Pubco’s stock records to such attempted transfer. 

Section 3.02. Legends. (a) In addition to any other legend that may be required, subject to Section 3.02(b), each
certificate for shares of Restricted Class A Common Stock issued to a Class B-1 Member (or any of such Class B-1 Member’s Permitted Transferees)
shall bear a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. 

(b) If any shares of Restricted Class A Common Stock is eligible to be sold pursuant to Rule 144(b)(1) under the Securities Act (or any
successor provision), upon the written request of the holder thereof, accompanied (if Pubco shall so request) by an opinion of counsel reasonably acceptable to Pubco, Pubco shall issue to such holder a new certificate evidencing such shares of
Restricted Class A Common Stock without the legend required by Section 3.02(a) endorsed thereon. 
 Section 3.03.
Permitted Transferees. Subject to this Article 3, each Class B-1 Member acquiring shares of Restricted Class A Common Stock may at any time transfer any or all of its shares of Restricted
Class A Common Stock to any Person so long as the transfer to such transferee is in compliance with Section 4.6(b) of the Stockholders Agreement, if applicable, the Securities Act and any other applicable securities or “blue sky”
laws. 

  
 9 

 ARTICLE 4 

OTHER AGREEMENTS; MISCELLANEOUS 

Section 4.01. Expenses. Each party hereto shall bear its own expenses in connection with the consummation of any of the
transactions contemplated hereby, whether or not any such transaction is ultimately consummated, except that Pubco shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any
Exchange, and Pubco shall promptly cooperate in all filings required to be made under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, in connection with any Exchange (but Pubco shall not be obligated to bear, and shall be
reimbursed by the applicable Class B-1 Member for, the expenses of any such filing or of any information request from any Governmental Entity relating thereto); provided, however, that if
any transfer taxes, stamp taxes or duties, or other similar taxes are imposed by reason of or in connection with the issuance of a certificate pursuant to Section 2.01(d)(v) in a name other than that of the
Class B-1 Member requesting an Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Class B-1 Member), then the Person or Persons requesting the issuance thereof or Exchanging the Class B-1 Units, as applicable, shall bear any such transfer taxes,
stamp taxes or duties, or other similar taxes (or establish to the reasonable satisfaction of the Company, Intermediate Holdco or Pubco, as applicable, that such tax is not payable). 

Section 4.02. Notices. All notices, requests, consents and other communications hereunder (each, a “Notice”) to
any party shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 4.02), email or nationally recognized overnight courier, addressed to such party
at the address, facsimile number or email address set forth in Exhibit A hereto, or below with respect to Pubco, or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties: 

if to Pubco, to: 
 MediaAlpha,
Inc. 
 700 South Flower Street, Suite 640 

Los Angeles, California 90017 

Attention: General Counsel 
 E-mail: legal@mediaalpha.com 
 with a copy (which shall not constitute notice to Pubco) to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: C. Daniel Haaren 

Facsimile: (212) 474-1708 

E-mail: dhaaren@cravath.com 

Each Notice shall be deemed received on the date sent to the recipient thereof in accordance with this Section 4.02, if sent prior to
5:00 p.m. on a Business Day in the place of receipt; otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day. 

  
 10 

 Section 4.03. Permitted Transferees. To the extent that a Class B-1 Member (or an applicable Permitted Transferee of such Class B-1 Member) validly transfers after the date hereof any or all of its Class B-1 Units (together with an equivalent number shares of Class B Common Stock) to a Permitted Transferee of such Person or to any other Person in a transaction not in contravention of, and in
accordance with, the LLC Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in form and substance reasonably satisfactory to Pubco. Upon execution of any such joinder, such transferee
shall, with respect to such transferred Class B-1 Units and shares of Class B Common Stock, be entitled to all of the rights and bound by each of the obligations applicable to the relevant transferor
hereunder; provided that the transferor shall remain entitled to all of the rights and bound by each of the obligations with respect to Class B-1 Units and shares of Class B Common Stock that were
not so transferred. 
 Section 4.04. Severability. The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or entity or any circumstance, is found to be invalid
or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and
(b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or
enforceability of such provision, or the application thereof, in any other jurisdiction. 
 Section 4.05. Counterparts. This
Agreement may be executed (including by facsimile transmission with counterpart pages) in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being
understood that all parties need not sign the same counterpart. 
 Section 4.06. Entire Agreement; No Third Party Beneficiaries.
This Agreement together with the LLC Agreement, Tax Receivables Agreement, Stockholders Agreement and Registration Rights Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the
parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto and their Permitted Transferees, any rights or remedies hereunder. 

Section 4.07. Further Assurances. Each party hereto shall execute, deliver, acknowledge and file such other documents (including
tax forms) and take such further actions as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein. 

Section 4.08. Dispute Resolution. The provisions of Article 13 of the LLC Agreement are hereby incorporated herein in their
entirety. 
 Section 4.09. Governing Law. This Agreement and the rights of the parties hereunder will be governed by, construed
and enforced in accordance with the laws of the State of Delaware without regard to conflicts of law principles thereof. 

Section 4.10. Consent to Jurisdiction. 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 and maintained exclusively in any United States District Court sitting in the State of Delaware or the
Court of Chancery of the State of Delaware. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding.

  
 11 

 
Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such
court, by any of the methods specified for the giving of Notices pursuant to Section 4.02. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on
venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 4.02) in any suit, action or proceeding
brought in such courts. 
 Section 4.11. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 Section 4.12. Amendments;
Waivers. (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is approved by a majority of the board of directors of Pubco (including in such majority at least one director designee of each of WTM,
Insignia and the Founders (treating the Founders collectively as a single stockholder for this purpose) for so long as such stockholder has the right to designate at least one director to such board pursuant to the Stockholders Agreement), the
Company and each of Insignia and the Founders (only to the extent they hold any Class B-1 Units) and their respective Permitted Transferees. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
law. 
 Section 4.13. Assignment. Except as contemplated by Section 4.03 and except that the rights to have a legend
removed from a certificate representing shares of Restricted Class A Common Stock in accordance with Section 3.02(b) shall be deemed automatically assigned in connection with any transfer not prohibited hereunder, neither this Agreement
nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and
be enforceable by the parties and their respective successors, continuations (including for tax purposes), assigns and Permitted Transferees (collectively, “Successors”). Any reference in this Agreement to a party includes a
reference to such party’s Successors (and, for the avoidance of doubt, in such case, Exchanges may be made in respect of an equity interest in the Company’s Successor). 

Section 4.14. Tax Treatment. The parties to this Agreement intend that this Agreement shall be treated as part of the partnership
agreement of the Company pursuant to Section 761(c) of the Code and Treasury Regulation Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c). For U.S. federal and
applicable state and local income tax purposes, except as otherwise required by an applicable change in law or a final determination (as defined in Section 1313(a) of the Code): (a) the parties hereto agree to treat any Exchanges effected by
the Company as a “disguised sale” of the Class B-1 Units to Pubco (or Intermediate Holdco, if applicable) under Section 707 of the Code; (b) the parties hereto will report any
Exchanges consummated hereunder as a taxable sale of Class B-1 Units and Class B Common Stock by a Class B-1 Member to Pubco (or Intermediate Holdco, if
applicable), in which sale the consideration shall be the applicable Stock Consideration or Cash Consideration and any related payments made to such party under the Tax Receivables Agreement; (c) to the extent any Exchange is effected by Pubco,
the parties hereto agree that Pubco will be treated as immediately contributing the Class B-1 Units acquired in any Exchange to Intermediate Holdco in a transfer described under Section 351(a) of the
Code; and (d) no party will take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 

  
 12 

 Section 4.15. Withholding. Pubco, Intermediate Holdco and the Company may deduct
and withhold from any payments made under this Agreement with respect to any Exchange (whether in the form of Stock Consideration or Cash Consideration) such amounts (or property) as it is required to deduct and withhold under applicable tax law;
provided that Pubco, Intermediate Holdco or the Company, as applicable, may, in its sole discretion, allow the Exchanging Class B-1 Member to pay such amounts owed on the Exchange in cash in lieu
of Pubco, Intermediate Holdco or the Company, as applicable, withholding or deducting such amounts (or property). To the extent that amounts are (or property is) so deducted or withheld and paid over to the appropriate Governmental Entity, the
deducted or withheld amounts (or property) will be treated for all purposes of this Agreement as having been paid (or delivered) to the party in respect of which the deduction or withholding was made. The parties will reasonably cooperate (including
by providing any applicable forms to Pubco, Intermediate Holdco or the Company, as applicable, prior to any Exchange) to reduce or eliminate any deduction or withholding that might otherwise be required with respect to any payments required to be
made under this Agreement. If Pubco, Intermediate Holdco or the Company determines that any amounts by reason of any U.S. federal, state, local or non-U.S. tax laws or regulations are required to be deducted
or withheld in respect of any Exchange, Pubco, Intermediate Holdco or the Company, as the case may be, shall promptly notify the Exchanging Class B-1 Member in writing in advance of making any such
deduction or withholding and shall consider in good faith any positions or alternative arrangements that such Class B-1 Member raises that may reduce or eliminate any such deduction or withholding. 

Section 4.16. Distributions. No Exchange will impair the right of an Exchanging
Class B-1 Member to receive any distributions payable on the Class B-1 Units so Exchanged in respect of a record date that occurs prior to the Closing for such
Exchange (but for which payment had not yet been made at the time of such Closing), in which case such Exchanging Class B-1 Member will retain, with respect to the
Class B-1 Units so Exchanged, only the right to be paid such earned but unpaid distribution at the time it is paid to other Class B-1 Members. 

Section 4.17. Effective Date. This Agreement shall become effective upon the IPO and shall be of no force and effect prior to the
IPO. 
 [Signature pages follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized representatives as of the day and year first above written. 
  

			
	MEDIAALPHA, INC.
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title:   Chief Executive Officer

  

			
	QL HOLDINGS LLC
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title:   Chief Executive Officer

  

			
	GUILFORD HOLDINGS, INC.
		
	By:	 	/s/ Todd C. Pozefsky
	Name: Todd C. Pozefsky
	Title:   President

 [Signature Page to Exchange Agreement] 

 
			
	INSIGNIA QL HOLDINGS, LLC
		
	By:	 	/s/ Tony Broglio
	Name: Tony Broglio
	Title:   President and Secretary

  

			
	INSIGNIA A QL HOLDINGS, LLC
		
	By:	 	/s/ Tony Broglio
	Name: Tony Broglio
	Title:   President and Secretary

  

			
	STEVEN YI
		
	By:	 	/s/ Steven Yi

  

			
	OBF INVESTMENTS, LLC
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title:   Manager

  

			
	O.N.E. HOLDINGS LLC
		
	By:	 	/s/ Eugene Nonko
	Name: Eugene Nonko
	Title:   Manager

  

			
	WANG FAMILY INVESTMENTS LLC
		
	By:	 	/s/ Ambrose Wang
	Name: Ambrose Wang
	Title:   Manager

  

			
	QUOTELAB HOLDINGS, INC.
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title:   President and CEO

 [Signature Page to Exchange Agreement] 

 
			
	KEITH CRAMER
		
	By:	 	/s Keith Cramer

  

			
	TIGRAN SINANYAN
		
	By:	 	/s/ Tigran Sinanyan

  

			
	LANCE MARTINEZ
		
	By:	 	/s/ Lance Martinez

  

			
	BRIAN MIKALIS
		
	By:	 	/s/ Brian Mikalis

  

			
	ROBERT PERINE
		
	By:	 	/s/ Robert Perine

  

			
	JEFFREY SWEETSER
		
	By:	 	/s/ Jeffrey Sweetser

  

			
	SERGE TOPJIAN
		
	By:	 	/s/ Serge Topjian

  

			
	KUANLING AMY YEH
		
	By:	 	/s/ Kuanling Amy Yeh

 [Signature Page to Exchange Agreement] 

 Exhibit A 
  

									
	 	  	Immediately Following IPO	 
	 	  	Number of
Class B-1
Units Owned	 	  	Number of
Class B
Common
Stock Owned	 
	Name and Address of Class B-1 Member	  				  			
	 Insignia QL Holdings, LLC
 c/o Insignia Capital
Group
 1333 California Blvd, Suite 520
 Walnut Creek, CA
94596
 Attention: Tony Broglio
	  	 	6,122,758	 	  	 	6,122,758	 
			
	 Insignia A QL Holdings, LLC
 c/o Insignia
Capital Group
 1333 California Blvd, Suite 520
 Walnut Creek,
CA 94596
 Attention: Tony Broglio
	  	 	4,832,970	 	  	 	4,832,970	 
			
	 Steven Yi
	  	 	46,417	 	  	 	46,417	 
			
	 OBF Investments, LLC
 Attention: Steven
Yi
	  	 	4,592,507	 	  	 	4,592,507	 
			
	 O.N.E. Holdings LLC
 Attention: Eugene
Nonko
	  	 	4,638,924	 	  	 	4,638,924	 
			
	 Wang Family Investments LLC
 9400 Hilltop
Road
 Bellevue, WA 98004
 Attention: Ambrose Wang
	  	 	3,242,448	 	  	 	3,242,448	 

									
	 QuoteLab Holdings, Inc.
 700 S. Flower St.,
Suite 640
 Los Angeles, CA 90017
 Attention: Steven Yi
	  	 	908,348	 	  	 	908,348	 
			
	 Keith Cramer
	  	 	368,389	 	  	 	368,389	 
			
	 Tigran Sinanyan
	  	 	499,841	 	  	 	499,841	 
			
	 Lance Martinez
	  	 	155,075	 	  	 	155,075	 
			
	 Brian Mikalis
	  	 	178,678	 	  	 	178,678	 
			
	 Robert Perine
	  	 	138,738	 	  	 	138,738	 
			
	 Jeffrey Sweetser
	  	 	169,497	 	  	 	169,497	 
			
	 Serge Topjian
	  	 	175,936	 	  	 	175,936	 
			
	 Kuanling Amy Yeh
	  	 	234,621	 	  	 	234,621EX-10.4

 Exhibit 10.4 

STOCKHOLDERS AGREEMENT 

BY AND AMONG 

MEDIAALPHA, INC. 
 AND

 THE STOCKHOLDERS PARTY HERETO 

DATED AS OF OCTOBER 27, 2020 

 TABLE OF CONTENTS 

ARTICLE I 
 DEFINITIONS 

 

							
	 Section 1.1.
	  	Definitions	  	 	2	 
	 Section 1.2.
	  	Other Interpretive Provisions	  	 	6	 
	
	ARTICLE II	  

	
	REPRESENTATIONS AND WARRANTIES	  

			
	 Section 2.1.
	  	Existence; Authority; Enforceability	  	 	7	 
	 Section 2.2.
	  	Absence of Conflicts	  	 	7	 
	 Section 2.3.
	  	Consents	  	 	7	 
	
	ARTICLE III	  

	
	GOVERNANCE	  

			
	 Section 3.1.
	  	The Board	  	 	8	 
	 Section 3.2.
	  	Voting Agreement	  	 	13	 
	 Section 3.3.
	  	Additional Management Provisions	  	 	13	 
	 Section 3.4.
	  	Confidentiality	  	 	13	 
	 Section 3.5.
	  	Access	  	 	14	 
	 Section 3.6.
	  	Controlled Company	  	 	14	 
	 Section 3.7.
	  	Actions Requiring Principal Stockholder Approval	  	 	15	 
	
	ARTICLE IV	  

	
	GENERAL PROVISIONS	  

			
	 Section 4.1.
	  	Company Charter and Company By-laws	  	 	17	 
	 Section 4.2.
	  	Freedom to Pursue Opportunities	  	 	17	 
	 Section 4.3.
	  	Assignment; Benefit	  	 	18	 
	 Section 4.4.
	  	Restrictions on Business Combination Transactions	  	 	18	 
	 Section 4.5.
	  	Termination	  	 	19	 
	 Section 4.6.
	  	Limits on Transfer or Issuance of Common Stock	  	 	19	 
	 Section 4.7.
	  	Severability	  	 	19	 
	 Section 4.8.
	  	Entire Agreement; Amendment	  	 	20	 
	 Section 4.9.
	  	Counterparts	  	 	20	 
	 Section 4.10.
	  	Notices	  	 	21	 
	 Section 4.11.
	  	Governing Law	  	 	23	 
	 Section 4.12.
	  	Jurisdiction	  	 	23	 
	 Section 4.13.
	  	Waiver of Jury Trial	  	 	23	 
	 Section 4.14.
	  	Specific Performance	  	 	24	 
	 Section 4.15.
	  	Subsequent Acquisition of Shares	  	 	24	 
	 Section 4.16.
	  	Transfer Restrictions on Class B Common Stock	  	 	24	 
	 Section 4.17.
	  	Effectiveness	  	 	25	 

 This STOCKHOLDERS AGREEMENT (this “Agreement”), dated as of
October 27, 2020, is made by and among: 
 i. MediaAlpha, Inc., a Delaware corporation (the “Company”); 

ii. White Mountains Investments (Luxembourg) S.à r.l., a Luxembourg private limited liability company (société
à responsabilité limitée) (“WTM” and, together with any of its Permitted Affiliate Transferees (as defined below), collectively, the “WTM Investor”); 

iii. Insignia QL Holdings, LLC, a Delaware limited liability company, and Insignia A QL Holdings, LLC, a Delaware limited liability company
(collectively, “Insignia” and, together with any of its Permitted Affiliate Transferees, collectively, the “Insignia Investor”); 

iv. Steven Yi, Eugene Nonko and Ambrose Wang (together with their respective Founder Holding Vehicles through which they indirectly hold
Common Stock, each, a “Founder” and collectively, the “Founders” and, together with any of their respective Permitted Affiliate Transferees, collectively, the “Founder Investor”); and 

v. such other Persons who from time to time become party hereto by executing a counterpart signature page hereof and are designated by the
Board (as defined below) as “Other Stockholders” (the “Other Stockholders” and, together with the WTM Investor, the Insignia Investor and the Founder Investor, the “Stockholders”). 

For purposes of this Agreement, each of the WTM Investor, the Insignia Investor and the Founder Investor (treating the Founder Investor as a
single Stockholder for this purpose) is a “Principal Stockholder”. 
 RECITALS 

WHEREAS, pursuant to a Reorganization Agreement, dated as of the date hereof, the Company, QL Holdings LLC, the Principal Stockholders and
certain other Persons have effected a series of reorganization transactions (collectively, the “Reorganization Transactions”); 

WHEREAS, after giving effect to the Reorganization Transactions, (a) WTM will hold shares of the Company’s Class A common
stock, par value $0.01 per share (the “Class A Common Stock”), and (b) Insignia and the Founders will hold (i) shares of the Company’s Class B common stock, par value $0.01 per share (the
“Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) and (ii) QL Holdings LLC’s Class B-1 units (the
“Class B-1 Units”), which (together with an equivalent number of shares of Class B Common Stock) will, subject to certain restrictions, be exchangeable from time to
time for shares of the Class A Common Stock, or, at the Company’s election, cash of an equivalent value, pursuant to an Exchange Agreement dated as of the date hereof (the “Exchange Agreement”); 

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

WHEREAS, the parties hereto desire to provide for certain governance rights and other matters, and to set forth the respective rights and
obligations of the Stockholders following the IPO. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants
and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1.    Definitions. As used in this Agreement, the following terms shall have the following
meanings: 
 “Action” has the meaning set forth in Section 3.1(i). 

“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) if such specified Person is a natural Person, (A) in the event of a bona fide estate planning transaction in which such Person
retains voting control of any Class A Common Stock Transferred, made for no consideration and not made with the intent to or result of circumventing the intent of this Agreement, (i) such Person’s spouse, lineal descendants (including
adopted children) or ancestors, (ii) any custodian or trustee of any trust, partnership, limited liability company or other entity wholly for the benefit of, or the ownership interests of which are owned wholly by, such Person and/or any such
Person’s spouse, lineal descendants (including adopted children) or ancestors or (iii) a charitable foundation under the control of such Person or (B) upon the death of such Person, his or her estate, heirs, executors or
administrators or, a trustee of a trust under his or her will or transferee by intestacy. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. For the avoidance of doubt, none of the WTM Investor, the Insignia Investor or the Founder Investor shall constitute an Affiliate of
the Company, QL Holdings LLC or any of their respective subsidiaries. 
 “Affiliate Transaction” has the meaning set forth
in Section 3.7. 
 “Agreement” has the meaning set forth in the Preamble. 

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

  
 2 

 “Business Combination Transaction” has the meaning set forth in
Section 4.4. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required
or specifically authorized by law to be closed in the City of New York. 
 “Change in Control” means any transaction or
series of related transactions (whether by merger, consolidation, recapitalization, liquidation or sale or transfer of Company Shares or assets (including equity securities of any subsidiary) or otherwise) as a result of which any Person or group,
within the meaning of Section 13(d)(3) of the Exchange Act (other than the Principal Stockholders and their respective Affiliates, any group of which the foregoing are members and any other members of such a group), obtains ownership, directly
or indirectly, of (i) Company Shares that represent more than 50% of the total voting power of the outstanding Company Shares of the Company or applicable successor entity or (ii) all or substantially all of the assets of the Company and
the subsidiaries of the Company on a consolidated basis. 
 “Chief Executive Officer” means the chief executive officer of
the Company then in office. 
 “Class A Common Stock” has the meaning set forth in the Recitals. 

“Class A-1 Units” means the
Class A-1 units of QL Holdings LLC. 
 “Class B Common
Stock” has the meaning set forth in the Recitals. 
 “Class B-1
Units” has the meaning set forth in the Recitals. 
 “Closing” means the closing of the IPO. 

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

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

“Company By-laws” means the by-laws of the
Company in effect on the date hereof. 
 “Company Charter” means the certificate of incorporation of the Company in effect
on the date hereof. 
 “Company Shares” means (i) all shares of Common Stock that are not then subject to vesting
(including shares that were at one time subject to vesting to the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security that are not then subject to
vesting (including shares that were at one time subject to vesting to the extent they have vested) (without double counting shares of Class A Common Stock issuable upon an exchange of shares of Class B Common Stock together with Class B-1 Units) and (iii) all shares of Common Stock directly or indirectly issued or issuable with respect to the securities referred to in clause (i) or (ii) above by way of unit or stock dividend
or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization. 

  
 3 

 “D&O Indemnitees” has the meaning set forth in Section 3.1(h).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Exchange Agreement” has the
meaning set forth in the Recitals. 
 “Founders” has the meaning set forth in the Preamble. 

“Founder Holding Vehicles” means, collectively, QuoteLab Holdings, Inc., a Delaware corporation classified as an S
corporation for U.S. federal income tax purposes, and the Founder Trusts. 
 “Founder Investor” has the meaning set forth
in the Preamble. 
 “Founder Trusts” means, collectively, (i) in the case of Steven Yi, OBF Investments, LLC, a Nevada
limited liability company, (ii) in the case of Eugene Nonko, O.N.E. Holdings LLC, a Washington limited liability company, and (iii) in the case of Ambrose Wang, Wang Family Investments LLC, a Washington limited liability company. 

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

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

“Indemnitees” has the meaning set forth in Section 3.1(j). 

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

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

“Insignia Investor” has the meaning set forth in the Preamble. 

“Intermediate Holdco” means Guilford Holdings, Inc., a Delaware corporation. 

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

“LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of QL Holdings LLC dated as of the
date hereof. 

  
 4 

 “Majority in Interest of the Principal Stockholders” means holders of the
majority of the Common Stock beneficially owned by the Principal Stockholders. 
 “Necessary Action” means, with respect to
a specified result, all actions reasonably necessary and reasonably within the control of the Person(s) required hereby to take such actions to cause such result, including (i) voting or providing a written consent or proxy with respect to the
Company Shares, (ii) causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with
governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are reasonably required to achieve such result. 

“Other Stockholders” has the meaning set forth in the Recitals. 

“Permitted Affiliate Transferee” has the meaning set forth in Section 4.3(a). 

“Person” means any individual, partnership, limited liability company, corporation, trust, association, estate,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Principal Stockholder” has
the meaning set forth in the Preamble. 
 “Principal Stockholder Designee” has the meaning set forth in
Section 3.1(b). 
 “Principal Stockholder Indemnitors” has the meaning set forth in Section 3.1(h). 

“Purported Owner” has the meaning set forth in Section 4.16(a). 

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

“Restricted Shares” has the meaning set forth in Section 4.16(a). 

“Restrictions” has the meaning set forth in Section 4.16(a). 

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

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

  
 5 

 “Share Exchange” means a share exchange involving more than 50% of the
shares of the Common Stock. Share exchanges effected in accordance with the Exchange Agreement shall not constitute a “Share Exchange” for purposes of this Agreement. 

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

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

“Tax Receivables Agreement” means the tax receivables agreement by and among the Company, QL Holdings LLC and the other
parties thereto, dated as of the date hereof. 
 “Transfer” means, with respect to any Company Shares, any interest
therein, or any other securities or equity interests, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether
directly or indirectly, whether voluntarily, involuntarily or by operation of law; and “Transferred”, “Transferee” and “Transferor” shall each have a correlative meaning. 

“Transfer Agent” has the meaning set forth in Section 4.16(a). 

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

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

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

“WTM Investor” has the meaning set forth in the Preamble. 

Section 1.2.    Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable
to the singular and plural forms of the defined terms. 
 (b)    The words “hereof,”
“herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise
specified. 
 (c)    The term “including” is not limiting and means “including without
limitation.” 
 (d)    The captions and headings of this Agreement are for convenience of reference only and
shall not affect the interpretation of this Agreement. 
 (e)    Whenever the context requires, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms. 
 (f)    References to any agreement or contract
are to that agreement or contract as amended, restated, modified or supplemented from time to time in accordance with the terms thereof. 

  
 6 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Each of the parties to this Agreement hereby represents and warrants to each other party to this Agreement that as of the date such party
executes this Agreement: 
 Section 2.1.    Existence; Authority; Enforceability. Such party (other than any
party that is a natural Person) has the power and authority to enter into this Agreement and to perform its obligations hereunder. Such party (other than any party that is a natural Person) is duly organized and validly existing under the laws of
its jurisdiction of organization, and the execution of this Agreement, and the performance of its obligations hereunder, have been authorized by all necessary action on the part of its board of directors (or equivalent) and shareholders (or other
holders of equity interests), if required, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the performance of its obligations hereunder. This Agreement has been duly executed by such party and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the effect of any laws relating to bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or preferential
transfers, or similar laws relating to or affecting creditors’ rights generally and subject, as to enforceability, to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law). 
 Section 2.2.    Absence of Conflicts. The execution and delivery by such party of this
Agreement and the performance of its obligations hereunder does not and will not (a) conflict with, or result in the breach of any provision of the constitutive documents of such party (other than any party that is a natural Person), (b) result
in any material violation, breach, conflict, default or an event of default (or an event which with notice, lapse of time, or both, would constitute a default or an event of default), or give rise to any right of acceleration or termination or any
additional material payment obligation, under the terms of any material contract, agreement or permit to which such party is a party or by which such party’s assets or operations are bound or affected, or (c) violate any law applicable to
such party, except, in the case of each of (b) and (c) with respect to the Stockholders, for any such violation, breach, conflict or default that would not impair in any material respect the ability of such Stockholder to perform its respective
obligations hereunder. 
 Section 2.3.    Consents. Other than as expressly required herein or any consents
which have already been obtained, no material consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with the execution, delivery or performance of
this Agreement. 

  
 7 

 ARTICLE III 

GOVERNANCE 

Section 3.1.    The Board. 

(a)    Composition of Initial Board. Prior to Closing, the Company and the Stockholders shall take all Necessary
Action to cause the Board to be comprised of nine directors, (i) two of whom shall be designated by the WTM Investor (each, a “WTM Director”), (ii) two of whom shall be designated by the Insignia Investor (each, an
“Insignia Director”), (iii) two of whom shall be designated jointly by the Founder Investor (each, a “Founder Director”) and (iv) three of whom shall be a director who meets the independence criteria set forth
in Rule 10A-3 under the Exchange Act (each, an “Unaffiliated Director”). The foregoing directors shall be divided into three classes of directors, each of whose members shall serve for
staggered three-year terms as follows: 
 (1)    the class I directors shall include one WTM Director,
one Insignia Director and one Founder Director; 
 (2)    the class II directors shall include one WTM
Director, one Insignia Director and one Founder Director; and 
 (3)    the class III directors shall
include each of the three Unaffiliated Directors. 
 The initial term of the class I directors shall expire immediately following the Company’s first
annual meeting of stockholders at which directors are elected following the completion of the IPO. The initial term of the class II directors shall expire immediately following the Company’s second annual meeting of stockholders at which
directors are elected following the completion of the IPO. The initial term of the class III directors shall expire immediately following the Company’s third annual meeting at which directors are elected following the completion of the IPO.

 (b)    Principal Stockholder Representation. For so long as a Principal Stockholder holds a number of shares
of Common Stock representing at least the percentage shown below of the number of shares of Common Stock issued and outstanding as of the Closing, there shall be included in the slate of nominees recommended by the Board for election as directors at
each applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by such Principal Stockholder (each, a “Principal Stockholder Designee”) that, if
elected, will result in such Principal Stockholder having the number of directors serving on the Board that is shown below. 
  

					
	 Percent
	  	Number of
Directors	 
	 12.5% or greater
	  	 	2	 
	 Less than 12.5% but greater than or equal to 5%
	  	 	1	 

  
 8 

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

(c)    CEO Representation. Subject to the last sentence of Section 3.1(d), if at any time none of the Founders
is the Chief Executive Officer, (i) the Chief Executive Officer shall be designated for election or appointed to the Board as promptly as reasonably practicable, (ii) the Board may take all Necessary Action to so designate or appoint such
Chief Executive Officer and cause the authorized size of the Board to be increased accordingly, and (iii) if the term of such Chief Executive Officer as a director on the Board is to expire in conjunction with any annual or special meeting of
stockholders at which directors are to be elected, such Chief Executive Officer shall be included in the slate of nominees recommended by the Board for election. 

(d)    Vacancies. Except as provided in Section 3.1(b) and the last sentence of this Section 3.1(d), (i)
each Principal Stockholder shall have the exclusive right to remove its designees from the Board, and the Company and the Principal Stockholders shall take all Necessary Action to cause the removal of any such designee at the request of the
designating Principal Stockholder and (ii) each Principal Stockholder shall have the exclusive right to designate for election or appointment to the Board directors to fill vacancies created by reason of death, removal or resignation of its
designees to the Board, and the Company and the other Principal Stockholders shall take all Necessary Action to cause any such vacancies to be filled by replacement directors designated by such designating Principal Stockholder as promptly as
reasonably practicable. If at any time the Chief Executive Officer (A) is a Founder and is terminated for cause (as such term is defined in the employment or other similar agreement with respect to such Chief Executive Officer) or (B) is
not a Founder and resigns or is terminated for any reason, the Chief Executive Officer shall resign from the Board, and the Company and the Principal Stockholders shall take all Necessary Action to remove the Chief Executive Officer from the Board
and fill such vacancy with the next Chief Executive Officer in office; provided that, in the case of prong (A), the Founder Investor shall have the right to jointly designate a replacement director subject to the consent of at least one of
the other Principal Stockholders, which consent shall not to be unreasonably withheld. For the avoidance of doubt and notwithstanding anything to the contrary in this paragraph, no Principal Stockholder shall have the right to designate a
replacement director, and the Company and the other Principal Stockholders shall not be required to take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board
would result in a number of directors designated by such Principal Stockholder in excess of the number of directors that such Principal Stockholder is then entitled to designate for membership on the Board pursuant to Section 3.1(b). 

(e)    Additional Unaffiliated Directors. For so long as any Principal Stockholder has the right to designate at
least one director for nomination under this Agreement, the Company will take all Necessary Action to ensure that the number of directors serving on the Board shall not exceed ten; provided, that the number of directors may be increased if
necessary to satisfy the requirements of applicable laws and stock exchange regulations and applicable listing requirements. 

  
 9 

 (f)    Committees. The Company shall establish and maintain an
audit committee of the Board (the “Audit Committee”), a compensation committee of the Board (the “Compensation Committee”), a nominating and corporate governance committee of the Board (“Nominating and
Corporate Governance Committee”), and such other Board committees as the Board deems appropriate from time to time or as may be required by applicable laws or stock exchange regulations. The committees shall have such duties and
responsibilities as are customary for such committees, subject to the provisions of this Agreement. Subject to applicable laws and stock exchange regulations: 

(1)    The WTM Investor and the Insignia Investor shall each have the right to have a representative
appointed to serve on each committee of the Board (except for the Audit Committee), and the Founder Investor shall have the right to have a representative appointed to serve on each committee of the Board (except for the Audit Committee and the
Compensation Committee), in each case for so long as such Principal Stockholder has the right to designate at least one director for election to the Board. At any time any Principal Stockholder is entitled to have a representative appointed to serve
on a committee of the Board pursuant to the immediately preceding sentence but either (i) does not elect to have a representative appointed or (ii) is prohibited by applicable laws or stock exchange regulations or applicable listing
requirements from having a representative appointed, such Principal Stockholder shall have the right to have a representative appointed as an observer (each, an “Observer”) to such committee. 

(2)    Each Unaffiliated Director shall serve on the Audit Committee and, at all times during which this
Agreement is operative and effective, the Board shall have determined that at least one director serving on the Audit Committee shall qualify as an “audit committee financial expert” under the rules and regulations of the SEC. All other
directors of the Board shall have the right to participate as an Observer to the Audit Committee. 
 Notwithstanding the foregoing, any
Observer may be excluded from any portion of any meetings and/or distributions of materials if the Company is advised by its legal counsel that such Observer’s attendance at such meeting or receipt of such materials which would adversely affect
the attorney-client privilege between the Company and its legal counsel. 
 (g)    Reimbursement of Expenses. In
accordance with the Company By-laws, the Company shall reimburse each WTM Director, Insignia Director, Founder Director and Principal Stockholder Designee for all reasonable and documented out-of-pocket expenses incurred in connection with such director’s or designee’s participation in the meetings of the Board or any committee of the Board, including
reasonable travel, lodging and meal expenses. 

  
 10 

 (h)    D&O Insurance. The Company shall obtain and maintain
in effect customary director and officer indemnity insurance (any such director, officer or other indemnified person covered by any such indemnity insurance policy, a “D&O Indemnitee” and, collectively, the “D&O
Indemnitees”). 
 (i)    Indemnification. The Company shall defend, indemnify and hold harmless the
Principal Stockholders, and their respective Affiliates, partners, employees, agents, directors, managers, officers and controlling Persons (any such Person, a “Stockholder Indemnitee” and, collectively, the “Stockholder
Indemnitees”) from and against any and all liabilities, losses, damages, costs, expenses, taxes or obligations of any kind or nature (whether accrued or fixed, absolute or contingent) in connection therewith (including reasonable
attorneys’ fees and expenses, but in each case above excluding any income taxes of the Stockholder Indemnitees or taxes based on fees or other compensation received by or paid to the Stockholder Indemnitees) incurred by such Stockholder
Indemnitee before or after the date of this Agreement, arising out of any action, cause of action, suit, proceeding or claim by any Person (other than the Company or any of its subsidiaries) against such Stockholder Indemnitee (each, an
“Action”) arising directly or indirectly out of, or in any way relating to, (i) any Principal Stockholder’s or its Affiliates’ beneficial ownership of Common Stock or other equity securities of the Company or control
or ability to influence the Company or any of its subsidiaries (other than any such Actions (x) to the extent such Actions arise out of any breach of this Agreement by a Stockholder Indemnitee or its Affiliates or the breach of any fiduciary or
other similar duty or obligation of such Stockholder Indemnitee to its direct or indirect equity holders, creditors or Affiliates or (y) to the extent such Actions are directly caused by such Person’s willful misconduct), (ii) the
business, operations, properties, assets or other rights or liabilities of the Company or any of its subsidiaries or (iii) any services provided prior, on or after the date of this Agreement by the Principal Stockholders or their respective
Affiliates to the Company or any of its subsidiaries. The Company shall defend at its own cost and expense in respect of any Action which may be brought against the Company and/or its Affiliates and the Stockholder Indemnitees. The Company shall
defend at its own cost and expense any and all Actions which may be brought in which the Stockholder Indemnitees may be impleaded with others upon any Action by the Stockholder Indemnitees, except that if such damage shall be proven to be the direct
result of gross negligence, bad faith or willful misconduct by any of the Stockholder Indemnitees, then such Stockholder Indemnitee shall reimburse the Company for the costs of defense and other costs incurred by the Company in proportion to such
Stockholder Indemnitee’s culpability as proven. In the event of the assertion against any Stockholder Indemnitee of any Action or the commencement of any Action, the Company shall be entitled to participate in such Action and in the
investigation of such Action and, after written notice from the Company to such Stockholder Indemnitee, to assume the investigation or defense of such Action with counsel of the Company’s choice at the Company’s expense; provided, however,
that such counsel shall be reasonably satisfactory to the Stockholder Indemnitee. Notwithstanding anything to the contrary contained herein, the Company may retain one firm of counsel to represent all Stockholder Indemnitees in such Action;
provided, however, that the Stockholder Indemnitee shall have the right to employ a single firm of separate counsel (and any necessary local counsel) and to participate in the defense or investigation of such Action and the Company shall bear the
expense of such separate counsel (and local counsel, if applicable), if (x) in the opinion of counsel to the Stockholder Indemnitee, use of counsel of the Company’s choice could reasonably be expected to give rise to a conflict of
interest, (y) the Company shall not have employed counsel satisfactory to the Stockholder Indemnitee to represent the Stockholder Indemnitee within a reasonable time after notice of the assertion of any such Action or (z) the Company shall
authorize the Stockholder Indemnitee to employ separate counsel at the Company’s expense. 

  
 11 

 (j)    Indemnification Priority. The Company hereby acknowledges
that the D&O Indemnitees and the Stockholder Indemnitees (collectively, the “Indemnitees”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by a Principal Stockholder or one or more
of their respective Affiliates (collectively, the “Principal Stockholder Indemnitors”). The Company hereby (i) agrees that the Company and any subsidiary of the Company that provides indemnity shall be the indemnitor of first
resort (i.e., its or their obligations to an Indemnitee shall be primary and any obligation of any Principal Stockholder Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by an Indemnitee
shall be secondary), (ii) agrees that it shall be required to advance the full amount of expenses incurred by an Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to
the extent legally permitted and as required by the terms of this agreement or any other agreement between the Company and an Indemnitee, without regard to any rights an Indemnitee may have against any Principal Stockholder Indemnitor or their
insurers, and (iii) irrevocably waives, relinquishes and releases the Principal Stockholder Indemnitors from any and all claims against the Principal Stockholder Indemnitors for contribution, subrogation or any other recovery of any kind in
respect thereof. The Company further agrees that no advancement or payment by the Principal Stockholder Indemnitors on behalf of an Indemnitee with respect to any claim for which such Indemnitee has sought indemnification from the Company, as the
case may be, shall affect the foregoing and the Principal Stockholder Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnitee against the
Company. 
 (k)    Limitation of Liability. No Stockholder Indemnitee shall be personally liable to the Company
or any other Stockholder Indemnitee for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with (i) any Principal Stockholder’s or its Affiliates’ beneficial ownership of Common Stock or other
equity securities of the Company or control or ability to influence the Company or any of its subsidiaries (other than any such Actions (x) to the extent such Actions arise out of any breach of this Agreement by a Stockholder Indemnitee or its
Affiliates or the breach of any fiduciary or other similar duty or obligation of such Stockholder Indemnitee to its direct or indirect equity holders, creditors or Affiliates or (y) to the extent such Actions are directly caused by such
Person’s willful misconduct), (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its subsidiaries or (iii) any services provided prior, on or after the date of this Agreement by the
Principal Stockholders or their respective Affiliates to the Company or any of its subsidiaries. 

  
 12 

 Section 3.2.    Voting Agreement. Each Principal Stockholder
agrees to cast all votes to which such Principal Stockholder is entitled in respect of its Company Shares, whether at any annual or special meeting, by written consent or otherwise, so as to cause to be elected to the Board those individuals
designated in accordance with Section 3.1(a)-(e) and to otherwise effect the intent of this Article III; provided, that at any time any Principal Stockholder holds more than 5%, but less than 10%, of the issued and outstanding
shares of Common Stock, such Principal Stockholder shall have the right, but not the obligation, to terminate its obligations with the respect to the foregoing voting agreement (and the reciprocal obligations of the other Principal Stockholders with
respect to any Principal Stockholder Designee of such terminating Principal Stockholder shall automatically terminate). For the avoidance of doubt, notwithstanding the election by such Principal Stockholder to terminate its obligations with respect
to the foregoing voting agreement, all other terms of this Agreement shall continue in full force and effect with respect to such terminating Principal Stockholder. 

Section 3.3.    Additional Management Provisions. The Company hereby agrees and acknowledges that the
Principal Stockholder Designees of each Principal Stockholder entitled to designate a member of the Board pursuant to this Agreement shall receive such information relating to the financial condition, business, prospects or corporate affairs of the
Company as such Principal Stockholder may from time to time reasonably request, and such Principal Stockholder Designee may share such information about the Company with such Principal Stockholder. 

Section 3.4.    Confidentiality. Each Stockholder agrees with the Company for the benefit of the Company that
such Stockholder will, until the second anniversary of the termination of this Agreement with respect to such Stockholder, keep confidential and will not disclose, divulge or use for any purpose (other than to monitor, increase or decrease its
investment in the Company) any confidential information obtained from the Company pursuant to this Agreement or provided by or on behalf of the Company to such Stockholder unless such confidential information (a) is known or becomes known to
the public in general (other than as a result of a breach of this Section 3.4 by such Stockholder), (b) is or has been independently developed or conceived by the Stockholder without use of the Company’s confidential information,
(c) is determined by the Company in good faith upon request of any Stockholder no longer to be confidential information (as confirmed in writing to the Stockholder by the Board) or (d) is or has been made known or disclosed to the
Stockholder by a third party without the Stockholder’s knowledge that the disclosure of such information constitutes a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a
Stockholder may disclose confidential information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to
any existing or prospective Affiliate, partner, member, stockholder or wholly owned subsidiary of such Stockholder in the ordinary course of business; provided that such Stockholder informs such Person that such information is confidential
and directs such Person to maintain the confidentiality of such information; or (iii) as may otherwise be required by law, including, without limitation, to the extent required in periodic disclosures or for regulatory purposes; provided
that the Stockholder promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure; provided, further that nothing in this Section 3.4 shall be deemed to
restrict any Stockholder’s ability to monetize its equity investment in the Company in compliance with applicable securities laws. Notwithstanding the foregoing, each of the Company and each Stockholder acknowledges that each other Stockholder
may develop or receive from third parties information that is the same as or similar to the confidential information of the Company, and agrees that nothing in this Agreement restricts or prohibits any Stockholder (by itself or through a third
party) from developing, receiving or disclosing such information, or any products, services, concepts, ideas, systems or techniques that are similar to or compete with the products, services, concepts, ideas, systems or techniques contemplated by or
embodied in the confidential information of the Company. 

  
 13 

 Section 3.5.    Access. The Company shall, and shall cause
its subsidiaries, officers, directors, employees, auditors and other agents to, (a) afford the officers, employees, auditors and other agents of each Principal Stockholder, during normal business hours and upon reasonable notice, reasonable
access at all reasonable times to its officers, employees, auditors, legal counsel, properties, offices, plants and other facilities and to all books and records, and (b) afford each Principal Stockholder the opportunity to discuss the affairs,
finances and accounts of the Company and its subsidiaries with their respective officers from time to time as such Principal Stockholder may reasonably request; provided, however, that the Company shall not be obligated pursuant to
this Section 3.5 to provide access to any information if the Company has been advised by its legal counsel that the disclosure of such information would adversely affect the attorney-client privilege between the Company and its legal counsel.

 Section 3.6.    Controlled Company. 

(a)    The Principal Stockholders acknowledge and agree that, (i) by virtue of this Article III, they are acting
as a “group” within the meaning of the stock exchange rules as of the date hereof, and (ii) by virtue of the combined voting power of Company Shares held by the Principal Stockholders representing more than 50% of the total voting
power of the Company Shares outstanding as of the Closing, the Company qualifies as of the Closing as a “controlled company” within the meaning of the stock exchange rules. 

(b)    So long as the Company qualifies as a “controlled company” for purposes of the stock exchange rules, the
Company will elect to be a “controlled company” for purposes of the stock exchange rules, and will disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for that determination. If the
Company ceases to qualify as a “controlled company” for purposes of the stock exchange rules, the Principal Stockholders and the Company will take whatever action may be reasonably necessary in relation to such party, if any, to cause the
Company to comply with stock exchange rules as then in effect within the timeframe for compliance available under such rules. 

  
 14 

 Section 3.7.    Actions Requiring Principal Stockholder
Approval. Subject to the Company Charter, the Company By-laws and applicable laws, so long as the Principal Stockholders continue to own at least a majority of the issued and outstanding shares of Common
Stock, the following actions by the Company or any subsidiary of the Company shall require the prior written consent of a Majority in Interest of the Principal Stockholders: 

(a)    Change in Control. Entering into or effecting a Change in Control. 

(b)    Certain Acquisitions and Dispositions. Directly or indirectly, entering into or effecting any transaction or
series of related transactions involving, or entering into any agreement providing for, (i) the purchase, lease, license, exchange or other acquisition by the Company or its subsidiaries of any assets and/or equity securities for consideration
having a fair market value (as reasonably determined by the Board and including the assumption of indebtedness) in excess of $20.0 million and/or (ii) the sale, lease, license, exchange or other disposal by the Company or its subsidiaries
of any assets and/or equity securities having a fair market value or for consideration having a fair market value (in each case as reasonably determined by the Board and including the assumption of indebtedness) in excess of $20.0 million; in
each case, other than transactions solely between or among the Company, Intermediate Holdco, QL Holdings LLC and any subsidiary of QL Holdings LLC. 

(c)    Affiliate Transactions. Neither the Company, QL Holdings LLC nor or any of their respective subsidiaries
shall make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, loan, advance or guarantee
with, or for the benefit of, any Principal Stockholder or any Affiliate of a Principal Stockholder (each, an “Affiliate Transaction”). For purposes of this Agreement, the following shall not constitute an “Affiliate
Transaction”: (i) any transaction, contract, agreement, loan, advance or guarantee completed or in effect upon, or prior to, the Closing and (ii) any transaction, contract or agreement relating to director and officer indemnification,
advancement of expenses and/or insurance. Notwithstanding anything to the contrary in this Section 3.7, an Affiliate Transaction shall require the prior written consent of a Majority in Interest of the Principal Stockholders excluding the
interested Principal Stockholder. Solely for purposes of this Section 3.7(c), each Founder (together with any of its Permitted Affiliate Transferees) individually shall be deemed a Principal Stockholder. 

(d)    Certain Joint Ventures and Business Alliances. Directly or indirectly, entering into any joint venture or
similar business alliance involving, or entering into any agreement providing for, the investment, contribution or disposition by the Company or its subsidiaries of assets (including stock of any such subsidiaries) having a fair market value (as
reasonably determined by the Board) in excess of $20.0 million, other than transactions solely between or among the Company, Intermediate Holdco and QL Holdings LLC. 

  
 15 

 (e)    Certain Indebtedness. Incurring (or extending,
supplementing or otherwise modifying any of the material terms of) any indebtedness (including any refinancing of existing indebtedness), assuming, guaranteeing, endorsing or otherwise as an accommodation becoming responsible for the obligations of
any other Person (other than the Company or any of its subsidiaries), or entering into (or extending, supplementing or otherwise modifying any of the material terms of) any agreement under which the Company or any of its subsidiaries may incur
indebtedness in the future, in each case in an aggregate principal amount in excess of $20.0 million in any transaction or series of related transactions and other than a drawdown of amounts committed (including under a revolving facility)
under a debt agreement that previously received the prior written consent of a Majority in Interest of the Principal Stockholders or that was entered into on or prior to the date hereof. 

(f)    Issuance of Equity Securities. Authorizing or issuing equity securities of the Company or its direct or
indirect subsidiaries other than (i) pursuant to any equity incentive plans or arrangements that have been approved by the Board or (ii) upon an exchange of Class B-1 Units (together with an
equivalent number of shares of the Class B Common Stock) for shares of the Class A Common Stock pursuant to the Exchange Agreement. 

(g)    Dissolution; Liquidation; Reorganization; Bankruptcy. Initiating a voluntary liquidation, dissolution,
receivership, bankruptcy or other insolvency proceeding involving the Company, QL Holdings LLC or any of their respective subsidiaries that is a “significant subsidiary” as defined in Rule 1-02 of
Regulation S-X under the Exchange Act. 
 (h)    Nature of Business.
Making any material change to the nature of the business, the strategic direction or line of business of the Company or any of its subsidiaries. 

(i)    Chief Executive Officer. Hiring a new Chief Executive Officer or terminating the employment of the Chief
Executive Officer; provided, however, that the consent of the Founder Investor shall not be required for the termination of any Founder. 

(j)    Size of Board. Increasing or decreasing the size of the Board other than in accordance with
Article III. 
 (k)    Certain Actions by QL Holdings LLC. Authorizing its subsidiary, Intermediate Holdco,
as managing member of QL Holdings LLC, to: 
 (1)    approve of transfers of Class A-1 Units or Class B-1 Units pursuant to Section 9.01 of the LLC Agreement. 

(2)    approve of QL Holdings LLC’s entry into certain restricted transactions pursuant to
Section 9.06(a) of the LLC Agreement. 
 (3)    amend or waive any part of the LLC Agreement
pursuant to Section 14.08(iii) of the LLC Agreement. 
 (4)    cause the merger of QL Holdings LLC
with or into the Company or any subsidiary of the Company. 
 (l)    Exchanges. Electing to deliver Cash
Consideration (as such term is defined in the Exchange Agreement) in connection with an exchange under the Exchange Agreement. Notwithstanding anything to the contrary in this Section 3.7, such election shall require the prior written consent
of a Majority in Interest of the Principal Stockholders excluding any interested Principal Stockholder. Solely for purposes of this Section 3.7(l), each Founder (together with any of its Permitted Affiliate Transferees) individually shall be
deemed a Principal Stockholder. 

  
 16 

 ARTICLE IV 

GENERAL PROVISIONS 

Section 4.1.    Company Charter and Company By-laws. The provisions of
this Agreement shall be controlling if any such provisions or the operation thereof conflict with the provisions of the Company Charter or the Company By-laws. The Company and the Principal Stockholders agree
to take all Necessary Action to amend the Company Charter and Company By-laws so as to avoid any conflict with the provisions hereof. 

Section 4.2.    Freedom to Pursue Opportunities. Subject to Section 12.03 of the Company Charter and any
contractual obligations by which the Company or any or all of the Principal Stockholders may be bound from time to time, none of the Principal Stockholders nor any of their Affiliates shall have a duty to refrain from engaging, directly or
indirectly, in the same or similar business activities or lines of business as the Company or any of the Company’s Affiliates, including those business activities or lines of business deemed to be competing with the Company or any of the
Company’s Affiliates. To the fullest extent permitted by law none of the Principal Stockholders nor any of their Affiliates, nor any of their respective officers or directors, shall be liable to the Company or its stockholders, or to any
Affiliate of the Company or such Affiliate’s stockholders or members, for breach of any fiduciary duty, solely by reason of any such activities of any Principal Stockholder or its Affiliates, or of the participation therein by any officer or
director of any Principal Stockholder or its Affiliates. To the fullest extent permitted by law, but subject to any contractual obligations by which the Company or any or all of the Principal Stockholders may be bound from time to time, none of the
Principal Stockholders nor any of its Affiliates shall have a duty to refrain from doing business with any client, customer or vendor of the Company or any of the Company’s Affiliates, and without limiting Section 12.03 of the Company
Charter, none of the Principal Stockholders nor any of their Affiliates nor any of their respective officers, directors or employees shall be deemed to have breached his, her or its fiduciary duties, if any, to the Company or its stockholders or to
any Affiliate of the Company or such Affiliate’s stockholders or members solely by reason of engaging in any such activity. Subject to any contractual provisions by which the Company or any or all of the Principal Stockholders or their
respective Affiliates may be bound from time to time, in the event that any Principal Stockholder or any of their Affiliates or any of their respective officers, directors or employees, acquires knowledge of a potential transaction or other matter
which may be a corporate opportunity for any Principal Stockholder (or any of its respective Affiliates), on the one hand, and the Company (or any of its Affiliates), on the other hand, none of the Principal Stockholders nor any of their Affiliates,
officers, directors or employees shall have any duty to communicate or offer such corporate opportunity to the Company or any of its Affiliates, and to the fullest extent permitted by law, none of the Principal Stockholders nor any of their
Affiliates, officers, directors or employees shall be liable to the Company or its stockholders, or any Affiliate of the Company or such Affiliate’s stockholders or members, for breach of any fiduciary duty or otherwise, solely by reason of the
fact that such Principal Stockholder or any of its Affiliates, officers, directors or employees acquires, pursues or obtains such corporate opportunity for itself, directs such corporate opportunity to another person, or otherwise does not
communicate information regarding such corporate opportunity to the Company or any of its Affiliates, and the Company (on behalf of itself and its Affiliates and their respective stockholders and Affiliates) to the fullest extent permitted by law
hereby waives and renounces in accordance with Section 122(17) of the DGCL any claim that such business opportunity constituted a corporate opportunity that should have been presented to the Company or any of its Affiliates. For purposes of
this Section 4.2, the term “Affiliate” shall be given the meaning set forth in prong (a) of the definition herein. 

  
 17 

 Section 4.3.    Assignment; Benefit. 

(a)    The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties
hereto, subject to the prior termination of this Agreement with respect to any Principal Stockholder in accordance with Section 4.5. Any attempted assignment of rights or obligations in violation of this Section 4.3 shall be null and void.
Notwithstanding the requirement to obtain the prior written consent of the other parties hereto, each of WTM, Insignia and the Founders, without the prior written consent of the other parties hereto, may, at any time, assign their rights and
obligations hereunder (in whole or in part) to any of their respective Affiliates to whom such party transfers any shares of Common Stock (together with an equivalent number of Class B-1 Units, in the
case of any transfer of Class B Common Stock) held by such party as of the Closing; provided that any such assignee shall only become a party hereto by executing a counterpart signature page hereof and, if applicable, joinders to the Exchange
Agreement and the LLC Agreement, in each case in accordance with the terms therein (any such assignee, a “Permitted Affiliate Transferee”). 

(b)    This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective
successors and permitted assigns, and there shall be no third-party beneficiaries to this Agreement other than the Indemnitees and the Principal Stockholder Indemnitors under Section 3.1(h), and the Principal Stockholders and their
Representatives under Section 4.2. 
 Section 4.4.    Restrictions on Business Combination
Transactions. The Company shall not be a party to any reorganization, Share Exchange, consolidation, conversion or merger or any other transaction having an effect on stockholders substantially similar to that resulting from a reorganization,
Share Exchange, consolidation, conversion or merger (each a “Business Combination Transaction”) that includes or is in conjunction with a transaction involving the disposition, exchange or conversion of Class B-1 Units for consideration unless (a) each holder of Class A Common Stock and Class B-1 Units (together with an equivalent number of shares of
Class B Common Stock) is allowed to participate pro rata in such Business Combination Transaction (as if the Class B-1 Units (together with an equivalent number of shares of Class B Common
Stock) had been exchanged immediately prior to such Business Combination Transaction for Class A Common Stock pursuant to the Exchange Agreement) and (b) the gross proceeds payable in respect of each
Class B-1 Unit equals the gross proceeds that would be payable on account of such Class B-1 Unit if it were exchanged immediately prior to such Business
Combination Transaction into Class A Common Stock pursuant to the Exchange Agreement. Nothing in this Section 4.4 shall be deemed to modify any of the rights of Insignia or the Founders set forth in the Tax Receivables Agreement. 

  
 18 

 Section 4.5.    Termination. If not otherwise stipulated,
this Agreement shall terminate automatically (without any action by any party hereto) as to each Principal Stockholder when such Principal Stockholder no longer holds at least 5% of the issued and outstanding shares of Common Stock. 

Section 4.6.    Limits on Transfer or Issuance of Common Stock. 

(a)    The parties each acknowledge and agree that no shares of Class A Common Stock may be issued unless (a) an
equivalent number of Class A-1 Units are issued therewith (including any issuances of shares of Class A Common Stock held in treasury or otherwise by the Company or any of its subsidiaries) or
(b) the issuance of shares of Class A Common Stock is to a holder of Class B-1 Units in exchange for Class B-1 Units (together with an equivalent
number of shares of Class B Common Stock) pursuant to the Exchange Agreement. The parties each also acknowledge and agree that no shares of Class B Common Stock may be Transferred or issued unless an equivalent number of Class B-1 Units are Transferred or issued therewith (including any transfers or issuances of shares of Class B Common Stock held in treasury or otherwise by the Company or any of its subsidiaries) and that
the Company will not register any Transfers of shares of Class B Common Stock that do not satisfy this Section 4.6(a). 

(b)    After the expiration of the 180-day
lock-up pursuant to that certain lock up agreement entered into with the several underwriters in connection with the IPO and until the one-year anniversary of the
Closing, the Principal Stockholders shall coordinate any sale of their respective shares of Common Stock, which in any event shall provide for sales on a pro rata basis by all Principal Stockholders that elect to participate in any sale. 

Section 4.7.    Severability. In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 

  
 19 

 Section 4.8.    Entire Agreement; Amendment. 

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

(b)    No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly
made in writing and executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such
breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in
respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. 
 (c)    The parties hereby agree to take no action to amend or repeal the provisions set forth in
Section 10.02 of the Company Charter (whether directly, by the filing of a certificate of designations, powers, preferences, rights or privileges, by a Business Combination Transaction or otherwise) in any respect, or to adopt, amend (whether
directly, by the filing of a certificate of designations, powers, preferences, rights or privileges, by a Business Combination Transaction or otherwise) or repeal any other provision of the Company Charter which would have the effect of modifying or
permitting the circumvention of the provisions set forth in Section 10.02 of the Company Charter, unless such action is approved by the affirmative vote of the holders of not less than 75% of the voting power of the outstanding shares of
Class A Common Stock entitled to vote with respect thereto. 
 Section 4.9.    Counterparts. This
Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. Counterpart signature pages to this Agreement
may be delivered by facsimile or electronic delivery (i.e., by email of a PDF signature page) and each such counterpart signature page will constitute an original for all purposes. 

  
 20 

 Section 4.10.    Notices. Unless otherwise specified herein,
all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered by personal hand
delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery (and such notice shall be
deemed to have been duly given, made or delivered (a) on the date received, if delivered by personal hand delivery, (b) on the date received, if delivered by facsimile transmission, by electronic mail or by registered first-class mail
prior to 5:00 p.m. prevailing local time on a Business Day, or if delivered after 5:00 p.m. prevailing local time on a Business Day or on other than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being
sent by air courier guaranteeing overnight delivery), at the following addresses (or at such other address as shall be specified by like notice): 

if to the Company, to: 

MediaAlpha, Inc. 
 700 South
Flower Street, Suite 640 
 Los Angeles, California 90017 

Attention: General Counsel 
 E-mail: legal@mediaalpha.com 
 with a copy (which shall not constitute notice) to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: C. Daniel Haaren 

Facsimile: (212) 474-1708 

E-mail: dhaaren@cravath.com 

if to the WTM Investor, to: 

White Mountains Investments (Luxembourg) S.à r.l. 

Société à responsabilité limitée 

1, rue Hildegard von Bingen 

Luxembourg, L-1282 

R.C.S. Luxembourg: B 167.137 

Attention: Manfred Schneider 

  
 21 

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

White Mountains Insurance Group, Ltd. 

23 S. Main St, Suite 3B 

Hanover, NH 03755 
 Attention:
Robert Seelig, EVP & GC 
 and 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: David J. Perkins 

Facsimile: (212) 474-1708 

E-mail: dperkins@cravath.com 

if to the Insignia Investor, to: 

Insignia Capital Group 
 1333
California Blvd, Suite 520 
 Walnut Creek, CA 94596 

Attention: Tony Broglio 

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

Kirkland & Ellis LLP 

300 N. LaSalle Street 
 Chicago,
IL 60654 
 Attention: Robert Wilson, P.C. 

E-mail: robert.wilson@kirkland.com 

if to the Founder Investor, to: 

700 S. Flower St., Suite 640 

Los Angeles, CA 90017 

Attention: Steven Yi 

  
 22 

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

Kirkland & Ellis LLP 

2049 Century Park East, Suite 3700 

Los Angeles, CA 90067 

Attention: Hamed Meshki, P.C. 
 E-mail: hamed.meshki@kirkland.com 
 and 

Kirkland & Ellis LLP 

601 Lexington Avenue, New York, NY 10022 

Attention: Timothy Cruickshank, P.C. 

E-mail: tim.cruickshank@kirkland.com 

Section 4.11.    Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 
 Section 4.12.    Jurisdiction. ANY ACTION OR
PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT
OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY
JURISDICTION. 
 Section 4.13.    Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT
CANNOT BE WAIVED, EACH PARTY HERETO WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY STOCKHOLDER IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. EACH PARTY
HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.13 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH IT IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.
ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.13 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
 23 

 Section 4.14.    Specific Performance. It is hereby agreed
and acknowledged that it will be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an
aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Any such party shall therefore be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief,
including specific performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that
there is an adequate remedy at law. 
 Section 4.15.    Subsequent Acquisition of Shares. Any equity
securities of the Company acquired subsequent to the date hereof by a Stockholder shall be subject to the terms and conditions of this Agreement. 

Section 4.16.    Transfer Restrictions on Class B Common Stock. 

(a)    Any purported transfer of shares of Class B Common Stock in violation of the restrictions described in
Section 4.6(a) (the “Restrictions”) shall be null and void. If, notwithstanding the foregoing prohibition, a person shall, voluntarily or involuntarily, purportedly become or attempt to become, the purported owner
(“Purported Owner”) of shares of Class B Common Stock transferred in violation of the Restrictions, then the Purported Owner shall not obtain any rights in and to such shares of Class B Common Stock (the
“Restricted Shares”), and the purported transfer of the Restricted Shares to the Purported Owner shall not be recognized by the Company’s transfer agent (the “Transfer Agent”). 

(b)    Upon a determination by the Board that a person has attempted or may attempt to transfer or to acquire Restricted
Shares in violation of Section 4.6(a), the Board may take such action as it deems advisable to refuse to give effect to such transfer or acquisition on the books and records of the Company, including without limitation to cause the Transfer
Agent to record the Purported Owner’s transferor as the record owner of the Restricted Shares, and to institute proceedings to enjoin or rescind any such transfer or acquisition. 

(c)    The Board may, to the extent permitted by law, from time to time establish, modify, amend or rescind, by by-law or otherwise, regulations and procedures not inconsistent with the provisions of this Section 4.16 for determining whether any acquisition of shares of Class B Common Stock would violate the
Restrictions and for the orderly application, administration and implementation of the provisions of this Section 4.16. Any such procedures and regulations shall be kept on file with the Secretary of the Company and with its Transfer Agent and
shall be made available for inspection by any prospective transferee and, upon written request, shall be mailed to any holder of shares of Class B Common Stock. 

  
 24 

 (d)    The Board shall have all powers necessary to implement the
Restrictions, including without limitation the power to prohibit the transfer of any shares of Class B Common Stock in violation thereof. 

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

Section 4.17.    Effectiveness. This Agreement shall become operative and effective upon, but
contingent on, the effectiveness of the Company Charter. 
 [Signature pages follow] 

  
 25 

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

			
	MEDIAALPHA, INC.
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title: Chief Executive Officer

  

			
	WHITE MOUNTAINS INVESTMENTS (LUXEMBOURG) S.À R.L.
		
	By:	 	/s/ Manfred Schneider
	Name: Manfred Schneider
	Title: Manager

  

			
	INSIGNIA QL HOLDINGS, LLC
		
	By:	 	/s/ Tony Broglio
	Name: Tony Broglio
	Title: President and Secretary

  

			
	INSIGNIA A QL HOLDINGS, LLC
		
	By:	 	/s/ Tony Broglio
	Name: Tony Broglio
	Title: President and Secretary

  
  
  

[Signature Page to Stockholders Agreement] 

 
			
	STEVEN YI
		
	By:	 	/s/ Steven Yi

  

			
	EUGENE NONKO
		
	By:	 	/s/ Eugene Nonko

  

			
	AMBROSE WANG
		
	By:	 	/s/ Ambrose Wang

  

			
	OBF INVESTMENTS, LLC
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title: Manager

  

			
	O.N.E. HOLDINGS LLC
		
	By:	 	/s/ Eugene Nonko
	Name: Eugene Nonko
	Title: Manager

  

			
	WANG FAMILY INVESTMENTS LLC
		
	By:	 	/s/ Ambrose Wang
	Name: Ambrose Wang
	Title: Manager

  
  
  

 
 [Signature Page to Stockholders Agreement] 

 
			
	QUOTELAB HOLDINGS, INC.
		
	By:	 	/s/ Steven Yi
	Name: Steven Yi
	Title: President and CEO

  
  
  

 
  

[Signature Page to Stockholders Agreement]

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