Document:

EX-10.25

 Exhibit 10.25 

CONTROLLED COMPANY AGREEMENT 

This CONTROLLED COMPANY AGREEMENT (as the same may be amended from time to time in accordance with its terms, the
“Agreement”) is entered into as of ___________, 2021, by and among the parties listed on the signature pages hereto (each a “Stockholder” and, collectively, the “Stockholders”). 

WHEREAS, in connection with the consummation by P10, Inc. (the “Issuer”) of a Restructuring (as hereinafter defined), the
parties hereto have agreed to enter into this Agreement to govern certain of their rights, duties and obligations with respect to their ownership of Shares (as hereinafter defined) after consummation of the Restructuring. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties mutually agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“210 Stockholders” means 210/P10 Acquisition Partners, LLC, those parties listed on the signature pages below under the
heading 210 Stockholders, and any of its Permitted Transferees who hold Shares as of the applicable time. 
 “210 Designee”
has the meaning set forth in Section 2.1(a)(i). 
 “Affiliate” means, with respect to any Person,
any other Person that controls, is controlled by, or is under common control with such Person. The term “control,” as used with respect to any Person, means the power to direct or cause the direction of the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. “Controlled” and “controlling” have meanings correlative to the foregoing. Notwithstanding the foregoing,
for purposes hereof, none of the Stockholders, the Issuer, or any of their respective Subsidiaries shall be considered Affiliates of any portfolio operating company in which the Stockholders or any of their investment fund Affiliates have made a
debt or equity investment, and none of the Stockholders or any of their Affiliates shall be considered an Affiliate of (a) the Issuer or any of its Subsidiaries or (b) each other. 

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

“Amended and Restated Certificate of Incorporation” means the Issuer’s amended and restated certificate of incorporation
to be filed and effective in connection with the consummation of the Restructuring. 

  
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 “Beneficial Ownership” and “Beneficially Own” and similar
terms have the meaning set forth in Rule 13d-3 under the Exchange Act; provided, however, that no Stockholder shall be deemed to beneficially own any securities of the Issuer
held by any other Stockholder solely by virtue of the provisions of this Agreement (other than this definition which shall be deemed to be read for this purpose without the proviso hereto). 

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

“Change in Control” means the occurrence of any of the following events: 

(a) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Issuer to any
“person” or “group” (as such terms are defined in Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than to a Stockholder group or to any of the Stockholders or the Permitted Transferees or any of their respective
Affiliates (collectively, the “Permitted Holders”); 
 (b) any person or group, other than one or more of the Permitted
Holders, is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the voting stock or interests, as applicable, of the Issuer (or any entity which controls the Issuer or which is a successor to all or
substantially all of the assets of the Issuer), including by way of merger, recapitalization, reorganization, redemption, issuance of capital stock, consolidation, tender or exchange offer or otherwise; or 

(c) a merger of the Issuer with or into another Person (other than one of more of the Permitted Holders) in which the voting stockholders or
members, as applicable, of the Issuer immediately prior to such merger cease to hold at least 50% of the voting shares of the Issuer (or the surviving corporation or ultimate parent) immediately following such merger; 

provided that, in each case under clause (a), (b) or (c), no Change in Control shall be deemed to occur unless the Permitted Holders as a
result of such transaction cease to have the ability, without the approval of any Person who is not a Permitted Holder, to elect a majority of the members of the Board or other governing body of the Issuer (or the resulting entity), and in no event
shall a Change in Control be deemed to include any transaction effected for the purpose of (i) changing, directly or indirectly, the form of organization or the organizational structure of the Issuer or any of its Subsidiaries, or
(ii) contributing assets or equity to entities controlled by the Issuer (or owned by the Issuer in substantially the same proportions as their ownership of the Issuer). 

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

 “Class B Common Stock” means the Class B common stock, par value $0.001 per share, of the Issuer
(including any shares of Class A common stock into which such Class B common stock converts). 
 “Closing Date”
means the date of the closing of the IPO. 

  
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 “Combined Voting Power” means the combined voting power of all classes and
series of Voting Securities, according to each class’ or series’ respective votes per share, voting together as a single class. 

“Common Stock” means, collectively, the shares of Class A Common Stock and Class B Common Stock, and any securities
issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or similar transaction. 

“Director” means any member of the Board from time to time. 

“Director Designee” means an individual designated by a Stockholder to serve as a Director on the Board under this Agreement.

 “Equity Securities” means any and all Shares, and any and all securities of the Issuer convertible into, or exchangeable
or exercisable for (whether or not subject to contingencies or the passage of time, or both), such shares, and options, warrants or other rights to acquire Shares. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Immediate Family” means any spouse or domestic partner and relationship
by blood, current or former marriage or adoption, not more remote than first cousin. 
 “Independent Director” means a
Director who qualifies, as of the date of such Director’s election or appointment to the Board (or any committee thereof) and as of any other date on which the determination is being made, as an “independent director” under the
applicable rules of the Stock Exchange, as determined by the Board and as an “Independent Director” under Rule 10A-3 under the Exchange Act and any corresponding requirement of Stock
Exchange rules for audit committee members, as well as any other independence requirements of the U.S. securities laws that is then applicable to the Issuer, as determined by the Board. 

“IPO” means the first underwritten Public Offering of the Class A Common Stock of the Issuer. 

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

“Law” with respect to any Person, means (a) all provisions of all laws, statutes, ordinances, rules, regulations,
permits, certificates or orders of any governmental authority applicable to such Person or any of its assets or property or to which such Person or any of its assets or property is subject and (b) all judgments, injunctions, orders and decrees
of all courts and arbitrators in proceedings or actions in which such Person is a party or by which it or any of its assets or properties is or may be bound or subject. 

“Permitted Holders” has the meaning set forth in the definition of “Change in Control”. 

  
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 “Permitted Transferee” means with respect to any Stockholder, any Person
that such Stockholder is permitted to transfer shares of Class B Common Stock to in accordance with the provisions of the Amended and Restated Certificate of Incorporation of the Issuer without such shares automatically converting to
Class A Common Stock upon the occurrence of such transfer. 
 “Person” means an individual, partnership, corporation,
business trust, joint stock company, trust, unincorporated association, joint venture, limited liability company or any other entity of whatever nature, and shall include any successor (by merger or otherwise) of such entity. 

“Public Offering” means any offering and sale of Equity Securities of the Issuer or any successor to the Issuer for cash
pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act. 

“RCP Designee” has the meaning set forth in Section 2.1(a)(ii). 

“RCP Stockholders” means RCP Advisors 2, LLC and RCP Advisors 3, LLC, those parties listed on the signature pages below under
the heading RCP Stockholders, and any of their Permitted Transferees who hold Shares as of the applicable time. 
 “Restricted
Period” has the meaning set forth in Section 3.1. 
 “Restricted Stockholders” means the
Stockholders listed on the signature pages hereto. 
 “Restructuring” means the expected restructuring of the Issuer
whereby existing stockholders of P10 Holdings, Inc. will hold Class B Common Stock of the Issuer, P10 Holdings, Inc. will become a wholly owned subsidiary of the Issuer and P10 Intermediate Holdings, LLC will become a wholly owned subsidiary of
P10 Holdings, Inc. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder, as the same may be amended from time to time. 
 “Shares” means shares of Common Stock. 

“Stock Exchange” means the New York Stock Exchange or such other securities exchange or interdealer quotation system on which
shares of Class A Common Stock are then listed or quoted. 
 “Stockholder” has the meaning set forth in the Preamble.

 “Subsidiary” means, with respect to any party, any corporation, partnership, trust, limited liability company or other
form of legal entity in which such party (or another Subsidiary of such party) holds stock or other ownership interests representing (a) more that 50% of the voting power of all outstanding stock or ownership interests of such entity,
(b) the right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity or (c) a general or managing
partnership interest in such entity. 

  
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 “Truebridge Designee” has the meaning set forth in
Section 2.1(a)(iii). 
 “TrueBridge Stockholders” means TrueBridge Capital Partners LLC, those
parties listed on the signature pages below under the heading 
TrueBridge Stockholders, and any of its Permitted Transferees who hold Shares as of the applicable time. 

“Voting Securities” means, at any time, outstanding shares of any class of Equity Securities of the Issuer, which are then
entitled to vote generally in the election of directors. 
 Section 1.2 General Interpretive Principles. The name assigned to
this Agreement and the section captions used herein are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. Whenever required by the context, any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. Reference to any agreement, document or instrument means such agreement, document or
instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer to this
Agreement as a whole, and references herein to Articles or Sections refer to Articles or Sections of this Agreement. For purposes of this Agreement, the words, “include,” “includes” and
“including,” when used herein, shall be deemed in each case to be followed by the words “without limitation.” The terms “dollars” and “$” shall mean United States dollars. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall
control but solely to the extent of such conflict. 
 ARTICLE II 

MANAGEMENT 

Section 2.1 Board of Directors. 

(a) Composition; Issuer Recommendation. Following the Closing Date, each Stockholder shall have the right, but not the obligation, to
designate for election to the Board, and the Issuer shall include such designees as nominees for election to the Board at all of the Issuer’s applicable annual or special meetings of stockholders (or consents in lieu of a meeting) at which
Directors are to be elected (adjusted as appropriate to take into account the Issuer’s classified Board structure), subject to satisfaction of all qualification and legal requirements regarding service as a Director in accordance
with Section 2.1(d), the number of designees that, if elected, will result in such Stockholder having the number of Directors serving on the Board as follows: 

  
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 (i) So long as the 210 Stockholders continue to collectively hold a Combined Voting Power
of (A) at least 10% of the Shares outstanding immediately following the Closing Date, the Issuer shall include in its slate of nominees two (2) Directors designated by the 210 Stockholders and (B) less than 10% but at least 5% of the
Shares outstanding immediately following the Closing Date, one (1) Director designated by the 210 Stockholders, (any such designee, a “210 Designee”). 

(ii) So long as the RCP Stockholders continue to collectively hold a Combined Voting Power of at least 5% of the Shares outstanding
immediately following the Closing Date, the Issuer shall include in its slate of nominees one (1) Director designated by the RCP Stockholders (any such designee, a “RCP Designee”). 

(iii) So long as the TrueBridge Stockholders continue to collectively hold a Combined Voting Power of at least 5% of the shares of Common
Stock outstanding immediately following the Closing Date, the Issuer shall include in its slate of nominees one (1) Director designated by the TrueBridge Stockholders (any such designee, a “TrueBridge Designee”). 

(iv) The Director Designees shall designate the Independent Directors, subject to the transition rules for newly public companies. 

(b) As of the Closing Date, the Board shall be comprised of seven (7) Directors as follows: 

(i) Class I shall initially consist of C. Clark Webb, Edwin Poston and Scott Gwilliam. 

(ii) Class II shall initially consist of Fritz Souder and Robert B. Stewart, Jr. 

(iii) Class III shall initially consist of Robert Alpert and Travis Barnes. 

(c) The Issuer and each of the Stockholders shall take all actions necessary and within their control so that, subject to the transition rules
for newly public companies, at least two (2) Independent Directors who are not affiliated with any Stockholder and who are independent for Audit Committee purposes are nominated and elected to the Board within 90 days of the listing date and
within one year of the listing date, at least three (3) Independent Directors who are not affiliated with any Stockholder and who are independent for Audit Committee purposes are nominated and elected to the Board. 

(d) If the Issuer’s Nominating and Corporate Governance Committee determines in good faith that a Director Designee (i) is not
qualified to serve on the Board consistent with such committee’s duly adopted policies and procedures applicable to all directors or (ii) does not satisfy applicable legal requirements regarding service as a Director, the applicable
designating Stockholder shall have the right to designate a different Director Designee. Notwithstanding the foregoing, with respect to each Stockholder, at least one member, partner or senior employee of such Stockholder shall be eligible to serve
in such Stockholder’s Director Designee position. 

  
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 (e) Except as provided above and subject to the applicable provisions of the Amended and
Restated Certificate of Incorporation of the Issuer, each Stockholder shall have the sole and exclusive right to (i) direct the other Stockholders to vote all their Shares immediately for the removal of such Stockholder’s designees to the
Board, if applicable and (ii) designate a Director Designee, if applicable (serving in the same class as the predecessor), to fill vacancies on the Board pursuant to Section 2.1(a) that are created by reason
of death, removal or resignation of such Stockholder’s designees, subject to Section 2.1(d). 
 (f) The
Issuer and each of the Stockholders shall take all actions necessary and within their control to give effect to the provisions contained in this Article II, including (i) in the case of the Issuer, soliciting proxies
to vote for each Director Designee or Independent Directors designated by the Stockholders and otherwise using its best efforts to cause each Director Designee and any Independent Directors designated by the Stockholders to be included as the
directors in the slate of nominees recommended by the Issuer and elected as a Director of the Issuer, and (ii) in the case of the Stockholders, voting the Shares held directly or indirectly by such Stockholders (whether at a meeting or by
consent) and any of their respective Affiliates, to cause the nomination, election, removal or replacement of the Director Designees or Independent Directors designated by the Stockholders, in each case as provided for herein and otherwise using
their best efforts to cause the Issuer to comply with its obligations hereunder. No Person shall take any action that would be inconsistent with or otherwise circumvent the provisions of this Agreement; provided that each of the
Stockholders may, in its sole discretion, elect not to designate any individual for election to the Board as such Stockholder’s respective Director Designee, if applicable. 

(g) The Issuer and its Subsidiaries shall reimburse the Directors for all
reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board or the board of directors of any of the Issuer’s
Subsidiaries, and any committees thereof, including without limitation travel, lodging and meal expenses, in accordance with the Issuer’s reimbursement policies. 

(h) The Issuer and its Subsidiaries shall obtain customary director and officer indemnity insurance on commercially reasonable terms which
insurance shall cover each member of the Board and the members of each board of directors of each of the Issuer’s Subsidiaries. The Issuer and its Subsidiaries shall enter into director and officer indemnification agreements substantially in
the form approved by the Board from time to time, with each of the Stockholders’ designees on the Board. 
 Section 2.2
Controlled Company. 
 (a) The Stockholders acknowledge and agree that, (i) by virtue of this
Article II, 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 Common Stock held by the Stockholders, the
Issuer shall qualify as a “controlled company” within the meaning of Stock Exchange rules as of the Closing Date. 

  
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 (b) So long as the Issuer qualifies as a “controlled company” for purposes of
Stock Exchange rules, the Issuer may elect to be a “controlled company” for purposes of 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 Issuer ceases to qualify as a “controlled company” for purposes of Stock Exchange rules, the Stockholders and the Issuer will take whatever action may be reasonably necessary in relation to such party, if any, to
cause the Issuer to comply with Stock Exchange rules as then in effect within the timeframe for compliance available under such rules. 

ARTICLE III 
 LOCK-UP RESTRICTIONS 
 Section 3.1 Lock-Up
Restrictions. As of the date of this Agreement, the Restricted Stockholders agree that, without the prior written consent of the Issuer, such Restricted Stockholders will not, and will not publicly disclose an intention to, during the period
commencing on the date of this Agreement and ending three years after the date of this Agreement (the “Restricted Period”), (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares beneficially owned (as such term is used in Rule 13d-3 of the
Exchange Act) by the Restricted Stockholders or any other Equity Securities or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Equity Securities,
whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Shares or any such other securities, in cash or otherwise. The Restricted Stockholders acknowledge and agree that the foregoing precludes the
Restricted Stockholders from engaging in any hedging or other transactions designed or intended, or which could reasonably be expected to lead to or result in, sale or disposition of any Shares or any Equity Securities, even if any such sale or
disposition transaction or transactions would be made or executed by or on behalf of someone other than the Restricted Stockholders. 

Section 3.2 Release of Equity Securities. Notwithstanding Section 3.1, with respect to each Restricted
Stockholder, one-third of the Equity Securities held by such Restricted Stockholder as of the consummation of the IPO, shall be released from the lock-up restrictions on
each of the first, second and third anniversary of the consummation of the IPO. 
 Section 3.3 Exceptions to Lock-Up. The restrictions described above in Section 3.1 do not apply to: 

(a) transactions relating to the Equity Securities or other securities acquired in open market transactions after the date of this Agreement;

 (b) transfers of Equity Securities as a charitable contribution; 

(c) issuances, transfers, redemptions or exchanges in connection with the Restructuring on or prior to the date of this Agreement; 

(d) transfers of Equity Securities as a bona fide gift; 

  
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 (e) transfers upon the death of any of the Restricted Stockholders, by will or intestacy,
including to the transferee’s nominee or custodian; 
 (f) distributions of Equity Securities to limited partners or stockholders of
the Restricted Stockholders; 
 (g) facilitating the establishment of a trading plan on behalf of a stockholder, officer or director of the
Issuer pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Equity Securities, provided that (i) such plan does not provide for the transfer of Equity Securities restricted under this
Agreement and not released pursuant to Section 3.2 or this Section 3.3 during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the
undersigned or the Issuer regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Equity Securities may be made under such plan during the Restricted Period; 

(h) the transfer of Equity Securities that occurs by operation of law pursuant to a qualified domestic order in connection with a divorce
settlement or other court order; 
 (i) a disposition to any trust, the beneficiaries of which are a Restricted Stockholder and/or Immediate
Family members of a Restricted Stockholder, or, if the Restricted Stockholder is a trust, to any beneficiaries of the Restricted Stockholder; 

(j) transfers to an Immediate Family member of a Restricted Stockholder or a trust formed for the direct or indirect benefit of an immediate
family member of a Restricted Stockholder, or an entity all of the partners, members or stockholders of which are, directly or indirectly, immediate family members, or transfers from any such entity to an Immediate Family Member or any of the other
entities described in this clause (j); 
 (k) a transfer to the Issuer upon a vesting event of the Issuer’s restricted stock units or
upon the exercise of options to purchase the Issuer’s securities (x) on a “cashless” or “net exercise” basis (in each case to the extent permitted by the instruments representing such options or other securities), so
long as such “cashless” exercise or “net exercise” is effected solely by the surrender to the Issuer of shares subject to outstanding options or other securities and the Issuer’s cancellation of all or a portion thereof
solely in an amount sufficient to pay the exercise price (or the payment of taxes due as a result of such vesting event or exercise); provided that the Equity Securities received upon such vesting event or exercise shall continue to be subject to
the terms of this Agreement or (y) as a cash settle of any options being settled by the Issuer, in its sole discretion; or 
 (l) the
transfer of shares of Equity Securities in connection with a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board, made to all holders of Common Stock, involving a Change in Control,
provided that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Equity Securities owned by the Restricted Stockholders shall remain subject to the restrictions contained in this Article
III; 

  
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 provided, that in the case of any transfer or distribution pursuant to clause (d),
(e), (f), (h), (i) or (j), each donee, transferee or distributee shall sign and deliver a lock-up agreement substantially in the form of this Article III. 

Section 3.3 Additional Restrictions. The Restricted Stockholders also agree and consent to the entry of stop transfer instructions
with the Issuer’s transfer agent and registrar against the transfer of the Restricted Stockholder’s Equity Securities except in compliance with the foregoing restrictions. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.1 Amendment. The terms and provisions of this Agreement may be modified or amended at any time and from time to time
only by the written consent of each party hereto. 
 Section 4.2 Termination. This Agreement shall automatically terminate upon
the earlier of (i) a Change in Control; (ii) written agreement of each Stockholder who holds Shares at such time; or (iii) solely with respect to a particular Stockholder, the dissolution or liquidation of such Stockholder. In the
event of any termination of this Agreement as provided in clauses (i) or (ii) of this Section 4.2, this Agreement shall forthwith become wholly void and of no further force or effect (except for
this Article IV) and there shall be no liability on the part of any parties hereto or their respective officers or directors, except as provided in this Article IV. Notwithstanding the
foregoing, no party hereto shall be relieved from liability for any willful breach of this Agreement. 
 Section 4.3 Non-Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument delivered in connection herewith, and notwithstanding the fact that certain of the
Stockholders may be partnerships or limited liability companies, by its acceptance of the benefits of this Agreement, the Issuer and each Stockholder covenant, agree and acknowledge that no Person (other than the parties hereto) has any obligations
hereunder, and that, to the fullest extent permitted by law, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general
or limited partner or member of any Stockholder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any the former, current and future equity holders, controlling persons, directors, officers, employees, agents,
affiliates, members, managers, general or limited partners or assignees of the Stockholders or any former, current or future stockholder, controlling person, director, officer, employee, general or limited partner, member, manager, Affiliate, agent
or assignee of any of the foregoing, as such for any obligation of any Stockholder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such
obligations or their creation. 
 Section 4.4 No Third Party Beneficiaries. This Agreement shall be binding upon and inure
solely to the benefit of the parties hereto and their permitted assigns and successors, and, except as provided in Section 4.3, nothing herein, express or implied, is intended to or shall confer upon any other Person
or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

  
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 Section 4.5 Recapitalizations; Exchanges, Etc. The provisions of this
Agreement shall apply to the full extent set forth herein with respect to Shares, to any and all shares of capital stock of the Issuer or any successor or assign of the Issuer (whether by merger, consolidation, sale of assets or otherwise) which may
be issued in respect of, in exchange for, or in substitution of the Shares, by reason of a stock dividend, stock split, stock issuance, reverse stock split, combination, recapitalization, reclassification, merger, consolidation or otherwise. 

Section 4.6 Addresses and Notices. Any notice provided for in this Agreement will be in writing and will be either personally
delivered, or received by certified mail, return receipt requested, sent by reputable overnight courier service (charges prepaid) or electronic mail to the Issuer at the address set forth below and to any other recipient and to any holder of Shares
at such address as indicated by the Issuer’s records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given
hereunder when delivered personally or sent by electronic mail (provided confirmation of such electronic mail is received or such electronic mail is delivered to the respective email addresses below and no bounce-back or error message is received by
the sender), three days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service. If notice is given to the Issuer or to the Stockholders, a copy shall be sent to such party at the addresses set forth
below: 
 (a) if to the Issuer, to: 

P10, Inc. 
 4514 Cole Avenue,
Suite 1600 
 Dallas, Texas 75205 

Attention: Amanda Coussens 

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

Olshan Frome Wolosky LLP 
 1325
Avenue of the Americas 
 New York, NY 10019 

Attention: Adam W. Finerman, Esq. 

(b) if to the Stockholders, to the address set forth on the signature pages hereto. 

Section 4.7 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs,
executors, administrators, successors, legal representatives and permitted assigns. 
 Section 4.8 Waiver. No failure by any
party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty,
agreement or condition. 

  
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 Section 4.9 Counterparts. This Agreement may be executed in separate
counterparts, each of which will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

Section 4.10 Applicable Law; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the
State of Delaware. 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 (whether brought
by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Court of Chancery of the State of Delaware (or in the event, but only in the event, that such court does not have subject matter
jurisdiction over such action or proceeding, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over the action or proceeding is vested exclusively in the federal courts of the United States
of America, the United States District Court for the District of Delaware) and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.11 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein. 
 Section 4.12 Delivery by Electronic Transmission. This Agreement and any signed agreement or
instrument entered into in connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of electronic transmission (i.e., in portable document format), shall be treated in
all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall
raise the use of an electronic transmission to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of an electronic transmission as a defense to the formation of a contract
and each such party forever waives any such defense. 

  
 12 

 Section 4.13 Entire Agreement. This Agreement and all of the other exhibits,
annexes and schedules hereto constitute the entire understanding and agreement between the parties as to the composition of the Board, the controlled company status of the Issuer and the other matters covered herein and supersede and replace any
prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto. In the event of any inconsistency between this Agreement and any agreement executed or delivered to effect the
purposes of this Agreement, this Agreement shall govern as among the parties hereto. 
 Section 4.14 Remedies. The Issuer and
the Stockholders shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement (including, without limitation, costs of enforcement) and to exercise all
other rights existing in their favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement, and that the Issuer or any Stockholder may in its sole discretion
apply to any court of law or equity of competent jurisdiction for specific performance or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. All remedies,
either under this Agreement or by Law or otherwise afforded to any party, shall be cumulative and not alternative. All obligations hereunder shall be satisfied in full without set-off, defense or
counterclaim. 
 [The remainder of this page intentionally left blank] 

  
 13 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this
Agreement to be executed on its behalf as of the date first written above. 
  

			
	ISSUER:
	
	 P10, INC.

		
	By:	 	 
		 	Name: Amanda Coussens
		 	Title: CFO

 [Signature Page to Controlled Company Agreement] 

  
 14 

 
			
	210 Stockholders:
	
	210/P10 ACQUISITION
PARTNERS, LLC
	By: 210 Capital, LLC
	Its: Sole Member
	
	By: Covenant RHA Partners, L.P.
	Its: Member
		
	By:	 	 
		 	Name: Robert Alpert
		 	Its: Authorized Signatory
	
	By: CCW/LAW Holdings, LLC
	Its: Member
		
	By:	 	 
		 	Name: C. Clark Webb
		 	Its: Authorized Signatory
	
	 Address:

c/o 210 Capital, LLC

4514 Cole Avenue, Suite 1600

Dallas, TX 75205

Attention: Caryn Peeples

 [Signature Page to Controlled Company Agreement] 

 
			
	RCP Stockholders:
	
	 
	David McCoy

 
			
		
	Address:	 	 

 
			
	 
	 
	
	 
	Alexander Abell

 
			
		
	Address:	 	 

 
			
	 
	 
	
	 
	Michael Feinglass

 
			
		
	Address:	 	 

 
			
	 
	 
	
	 
	Andrew Nelson

 
			
		
	Address:	 	 

 
			
	 
	 
	 

 [Signature Page to Controlled Company Agreement] 

 
			
	 Nell Blatherwick

		
	Address:	 	 

 
			
	 
	 
	
	Thomas P. Danis, Jr. Revocable Living Trust dated March 10, 2003, as amended
		
	By:	 	 
		 	Name: Thomas P. Danis, Jr.
		 	Its: Trustee

 
			
		
	Address:	 	 
	 
	 

 
			
	
	Jeff P. Gehl Living Trust dated January 25, 2011
		
	By:	 	 
		 	Name: Jeff P. Gehl
		 	Its: Trustee

 
			
		
	Address:	 	 
	 
	 

 [Signature Page to Controlled Company Agreement] 

 
			
	RCP Stockholders (continued):
	
	Charles K. Huebner Trust dated January 16, 2001
		
	By:	 	 
		 	Name: Charles K. Huebner
		 	Its: Trustee

 
			
		
	Address:	 	 
	 
	 

 
			
	
	Jon I. Madorsky Revocable Trust dated December 1, 2008
		
	By:	 	 
		 	Name: Jon I. Madorsky
		 	Its: Trustee

 
			
		
	Address:	 	 
	 
	 

 
			
	
	Souder Family LLC
		
	By:	 	 
		 	Name:
		 	Its:

 
			
		
	Address:	 	 
	 
	 

 [Signature Page to Controlled Company Agreement] 

 
			
	TrueBridge Stockholders:
	
	TrueBridge Colonial Fund, u/a dated 11/15/2015
		
	By:	 	 
		 	Name:
		 	Its:

 
			
		
	Address:	 	 
	 
	 

 
			
	
	Mel Williams Irrevocable Trust u/a/d August 12, 2015
	By: Alliance Trust Company, its Trustee
		
	By:	 	 
		 	Name:
		 	Its:

 
			
		
	Address:	 	 
	 
	 

 
			
	
	 TrueBridge Ascent LLC

		
	By:	 	 
		 	Name:
		 	Its:

 [Signature Page to Controlled Company
Agreement]EX-10.26

 Exhibit 10.26 

STOCKHOLDERS AGREEMENT 

This Stockholders Agreement (this “Agreement”) is made and entered into as of
[                            ], 2021, among P10, Inc., a Delaware corporation (the
“Company”), and the persons identified on Schedule A hereto as “Investors” (collectively, the “Investors” and, each individually, an “Investor”), and is joined by the Original
Agreement Parties (defined below) who are not Investors for the limited purpose of consenting to the provisions of this Agreement. 

WHEREAS, P10 Holdings, Inc., a Delaware corporation previously named P10 Industries, Inc. (“Former P10 Parent”), entered into
an Amended and Restated Stockholders Agreement dated December 18, 2018 (the “Original Agreement”), with the investors named on Schedule A thereto (together with P10 Sub, the “Original Agreement
Parties”); 
 WHEREAS, in connection with the consummation of the transactions contemplated by the Sale and Purchase Agreement,
dated as of January 16, 2020, among P10 Intermediate Holdings LLC, a Delaware limited liability company (“P10 LLC”), Former P10 Parent, Five Points Capital, Inc., a North Carolina S corporation (“FPC”), and all
of FPC’s stockholders, each of P10 LLC, Former P10 Parent, Thomas P. Danis, Jr. as Trustee of the Thomas P. Danis, Jr. Revocable Living Trust dated March 10, 2003, as amended, Jeff P. Gehl as Trustee of the Jeff P. Gehl Living Trust dated
January 25, 2011, Charles K. Huebner as Trustee of the Charles K. Huebner Trust dated January 16, 2001, Souder Family LLC, a Delaware limited liability company, Jon I. Madorsky as Trustee of the Jon I. Madorsky Revocable Trust dated
December 1, 2008, David McCoy, Alexander Abell, Michael Feinglass, Andrew Nelson, Nell Blatherwick, 210/P10 Acquisition Partners, LLC, a Texas limited liability company, Keystone Capital XXX, LLC, a Delaware limited liability company
(“Keystone”), David G. Townsend, Trustee of the David G. Townsend Revocable Living Trust Agreement Dated 9-9-2004, Martin P. Gilmore, Trustee of the
Martin Paul Gilmore 2008 Revocable Trust dated March 17, 2008, Thomas H. Westbrook and Christopher N. Jones (each an “FPC Unitholder”) entered into an Equityholders Agreement dated January 16, 2020 (the “Original
Equityholders Agreement”); 
 WHEREAS, in connection with the Sale and Purchase Agreement, dated as of August 24, 2020, among
P10 LLC, Former P10 Parent, TrueBridge Capital Partners LLC, a Delaware limited liability company (“TB”), and certain other parties, each of the parties to the Original Equityholders Agreement (or their permitted successors),
together with TrueBridge Colonial Fund, u/a dated 11/15/2015, and MAW Management Co., a Delaware corporation (each a “TB Unitholder”) entered into an Amended and Restated Equityholders Agreement dated August 24, 2020 (the
“TB Equityholders Agreement”); 
 WHEREAS, in connection with the Securities Purchase Agreement, dated as of
November 19, 2020, as amended, among P10 LLC, Enhanced Capital Partners, LLC, a Delaware limited liability company (“ECP”), Enhanced Capital Group, LLC, a Delaware limited liability company (“ECG”), the parties
set forth on Schedule A thereto, and for certain specified purposes set forth therein, the parties set forth on Schedule B thereto, Former P10 Parent, and Stone Point Capital LLC (each a “EC Unitholder,” and together with Keystone,
the FPC Unitholders and the TB Unitholders, the “Preferred Unitholders”) entered into an Equityholders Agreement dated December 14, 2020 (the “Enhanced Equityholders Agreement,” and together with the TB
Equityholders Agreement, collectively, the “Equityholders Agreements”); 

  
 1 

 WHEREAS, pursuant to Section 1 of the Enhanced Equityholders Agreement and
Section 2 of the TB Equityholders Agreement, prior to an Exchange (as defined in the Equityholders Agreement) in connection with which P10 LLC exercises its right to cause any of the Preferred Unitholders to exchange their Units (as defined in
the Equityholders Agreements) for New P10 Parent Common Stock (as defined in the P10 LLC Agreement) pursuant to Section 3.8.2(b) of the Third Amended and Restated Limited Liability Company Agreement of P10 LLC dated as of December 14, 2020
(the “P10 LLC Agreement”), the applicable parties thereto agreed to amend and restate the Original Agreement and to offer each of the Preferred Unitholders who will hold Registrable Securities upon consummation of such Exchange the
opportunity to execute and deliver this Agreement prior to the consummation of such Exchange and become parties hereto; 
 WHEREAS,
Section 11 of the Original Agreement provided that in the event that Former P10 Parent elected to effect an underwritten registered offering of equity securities of any parent of Former P10 Parent (collectively for purpose of this clause,
“alternative entities”) rather than the equity securities of Former P10 Parent, whether as a result of a reorganization of Former P10 Parent or otherwise, the investors party to the Original Agreement and Former P10 Parent shall cause the
alternative entity to enter into an agreement with such investors that provides such investors with registration rights with respect to the equity securities of the alternative entity that are substantially the same as, and in any event no less
favorable in the aggregate to, the registration rights provided to such Investors in the Original Agreement; 
 WHEREAS, in connection with
the contemplated Uplist Event and Public Offering (as defined in the Equityholders Agreements), there will be a corporate reorganization whereby existing stockholders of Former P10 Parent will hold Class B Common Stock of the Company, the
Preferred Unitholders will hold Class B Common Stock of the Company, Former P10 Parent will become a wholly owned subsidiary of the Company, and P10 LLC will become a wholly owned subsidiary of Former P10 Parent (the “P10
Reorganization”); 
 WHEREAS, effective upon the completion of the P10 Reorganization, the Equityholders Agreements shall
terminate; 
 WHEREAS, upon any transfer, the Class B Common Stock will automatically convert on a one-for-one basis to shares of Class A Common Stock, except in the case of transfers to certain permitted transferees. In addition, holders of Class B Common Stock may elect to convert shares of
Class B Common Stock on a one-for-one basis into Class A Common Stock at any time; 

WHEREAS, following the P10 Reorganization, the Company intends to list its shares of Class A common stock, par value $0.001 per share, to
the New York Stock Exchange (“Company Uplist”); 
 WHEREAS, the Form of Second Amended and Restated Stockholders Agreement
attached to the Equityholders Agreements provided for certain registration rights of New P10 Parent Common Stock to be available as of October 5, 2020 (the “Demand Right Trigger Date”); 

  
 2 

 WHEREAS, the Company proposes and the stockholders accept that the Demand Right Trigger Date
shall be extended to November 1, 2022 and the references to registration rights being to the Common Stock shall be to the Class A Common Stock of the Company; and 

WHEREAS, in connection with the Company Uplist, the Original Agreement Parties desire to amend and restate the Original Agreement as set forth
herein and the Preferred Unitholders listed on Schedule A hereto desire to join this Agreement; 
 NOW, THEREFORE, in consideration
of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto that were parties to the Original Agreement amend and restate the Original Agreement in its entirety as follows, and the new parties hereto that were
not parties to the Original Agreement hereby agree as follows: 
 1. Defined Terms. As used in this Agreement, the following terms shall have the
following meanings: 
 “Affiliate” of a Person means any other Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlling”, “controlled by” and “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. 

“Agreement” has the meaning set forth in the preamble. “Alternative Entities” has the meaning set forth in
Section 11. 
 “Board” means the board of directors (or any successor governing body) of the Company as
constituted from time to time. 
 “Commission” means the United States Securities and Exchange Commission or any other
federal agency administering the Securities Act and the Exchange Act at the time. 
 “Class A Common
Stock” means the Class A Common Stock, par value $0.001 per share, of the Company and any other shares of capital stock of the Company issued or issuable with respect thereto (whether by way of a stock dividend or stock split or in
exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other corporate reorganization or other similar event with respect to the Class A
Common Stock). Each share of Class A common stock will entitle the holder to one vote per share. 

  
 3 

 “Class B Common Stock” means the Class B Common
Stock, par value $0.001 per share, of the Company and any other shares of capital stock of the Company issued or issuable with respect thereto (whether by way of a stock dividend or stock split or in exchange for or upon conversion of such shares or
otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other corporate reorganization or other similar event with respect to the Class B Common Stock). Each share of Class B common
stock will entitle the holder to ten votes per share. 
 “Common Stock” means, collectively, the Class A Common Stock
and Class B Common Stock. 
 “Company” has the meaning set forth in the preamble and includes the Company’s
successors by merger, acquisition, reorganization or otherwise. 
 “Company Uplist” has the meaning set forth in the
recitals. 
 “Controlling Person” has the meaning set forth in Section 5(q). 

“Demand Registration” has the meaning set forth in Section 2(b). 

“DTCDRS” has the meaning set forth in Section 5(r). 

“EC Unitholder” has the meaning set forth in the recitals. 

“Enhanced Equityholders Agreement” has the meaning set forth in the recitals. 

“Equityholders Agreements” has the meaning set forth in the recitals. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Former P10 Parent” has the meaning set forth in the recitals. 

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

“FPC Unitholder” has the meaning set forth in the recitals. 

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any
agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the
rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 

“Inspectors” has the meaning set forth in Section 5(h). 

“Investors” has the meaning set forth in the preamble. 

  
 4 

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

“Long-Form Registration” has the meaning set forth in Section 2(a). 

“Not RCP2 Sellers” has the meaning set forth in Section 14. 

“Original Agreement” has the meaning set forth in the recitals. 

“Original Agreement Parties” has the meaning set forth in the recitals. 

“Original Equityholders Agreement” has the meaning set forth in the recitals. 

“Original Investors” means the parties to the Original Agreement listed under the heading “Investors” on
Schedule A thereto. 
 “P10 LLC” has the meaning set forth in the recitals. 

“Person” means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority,
unincorporated organization, trust, association or other entity. 
 “Piggyback Registration” has the meaning set forth in
Section 3(a). 
 “Piggyback Registration Statement” has the meaning set forth in
Section 3(a). 
 “Piggyback Shelf Registration Statement” has the meaning set forth in
Section 3(a). 
 “Piggyback Shelf Takedown” has the meaning set forth in
Section 3(a). 
 “Preferred Unitholders” has the meaning set forth in the recitals. 

“Prospectus” means the prospectus or prospectuses included in any Registration Statement (including, without limitation, a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance on Rule 430A or Rule 430B under the Securities Act or any successor rule thereto), as amended or
supplemented by any prospectus supplement, including any Shelf Supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to
the prospectus, including post- effective amendments and all material incorporated by reference in such prospectus or prospectuses. 

“Public Offering” means the first offering of the Class A Common Stock after the date hereof pursuant to an effective
Registration Statement filed under the Securities Act (other than a registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to
employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a
transaction subject to Rule 145 under the Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan). 

  
 5 

 “RCP2 Purchase Agreement” means the Contribution and Exchange Agreement,
dated as of October 5, 2017, among the Former P10 Parent and the RCP2 Sellers a party thereto. 
 “RCP2 Sellers” has
the meaning set forth in Section 14. 
 “Records” has the meaning set forth in
Section 5(h). 
 “Registrable Securities” means (a) the Shares, (b) any shares of
Class A Common Stock beneficially owned or acquired by the Investors as of the date of the Equityholders Agreements, and (c) any shares of Class A Common Stock issued or issuable with respect to any shares described in subsections
(a) and (b) above by way of a stock dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other
reorganization or other similar event with respect to such shares (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to then acquire or
obtain from the Company any Registrable Securities, whether or not such acquisition has actually been effected). 
 “Registration
Statement” means any registration statement of the Company, including the Prospectus, amendments and supplements, including Shelf Supplements, to such registration statement, including post-effective amendments, all exhibits and all
material incorporated by reference in such registration statement. 
 “Required Approvals” has the meaning set forth in the
recitals. 
 “Rule 144” means Rule 144 under the Securities Act or any successor rule thereto. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of
Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the fees and disbursements of counsel for the holders of Registrable Securities required to be paid by the Company pursuant to
Section 6. 
 “Shares” means the shares of Common Stock issued to the Investors pursuant to the
Company Uplist. 
 “Shelf Registration” has the meaning set forth in Section 2(c). 

“Shelf Registration Statement” has the meaning set forth in Section 2(c). 

  
 6 

 “Shelf Supplement” has the meaning set forth in
Section 2(d). 
 “Shelf Takedown” has the meaning set forth in
Section 2(d). 
 “Short-Form Registration” has the meaning set forth in
Section 2(b). 
 “TB Equityholders Agreement” has the meaning set forth in the recitals. 

“TB Unitholder” has the meaning set forth in the recitals. 

2. Demand Registration. 
 (a) At any time
beginning after November 1, 2022, holders of at least ten (10) percent of the Registrable Securities then outstanding may request registration under the Securities Act of all or any portion of their Registrable Securities pursuant to a
Registration Statement on Form S-1 or any successor form thereto (each, a “Long-Form Registration”). Each request for a Long- Form Registration shall specify the number of Registrable
Securities requested to be included in the Long-Form Registration. Upon receipt of any such request, the Company shall promptly (but in no event later than five (5) days following receipt thereof) deliver notice of such request to all other
holders of Registrable Securities who shall then have five (5) days from the date such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall prepare and file with (or
confidentially submit to) the Commission a Registration Statement on Form S-1 or any successor form thereto covering all of the Registrable Securities that the holders thereof have requested to be included in
such Long-Form Registration within sixty (60) days after the date on which the initial request is given and shall use its best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter.
The Company shall not be required to effect a Long-Form Registration more than two (2) times for the holders of Registrable Securities as a group; provided, that a Registration Statement shall not count as a Long-Form Registration requested under
this Section 2(a) unless and until it has become effective and the holders requesting such registration are able to register and sell at least a majority of the Registrable Securities requested to be included in such
registration. 
 (b) After the Public Offering, the Company shall use its best efforts to qualify and remain qualified to register the offer
and sale of securities under the Securities Act pursuant to a Registration Statement on Form S-3 or any successor form thereto. At such time as the Company shall have qualified for the use of a Registration
Statement on Form S-3 or any successor form thereto, but in any event no earlier than November 1, 2022, the holders of Registrable Securities shall have the right to request an unlimited number of
registrations under the Securities Act of all or any portion of their Registrable Securities pursuant to a Registration Statement on Form S-3 or any similar short-form Registration Statement (each, a
“Short-Form Registration” and, collectively with each Long-Form Registration and Shelf Registration, a “Demand Registration”). Each request for a Short-Form Registration shall specify the number of Registrable
Securities requested to be included in the Short-Form Registration. Upon receipt of 

  
 7 

 
any such request, the Company shall promptly (but in no event later than five (5) days following receipt thereof) deliver notice of such request to all other holders of Registrable
Securities who shall then have five (5) days from the date such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall prepare and file with (or confidentially submit to) the
Commission a Registration Statement on Form S-3 or any successor form thereto covering all of the Registrable Securities that the holders thereof have requested to be included in such Short-Form Registration
within thirty (30) days after the date on which the initial request is given and shall use its best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter. 

(c) At such time as the Company shall have qualified for the use of a Registration Statement on Form
S-3 or the then appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Shelf Registration
Statement”), but in any event no earlier than November 1, 2022, the holders of Registrable Securities shall have the right to request registration under the Securities Act of all or any portion of their Registrable Securities for an
offering on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Shelf Registration”). Each request for a Shelf Registration shall specify the number of Registrable Securities
requested to be included in the Shelf Registration. Upon receipt of any such request, the Company shall promptly (but in no event later than five (5) days following receipt thereof) deliver notice of such request to all other holders of
Registrable Securities who shall then have five (5) days from the date such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall prepare and file with (or confidentially submit
to) the Commission a Shelf Registration Statement covering all of the Registrable Securities that the holders thereof have requested to be included in such Shelf Registration within ten (10) days after the date on which the initial request is
given and shall use its best efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter. 

(d) The Company shall not be obligated to effect any Demand Registration within three (3) months after the effective date of a previous Demand
Registration, Shelf Takedown or a previous Piggyback Registration in which holders of Registrable Securities were permitted to register the offer and sale under the Securities Act, and actually sold, at least a majority of the shares of Registrable
Securities requested to be included therein. The Company may postpone for up to ninety (90) days the filing or effectiveness of a Registration Statement for a Demand Registration or a supplement (a “Shelf Supplement”) for the
purpose of effecting an offering pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Shelf Takedown”) if the Board determines in its reasonable good faith judgment that such Demand Registration or Shelf
Takedown would (i) materially interfere with a significant acquisition, corporate organization, financing, securities offering or other similar transaction involving the Company; (ii) require premature disclosure of material information
that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act; provided, that in such event the holders of a majority of
the Registrable Securities initiating such Demand Registration or Shelf Takedown 

  
 8 

 
shall be entitled to withdraw such request and, if such request for a Demand Registration is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations
hereunder and the Company shall pay all registration expenses in connection with such registration. The Company may delay a Demand Registration or Shelf Takedown hereunder only once in any period of twelve (12) consecutive months. 

(e) If the holders of the Registrable Securities initially requesting a Demand Registration or Shelf Takedown elect to distribute the
Registrable Securities covered by their request in an underwritten offering, they shall so advise the Company as a part of their request made pursuant to Section 2(a), Section 2(b), or
Section 2(c) and the Company shall include such information in its notice to the other holders of Registrable Securities. The Company shall select the investment banking firm or firms to act as the managing underwriter or
underwriters in connection with such offering, which underwriter must be reasonably acceptable to the holders of a majority of the Registrable Securities initially requesting the offering. 

(f) The Company shall not include in any Demand Registration or Shelf Takedown any securities which are not Registrable Securities without the
prior written consent of the holders of a majority of the Registrable Securities initially requesting such Demand Registration or Shelf Takedown. If a Demand Registration or Shelf Takedown involves an underwritten offering and the managing
underwriter of the requested Demand Registration or Shelf Takedown advises the Company and the holders of Registrable Securities in writing that in its reasonable and good faith opinion the number of shares of Class A Common Stock proposed to
be included in the Demand Registration or Shelf Takedown, including all Registrable Securities and all other shares of Class A Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Class A
Common Stock which can be sold in such underwritten offering and/or the number of shares of Class A Common Stock proposed to be included in such Demand Registration or Shelf Takedown would adversely affect the price per share of the
Class A Common Stock proposed to be sold in such underwritten offering, the Company shall include in such Demand Registration or Shelf Takedown (i) first, the shares of Class A Common Stock that the holders of Registrable Securities
propose to sell, and (ii) second, the shares of Class A Common Stock proposed to be included therein by any other Persons (including shares of Class A Common Stock to be sold for the account of the Company and/or other holders of
Class A Common Stock) allocated among such Persons in such manner as they may agree. If the managing underwriter determines that less than all of the Registrable Securities proposed to be sold can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder. 

(g) Upon receipt of any Demand Registration, the Company shall not file any other Registration Statement without the consent of the holders of
a majority of the Registrable Securities requesting registration until the consummation of the sale of Registrable Securities contemplated by the applicable Demand Registration; provided that the Company shall be permitted to file any Registration
Statement on Form S-8. 

  
 9 

	3.	 Piggyback Registration. 

(a) Whenever the Company proposes to register the offer and sale of any shares of its Class A Common Stock under the Securities Act
(other than a registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any
employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or
any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for the account of one or more stockholders of the Company and the form of Registration
Statement (a “Piggyback Registration Statement”) to be used may be used for any registration of Registrable Securities (a “Piggyback Registration”), but in any event no earlier than November 1, 2022, the
Company shall give prompt written notice (in any event no later than fifteen (15) days prior to the filing of such Registration Statement) to the holders of Registrable Securities of its intention to effect such a registration and, subject to
Section 3(b) and Section 3(c), shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion from the holders of
Registrable Securities within five (5) days after the Company’s notice has been given to each such holder. A Piggyback Registration shall not be considered a Demand Registration for purposes of Section 2. If any
Piggyback Registration Statement pursuant to which holders of Registrable Securities have registered the offer and sale of Registrable Securities is a Registration Statement on Form S-3 or the then appropriate
form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Piggyback Shelf Registration Statement”), such holder(s) shall have the right, but not
the obligation, to be notified of and to participate in any offering under such Piggyback Shelf Registration Statement (a “Piggyback Shelf Takedown”). 

(b) If a Piggyback Registration or Piggyback Shelf Takedown is initiated as a primary underwritten offering on behalf of the Company and the
managing underwriter advises the Company and the holders of Registrable Securities (if any holders of Registrable Securities have elected to include Registrable Securities in such Piggyback Registration or Piggyback Shelf Takedown) in writing that
in its reasonable and good faith opinion the number of shares of Class A Common Stock proposed to be included in such registration or takedown, including all Registrable Securities and all other shares of Class A Common Stock proposed to
be included in such underwritten offering, exceeds the number of shares of Class A Common Stock which can be sold in such offering and/or that the number of shares of Class A Common Stock proposed to be included in any such registration or
takedown would adversely affect the price per share of the Common Stock to be sold in such offering, (A) then in the case of the Public Offering, the Company shall include in such registration or takedown (i) first, the shares of
Class A Common Stock that the Company proposes to sell; (ii) second, to Keystone and its Affiliates who hold Registrable Securities in an amount up to $15 million (or such lesser amount as Keystone or its Affiliates elect to sell and
based on the number of shares to be sold multiplied by the price to the public in the offering), to the FPC Unitholders and their Affiliates who hold Registrable Securities in an amount equal to 44.67% of the amount to be sold by Keystone and its
Affiliates pursuant to this clause (ii), to the TB Unitholders and their Affiliates who hold Registrable Securities in an amount up to $15 million (or such lesser amount as the TB Unitholders or its

  
 10 

 
Affiliates elect to sell and based on the number of shares to be sold multiplied by the price to the public in the offering), and to the EC Unitholders and their Affiliates who hold Registrable
Securities in an amount equal to 44.67% of the amount to be sold by Keystone and its Affiliates pursuant to this clause (ii) (provided, that if the number of Registrable Securities available to be included pursuant to this clause (ii) is less
than $43.4 million, then Keystone will be allocated 34.56% of such available shares, the FP Unitholders will be allocated 15.44% of such available shares, the TB Unitholders will be allocated 34.56% of such available shares and the EC
Unitholders will be allocated 15.44% of such available shares), (iii) third, the shares of Class A Common Stock requested to be included therein by holders of Registrable Securities, allocated pro rata among all such holders on the basis of the
number of Registrable Securities owned by each such holder or in such manner as they may otherwise agree and giving effect to the amounts allocated to Keystone, the FPC Unitholders, the TB Unitholders and the EC Unitholders and their respective
Affiliates in clause (ii); and (iv) fourth, the shares of Class A Common Stock requested to be included therein by holders of Class A Common Stock other than holders of Registrable Securities, allocated among such holders in such
manner as they may agree and (B) then in all other cases, the Company shall include in such registration or takedown (i) first, the shares of Class A Common Stock that the Company proposes to sell; (ii) second, the shares of
Class A Common Stock requested to be included therein by holders of Registrable Securities, allocated pro rata among all such holders on the basis of the number of Registrable Securities owned by each such holder or in such manner as they may
otherwise agree; and (iii) third, the shares of Class A Common Stock requested to be included therein by holders of Class A Common Stock other than holders of Registrable Securities, allocated among such holders in such manner as they
may agree; provided, that in any event the holders of Registrable Securities shall be entitled to register the offer and sale or distribute at least thirty percent (30%) of the securities to be included in any such registration or takedown. 

(c) If a Piggyback Registration or Piggyback Shelf Takedown is initiated as an underwritten offering on behalf of a holder of Class A
Common Stock other than Registrable Securities, and the managing underwriter advises the Company in writing that in its reasonable and good faith opinion the number of shares of Class A Common Stock proposed to be included in such registration
or takedown, including all Registrable Securities and all other shares of Class A Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Class A Common Stock which can be sold in such offering
and/or that the number of shares of Class A Common Stock proposed to be included in any such registration or takedown would adversely affect the price per share of the Class A Common Stock to be sold in such offering, the Company shall
include in such registration or takedown (i) first, the shares of Class A Common Stock requested to be included therein by the holder(s) requesting such registration or takedown and by the holders of Registrable Securities, allocated pro
rata among all such holders on the basis of the number of shares of Class A Common Stock other than the Registrable Securities (on a fully diluted, as converted basis) and the number of Registrable Securities, as applicable, owned by all such
holders or in such manner as they may otherwise agree; and (ii) second, the shares of Class A Common Stock requested to be included therein by other holders of Class A Common Stock, allocated among such holders in such manner as they
may agree. 

  
 11 

 (d) If any Piggyback Registration or Piggyback Shelf Takedown is initiated as a primary
underwritten offering on behalf of the Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering. Each holder of Registrable Securities proposing to
distribute Registrable Securities through such underwritten offering shall (together with the Company) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. 

4. Public Offering Lock-Up. Each holder of Registrable Securities agrees that in connection with a Public
Offering, and upon the request of the managing underwriter in such offering, such holder shall not, without the prior written consent of such managing underwriter, during the period commencing on the effective date of such registration and ending on
the date specified by such managing underwriter (such period not to exceed one hundred eighty (180) days), (i) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, hedge the
beneficial ownership of or otherwise dispose of, directly or indirectly, any shares of Class A Common Stock or any securities convertible into, exercisable for or exchangeable for shares of Class A Common Stock held immediately before the
effectiveness of the Registration Statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such
transaction described in clause (i) or (ii) above is to be settled by delivery of Class A Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this Section 4 shall not apply to
sales of Registrable Securities to be included in such offering pursuant to Section 2(a), Section 2(b), Section 2(c) or Section 3(a), and shall
be applicable to the holders of Registrable Securities only if all officers and directors of the Company and all stockholders owning more than five percent (5%) of the Company’s outstanding Class A Common Stock are subject to the same
restrictions. Each holder of Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the managing underwriter which are consistent with the foregoing or which are necessary to give
further effect thereto. Notwithstanding anything to the contrary contained in this Section 4, each holder of Registrable Securities shall be released, pro rata, from any lock-up
agreement entered into pursuant to this Section 4 in the event and to the extent that the managing underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining to any officer, director or holder of greater than five percent (5%) of the outstanding Class A Common Stock. 

5. Registration Procedures. If and whenever the holders of Registrable Securities request that the offer and sale of any Registrable Securities be
registered under the Securities Act or any Registrable Securities be distributed in a Shelf Takedown pursuant to the provisions of this Agreement, the Company shall use its best efforts to effect the registration of the offer and sale of such
Registrable Securities under the Securities Act in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as soon as practicable and as applicable: 

(a) subject to Section 2(a), Section 2(b) and Section 2(c),
prepare and file with the Commission a Registration Statement covering such Registrable Securities and use its best efforts to cause such Registration Statement to be declared effective; 

  
 12 

 (b) in the case of a Long-Form Registration or a Short-Form Registration, prepare and file
with the Commission such amendments, post-effective amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective until all of such
Registrable Securities have been disposed of and to comply with the provisions of the Securities Act with respect to the disposition of such Registrable Securities in accordance with the intended methods of disposition set forth in such Registration
Statement; 
 (c) within a reasonable time before filing such Registration Statement, Prospectus or amendments or supplements thereto with
the Commission, furnish to one counsel selected by holders of a majority of such Registrable Securities copies of such documents proposed to be filed, which documents shall be subject to the review, comment and approval of such counsel; 

(d) notify each selling holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when such
Registration Statement has been declared effective or a supplement, including a Shelf Supplement, to any Prospectus forming a part of such Registration Statement has been filed with the Commission; 

(e) furnish to each selling holder of Registrable Securities such number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and any supplement thereto, including a Shelf Supplement (in each case including all exhibits and documents incorporated by reference therein), and such other documents as such seller may request in order to
facilitate the disposition of the Registrable Securities owned by such seller; 
 (f) use its best efforts to register or qualify such
Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as any selling holder requests and do any and all other acts and things which may be necessary or advisable to enable such holders to consummate
the disposition in such jurisdictions of the Registrable Securities owned by such holders; provided, that the Company shall not be required to qualify generally to do business, subject itself to general taxation or consent to general service
of process in any jurisdiction where it would not otherwise be required to do so but for this Section 5(f); 
 (g)
notify each selling holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event that would cause the Prospectus included in such
Registration Statement to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and, at the request of any
such holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit
to state any fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

  
 13 

 (h) make available for inspection by any selling holder of Registrable Securities, any
underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter (collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Company (collectively, the “Records”), and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in
connection with such Registration Statement; 
 (i) provide a transfer agent and registrar (which may be the same entity) for all such
Registrable Securities not later than the effective date of such registration; 
 (j) use its best efforts to cause such Registrable
Securities to be listed on each securities exchange on which the Class A Common Stock is then listed or, if the Class A Common Stock is not then listed, on a national securities exchange selected by the holders of a majority of such
Registrable Securities; 
 (k) in connection with an underwritten offering, enter into such customary agreements (including underwriting and
lock-up agreements in customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter of such offering request in order to expedite or
facilitate the disposition of such Registrable Securities (including, without limitation, making appropriate officers of the Company available to participate in “road show” and other customary marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Securities)); 

(l) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission and make available to its
stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act or any successor rule thereto) no later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company’s first full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act or any successor rule thereto; 

(m) furnish to each underwriter, if any, with (i) a written legal opinion of the Company’s outside counsel, dated the closing date
of the offering, in form and substance as is customarily given in opinions of the Company’s counsel to underwriters in underwritten registered offerings; and (ii) on the date of the applicable Prospectus, on the effective date of any
post-effective amendment to the applicable Registration Statement and at the closing of the offering, dated the respective dates of delivery thereof, a “comfort” letter signed by the Company’s independent certified public accountants
in form and substance as is customarily given in accountants’ letters to underwriters in underwritten registered offerings; 
 (n)
without limiting Section 5(f), use its best efforts to cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and
operations of the Company to enable the holders of such Registrable Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution thereof; 

  
 14 

 (o) notify the holders of Registrable Securities promptly of any request by the Commission
for the amending or supplementing of such Registration Statement or Prospectus or for additional information; 
 (p) advise the holders of
Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; 

(q) permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter or a
“controlling person” (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) (a “Controlling Person”) of the Company, to participate in the preparation of such Registration
Statement and to require the insertion therein of language, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included; 

(r) cooperate with the holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates representing
the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends and representing such number of shares of Class A Common Stock and registered in such names as the holders of the
Registrable Securities may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement or Rule 144; provided, that the Company may satisfy its obligations hereunder without issuing
physical stock certificates through the use of the Depository Trust Company’s Direct Registration System (the “DTCDRS”); 

(s) not later than the effective date of such Registration Statement, provide a CUSIP number for all Registrable Securities and provide the
applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company; provided, that the Company may satisfy its obligations hereunder without issuing physical
stock certificates through the use of the DTCDRS; 
 (t) take no direct or indirect action prohibited by Regulation M under the Exchange
Act; provided, that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition inapplicable; and 

(u) otherwise use its best efforts to take all other steps necessary to effect the registration of such Registrable Securities contemplated
hereby. 

  
 15 

 6. Expenses. All expenses (other than Selling Expenses) incurred by the Company in complying with its
obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable Securities shall be paid by the Company, including, without limitation, all (i) registration and filing fees (including, without
limitation, any fees relating to filings required to be made with, or the listing of any Registrable Securities on, any securities exchange or over-the-counter trading
market on which the Registrable Securities are listed or quoted); (ii) underwriting expenses (other than fees, commissions or discounts); (iii) expenses of any audits incident to or required by any such registration; (iv) fees and expenses of
complying with securities and “blue sky” laws (including, without limitation, fees and disbursements of counsel for the Company in connection with “blue sky” qualifications or exemptions of the Registrable Securities); (v)
printing expenses; (vi) messenger, telephone and delivery expenses; (vii) fees and expenses of the Company’s counsel and accountants; (viii) Financial Industry Regulatory Authority, Inc. filing fees (if any); and (ix) fees and
expenses of one counsel for the holders of Registrable Securities participating in such registration as a group (selected by, in the case of a registration under Section 2(a), the holders of a majority of the Registrable
Securities initially requesting such registration, and, in the case of all other registrations hereunder, the holders of a majority of the Registrable Securities included in the registration). In addition, the Company shall be responsible for all of
its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties) and
the expense of any annual audits. All Selling Expenses relating to the offer and sale of Registrable Securities registered under the Securities Act pursuant to this Agreement shall be borne and paid by the holders of such Registrable Securities, in
proportion to the number of Registrable Securities included in such registration for each such holder. 
 7. Indemnification. 

(a) The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities, such
holder’s officers, directors, managers, members, partners, stockholders and Affiliates, each underwriter, broker or any other Person acting on behalf of such holder of Registrable Securities and each other Controlling Person, if any, who
controls any of the foregoing Persons, against all losses, claims, actions, damages, liabilities and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses,
claims, actions, damages, liabilities or expenses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus (as
defined in Rule 405 under the Securities Act or any successor rule thereto) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading; and shall reimburse such Persons for any legal or other expenses reasonably incurred
by any of them in connection with investigating or defending any such loss, claim, action, damage or liability, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for
use therein or by such holder’s failure to deliver a copy of the Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act or any successor rule thereto) or any
amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient number of copies of the same prior to any written confirmation of the sale of Registrable
Securities. This indemnity shall be in addition to any liability the Company may otherwise have. 

  
 16 

 (b) In connection with any registration in which a holder of Registrable Securities is
participating, each such holder shall furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify
and hold harmless, the Company, each director of the Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting on behalf of the holders of Registrable Securities and each
Controlling Person who controls any of the foregoing Persons against any losses, claims, actions, damages, liabilities or expenses resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement,
Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act or any successor rule thereto) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading, but only to the
extent that such untrue statement or omission is contained in any information so furnished in writing by such holder; provided, that the obligation to indemnify shall be several, not joint and several, for each holder and shall not exceed an
amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such holder from the sale of Registrable Securities pursuant to such Registration Statement. This indemnity shall be in addition to any
liability the selling holder may otherwise have. 
 (c) Promptly after receipt by an indemnified party of notice of the commencement of any
action involving a claim referred to in this Section 7, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action. The
failure of any indemnified party to notify an indemnifying party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying party from any liability in respect of such
action that it may have to such indemnified party hereunder. In case any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume the defense of the claims in any such action that
are subject or potentially subject to indemnification hereunder, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after written notice
from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with
the defense thereof; provided, that, if (i) any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with
those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against
any indemnified party or involves actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party without such indemnified party’s prior written
consent (but, 

  
 17 

 
without such consent, shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Controlling Person of such
indemnified party for that portion of the fees and expenses of any counsel retained by the indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party is not entitled to, or
elects not to, assume the defense of a claim, it shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate
counsel, chosen by the holders of a majority of the Registrable Securities included in the registration, at the expense of the indemnifying party. 

(d) If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result
of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions
which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of
Registrable Securities, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of
the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party, whether the violation of the Securities Act or any other similar federal or state securities laws or rule or regulation promulgated thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any applicable registration, qualification or compliance was perpetrated by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined by pro rata allocation or by any other method or
allocation which does not take account of the equitable considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 
 8. Participation in Underwritten Registrations. No Person may participate
in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided, that no holder of
Registrable Securities 

  
 18 

 
included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such
holder, such holder’s ownership of its shares of Class A Common Stock to be sold in the offering and such holder’s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters
with respect thereto, except as otherwise provided in Section 7. 
 9. Rule 144 Compliance. With a view to making available to the
holders of Registrable Securities the benefits of Rule 144 and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the Company to the public without registration, at any time when the Company is
subject to filing obligations under Section 13(a) or Section 15(d) of the Exchange Act, the Company shall: 
 (a) make and keep
public information available, as those terms are understood and defined in Rule 144; 
 (b) use best efforts to file with the Commission in
a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 
 (c) furnish to
any holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the
most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the Company as such holder may request in connection with the sale of Registrable Securities without registration. 

10. Preservation of Rights. Without the prior written consent of the holders of a majority of the Registrable Securities, the Company shall not
(a) grant any registration rights, or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights expressly granted to the holders of Registrable
Securities in this Agreement. 
 11. Alternative Entities. In the event that the Company elects to effect an underwritten registered offering of
equity securities of any subsidiary or parent of the Company (collectively, “Alternative Entities”) rather than the equity securities of the Company, whether as a result of a reorganization of the Company or otherwise, the Investors
and the Company shall cause the Alternative Entity to enter into an agreement with the Investors that provides the Investors with registration rights with respect to the equity securities of the Alternative Entity that are substantially the same as,
and in any event no less favorable in the aggregate to, the registration rights provided to the Investors in this Agreement. 
 12. Termination. As
to any particular Registrable Securities, such securities shall cease to be Registrable Securities at the earliest of the following: (i) when a registration statement registering such securities under the Securities Act has been declared
effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration statement, 

  
 19 

 (ii) when such securities shall have been distributed pursuant to Rule 144 under the Securities Act, (iii)
when such securities shall have been otherwise transferred in a transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities, (iv) when such securities are no longer outstanding
and (v) at any time following the Public Offering and with respect to any Investor, when such Investor together with its Affiliates ceases to own at least 1.0% of the then-outstanding shares of Common Stock. 

13. Option Grants. The parties agree that the employees of the Company and its subsidiaries as a group shall be eligible to be granted annually for ten
(10) years beginning on the date of the Original Agreement options to acquire up to 2,000,000 shares of Class A Common Stock, provided that the exercise date of each option is not earlier than November 1, 2022 and each option is
granted at no less than the fair market value of the shares of Class A Common Stock into which such option is exercisable. 
 14. Other
Covenants. Unless otherwise consented to by the holders of a majority of the Class A Common Stock owned by the Investors that are identified on Schedule A hereto under the heading “Not RCP2 Sellers” (“Not RCP2
Sellers”), which consent may be withheld in such holders’ sole discretion, all new investment management agreements entered into with each new investment limited partnership or investment fund formed after the date hereof with respect
to which any Investor that is identified on Schedule A hereto under the heading “RCP2 Sellers” (the “RCP2 Sellers”) is involved in the promotion or sale of limited partnership or other fund interests to investors
shall be transacted, if at all, exclusively through the Company or its Affiliates. It is understood that RCP2 Sellers shall be entitled to receive as separate consideration carried interest from new fund customers in a manner substantially similar
to the carried interest historically received by them at RCP Advisors 2, LLC in connection with the Investment Management Agreements (as defined in the RCP2 Purchase Agreement). 

15. Board Nomination and Observer. The provisions of Sections 4 and 5 of the TB Equityholders Agreement are incorporated herein by reference and such
sections (and any defined terms used therein) shall remain in full force and effect as if set forth in this Agreement in their entirety. As used in Sections 4 and 5 of the TB Equityholders Agreement, “New P10 Parent” means the Company. For
the avoidance of doubt, this Section 15 may only be amended, modified, supplemented or waived with the prior written consent of the Company and the holders of a majority of the Common Stock held by the TB Unitholders. 

16. Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to
have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the
third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 16). 
  

			
	If to the Company:	  	 P10, Inc.
 4514 Cole Avenue, Suite 1600

Dallas, Texas 75205
 Attention: Amanda
Coussens

  
 20 

			
	with a copy to:	  	 Gibson, Dunn & Crutcher LLP
 2001 Ross
Avenue, Suite 2100
 Dallas, Texas 75201
 E-mail: dsinak@gibsondunn.com
 Attention: David Sinak

 
 and
  

Olshan Frome Wolosky LLP
 1325 Avenue of the Americas

New York, NY 10019
 Email:

afinerman@olshanlaw.com
 Attention: Adam Finerman

 If to any Investor, to such Investor’s address as set forth in the register of stockholders maintained by the Company.

 17. Entire Agreement. This Agreement (and any related exhibits and schedules thereto), constitute the sole and entire agreement of the parties to
this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 

18. Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
permitted assigns. Each Investor may assign its rights hereunder to any purchaser or transferee of Registrable Securities; provided, that as a condition to the effectiveness of such assignment, unless any such transferee or assignee is an Affiliate
of, and after such transfer or assignment continues to be an Affiliate of, such Investor, the amount of Registrable Securities transferred or assigned to such transferee or assignee shall represent at least $25.0 million of Registrable
Securities, (b) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the securities with respect to which such registration rights are
being transferred or assigned, (c) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such transferring Investor under this Agreement and (d) the transferor or assignor is not relieved
of any obligations or liabilities hereunder arising out of events occurring prior to such transfer. 
 19. No Third-Party Beneficiaries. This
Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or
remedy of any nature whatsoever, under or by reason of this Agreement; provided, however, the parties hereto hereby acknowledge that the Persons set forth in Sections 7 and 23 are express third-party beneficiaries of the obligations of
the parties hereto set forth in Section 7 and 23, respectively. 

  
 21 

 20. Headings. The headings in this Agreement are for reference only and shall not affect the
interpretation of this Agreement. 
 21. Amendment, Modification and Waiver. The provisions of this Agreement may only be amended, modified,
supplemented or waived with the prior written consent of the Company and the holders of a majority of the Registrable Securities; provided that (i) Section 3(b)(A)(ii) may only be amended, modified, supplemented or
waived by the holders of (a) a majority of the Common Stock owned by Keystone, (b) a majority of the Common Stock owned by the FPC Unitholders, (c) a majority of the Common Stock owned by the TB Unitholders, and (d) at least two-thirds of the Common Stock owned by the EC Unitholders; (ii) Section 14 may only be amended, modified, supplemented or waived by the holders of (a) a majority of the Common
Stock owned by the Not RCP2 Sellers and (b) a majority of the Common Stock owned by the RCP2 Sellers; (iii) Section 13 may only be amended, modified, supplemented or waived by the holders of (a) a majority of
the Common Stock owned by the RCP2 Sellers and (b) a majority of the Common Stock owned by the Not RCP2 Sellers. No waiver by any party or parties shall operate or be construed as a waiver in respect of any failure, breach or default not
expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right,
remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. 
 22. Severability. If any term or provision of this Agreement is invalid, illegal or
unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such
determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 
 23.
Remedies. Each party hereto, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each party hereto acknowledges that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be
adequate. If any RCP2 Seller breaches this Agreement and the Company fails to exercise its remedies in response to such breach, the parties hereto agree that any Not RCP2 Seller shall be entitled, on behalf of the Company, to exercise any rights
granted to the Company by law, including recovery of damages, and to seek specific performance, with respect to such breach. 

  
 22 

 24. Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction). Any legal suit, action or proceeding arising out of or
based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of Illinois in each case located in the city of Chicago and County of Cook, and each party
irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party’s address set forth herein shall be effective service of
process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree
not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 25.
Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives
any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby. Each party to this Agreement certifies and acknowledges that (a) no representative of
any other party has represented, expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action, (b) such party has considered the implications of this waiver, (c) such party
makes this waiver voluntarily, and (d) such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 25. 

26. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall be
deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an
original signed copy of this Agreement. 
 27. Further Assurances. Each of the parties to this Agreement shall, and shall cause their Affiliates to,
execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and to give effect to the transactions contemplated hereby. 

28. Termination of Prior Agreements. The parties to the TB Equityholders Agreement, the Enhanced Equityholders Agreement and the Original Agreement,
which are parties hereto, agree that upon (and only upon) the completion of the P10 Reorganization (including the Uplist Event and the Public Offering) each of the TB Equityholders Agreement, Enhanced Equityholders Agreement and the Original
Agreement, as applicable, shall thereupon be terminated in their entirety and shall thereupon be of no further force or effect. 
 [SIGNATURE
PAGE FOLLOWS] 

  
 23 

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

			
	COMPANY:
	
	P10, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	Amanda Coussens

 
			
	Title:	 	CFO

 
			
	
	FORMER P10 PARENT:
	
	P10 HOLDINGS, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	Amanda Coussens

 
			
	Title:	 	CFO

  
 [Signature Page to
Stockholders Agreement] 

			
	 
	ALEXANDER ABELL
	
	 
	 ANDREW NELSON and LAURIE NELSON

(Joint Tenants)

	
	 
	Andrew Nelson
	
	 
	Laurie Nelson
	
	CHARLES K. HUEBNER AS TRUSTEE OF THE CHARLES K. HUEBNER TRUST DATED
JANUARY 16, 2001

 
			
		
	By:	 	 

 
			
	Name: Charles K. Huebner
	Title: Trustee
	
	 
	DAVID MCCOY

  
 [Signature Page to
Stockholders Agreement] 

 
			
	JEFF P. GEHL AS TRUSTEE OF THE JEFF P. GEHL LIVING TRUST DATED JANUARY 25, 2011

 
			
		
	By:	 	 
	Name: Jeff P. Gehl
	Title: Trustee

  

			
	JON I. MADORSKY AS TRUSTEE OF THE JON I. MADORSKY REVOCABLE TRUST DATED DECEMBER 1, 2008

 
			
		
	By:	 	 

 
			
	Name: Jon I. Madorsky

 
			
	Title: Trustee

 
			
	
	 
	MICHAEL FEINGLASS
	
	 
	NELL BLATHERWICK

 
			
	
	THOMAS P. DANIS AS TRUSTEE OF THE THOMAS P. DANIS, JR. REVOCABLE LIVING TRUST DATED MARCH 10, 2003

 
			
		
	By:	 	 

 
			
	Name: Thomas P. Danis, Jr.

 
			
	Title: Trustee

  
 [Signature Page to
Stockholders Agreement] 

 
			
	SOUDER FAMILY LLC

 
			
		
	By:	 	 

 
			
	Name: William F. Souder
	Title: Managing Member
	
	 
	MICHAEL KORENGOLD
	
	KORENGOLD FAMILY ASSOCIATES, LLC

 
			
		
	By:	 	 

 
			
	Name: Michael Korengold
	Title: Manager
	
	MK NOTE HOLDINGS, LLC

 
			
		
	By:	 	 

 
			
	Name: Michael Korengold
	Title: Manager
	
	 
	DAVID HUSTON
	
	CHAPARRAL LLC

 
			
		
	By:	 	 

 
			
	Name: Andrew Paul
	Title: Sole Member
	
	APMK Holdings, LLC

 
			
		
	By:	 	 

 
			
	Name: Andrew Paul
	Title: Sole Member

  
 [Signature Page to
Stockholders Agreement] 

 
	
	
	   

	PAUL KASPER
	
	   

	 RICHARD MONTGOMERY

	
	   

	 SHANE MCCARTHY

	
	   

	 MARK SLUSAR

	
	 VCPE III LLC

	 By: VCPE Management III, its manager

	 By: Cougar Investment Holdings LLC, its managing member

 
			
		
	By:	 	 

 
			
	Name:	 	Chris Orndorff

 
			
	Title:	 	Vice President

 [Signature Page to Stockholders Agreement] 

 
			
	TRIDENT V, L.P.
	By: Stone Point Capital, LLC, its manager

 
			
		
	By:	 	 

 
			
	Name:	 	Peter Mundheim

 
			
	Title:	 	Principal and Counsel

 
			
	
	 TRIDENT V PARALLEL FUND, L.P.

	By: Stone Point Capital, LLC, its manager

 
			
		
	By:	 	 

 
			
	Name:	 	Peter Mundheim

 
			
	Title:	 	Principal and Counsel

 
			
	
	 TRIDENT V PROFESSIONALS FUND, L.P.

	By: Stone Point Capital, LLC, its manager

 
			
		
	By:	 	 

 
			
	Name:	 	Peter Mundheim

 
			
	Title:	 	Principal and Counsel

 [Signature Page to Stockholders Agreement] 

 Schedule A 

Investors 
 RCP 

	1.	 Alexander Abell 

	2.	 Andrew Nelson and Laurie Nelson (joint tenants) 

	3.	 Charles K. Huebner as Trustee of the Charles K. Huebner Trust, dated January 16, 2001

	4.	 David McCoy 

	5.	 Jeff P. Gehl as Trustee of the Jeff P. Gehl Living Trust, dated January 25, 2011 

	6.	 Jon I. Madorsky as Trustee of the Jon I. Madorsky Revocable Trust, dated December 1, 2008

	7.	 Michael Feinglass 

	8.	 Nell Blatherwick 

	9.	 Thomas P. Danis, Jr. as Trustee of the Thomas P. Danis, Jr. Revocable Living Trust, dated March 10, 2003,
as amended 

	10.	 Souder Family LLC 

P10 

	1.	 210/P10 Acquisition Partners, LLC 

Enhanced  

	1.	 Michael Korengold 

	2.	 Korengold Family Associates, LLC 

	3.	 MK Note Holdings, LLC 

	4.	 APMK Holdings, LLC 

	5.	 Shane McCarthy 

	6.	 Richard Montgomery 

	7.	 Paul Kasper 

	8.	 VCPE III 

	9.	 Chaparral LLC 

	10.	 Trident V, L.P. 

	11.	 Trident V Parallel Fund, L.P. 

	12.	 Trident V Professionals Fund, L.P. 

	13.	 David Huston 

	14.	 Mark Slusar 

TrueBridge 

	1.	 TrueBridge Colonial Fund, u/a dated 11/15/2015 

	2.	 Alliance Trust Company, Trustee of Mel Williams Irrevocable Trust u/a/d August 12, 2015

	3.	 TrueBridge Ascent LLC

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