Document:

EX-10.4

 Exhibit 10.4 

FORM OF TAX RECEIVABLE AGREEMENT 

among 
 DMY TECHNOLOGY
GROUP, INC., 
 RSI ASLP, INC. 

and 
 THE PERSONS NAMED
HEREIN 
 Dated as of December 29, 2020 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.1
	 	Definitions	  	 	2	 
		
	 ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT
	  	 	12	 
	 Section 2.1
	 	Basis Schedule	  	 	12	 
	 Section 2.2
	 	Tax Benefit Schedule	  	 	12	 
	 Section 2.3
	 	Procedures, Amendments	  	 	13	 
	 Section 2.4
	 	Section 754 Election	  	 	14	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	15	 
	 Section 3.1
	 	Payments	  	 	15	 
	 Section 3.2
	 	No Duplicative Payments	  	 	16	 
	 Section 3.3
	 	Pro Rata Payments	  	 	16	 
	 Section 3.4
	 	Payment Ordering	  	 	16	 
	 Section 3.5
	 	Overpayments	  	 	16	 
		
	 ARTICLE IV TERMINATION
	  	 	16	 
	 Section 4.1
	 	Early Termination of Agreement; Breach of Agreement	  	 	16	 
	 Section 4.2
	 	Early Termination Notice	  	 	19	 
	 Section 4.3
	 	Payment upon Early Termination	  	 	19	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	19	 
	 Section 5.1
	 	Subordination	  	 	19	 
	 Section 5.2
	 	Late Payments by Corporate Sub	  	 	20	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	20	 
	 Section 6.1
	 	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	  	 	20	 
	 Section 6.2
	 	Consistency	  	 	20	 
	 Section 6.3
	 	Cooperation	  	 	21	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	21	 
	 Section 7.1
	 	Notices	  	 	21	 
	 Section 7.2
	 	Counterparts	  	 	22	 
	 Section 7.3
	 	Entire Agreement; No Third Party Beneficiaries	  	 	22	 
	 Section 7.4
	 	Governing Law	  	 	23	 
	 Section 7.5
	 	Severability	  	 	23	 
	 Section 7.6
	 	Successors; Assignment; Amendments; Waivers	  	 	23	 
	 Section 7.7
	 	Interpretation	  	 	24	 
	 Section 7.8
	 	Waiver of Jury Trial; Jurisdiction	  	 	25	 
	 Section 7.9
	 	Reconciliation	  	 	25	 
	 Section 7.10
	 	Withholding	  	 	26	 
	 Section 7.11
	 	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	  	 	27	 
	 Section 7.12
	 	Confidentiality	  	 	28	 
	 Section 7.13
	 	TRA Party Representative	  	 	28	 

  
 ii 

 Exhibits and Schedules 

Exhibit A - Form of Joinder 

  
 iii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “TRA Agreement”), is dated as of December 29, 2020, among dMY
Technology Group, Inc., a Delaware corporation (the “Corporate Taxpayer”), RSI ASLP, Inc. (“Corporate Sub”), Rush Street Interactive, LP, a Delaware limited partnership
(“OpCo”), and each of the partners of OpCo listed on Schedule 1 hereto (each such partner, a “TRA Party” and together the “TRA Parties”), Rush Street Interactive GP, LLC, a
Delaware limited liability company in its capacity as the TRA Party Representative, and each of the other Persons from time to time that become a party to this TRA Agreement. Capitalized terms used but not defined herein shall have their respective
meanings set forth in the Business Combination Agreement (as defined below). 
 RECITALS 

WHEREAS, the TRA Parties directly or indirectly hold Partnership Units in OpCo, which is classified as a partnership for United States
federal income Tax purposes; 
 WHEREAS, the Corporate Taxpayer’s wholly owned subsidiary RSI GP LLC, a Delaware limited
liability company (the “GP Company”), will become the general partner of, and will hold general partnership units in, OpCo; 

WHEREAS, the Corporate Taxpayer’s wholly owned subsidiary Corporate Sub will become a limited partner of, and will hold
Class A Common Units in, OpCo; 
 WHEREAS, the Corporate Taxpayer, the TRA Parties, and OpCo entered into a Business Combination
Agreement on July 27, 2020, which agreement was amended and restated by the parties thereto on October 9, 2020, pursuant to that certain Amended & Restated Business Combination Agreement (as further amended, restated, amended and
restated, modified or supplemented from time to time in accordance with such agreement, the “Business Combination Agreement”), pursuant to which Corporate Sub will acquire (i) the Purchased Closing Company Units from the
TRA Parties in exchange for the Purchased Company Unit Closing Cash Consideration (the “Purchase”), (ii) the Issued Company Units from OpCo in exchange for the Contribution Amount, and (iii) additional Partnership Units
from OpCo in exchange for certain Aggregate Available Cash received in connection with a Permitted Equity Financing (which cash will then be used to redeem certain Partnership Units held by the TRA Parties) (the “Post-Closing
Purchase”); 
 WHEREAS, each Class A Common Unit held by a TRA Party may be Exchanged, together with the surrender
and delivery by such holder of one (1) share of Buyer Class V Voting Stock, for one (1) share of Buyer Class A Common Stock or for cash in accordance with and subject to the conditions and limitations in the Limited Partnership
Agreement; 
 WHEREAS, OpCo and each direct or indirect Subsidiary treated as a partnership for U.S. federal income tax purposes has
and will have in effect an election under Section 754 of the Code for each Taxable Year that includes the Closing Date and for each Taxable Year in which an Exchange occurs; 

  
 1 

 WHEREAS, as a result of the Closing (including the Purchase and the Post-Closing
Purchase), any Put-Call Purchase and future Exchanges, the income, gain, loss, deduction, expense and other Tax items of the Corporate Taxpayer and its Subsidiaries (including Corporate Sub) may be affected by
(i) Basis Adjustments and (ii) any deduction attributable to any payment (including amounts attributable to Imputed Interest) made under this TRA Agreement (collectively, the “Tax Attributes”); and 

WHEREAS, the parties to this TRA Agreement desire to provide for certain payments and make certain arrangements with respect to the
effect of the Tax Attributes on the liability for Covered Taxes of or with respect to the Corporate Taxpayer and its Subsidiaries. 

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

DEFINITIONS 

Section 1.1 Definitions. 

As used in this TRA Agreement, the terms set forth in this Article I shall have the following meanings. 

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for Covered Taxes of, without
duplication, (i) the Corporate Taxpayer and its Covered Subsidiaries, and (ii) OpCo and its Subsidiaries, but only with respect to Covered Taxes imposed on the taxable income of OpCo and its Subsidiaries and allocable to the Corporate
Taxpayer or its Covered Subsidiaries for such Taxable Year; provided that, for the avoidance of doubt, such amounts shall include any Covered Taxes (A) imposed by way of withholding, (B) arising under the BBA Rules, or
(C) without duplication of (B), attributable to the Corporate Taxpayer or its Covered Subsidiaries pursuant to Section 9.4 of the Limited Partnership Agreement; provided further, that, if applicable, such amounts shall be determined
in accordance with a Determination (including interest imposed in respect thereof under applicable law). 
 “Advisory
Firm” means PricewaterhouseCoopers, Ernst & Young, Deloitte, KPMG or RSM US LLP, or, if agreed in writing by the Corporate Taxpayer and the TRA Party Representative, another accounting firm that is nationally recognized as
being expert in U.S. federal, state and local income Tax matters. 
 “Advisory Firm Letter” means a letter prepared
by the Advisory Firm (at the expense of OpCo) that prepared the relevant Schedules, notices or other information to be provided by the Corporate Taxpayer to the TRA Parties stating that such Schedules, notices or other information, along with all
supporting schedules and work papers prepared by such Advisory Firm in connection with such Schedules, notices or other information, were prepared in a manner that is consistent with the terms of this TRA Agreement and, to the extent not expressly
provided in this TRA Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules, notices or other information were delivered to the TRA Parties. 

  
 2 

 “Affiliate” of any particular Person means any other Person
controlling, controlled by or under common control with such Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of
voting securities, its capacity as a sole or managing member or otherwise. For purposes of this TRA Agreement, no TRA Party shall be considered to be an Affiliate of the Corporate Taxpayer or OpCo or their respective Subsidiaries. 

“Agreed Rate” means a per annum rate of LIBOR plus 100 basis points. 

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

“Attributable” means the portion of any Tax Attribute of the Corporate Taxpayer or its Covered Subsidiaries or OpCo
and its Subsidiaries that is attributable to a TRA Party and shall be determined by reference to the Tax Attributes, under the following principles: 

(i) any Purchase Basis Adjustments shall be determined separately with respect to each TRA Party and are Attributable to each TRA Party in an
amount equal to the total Purchase Basis Adjustments relating to such Partnership Units purchased from such TRA Party (whether pursuant to the Purchase, the Post-Closing Purchase, or any Put-Call Purchase);

 (ii) any Exchange Basis Adjustments shall be determined separately with respect to each Exchanging Partner and are Attributable to each
Exchanging Partner in an amount equal to the total Exchange Basis Adjustments relating to such Partnership Units Exchanged by such Exchanging Partner; and 

(iii) any deduction to the Corporate Taxpayer or its Covered Subsidiaries, as applicable, with respect to a Taxable Year in respect of any
payment (including amounts attributable to Imputed Interest) made under this TRA Agreement is Attributable to the Person that is required to include the Imputed Interest or other payment in income (without regard to whether such Person is actually
subject to Tax thereon). 
 “Basis Adjustment” means a Purchase Basis Adjustment or an Exchange Basis Adjustment.

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

“BBA Rules” has the meaning set forth in the Limited Partnership Agreement. 

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

“Business Combination Agreement” has the meaning set forth in the Recitals. 

“Business Day” means any day except a Saturday, a Sunday or any other day on which commercial banks are required or
authorized to close in the State of New York. 
 “Cash Exchange Payment” has the meaning set forth in the Limited
Partnership Agreement. 

  
 3 

 “Change of Control” shall have occurred upon the earlier of
(i) a direct or indirect sale, transfer or other disposition of all or substantially all of the assets of the Corporate Taxpayer or Corporate Sub (taken as a whole) in any transaction or series of related transactions to a “person” or
a “group” (as such term is defined under Regulation 13D under the Exchange Act) that is not a TRA Party or a Permitted Transferee of a TRA Party, other than (x) such sale, transfer or other disposition by the Corporate Taxpayer or
Corporate Sub following which all or substantially all of the assets of the Corporate Taxpayer or Corporate Sub (taken as a whole) are held by an entity (or an Affiliate of an entity) at least fifty percent (50%) of the combined voting power of the
voting securities of which are owned, directly or indirectly, by shareholders of the Corporate Taxpayer or Corporate Sub, as applicable, in substantially the same proportions as their ownership of the Corporate Taxpayer or Corporate Sub, as
applicable, immediately prior to such sale, transfer or other disposition or (y) such a sale, transfer or other disposition of such assets to the Corporate Taxpayer; (ii) any merger, consolidation or reorganization of the Corporate
Taxpayer, Corporate Sub or OpCo with another entity, except for a merger, consolidation or reorganization in which, after giving effect to such merger, consolidation or reorganization, the holders of the Corporate Taxpayer’s, Corporate
Sub’s or OpCo’s outstanding voting securities (on a fully-diluted basis) immediately prior to the merger, consolidation or reorganization will own directly or indirectly, immediately following the merger, consolidation or
reorganization, a majority of the voting securities (on a fully diluted basis) of the Corporate Taxpayer, Corporate Sub, OpCo, or the entity into which the Corporate Taxpayer, Corporate Sub or OpCo merged, consolidated or reorganized (taking into
account any transaction or series of transactions related to such merger, consolidation or reorganization, as determined in good faith by the Corporate Taxpayer, the Corporate Sub, and the TRA Disinterested Majority); (iii) the shareholders of
the Corporate Taxpayer or Corporate Sub approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or Corporate Sub, other than such a liquidation or dissolution pursuant to which substantially all of the assets of the Corporate
Taxpayer or Corporate Sub are transferred to an entity (or an Affiliate of an entity) at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, directly or indirectly, by shareholders of the Corporate
Taxpayer or Corporate Sub in substantially the same proportions as their ownership of the Corporate Taxpayer or Corporate Sub immediately prior to such liquidation or dissolution (taking into account any transaction or series of transactions related
to such liquidation or dissolution, as determined in good faith by the Corporate Taxpayer, the Corporate Sub, and the TRA Disinterested Majority); or (iv) any sale or transfer or series of related sales or transfers of the outstanding voting
securities of the Corporate Taxpayer which results in a “person” or “group” (as such term is defined under Regulation 13D under the Exchange Act) that is not a TRA Party or a Permitted Transferee of a TRA Party beneficially
owning outstanding voting securities of the Corporate Taxpayer representing greater than fifty percent (50%) of all of the outstanding voting securities of the Corporate Taxpayer (on a fully-diluted basis). For the avoidance of doubt, a “Change
of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of transactions immediately following which the record holders of the Class A Common Stock and Class V Common Stock of the
Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have the same proportionate ownership in and voting control over, and own of the same number of the shares of, an entity which owns, directly or
indirectly, all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions. 

“Class A Common Unit” has the meaning set forth in the Limited Partnership Agreement.

  
 4 

 “Closing” has the meaning set forth in the Business Combination
Agreement. 
 “Closing Date” has the meaning set forth in the Business Combination Agreement. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding
provisions of succeeding law). 
 “Contribution Amount” has the meaning set forth in the Business Combination
Agreement. 
 “Corporate Sub” has the meaning set forth in the Preamble. 

“Corporate Taxpayer” has the meaning set forth in the Preamble. 

“Corporate Taxpayer Return” means the United States federal and/or state and/or local and/or foreign Tax Return, as
applicable, of the Corporate Taxpayer filed with respect to Covered Taxes of any Taxable Year. 
 “Covered
Subsidiaries” means, with respect to the Corporate Taxpayer, any Subsidiary of the Corporate Taxpayer, including Corporate Sub but excluding OpCo (and any successor of OpCo) and its Subsidiaries. 

“Covered Taxes” means any and all United States federal, state, local, or foreign taxes, assessments or similar
charges that are based on or measured with respect to net income or profits, whether as an exclusive or an alternative basis, and including franchise taxes that are based on or measured with respect to net income or profits, and any interest related
to such Tax. 
 “Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax
Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same such Taxable Years. The Realized Tax Benefit and Realized Tax Detriment for each
Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination; provided, that the computation of the Cumulative Net Realized Tax Benefit shall be
adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits and/or Realized Tax Detriments. 

“Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

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

“DGCL” means the General Corporation Law of the State of Delaware. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 

  
 5 

 “Early Termination Effective Date” means the date on which an Early
Termination Schedule becomes binding pursuant to Section 4.2. 
 “Early Termination Notice” has the meaning set
forth in Section 4.2. 
 “Early Termination Payment” has the meaning set forth in Section 4.3(b). 

“Early Termination Rate” means the lesser of (i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 100
basis points. 
 “Early Termination Schedule” has the meaning set forth in Section 4.2. 

“Exchange” has the meaning set forth in the Limited Partnership Agreement and shall include a Direct Exchange (as
defined in the Limited Partnership Agreement), and “Exchanged” has a correlative meaning. 
 “Exchange
Act” has the meaning set forth in the Limited Partnership Agreement. 
 “Exchange Basis Adjustment”
means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b) and 1012 of the Code (in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner for United
States federal income Tax purposes) or under Sections 734(b), 743(b), 754 and/or 755 of the Code (in situations where, following an Exchange, OpCo remains in existence as an entity treated as a partnership for United States federal income Tax
purposes) and, in each case, analogous sections of state, local, and foreign Tax laws, as a result of an Exchange and the payments made pursuant to this TRA Agreement in respect of such Exchange. The amount of any Exchange Basis Adjustment shall be
determined using the Market Value with respect to such Exchange, except, for the avoidance of doubt, as otherwise required by a Determination. For the avoidance of doubt, payments made under this TRA Agreement shall not be treated as resulting in an
Exchange Basis Adjustment to the extent such payments are treated as Imputed Interest. 
 “Exchange Date” means the
date of any Exchange. 
 “Exchanging Partner” shall mean an “Exchanging Partner” as defined in the Limited
Partnership Agreement. 
 “Expert” has the meaning set forth in Section 7.9. 

“Final Payment Date” means, with respect to any payment required to be made pursuant to this TRA Agreement, the last
date on which such payment may be made within the applicable time period prescribed for such payment under this TRA Agreement (i.e., the date on which such payment is due under this TRA Agreement). For example, the Final Payment Date in respect of a
Tax Benefit Payment is determined pursuant to Section 3.1(a) of this TRA Agreement. 
 “Future TRAs” has the
meaning set forth in Section 5.1. 

  
 6 

 “Hypothetical Tax Liability” means, with respect to any Taxable
Year, an amount, not less than zero, equal to the hypothetical liability for Covered Taxes of, without duplication, (i) the Corporate Taxpayer and its Covered Subsidiaries, and (ii) OpCo and its Subsidiaries, but only with respect to
Covered Taxes imposed on the taxable income of OpCo and its Subsidiaries and allocable to the Corporate Taxpayer or its Covered Subsidiaries for such Taxable Year, determined using the same methods, elections, conventions and similar practices used
in computing the Actual Tax Liability (provided that, such amounts shall include any Covered Taxes (A) imposed by way of withholding, (B) arising under the BBA Rules, or (C) without duplication of (B), attributable to the
Corporate Taxpayer or its Covered Subsidiaries pursuant to Section 9.4 of the Limited Partnership Agreement; provided further, that, if applicable, such amounts shall be determined in accordance with a Determination), but, in each case,
(a) calculating depreciation, amortization or similar deductions and income, gain or loss using the Non-Adjusted Tax Basis of the Reference Assets as reflected on the Schedules for such Taxable Year, and
(b) excluding any deduction attributable to any payment (including amounts attributable to Imputed Interest) made under this TRA Agreement for such Taxable Year. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without
taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to a Tax Attribute, as applicable. 

“ICC” has the meaning set forth in Section 7.9. 

“Imputed Interest” in respect of a TRA Party shall mean any interest imputed under Section 1272, 1274 or 483 or
other provision of the Code and any similar provision of state, local and foreign Tax law with respect to the Corporate Taxpayer’s or any Covered Subsidiary’s payment obligations in respect of such TRA Party under this TRA Agreement. 

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

“IRS” means the United States Internal Revenue Service. 

“Issued Company Units” has the meaning set forth in the Business Combination Agreement. 

“LIBOR” means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source unanimously selected by the Corporate Taxpayer, Corporate Sub and
the TRA Party Representative as an authorized information vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”),
at approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there shall at
any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, a comparable replacement rate unanimously determined by the Corporate Taxpayer, Corporate Sub and the TRA Party Representative
at such time); provided, that at no time shall LIBOR be less than 0%. If the Corporate Taxpayer, Corporate Sub and the TRA Party Representative have unanimously made the determination that LIBOR is no longer a widely recognized benchmark rate for
newly originated loans in the U.S. loan market in U.S. dollars, then the Corporate Taxpayer, Corporate Sub and the TRA Party Representative shall establish a replacement interest rate (the “Replacement Rate”), after giving
due consideration to any 

  
 7 

 
evolving or then prevailing conventions in the U.S. loan market for loans in U.S. dollars for such alternative benchmark, and including any mathematical or other adjustments to such benchmark,
including spread adjustments, giving due consideration to any evolving or then prevailing convention for similar loans in the U.S. loan market in U.S. dollars for such benchmark, which adjustment, method for calculating such adjustment and benchmark
shall be published on an information service as unanimously selected from time to time by the Corporate Taxpayer, Corporate Sub and the TRA Party Representative. The Replacement Rate shall, subject to the next two sentences, replace LIBOR for all
purposes under this TRA Agreement. In connection with the establishment and application of the Replacement Rate, this TRA Agreement shall be amended, with the consent of the Corporate Taxpayer, Corporate Sub, OpCo and the TRA Party Representative
(which consent of the Corporate Taxpayer, Corporate Sub, OpCo and the TRA Party Representative shall not be unreasonably withheld or delayed), as necessary or appropriate, in the reasonable judgment of the Corporate Taxpayer, Corporate Sub and the
TRA Party Representative, to replace the definition of LIBOR and otherwise to effect the provisions of this definition. The Replacement Rate shall be applied in a manner consistent with market practice, as unanimously determined by the Corporate
Taxpayer, Corporate Sub and the TRA Party Representative. 
 “Limited Partnership Agreement” means, with respect to
OpCo, the Second Amended and Restated Limited Partnership Agreement of OpCo, dated the date hereof, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time in accordance with the terms of such
agreement. 
 “Market Value” shall mean, with respect to a Partnership Unit (a) Exchanged for a Stock Exchange
Payment or that is subject to a deemed Exchange under this TRA Agreement, the Stock Value on the Exchange Date or the date of the applicable deemed Exchange, as applicable, or (b) Exchanged for a Cash Exchange Payment, the amount of the Cash
Exchange Payment paid in respect of such Partnership Unit. 
 “Material Objection Notice” has the meaning set forth
in Section 4.2. 
 “Net Tax Benefit” has the meaning set forth in Section 3.1(b). 

“Non-Adjusted Tax Basis” means, with respect to any Reference Asset at any
time, the Tax basis that such asset would have had at such time if no Basis Adjustments had been made. 
 “Objection
Notice” has the meaning set forth in Section 2.3(a). 
 “OpCo” has the meaning set forth in the
Preamble. 
 “Partnership Unit” has the meaning set forth in the Limited Partnership Agreement. 

“Permitted Transferee” has the meaning set forth in the Limited Partnership Agreement. 

“Person” means any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation,
limited liability company, entity or governmental entity. 
 “Post-Closing Purchase” has the meaning set forth in
the Recitals. 

  
 8 

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

“Purchase Basis Adjustment” means the adjustment to the Tax basis of a Reference Asset under Sections 734(b), 743(b),
754 and/or 755 of the Code and, in each case, analogous sections of state, local Tax and foreign laws, as a result of the Purchase, Post-Closing Purchase, and any Put-Call Purchase and the payments made
pursuant to this TRA Agreement in respect of such Purchase, Post-Closing Purchase and any Put-Call Purchase. For the avoidance of doubt, payments made under this TRA Agreement shall not be treated as resulting
in a Purchase Basis Adjustment to the extent such payments are treated as Imputed Interest. 

“Put-Call Purchase” means the consummation of any properly exercised Put
Option or Call Option (each as defined in the applicable Put-Call Agreement (as defined in the Business Combination Agreement)) pursuant to and in accordance with the applicable
Put-Call Agreement and the Business Combination Agreement. 
 “Realized Tax
Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar
proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the
Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the
Realized Tax Detriment unless and until there has been a Determination. 
 “Reconciliation Dispute” has the meaning
set forth in Section 7.9. 
 “Reconciliation Procedures” has the meaning set forth in Section 2.3(a). 

“Reference Asset” means an asset that is held by OpCo, or by any of its direct or indirect Subsidiaries treated as a
partnership or disregarded entity (but only if such indirect Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded entities) for purposes of the applicable Tax, at the time of the Purchase, Post-Closing Purchase, Put-Call Purchase or an Exchange, as relevant. A Reference Asset also includes any asset the Tax basis of which is determined, in whole or in part, for purposes of the applicable Tax, by reference to the Tax basis
of an asset that is described in the preceding sentence, including, for U.S. federal income Tax purposes, any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. 

“Schedule” means any of the following: (i) a Basis Schedule; (ii) a Tax Benefit Schedule; or (iii) the
Early Termination Schedule, and, in each case, any amendments thereto. 
 “Securities Act” has the meaning set forth
in the Limited Partnership Agreement. 
 “Senior Obligations” has the meaning set forth in Section 5.1. 

  
 9 

 “Stock Exchange Payment” has the meaning set forth in the Limited
Partnership Agreement. 
 “Stock Value” means, on any date, (a) if the Buyer Class A Common Stock trades
on a national securities exchange or automated or electronic quotation system, the arithmetic average of the high trading and the low trading price on such date (or if such date is not a trading day, the immediately preceding trading day) or
(b) if the Buyer Class A Common Stock is not then traded on a national securities exchange or automated or electronic quotation system, as applicable, the Appraiser FMV (as defined in the Limited Partnership Agreement) on such date of one
(1) share of Buyer Class A Common Stock that would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, respectively,
and without regard to the particular circumstances of the buyer or seller. 
 “Subsidiaries” means, of any Person,
any corporation, association, partnership, limited liability company or other business entity of which more than fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person, or one (1) or more
of the Subsidiaries of such Person, or a combination thereof. 
 “Tax Attributes” has the meaning set forth in the
Recitals. 
 “Tax Benefit Payment” has the meaning set forth in Section 3.1(b). 

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

“Tax Return” means any return, declaration, report, information returns, claims for refund, disclosures or similar
statement filed or required to be filed with respect to or in connection with Covered Taxes (including any related or supporting schedules, attachments, statements or information filed or required to be filed with respect thereto), including any
amendments thereof and declarations of estimated Tax. 
 “Taxable Year” means a taxable year of the Corporate
Taxpayer as defined in Section 441(b) of the Code or comparable section of state, local or foreign Tax law, as applicable (and which may include a period of more or less than twelve (12) months for which a Tax Return is made), ending on or
after the Closing Date. 
 “Taxing Authority” means any domestic, federal, national, state, county or municipal or
other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body, in each case, exercising any taxing authority or any other authority or jurisdiction of any kind in relation to Tax matters. 

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

“TRA Disinterested Majority” means a majority of the directors of the Board who are disinterested as determined by the
Board in accordance with the DGCL with respect to the matter being considered by the Board; provided that to the extent a matter being considered by the Board is required to be considered by disinterested directors under the rules of the national
securities exchange on which the Buyer Class A Common Stock is then listed, the Securities Act or the Exchange Act, such rules with respect to the definition of disinterested director shall apply solely with respect to such matter. 

  
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 “TRA Party” has the meaning set forth in the Preamble. 

“TRA Party Representative” means, initially, Rush Street Interactive GP, LLC, a Delaware limited liability company,
and thereafter, if Rush Street Interactive GP, LLC voluntarily resigns in accordance with Section 7.13, such other Person that the TRA Parties determine from time to time by a plurality vote of the TRA Parties ratably in accordance with their
right to receive Early Termination Payments under this TRA Agreement determined as if all TRA Parties had fully Exchanged their Partnership Units for shares of Buyer Class A Common Stock or other consideration and Corporate Sub had exercised
its right of early termination on the date of the most recent Exchange. 
 “Transfer” has the meaning set forth in
the Limited Partnership Agreement and the terms “Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings. 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to
time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date, (1) the Corporate Taxpayer and its Covered Subsidiaries will have taxable income
sufficient to fully utilize the Tax items, including deductions, arising from the Tax Attributes (other than any items addressed in clause (2) below) during such Taxable Year or future Taxable Years (including deductions and other Tax items
arising from Basis Adjustments and Imputed Interest that would result from the applicable future payments made under this TRA Agreement that would be paid in accordance with the Valuation Assumptions, further assuming that such applicable future
payments would be paid on the due date (including extensions) for filing the Corporate Taxpayer Return for the applicable Taxable Year) in which such deductions or other Tax items would become available, (2) any loss carryovers generated by
deductions arising from any Tax Attributes, which loss carryovers are available in the Taxable Year that includes such Early Termination Date, will be used by the Corporate Taxpayer or any Covered Subsidiary on a pro rata basis from such
Early Termination Date through (A) the scheduled expiration date of such loss carryovers (if any) or (B) if there is no such scheduled expiration, then the ten (10) year anniversary of the Early Termination Date, (3) the federal,
state, local and foreign income Tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the extent any change to
such Tax rates for such Taxable Year have already been enacted into law, (4) except as described in clause (5) below, any non-amortizable, non-depreciable
Reference Assets will be disposed of on the later of (i) the fifteenth (15th) anniversary of either the applicable Exchange (in the case of Exchange Basis Adjustments) or the Closing Date (in the case of Purchase Basis Adjustments), as
applicable, or (ii) the Early Termination Date, and any cash equivalents will be disposed of on the Early Termination Date; provided, that in the event of a Change of Control, such non-amortizable,
non-depreciable assets shall be deemed disposed of at the time of sale (if applicable) of the relevant 

  
 11 

 
asset in the Change of Control (if earlier than the applicable fifteenth (15th) anniversary), (5) the stock of or other interests in Subsidiaries that are treated as C corporations for U.S.
federal income Tax purposes will never be disposed of, and (6) if, on the Early Termination Date, there are Class A Common Units that have not been Exchanged, then each such Class A Common Unit shall be deemed Exchanged in a fully
taxable transaction for the Market Value (as determined in accordance with clause (a) of the definition thereof) that would be applicable if the Exchange occurred on the Early Termination Date. 

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT 

Section 2.1 Basis Schedule. Within one hundred and twenty (120) calendar days after the due date
(including extensions) of IRS Form 1120 (or any successor form) of the Corporate Taxpayer for each Taxable Year, the Corporate Taxpayer shall deliver to each TRA Party a schedule (the “Basis Schedule”) that shows, in
reasonable detail necessary to perform the calculations required by this TRA Agreement, (i) the actual Tax basis and the Non-Adjusted Tax Basis of the Reference Assets as of the Closing Date and the date
of each Exchange, (ii) the Exchange Basis Adjustments Attributable to such TRA Party with respect to the Reference Assets as a result of Exchanges effected by such TRA Party in such Taxable Year and prior Taxable Years, (iii) the Purchase
Basis Adjustments Attributable to such TRA Party for the Taxable Year of the Closing, and (iv) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable, in each case, calculated in the aggregate for all TRA
Parties and solely with respect to the TRA Party to which such Basis Schedule is delivered. All costs and expenses incurred in connection with the provision and preparation of the Basis Schedules and Tax Benefit Schedules for each TRA Party in
compliance with this TRA Agreement and the obtaining of any Advisory Firm Letter shall be borne by OpCo. Each Basis Schedule shall become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the
procedures set forth in Section 2.3(b)). 
 Section 2.2 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within one hundred and twenty (120) calendar days after the due date (including extensions) of IRS Form
1120 (or any successor form) of the Corporate Taxpayer for any Taxable Year, the Corporate Taxpayer shall provide to each TRA Party a schedule showing, in reasonable detail, the calculation of the Tax Benefit Payment (and any Realized Tax Benefit)
or the lack of a Tax Benefit Payment (and any Realized Tax Detriment), as applicable, Attributable to such TRA Party for such Taxable Year (a “Tax Benefit Schedule”). Each Tax Benefit Schedule shall become final as provided
in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 

(b) Applicable Principles. Subject to Section 3.3, the Realized Tax Benefit (or the Realized Tax Detriment) for each Taxable Year
is intended to measure the decrease (or increase) in the actual liability for Covered Taxes of the Corporate Taxpayer and its Covered Subsidiaries for such Taxable Year attributable to the Tax Attributes, determined using a “with and
without” methodology. Carryovers or carrybacks of any Tax item attributable to any of the Tax Attributes shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of United States
state and local and foreign income and 

  
 12 

 
franchise Tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion
that is attributable to any Tax Attribute (“TRA Portion”) and another portion that is not (“Non-TRA Portion”), such portions shall be considered to be used in
accordance with the “with and without” methodology so that the amount of any Non-TRA Portion is deemed utilized, to the extent available, prior to the amount of any TRA Portion, to the extent
available (with the TRA Portion being applied on a proportionate basis consistent with the provisions of Section 3.3). The parties agree that (A) (i) the payments made pursuant to this TRA Agreement in respect of the Purchase, Post-Closing
Purchase and Put-Call Purchase (to the extent permitted by applicable law and other than amounts accounted for as Imputed Interest) are intended to be treated and shall be reported for all purposes, including
Tax purposes, as additional contingent consideration to the applicable TRA Parties for the sale of Partnership Units at and after the Closing that has the effect of creating additional Purchase Basis Adjustments and (ii) the payments made
pursuant to this TRA Agreement in respect of an Exchange are intended to be treated and shall be reported for all purposes, including Tax purposes, as additional contingent consideration to the applicable Exchanging Partner for such Exchange that
has the effect of creating additional Exchange Basis Adjustments, in each case of (i) and (ii), to the Reference Assets in the Taxable Year of payment, (B) such additional Purchase Basis Adjustments and Exchange Basis Adjustments shall be
incorporated into the calculation for the Taxable Year of the applicable payment and into the calculations for subsequent Taxable Years, as appropriate and (C) the Actual Tax Liability shall take into account the deduction of the portion of the
Tax Benefit Payment that must be accounted for as Imputed Interest under applicable law; provided, however, that such liability for Covered Taxes and such taxable income shall be included in the Hypothetical Tax Liability and the
Actual Tax Liability subject to the adjustments and assumptions set forth in the definitions thereof and, to the extent any such amount is taken into account on an Amended Schedule, such amount shall adjust a Tax Benefit Payment, as applicable, in
accordance with Section 2.3(b). 
 Section 2.3 Procedures, Amendments. 

(a) Procedure. Every time the Corporate Taxpayer delivers to a TRA Party an applicable Schedule under this TRA Agreement, including any
Amended Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver to such TRA Party supporting schedules and work papers, as
determined by the Corporate Taxpayer or as reasonably requested by such TRA Party, providing reasonable detail regarding data and calculations that were relevant for purposes of preparing the Schedule, (y) indicate which Advisory Firm prepared
the Schedule and will cause such Advisory Firm to prepare an Advisory Firm Letter with respect to such Schedule, and (z) allow the TRA Party Representative and its advisors reasonable access to the appropriate representatives at the Corporate
Taxpayer and (at the cost and expense of OpCo) at the Advisory Firm that prepared the applicable Schedule in connection with a review of such Schedule. Without limiting the generality of the preceding sentence, the Corporate Taxpayer shall ensure
that any Tax Benefit Schedule or Early Termination Schedule that is delivered to a TRA Party, along with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the Actual Tax Liability (the
“with” calculation) and the Hypothetical Tax Liability (the “without” calculation) and identifies any material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable
Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from the date on 

  
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which all relevant TRA Parties have received the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) prior to such date, gives the
Corporate Taxpayer written notice of a material objection to such Schedule or amendment thereto made in good faith (“Objection Notice”), or (ii) provides a written waiver of its right to give an Objection Notice within
the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date such waiver is given by the TRA Party Representative. If the Corporate Taxpayer and the TRA Party Representative, for any
reason, are unable to successfully resolve the issues raised in any Objection Notice within thirty (30) calendar days after the TRA Party Representative gives the Corporate Taxpayer such Objection Notice, the Corporate Taxpayer and the TRA
Party Representative shall employ the reconciliation procedures described in Section 7.9 (the “Reconciliation Procedures”), in which case such Schedule or Amended Schedule shall become binding in accordance with
Section 7.9. 
 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the
Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule, including those identified as a result of the receipt of additional factual information relating to a
Taxable Year after the date the Schedule was provided to a TRA Party, (iii) to comply with an Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or the Realized Tax
Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or the Realized Tax Detriment for such Taxable Year attributable
to an amended Tax Return filed for such Taxable Year or (vi) to adjust an applicable TRA Party’s Basis Schedule to take into account payments made pursuant to this TRA Agreement (any such Schedule, an “Amended
Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to each TRA Party when the Corporate Taxpayer delivers the Basis Schedule for the following Taxable Year. In the event a Schedule is amended after such Schedule
becomes final pursuant to Section 2.3(a) or, if applicable, Section 7.9, (A) the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall
be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs, and (B) as a result of the foregoing, any increase of the Net Tax Benefit attributable to an Amended
Schedule shall not accrue the Interest Amount (or any other interest hereunder) until after the due date (without extensions) for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to Covered Taxes for the Taxable
Year in which the amendment actually occurs. 
 Section 2.4 Section 754
Election. The Corporate Taxpayer and Corporate Sub shall ensure that, for the Taxable Year that includes the date hereof and for each Taxable Year in which an Exchange occurs and with respect to which the Corporate Taxpayer and/or Corporate
Sub have obligations under this TRA Agreement, OpCo and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income Tax purposes will have in effect an election under Section 754 of the Code (and under
any similar provisions of applicable U.S. state or local law) for each such Taxable Year. 

  
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 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1 Payments. 

(a) Payments. Within five (5) Business Days after a Tax Benefit Schedule delivered to a TRA Party becomes final in accordance with
Section 2.3(a) or, if applicable, Section 7.9, Corporate Sub shall pay such TRA Party for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.1(b) that is Attributable to such TRA Party. Each such Tax Benefit
Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to Corporate Sub or as otherwise agreed by Corporate Sub and such TRA Party. The payments provided for pursuant to the
above sentence shall be computed separately for each TRA Party. Without limiting Corporate Sub’s ability to make offsets against Tax Benefit Payments to the extent permitted by Section 3.5, no TRA Party shall be required under any
circumstances to make a payment or return a payment to Corporate Sub in respect of any portion of any Tax Benefit Payment previously paid by Corporate Sub to such TRA Party (including any portion of any Early Termination Payment). 

(b) For purposes of this TRA Agreement: 

(i) A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than
zero, equal to the sum of (i) Net Tax Benefit that is Attributable to such TRA Party and (ii) the Interest Amount with respect thereto. 

(ii) Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to
the excess, if any, of eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year, over the total amount of payments previously made under the first sentence of Section 3.1(a) (excluding payments
attributable to Interest Amounts); provided, that if there is no such excess (or if a deficit exists), no TRA Party shall be required to make a payment (or return a payment) to Corporate Sub in respect of any portion of any Tax Benefit
Payment previously paid by Corporate Sub to such TRA Party. 
 (iii) The “Interest Amount” shall
equal the interest on the Net Tax Benefit calculated at the Agreed Rate from the due date (without extensions) for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to Covered Taxes for the applicable Taxable Year
until the payment date under Section 3.1(a); provided that such interest shall not accrue on the amount of any Net Tax Benefit after the date on which such amount is actually paid to the applicable TRA Party, regardless of whether such
payment is made prior to the due date for such payment under Section 3.1(a) and regardless of whether the amount of any unpaid Net Tax Benefit has yet become final in accordance with Section 2.3(a) or, if applicable, Section 7.9. 

  
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 Section 3.2 No Duplicative Payments. It is intended
that the provisions of this TRA Agreement will not result in duplicative payment of any amount (including interest) required under this TRA Agreement. It is also intended that the provisions of this TRA Agreement will result in 85% of the Corporate
Taxpayer’s and its Covered Subsidiaries’ Cumulative Net Realized Tax Benefits, and the Interest Amounts thereon, being paid to the TRA Parties pursuant to this TRA Agreement. The provisions of this TRA Agreement shall be construed in the
appropriate manner so that these fundamental results are achieved. For purposes of this TRA Agreement, and also for the avoidance of doubt, no Tax Benefit Payment shall be required to be calculated or made in respect of any estimated tax payments,
including, without limitation, any estimated U.S. federal income tax payments. 
 Section 3.3 Pro Rata
Payments. Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate Realized Tax Benefit of the Corporate Taxpayer and its Covered Subsidiaries with respect to the Tax Attributes is limited in a
particular Taxable Year because the Corporate Taxpayer and its Covered Subsidiaries do not have sufficient taxable income, the Net Tax Benefit for the Corporate Taxpayer and its Covered Subsidiaries shall be allocated among all parties eligible for
Tax Benefit Payments under this TRA Agreement in proportion to the amounts of Net Tax Benefit, respectively, that would have been Attributable to each TRA Party if the Corporate Taxpayer and its Covered Subsidiaries had sufficient taxable income so
that there were no such limitation. 
 Section 3.4 Payment Ordering. If for any reason Corporate Sub
does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this TRA Agreement in respect of a particular Taxable Year, then Corporate Sub and the TRA Parties agree that (i) Tax Benefit Payments for such Taxable
Year shall be allocated to all parties eligible for Tax Benefit Payments under this TRA Agreement in proportion to the amounts of Net Tax Benefit, respectively, that would have been Attributable to each TRA Party if the Corporate Sub had sufficient
cash available to make such Tax Benefit Payments and (ii) no Tax Benefit Payments shall be made in respect of any Taxable Year until all Tax Benefit Payments to all TRA Parties in respect of all prior Taxable Years have been made in full. 

Section 3.5 Overpayments. To the extent Corporate Sub makes a payment to a TRA Party in respect of a
particular Taxable Year under Section 3.1(a) in an amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year (taking into account Section 3.3 and Section 3.4) under the
terms of this TRA Agreement, then such TRA Party shall not receive further payments under Section 3.1(a) until such TRA Party has foregone an amount of payments equal to such excess. 

ARTICLE IV 
 TERMINATION

 Section 4.1 Early Termination of Agreement; Breach of Agreement. 

(a) Corporate Sub’s Early Termination Right. The Corporate Taxpayer and Corporate Sub may, with the prior written
consent of the Board and the TRA Disinterested Majority, terminate this TRA Agreement (including with respect to all amounts payable to the TRA Parties and with respect to all of the Partnership Units held by the TRA Parties, subject to the
immediately succeeding sentence) at any time by causing Corporate Sub to pay to each TRA Party the Early Termination Payment in respect of such TRA Party; provided, however, that this 

  
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TRA Agreement shall terminate only upon the receipt by each TRA Party of its respective Early Termination Payment and payments described in the next sentence, if any, and provided,
further, that the Corporate Taxpayer and Corporate Sub may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early
Termination Payment by Corporate Sub, none of the TRA Parties or Corporate Sub shall have any further payment obligations under this TRA Agreement, other than with respect to (i) any Tax Benefit Payments due and payable and that remain unpaid
as of the Early Termination Date (which Tax Benefit Payments shall not be included in the Early Termination Payments) and as of the date of payment of the Early Termination Payment and (ii) any Tax Benefit Payments due for the Taxable Year
ending immediately prior to or including the Early Termination Date (except to the extent that the amounts described in this clause (ii) are included in the calculation of the Early Termination Payments (at the option of Corporate Sub)
or are included in clause (i)); provided that upon payment of all amounts, to the extent applicable and without duplication, described in this sentence, this TRA Agreement shall terminate. For the avoidance of doubt, if an Exchange
occurs after Corporate Sub makes all of the required Early Termination Payments, Corporate Sub shall have no obligations under this TRA Agreement with respect to such Exchange. 

(b) Acceleration Upon Change of Control. In the event of a Change of Control, the TRA Party Representative shall have the option, by
written notice to the Corporate Taxpayer and Corporate Sub, to cause the acceleration of the unpaid payment obligations as calculated in accordance with this Section 4.1(b), and such payment obligations shall be calculated as if an Early
Termination Notice had been delivered on the date of such Change of Control and shall include, without duplication: (i) the Early Termination Payments calculated with respect to such TRA Parties as if the Early Termination Date is the date of
such Change of Control, (ii) any Tax Benefit Payments due and payable and that remain unpaid as of the date of such Change of Control (which Tax Benefit Payments shall not be included in the Early Termination Payments described in clause
(i)); and (iii) any Tax Benefit Payments due for the Taxable Year ending immediately prior to or including the date of such Change of Control (except to the extent that the amounts described in this clause (iii) are included in
the calculation of Early Termination Payments described in clause (i) (at the option of Corporate Sub) or are included in clause (ii)); provided, that the procedures of Section 4.2 (and Section 2.3, to the extent
applicable) and Section 4.3 shall apply mutatis mutandis with respect to the determination of the amount payable by Corporate Sub pursuant to this sentence and the payment thereof, except that such amount shall not be due and payable
until five (5) Business Days after such amount has become final pursuant to Section 4.2 or, if applicable, Section 7.9. In the event of an acceleration following a Change of Control, any Early Termination Payment described in the
preceding sentence shall be calculated utilizing the Valuation Assumptions, substituting in each case the terms “date of a Change of Control” for an “Early Termination Date,” and if an Exchange occurs after Corporate Sub makes
all such required Early Termination Payments and other payments described in this Section 4.1(b), Corporate Sub shall have no obligations under this TRA Agreement with respect to such Exchange. 

(c) Acceleration Upon Material Breach of TRA Agreement. In the event that the Corporate Taxpayer or Corporate Sub materially breaches
any of its material obligations under this TRA Agreement, whether as a result of a failure to make a payment required to be made pursuant to this TRA Agreement by the Final Payment Date therefor (except for all or a portion of such payment that is
being validly disputed in good faith under this TRA Agreement, and then 

  
 17 

 
only with respect to the amount in dispute), failure to honor any other material obligations under this TRA Agreement to the extent not cured within thirty (30) calendar days following
receipt by the Corporate Taxpayer or Corporate Sub of written notice of such failure from the TRA Party Representative following such failure, or by operation of law as a result of the rejection of this TRA Agreement in a case commenced under
bankruptcy laws then all obligations hereunder shall automatically accelerate and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to,
(1) an Early Termination Payment calculated pursuant to Section 4.1(a) as if an Early Termination Notice had been delivered on the date of the breach, (2) any Tax Benefit Payment that is due and payable but unpaid as of the date of
the breach and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the date of the breach. Notwithstanding the foregoing, in the event the Corporate Taxpayer or Corporate Sub breaches this TRA Agreement with respect to
one or more TRA Parties, such TRA Parties shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific performance of the terms hereof. For purposes of this Section 4.1(c), and subject
to the following sentence, the Parties agree that the failure to make any payment due pursuant to this TRA Agreement within thirty (30) calendar days of the relevant Final Payment Date shall be deemed to be a material breach of a material
obligation under this TRA Agreement for all purposes of this TRA Agreement, and that it will not be considered to be a material breach of a material obligation under this TRA Agreement to make a payment due pursuant to this TRA Agreement within
thirty (30) calendar days of the relevant Final Payment Date. Notwithstanding anything in this TRA Agreement to the contrary, it shall not be a material breach of a material obligation of this TRA Agreement if Corporate Sub fails to make any
Tax Benefit Payment within thirty (30) calendar days of the relevant Final Payment Date to the extent that Corporate Sub has insufficient funds or cannot make such payment as a result of obligations imposed in connection with the Senior
Obligations or under applicable law, and cannot obtain sufficient funds despite using reasonable best efforts to obtain funds to make such payment (including by causing Subsidiaries to distribute or lend funds for such payment and access any sources
of available credit to fund such payment); provided that the interest provisions of Section 5.2 shall apply to such late payment; and further provided that such payment obligation shall nonetheless accrue for the benefit of the
TRA Parties and Corporate Sub shall make such payment at the first opportunity that it has sufficient funds and is otherwise able to make such payment. 

Section 4.2 Early Termination Notice. If the Corporate Taxpayer and Corporate Sub choose to exercise
their right of early termination in accordance with Section 4.1 above, the Corporate Taxpayer and Corporate Sub shall deliver to each TRA Party written notice of such decision to exercise such right (“Early Termination
Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporate Taxpayer’s and Corporate Sub’s decision to exercise such right and showing in reasonable detail the calculation of the
Early Termination Payment(s) due for each TRA Party. Each Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which all TRA Parties have been given such Schedule under
Section 7.1 unless the TRA Party Representative (i) within thirty (30) calendar days after such date gives the Corporate Taxpayer and Corporate Sub written notice of a material objection to such Schedule made in good faith
(“Material Objection Notice”) or (ii) provides a written waiver of its right to give a Material Objection Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the
date such waiver is given by the TRA Party Representative to the Corporate Taxpayer and Corporate Sub. If the Corporate Taxpayer, Corporate Sub and the TRA Party Representative, after negotiating in 

  
 18 

 
good faith, are unable to successfully resolve the issues raised in such Material Objection Notice within thirty (30) calendar days after the TRA Party Representative gives the Corporate
Taxpayer and Corporate Sub the Material Objection Notice, the Corporate Taxpayer, Corporate Sub and the TRA Party Representative shall employ the Reconciliation Procedures in which case such Schedule shall become binding in accordance with
Section 7.9. The TRA Party Representative will represent the interests of each of the TRA Parties and shall raise and pursue, in accordance with this Section 4.2, any objection to an Early Termination Schedule timely given in writing to
the TRA Party Representative by a TRA Party. 
 Section 4.3 Payment upon Early Termination. 

(a) Within five (5) Business Days after an Early Termination Effective Date, Corporate Sub shall pay to each TRA Party an amount equal to
the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by Corporate Sub and such TRA
Party or, in the absence of such designation or agreement, by check mailed to the last mailing address provided by such TRA Party to Corporate Sub. 

(b) “Early Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early
Termination Rate as of and starting from the applicable Early Termination Date, of all Tax Benefit Payments (excluding the Interest Amount) in respect of such TRA Party that would be required to be paid by Corporate Sub beginning from the Early
Termination Date (but which have not been previously paid as of such date), and assuming that the Valuation Assumptions in respect of such TRA Party are applied and that each such Tax Benefit Payment for each relevant Taxable Year would be paid on
the due date (including extensions) under applicable law as of the Early Termination Date for filing of IRS Form 1120 (or any successor form) of Corporate Sub for each such Taxable Year. For the avoidance of doubt, an Early Termination Payment shall
be made to each applicable TRA Party regardless of whether such TRA Party has exchanged all of its Partnership Units as of the Early Termination Date. 

ARTICLE V 
 SUBORDINATION
AND LATE PAYMENTS 
 Section 5.1 Subordination. Notwithstanding any other provision of this TRA
Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any other payment required to be made by Corporate Sub to any TRA Party under this TRA Agreement shall rank subordinate and junior in right of payment to any principal,
interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (the “Senior Obligations”) and shall rank pari passu
in right of payment with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations. To the extent that any payment under this TRA Agreement is not permitted to be made at the time payment is due as a
result of this Section 5.1 and the terms of the agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the TRA Parties and Corporate Sub shall make such payments at the first opportunity
that such payments are permitted to be made in accordance with the terms of the Senior Obligations and Section 5.2 shall apply to such payment. Notwithstanding any other provision of this TRA Agreement to the contrary, to the extent that the
Corporate Taxpayer, Corporate Sub or any of its 

  
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Affiliates enters into future Tax receivable or other similar agreements (“Future TRAs”), the Corporate Taxpayer and Corporate Sub shall ensure that the terms of any such
Future TRA shall provide that the Tax Attributes subject to this TRA Agreement shall be senior in priority in all respects to any Tax attributes subject to any such Future TRA for purposes of calculating the amount and timing of payments under any
such Future TRA. To the extent the Corporate Taxpayer or its Subsidiaries (including OpCo and its Subsidiaries) incur, create or assume any Senior Obligations after the date hereof, the Corporate Taxpayer shall, and shall cause its Subsidiaries to,
make reasonable efforts to ensure that such indebtedness permits the amounts payable hereunder to be paid. 

Section 5.2 Late Payments by Corporate Sub. The amount of all or any portion of any Tax Benefit
Payment or Early Termination Payment not made to the TRA Parties when due under the terms of this TRA Agreement, whether as a result of Section 5.1 or otherwise, shall be payable together with any interest thereon, computed at the Default Rate
commencing from the Final Payment Date therefor accruing to the date of actual payment. 
 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporate Taxpayer’s and
OpCo’s Tax Matters. Except as otherwise provided in this TRA Agreement, the Business Combination Agreement or the Limited Partnership Agreement, the Corporate Taxpayer shall have full responsibility for, and
sole discretion over, all Tax matters concerning the Corporate Taxpayer and its Covered Subsidiaries and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Covered
Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the TRA Party Representative in writing of the commencement of, and keep the TRA Party Representative reasonably informed with respect to, the portion of any audit of the
Corporate Taxpayer and its Covered Subsidiaries and OpCo or any of OpCo’s Subsidiaries by a Taxing Authority the outcome of which would reasonably be expected to affect the rights and obligations of a TRA Party under this TRA Agreement,
including the Tax Benefit Payments payable to TRA Parties, and shall provide to the TRA Party Representative reasonable opportunity (at the cost and expense of the TRA Parties) to participate in or provide information and other input to the
Corporate Taxpayer and its Covered Subsidiaries and OpCo and its Subsidiaries and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and its Covered Subsidiaries and
OpCo and its Subsidiaries shall not be required to take any action that is inconsistent with any provision of the Limited Partnership Agreement or the Business Combination Agreement; provided further, that the Corporate Taxpayer and Corporate Sub
shall not settle or fail to contest any issue pertaining to Covered Taxes that is reasonable expected to materially adversely affect the TRA Parties’ rights and obligations under this TRA Agreement without the consent of the TRA Party
Representative, such consent not to be unreasonably withheld, conditioned, or delayed. 
 Section 6.2
Consistency. The Corporate Taxpayer, Corporate Sub and the TRA Parties agree to report and cause their respective Affiliates to report for all purposes, including United States federal, state, local and foreign Tax purposes and
financial reporting purposes, all Tax-related items (including the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that set forth in this TRA Agreement or specified by the Corporate
Taxpayer in 

  
 20 

 
any Schedule (or Amended Schedule, as applicable) provided by or on behalf of the Corporate Taxpayer under this TRA Agreement that is final and binding on the parties unless otherwise required by
applicable law. The Corporate Taxpayer and Corporate Sub shall (and shall cause OpCo and its other Subsidiaries to) use commercially reasonable efforts (for the avoidance of doubt, taking into account the interests and entitlements of all TRA
Parties under this TRA Agreement) to defend the Tax treatment contemplated by this TRA Agreement and any Schedule (or Amended Schedule, as applicable) in any audit, contest or similar proceeding with any Taxing Authority. 

Section 6.3 Cooperation. Each of the TRA Parties shall (a) furnish to the Corporate Taxpayer and
Corporate Sub in a timely manner such information, documents and other materials as the Corporate Taxpayer or Corporate Sub may reasonably request for purposes of making any determination or computation necessary or appropriate under this TRA
Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporate Taxpayer and Corporate Sub and their representatives to provide
explanations of documents and materials and such other information as the Corporate Taxpayer, Corporate Sub or their representatives may reasonably request in connection with any of the matters described in clause (a) above, and
(c) reasonably cooperate in connection with any such matter. OpCo shall reimburse the TRA Parties for any reasonable and documented out-of-pocket costs and expenses
incurred pursuant to this Section 6.3. The Corporate Taxpayer shall not, and shall cause each of its Subsidiaries to not, without the prior written consent of the TRA Party Representative, take any actions that has the primary purpose of
avoiding, reducing or preventing the achievement or attainment of any Tax Benefit Payment or Early Termination Payment under this TRA Agreement. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, demands and other communications to be given or delivered under this
TRA Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a
Business Day and, if otherwise, on the next Business Day, (b) one (1) Business Day following delivery by reputable overnight express courier (charges prepaid) or (c) three (3) calendar days following mailing by certified or registered
mail, postage prepaid and return receipt requested. Unless another address is specified in writing pursuant to the provisions of this Section 7.1, notices, demands and other communications shall be sent to the addresses indicated below: 

If to the Corporate Taxpayer or Corporate Sub, to: 

dMY Sponsor, LLC 
 1180 North Town
Center Drive, Suite 100 
 Las Vegas, Nevada 89144 

Attention: Harry You 
 Niccolo de
Masi 
 Email: harry@dmytechnology.com 

niccolo@dmytechnology.com 

  
 21 

 with a copy, in any case, to: 

White & Case LLP 
 1221
Avenue of the Americas 
 New York NY 10020 

Attention: Joel Rubinstein 

Raymond Bogenrief 
 E-mail: joel.rubinstein@whitecase.com 
 raymond.bogenrief@whitecase.com 

If to the TRA Party Representative, to: 

Rush Street Interactive GP, LLC 

900 N. Michigan Avenue, Suite 1600 

Chicago, Illinois 60611 

Attention: Neil Bluhm; Greg Carlin 

Email: neilb@lambllc.com; gcarlin@rushst.com 

with a copy to: 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago,
Illinois 60654 
 Attention: Richard Campbell, P.C. and Karen E. Flanagan 

E-mail: richard.campbell@kirkland.com; karen.flanagan@kirkland.com 

Section 7.2 Counterparts. This TRA Agreement may be executed and delivered in one or more counterparts
and by fax, email or other electronic transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement. No party shall raise the use of a fax machine or email to deliver a signature or the fact
that any signature or agreement or instrument was transmitted or communicated through the use of a fax machine or email as a defense to the formation or enforceability of a contract and each party forever waives any such defense. 

Section 7.3 Entire Agreement; No Third Party Beneficiaries. This TRA Agreement (together with all
Exhibits and Schedules to this TRA Agreement), the Business Combination Agreement (together with the Disclosure Letters and Exhibits thereto), the Limited Partnership Agreement, and the Confidentiality Agreement, contain the entire agreement and
understanding among the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, whether written or oral, relating to such subject matter in any way. Nothing in this TRA Agreement, express
or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this TRA Agreement. 

  
 22 

 Section 7.4 Governing Law. The law of the State of
Delaware shall govern (a) all claims or matters related to or arising from this TRA Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction,
interpretation, validity and enforceability of this TRA Agreement, and the performance of the obligations imposed by this TRA Agreement, in each case 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 law of any jurisdiction other than the State of Delaware. 

Section 7.5 Severability. If any provision of this TRA Agreement is determined to be invalid, illegal
or unenforceable by any governmental entity, all other provisions of this TRA Agreement shall nevertheless remain in full force and effect. Upon such determination that any provision is invalid, illegal or unenforceable, the parties hereto shall
negotiate in good faith to modify this TRA Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to
the greatest extent possible. 
 Section 7.6 Successors; Assignment; Amendments; Waivers. 

(a) No TRA Party may assign all or any portion of its rights or obligations under this TRA Agreement to any Person without the prior written
approval of the TRA Disinterested Majority, except that, to the extent that a TRA Party Transfers Partnership Units to any of such TRA Party’s Permitted Transferees in accordance with the terms of the Limited Partnership Agreement, the
Transferring TRA Party shall have the option to assign, without the approval of the Board or TRA Disinterested Majority, to the Transferee of such Partnership Units the Transferring TRA Party’s rights and obligations under this TRA Agreement
with respect to such Transferred Partnership Units. As a condition to any such assignment, each Transferee which is a Permitted Transferee or approved by the TRA Disinterested Majority and the Corporate Taxpayer shall execute and deliver a joinder
to this TRA Agreement, in the form attached hereto as Exhibit A, agreeing to become a TRA Party for all purposes of this TRA Agreement, except as otherwise provided in such joinder. If a TRA Party Transfers Partnership Units in
accordance with the terms of the Limited Partnership Agreement but does not assign to the Transferee of such Partnership Units its rights and obligations under this TRA Agreement with respect to such Transferred Partnership Units, (i) such TRA
Party shall remain a TRA Party under this TRA Agreement for all purposes, including with respect to the receipt of Tax Benefit Payments to the extent payable hereunder (including any Tax Benefit Payments in respect of the Exchanges of such
Transferred Partnership Units by such Transferee), and (ii) the Transferee of such Partnership Units shall not be a TRA Party. The Corporate Taxpayer and Corporate Sub may not assign any of its rights or obligations under this TRA Agreement to
any Person (other than in connection with a Mandatory Assignment) without the prior written consent of the TRA Party Representative (not to be unreasonably withheld, conditioned or delayed). Any purported assignment in violation of the terms of this
Section 7.6 shall be null and void. Notwithstanding the foregoing, once an Exchange, Purchase Post-Closing Purchase or Put-Call Purchase has occurred, any and all payments that may become payable to a TRA
Party pursuant to this TRA Agreement with respect to such Exchange, Purchase, Post-Closing Purchase or Put-Call Purchase may be assigned to any Person or Persons, as long as any such Person has executed and
delivered, or, in connection with such assignment, executes and delivers, a joinder to this TRA Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer and Corporate Sub, agreeing to be bound by Section 7.12. 

  
 23 

 (b) No provision of this TRA Agreement may be amended unless such amendment is approved in
writing by, (i) on the one hand, the Corporate Taxpayer and Corporate Sub, and (ii), on the other hand, the TRA Parties who would be entitled to receive at least two-thirds of the total amount of the
Early Termination Payments payable to all TRA Parties under this TRA Agreement if Corporate Sub had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence,
all payments made to any TRA Party pursuant to this TRA Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments one or
more TRA Parties will be entitled to receive under this TRA Agreement unless such amendment is consented to in writing by such TRA Parties disproportionately affected. No provision of this TRA Agreement may be waived unless such waiver is in writing
and signed by the party against whom the waiver is to be effective. 
 (c) All of the terms and provisions of this TRA Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, permitted assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer and Corporate Sub shall
require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer and Corporate Sub, by written agreement, expressly to assume
and agree to perform this TRA Agreement in the same manner and to the same extent that the Corporate Taxpayer and Corporate Sub would be required to perform if no such succession had taken place (any such assignment, a “Mandatory
Assignment”). 
 Section 7.7 Interpretation. The headings and captions used in this TRA
Agreement and the table of contents to this TRA Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this TRA Agreement. Any capitalized terms used in any Schedule or Exhibit attached hereto and
not otherwise defined therein shall have the meanings set forth in this TRA Agreement. The use of the word “including” herein shall mean “including without limitation.” The words “hereof,” “herein,” and
“hereunder” and words of similar import, when used in this TRA Agreement, shall refer to this TRA Agreement as a whole and not to any particular provision of this TRA Agreement. References herein to the Preamble or to a specific Section,
Subsection, Recital, Clause, Schedule or Exhibit shall refer, respectively, to the Preamble, Sections, Subsections, Recitals, Clauses, Schedules or Exhibits of this TRA Agreement. Terms defined in the singular shall have a comparable meaning when
used in the plural, and vice versa. References herein to any gender shall include each other gender. The word “or” shall not be exclusive unless the context clearly requires the selection of one (1) (but not more than one (1)) of a number
of items. References to “written” or “in writing” include in electronic form. References herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors and permitted
assigns; provided, however, that nothing contained in this Section 7.7 is intended to authorize any assignment or transfer not otherwise permitted by this TRA Agreement. References herein to a Person in a particular capacity or capacities shall
exclude such Person in any other capacity. Any reference to “days” shall mean calendar days unless Business Days are expressly specified; provided that if any action is required to be done or taken on a day that is not a Business Day, then
such action shall be required to be done or taken not on such day but on the first succeeding Business Day thereafter. References herein to any contract or agreement (including this TRA Agreement) mean such contract or agreement as amended,
restated, supplemented or modified from time to time in accordance with 

  
 24 

 
the terms thereof. With respect to the determination of any period of time, the word “from” means “from and including” and the words “to” and “until” each
means “to but excluding.” References herein to any law shall be deemed also to refer to such law, as amended (and any successor laws), and all rules and regulations promulgated thereunder. The word “extent” in the phrase “to
the extent” (or similar phrases) shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” Except where otherwise expressly provided, all amounts in this TRA Agreement are stated and
shall be paid in United States dollars. The parties to this TRA Agreement and their respective counsel have reviewed and negotiated this TRA Agreement as the joint agreement and understanding of such parties, and the language used in this TRA
Agreement shall be deemed to be the language chosen by such parties to express their mutual intent, and no rule of strict construction shall be applied against any Person. 

Section 7.8 Waiver of Jury Trial; Jurisdiction. 

(a) EACH PARTY TO THIS TRA AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE
BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS TRA AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS TRA AGREEMENT AND/OR THE RELATIONSHIPS
ESTABLISHED AMONG THE PARTIES HEREUNDER. THE PARTIES HERETO FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
LEGAL COUNSEL. 
 (b) Subject to Section 7.9, each of the parties hereto submits to the exclusive jurisdiction of first, the Chancery
Court of the State of Delaware or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any action, suit or proceeding arising out of or relating to this TRA Agreement, agrees that all claims in
respect of such action, suit or proceeding shall be heard and determined in any such court and agrees not to bring any action, suit or proceeding arising out of or relating to this TRA Agreement in any other courts. Nothing in this Section 7.8,
however, shall affect the right of any party to serve legal process in any other manner permitted by law or at equity. Each party hereto agrees that a final judgment in any action, suit or proceeding so brought shall be conclusive and may be
enforced by suit on the judgment or in any other manner provided by law or at equity. 
 Section 7.9
Reconciliation. In the event that the Corporate Taxpayer, Corporate Sub and the TRA Party Representative are unable to resolve a disagreement with respect to the calculation of amounts owed pursuant to this TRA Agreement within the
relevant period designated in this TRA Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert in the particular area of disagreement, acting as
an expert and not as an arbitrator (the “Expert”), mutually acceptable to the Corporate Taxpayer, Corporate Sub and the TRA Party Representative. The Expert shall be a partner or principal of PricewaterhouseCoopers,
Ernst & Young, Deloitte, KPMG or RSM US LLP, and unless the Corporate Taxpayer, Corporate Sub, and the TRA Party Representative agree in writing otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any

  
 25 

 
material relationship with any party to this TRA Agreement or any Affiliate of any such parties or any other actual or potential conflict of interest. If the Corporate Taxpayer, Corporate Sub,
and the TRA Party Representative are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, then the Corporate Taxpayer, Corporate Sub, and the TRA Party
Representative shall cause the Expert to be selected by the International Chamber of Commerce Centre for Expertise (the “ICC”) in accordance with the criteria set forth above in this Section 7.9. The Expert shall resolve
any matter relating to the Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto
within fifteen (15) calendar days or, in each case, as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not
resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by
this TRA Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The sum of (a) the costs and expenses relating to (i) the engagement (and, if applicable,
selection by the ICC) of such Expert and (ii) if applicable, amending any Tax Return in connection with the decision of such Expert and (b) the reasonable
out-of-pocket costs and expenses of the Corporate Taxpayer, Corporate Sub and the TRA Party Representative incurred in the conduct of such proceeding shall be allocated
between the Corporate Taxpayer and Corporate Sub, on the one hand, and the TRA Parties, on the other hand, in the same proportion that the aggregate amount of the disputed items so submitted to the Expert that is unsuccessfully disputed by each such
party (as finally determined by the Expert) bears to the total amount of such disputed items so submitted, and each such party shall promptly reimburse the other party for the excess that such other party has paid in respect of such costs and
expenses over the amount it has been so allocated. Corporate Sub may withhold payments under this TRA Agreement to collect amounts due under the preceding sentence. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning
of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on the Corporate Taxpayer, Corporate Sub
and each of the TRA Parties and may be entered and enforced in any court having jurisdiction. 
 Section 7.10
Withholding. Corporate Sub shall be entitled to deduct and withhold from any payment payable pursuant to this TRA Agreement such amounts as Corporate Sub is required to deduct and withhold with respect to the making of such payment
under the Code or any provision of state, local, foreign or other Tax law; provided, however, that Corporate Sub shall use commercially reasonable efforts to notify and shall reasonably cooperate with the applicable TRA Party prior to the making of
such deductions and withholding payments to determine whether any such deductions or withholding payments (other than any deduction or withholding required by reason of such TRA Party’s failure to comply with the last sentence of this
Section 7.10) are required under applicable law and in obtaining any available exemption or reduction of, or otherwise minimizing to the extent permitted by applicable law, such deduction and withholding. To the extent that amounts are so
withheld and paid over to the appropriate Taxing Authority by Corporate Sub, such withheld amounts shall be treated for all purposes of this TRA Agreement as having been paid to the Person in respect of whom such withholding was made. Each TRA Party
shall promptly provide Corporate Sub, OpCo or other applicable withholding agent with any applicable Tax forms and certifications (including IRS Form W-9 or the applicable version of IRS Form W-8) reasonably requested and shall promptly provide an update of any such Tax form or certificate previously delivered if the same has become incorrect or has expired. 

  
 26 

 Section 7.11 Admission of the Corporate Taxpayer into a
Consolidated Group; Transfers of Corporate Assets. 
 (a) If the Corporate Taxpayer or any of its Covered Subsidiaries is or becomes
a member of an affiliated, consolidated, combined or unitary group of corporations that files a consolidated, combined or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or
foreign Tax law, then: (i) the provisions of this TRA Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with
reference to the consolidated, combined or unitary taxable income of the group as a whole. 
 (b) If any Person the income of which is
included in the income of the Corporate Taxpayer or its Covered Subsidiaries or the Corporate Taxpayer’s or its Covered Subsidiaries’ affiliated or consolidated group transfers transfers one or more assets to a corporation (or a Person
classified as a corporation for U.S. federal income tax purposes) with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code or any corresponding provisions of state, local or foreign Tax law, such
entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The
consideration deemed to be received in a transaction contemplated in the prior sentence shall be equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a
transfer of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a transfer of a partnership interest. The transactions described in this Section 7.11(b) shall be taken into account in determining the
Realized Tax Benefit or Realized Tax Detriment, as applicable, for such Taxable Year based on the income, gain or loss deemed allocated to the Corporate Taxpayer and its Covered Subsidiaries using the
Non-Adjusted Tax Basis of the Referenced Assets in calculating its Hypothetical Tax Liability for such Taxable Year and using the actual Tax basis of the Reference Assets in calculating its Actual Tax
Liability, determined using the “with and without” methodology. Thus, for example, in determining the Hypothetical Tax Liability of the Corporate Taxpayer or its Covered Subsidiaries the taxable income of the Corporate Taxpayer or its
Covered Subsidiaries shall be determined by treating OpCo as having sold the applicable Reference Asset for its fair market value, recovering any basis applicable to such Reference Asset (using the
Non-Adjusted Tax Basis), while the Actual Tax Liability of the Corporate Taxpayer or its Covered Subsidiaries would be determined by recovering the actual Tax basis of the Reference Asset that reflects any
Basis Adjustments. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership. 

  
 27 

 Section 7.12 Confidentiality. 

(a) Subject to Section 6.3, each TRA Party acknowledges and agrees that the information of the Corporate Taxpayer is confidential and,
except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this TRA Agreement in good faith, such person shall keep and retain in
confidence and not disclose to any Person any confidential matters of the Corporate Taxpayer and its Affiliates and successors or concerning OpCo and its Affiliates and successors learned by the TRA Party pursuant to this TRA Agreement. This
Section 7.12 shall not apply to (i) any information that has been made public by the Corporate Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of the TRA Party in violation of this TRA Agreement)
and (ii) the disclosure of information to the extent reasonably necessary for the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any material
action, proceeding or audit by any Taxing Authority with respect to such returns. Notwithstanding anything to the contrary in this TRA Agreement, to the extent required by applicable law or to the extent reasonably necessary for the TRA Party to
comply with any applicable reportable transaction requirements under applicable law, each TRA Party (and each employee, representative or other agent of the TRA Party, as applicable) may disclose the Tax treatment and Tax structure of the Corporate
Taxpayer, OpCo and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the TRA Party relating to such Tax treatment and Tax structure. 

(b) If a TRA Party breaches any of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right to seek to have the
provisions of this Section 7.12 specifically enforced by injunctive relief by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach shall cause irreparable
injury to the Corporate Taxpayer or any of its Affiliates and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies
available at law or in equity. 
 (c) In no event shall this Section 7.12 limit any obligation of any party under the Limited
Partnership Agreement or the Business Combination Agreement. 
 Section 7.13 TRA Party
Representative. By executing this TRA Agreement, each of the TRA Parties shall be deemed to have irrevocably appointed the TRA Party Representative as its agent and attorney in fact with full power of substitution to act from and after the
date hereof and to do any and all things and execute any and all documents on behalf of such TRA Parties which may be necessary, convenient or appropriate to facilitate any matters under this TRA Agreement, including: (i) execution of the
documents and certificates required pursuant to this TRA Agreement; (ii) except to the extent provided in this TRA Agreement, receipt and forwarding of notices and communications pursuant to this TRA Agreement; (iii) administration of the
provisions of this TRA Agreement; (iv) any and all consents, waivers, amendments or modifications deemed by the TRA Party Representative to be necessary or appropriate under this TRA Agreement and the execution or delivery of any documents that
may be necessary or appropriate in connection therewith; (v) taking actions the TRA Party Representative is authorized to take pursuant to the other provisions of this TRA Agreement; (vi) negotiating and compromising, on behalf of such TRA
Parties, any dispute that may arise under, and exercising or refraining from exercising any remedies available under, this TRA Agreement and executing, on behalf of such TRA Parties, any settlement agreement, release or other document with respect
to such dispute or remedy; and (vii) engaging attorneys, accountants, agents or consultants on behalf 

  
 28 

 
of such TRA Parties in connection with this TRA Agreement and paying any fees related thereto on behalf of such TRA Parties, subject to reimbursement by such TRA Parties. The TRA Parties shall
promptly reimburse the TRA Party Representative for all reasonable costs and expenses incurred in connection with the TRA Party Representative performing its duties hereunder. The TRA Party Representative may resign upon thirty (30) days’
written notice to the Corporate Taxpayer. 
 [Signature Page Follows] 

  
 29 

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

			
	CORPORATE TAXPAYER:
	
	DMY TECHNOLOGY GROUP, INC.
		
	By: 	 	 /s/ Niccolo de Masi

	Name:	 	Niccolo de Masi
	Title:	 	Chief Executive Officer
	
	CORPORATE SUB:
	
	RSI ASLP, INC.
		
	By:	 	 /s/ Niccolo de Masi

	Name:	 	Niccolo de Masi
	Title:	 	Authorized Signatory
	
	RUSH STREET INTERACTIVE, LP

 
			
		
	By:	 	Rush Street Interactive GP, LLC
	Its:	 	General Partner

 
			
	
	 /s/ Neil Bluhm

	Name:	 	Neil Bluhm
	Title:	 	Manager
	
	RUSH STREET INTERACTIVE GP, LLC
	
	 /s/ Gregory Carlin

	Name:	 	Gregory Carlin
	Title:	 	Chief Executive Officer
	
	NGB 2013 GRANDCHILDREN’S DYNASTY TRUST
	
	 /s/ Neil Bluhm

	Name:	 	Neil Bluhm
	Title:	 	Trustee
	
	 /s/ Neil Bluhm

	Neil Bluhm

  
 30 

 
			
	GREG AND MARCY CARLIN FAMILY TRUST
	
	 /s/ Gregory Carlin

	Name:	 	Gregory Carlin
	Title:	 	Trustee
	
	 /s/ Gregory Carlin

	Gregory Carlin
	
	 /s/ Richard Schwartz

	Richard Schwartz
	
	 /s/ Mattias Stetz

	Mattias Stetz
	
	 /s/ Einar Roosileht

	Einar Roosileht

 
			
	
	RSI INVESTORS, LLC
		
	By:	 	Rush Street Interactive GP, LLC
	Its:	 	Managing Member

 
			
	
	 /s/ Neil Bluhm

	Name:	 	Neil Bluhm
	Title:	 	Manager
	
	RUSH STREET INTERACTIVE GP, LLC
	
	 /s/ Gregory Carlin

	Name:	 	Gregory Carlin
	Title:	 	Chief Executive Officer

  
 31 

 Schedule 1 
  

	1.	 Rush Street Interactive GP, LLC 

 

	2.	 NGB 2013 Grandchildren’s Dynasty Trust 

 

	3.	 Neil Bluhm 

  

	4.	 Greg and Marcy Carlin Family Trust 

 

	5.	 Gregory Carlin 

  

	6.	 Richard Schwartz 

  

	7.	 Mattias Stetz 

  

	8.	 Einar Roosileht 

  

	9.	 RSI Investors, LLC 

  
 32EX-10.5

 Exhibit 10.5 

INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (as it may be amended, supplemented or restated from time to time in accordance with the terms of this Investor
Rights Agreement, the “Investor Rights Agreement”), dated as of December 29, 2020 (the “Effective Date”), is made by and among (i) Rush Street Interactive, Inc., a Delaware corporation (formally known as
dMY Technology Group, Inc.), a Delaware corporation (“PubCo”); (ii) each of the parties listed on Schedule 1 attached hereto (each, a “Seller” and collectively, the “Sellers”); (iii) Rush
Street Interactive GP, LLC, a Delaware limited liability company, in its capacity as the Seller Representative hereunder (the “Seller Representative”); (iv) dMY Sponsor, LLC, a Delaware limited liability company (the
“Sponsor”); (v), solely for purposes of Article I, Section 3.11, Section 3.15, Section 3.16(a), Section 4.3 and
Article V (A) Niccolo de Masi and (B) Harry L. You (each, a “Sponsor Principal” and collectively, the “Sponsor Principals”); and (vi) (A) Darla Anderson, (B) Francesca Luthi, and
(C) Charles E. Wert (each, a “DMY Independent Director” and, collectively, the “DMY Independent Directors” and together with the Sponsor, the “Founder Holders” and each, a
“Founder Holder”). Each of PubCo, the Sellers, the Seller Representative, the Sponsor, each Founder Holder, and, solely for purposes of Article I, Section 3.11,
Section 3.15, Section 3.16(a), Section 4.3 and Article V, each Sponsor Principal may be referred to herein as a “Party” and collectively as the
“Parties”. Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the BCA (as defined below). 

RECITALS 
 WHEREAS,
PubCo has entered into that certain Business Combination Agreement, dated as of July 27, 2020, by and among PubCo, the Sponsor, Rush Street Interactive, LP, a Delaware limited partnership (the “Operating Company”), the Sellers,
and the Seller Representative, as amended and restated by that certain Amended & Restated Business Combination Agreement, dated as of October 9, 2020, by and among PubCo, the Sponsor, the Operating Company, the Sellers and the Seller
Representative (as may be further amended, restated, amended and restated, modified or supplemented from time to time in accordance with the terms of such agreement, the “BCA”), in connection with the business combination (the
“Business Combination”) set forth in the BCA; 
 WHEREAS, pursuant to the BCA, at the Closing, (i) in exchange for the
Company Enterprise Value, the Sellers, in the aggregate, retained the Retained Company Units (including the Sellers Earnout Company Units and the Put-Call Units (if any)) and PubCo issued to Sellers an
aggregate number of shares of Buyer Class V Voting Stock (including the Sellers Earnout Voting Shares) equal to the number of Retained Company Units and (ii) RSI ASLP, Inc., a Delaware corporation and direct, wholly-owned subsidiary of
PubCo (the “Special Limited Partner”) acquired (x) from the Operating Company the Issued Company Units (including the Buyer Earnout Company Units) in exchange for the Contribution Amount and (y) from the Sellers the
Purchased Closing Company Units in exchange for the Purchased Company Unit Closing Cash Consideration; 
 WHEREAS, upon the consummation of
the Business Combination, PubCo, the Special Limited Partner, the Sellers, and certain other parties thereto entered into that certain second amended and restated limited partnership agreement of the Operating Company (as it may be amended,
supplemented or restated from time to time in accordance with the terms of such agreement, the “LP Agreement”); 

 WHEREAS, (i) the Sellers Earnout Company Units and the Buyer Earnout Company Units will
be earned by the Sellers and the Special Limited Partner, as applicable, upon the satisfaction of the conditions set forth in the BCA (the “Earned Sellers Earnout Company Units” and the “Earned Buyer
Earnout Company Units,” respectively), and (ii) the Sellers Earnout Voting Shares and the Founder Holders Earnout Shares will be earned by the Sellers and the Founder Holders, as applicable, upon the satisfaction of the
conditions set forth in the BCA (the “Earned Sellers Earnout Voting Shares” and the “Earned Founder Holders Earnout Shares,” respectively); 

WHEREAS, each of the Sellers has the right to exchange Retained Company Units (including the Earned Sellers Earnout Company Units), and cancel
an equal number of shares of Buyer Class V Voting Stock, for shares of Buyer Class A Common Stock in the manner set forth in, and pursuant to the terms and conditions of, the LP Agreement; 

WHEREAS, PubCo, the Sponsor, the Sponsor Principals and the DMY Independent Directors entered into that certain Registration
Rights Agreement, dated as of February 20, 2020 (the “Original RRA”); 
 WHEREAS, in connection with the execution of
this Investor Rights Agreement, PubCo, the Sponsor, the Sponsor Principals, and the DMY Independent Directors desire to terminate the Original RRA and replace it with this Investor Rights Agreement; and 

WHEREAS, on the Effective Date, the Parties desire to set forth their agreement with respect to governance, registration rights and certain
other matters, in each case in accordance with the terms and conditions of this Investor Rights Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this Investor Rights Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties
hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. As used in this Investor Rights Agreement, the following terms shall have the following meanings: 
 “Adverse
Disclosure” means any public disclosure of material non-public information, which disclosure, in the good faith determination of the Board, after consultation with counsel to PubCo, (a) would be
required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances under which they were made) not misleading, (b) would not be required to be made at such time if the Registration Statement were
not being filed, and (c) PubCo has a bona fide business purpose for not making such information public. 

  
 2 

 “Affiliate” of any particular Person means any other Person controlling,
controlled by or under common control with such Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, its
capacity as a sole or managing member or otherwise; provided that no Party shall be deemed an Affiliate of PubCo or any of its Subsidiaries for purposes of this Investor Rights Agreement. 

“Amended Sponsor Letter” means that certain Letter Agreement, dated as of February 20, 2020, by and among PubCo, the
Sponsor, the Sponsor Principals and the DMY Independent Directors, as amended by that certain Amendment to Sponsor Letter and Founder Holders’ Representative Appointment, dated as of July 27, 2020, by and among PubCo, the Sponsor, the
Sponsor Principals, the DMY Independent Directors, the Operating Company and the Seller Representative, as the same may be amended, modified, supplemented or waived from time to time. 

“Automatic Shelf Registration Statement” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the
Securities Act. 
 “BCA” has the meaning set forth in the Recitals. 

“Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the
Exchange Act. 
 “Board” means the board of directors of PubCo. 

“Board Observer Ownership Threshold” has the meaning set forth in Section 2.1(l). 

“Board Observers” has the meaning set forth in Section 2.1(l). 

“Business Combination” has the meaning set forth in the Recitals. 

“Bylaws” means the Buyer A&R Bylaws, as the same may be amended or amended and restated from time to time. 

“Certificate of Incorporation” means the A&R Certificate of Incorporation, as the same may be amended or amended and
restated from time to time. 
 “Class A Common Stock” means, the Class A common stock, par value
$0.0001 per share, of PubCo, including (a) any shares of such Class A common stock issuable upon the exercise of any warrant or other right to acquire shares of such Class A common stock and (b) any Equity Securities of PubCo
that are issued or distributed or may be issuable with respect to such Class A common stock by way of conversion, dividend, stock split or other distribution, consolidation, merger, exchange, reclassification, recapitalization or other similar
transaction. 

  
 3 

 “Class V Voting Stock” means, the Class V common
stock, par value $0.0001 per share, of PubCo, including (a) any shares of such Class V common stock issuable upon the exercise of any warrant or other right to acquire shares of such Class V common stock and (b) any Equity
Securities of PubCo that are issued or distributed or may be issuable with respect to such Class V common stock by way of conversion, dividend, stock split or other distribution, consolidation, merger, exchange, reclassification,
recapitalization or other similar transaction. 
 “Common Stock” means shares of the Class A Common Stock and the
Class V Voting Stock, including any shares of the Class A Common Stock and the Class V Voting Stock issuable upon the exercise of any warrant or other right to acquire shares of the Class A Common Stock and the Class V
Voting Stock. 
 “Confidential Information” has the meaning set forth in Section 2.3. 

“Controlled Entity” means, as to any Person, (a) any corporation more than fifty percent (50%) of the outstanding voting
stock of which is owned by such Person or such Person’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Person or such Person’s Family Members or Affiliates are the sole beneficiaries, (c) any
partnership of which such Person or an Affiliate of such Person is the managing partner or in which such Person or such Person’s Family Members or Affiliates hold partnership interests representing at least fifty percent (50%) of such
partnership’s capital and profits and (d) any limited liability company of which such Person or an Affiliate of such Person is the manager or managing member or in which such Person or such Person’s Family Members or Affiliates hold
membership interests representing at least fifty percent (50%) of such limited liability company’s capital and profits. 

“Demanding Holders” has the meaning set forth in Section 3.1(c). 

“DMY Independent Director” has the meaning set forth in the Preamble. 

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

“Equity Securities” means, with respect to any Person, all of the shares of capital stock or equity of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock or equity of (or other ownership or profit interests in) such Person, all of the securities
convertible into or exchangeable for shares of capital stock or equity of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares or equity (or such other
interests), restricted stock awards, restricted stock units, equity appreciation rights, phantom equity rights, profit participation and all of the other ownership or profit interests of such Person (including partnership or member interests
therein), whether voting or nonvoting. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor thereto, as the same shall be in effect from time to time. 

  
 4 

 “Family Member” means with respect to any Person, such Person’s
spouse, ancestors, descendants (whether by blood, marriage or adoption) or spouse of a descendant of such Person, brothers and sisters (whether by blood, marriage or adoption) and inter vivos or testamentary trusts of which only such Person and his
spouse, ancestors, descendants (whether by blood, marriage or adoption), brothers and sisters (whether by blood, marriage or adoption) are beneficiaries. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Form S-1 Shelf” has the meaning set forth in
Section 3.1(a). 
 “Form S-3 Shelf” has the meaning set
forth in Section 3.1(a). 
 “Founder Holder” has the meaning set forth in the Preamble. 

“Founder Holder Lock-Up Period” has the meaning set forth in
Section 4.1(a). 
 “Holder” means any holder of Registrable Securities who is a Party to, or who
succeeds to rights under, this Investor Rights Agreement pursuant to Section 5.1. 
 “Holder
Information” has the meaning set forth in Section 3.10(b). 
 “Investor Rights
Agreement” has the meaning set forth in the Preamble. 
 “Lock-Up Period”
has the meaning set forth in Section 4.1(a). 
 “Lock-Up
Shares” has the meaning set forth in Section 4.1(a). 
 “LP Agreement” has the meaning
set forth in the Recitals. 
 “Maximum Number of Securities” has the meaning set forth in
Section 3.1(d). 
 “Minimum Takedown Threshold” has the meaning set forth in
Section 3.1(c). 
 “Misstatement” means an untrue statement of a material fact or an omission to
state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances under which they were made, not misleading. 

“Necessary Action” means, with respect to any Party and a specified result, all actions (to the extent such actions are not
prohibited by applicable Law and within such Party’s control, and in the case of any action that requires a vote or other action on the part of the Board to the extent such action is consistent with fiduciary duties that PubCo’s directors
may have in such capacity) necessary to cause such result, including (a) calling special meetings of stockholders, (b) voting or providing a written consent or proxy, if applicable in each case, with respect to shares of Common Stock,
(c) causing the adoption of stockholders’ resolutions and amendments to the Organizational Documents, (d) executing agreements and instruments, (e) making, or causing to be made, with Governmental Entities, all filings,
registrations or similar actions that are required to achieve such result, and (f) nominating certain Persons for election to the Board in connection with the annual or special meeting of stockholders of PubCo. 

  
 5 

 “Operating Company” has the meaning set forth in the Recitals. 

“Organizational Documents” means the Certificate of Incorporation and the Bylaws. 

“Original RRA” has the meaning set forth in the Recitals. 

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

“Permitted Transferee” means with respect to any Person, (a) any Family Member of such Person, (b) any Affiliate of
such Person, (c) any Affiliate of any Family Member of such Person (excluding any Affiliate under this clause (c) who operates or engages in a business which competes with the business of PubCo or the Operating Company or any of
their respective Subsidiaries), (d) any Controlled Entity of such Person and (e) to the members of RSI Investors, LLC, a Delaware limited liability company as set forth in that certain Limited Liability Company Agreement of RSI Investors, LLC,
dated as of January 1, 2019, in connection with the dissolution and distribution of assets thereof. 
 “Piggyback
Registration” has the meaning set forth in Section 3.2(a). 
 “Prospectus” means the
prospectus included in any Registration Statement, all amendments (including post-effective amendments) and supplements to such prospectus, and all material incorporated by reference in such prospectus. 

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

“Registrable Securities” means at any time (a) any shares of Class A Common Stock (including, without limitation,
Class A Common Stock (i) issuable pursuant to the LP Agreement upon an exchange of RSI Units for Class A Common Stock, along with an equal number of shares of Class V Voting Stock, (ii) that comprise Sellers Earnout Voting
Shares (whether or not earned as of such date), or (iii) held by the Founder Holders, including, without limitation, Class A Common Stock that comprise Founder Holders Earnout Shares (whether or not earned as of such date)), (b) any
Warrants or any shares of Class A Common Stock issued or issuable upon the exercise thereof, and (c) any Equity Securities of PubCo or any Subsidiary of PubCo that may be issued or distributed or be issuable with respect to the securities
referred to in clauses (a) or (b) by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction, in each case held by a Holder,
other than any security received pursuant to an incentive plan adopted by PubCo on or after the Closing Date; provided, however, that any such Registrable Securities shall cease to be Registrable Securities to the extent (A) a
Registration Statement with respect to the sale of such Registrable Securities has become effective under the Securities Act and such Registrable Securities have been sold, transferred, disposed of or exchanged in accordance with the plan of
distribution set forth in such Registration Statement, (B) such Registrable Securities shall have ceased to be outstanding, (C) such Registrable Securities have been sold to, or through, a broker, dealer or underwriter in a public
distribution or other public securities transaction, or (D) (i) for purposes of Article III hereof, the Holder thereof, together with its, his or her Permitted Transferees, Beneficially Owns less than one percent (1%) of the shares of
Class A Common Stock that are outstanding at such time and (ii) such shares of Class A Common Stock are eligible for resale without volume or 

  
 6 

 
manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written
opinion letter to be provided by counsel to PubCo to such effect, addressed, delivered and acceptable to PubCo’s transfer agent and the affected Holder (which opinion may assume that such Holder (and any predecessor holder of such shares of
Class A Common Stock) is not, and has not been at any time during the 90 days immediately before the date of such opinion, an Affiliate of PubCo except with respect to any control determined to be established under this Investor Rights
Agreement), as reasonably determined by PubCo, upon the advice of counsel to PubCo. 
 “Registration” means a registration,
including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus or similar document in compliance with the requirements of the Securities Act, and such registration statement becoming effective. 

“Registration Expenses” means the expenses of a Registration or other Transfer pursuant to the terms of this Investor Rights
Agreement, including the following: 
 (a) all SEC or securities exchange registration and filing fees (including fees with respect to
filings required to be made with FINRA); 
 (b) all fees and expenses of compliance with securities or blue sky Laws (including fees and
disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 
 (c) all printing,
messenger, telephone and delivery expenses; 
 (d) all fees and disbursements of counsel for PubCo; 

(e) all fees and disbursements of all independent registered public accountants of PubCo incurred in connection with such Registration or
Transfer, including the expenses of any special audits and/or comfort letters required or incident to such performance and compliance; 
 (f)
reasonable out-of-pocket fees and expenses of one (1) legal counsel selected by the
majority-in-interest of the Special Holders participating in such other Registration or Transfer; 

(g) the costs and expenses of PubCo relating to analyst and investor presentations or any “road show” undertaken in connection with
the Registration and/or marketing of the Registrable Securities (including the expenses of the Special Holders); and 
 (i) any other fees
and disbursements customarily paid by the issuers of securities. 
 “Registration Statement” means any registration
statement that covers the Registrable Securities pursuant to the provisions of this Investor Rights Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such
registration statement, and all exhibits to and all material incorporated by reference in such registration statement. 

  
 7 

 “Representatives” means, with respect to any Person, any of such
Person’s officers, directors, managers, members, equityholders, employees, agents, attorneys, accountants, actuaries, consultants, or financial advisors or other Person acting on behalf of such Person. 

“Requesting Holder” means any Special Holder requesting piggyback rights pursuant to Section 3.2
with respect to an Underwritten Shelf Takedown. 
 “RSI Group” means, collectively, the Operating Company and its
consolidated subsidiaries. 
 “RSI Units” means Partnership Units (as defined in the LP Agreement) owned by one or more of
the Sellers or any of their Permitted Transferees, including Retained Company Units and Earned Sellers Earnout Company Units. 

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

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, as the same shall be in effect from
time to time. 
 “Seller Director” has the meaning set forth in Section 2.1(a). 

“Seller Lock-Up Period” has the meaning set forth in
Section 4.1(a). 
 “Seller Representative” means Rush Street Interactive GP, LLC, or such other
Person who is identified as the replacement Seller Representative by the then existing Seller Representative giving prior written notice to PubCo. 

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

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

“Shelf Registration” means a registration of securities pursuant to a Registration Statement filed with the SEC in accordance
with and pursuant to Rule 415 promulgated under the Securities Act. 
 “Shelf Takedown” means an Underwritten Shelf
Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration. 
 “Special
Holder” means any Holder other than a DMY Independent Director. 
 “Special Limited Partner” has the meaning set
forth in the Recitals. 
 “Sponsor” has the meaning set forth in the Preamble. 

“Sponsor Director” has the meaning set forth in Section 2.1(a). 

“Sponsor Principal” has the meaning set forth in the Preamble. 

“Subsequent Shelf Registration” has the meaning set forth in Section 3.1(b). 

  
 8 

 “Transfer” means, when used as a noun, any voluntary or involuntary
transfer, sale, pledge or hypothecation or other disposition by the Transferor (whether by operation of law or otherwise) and, when used as a verb, the Transferor voluntarily or involuntarily, transfers, sells, pledges or hypothecates or otherwise
disposes of (whether by operation of law or otherwise), including, in each case, (a) the establishment or increase of a put equivalent position or liquidation with respect to, or decrease of a call equivalent position within the meaning of
Section 16 of the Exchange Act with respect to, any security or (b) entry into any swap or other arrangement that transfers to another Person, in whole or in part, any of the economic consequences of ownership of any security, whether any
such transaction is to be settled by delivery of such securities, in cash or otherwise; provided that, the sale, assignment and transfer of (x) the Purchased Company Units by Sellers to the Special Limited Partner pursuant to and in
accordance with the BCA and (y) any Put-Call Units by the Put-Call Sellers to the Operating Company pursuant to and in accordance with the Put-Call Agreements, in each case, shall not be considered a Transfer. The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have
the correlative meanings. 
 “Underwriter” means any investment banker(s) and manager(s) appointed to administer the
offering of any Registrable Securities as principal in an Underwritten Offering. 
 “Underwritten Offering” means a
Registration in which securities of PubCo are sold to an Underwriter for distribution to the public. 
 “Underwritten Shelf
Takedown” has the meaning set forth in Section 3.1(e). 
 “Warrants” means the following
outstanding warrants of PubCo, each exercisable for one share of Class A Common Stock, warrants to purchase 6,600,000 shares of Class A Common Stock issued to the Sponsor pursuant to that certain Private Placement Warrants Purchase
Agreement, dated February 20, 2020, by and among the Sponsor and PubCo, for a purchase price of $1.00 per warrant. 

“Well-Known Seasoned Issuer” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 “Withdrawal Notice” has the meaning set forth in Section 3.1(e). 

Section 1.2 Interpretive Provisions. For all purposes of this Investor Rights Agreement, except as otherwise provided in this
Investor Rights Agreement or unless the context otherwise requires: 
 (a) the singular shall include the plural, and the plural shall
include the singular, unless the context clearly prohibits that construction. 
 (b) the words “hereof”,
“herein”, “hereunder” and words of similar import, when used in this Investor Rights Agreement, refer to this Investor Rights Agreement as a whole and not to any particular provision of this Investor Rights
Agreement. 
 (c) references in this Investor Rights Agreement to any Law shall be deemed also to refer to such Law, and all rules and
regulations promulgated thereunder. 

  
 9 

 (d) whenever the words “include”, “includes” or “including”
are used in this Investor Rights Agreement, they shall mean “without limitation.” 
 (e) the captions and headings of this Investor
Rights Agreement are for convenience of reference only and shall not affect the interpretation of this Investor Rights Agreement. 
 (f)
pronouns of any gender or neuter shall include, as appropriate, the other pronoun forms. 
 (g) the word “or” shall be construed to
mean “and/or” and the words “neither,” “nor,” “any,” “either” and “or” shall not be exclusive, unless the context clearly prohibits that construction. 

(h) the phrase “to the extent” shall be construed to mean “the degree by which.” 

ARTICLE II 
 GOVERNANCE 

Section 2.1 Board of Directors. 

(a) Composition of the Board. Subject to the last paragraph of this Section 2.1(a), PubCo shall, and each of
the Sellers and the Sponsor (severally, and not jointly) agrees with PubCo that he, she or it shall, take all Necessary Action to cause the Board to be comprised at Closing of nine (9) directors, (i) seven (7) of whom have been
nominated by the Seller Representative (each, a “Seller Director”), initially Neil Bluhm, Greg Carlin, Paul Wierbicki, Leslie Bluhm, James Gordon, Judith Gold, and Sheli Rosenberg and (ii) two (2) of whom have been nominated by
the Sponsor (each, a “Sponsor Director”), initially Harry You and Niccolo de Masi, and thereafter designated pursuant to Section 2.1(b) or Section 2.1(c), as applicable, and
such foregoing directors to be divided into three classes of directors, with each class serving for staggered three year-terms as follows: 

(i) the Class I directors shall include: two (2) Seller Director(s) and one (1) Sponsor Director, initially Harry You; 

(ii) the Class II directors shall include: three (3) Seller Director(s); and 

(iii) the Class III directors shall include: two (2) Seller Director(s) and one (1) Sponsor Director, initially Niccolo de
Masi. 
 The initial term of the Class I directors shall expire immediately following PubCo’s 2021 annual meeting of stockholders at which
directors are elected. The initial term of the Class II directors shall expire immediately following PubCo’s 2022 annual meeting of stockholders at which directors are elected. The initial term of the Class III directors shall expire
immediately following PubCo’s 2023 annual meeting at which directors are elected. 

  
 10 

 Notwithstanding anything to the contrary contained herein, on or prior to the one (1) year anniversary
of the date of this Agreement, the Board will consider in good faith whether to, and may, in its sole discretion, elect to add two additional members of the Board, which new members shall be nominated by the Seller Representative, initially Richard
Schwartz and Meredith Bluhm-Wolf and shall be a Seller Director for all purposes of this Agreement. If and to the extent that the Board makes such election in its sole discretion, PubCo shall, and each of the Sellers and the Sponsor (severally, and
not jointly) agrees with PubCo that he, she or it shall, take all Necessary Action to cause the Board to be comprised of eleven (11) directors and to appoint such new Seller Directors to the Board. If so nominated and appointed,
(i) Meredith Bluhm-Wolf shall be a Class II director (with an initial term expiring immediately following PubCo’s 2022 annual meeting of stockholders at which directors are elected) and (ii) Richard Schwartz shall be a
Class III director (with an initial term expiring immediately following PubCo’s 2023 annual meeting of stockholders at which directors are elected). For the avoidance of doubt, only the Seller Representative shall be entitled to remove the
new directors contemplated by this paragraph in accordance with Section 2.1(e). 
 (b) Sellers
Representation. For so long as the Sellers and their Permitted Transferees, either individually or as a group (as such term is construed in accordance with the Exchange Act), own Equity Securities of PubCo representing a majority of the voting
power of the Equity Securities of PubCo entitled to vote in the election of directors and PubCo qualifies as a controlled company under applicable rules of the securities exchange on which PubCo’s Equity Securities are listed
(“Controlled Company Eligible”), subject to the next sentence of this Section 2.1(b) and subject to the rights of the Sponsor to nominate the Sponsor Directors hereunder, PubCo shall take all Necessary
Action to include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected all individuals designated by the Seller Representative
(including any new directors contemplated by the last paragraph of Section 2.1(a)) (by way of example only, at any time PubCo is Controlled Company Eligible, and there are eleven (11) seats on the Board and the Sponsor
had the right to nominate two (2) directors, PubCo would be required to take all Necessary Action to include each of the other nine (9) individuals nominated by the Seller Representative in the slate of nominees, as applicable). If, for
any reason, the Sellers and their Permitted Transferees are not entitled to designate such number of directors as determined in accordance with the foregoing sentence or PubCo is not entitled to nominate such number of directors so designated by the
Seller Representative, in each case without violating the applicable rules of the securities exchange on which PubCo’s Equity Securities are listed and in each case subject to the rights of the Sponsor to nominate the Sponsor Directors
hereunder, the number of Seller Directors that may be designated by the Seller Representative shall be (i) for as long as PubCo remains Controlled Company Eligible, the maximum number as may be so designated by Seller Representative and
nominated by PubCo without causing such violation and (ii) from and after such time as PubCo is no longer Controlled Company Eligible, a number of individuals designated by the Seller Representative that, if elected, will result in the Sellers
and their Permitted Transferees having a number of directors serving on the Board equal to the greater of (x) such number of directors as permitted by the securities exchange on which PubCo’s Equity Securities are listed or (y) (1)
the total members of the Board multiplied by (2) the percentage of issued and outstanding shares of voting Equity Securities of PubCo held at such time by the Sellers and their Permitted Transferees, which number shall be rounded up to
the next highest whole number of directors. 

  
 11 

 (c) Sponsor Representation. For so long as the Sponsor and its Permitted Transferees,
either individually or as a group (as such term is construed in accordance with the Exchange Act), Beneficially Owns Class A Common Stock in PubCo representing at least the percentage, shown below, of the Class A Common Stock held by the
Sponsor immediately after the Closing, PubCo shall take all Necessary Action to include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors are
to be elected that number of individuals designated by the Sponsor that, if elected, will result in the Sponsor having the number of directors serving on the Board that is shown below. 

 

					
	 Class A Common Stock Beneficially Owned by the Sponsor

(and its Permitted Transferees) as a Percentage of the Class A

Common Stock Held by the Sponsor on the Closing Date
	  	Number of
Sponsor
Directors	 
	 50% or greater
	  	 	2	 
	 25% to less than 50%
	  	 	1	 
	 Less than 25%
	  	 	0	 

 (d) Decrease in Directors. Upon any decrease in the number of directors that the Seller Representative
or the Sponsor, as applicable, is entitled to designate for nomination to the Board pursuant to Section 2.1(b) or Section 2.1(c), the Sellers or the Sponsor, as applicable, shall take all Necessary
Action to cause the appropriate number of Seller Directors or Sponsor Directors, as applicable, to offer to tender their resignation at least 60 days prior to the expected date of PubCo’s next annual meeting of stockholders; provided
that, for the avoidance of doubt, such resignation may be made effective as of the last day of the term of such director. Notwithstanding the foregoing, the Nominating and Corporate Governance Committee may, in its sole discretion, recommend for
nomination a Seller Director or Sponsor Director that has tendered his or her resignation pursuant to this Section 2.1(d). 

(e) Removal; Vacancies. The Seller Representative or the Sponsor, as applicable, shall have the exclusive right to (i) remove their
nominees from the Board, and PubCo shall take all Necessary Action to cause the removal of any such nominee at the request of the applicable Party and (ii) designate directors for election to the Board to fill vacancies created by reason of
death, removal or resignation of its nominees to the Board, and PubCo shall take all Necessary Action to cause any such vacancies created pursuant to clause (i) or (ii) above to be filled by replacement directors designated by the applicable
Party as promptly as practicable after such designation (and in any event prior to the next meeting or action of the Board or applicable committee). Notwithstanding anything to the contrary contained in this Section 2.1(e),
no Party shall have the right to designate a replacement director, and PubCo shall not be required to take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board
would result in a number of directors nominated or designated by such Party in excess of the number of directors that such Party is then entitled to nominate for membership on the Board pursuant to this Investor Rights Agreement. 

  
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 (f) Committees. In accordance with PubCo’s Organizational Documents,
(i) the Board shall establish and maintain committees of the Board for (x) Audit, (y) Compensation and (z) Nominating and Corporate Governance, and (ii) the Board may from time to time by resolution establish and maintain other
committees of the Board. Subject to applicable Laws and stock exchange rules, and subject to requisite independence requirements applicable to such committee (determined giving effect to Section 2.1(h)), (i) for so long as
PubCo is Controlled Company Eligible, the Seller Representative shall have the right, and PubCo shall take all Necessary Action, to have a majority of the members of each such committee consist of members of the Board designated by the Seller
Representative, and (ii) at any time when PubCo is not Controlled Company Eligible, the Seller Representative shall have the right, and PubCo shall take all Necessary Action, to have a number of the members of each such committee consist of a
proportional number of members of each such committee (rounded up) as relates to the proportion of the Board designated by the Seller Representative. For as long as such individual serves on the Board and is eligible to serve on such committee,
(x) Niccolo de Masi shall be entitled to serve on the Compensation Committee and the Nominating and Corporate Governance Committee and (y) Harry You shall be entitled to serve on the Audit Committee as Chairman. 

(g) Independent Directors. PubCo has determined that the initial slate of directors referenced in
Section 2.1(a) includes the requisite number of individuals meeting the independence requirements of the New York Stock Exchange. From and after such initial slate is constituted, PubCo shall take all Necessary Action to
ensure that the Board consists of the requisite number of directors meeting the independence requirements of the New York Stock Exchange or any other securities exchange on which the Equity Securities of PubCo are then listed, in each case giving
effect, when applicable, to Section 2.1(h) (and for as long the Company is Controlled Company Eligible and the Seller Representative is entitled to nominate its full slate of directors pursuant to the first sentence of
Section 2.1(b), the Seller Representative shall include among its nominees such number of directors meeting such independnce requirements that, when taken together with other directors (including the Sponsor Directors)
meeting such independence requirements, PubCo has the requisite number of directors meeting such independence requirements). For the avoidance of doubt, it is understood and agreed that, if at any time the number of directors entitled to be
designated by the Seller Representative and the Sponsor pursuant to this Section 2.1 is less than the entire membership of the Board, subject to the rights of any other Person to nominate or designate one or more directors
(including, without limitation, the right of the Sellers Representative and the Sponsor to designate members for nominations to the Board in accordance with Section 2.1(a)), the remaining directors shall be nominated by the
Nominating and Corporate Governance Committee and approved by the Board. 
 (h) Controlled Company Exception. At all times in which
PubCo is Controlled Company Eligible, except to the extent otherwise agreed in writing by the Seller Representative, PubCo shall take all Necessary Action to avail itself of all “controlled company” exemptions to the rules of the New York
Stock Exchange or any other exchange on which the Equity Securities of PubCo are then listed and shall comply with all requirements under Law (including Item 407(a) of Regulation S-K) and all disclosure
requirements to take such actions. Among other things, except to the extent otherwise agreed in writing by the Seller Representative, for so long as PubCo is Controlled Company Eligible, PubCo shall take all Necessary Action to exempt itself from
each of (i) any requirement that a majority of the Board consist of independent directors; (ii) any 

  
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requirement that the Nominating and Governance Committee be composed entirely of independent directors or have a written charter addressing the committee’s purpose and responsibilities;
(iii) any requirement that the Compensation Committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; (iv) the requirement for an annual performance
evaluation of the Nominating and Governance Committee and Compensation Committee; and (v) each other requirement that a “controlled company” is eligible to be exempted from under the rules of the New York Stock Exchange or any other
exchange on which the Equity Securities of PubCo are then listed. 
 (i) Reimbursement of Expenses. PubCo shall reimburse the
directors and Board Observers (as applicable) for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board and any
committees thereof, including travel, lodging and meal expenses. 
 (j) Indemnification. For so long as any Seller Director or Sponsor
Director serves as a director of PubCo, (i) PubCo shall provide such Seller Director or Sponsor Director with the same expense reimbursement, benefits, indemnity, exculpation and other arrangements provided to the other directors of PubCo and
(ii) PubCo shall not amend, alter or repeal any right to indemnification or exculpation covering or benefiting any Seller Director or Sponsor Director nominated pursuant to this Investor Rights Agreement as and to the extent consistent with
applicable Law, Article VIII of the Certificate of Incorporation, Article V of the Bylaws and any indemnification agreements with directors (whether such right is contained in the Organizational Documents or another document) (except to the
extent such amendment or alteration permits PubCo to provide broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto). 

(k) D&O Insurance. PubCo shall (i) purchase directors’ and officers’ liability insurance in an amount determined by
the Board to be reasonable and customary and (ii) for so long as any Seller Director or Sponsor Director serves as a director, maintain such directors’ and officers’ liability insurance coverage with respect to such director;
provided, that upon removal or resignation of such Seller Director or Sponsor Director for any reason, PubCo shall take all actions reasonably necessary to extend such directors’ and officers’ liability insurance coverage with
respect to such Seller Director or Sponsor Director for a period of not less than six (6) years from any such event in respect of any act or omission of such Seller Director or Sponsor Director occurring at or prior to such event. 

(l) Board Observers. Unless and until (i) Sellers and their Permitted Transferees Beneficially Own voting securities of PubCo
representing less than 25% of the outstanding voting securities of PubCo (the “Board Observer Ownership Threshold”) and (ii) a “person” or “group” of persons (as such term is defined under Regulation 13D
under the Exchange Act) other than any Seller and/or any of Seller’s Permitted Transferees Beneficially Owns a percentage of outstanding voting securities of PubCo (on a fully-diluted basis) that is greater than the percentage of outstanding
voting securities of PubCo (on a fully-diluted basis) Beneficially Owned by Sellers and their respective Permitted Transferees, taken as a whole, the Seller Representative shall have the right to appoint up to three
(3) non-voting board observers (the “Board Observers”) to the Board, which may include each of Meredith Bluhm-Wolf, Leslie Bluhm, and Andrew Bluhm, in each case, for so long as, and
solely to the extent that, he or she is 

  
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not a Seller Director. Each Board Observer shall have the right to (i) attend all meetings of the Board in a non-voting, observer capacity and
(ii) receive copies of all notices, minutes, consents and other materials that PubCo provides to the Board in the same manner as such materials are provided to the Board; provided, that, (x) the Seller Representative’s right to
appoint the Board Observers is non-transferrable and shall automatically be terminated without any further action required in the event that the Class A Common Stock in PubCo Beneficially Owned by Sellers
and their Permitted Transferees falls below the Board Observer Ownership Threshold, (y) the Board Observers shall not be entitled to vote on any matter submitted to the Board nor to offer any motions or resolutions to the Board, and the Board
Observers’ presence or absence at any meeting of the Board will not be relevant for purposes of determining whether there is a quorum, and (z) PubCo may withhold information or materials from the Board Observers and exclude the Board
Observers from any executive sessions and/or all or any portion of any meeting or discussion of the Board, in each case of this clause (z), if the Board determines in good faith that access to such information and/or materials or attendance
at such meeting or portion thereof would (A) adversely affect the attorney-client privilege between PubCo and its counsel, (B) adversely affect PubCo or its Affiliates under governmental regulations or other applicable laws, (C) be in
contravention of any agreement or arrangement with any governmental authority, or (D) result in a conflict of interest. The Board Observers shall be subject to the same obligations as the members of the Board with respect to confidentiality and
conflicts of interest (and shall provide, prior to attending any meetings or receiving any information or materials, such reasonable assurances to such effect as may be requested by PubCo) and shall be entitled to expense reimbursement in accordance
with Section 2.1(i). 
 Section 2.2 Action Requiring Special Approval. For so long as the Sellers and
their Permitted Transferees, either individually or as a group (as such term is construed in accordance with the Exchange Act), own Equity Securities of PubCo representing a majority of the voting power of the Equity Securities of PubCo entitled to
vote on matters brought before such stockholder to vote, for the period ending on the earlier of (x) twelve (12) months following the Closing Date and (y) the date on which PubCo holds its next annual meeting, PubCo will not, and will not
permit or undertake, or agree to undertake, whether directly or indirectly, without the prior written consent of the Sponsor, any amendment to or modification of (a) Section 5.1(ii), Article VIII, Article X, the first sentence of
Section 13.1 or Article XIV of the Certificate of Incorporation or (b) Article V of the Bylaws of PubCo (in each case, or the substantive matter thereof), in each case that materially and adversely impacts the Sponsor and/or its Permitted
Transferees in their capacity as stockholders of PubCo. 
 Section 2.3 Sharing of Information. To the extent permitted by
antitrust, competition or any other applicable Law, each of PubCo, the Sellers and the Sponsor agrees and acknowledges that the directors designated by the Seller Representative and the Sponsor and the Board Observers may share confidential, non-public information about PubCo and its Subsidiaries (“Confidential Information”) with the Sellers and the Sponsor, as applicable. Each of the Sellers and the Sponsor recognizes that it, or its
Affiliates and Representatives, has acquired or will acquire Confidential Information the use or disclosure of which could cause PubCo substantial loss and damages that could not be readily calculated and for which no remedy at Law would be
adequate. Accordingly, each of the Sellers and the Sponsor covenants and agrees with PubCo that it will not (and will cause its respective controlled Affiliates and Representatives not to) at any time, except with the

  
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prior written consent of PubCo, directly or indirectly, disclose any Confidential Information known to it to any third party, unless (a) such information becomes known to the public through
no fault of such Party, (b) disclosure is required by applicable Law or court of competent jurisdiction or requested by a Governmental Entity; provided that such Party promptly notifies PubCo of such requirement or request and takes
commercially reasonable steps, at the sole cost and expense of PubCo, to minimize the extent of any such required disclosure, (c) such information was available or becomes available to such Party before, on or after the Effective Date, without
restriction, from a source (other than PubCo) without any breach of duty to PubCo or (d) such information was independently developed by such Party or its Representatives without the use of the Confidential Information. Notwithstanding the
foregoing, nothing in this Investor Rights Agreement shall prohibit the Sellers and the Sponsor from disclosing Confidential Information to any Affiliate, Representative, limited partner, member or shareholder of such Party; provided that
such Person shall be bound by an obligation of confidentiality with respect to such Confidential Information and such Party shall be responsible for any breach of this Section 2.3 by any such Person. No Confidential
Information shall be deemed to be provided to any Person, including any Affiliate of the Sellers or the Sponsor, unless such Confidential Information is actually provided to such Person. 

ARTICLE III 
 REGISTRATION
RIGHTS 
 Section 3.1 Shelf Registration. 

(a) Filing. PubCo shall file, within 30 days of the Closing Date or such other earlier date as it is required in accordance with any
Subscription Agreements, a Registration Statement for a Shelf Registration on Form S-3 (the “Form S-3 Shelf”), or if PubCo is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf,” and together with the
Form S-3 Shelf (and any Subsequent Shelf Registration), the “Shelf”), in each case, covering the resale of all Registrable Securities (determined as of two (2) Business Days prior to such
filing) on a delayed or continuous basis. PubCo shall use its reasonable best efforts to cause the Shelf to become effective as soon as practicable after such filing, but in no event later than sixty (60) days after the initial filing thereof
or such other earlier date as it is required in accordance with any Subscription Agreements. The Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to,
and requested by, any Holder. PubCo shall maintain the Shelf in accordance with the terms of this Investor Rights Agreement, and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be
necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the event PubCo files a Form S-1 Shelf, PubCo shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration) to a Form
S-3 Shelf as soon as practicable after PubCo is eligible to use Form S-3. 

  
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 (b) Subsequent Shelf Registration. If any Shelf ceases to be effective under the
Securities Act for any reason at any time while there are any Registrable Securities outstanding, PubCo shall use its reasonable best efforts to as promptly as is reasonably practicable cause such Shelf to again become effective under the Securities
Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its reasonable best efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result
in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional Registration Statement as a Shelf Registration (a “Subsequent Shelf Registration”) registering the resale of all outstanding Registrable
Securities from time to time, and pursuant to any method or combination of methods legally available to, and requested by, any Holder. If a Subsequent Shelf Registration is filed, PubCo shall use its reasonable best efforts to (i) cause such
Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an Automatic Shelf Registration Statement
if PubCo is a Well-Known Seasoned Issuer) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any
Registrable Securities outstanding. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that PubCo is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on
another appropriate form. In the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or continuous basis, PubCo, upon request of a Holder, shall promptly use its reasonable best efforts to cause the
resale of such Registrable Securities to be covered by either, at PubCo’s option, the Shelf (including by means of a post-effective amendment) or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable
after such filing and such Shelf or Subsequent Shelf Registration shall be subject to the terms of this Investor Rights Agreement. 
 (c)
Requests for Underwritten Shelf Takedowns. At any time and from time to time after the Shelf has been declared effective by the SEC, the Special Holders may request to sell all or any portion of their Registrable Securities in an underwritten
offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that PubCo shall only be obligated to effect an Underwritten Shelf Takedown if such offering (i) shall include
securities with a total offering price (including piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $10 million (the “Minimum Takedown Threshold”) or
(ii) shall be made with respect to all of the Registrable Securities of the Demanding Holder. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to PubCo, which shall specify the approximate number of
Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown; provided that each Special Holder agrees that the
fact that such a notice has been delivered shall constitute Confidential Information subject to Section 2.3. The Special Holders that requested such Underwritten Shelf Takedown (the “Demanding Holders”)
shall have the right to select the Underwriters for such offering (which shall consist of one (1) or more reputable nationally or regionally recognized investment banks), and to agree to the pricing and other terms of such offering;
provided that such selection shall be subject to the consent of PubCo, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, in no event
shall any Special Holder or any Transferee thereof request an Underwritten Shelf Takedown during the Lock-Up Period applicable to such Person. There shall be no limit to the number of Underwritten Shelf
Takedowns that may be requested by any Special Holder, subject to the proviso in the first sentence of this Section 3.1(c). 

  
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 (d) Reduction of Underwritten Shelf Takedowns. If the managing Underwriter or
Underwriters in an Underwritten Shelf Takedown, in good faith, advise PubCo, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the
Requesting Holders (if any) desire to sell, taken together with all other shares of Common Stock or other Equity Securities that PubCo desires to sell and all other Common Stock or other Equity Securities, if any, that have been requested to be sold
in such Underwritten Offering pursuant to separate written contractual piggyback registration rights held by any other stockholders, exceeds the maximum dollar amount or maximum number of Equity Securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the
“Maximum Number of Securities”), then PubCo shall include in such Underwritten Offering, as follows: at all times (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata
based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities;
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without
exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock or other Equity
Securities of other Persons that PubCo is obligated to include in such Underwritten Offering pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Number of Securities. 

(e) Withdrawal. Any of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw from such
Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to PubCo and the Underwriter or Underwriters (if any) of such Demanding Holder’s intention to withdraw from such
Underwritten Shelf Takedown, prior to the public announcement of the Underwritten Shelf Takedown by PubCo; provided that a Special Holder not so withdrawing may elect to have PubCo continue an Underwritten Shelf Takedown if the Minimum
Takedown Threshold would still be satisfied or if the Underwritten Shelf Takedown would be made with respect to all of the Registrable Securities of such Special Holder. Following the receipt of any Withdrawal Notice, PubCo shall promptly forward
such Withdrawal Notice to any other Special Holders that had elected to participate in such Underwritten Shelf Takedown. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, PubCo shall be responsible for the
Registration Expenses incurred in connection with the Underwritten Shelf Takedown prior to delivery of a Withdrawal Notice under this Section 3.1(e). 

(f) Long-Form Demands. Upon the expiration of the Lock-Up Period applicable to such Person, and
during such times as no Shelf is effective, each Special Holder may demand that PubCo file a Registration Statement on Form S-1 for the purpose of conducting an Underwritten Offering of any or all of such
Special Holder’s Registrable Securities. PubCo shall file such Registration Statement within 30 days of receipt of such demand and use its reasonable best efforts to cause the same to be declared effective within 60 days of filing. The

  
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provisions of Section 3.1(c), Section 3.1(d) and Section 3.1(e) shall apply to this
Section 3.1(f) as if a demand under this Section 3.1(f) were an Underwritten Shelf Takedown, provided that in order to withdraw a demand under this Section 3.1(f), such
withdrawal must be received by PubCo prior to PubCo having publicly filed a Registration Statement pursuant to this Section 3.1(f). 

Section 3.2 Piggyback Registration. 

(a) Piggyback Rights. If PubCo or any Special Holder proposes to conduct a registered offering of, or if PubCo proposes to file a
Registration Statement under the Securities Act with respect to an offering of, Equity Securities of PubCo or securities or other obligations exercisable or exchangeable for or convertible into Equity Securities of PubCo, for its own account or for
the account of stockholders of PubCo (or by PubCo and by the stockholders of PubCo including an Underwritten Shelf Takedown pursuant to Section 3.1), other than a Registration Statement (or any registered offering with
respect thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to PubCo’s existing stockholders, (iii) for an offering of debt that is
convertible into equity securities of PubCo, or (iv) for a dividend reinvestment plan, then PubCo shall give written notice of such proposed offering to all Special Holders as soon as practicable but not less than four (4) calendar days
before the anticipated filing date of such Registration Statement or, in the case of an underwritten offering pursuant to a Shelf Registration, the launch date of such offering, which notice shall (A) describe the amount and type of securities
to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any and if known, in such offering, and (B) offer to all of the Special Holders the opportunity to
include in such registered offering such number of Registrable Securities as such Special Holders may request in writing within three (3) calendar day after receipt of such written notice (such registered offering, a “Piggyback
Registration”); provided that each Special Holder agrees that the fact that such a notice has been delivered shall constitute Confidential Information subject to Section 2.3. PubCo shall cause such
Registrable Securities to be included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by
the Special Holders pursuant to this Section 3.2(a) to be included in a Piggyback Registration on the same terms and conditions as any similar securities of PubCo included in such registered offering and to permit the sale
or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The inclusion of any Special Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Special
Holder’s agreement to abide by the terms of Section 3.6 below. 
 (b) Reduction of Piggyback
Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration (other than an Underwritten Shelf Takedown), in good faith, advises PubCo and the Special Holders participating in the
Piggyback Registration in writing that the dollar amount or number of shares of Common Stock or other Equity Securities that PubCo desires to sell, taken together with (i) the Common Stock or other Equity Securities, if any, as to which
Registration or a registered offering has been demanded pursuant to separate written contractual arrangements with Persons other than the Special Holders hereunder and (ii) the Common Stock or other Equity Securities, if any, as to which
registration has been requested pursuant to Section 3.2, exceeds the Maximum Number of Securities, then: 

  
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 (i) If the Registration is initiated and undertaken for PubCo’s account, PubCo shall
include in any such Registration (A) first, the Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the Registrable Securities of Special Holders exercising their rights to register their Registrable Securities pursuant to Section 3.2(a) (pro rata
based on the respective number of Registrable Securities that each Special Holder has requested be included in such Registration), which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock or other Equity Securities, if any, as to which Registration has been requested pursuant to written contractual piggyback
registration rights of other stockholders of PubCo, which can be sold without exceeding the Maximum Number of Securities; or 
 (ii) If the
Registration is pursuant to a request by Persons other than the Special Holders, then PubCo shall include in any such Registration (A) first, the Common Stock or other Equity Securities, if any, of such requesting Persons, other than the
Special Holders, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of
Special Holders exercising their rights to register their Registrable Securities pursuant to Section 3.2(a) (pro rata based on the respective number of Registrable Securities that each Special Holder has requested be
included in such Registration) which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B),
the Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A), (B) and (C), the Common Stock or other Equity Securities, if any, for the account of other Persons that PubCo is obligated to register pursuant to separate written contractual piggyback registration rights
of such Persons, which can be sold without exceeding the Maximum Number of Securities. 
 Notwithstanding anything to the contrary in this
Section 3.2(b), in the event a Demanding Holder has submitted notice for a bona fide Underwritten Shelf Takedown and all sales pursuant to such Underwritten Shelf Takedown pursuant to Section 3.1
have not been effected in accordance with the applicable plan of distribution or submitted a Withdrawal Notice prior to such time that PubCo has given written notice of a Piggyback Registration to all Special Holders pursuant to
Section 3.2, then any reduction in the number of Registrable Securities to be offered in such offering shall be determined in accordance with Section 3.1(d), instead of this
Section 3.2(b). 
 (c) Piggyback Registration Withdrawal. Any Special Holder shall have the right to
withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to PubCo and the Underwriter or Underwriters (if any) of such Special Holder’s intention to withdraw from such Piggyback Registration prior to the
effectiveness of the Registration Statement filed with the SEC with respect to such Piggyback Registration or, in the 

  
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case of a Piggyback Registration pursuant to a Shelf Registration, the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback
Registration used for marketing such transaction. PubCo (whether on its own good faith determination or as the result of a request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement
filed with the SEC in connection with a Piggyback Registration (which, in no circumstance, shall include the Shelf) at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary set forth in this
Investor Rights Agreement, PubCo shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 3.2(c). 

(d) Notwithstanding anything herein to the contrary, this Section 3.2 shall not apply (a) for any Holder or
Party, prior to the expiration of the Lock-Up Period in respect of such Holder or Party or (b) to any Shelf Take-Down irrespective of whether such Shelf Take-Down is an Underwritten Shelf Take-Down or not
an Underwritten Shelf Take-Down. 
 Section 3.3 Restriction on Transfer. In connection with any Underwritten Offering of Equity
Securities of PubCo, each Holder that holds more than five percent (5%) of the issued and outstanding Common Stock (after giving effect to the exchange of all outstanding RSI Units for Class A Common Stock), agrees that it shall not Transfer
any Common Stock (other than those included in such offering pursuant to this Investor Rights Agreement), without the prior written consent of PubCo, during the seven (7) calendar days prior (to the extent notice of such Underwritten Offering
has been provided) to and the 90-day period beginning on the date of pricing of such offering, except in the event the Underwriter managing the offering otherwise agrees by written consent, and further agrees to execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all such Holders). Notwithstanding the foregoing, a Holder shall not be subject to this
Section 3.3 with respect to an Underwritten Offering unless each Holder that holds at least five percent (5%) of the issued and outstanding Common Stock (after giving effect to the exchange of all outstanding RSI Units) and
each of PubCo’s directors and executive officers have executed a lock-up on terms at least as restrictive with respect to such Underwritten Offering as requested of the Holders. 

Section 3.4 General Procedures. In connection with effecting any Registration and/or Shelf Takedown, subject to applicable Law and
any regulations promulgated by any securities exchange on which PubCo’s Equity Securities are then listed, each as interpreted by PubCo with the advice of its counsel, PubCo shall use its reasonable best efforts (except as set forth in
clause (d) below) to effect such Registration to permit the sale of the Registrable Securities included in such Registration in accordance with the intended plan of distribution thereof, and pursuant thereto PubCo shall, as expeditiously
as possible: 
 (a) prepare and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; 

  
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 (b) prepare and file with the SEC such amendments and post-effective amendments to the
Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by any Holder or as may be required by the rules, regulations or instructions applicable to the registration form used by PubCo or by the Securities Act
or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration
Statement or supplement to the Prospectus; 
 (c) prior to filing a Registration Statement or Prospectus, or any amendment or supplement
thereto, furnish without charge to the Underwriters, if any, and the Special Holders of Registrable Securities included in such Registration, and such Special Holders’ legal counsel, if any, copies of such Registration Statement as proposed to
be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary
Prospectus), and such other documents as the Underwriters or the Special Holders of Registrable Securities included in such Registration or the legal counsel for any such Special Holders, if any, may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such Special Holders; 
 (d) prior to any public offering of Registrable Securities, use
its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United States as the Holders of Registrable Securities
included in such Registration Statement (in light of their intended plan of distribution) may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification) and
(ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other Governmental Entities as may be necessary by virtue of the business and operations of
PubCo and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such
jurisdictions; provided, however, that PubCo shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general
service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 
 (e) cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by PubCo are then listed; 

(f) provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement; 
 (g) advise each Holder of Registrable Securities covered by a Registration Statement, promptly after
it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its
reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

  
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 (h) at least three (3) calendar days prior to the filing of any Registration Statement
or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus furnish a draft thereof to each Special Holder of
Registrable Securities included in such Registration Statement, or its counsel, if any (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference therein); 

(i) notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.7;

 (j) permit Representatives of the Special Holders, the Underwriters, if any, and any attorney, consultant or accountant retained by such
Special Holders or Underwriter to participate, at each such Person’s own expense except to the extent such expenses constitute Registration Expenses, in the preparation of the Registration Statement, and cause PubCo’s officers, directors
and employees to supply all information reasonably requested by any such Representative, Underwriter, attorney, consultant or accountant in connection with the Registration; provided, however, that such Persons agree to confidentiality
arrangements reasonably satisfactory to PubCo, prior to the release or disclosure of any such information; 
 (k) obtain a “cold
comfort” letter, and a bring-down thereof, from PubCo’s independent registered public accountants in the event of an Underwritten Offering which the participating Special Holders may rely on, in customary form and covering such matters of
the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a
majority-in-interest of the participating Special Holders; 

(l) on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurances
letter, dated such date, of counsel representing PubCo for the purposes of such Registration, addressed to the Special Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the
Registration in respect of which such opinion is being given as the Special Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably
satisfactory to the participating Special Holders; 
 (m) in the event of any Underwritten Offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering; 
 (n) make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months beginning within three months after the effective date of the Registration Statement which satisfies the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the SEC); 

  
 23 

 (o) if an Underwritten Offering involves Registrable Securities with a total offering price
(including piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $35 million, use its reasonable best efforts to make available senior executives of PubCo to participate in
customary “road show” presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and 
 (p)
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested, by the Holders, in connection with such Registration. 

Section 3.5 Registration Expenses. The Registration Expenses of all Registrations shall be borne by PubCo. It is acknowledged by
the Holders that the Holders selling any Registrable Securities in an offering shall bear all incremental selling expenses relating to the sale of Registrable Securities (including all reasonable fees and expenses of any legal counsel representing
such Holders (to the extent such counsel is not also representing PubCo, as determined in accordance with clause (f) of the definition of “Registration Expenses”)), such as Underwriters’ commissions and discounts, brokerage fees,
Underwriter marketing costs, in each case pro rata based on the number of Registrable Securities that such Holders have sold in such Registration. 

Section 3.6 Requirements for Participating in Underwritten Offerings. Notwithstanding anything to the contrary contained in this
Investor Rights Agreement, if any Holder does not provide PubCo with its requested Holder Information, PubCo may exclude such Holder’s Registrable Securities from the applicable Registration Statement or Prospectus if PubCo determines, based on
the advice of counsel, that such information is necessary to effect the registration and such Holder continues thereafter to withhold such information. No Person may participate in any Underwritten Offering of Equity Securities of PubCo pursuant to
a Registration under this Investor Rights Agreement unless such Person (a) agrees to sell such Person’s Registrable Securities on the basis provided in any underwriting and other arrangements approved by PubCo in the case of an
Underwritten Offering initiated by PubCo, and approved by the Demanding Holders in the case of an Underwritten Offering initiated by the Demanding Holders and (b) completes and executes all customary questionnaires, powers of attorney, custody
agreements, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements. Subject to the minimum
thresholds set forth in Section 3.1(c) and 3.4(o), the exclusion of a Holder’s Registrable Securities as a result of this Section 3.6 shall not affect the registration of the other
Registrable Securities to be included in such Registration. 
 Section 3.7 Suspension of Sales; Adverse Disclosure. Upon receipt
of written notice from PubCo that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended
Prospectus correcting the Misstatement (and PubCo hereby covenants to prepare and file such supplement or amendment as soon as practicable after giving such notice), or until it is advised in writing by PubCo that the use of the Prospectus may be
resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require PubCo to make an Adverse Disclosure or would require the inclusion in such Registration Statement of
financial statements that are unavailable to 

  
 24 

 
PubCo for reasons beyond PubCo’s control, PubCo may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than 90 days in any 12-month period, determined in good faith by PubCo to be necessary for such purpose. In the event PubCo
exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to such Registration in connection with any sale or offer to sell
Registrable Securities. PubCo shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.7. 

Section 3.8 Reporting Obligations. As long as any Holder shall own Registrable Securities, PubCo, at all times while it shall be a
reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by PubCo after the Effective Date pursuant to Sections 13(a) or
15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed or furnished with the SEC pursuant to the Electronic Data Gathering, Analysis and
Retrieval System shall be deemed to have been furnished to the Holders pursuant to this Section 3.8. 

Section 3.9 Other Obligations. In connection with a Transfer of Registrable Securities exempt from Section 5 of the
Securities Act or through any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant to the Registration Statement of which such Prospectus forms a part, PubCo shall, subject to applicable Law,
as interpreted by PubCo with the advice of counsel, and the receipt of any customary documentation required from the applicable Holders in connection therewith, (a) promptly instruct its transfer agent to remove any restrictive legends
applicable to the Registrable Securities being Transferred and (b) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under clause (a). In addition, PubCo
shall cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with the aforementioned Transfers; provided, however, that PubCo shall have no obligation to participate in any
“road shows” or assist with the preparation of any offering memoranda or related documentation with respect to any Transfer of Registrable Securities in any transaction that does not constitute an Underwritten Offering. 

Section 3.10 Indemnification and Contribution. 

(a) PubCo agrees to indemnify and hold harmless each Holder, its officers, managers, directors, trustees, equityholders, beneficiaries,
affiliates, agents and Representatives and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, losses, liabilities and expenses (including attorneys’ fees) (or actions in respect
thereto) caused by, resulting from, arising out of or based upon (i) any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or similar document incident to any
Registration, qualification, compliance or sale effected pursuant to this Article III 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 not misleading, or (ii) any violation or alleged violation by PubCo of the Securities Act or any other similar federal or state securities Laws, and will 

  
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reimburse, as incurred, each such Holder, its officers, managers, directors, trustees, equityholders, beneficiaries, affiliates, agents and Representatives and each Person who controls such
Holder (within the meaning of the Securities Act) for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided that, PubCo will not be
liable in any such case to the extent that any such claim, damage, loss, liability or expense are caused by or arises out of or is based on any untrue statement or omission made in reliance and in conformity with written information furnished to
PubCo by or on behalf of such Holder expressly for use therein. PubCo shall indemnify the Underwriters, their officers and directors and each Person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as
provided in the foregoing sentence with respect to the indemnification of each Holder. 
 (b) In connection with any Registration Statement
in which a Holder of Registrable Securities is participating, such Holder shall furnish to PubCo in writing such information and affidavits as PubCo reasonably requests for use in connection with any such Registration Statement or Prospectus (the
“Holder Information”) and, to the extent permitted by Law, such Holder shall indemnify and hold harmless PubCo, its directors, officers, employees, equityholders, affiliates and agents and each Person who controls PubCo (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees) (or actions in respect thereof) arising out of, resulting from or based on any untrue statement of material fact
contained in the Registration Statement, Prospectus or preliminary Prospectus or similar document or any amendment thereof or supplement thereto, or any omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however, that the
obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such
Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who controls such Underwriters (within the
meaning of the Securities Act) to the same extent as provided in the foregoing sentence with respect to indemnification of PubCo. 
 (c) Any
Person entitled to indemnification under this Section 3.10 shall (i) give prompt written notice, after such Person has actual knowledge thereof, to the indemnifying party of any claim with respect to which such Person
seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party in the defense of any such
claim or any such litigation) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party (not be unreasonably withheld, conditioned or delayed) and the indemnified
party may participate in such defense at the indemnifying party’s expense if representation of such indemnified party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. An indemnifying party, in the defense of any such claim or litigation, without the consent of each indemnified party, may only consent to the entry of any judgment or enter into any settlement that
(i) includes as a term thereof 

  
 26 

 
the giving by the claimant or plaintiff therein to such indemnified party of an unconditional release from all liability with respect to such claim or litigation and (ii) does not include
any recovery (including any statement as to or an admission of fault, culpability or a failure to act by or on behalf of such indemnified party) other than monetary damages, and provided, that any sums payable in connection with such settlement are
paid in full by the indemnifying party. 
 (d) The indemnification provided under this Investor Rights Agreement shall remain in full force
and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, manager, director, Representative or controlling Person of such indemnified party and shall survive the Transfer of securities. 

(e) If the indemnification provided in this Section 3.10 from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable
by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section 3.10(e) shall be limited to the amount of the net proceeds received by
such Holder in such offering giving rise to such liability. The amount paid or payable by a Party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections
3.10(a), 3.10(b) and 3.10(c), any legal or other fees, charges or expenses reasonably incurred by such Party in connection with any investigation or proceeding. The Parties agree that it would not be just and equitable if
contribution pursuant to this Section 3.1(e) were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this
Section 3.1(e). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 3.1(e)
from any Person who was not guilty of such fraudulent misrepresentation. 
 Section 3.11 Other Registration Rights. Other than
the registration rights set forth in the Original RRA and in the Subscription Agreements, PubCo represents and warrants that no Person, other than a Holder of Registrable Securities pursuant to this Investor Rights Agreement, has any right to
require PubCo to register any securities of PubCo for sale or to include such securities of PubCo in any Registration Statement filed by PubCo for the sale of securities for its own account or for the account of any other Person. Further, each of
PubCo, the Sponsor, the DMY Independent Directors and the Sponsor Principals represents and warrants that this Investor Rights Agreement supersedes any other registration rights agreement or agreement (including the Original RRA), other than the
Subscription Agreements. 

  
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 Section 3.12 Rule 144. With a view to making available to the Holders the
benefits of Rule 144 promulgated under the Securities Act, PubCo covenants that it will (a) make available at all times information necessary to comply with Rule 144, if such Rule is available with respect to resales of the Registrable
Securities under the Securities Act, and (b) take such further action as the Holders may reasonably request, all to the extent required from time to time to enable them to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as such rule may be amended from time to time. Upon the request of any
Holder, PubCo will deliver to such Holder a written statement as to whether PubCo has complied with such information requirements, and, if not, the specific reasons for non-compliance. 

Section 3.13 Term. Article III shall terminate with respect to any Holder on the date that such Holder no longer holds any
Registrable Securities. The provisions of Section 3.10 shall survive any such termination with respect to such Holder. 

Section 3.14 Holder Information. Each Holder agrees, if requested in writing by PubCo, to represent to PubCo the total number of
Registrable Securities held by such Holder in order for PubCo to make determinations under this Investor Rights Agreement, including for purposes of Section 3.12. Other than the Sellers and the Founder Holders, a Party who
does not hold Registrable Securities as of the Closing Date and who acquires Registrable Securities after the Closing Date will not be a “Holder” until such Party gives PubCo a representation in writing of the number of Registrable
Securities it holds. 
 Section 3.15 Termination of Original RRA. Upon the Closing, PubCo, the Sponsor, the Sponsor Principals
and the DMY Independent Directors hereby agree that the Original RRA and all of the respective rights and obligations of the parties thereunder are hereby terminated in their entirety and shall be of no further force or effect. 

Section 3.16 Distributions; Direct Ownership. 

(a) In the event that the Sponsor distributes all of its Registrable Securities to its members, the members of the Sponsor shall be treated as
the Sponsor under this Investor Rights Agreement; provided that such members of the Sponsor, taken as a whole, shall not be entitled to rights in excess of those conferred on the Sponsor, as if the Sponsor remained a single entity party to
this Investor Rights Agreement. 
 (b) Notwithstanding anything to the contrary contained herein, in the event that the members of the
Sponsor hold any Registrable Securities directly, the members of the Sponsor shall be treated as the Sponsor under this Investor Rights Agreement; provided that the members of the Sponsor, taken as a whole, shall not be entitled to rights in
excess of those conferred on the Sponsor, as if the Sponsor remained a single entity party to this Investor Rights Agreement. 
 (c) In the
event that a Seller distributes all of its Registrable Securities to its members, such distributees shall be treated as a Seller under this Investor Rights Agreement; provided that such distributees, taken as a whole, shall not be entitled to
rights in excess of those conferred on a Seller, as if such Seller remained a single party to this Investor Rights Agreement. 

  
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 (d) Notwithstanding the foregoing, no distribution for purposes of this
Section 3.16 may occur prior to the conclusion of any Lock-Up Period applicable to the Sponsor or such Seller, as applicable. 

Section 3.17 Adjustments. If there are any changes in the Common Stock as a result of stock split, stock dividend, combination or
reclassification, or through merger, consolidation, recapitalization or other similar event, appropriate adjustment shall be made in the provisions of this Investor Rights Agreement, as may be required, so that the rights, privileges, duties and
obligations under this Investor Rights Agreement shall continue with respect to the Common Stock as so changed.  
 ARTICLE IV

 LOCK-UP 

Section 4.1 Lock-Up. 

(a) Each Holder severally, and not jointly, agrees with PubCo not to effect any Transfer, or make a public announcement of any intention to
effect such Transfer, of any Lock-Up Shares (as defined below) Beneficially Owned or otherwise held by such Person during the Lock-Up Period (as defined below)
applicable to such Person; provided, that such prohibition shall not apply to Transfers (i) permitted pursuant to Section 4.2, (ii) permitted pursuant to Article III, (iii) to PubCo of Class V
Voting Stock Beneficially Owned by the Sellers in connection with the sale by the Sellers to the Operating Company of any Redeemed Post-Closing Company Units in accordance with the BCA, (iv) to PubCo of Class V Voting Stock Beneficially
Owned by the Put-Call Sellers in connection with the sale by the Put-Call Sellers to the Operating Company of any Put-Call Units
in accordance with the Put-Call Agreement and the BCA, (v) to PubCo of any Class A Common Stock Beneficially Owned by the Founder Holders in connection with the forfeiture by the Founder Holders to
the PubCo of any Founder Holders Forfeiture Shares in accordance with the BCA and the Founder Holders Forfeiture Agreement, (vi) by any Seller following the Seller Lock-Up Period (as defined below), or
(vii) by any Founder Holder following the Founder Holder Lock-Up Period (as defined below). The “Seller Lock-Up Period” shall be the period
commencing on the Closing Date and continuing until the date that is one hundred eighty (180) days after the Closing Date; provided that, the Seller Lock-Up Period with respect to any Sellers
Earnout Company Units and the Sellers Earnout Voting Shares shall not end prior to the date that such Sellers Earnout Company Units and Sellers Earnout Voting Shares are earned in accordance with the BCA. The “Founder Holder Lock-Up Period” shall be the period commencing on the Closing Date and continuing until the date that is twelve (12) months after the Closing Date; provided that, (A) the Founder Holder Lock-Up Period with respect to any Founder Holders Earnout Shares and the Buyer Earnout Company Units shall not end prior to the date that such Founder Holders Earnout Shares and Buyer Earnout Company Units are
earned in accordance with the BCA and (B) to the extent that any Founder Holders Earnout Shares and Buyer Earnout Company Units become earned prior to the twelve (12) month anniversary of the Closing Date in accordance with the BCA, the
“Founder Holder Lock-Up Period” shall be, with respect to the Lock-Up Shares held by the Founder Holders (including such Founder Holders Earnout Shares and
Buyer Earnout Company Units so earned, but excluding the Founder Holders Earnout Shares and Buyer Earnout Company Units that are not yet earned (if any)), the period commencing on the Closing Date and continuing until the date that is the later of
(x) one hundred 

  
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eighty (180) days after the Closing Date and (y) the date on which such Founder Holders Earnout Shares and Buyer Earnout Company Units are earned in accordance with the BCA. “Lock-Up Period” means with respect to the Sellers (including any Person who succeeds to such Seller’s rights under this Investor Rights Agreement pursuant to Section 5.1), the
Seller Lock-Up Period, and with respect to the Founder Holders (including any Person who succeeds to such Founder Holder’s rights under this Investor Rights Agreement pursuant to
Section 5.1), the Founder Holder Lock-Up Period. “Lock-Up Shares” means (i) the Equity Securities in PubCo and the
Operating Company held by the Holders, directly or indirectly, as of the Closing Date, including Class A Common Stock, Class V Voting Stock, the Issued Company Units issued to the Special Limited Partner in accordance with the BCA, the
Purchased Company Units held by the Special Limited Partner following the sale of such Equity Securities to the Special Limited Partner in accordance with the BCA, and the RSI Units held by the Sellers as of the Closing Date (including any Put-Call Units held by the Put-Call Sellers as of the Closing Date); provided that in no event shall the Warrants (or any shares of Class A Common Stock resulting
from the exercise of any Warrant) be considered “Lock-Up Shares”, (ii) the Sellers Earnout Company Units and the Sellers Earnout Voting Shares, in each case, whether or not earned prior to the end of
the Seller Lock-Up Period, (iii) the Buyer Earnout Company Units and the Founder Holders Earnout Shares, in each case, whether or not earned prior to the end of the Founder Holder Lock-Up Period, and (iv) shares of Class A Common Stock issued pursuant to the LP Agreement upon exchange of RSI Units held as of the Closing Date, along with an equal number of Class V Voting Stock,
for Class A Common Stock. 
 (b) During the Lock-Up Period, any purported Transfer of Lock-Up Shares other than in accordance with this Investor Rights Agreement shall be null and void, and PubCo shall refuse to recognize any such Transfer for any purpose. 

(c) The Holders acknowledge and agree that, notwithstanding anything to the contrary contained in this Investor Rights Agreement, the Equity
Securities in the Operating Company (including the Retained Company Units, the Sellers Earnout Company Units and the Buyer Earnout Company Units), the Sellers Earnout Voting Shares, the Founder Holders Earnout Shares, shares of Class V Voting
Stock and shares of Class A Common Stock, in each case, Beneficially Owned by such Person shall remain subject to any restrictions on Transfer under applicable securities Laws of any Governmental Entity, including all applicable holding periods
under the Securities Act and other rules of the SEC. 
 Section 4.2 Permitted Transfers. Notwithstanding anything to the
contrary contained in this Investor Rights Agreement, during the Lock-Up Period applicable to such Person, the Holders may Transfer, without the consent of PubCo, any of such Person’s Lock-Up Shares to (i) any of such Person’s Permitted Transferees, upon written notice to PubCo and, in the case of such a Transfer by a Founder Holder or its Permitted Transferees, the Seller
Representative, and in the case of such a Transfer by a Seller or its Permitted Transferees, the Sponsor or (ii) (a) a charitable organization, upon written notice to PubCo and, in the case of such a Transfer by a Founder Holder or its
Permitted Transferees, the Seller Representative, and in the case of such a Transfer by a Seller or its Permitted Transferees, the Sponsor; (b) in the case of an individual, by virtue of Laws of descent and distribution upon death of the
individual; (c) in the case of an individual, pursuant to a qualified domestic relations order; or (d) pursuant to any liquidation, merger, stock exchange or other similar transaction which results in all of PubCo’s stockholders
having the right to 

  
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exchange their shares of Common Stock for cash, securities or other property subsequent to the Business Combination; provided, that in connection with any Transfer of such Lock-Up Shares pursuant to clause (ii)(b) or clause (ii)(c) above, (x) the restrictions and obligations contained in Section 4.1 and this
Section 4.2 will continue to apply to such Lock-Up Shares after any Transfer of such Lock-Up Shares, and (y) the Transferee of such Lock-Up Shares shall have no rights under this Investor Rights Agreement, unless, for the avoidance of doubt, such Transferee is a Permitted Transferee in accordance with this Investor Rights Agreement. Any
Transferee of Lock-Up Shares that is a Permitted Transferee of the Transferor shall be required, at the time of and as a condition to such Transfer, to become a party to this Investor Rights Agreement and, if
applicable, the Founder Holders Forfeiture Agreement and the Amended Sponsor Letter, by executing and delivering a joinder in the form attached to this Investor Rights Agreement as Exhibit A, whereupon such Transferee will be treated
as a Party (with the same rights and obligations as the Transferor) for all purposes of this Investor Rights Agreement and, if applicable, the Founder Holders Forfeiture Agreement and the Amended Sponsor Letter. 

Section 4.3 Other Lock-Up Restrictions. Each of PubCo, the Sponsor, each DMY Independent
Director and each Sponsor Principal hereby acknowledge and agree that this Article IV supersedes Section 7 of the Amended Sponsor Letter in all respects, and, upon execution of this Investor Rights Agreement by each of PubCo, the
Sponsor, each DMY Independent Director and each Sponsor Principal, the Amended Sponsor Letter shall be deemed amended to remove Section 7 of the Amended Sponsor Letter. 

ARTICLE V 
 GENERAL
PROVISIONS 
 Section 5.1 Assignment; Successors and Assigns; No Third Party Beneficiaries. 

(a) Except as otherwise permitted pursuant to this Investor Rights Agreement, and other than assignments in connection with a distribution
pursuant to Section 3.16, no Party may assign such Party’s rights and obligations under this Investor Rights Agreement, in whole or in part, without the prior written consent of the Seller Representative, in the case
of an assignment by the Sponsor or a Sponsor Principal, or the Sponsor, in the case of an assignment by a Seller. Any such assignee may not again assign those rights, other than in accordance with this Article V. Any attempted assignment of
rights or obligations in violation of this Article V shall be null and void. Notwithstanding anything herein to the contrary, no DMY Independent Director my assign its rights or obligations under this Investor Rights Agreement. 

(b) Notwithstanding anything to the contrary contained in this Investor Rights Agreement (other than the succeeding sentence of this
Section 5.1(b)), (i) prior to the expiration of the Lock-Up Period applicable to such Holder, no Holder may Transfer such Holder’s rights or obligations under this Investor
Rights Agreement in connection with a Transfer of such Holder’s Registrable Securities, in whole or in part, except in connection with a Transfer pursuant to Section 4.2; and (ii) after the expiration of the Lock-Up Period applicable to such Holder, a Holder may Transfer such Holder’s rights or obligations under this Investor Rights Agreement in connection with a Transfer of such Holder’s Registrable
Securities, in whole or in part, to (x) any of such Holder’s Permitted Transferees, or (y) any Person with the prior written consent of PubCo. In no event can the Sponsor, the Founder Holders, the Sellers or the Seller Representative
assign 

  
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any of such Person’s rights under Section 2.1. Any Transferee of Registrable Securities (other than pursuant to an effective Registration Statement or a Rule 144
transaction) pursuant to this Section 5.1(b) shall be required, at the time of and as a condition to such Transfer, to become a party to this Investor Rights Agreement by executing and delivering a joinder in the form
attached to this Investor Rights Agreement as Exhibit A, whereupon such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all purposes of this Investor Rights Agreement. No Transfer of
Registrable Securities by a Holder shall be registered on PubCo’s books and records, and such Transfer of Registrable Securities shall be null and void and not otherwise effective, unless any such Transfer is made in accordance with the terms
and conditions of this Investor Rights Agreement, and PubCo is hereby authorized by all of the Holders to enter appropriate stop transfer notations on its transfer records to give effect to this Investor Rights Agreement. 

(c) All of the terms and provisions of this Investor Rights Agreement shall be binding upon the Parties and their respective successors,
assigns, heirs and representatives, but shall inure to the benefit of and be enforceable by the successors, assigns, heirs and representatives of any Party only to the extent that they are permitted successors, assigns, heirs and representatives
pursuant to the terms of this Investor Rights Agreement. 
 (d) Nothing in this Investor Rights Agreement, express or implied, is intended to
confer upon any Party, other than the Parties and their respective permitted successors, assigns, heirs and representatives, any rights or remedies under this Investor Rights Agreement or otherwise create any third party beneficiary hereto. 

Section 5.2 Termination. Except for Section 2.1(j)-(k), Article II shall terminate automatically
(without any action by any Party) as to the Sellers or the Sponsor, as applicable, at such time at which such Party no longer has the right to designate an individual for nomination to the Board under this Investor Rights Agreement. Article
III of this Investor Rights Agreement shall terminate as set forth in Section 3.13. The remainder of this Investor Rights Agreement shall terminate automatically (without any action by any Party) as to each Holder when
such Holder ceases to Beneficially Own any Registrable Securities; provided that, the provisions of Section 3.10 shall survive any such termination with respect to such Holder. 

Section 5.3 Severability. If any provision of this Investor Rights Agreement is determined to be invalid, illegal or unenforceable
by any Governmental Entity, the remaining provisions of this Investor Rights Agreement, to the extent permitted by Law shall remain in full force and effect. 

Section 5.4 Entire Agreement; Amendments; No Waiver. 

(a) This Investor Rights Agreement, together with the Exhibit to this Investor Rights Agreement, the BCA, the LP Agreement, and all other
Ancillary Agreements, constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings and discussions, whether oral or written, relating
to such subject matter in any way and there are no warranties, representations or other agreements among the Parties in connection with such subject matter except as set forth in this Investor Rights Agreement and therein. 

  
 32 

 (b) No provision of this Investor Rights Agreement may be amended or modified in whole or in
part at any time without the express written consent of (i) PubCo, (ii) for so long as the Sellers and their Permitted Transferees collectively Beneficially Own fifteen percent (15%) or more of the voting power of the stock of
PubCo held by the Sellers immediately after the Closing (excluding for these purposes from both the percentage Beneficially Owned immediately after the Closing and percentage then Beneficially Owned at any time, the number of Redeemed Post-Closing
Company Units, and the corresponding number of shares of Buyer Class V Voting Stock, in each case, sold, assigned and transferred by Sellers to the Operating Company and Buyer, respectively, pursuant to and in accordance with the BCA), the
Seller Representative, (iii) for so long as the Sponsor and its Permitted Transferees collectively Beneficially Own Class A Common Stock in PubCo representing fifty percent (50%) or more of the Class A Common Stock held by the Sponsor
immediately after the Closing, the Sponsor, and (iv) in any event at least the Holders holding in the aggregate more than fifty percent (50%) of the Registrable Securities Beneficially Owned by the Holders; provided that any such
amendment or modification that would be materially adverse in any respect to any Holder shall require the prior written consent of such Holder; provided, further that a provision that has terminated with respect to a Party shall not require
any consent of such Party (and such Party’s Class A Common Stock shall not be considered in computing any percentages) with respect to amending or modifying such provision. 

(c) No waiver of any provision or default under, nor consent to any exception to, the terms of this Investor Rights Agreement shall be
effective unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided; provided that, notwithstanding the foregoing, no waiver of any provision or default under, nor consent to any
exception to, the terms and provisions of Article IV shall be effective unless in writing and signed by each of (i) PubCo, (ii) for so long as the Sellers and their Permitted Transferees collectively Beneficially Own fifteen
percent (15%) or more of the voting power of the stock of PubCo held by the Sellers immediately after the Closing (excluding for these purposes from both the percentage Beneficially Owned immediately after the Closing and percentage then
Beneficially Owned at any time, the number of Redeemed Post-Closing Company Units, and the corresponding number of shares of Buyer Class V Voting Stock, in each case, sold, assigned and transferred by Sellers to the Operating Company and PubCo,
respectively, pursuant to and in accordance with the BCA), the Seller Representative, (iii) for so long as the Sponsor and its Permitted Transferees collectively Beneficially Own Class A Common Stock in PubCo representing fifty percent
(50%) or more of the Class A Common Stock held by the Sponsor immediately after the Closing, the Sponsor, (iv) at least the Holders holding in the aggregate more than fifty percent (50%) of the Registrable Securities Beneficially Owned by
the Holders and (v) if such Party is not already required to sign pursuant to clauses (i) through (iv), the Party to be bound. 

(d) Notwithstanding the foregoing provisions of this Section 5.4, other than with respect to amendments,
modifications, waivers or consents relating to or airing out of Article IV, no amendment, modification, waiver or consent shall be required by (i) the Sponsor or its Permitted Transferees, with respect to any provision that has, in
accordance with Section 5.2, terminated as to the Sponsor, the Founder Holders and the Sponsor Principals or (ii) the Seller Representative or a particular Seller or its Permitted Transferees, with respect to any
provision that has, in accordance with Section 5.2, terminated as to such Seller or all of the Sellers. 

  
 33 

 Section 5.5 Counterparts; Electronic Delivery. This Investor Rights Agreement
and any other agreements, certificates, instruments and documents delivered pursuant to this Investor Rights Agreement may be executed and delivered in one or more counterparts and by fax, email or other electronic transmission, each of which shall
be deemed an original and all of which shall be considered one and the same agreement. No Party shall raise the use of a fax machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or
communicated through the use of a fax machine or email as a defense to the formation or enforceability of a contract and each Party forever waives any such defense. 

Section 5.6 Notices. All notices, demands and other communications to be given or delivered under this Investor Rights Agreement
shall be in writing and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day
and, if otherwise, on the next Business Day, (b) one (1) Business Day following sending by reputable overnight express courier (charges prepaid) or (c) three (3) calendar days following mailing by certified or registered mail, postage
prepaid and return receipt requested. Unless another address is specified in writing pursuant to the provisions of this Section 5.6, notices, demands and other communications shall be sent to the addresses indicated below:

 if to PubCo, to: 

Rush Street Interactive, Inc. 

900 N. Michigan Avenue, Suite 1600 

Chicago, Illinois 60611 

Attention: Chief Executive Officer 

Email: gcarlin@rushst.com 

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

White & Case LLP 

111 S. Wacker Drive, Suite 5100 

Chicago, Illinois 60606 

Attention: Joel Rubinstein 

         Raymond Bogenrief 

Email: joel.rubinstein@whitecase.com 

    raymond.bogenrief@whitecase.com 

if to the Sellers, to: 

Rush Street Interactive, LP 

900 N. Michigan Avenue, Suite 1600 

Chicago, Illinois 60611 

  
 34 

 Attention: Neil Bluhm 

         Greg Carlin 

Email: neilb@lambllc.com 

    gcarlin@rushst.com 

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

Kirkland & Ellis LLP 

300 N. LaSalle 

Chicago, Illinois 60654 

Attention: Richard Campbell, P.C. 

Karen E. Flanagan 

Email: richard.campbell@kirkland.com 

    karen.flanagan@kirkland.com 

if to the Sponsor, the Sponsor Principals or DMY Independent Directors, as applicable, to: 

dMY Sponsor, LLC 

1180 North Town Center Drive, Suite 100 

Las Vegas, Nevada 89144 

Attention: Niccolo de Masi 

Harry You 

Email: niccolo@dmytechnology.com 

harry@dmytechnology.com 

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

White & Case LLP 

111 S. Wacker Drive, Suite 5100 

Chicago, Illinois 60606 

Attention: Joel Rubinstein 

Raymond Bogenrief 

Email:      joel.rubinstein@whitecase.com 

    raymond.bogenrief@whitecase.com 

Section 5.7 Governing Law; Waiver of Jury Trial; Jurisdiction. The Law of the State of Delaware shall govern (a) all
Proceedings, claims or matters related to or arising from this Investor Rights Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation,
validity and enforceability of this Investor Rights Agreement, and the performance of the obligations imposed by this Investor Rights Agreement, in each case 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 Law of any jurisdiction other than the State of Delaware. EACH PARTY TO THIS INVESTOR RIGHTS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY
IN ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS INVESTOR

  
 35 

 
RIGHTS AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS INVESTOR RIGHTS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER THIS INVESTOR RIGHTS AGREEMENT. THE PARTIES FURTHER
WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH SUCH PARTY’S LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. Each of the Parties submits
to the exclusive jurisdiction of first, the Chancery Court of the State of Delaware or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any Proceeding arising out of or relating to this
Investor Rights Agreement, agrees that all claims in respect of the Proceeding shall be heard and determined in any such court and agrees not to bring any Proceeding arising out of or relating to this Investor Rights Agreement in any other courts.
Nothing in this Section 5.7, however, shall affect the right of any Party to serve legal process in any other manner permitted by Law or at equity. Each Party agrees that a final judgment in any Proceeding so brought shall
be conclusive and may be enforced by suit on the judgment or in any other manner provided by Law or at equity. 
 Section 5.8
Specific Performance. Each Party hereby agrees and acknowledges that it will be impossible to measure in money the damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Investor
Rights Agreement and that, in the event of any such failure, an aggrieved Party will be irreparably damaged and will not have an adequate remedy at Law. Any such Party shall, therefore, be entitled (in addition to any other remedy to which such
Party may be entitled at Law or in equity) to seek injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any Proceeding should be brought in equity to enforce any of the provisions of
this Investor Rights Agreement, none of the Parties shall raise the defense that there is an adequate remedy at Law. 
 Section 5.9
Subsequent Acquisition of Shares. Any Equity Securities of PubCo or Operating Company acquired subsequent to the Effective Date by a Holder shall be subject to the terms and conditions of this Investor Rights Agreement and such shares shall
be considered to be “Registrable Securities” as such term is used in this Investor Rights Agreement. 
 Section 5.10
Legends. Each of the Holders acknowledges that (i) no Transfer, hypothecation or assignment of any Registrable Securities Beneficially Owned by such Holder may be made except in compliance with applicable federal and state securities
laws and (ii) PubCo shall (x) place customary restrictive legends on the certificates or book entries representing the Registrable Securities subject to this Investor Rights Agreement and (y) remove such restrictive legends at the
time the applicable Transfer and other restrictions contemplated thereby are no longer applicable to the Registrable Securities represented by such certificates or book entries. 

Section 5.11 No Third Party Liabilities. This Investor Rights Agreement may only be enforced against the named parties hereto. All
claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to any of this Investor Rights Agreement, or the negotiation, execution or performance of this Investor Rights Agreement (including any
representation or warranty made in or in connection with this Investor Rights Agreement or as an inducement to enter into this Investor Rights Agreement), may be made only against the Persons that are expressly identified as parties hereto, as
applicable; and no past, present or future direct or indirect director, officer, employee, incorporator, member, partner, stockholder, Affiliate, 

  
 36 

 
portfolio company in which any such Party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or representative of any Party hereto
(including any Person negotiating or executing this Investor Rights Agreement on behalf of a Party hereto), unless a Party to this Investor Rights Agreement, shall have any liability or obligation with respect to this Investor Rights Agreement or
with respect any claim or cause of action (whether in contract or tort) that may arise out of or relate to this Investor Rights Agreement, or the negotiation, execution or performance of this Investor Rights Agreement (including a representation or
warranty made in or in connection with this Investor Rights Agreement or as an inducement to enter into this Investor Rights Agreement). 

Section 5.12 Indemnification; Exculpation. 

(a) PubCo will, and PubCo will cause each of its subsidiaries to, jointly and severally indemnify, exonerate and hold the Holders and each of
their respective direct and indirect partners, equityholders, members, managers, Affiliates, directors, officers, shareholders, fiduciaries, controlling Persons, employees, representatives and agents and each of the partners, equityholders, members,
Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the “Holder Indemnitees”) free and harmless from and against any and all actions, causes of
action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses)
incurred by the Holder Indemnitees or any of them on or after the date of this Investor Rights Agreement (collectively, the “Indemnified Liabilities”), arising out of any third party action, cause of action, suit, litigation,
investigation, inquiry, arbitration or claim (each, an “Action”) arising directly or indirectly out of, or in any way relating to, any Holder’s or its Affiliates’ ownership of Equity Securities of PubCo or control or
ability to influence PubCo or any of its subsidiaries (other than any such Indemnified Liabilities (x) to the extent such Indemnified Liabilities arise out of any breach by such Holder Indemnitee of this Investor Rights Agreement, the BCA (to
the extent such Holder Indemnitee is a party thereto), any agreement referenced or contemplated thereby to which such Holder Indemnitee is a party, or any other agreement between such Holder Indemnitee or any of its Affiliates, on the one hand, and
PubCo or any of its subsidiaries, on the other hand, in each case by such Holder Indemnitee or its Affiliates or other related Persons, or the breach of any fiduciary or other duty or obligation (whether arising by Law or contract) of such Holder
Indemnitee to (A) its direct or indirect equity holders, creditors or Affiliates or (B) PubCo, any of its subsidiaries or their respective equity holders, (y) to the extent such control or the ability to control PubCo or any of its
subsidiaries derives from such Holder’s or its Affiliates’ capacity as an officer or director of PubCo or any of its subsidiaries, or (z) to the extent such Indemnified Liabilities are directly caused by such Person’s gross
negligence or willful misconduct); provided, however, that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, PubCo will, and will cause its subsidiaries to, make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. For the purposes of this Section 5.12, none of the circumstances described in the limitations
contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent
any such limitation is so determined to apply to any Holder Indemnitee as to any previously advanced indemnity payments made by PubCo or any of its subsidiaries, then such payments shall be 

  
 37 

 
promptly repaid by such Holder Indemnitee to PubCo and its subsidiaries. The rights of any Holder Indemnitee to indemnification hereunder will be in addition to any other rights any such Person
may have under any other agreement or instrument to which such Holder Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the organizational or governing documents of PubCo or its
subsidiaries. 
 (b) PubCo will, and will cause each of its subsidiaries to, jointly and severally, reimburse any Holder Indemnitee for all
reasonable costs and expenses (including reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they are incurred by such Holder Indemnitee in connection with investigating, preparing, pursuing, defending or
assisting in the defense of any Action for which the Holder Indemnitee would be entitled to indemnification under the terms of this Section 5.12, or any action or proceeding arising therefrom. PubCo or its subsidiaries, in
the defense of any Action for which a Holder Indemnitee would be entitled to indemnification under the terms of this Section 5.12, may, without the consent of such Holder Indemnitee, consent to entry of any judgment or
enter into any settlement if and only if it (i) includes as a term thereof the giving by the claimant or plaintiff therein to such Holder Indemnitee of an unconditional release from all liability with respect to such Action, (ii) does not
impose any limitations (equitable or otherwise) on such Holder Indemnitee, and (iii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such Holder Indemnitee, and provided, that the
only penalty imposed in connection with such settlement is a monetary payment that will be paid in full by PubCo or its subsidiaries. 
 (c)
PubCo acknowledges and agrees that PubCo shall, and to the extent applicable shall cause its subsidiaries to, be fully and primarily responsible for the payment to any Holder Indemnitee in respect of Indemnified Liabilities in connection with any
Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance with (as applicable) the terms of (i) the Delaware General Corporation Law and the Certificate of Incorporation and Bylaws, each as amended, (ii) any director
indemnification agreement, (iii) this Investor Rights Agreement, any other agreement between PubCo or any of its subsidiaries and such Holder Indemnitee (or its Affiliates) pursuant to which such Holder Indemnitee is indemnified, (iv) the
laws of the jurisdiction of incorporation or organization of any subsidiary of PubCo and/or (v) the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation,
certificate of limited partnership or other organizational or governing documents of any subsidiary of PubCo ((i) through (v) collectively, the “Indemnification Sources”), irrespective of any right of recovery such Holder
Indemnitee (or its Affiliates) may have from any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than PubCo, any of its subsidiaries or the insurer under and pursuant to an
insurance policy of PubCo or any of its subsidiaries) from whom such Holder Indemnitee may be entitled to indemnification with respect to which, in whole or in part, PubCo or any of its subsidiaries may also have an indemnification obligation
(collectively, the “Indemnitee-Related Entities”). Under no circumstance shall PubCo or any of its subsidiaries be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement
or recovery any Holder Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of such Holder Indemnitee or the obligations of PubCo or any of its subsidiaries under the Indemnification Sources. In the
event that any of the Indemnitee-Related Entities shall make any payment to any Holder Indemnitee in respect of 

  
 38 

 
indemnification with respect to any Jointly Indemnifiable Claim, (x) PubCo shall, and to the extent applicable shall cause its subsidiaries to, reimburse the Indemnitee-Related Entity making
such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the extent not previously and fully reimbursed by PubCo and/or any of its subsidiaries pursuant to clause (x), the
Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Holder Indemnitee against PubCo and/or any of its subsidiaries, as applicable, and
(z) such Holder Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the
Indemnitee-Related Entities effectively to bring suit to enforce such rights. Each of the Parties agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 5.12(c),
entitled to enforce this Section 5.12(c) as though each such Indemnitee-Related Entity were a party to this Investor Rights Agreement. PubCo shall cause each of its subsidiaries to perform the terms and obligations of this
Section 5.12(c) as though each such subsidiary were a party to this Investor Rights Agreement. For purposes of this Section 5.12(c), the term “Jointly Indemnifiable Claims” shall
be broadly construed and shall include, without limitation, any Indemnified Liabilities for which any Holder Indemnitee shall be entitled to indemnification from both (1) PubCo and/or any of its subsidiaries pursuant to the Indemnification
Sources, on the one hand, and (2) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and such Holder Indemnitee (or its Affiliates) pursuant to which such Holder Indemnitee is indemnified, the
laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation,
certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related Entity, on the other hand. 
 (d)
In no event shall any Holder Indemnitee be liable to PubCo or any of its subsidiaries for any act, alleged act, omission or alleged omission that does not constitute willful misconduct or fraud of such Holder Indemnitee as determined by a final,
nonappealable determination of a court of competent jurisdiction. 
 (e) Notwithstanding anything to the contrary contained in this Investor
Rights Agreement, for purposes of this Section 5.12, the term Holder Indemnitees shall not include any Holder or its any of its partners, equityholders, members, Affiliates, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents or any of the partners, equityholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of any of the foregoing who is an officer or director of
PubCo or any of its subsidiaries in such capacity as officer or director. Such officers and directors are or will be subject to separate indemnification in such capacity through this Investor Rights Agreement and/or the certificate of incorporation
or organization, bylaws or limited partnership agreements and other instruments of PubCo and its subsidiaries. 
 (f) The rights of any
Holder Indemnitee to indemnification pursuant to this Section 5.12 will be in addition to any other rights any such Person may have under any other section of this Investor Rights Agreement or any other agreement or
instrument to which such Holder Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the certificate of limited partnership, limited partnership agreement, certificate of incorporation or
bylaws (or equivalent governing documents) of PubCo or any of its subsidiaries. 
 [Signature Pages Follow] 

  
 39 

 IN WITNESS WHEREOF, each of the Parties has duly executed this Investor Rights Agreement as
of the Effective Date. 
  

			
	PUBCO:
	
	RUSH STREET INTERACTIVE, INC.
		
	By:	 	 /s/ Gregory Carlin

	Name: Gregory Carlin
	Title: Chief Executive Officer
	
	SPONSOR:
	
	DMY SPONSOR, LLC
		
	By:	 	 /s/ Harry L. You

	Name: Harry L. You
	Title: Managing Director

  

  
 Signature Page to
Investor Rights Agreement 

 
			
	SELLER REPRESENTATIVE:
	
	RUSH STREET INTERACTIVE GP, LLC
		
	By:	 	 /s/ Gregory Carlin

	Name: Gregory Carlin
	Title: Chief Executive Officer
	
	SELLERS:
	
	NGB 2013 GRANDCHILDREN’S DYNASTY TRUST
		
	By:	 	 /s/ Neil Bluhm

	Name: Neil Bluhm
	Title: Trustee
		
	By:	 	 /s/ Neil Bluhm

	Name: Neil Bluhm
	
	GREG AND MARCY CARLIN FAMILY TRUST
		
	By:	 	 /s/ Gregory Carlin

	Name: Gregory Carlin
	Title: Trustee
		
	By:	 	 /s/ Gregory Carlin

	Name: Gregory Carlin
		
	By:	 	 /s/ Richard Schwartz

	Name: Richard Schwartz
		
	By:	 	 /s/ Mattias Stetz

	Name: Mattias Stetz
		
	By:	 	 /s/ Einar Roosileht

	Name: Einar Roosileht
	
	RSI INVESTORS, LLC
		
	By:	 	 /s/ Neil Bluhm

	Name: Neil Bluhm
	Title: Manager

  

  
 Signature Page to
Investor Rights Agreement 

 
			
	RUSH STREET INTERACTIVE GP, LLC
		
	By:	 	 /s/ Gregory Carlin

	Name: Gregory Carlin
	Title: Chief Executive Officer

  

  
 Signature Page to
Investor Rights Agreement 

 
	
	SPONSOR PRINCIPALS:
	
	 /s/ Harry L. You

	Harry L. You
	
	 /s/ Niccolo de Masi

	Niccolo de Masi
	
	DMY INDEPENDENT DIRECTORS:
	
	 /s/ Darla Anderson

	Darla Anderson
	
	 /s/ Francesca Luthi

	Francesca Luthi
	
	 /s/ Charles E. Wert

	Charles E. Wert

  
 Signature Page to
Investor Rights Agreement 

 Exhibit A 

Form of Joinder 

This Joinder (this “Joinder”) to the Investor Rights Agreement, the Forfeiture Agreement and the Amended Letter, made as of
                            , is between
                             (“Transferor”) and
                             (“Transferee”). 

WHEREAS, as of the date hereof, Transferee is acquiring Registrable Securities (the “Acquired Interests”) from
Transferor; 
 WHEREAS, Transferor is a party to that certain Investor Rights Agreement, dated as of December 29, 2020, among Rush
Street Interactive, Inc. (“PubCo”) and the other persons party thereto (the “Investor Rights Agreement”) and that certain Founder Holders Forfeiture Agreement, dated as of December 29, 2020, among PubCo and the
other persons party thereto (the “Forfeiture Agreement”), and that certain Amendment to Sponsor Letter and Founder Holders’ Representative Appointment, dated as of July 27, 2020 (the “Amended Letter”); and

 WHEREAS, Transferee is required, at the time of and as a condition to such Transfer, to become a party to the Investor Rights Agreement,
the Forfeiture Agreement and the Amended Letter by executing and delivering this Joinder, whereupon such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all purposes of the Investor Rights
Agreement and the Forfeiture Agreement and the Amended Letter. 
 NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

Section 1.1 Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall
have the respective meanings set forth in the Investor Rights Agreement. 
 Section 1.2 Acquisition. The Transferor hereby
Transfers to the Transferee all of the Acquired Interests. 
 Section 1.3 Joinder. Transferee hereby acknowledges and agrees
that (a) such Transferee has received and read the Investor Rights Agreement, the Forfeiture Agreement and the Amended Letter, (b) such Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and
conditions of the Investor Rights Agreement, the Forfeiture Agreement and the Amended Letter and (c) such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all purposes of the Investor Rights
Agreement, the Forfeiture Agreement and the Amended Letter. 
 Section 1.4 Notice. Any notice, demand or other communication
under the Investor Rights Agreement, the Forfeiture Agreement or the Amended Letter to Transferee shall be given to Transferee at the address set forth on the signature page hereto in accordance with Section 5.6 of the
Investor Rights Agreement, or Section 7 of the Forfeiture Agreement, as applicable, or Section 6 of the Amended Letter, as applicable. 
  

  
 Exhibit A to Investor
Rights Agreement 

 Section 1.5 Governing Law. This Joinder shall be governed by and construed in
accordance with the Law of the State of Delaware. 
 Section 1.6 Counterparts; Electronic Delivery. This Joinder may be executed
and delivered in one or more counterparts, by fax, email or other electronic transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Joinder or any document to be signed in connection with this Joinder shall be deemed to include electronic signatures, deliveries or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and
the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 
  

  
 Exhibit A to Investor
Rights Agreement 

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

			
	[TRANSFEROR]

 
			
		
	By:	 	  

 
			
	  

		
	Name:	 	
	  

	Title:	 	
	  

	
	[TRANSFEREE]

 
			
		
	By:	 	  

 
			
	  

	Name:	 	
	  

	Title:	 	
	  

	Address for notices:

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