Document:

EX-4.2

 Exhibit 4.2 

FORM OF REGISTRATION RIGHTS 

AGREEMENT 
 by and among 

Black Knight Financial Services, Inc. 

and 
 the other parties hereto

 [—], 2015 

 TABLE OF CONTENTS 

 

									
	 Section 1.
		Certain Definitions		 	1	  
			
	 Section 2.
		Registration Rights		 	6	  
				
			 2.1.
		 Demand Registrations
		 	6	  
			 2.2.
		 Piggyback Registrations
		 	10	  
			 2.3.
		 Allocation of Securities Included in Registration Statement
		 	12	  
			 2.4.
		 Registration Procedures
		 	15	  
			 2.5.
		 Registration Expenses
		 	21	  
			 2.6.
		 Certain Limitations on Registration Rights
		 	21	  
			 2.7.
		 Limitations on Sale or Distribution of Other Securities
		 	22	  
			 2.8.
		 No Required Sale
		 	23	  
			 2.9.
		 Indemnification
		 	23	  
			 2.10.
		 Limitations on Registration of Other Securities; Representation
		 	27	  
			 2.11.
		 No Inconsistent Agreements
		 	27	  
			
	 Section 3.
		Underwritten Offerings		 	27	  
				
			 3.1.
		 Requested Underwritten Offerings
		 	27	  
			 3.2.
		 Piggyback Underwritten Offerings
		 	28	  
			
	 Section 4.
		General		 	28	  
				
			 4.1.
		 Adjustments Affecting Registrable Securities
		 	28	  
			 4.2.
		 Rule 144 and Rule 144A
		 	29	  
			 4.3.
		 Nominees for Beneficial Owners
		 	29	  
			 4.4.
		 Amendments and Waivers
		 	29	  
			 4.5.
		 Notices
		 	30	  
			 4.6.
		 Successors and Assigns
		 	31	  
			 4.7.
		 Entire Agreement
		 	31	  
			 4.8.
		 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
		 	32	  
			 4.9.
		 Interpretation; Construction
		 	32	  
			 4.10.
		 Counterparts
		 	33	  
			 4.11.
		 Severability
		 	33	  
			 4.12.
		 Remedies
		 	33	  
			 4.13.
		 Further Assurances
		 	33	  
			 4.14.
		 Confidentiality
		 	33	  
			 4.15.
		 Termination
		 	34	  
			 4.16.
		 Termination of Prior Registration Rights Agreement
		 	34	  

 Schedule 4.5 - Notices 

Exhibit A - Joinder 

	
	
	

  
 i 

 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made as of [—], 2015, by and among (i) Black Knight Financial Services, Inc., a Delaware corporation (the “Company”), (ii) Black Knight Holdings, Inc. a Delaware corporation (f/k/a Black
Knight Financial Services, Inc.) (“Parent”), (iii) the Persons listed on the signature pages hereto as a THL Party (together, the “THL Party”), (iv) Chicago Title Insurance Company, a Nebraska
corporation (“Chicago Title”) (v) Fidelity National Title Insurance Company, a California corporation (“Fidelity Title”)1, (vi) (A) each other
Person that is a holder of Units (as defined below) as of the date of this Agreement, or (B) each other Person that from time to time becomes a holder of Units or Class A Common Stock (as defined below) and signs a Joinder and becomes a
party to this Agreement (each such Person in this clause (vi), a “Holder” and, collectively, the “Holders”), (vii) the Persons that may hereafter become parties to this Agreement and be listed on
signature pages hereto as an Other Stockholder (each an “Other Stockholder” and collectively the “Other Stockholders”), and (viii) solely in respect of Section 4.16 hereof, Black Knight Financial
Services LLC, a Delaware limited liability company (the “Operating Company”), and is effective as of the date hereof. Certain capitalized terms are defined in Section 1 

W I T N E S S E T H: 
 WHEREAS,
the Operating Company, the Company, Parent, Chicago Title, Fidelity Title, the THL Party, together with any other Person that may from time to time become a party thereto in accordance with its terms, are parties to that certain Second Amended and
Restated Limited Liability Company Agreement, dated as of the date hereof, as amended from time to time (the “Second A&R LLC Agreement”), establishing and setting forth, among other things, their agreement with respect to
certain rights and obligations associated with the ownership of Units and certain arrangements relating to the management of the Operating Company; and 

WHEREAS, as of the date hereof, payment has been made by certain underwriters for the initial public offering of shares of Class A Common
Stock (“IPO”). 
 WHEREAS, in connection with the IPO and the entering into the Second A&R LLC Agreement, the Company
has agreed to provide the registration rights set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and of the
mutual covenants and obligations hereinafter set forth, the parties hereto hereby agree as follows: 
 Section 1. Certain
Definitions. As used herein, the following terms shall have the following meanings: 
 “Additional Piggyback Rights”
has the meaning ascribed to such term in Section 2.2(d). 
 “Affiliate” means with respect to any Person, any
other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified 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, contract or otherwise. For the avoidance of doubt, neither the Company nor any Person controlled by the Company shall be deemed to be an Affiliate of any Holder. 

 

	1 	Note to Draft: Current holders of Class A Units to be confirmed prior to signing. 

 “Agreement” means this Registration Rights Agreement, as this agreement may be
amended, modified, supplemented or restated from time to time after the date hereof. 
 “automatic shelf registration
statement” has the meaning ascribed to such term in Section 2.4(v). 
 “Beneficial Ownership” shall
mean, with respect to a specified Person, the ownership of securities as determined in accordance with Rule 13d-3 of the Exchange Act, as such Rule is in effect from time to time. The terms “Beneficially Own” and “Beneficial
Owner” shall have a correlative meaning. 
 “Board” means the board of directors of the Company. 

“Business Day” shall mean a day other than a Saturday, Sunday, federal or New York State holiday or other day on which
commercial banks in the City of New York are authorized or required by law or other governmental action to close. 
 “Chicago
Title” has the meaning ascribed to such term in the Preamble. 
 “Claims” has the meaning ascribed to such term in
Section 2.9(a). 
 “Class A Common Stock” shall mean the shares of Class A Common Stock, $0.0001 par value
per share, of the Company, and any and all securities of any kind whatsoever which may be issued after the date hereof in respect of, or in exchange for, such shares of common stock of the Company pursuant to a merger, consolidation, stock split,
stock dividend or recapitalization of the Company or otherwise. 
 “Common Stock Equivalents” means all options, warrants
and other securities convertible into, or exchangeable or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject) Class A
Common Stock. 
 “Company” means Black Knight Financial Services, Inc. 

“Demand Exercise Notice” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Demand Registration” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Demand Registration Request” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC issued under
such Act, as they may from time to time be in effect. 

  
 2 

 “Expenses” means any and all fees and expenses incident to the Company’s
performance of or compliance with Section 2, including, without limitation: (i) SEC, stock exchange or FINRA registration and filing fees and all listing fees and fees with respect to the inclusion of securities on the New York
Stock Exchange or on any other securities market on which the Class A Common Stock are listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky” laws of any state or jurisdiction of the United
States or compliance with the securities laws of foreign jurisdictions and in connection with the preparation of a “blue sky” survey, including, without limitation, reasonable fees and expenses of outside “blue sky” counsel and
securities counsel in foreign jurisdictions, (iii) printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection with any road show, (vi) fees and disbursements of counsel for the
Company, (vii) with respect to each registration or underwritten offering, the fees and disbursements of (a) one counsel for the THL Party and (b) one counsel for Parent, together in each case with any local counsel, (viii) fees
and disbursements of all independent public accountants (including the expenses of any audit and/or “cold comfort” letter and updates thereof) and fees and expenses of other Persons, including special experts, retained by the Company,
(ix) fees and expenses payable to a Qualified Independent Underwriter, (x) fees and expenses of any transfer agent or custodian, (xi) any other fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of
securities and (xii) expenses for securities law liability insurance and, if any, rating agency fees. 
 “Fidelity
Title” has the meaning ascribed to such term in the Preamble. 
 “FINRA” means the Financial Industry Regulatory
Authority, Inc. 
 “Holder” or “Holders” means (1) any Person who is a signatory to this Agreement or
(2) any Permitted Transferee to whom any Person who is a signatory to this Agreement shall assign or transfer any rights hereunder, provided that such transferee has executed and delivered a Joinder and has thereby agreed in
writing to be bound by this Agreement in respect of such Registrable Securities. 
 “Initiating Holders” has the meaning
ascribed to such term in Section 2.1(a)(i). 
 “Inspectors” has the meaning ascribed to such term in Section
2.4(k). 
 “Investor Shareholders” shall mean Parent, the THL Party and each of their respective Permitted Transferees,
in each case, to the extent such Person Beneficially Owns Registrable Securities and becomes a party to this Agreement pursuant to a Joinder. 

“IPO” has the meaning ascribed to such term in the Preamble. 

“Joinder” means a joinder agreement in the form of Exhibit A hereto. 

“Litigation” means any action, proceeding or investigation in any court or before any governmental authority. 

“Majority Participating Holders” means Participating Holders holding more than 50% of the Registrable Securities proposed to
be included in any offering of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2. 

  
 3 

 “Manager” has the meaning ascribed to such term in Section 2.1(g).

 “NASD” means the National Association of Securities Dealers, Inc. 

“Offering Document” means a registration statement, any prospectus or preliminary, final or summary prospectus or free
writing prospectus, or any other document used in connection with the offering of securities covered thereby, any offering circular, notification, pricing disclosure or similar document, or any amendment or supplement to any of the foregoing. 

“Operating Company” has the meaning ascribed to such term in the Preamble. 

“Other Stockholders” has the meaning ascribed to such term in the Preamble to this Agreement. 

“Parent” has the meaning ascribed to such term in the Preamble. 

“Participating Holders” means all Holders of Registrable Securities which are proposed to be included in any offering of
Registrable Securities pursuant to Section 2.1 or Section 2.2. 
 “Partner Distribution” has the
meaning ascribed to such term in Section 2.1(c). 
 “Permitted Transferee” means, in relation to any Person who
is a signatory to this Agreement, any Person to whom such Person is permitted to transfer Registrable Securities under the Second A&R LLC Agreement, the Amended and Restated Certificate of Incorporation of the Company, dated as of the date
hereof (as amended from time to time) and the Amended and Restated Bylaws of the Company, dated as of the date hereof (as amended from time to time). 

“Person” means any individual, corporation (including not for profit), general or limited partnership, limited liability
company, joint venture, estate, trust, association, joint-stock company, unincorporated organization, governmental entity or agency or other entity of any kind or nature. 

“Piggyback Registration” has the meaning ascribed to such term in Section 2.2(b). 

“Piggyback Request” has the meaning ascribed to such term in Section 2.2(b). 

“Piggyback Shares” has the meaning ascribed to such term in Section 2.3(a)(iii). 

“Postponement Period” has the meaning ascribed to such term in Section 2.1(f). 

“Public Offering” shall mean, other than the IPO, a bona fide underwritten public offering and sale or other transfer of
Class A Common Stock (other equity securities of the Company) pursuant to an effective registration statement under the Securities Act. 

“Qualified Independent Underwriter” means a “qualified independent underwriter” within the meaning of NASD Conduct
Rule 2720. 
 “Records” has the meaning ascribed to such term in Section 2.4(k). 

  
 4 

 “Registrable Securities” means (a) any shares of Class A Common Stock
held by the Holders at any time (including those held as a result of, or issuable upon, the conversion or exercise of Common Stock Equivalents), whether now owned or acquired by the Holders at a later time, (b) any shares issued or issuable,
directly or indirectly, in exchange for or with respect to the Class A Common Stock referenced in clause (a) above by way of stock dividend, stock split or combination of units or shares in connection with a reclassification,
recapitalization, merger, share exchange, consolidation or other reorganization and (c) any securities issued in replacement of or exchange for any securities described in clause (a) or (b) above. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when a registration statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed
of in accordance with such registration statement, or (B) such securities shall have been sold (other than in a privately negotiated sale) in compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended
(or any successor provision thereto). 
 “Rule 144” and “Rule 144A” have the meaning ascribed to such term
in Section 4.2. 
 “SEC” means the Securities and Exchange Commission or such other federal agency which at
such time administers the Securities Act. 
 “Second A&R LLC Agreement” has the meaning ascribed to such term in the
Recitals to this Agreement. 
 “Section 2.3(a) Sale Number” has the meaning ascribed to such term in
Section 2.3(a). 
 “Section 2.3(b) Sale Number” has the meaning ascribed to such term in
Section 2.3(b). 
 “Section 2.3(c) Sale Number” has the meaning ascribed to such term in
Section 2.3(c). 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC issued under such Act, as they may from time to time be in effect. 
 “Shelf Registrable Securities” has the
meaning ascribed to such term in Section 2.1(i). 
 “Shelf Registration Statement” has the meaning ascribed to
such term in Section 2.1(i). 
 “Shelf Underwriting” has the meaning ascribed to such term in
Section 2.1(j). 
 “Shelf Underwriting Notice” has the meaning ascribed to such term in
Section 2.1(j). 
 “Shelf Underwriting Request” has the meaning ascribed to such term in
Section 2.1(j). 
 “Special Registration Statement” means: (a) a registration statement relating to any
employee benefit plan; (b) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statement related to the issuance or resale of securities issued in connection with such transaction;
or (c) a registration statement related to stock issued upon conversion of debt securities. 

  
 5 

 “Subsidiary” means any direct or indirect subsidiary of the Company on the date
hereof and any direct or indirect subsidiary of the Company organized or acquired after the date hereof. 
 “THL Party” has
the meaning ascribed to such term in the Preamble. 
 “Units” has the meaning ascribed to such term in the Second A&R
LLC Agreement. 
 “Valid Business Reason” has the meaning ascribed to such term in Section 2.1(f). 

“WKSI” has the meaning ascribed to such term in Section 2.4(v). 

Section 2. Registration Rights. 

2.1. Demand Registrations. 

(a) (i) Subject to Sections 2.1(b) and 2.3, at any time and from time to time, following at least one (1) year after the
effectiveness of the registration statement on Form S-1 relating to the IPO and for so long as the applicable Investor Shareholder owns at least 7.5% of the outstanding Registrable Securities, an Investor Shareholder shall have the right to require
the Company to file one or more registration statements under the Securities Act covering all or any part of its and its Affiliates’ Registrable Securities by delivering a written request therefor to the Company specifying the number of
Registrable Securities to be included in such registration and the intended method of distribution therefor (a “Demand Registration Request”). The registration so requested is referred to herein as a “Demand
Registration” (with respect to any Demand Registration, the Investor Shareholder(s) making such demand for registration being referred to as the “Initiating Holders”). 

(ii) The Company shall give written notice (the “Demand Exercise Notice”) of such Demand Registration Request (A) to
each of Parent and the THL Party no later than five (5) Business Days after receipt of a Demand Registration Request and (B) to all other Holders of record of Registrable Securities no later than five (5) Business Days after the
filing of a registration statement pursuant to the Demand Registration Request (or, in the case of a request for the filing of an automatic shelf registration statement, five (5) Business Days after receipt of the Demand Registration Request).

 (b) The Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration (x) the Registrable
Securities of the Initiating Holders and (y) the Registrable Securities of any other Holder of Registrable Securities which shall have made a written request to the Company for inclusion in such registration pursuant to Section 2.2
(which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Participating Holder on the same terms and pursuant to the same intended method or methods of disposition as are set forth in the Demand
Registration Request of the Initiating Holder) within ten (10) days after the receipt of the Demand Exercise Notice. 
 (c) The Company
shall, subject to Section 2.1(b), use its reasonable best efforts to (x) as soon as reasonably practicable, but in no event later than sixty (60) days following receipt of a Demand Registration Request, file with the SEC the
form and other necessary documents, and, as soon as reasonably practicable after such filing, use its best efforts to cause to be declared 

  
 6 

 
effective such registration under the Securities Act (including, without limitation, by means of a shelf registration pursuant to Rule 415 under the Securities Act [if so requested and] if
the Company is then eligible to use such a registration) of the Registrable Securities which the Company has been so requested to register, for distribution in accordance with such intended method of distribution, including a distribution to, and
resale by, the members or partners of a Holder (a “Partner Distribution”) and (y) if requested by the Initiating Holders, request acceleration of the effective date of the registration statement relating to such registration.

 (d) Notwithstanding anything contained herein to the contrary, the Company shall, at the request of any Holder seeking to effect or
considering a Partner Distribution, file any Offering Document and otherwise take any action, deemed necessary or advisable by such Holder to effect such Partner Distribution. 

(e) Any Initiating Shareholder and any other Holder that has requested its Registrable Securities be included in a Demand Registration may
withdraw all or a portion of its Registrable Securities from such Demand Registration at any time prior to the effectiveness of the Demand Registration. Upon receipt of a notice to such effect (A) from the Initiating Shareholder and all other
Holders with respect to all of the Registrable Securities included by such Holders in such Demand Registration; or (B) from one or more Holders with respect to Registrable Securities held by them that would cause the anticipated aggregate
offering price (after having subtracted all underwriting discounts and commissions) to fall to $[—] or below, the Company shall cease all effort to secure effectiveness of the applicable Demand
Registration. 
 (f) Notwithstanding anything to the contrary in Section 2.1(a), the Demand Registration rights granted in
Section 2.1(a) are subject to the following limitations: (i) (x) the Company shall not be required to effect more than one (1) Demand Registration delivered by Parent pursuant to Section 2.1(a)(i) in any nine
month period (it being understood that a registration pursuant to a Piggyback Request (as defined below) by the Parent shall not constitute a Demand Registration for the purposes of this Section 2.1(f)(i)) and (y) the Company shall
not be required to effect more than one (1) Demand Registration delivered pursuant to Section 2.1(a)(i) in any nine month period from the THL Party (it being understood that a registration pursuant to a Piggyback Request by the THL
Party shall not constitute a Demand Registration for the purposes of this Section 2.1(f)(i)); (ii) each registration in respect of a Demand Registration Request made by any Holder must include, in the aggregate (based on the
Class A Common Stock included in such registration by all Holders participating in such registration), Registrable Securities having an aggregate market value of at least $50 million; and (iii) if the Board, in its good faith judgment,
determines that any registration of Registrable Securities should not be made or continued because it would materially interfere with any material financing, acquisition, corporate reorganization, merger, share exchange or other transaction or event
involving the Company or any Subsidiary and, in each case, any successor thereto, or because the Company does not yet have appropriate financial statements of acquired or to be acquired entities available for filing (in each case, a “Valid
Business Reason”), then (x) the Company may postpone filing a registration statement relating to a Demand Registration Request until five (5) Business Days after such Valid Business Reason no longer exists, but in no event for
more than 120 days after the date the Board determines a Valid Business Reason exists and (y) in case a registration statement has been filed relating to a Demand Registration Request, if the Valid Business Reason has not resulted from actions
taken by the Company, any Subsidiary, 

  
 7 

 
and, in each case, any successor thereto, the Company may, to the extent determined in the good faith judgment of the Board to be reasonably necessary to avoid interference with any of the
transactions described above, cause such registration statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration statement until five (5) Business Days after such Valid Business Reason
no longer exists, but in no event for more than 120 days after the date the Board determines a Valid Business Reason exists (such period of postponement or withdrawal under this clause (iv), the “Postponement Period”). The Company
shall give written notice of its determination to postpone or withdraw a registration statement and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, together with a certificate of such determination
signed by the Chief Executive Officer or Chief Financial Officer of the Company, in each case, promptly after the occurrence thereof; provided, however, the Company shall not be permitted to postpone or withdraw a registration
statement after the expiration of any Postponement Period until twelve (12) months after the expiration of such Postponement Period. 

If the Company shall give any notice of postponement or withdrawal of any registration statement pursuant to clause ‘(x)’ or
‘(y)’ above, the Company shall not, during the Postponement Period, register any Class A Common Stock, other than pursuant to a Special Registration Statement. Each Holder of Registrable Securities agrees that, upon receipt of any
notice from the Company that the Company has determined to withdraw, terminate or postpone amending or supplementing any registration statement pursuant to clause ‘(x)’ or ‘(y)’ above, such Holder will discontinue its disposition
of Registrable Securities pursuant to such registration statement. If the Company shall have withdrawn or prematurely terminated a registration statement filed under Section 2.1(a)(i) (whether pursuant to clause (iii) above or as a
result of any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected an effective registration for the purposes of this Agreement until the
Company shall have filed a new registration statement covering the Registrable Securities covered by the withdrawn or terminated registration statement and such registration statement shall have been declared effective and shall not have been
withdrawn. If the Company shall give any notice of withdrawal or postponement of a registration statement, the Company shall, not later than five Business Days after the Valid Business Reason that caused such withdrawal or postponement no longer
exists (but in no event later than 120 days after the date of the postponement or withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the withdrawn or postponed
registration statement in accordance with this Section 2.1 (unless the Initiating Holders shall have withdrawn such request, in which case the Company shall not be considered to have effected an effective registration for the purposes of
this Agreement), and such registration shall not thereafter be withdrawn or postponed pursuant to clause ‘(x)’ or ‘(y)’ of this Section 2.1(f). 

(g) In connection with any Demand Registration, the Majority Participating Holders shall have the right to designate the lead managing
underwriter (any lead managing underwriter for the purposes of this Agreement, the “Manager”) in connection with any underwritten offering pursuant to such registration and each other managing underwriter for any such underwritten
offering; provided, that (i) in the event that Parent is the Majority Participating Holder, and a THL Party is a Participating Holder, then such managing underwriter must be reasonably satisfactory to such THL Party, and (ii) in the event
that the THL Party is the Majority 

  
 8 

 
Participating Holder, and Parent a Participating Holder, then such managing underwriter must be reasonably satisfactory to Parent; provided, further, that, in each case, such
underwriter is reasonably satisfactory to the Company, which approval shall not be unreasonably withheld or delayed. 
 (h) The obligation
to effect a Demand Registration as described in this Section 2.1 shall be deemed satisfied only when a registration statement covering the applicable Registrable Securities shall have become effective (unless, after effectiveness, the
registration statement becomes subject to any stop order, injunction or other order of the SEC or other governmental agency, in which case the obligation shall not be deemed satisfied) and, if the method of disposition is a firm commitment
underwritten public offering, all such Registrable Securities have been sold pursuant thereto. 
 (i) Notwithstanding anything to the
contrary herein, at such time as the Company shall have qualified for the use of Form S-3 promulgated under the Securities Act or any successor form thereto and in the event that the Company files a shelf registration statement under Rule 415 of the
Securities Act pursuant to a Demand Registration Request and such shelf registration statement on Form S-3 becomes effective (such registration statement, a “Shelf Registration Statement”), the Initiating Holders with respect to
such Demand Registration Request and the Holders of other Registrable Securities registered on such Shelf Registration Statement shall have the right at any time or from time to time to elect to sell pursuant to an underwritten offering Registrable
Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect and only if the method of distribution set forth in the shelf
registration allows for sales pursuant to an underwritten offering. 
 (j) The Initiating Holders and such other Holders shall make such
election by delivering to the Company a written request (a “Shelf Underwriting Request”) for such underwritten offering to the Company specifying the number of Shelf Registrable Securities that the Holders desire to sell pursuant to
such underwritten offering (the “Shelf Underwriting”). As promptly as practicable, but no later than five (5) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the
“Shelf Underwriting Notice”) of such Shelf Underwriting Request to all other Holders of record of Shelf Registrable Securities. The Company, subject to Sections 2.3 and 2.6, shall include in such Shelf Underwriting
(x) the Registrable Securities of the Initiating Holders and (y) the Shelf Registrable Securities of any other Holder of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf
Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within seven (7) days after the receipt of the Shelf Underwriting Notice. The Company shall, as
expeditiously as possible (and in any event within twenty (20) days after the receipt of a Shelf Underwriting Request), but subject to Section 2.1(b), use its reasonable best efforts to facilitate such Shelf Underwriting.
Notwithstanding the foregoing, if an Investor Shareholder wishes to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing an automatic shelf registration statement or through a take-down from an already
existing Shelf Registration Statement), then notwithstanding the foregoing time periods, the Investor Shareholder only needs to notify the Company of the block trade Shelf Underwriting on the day such offering is to commence and the Company shall
notify other Holders and other Holders must elect whether or 

  
 9 

 
not to participate on the day such offering is to commence, and the Company shall as expeditiously as possible use its reasonable best efforts (including co-operating with such Investor
Shareholder with respect to the provision of necessary information) to facilitate such shelf offering (which may close as early as three (3) business days after the date it commences), provided that in the case of such underwritten block trade,
only Investor Shareholder shall have a right to notice and to participate, and provided, further, that the Investor Shareholder requesting such underwritten block trade shall use commercially reasonable efforts to work with the Company
and the underwriters prior to making such request in order to facilitate preparation of Offering Documents related to the underwritten block trade. The Company shall, at the request of any Initiating Holder or any other Holder of Registrable
Securities registered on such Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration statement (as defined in Section 2.4), any post-effective
amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Company to effect such Shelf Underwriting. Once a Shelf Registration Statement has been declared effective, the
Holders of Registrable Securities may request, and the Company shall be required to facilitate, an unlimited number of Shelf Underwritings with respect to such Shelf Registration Statement. Notwithstanding anything to the contrary in this
Section 2.1(j), each Shelf Underwriting must include, in the aggregate (based on the Class A Common Stock included in such Shelf Underwriting by all Holders participating in such Shelf Underwriting), units of Class A Common
Stock having an aggregate market value of at least $50 million. The Company agrees to use commercially reasonable efforts to keep each Shelf Registration Statement continuously effective until the earliest to occur of (i) the date specified by
the Shelf Requesting Holder, if any, (ii) the day after the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement, and (iii) the first date on
which there shall cease to be any Registrable Securities covered by such Shelf Registration Statement. 
 2.2. Piggyback
Registrations. 
 (a) If the Company proposes or is required (pursuant to Section 2.1 or otherwise) to register any of its
equity securities for its own account or for the account of any other shareholder under the Securities Act (other than pursuant to a Special Registration Statement), the Company shall give prompt written notice of its intention to do so to each of
the Holders of record of Registrable Securities, at least ten (10) Business Days prior to the filing of any registration statement under the Securities Act or earlier as required pursuant to Section 2.1 or otherwise. 

(b) Upon the written request of any Holder desiring to have Registrable Securities registered under this Section 2.2 (a
“Piggyback Request”), made within ten (10) days following the receipt of written notice from the Company pursuant to Section 2.3(a) (which request shall specify the maximum number of Registrable Securities intended
to be disposed of by such Holder and the intended method of distribution thereof), the Company shall, subject to Sections 2.2(e), 2.3 and 2.6 hereof, use its reasonable best efforts to cause all such Registrable Securities, the
Holders of which have so requested the registration thereof, to be registered under the Securities Act with the securities which the Company at the time proposes to register to permit the sale or other disposition by the Holders (in accordance with
the intended method of distribution thereof) of the Registrable Securities to be so registered, including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the
prospectus related thereto (the “Piggyback Registration”). 

  
 10 

 (c) There is no limitation on the number of Piggyback Requests that may be made by Holders
pursuant to the preceding sentence which the Company is obligated to effect. No registration of Registrable Securities effected under this Section 2.2(c) shall relieve the Company of its obligations to effect Demand Registrations under
Section 2.1 hereof. Notwithstanding the foregoing, if an Eligible Block Participant wishes to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing an automatic shelf registration statement or
through a take-down from an already existing Shelf Registration Statement), then notwithstanding the foregoing time periods, the Holder only needs to notify the Company of the block trade Shelf Underwriting on the day such offering is to commence
and the Company shall notify other Holders and other Holders must elect whether or not to participate on the day such offering is to commence, and the Company shall as expeditiously as possible use its reasonable best efforts (including co-operating
with such Holder with respect to the provision of necessary information) to facilitate such shelf offering (which may close as early as three (3) business days after the date it commences), provided that in the case of such underwritten
block trade, only Eligible Block Participants shall have a right to notice and to participate, and provided, further, that the Holder requesting such underwritten block trade shall use commercially reasonable efforts to work with the
Company and the underwriters prior to making such request in order to facilitate preparation of Offering Documents related to the underwritten block trade. 

(d) The Company, subject to Sections 2.3 and 2.6, may elect to include in any registration statement and offering pursuant to
demand registration rights by any Person, (i) authorized but unissued shares of Class A Common Stock and (ii) any other shares of Class A Common Stock which are requested to be included in such registration pursuant to the
exercise of piggyback registration rights granted by the Company after the date hereof and which are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this Agreement (“Additional Piggyback
Rights”); provided, however, that, with respect to any underwritten offering, such inclusion shall be permitted only to the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or
arrangements, if any, entered into by the Majority Participating Holders in such underwritten offering. 
 (e) If, at any time after giving
written notice of its intention to register any equity securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay
registration of such equity securities, the Company may, at its election, give written notice of such determination to all Holders of record of Registrable Securities and (i) in the case of a determination not to register, shall be relieved of
its obligation to register any Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of Holders under Section 2.1, and (ii) in the case of a determination to delay such
registration of its equity securities, shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity securities. 

(f) Any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant
to this Section 2.2 by giving written notice to the Company of its request to withdraw; provided, however, that such request must be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of
the custody agreement with respect to such registration. 

  
 11 

 (g) The Company shall use commercially reasonable efforts to maintain the effectiveness of the
registration statement relating to any Piggyback Registration for a period of at least 180 days after the effective date thereof or such shorter period in which all Registrable Securities included in such registration statement have actually been
sold. 
 2.3. Allocation of Securities Included in Registration Statement. 

(a) If any requested registration made pursuant to Section 2.1 (including a Shelf Underwriting) involves an underwritten offering
and the Manager of such offering shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering by the Holders of Registrable Securities, the Company, any Subsidiary, and, in each case,
any successor thereto, or any other Persons exercising Additional Piggyback Rights exceeds the highest number (the “Section 2.3(a) Sale Number”) that can be sold in an orderly manner in such underwritten offering within a price
range acceptable to the Majority Participating Holders, the Company shall use its reasonable best efforts to include in such underwritten offering: 

(i) first, all Registrable Securities requested to be included in such underwritten offering by the Holders thereof (including
pursuant to the exercise of piggyback rights pursuant to Section 2.2); provided, however, that if the number of such Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such Registrable Securities
(not to exceed the Section 2.3(a) Sale Number) to be included in such underwritten offering shall be allocated on a pro rata basis among all Holders requesting that Registrable Securities be included in such underwritten offering, based
on the number of Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion; 

(ii) second, to the extent that the number of Registrable Securities to be included pursuant to clause (i) of this
Section 2.3(a) is less than the Section 2.3(a) Sale Number, any securities that the Company proposes to register; provided that the number of such securities when aggregated with that number of Registrable Securities to be
included pursuant to clause (i), totals no more than the Section 2.3(a) Sale Number; and 
 (iii) third, to the
extent that the number of Registrable Securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, the remaining Registrable Securities to be
included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback
Shares”), based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion; provided that the number of such securities
when aggregated with that number of Registrable Securities to be included pursuant to clauses (i) and (ii) totals no more than the Section 2.3(a) Sale Number. 

  
 12 

 (b) If any registration or offering made pursuant to Section 2.2 involves an
underwritten primary offering on behalf of the Company after the date hereof and the Manager shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering by the Holders of Registrable
Securities, the Company or any other Persons exercising Additional Piggyback Rights exceeds the highest number (the “Section 2.3(b) Sale Number”) that can be sold in an orderly manner in such underwritten offering within a price
range acceptable to the Company, the Company shall include in such underwritten offering: 
 (i) first, all equity securities
that the Company proposes to register for its own account; 
 (ii) second, to the extent that the number of Registrable
Securities to be included pursuant to clause (1) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on
a pro rata basis among all Holders requesting that Registrable Securities be included in such underwritten offering pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on the number of Registrable Securities then
owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion; provided that the number of such remaining Registrable Securities when aggregated with
that number of equity securities to be included pursuant to clause (i), totals no more than the Section 2.3(b) Sale Number; and 

(iii) third, to the extent that the number of Registrable Securities to be included pursuant to clauses (i) and
(ii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that
securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback
Shares owned by all Persons requesting inclusion; provided that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clauses (i) and (ii) totals no more than the
Section 2.3(b) Sale Number. 
 (c) If any registration pursuant to Section 2.2 involves an underwritten offering
that was initially requested by any Person(s) other than a Holder to whom the Company has granted registration rights which are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this Agreement and the Manager
shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering exceeds the number (the “Section 2.3(c) Sale Number”) that can be sold in an orderly manner in such
underwritten offering within a price range acceptable to the Company, the Company shall include in such underwritten offering: 

(i) first, the shares requested to be included in such underwritten offering shall be allocated on a pro rata basis among such
Person(s) requesting the registration and all Holders requesting that Registrable Securities be included in such underwritten offering pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on the aggregate number of
securities or Registrable Securities, as applicable, then owned by each of the foregoing requesting inclusion in relation to the aggregate number of securities or Registrable Securities, as applicable, owned by all such Holders and Persons
requesting inclusion, up to the Section 2.3(c) Sale Number; 

  
 13 

 (ii) second, to the extent that the number of Registrable Securities to be
included pursuant to clause (i) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis
among all Persons requesting that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the
aggregate number of Piggyback Shares owned by all Persons requesting inclusion; provided that the number of such remaining Registrable Securities when aggregated with that number of shares requested to be included pursuant to clause (i),
totals no more than the Section 2.3(c) Sale Number; and 
 (iii) third, to the extent that the number of
Registrable Securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten
offering shall be allocated to shares the Company proposes to register for its own account; provided that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clauses (i) and
(ii) totals no more than the Section 2.3(c) Sale Number. 
 (d) If, as a result of the proration provisions set forth in
clauses (a), (b) or (c) of this Section 2.3, any Holder shall not be entitled to include all Registrable Securities in an underwritten offering that such Holder has requested be included, such Holder may elect to withdraw such
Holder’s request to include Registrable Securities in the registration to which such underwritten offering relates or may reduce the number requested to be included; provided, however, that (x) such request must be made in writing prior to
the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction,
such Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduce; provided, further,
that in the event that a withdrawal or reduction pursuant to this Section 2.3(d) reduces the number of Registrable Securities to be included in an offering to fewer than the Section 2.3(a) Sale Number, the Section 2.3(b) Sale
Number or the Section 2.3(c) Sale Number, as applicable, then the priority according to which any additional Registrable Securities shall be included therein shall be as set forth in Section 2.3(a), Section 2.3(b) or
Section 2.3(c), applicable. 

  
 14 

 2.4. Registration Procedures. If and whenever the Company is required by the provisions of
this Agreement to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement (or use best efforts or reasonable best efforts to accomplish the same), the Company shall, as expeditiously as
possible: 
 (a) prepare and file with the SEC a registration statement on an appropriate registration form of the SEC for the disposition
of such Registrable Securities in accordance with the intended method of disposition thereof (including, without limitation, a Partner Distribution), which registration form (i) shall be selected by the Company and (ii) shall, in the case
of a shelf registration, be available for the sale of the Registrable Securities by the selling Holders thereof and such registration statement shall comply as to form in all material respects with the requirements of the applicable registration
form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its reasonable best efforts to cause such registration statement to become effective and remain continuously effective for such period as
any Participating Holder pursuant to such registration statement shall request, and no less than 180 days, (provided, however, that as far in advance as reasonably practicable before filing an Offering Document, or before sending a response to an
SEC comment letter prior to any such filing, the Company will furnish to one counsel for the Holders participating in the planned offering (selected by the Majority Participating Holders) and to one counsel for the Manager, if any, copies of
reasonably complete drafts of all such documents proposed to be filed (including all exhibits thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), which documents will be
subject to the reasonable review and reasonable comment of such counsel (including any objections to any information pertaining to any Participating Holder and its plan of distribution and otherwise to the extent necessary, if at all, to complete
the filing or maintain the effectiveness thereof), and the Company shall make the changes reasonably requested by such counsel and shall not file any Offering Document to which the Majority Participating Holders or the underwriters, if any, shall
reasonably object, provided that, notwithstanding the foregoing, in no event shall the Company be required to file any document with the SEC which in the view of the Company or its counsel does not comply with the requirements of the
Securities Act or of the rules of regulations thereunder or contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make any statement therein not misleading; 

(b) (i) prepare and file with the SEC such amendments, post-effective amendments and supplements (including, without limitation, any reports
required to be filed pursuant to the Exchange Act) to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement continuously effective for such period as any Participating
Holder pursuant to such registration statement shall request and to comply with the provisions of the Securities Act with respect to the sale or other disposition of all Registrable Securities covered by such registration statement in accordance
with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement; provided, however, that the Company may discontinue any registration of its securities that cease to be Registrable Securities; and
(ii) provide notice to such sellers of Registrable Securities and the Manager, if any, of the Company’s reasonable determination that a post-effective amendment to a registration statement would be appropriate; 

(c) furnish, without charge, to each Participating Holder and each underwriter, if any, of the securities covered by such registration
statement such number of copies of such registration statement, each amendment and supplement thereto (in each case including all 

  
 15 

 
exhibits), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act, each free writing prospectus utilized in connection therewith, in each case, in all material respects in conformity with the requirements of the Securities Act or of the rules or regulations thereunder, and other documents, as such
seller and underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of each
such Offering Document by each such Participating Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

(d) use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other
securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any, shall reasonably request in writing, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions (including keeping such registration or qualification in effect for so long as such registration
statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (d), be required to be so
qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

(e) promptly notify each Participating Holder and each managing underwriter, if any and, if requested by any such Person, confirm such notice
in writing: (i) when the registration statement or any other Offering Document has been filed with the SEC and, with respect to the Offering Document, when the same has become effective; (ii) of any comment letter or request by the SEC or
state securities authority for amendments or supplements to the registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the
registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities
or state “blue sky” laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of any fact of which the Company becomes aware which results in the Offering Document or the information
conveyed to any purchaser at the time of sale to such purchaser containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; and
(vi) if at any time the representations and warranties contemplated by any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; and,
if the notification relates to an event described in clause (v), unless the Company has declared that a Postponement Period exists, the Company shall promptly prepare and furnish to each such seller and each underwriter, if any, a reasonable number
of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading; 

  
 16 

 (f) comply (and continue to comply) with all applicable rules and regulations of the SEC
(including, without limitation, maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) in accordance with the Exchange
Act), and make generally available to its security holders, as soon as reasonably practicable after the effective date of the registration statement (and in any event within forty-five (45) days, or ninety (90) days if it is a fiscal year,
after the end of such twelve month period described hereafter), an earnings statement (which need not be audited) covering the period of at least twelve (12) consecutive months beginning with the first day of the Company’s first calendar
quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(g) (i) (A) cause all such Registrable Securities covered by such registration statement to be listed on the principal securities
exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (B) if no similar securities are then so listed, to either
cause all such Registrable Securities to be listed on a national securities exchange or to secure designation of all such Registrable Securities as a Nasdaq National Market “national market system security” within the meaning of Rule
11Aa2-1 of the Exchange Act or, failing that, secure Nasdaq National Market authorization for such shares and, without limiting the generality of the foregoing, take all actions that may be required by the Company as the issuer of such Registrable
Securities in order to facilitate the managing underwriter’s arranging for the registration of at least two market makers as such with respect to such shares with FINRA, and comply (and continue to comply) with the requirements of any
self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements; 
 (h) (i)
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; (ii) instruct such transfer agent
(A) to release, on such effective date, any stop transfer order with respect to the certificates with respect to the Registrable Securities being sold, and (B) to furnish certificates without restrictive legends representing ownership of
the shares being sold, in such denominations requested by the sellers of the Registrable Securities or any managing underwriter; and (iii) in the case of any secondary equity offering, provide and enter into any reasonable agreements with a
custodian for the Registrable Securities; 
 (i) enter into such customary agreements (including, if applicable, an underwriting agreement)
and take such other actions as the Majority Participating Holders or the underwriters shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Holders of the Registrable
Securities which are to be distributed by any underwriters shall be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Holders the representations, warranties and
covenants of the Company which are being made to and for the benefit of such underwriters); 
 (j) use its reasonable best efforts
(i) to obtain an opinion from the Company’s counsel and a “cold comfort” letter and updates thereof from the independent public accountants who have certified the Company’s financial statements (and/or any other financial
statements) 

  
 17 

 
included or incorporated by reference in such registration statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and “cold
comfort” letters (including, in the case of such “cold comfort” letter, events subsequent to the date of such financial statements) delivered to underwriters in underwritten public offerings, which opinion and letter shall be dated
the dates such opinions and “cold comfort” letters are customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and to the Majority Participating Holders, and (ii) furnish to each Participating Holder upon
its request and to each underwriter, if any, a copy of such opinion and letter addressed to such underwriter; 
 (k) deliver promptly to
counsel for each Participating Holder and to each managing underwriter, if any, copies of all correspondence between the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to
the registration statement, and, upon receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection by counsel for each Participating Holder, by counsel for any underwriter participating
in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any Participating Holder or any such underwriter, (collectively, the “Inspectors”), all pertinent
financial and other records, pertinent corporate documents and properties of the Company (the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and to use reasonable best
efforts to cause applicable personnel and representatives of the Company to meet with the Inspectors (if so requested) and to supply the information reasonably requested by any such Inspector in connection with such registration statement; 

(l) use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of the
registration statement, or the lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction, in each case, as promptly as reasonably practicable; 

(m) provide a CUSIP number for all Registrable Securities, not later than the effective date of the registration statement; 

(n) use its reasonable best efforts to make available its employees and personnel for participation in “road shows” and other
marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the businesses of the Company, any Subsidiary, and, in each case, any successor thereto, and the requirements of the marketing
process) in the marketing of Registrable Securities in any underwritten offering; 
 (o) promptly prior to the filing of any document which
is to be incorporated by reference into the registration statement or the prospectus (after the initial filing of such registration statement), and prior to the filing or use of any free writing prospectus, provide copies of such document to counsel
for each Participating Holder and to each managing underwriter, if any, and make the representatives of the Company, any Subsidiary, and, in each case, any successor thereto, reasonably available for discussion of such document and make such changes
in such document concerning the Participating Holders prior to the filing thereof as counsel for such Participating Holders or underwriters may reasonably request (provided that, notwithstanding the foregoing, in no event shall the Company be
required to file any document 

  
 18 

 
with the SEC which in the view of the Company or its counsel contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make
any statement therein not misleading); 
 (p) furnish to counsel for each Participating Holder upon its request and to each managing
underwriter, without charge, upon request, at least one conformed copy of the registration statement and any post-effective amendments or supplements thereto, including financial statements and schedules, all documents incorporated therein by
reference, the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and all exhibits (including those
incorporated by reference) and any free writing prospectus utilized in connection therewith; 
 (q) cooperate with the Participating Holders
and the managing underwriter, if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in
such denominations and registered in such names in accordance with the underwriting agreement at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with
the instructions of the Participating Holders at least two (2) Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect
thereof (and, in the case of Registrable Securities registered on a Shelf Registration Statement, at the request of any Holder, prepare and deliver certificates representing such Registrable Securities not bearing any restrictive legends and deliver
or cause to be delivered an opinion or instructions to the transfer agent in order to allow such Registrable Securities to be sold from time to time); 

(r) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any
prohibition is applicable to the Company, the Company will use its reasonable best efforts to make any such prohibition inapplicable; 
 (s)
use its reasonable best efforts to cause the Registrable Securities covered by the applicable registration statement to be registered with or approved by such other governmental agencies, authorities or self-regulatory bodies (including any filings
as may be required to be made with FINRA) as may be necessary by virtue of the business and operations of the Company, any Subsidiary, and, in each case, any successor thereto, to enable the Participating Holders or the underwriters, if any, to
consummate the disposition of such Registrable Securities, in accordance with the intended method or methods of disposition thereof; 
 (t)
take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities; 

(u) take all reasonable action to ensure that any free writing prospectus utilized in connection with any registration covered by
Section 2.1 or 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required
thereby and, when taken together with the related prospectus, prospectus supplement and related documents, 

  
 19 

 
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; and 
 (v) in connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of
sale includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, promptly file with the SEC such
amendments or supplements to such information as may be necessary so that the statements as so amended or supplemented will not, in light of the circumstances, be misleading. 

To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”) at the
time any Demand Registration Request is submitted to the Company, and such Demand Registration Request requests that the Company file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “automatic
shelf registration statement”) on Form S-3, the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested to be registered. The Company shall use its commercially reasonable
best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such automatic shelf registration statement is required to remain effective. 

If the Company does not pay the filing fee covering the Registrable Securities at the time the automatic shelf registration statement is
filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold. If the automatic shelf registration statement has been outstanding for at least three (3) years, at the end of the third year the
Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its
commercially reasonable best efforts to refile the shelf registration statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is
required to be kept effective. 
 If the Company files any shelf registration statement for the benefit of the holders of any of its
securities other than the Holders, and the Holders do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that it shall include in such registration statement such disclosures as may be
required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such
shelf registration statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. 
 The
Company may require as a condition precedent to the Company’s obligations under this Section 2.4 that each Participating Holder as to which any registration is being effected furnish the Company such information regarding such
seller and the distribution of such securities as the Company may from time to time reasonably request provided that such information is necessary for the Company to consummate such registration and shall be used only in connection with such
registration or as shall be required by law in connection with the action taken by the Company. 

  
 20 

 Each Holder of Registrable Securities agrees that upon receipt of any notice from the Company of
the happening of any event of the kind described in clause (v) of paragraph (e) of this Section 2.4, such Holder will discontinue such Holder’s disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4 and, if so directed by the Company, will deliver
to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. In
the event the Company shall give any such notice, the applicable period mentioned in paragraph (b) of this Section 2.4 shall be extended by the number of days during such period from and including the date of the giving of
such notice to and including the date when each Participating Holder covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this
Section 2.4. 
 If any such registration statement or comparable statement under state “blue sky” laws refers to any
Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect
that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such Holder will assist
in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act or any
similar federal statute or any state “blue sky” or securities law then in force, the deletion of the reference to such Holder. 

2.5. Registration Expenses. 

(a) The Company shall pay all Expenses with respect to any registration or offering of Registrable Securities pursuant to
Section 2, whether or not a registration statement becomes effective or the offering is consummated. 
 (b) Notwithstanding the
foregoing, (x) the provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these expense provisions to comply with state “blue sky” laws of each state in which the offering is made and
(y) in connection with any underwritten offering hereunder, each Participating Holder shall pay all underwriting discounts and commissions and any transfer taxes, if any, attributable to the sale of such Registrable Securities, pro rata with
respect to payments of discounts and commissions in accordance with the number of shares sold in the offering by such Holder. 
 2.6.
Certain Limitations on Registration Rights. In the case of any registration under Section 2.1 involving an underwritten offering, or, in the case of a registration under Section 2.2, if the Company has determined to
enter into an underwriting agreement in connection therewith, 

  
 21 

 
all securities to be included in such underwritten offering shall be subject to such underwriting agreement and no Person may participate in such underwritten offering unless such Person
(i) agrees to sell such Person’s securities on the basis provided therein and completes and executes all reasonable questionnaires, and other customary documents (including custody agreements and powers of attorney) which must be executed
in connection therewith; provided, however, that all such documents shall be consistent with the provisions hereof and (ii) provides such other information to the Company or the underwriter as may be necessary to register such Person’s
securities. 
 2.7. Limitations on Sale or Distribution of Other Securities. 

(a) Each Holder agrees, (i) to the extent requested in writing by a managing underwriter, if any, of any underwritten public offering
pursuant to a registration or offering effected pursuant to Section 2.1, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Class A Common Stock, or any other equity
security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering) during the time period reasonably requested by the managing
underwriter, not to exceed ninety (90) days (plus any required seventeen (17) day lockup extension periods) or such shorter period as the managing underwriter shall agree to, provided that (x) such shorter period shall apply to
all Holders who are subject to such period and (y) if a managing underwriter of an offering releases any Holder of its obligations under this Section 2.7(a)(i), all other Holders shall be released from their obligations under this
Section 2.7(a)(i), on a pro rata basis, in accordance with the number of Registrable Securities held by them at such time (and the Company hereby also so agrees (except that the Company may effect any sale or distribution of any such
securities pursuant to a Special Registration Statement which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Common Stock Equivalent), to use its reasonable best
efforts to cause each holder of any equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering so to agree); and
(ii) to the extent requested in writing by a managing underwriter of any underwritten public offering effected by the Company for its own account (including without limitation any offering in which one or more Holders is selling Class A
Common Stock pursuant to the exercise of piggyback rights under Section 2.2 hereof), it will not sell any Class A Common Stock (other than as part of such underwritten public offering) during the time period reasonably requested by
the managing underwriter, which period shall not exceed ninety (90) days (plus any required seventeen (17) day lockup extension periods) or such shorter period as the managing underwriter shall agree to, provided that (x) such
shorter period shall apply to all Holders who are subject to such period and (y) if a managing underwriter of an offering releases any Holder of its obligations under this Section 2.7(a)(ii), all other Holders shall be released from
their obligations under this Section 2.7(a)(ii), on a pro rata basis, in accordance with the number of Registrable Securities held by them at such time (and the Company hereby also so agrees (except that the Company may effect any sale
or distribution of any such securities pursuant to a Special Registration Statement which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Common Stock Equivalent), to
use its reasonable best efforts to cause each holder of any equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering
so to agree). 

  
 22 

 (b) The Company hereby agrees that, in connection with an offering pursuant to
Section 2.1 or 2.2, the Company shall not sell, transfer, or otherwise dispose of, any Class A Common Stock, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any
equity security of the Company (other than as part of such Public Offering, or other than pursuant to a Special Registration Statement which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of
any then outstanding Common Stock Equivalent), until a period of ninety (90) days (or such shorter period to which the Majority Participating Holders shall agree) shall have elapsed from the pricing date of such offering (in each case plus
customary seventeen (17) day lockup extension periods); and the Company shall (i) so provide in any registration rights agreements hereafter entered into with respect to any of its securities and (ii) use its reasonable best efforts
to cause each holder of any equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering to so agree. 

2.8. No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell
any Registrable Securities pursuant to any effective registration statement. 
 2.9. Indemnification. 

(a) In the event of any registration or offer and sale of any securities of the Company under the Securities Act pursuant to this
Section 2, the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by law, each Participating Holder, its directors, officers, fiduciaries, employees, stockholders, members or
general and limited partners (and the directors, officers, fiduciaries, employees, stockholders, members or general and limited partners thereof), each other Person who participates as a seller (and its directors, officers, fiduciaries, employees,
stockholders, members or general and limited partners), underwriter or Qualified Independent Underwriter, if any, in the offering or sale of such securities, each officer, director, employee, stockholder, fiduciary, managing director, agent,
affiliate, consultant, representative, successor, assign or partner of such underwriter or Qualified Independent Underwriter, and each other Person, if any, who controls such seller or any such underwriter or Qualified Independent Underwriter within
the meaning of the Securities Act, from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of counsel and any amounts
paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities Act or otherwise in respect thereof
(collectively, “Claims”), insofar as such Claims arise out of or are based upon(i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement under which such securities were registered
under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a
material fact contained in any Offering Document, or the omission or alleged omission to state therein a 

  
 23 

 
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) any
untrue statement or alleged untrue statement of a material fact in the information conveyed by the Company to any purchaser at the time of the sale to such purchaser, or the omission or alleged omission to state therein a material fact required to
be stated therein, or (iv) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such registration, and
the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, however,
that the Company shall not be liable to any such indemnified party in any such case to the extent such Claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a
material fact made in such Offering Document in reliance upon written information furnished to the Company by or on behalf of such indemnified party for use therein. Such indemnity and reimbursement of expenses shall remain in full force and effect
regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such seller. 

(b) Each Participating Holder (and, if the Company requires as a condition to including any Registrable Securities in any registration
statement filed in accordance with Section 2.1 or 2.2, any underwriter and Qualified Independent Underwriter, if any) shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set
forth in paragraph (a) of this Section 2.9) to the extent permitted by law the Company, its Subsidiaries (and, in each case, any successor thereto) officers and directors, each Person controlling the Company within the
meaning of the Securities Act and all other prospective sellers and their directors, officers, stockholders, fiduciaries, managing directors, agents, affiliates, consultants, representatives, successors, assigns or general and limited partners and
respective controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such Offering Document, if such statement or alleged statement or
omission or alleged omission was made in reliance upon and in strict conformity with written information furnished to the Company or its representatives by or on behalf of such Participating Holder or underwriter or Qualified Independent
Underwriter, if any, specifically for use therein, and each such Participating Holder, underwriter or Qualified Independent Underwriter, if any, shall reimburse such indemnified party for any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, however, that the aggregate amount which any such Participating Holder shall be required to pay pursuant to this
Section 2.9 (including pursuant to indemnity, contribution or otherwise) shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of the Registrable Securities pursuant to the
registration statement giving rise to such Claim; provided further that such Participating Holder shall not be liable in any such case to the extent that prior to the filing of any such Offering Document which corrected or made not
misleading information previously furnished to the Company. The Company and each Participating Holder hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such Participating Holders to the contrary, for all purposes
of this Agreement, the only information furnished or to be furnished to the Company for use in any such Offering Document are statements specifically relating to (i) the Beneficial 

  
 24 

 
Ownership of shares of Class A Common Stock by such Participating Holder and its Affiliates as disclosed in the section of such document entitled “Selling Stockholders” or
“Principal and Selling Stockholders” or other documents thereof and (ii) the name and address of such Participating Holder. If any additional information about such Holder or the plan of distribution (other than for an underwritten
offering) is required by law to be disclosed in any such document, then such Holder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence. Such indemnity and reimbursement of expenses shall remain in full
force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder. 

(c) Indemnification similar to that specified in the preceding paragraphs (a) and (b) of this Section 2.9
(with appropriate modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any applicable securities and state “blue sky” laws. 

(d) Any Person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of
any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its
obligations under the preceding paragraphs of this Section 2.9, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not relieve the indemnifying party from any liability which it may have
to any indemnified party otherwise than under this Section 2. In case any action or proceeding is brought against an indemnified party and such indemnified party shall have notified the indemnifying party of the commencement thereof (as
required above), the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in
respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within twenty (20) days after receiving notice from such
indemnified party that the indemnified party believes it has failed to do so; or (ii) if such indemnified party who is a defendant in any action or proceeding which is also brought against the indemnifying party reasonably shall have concluded
that there may be one or more legal or equitable defenses available to such indemnified party which are not available to the indemnifying party or which may conflict with those available to another indemnified party with respect to such Claim; or
(iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense
as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to the extent any indemnified party or parties reasonably shall have made a conclusion described in clause (ii) or
(iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any

  
 25 

 
judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual
or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. 
 (e) If for any
reason the foregoing indemnity is unavailable, unenforceable or is insufficient to hold harmless an indemnified party under Sections 2.9(a), (b) or (c), then each applicable indemnifying party shall contribute to the amount
paid or payable to such indemnified party as a result of any Claim in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such
Claim. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding
sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative
benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant to this Section 2.9(e)
were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this Section 2.9(e). The amount paid or payable in
respect of any Claim shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this Section 2.9(e) to the contrary, no
indemnifying party (other than the Company, any Subsidiary, and, in each case, any successor thereto) shall be required pursuant to this Section 2.9(e) to contribute any amount greater than the amount of the net proceeds received by such
indemnifying party from the sale of Registrable Securities pursuant to the registration statement giving rise to such Claim, less the amount of any indemnification payment made by such indemnifying party pursuant to Sections 2.9(b) and
(c). In addition, no Holder of Registrable Securities or any Affiliate thereof shall be required to pay any amount under this Section 2.9(e) unless such Person or entity would have been required to pay an amount pursuant to
Section 2.9(b) if it had been applicable in accordance with its terms. 
 (f) The indemnity and contribution agreements
contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation
made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party. 

(g) The indemnification and contribution required by this Section 2.9 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as 

  
 26 

 
and when bills are received or expense, loss, damage or liability is incurred; provided, however, that the recipient thereof hereby undertakes to repay such payments if and to the extent it shall
be determined by a court of competent jurisdiction that such recipient is not entitled to such payment hereunder. 
 2.10. Limitations on
Registration of Other Securities; Representation. From and after the date of this Agreement, the Company shall not, without the prior written consent of (i) Holders holding more than 50% of the Registrable Securities and (ii) Parent
and THL Party, in each to case, to the extent that such Person holds twenty-five percent (25)% of the Registrable Securities held as of the date hereof, enter into any agreement with any holder or prospective holder of any securities of the Company
giving such holder or prospective holder any registration rights the terms of which are more favorable taken as a whole than the registration rights granted to the Holders hereunder unless the Company shall also give such rights to such Holders.

 2.11. No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities that is
inconsistent in any material respects with the rights granted to the Holders in this Agreement. 
 Section 3. Underwritten
Offerings. 
 3.1. Requested Underwritten Offerings. If requested by the underwriters for any underwritten offering pursuant to a
registration requested under Section 2.1, the Company shall enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall (i) be satisfactory in form and substance to the Majority
Participating Holders, (ii) contain terms not inconsistent with the provisions of this Agreement and (iii) contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are
generally prevailing in agreements of that type, including, without limitation, indemnities and contribution agreements on substantially the same terms as those contained herein. In connection with a registration requested under
Section 2.1, any Participating Holder shall be a party to such underwriting agreement and may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and
for the benefit of such underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions
precedent to the obligations of such Participating Holder; provided, however, that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a Participating
Holder for inclusion in the registration statement. In connection with a registration requested under Section 2.1, unless otherwise agreed by the respective Participating Holders and the underwriters, each such Participating Holder shall
not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Participating Holder, its ownership of and title to the Registrable
Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended method of distribution; and any liability of such Participating Holder to any underwriter or other
Person under such underwriting agreement for indemnity, contribution or otherwise shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to such
registration statement and in no event shall relate to anything other than information about such Holder specifically provided by such Holder for use in the registration statement and prospectus. 

  
 27 

 3.2. Piggyback Underwritten Offerings. In the case of a registration pursuant to
Section 2.2, if the Company shall have determined to enter into an underwriting agreement in connection therewith, all of the Participating Holders’ Registrable Securities to be included in such registration shall be subject to such
underwriting agreement. In the case of a registration pursuant to Section 2.2, any Participating Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the
Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be
conditions precedent to the obligations of such Participating Holder; provided that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a Participating
Holder for inclusion in the registration statement. In the case of a registration pursuant to Section 2.2, unless otherwise agreed by the respective Participating Holders and the underwriters, each such Participating Holder shall not be
required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Participating Holder, its ownership of and title to the Registrable
Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended method of distribution; and any liability of such Participating Holder to any underwriter or other
Person under such underwriting agreement shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to such registration statement and in no event shall
relate to anything other than information about such Holder specifically provided by such Holder for use in the registration statement and prospectus. 

Section 4. General 

4.1. Adjustments Affecting Registrable Securities. The Company agrees that it shall not effect or permit to occur any combination or
subdivision of shares of Class A Common Stock which in the judgment of a managing underwriter of any underwritten offering of the Company’s securities would adversely affect the ability of any Holder of any Registrable Securities to
include such Registrable Securities in any registration contemplated by this Agreement or the marketability of such Registrable Securities in any such registration. The Company agrees that it will take all reasonable steps necessary to effect a
subdivision of shares of Class A Common Stock if in the reasonable judgment of (a) the Majority Participating Holders or (b) the Manager for the offering in respect of such Demand Registration Request, such subdivision would enhance
the marketability of the Registrable Securities. Subject to the Second A&R LLC Agreement, the Second A&R LLC Agreement, the Amended and Restated Certificate of Incorporation of the Company, dated as of the date hereof (as amended from time
to time) and the Amended and Restated Bylaws of the Company, dated as of the date hereof (as amended from time to time) (in each case, as in effect at the time and as applicable), each Holder agrees to vote all of its units or shares of capital
stock (as applicable) in a manner, and to take all other actions necessary, to permit the Company to carry out the intent of the preceding sentence including, without limitation, voting in favor of an amendment to the Company’s organizational
documents in order to increase the number of authorized shares of capital stock of the Company 

  
 28 

 
(and any related increase in the number of authorized Units). In any event, the provisions of this Agreement shall apply, to the full extent set forth herein with respect to the Registrable
Securities, to any and all shares of capital stock of the Company, any successor or assign of the Company (whether by merger, share exchange, consolidation, sale of assets or otherwise) or any Subsidiary of the Company which may be issued in respect
of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. 

4.2. Rule 144 and Rule 144A. If the Company shall have filed a registration statement pursuant to the requirements of Section 12
of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Class A Common Stock or Common Stock Equivalents, the Company covenants that (i) so long as it remains subject to the
reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to
in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available
other information so long as necessary to permit sales by such Holder under Rule 144, Rule 144A under the Securities Act, as such Rule may be amended (“Rule 144A”), or any similar rules or regulations hereafter adopted by the SEC,
and (ii) it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (A) Rule 144, (B) Rule 144A or (C) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder
a written statement as to whether it has complied with such requirements. 
 4.3. Nominees for Beneficial Owners. If Registrable
Securities are held by a nominee for the Beneficial Owner thereof the Beneficial Owner thereof may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of
Registrable Securities pursuant to this Agreement (or any determination of any number or percentage of shares constituting Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this Agreement), provided
that the Company shall have received assurances reasonably satisfactory to it of such Beneficial Ownership. 
 4.4. Amendments and
Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective against the Company or any Holder unless such modification, amendment or waiver is approved in writing by
(i) the Company, (ii) the Holders holding a majority of the Registrable Securities then held by all Holders and (iii) Parent and THL Party, in each to case, to the extent that such Person holds twenty-five percent (25)% of the
Registrable Securities held as of the date hereof; provided that any amendment, modification, supplement or waiver of any of the provisions of this Agreement which disproportionately materially adversely affects any Holder shall not be
effective without the written approval of such Holder. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar). No failure or delay on the part of
any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof or of any other or future exercise of any such right, power or privilege. 

  
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 4.5. Notices. Except as otherwise provided in this Agreement, all notices, requests,
consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument addressed to such party delivered in person, by nationally recognized overnight courier or first class registered or
certified mail, return receipt requested, postage prepaid, or by facsimile or electronic mail at the address set forth below and to any other recipient at the address indicated on Schedule 4.5 hereto or at such other address as may hereafter
be designated in writing by such party to the other parties: 
 (i) if to the Company, to: 

Black Knight Financial Services, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: 904-633-3055 

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

Fidelity National Financial, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

(ii) if to Parent, to: 

Black Knight Holdings, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: 904-633-3055 

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

Fidelity National Financial, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

  
 30 

 (iii) if to a THL Party, to: 

c/o Thomas H. Lee Partners, L.P. 

100 Federal Street, 35th Floor 

Boston, MA 02110 
 Attention:
Thomas M. Hagerty 
 Facsimile: (617) 227-5514 

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

[—] 

(iv) if to the Other Stockholders, to the address indicated in the records of the Company. 

All such notices, requests, consents and other communications shall be deemed to have been given to the receiving party upon actual receipt,
if delivered in person; three (3) business days after deposit in the mail, if sent by registered or certified mail; upon confirmation of successful transmission if sent by facsimile; or on the next business day after deposit with an overnight
courier, if sent by overnight courier. 
 4.6. Successors and Assigns. Except as otherwise provided herein, this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and the respective successors, permitted assigns, heirs and personal representatives of the parties hereto, whether so expressed or not. This Agreement may not be
assigned by the Company without the prior written consent of the Parent and the THL Party. Each Holder shall have the right to assign all or part of its or his rights and obligations under this Agreement only in accordance with transfers of
Registrable Securities to such Holder’s Permitted Transferees. For the avoidance of doubt, Parent and the THL Party shall have the right to assign all or part of its rights and obligations under this Agreement to any of its Affiliates in
connection with any transfer of Registrable Securities to such Affiliate. Upon any such assignment, such assignee shall have and be able to exercise and enforce all rights of the assigning Holder which are assigned to it and, to the extent such
rights are assigned, any reference to the assigning Holder shall be treated as a reference to the assignee. If any Holder shall acquire additional Registrable Securities, such Registrable Securities shall be subject to all of the terms, and entitled
to all the benefits, of this Agreement. The parties hereto and their respective successors may assign their rights under this Agreement, in whole or in part, to any purchaser of shares of Registrable Securities held by them. 

4.7. Entire Agreement. This Agreement, the Second A&R LLC Agreement, the Amended and Restated Certificate of Incorporation of the
Company, dated as of the date hereof (as amended from time to time) and the Amended and Restated Bylaws of the Company, dated as of the date hereof (as amended from time to time) and the other documents referred to herein or therein or delivered
pursuant hereto or thereto which form part hereof constitute the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. 

  
 31 

 4.8. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) GOVERNING LAW.THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS AND JUDICIAL DECISIONS OF THE STATE
OF DELAWARE APPLICABLE TO AGREEMENTS EXECUTED AND PERFORMED ENTIRELY WITHIN SUCH STATE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF. 

(b) Jurisdiction. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of (i) the Court of Chancery of the
State of Delaware and (ii) the United States District Court located in the State of Delaware for the purposes of any suit, action or other proceeding arising out of or relating to this Agreement or the transactions contemplated by this
Agreement. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement in
(I) the Court of Chancery of the State of Delaware or (II) the United States District Court located in the State of Delaware and waives any claim that such suit or proceeding has been brought in an inconvenient forum. Each of the parties hereto
agrees that a final and unappealable judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment in any jurisdiction within or outside the United States or in any other manner provided in law or in
equity 
 (c) WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT
MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 4.8. 

4.9. Interpretation; Construction. 

(a) The table of contents and headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and
shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

  
 32 

 (b) The parties have participated jointly in negotiating and drafting this Agreement. In the
event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provision of this Agreement. 
 (c) For purposes of this Agreement, the “THL Party” shall be treated as a
single entity unless the context clearly dictates otherwise. 
 4.10. Counterparts. This Agreement may be executed and delivered in
any number of separate counterparts (including by facsimile or electronic mail), each of which shall be an original, but all of which together shall constitute one and the same agreement. 

4.11. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such
provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other
jurisdiction. 
 4.12. Remedies. The parties hereto agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement, without the posting of any bond, and, if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense
that there is an adequate remedy at law. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

4.13. Further Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and things and
shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 
 4.14. Confidentiality. Each Other Stockholder agrees that all material non-public information
provided pursuant to or in accordance with the terms of this Agreement shall be kept confidential by the person to whom such information is provided, until such time as such information becomes public other than through violation of this provision.
Notwithstanding the foregoing, any party may disclose the information if required to do so by any law, rule, regulation, order, decree or subpoena of any governmental agency or authority or court. 

  
 33 

 4.15. Termination. Other than with respect to the indemnification obligations of the
Company set forth in Section 2.9, and the other obligations that by their nature should survive following the time at which a Holder ceases to hold Registrable Securities, the Company’s obligations under this Agreement shall cease with
respect to any Holder when such Holder ceases to hold Registrable Securities. 
 4.16. Termination of Prior Registration Rights
Agreement. The parties hereto agree that by entering into this Agreement, that certain Registration Rights Agreement, dated as of January 3, 2014, by and among the Operating Company, Parent, the THL Party and the Other Unitholders (as
defined therein) is hereby amended in accordance with Section 4.4 thereof and terminated and all rights and obligations created thereunder shall hereby expire and be of no further force and effect. 

[Remainder of Page Intentionally Left Blank] 

  
 34 

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

			
	THE INVESTOR SHAREHOLDERS
	
	COMPANY:
	
	BLACK KNIGHT FINANCIAL SERVICES, INC.
		
	By:		  

	Name:		
	Title:		
	
	PARENT:
	
	BLACK KNIGHT HOLDINGS, INC.
		
	By:		  

	Name:		
	Title:		
	
	CHICAGO TITLE:
	
	CHICAGO TITLE INSURANCE COMPANY
		
	By:		  

	Name:		
	Title:		

 
			
	FIDELITY TITLE:
	
	FIDELITY NATIONAL TITLE INSURANCE COMPANY
		
	By:		  

	Name:		
	Title:		
	
	THL PARTY:
	
	THL INVESTORS BLACK KNIGHT I HOLDING CORP.
		
	By:		  

	Name:		Charles P. Holden
	Title:		Managing Director
	
	THL BLACK KNIGHT I HOLDING CORP.
		
	By:		  

	Name:		Charles P. Holden
	Title:		Managing Director

 
			
	THL EQUITY FUND VI INVESTORS
	(BKFS-NB), LLC
		
	By:		THL Equity Advisors VI, LLC, its manager
	By:		Thomas H. Lee Partners, L.P., its sole member
	By:		Thomas H. Lee Advisors, LLC, its general partner
	By:		THL Holdco, LLC, its managing member
		
	By:		  

	Name:		Charles P. Holden
	Title:		Managing Director
	
	THL EQUITY FUND VI INVESTORS
	(BKFS-LM), LLC
		
	By:		THL Equity Advisors VI, LLC, its manager
	By:		Thomas H. Lee Partners, L.P., its sole member
	By:		Thomas H. Lee Advisors, LLC, its general partner
	By:		THL Holdco, LLC, its managing member
		
	By:		  

	Name:		Charles P. Holden
	Title:		Managing Director
	
	THL EQUITY FUND VI INVESTORS
	(BKFS) III, L.P.
		
	By:		THL Equity Fund VI Investors (TNBGP), LLC, its general partner
	By:		THL Equity Advisors VI, LLC, its manager
	By:		Thomas H. Lee Partners, L.P., its sole member
	By:		Thomas H. Lee Advisors, LLC, its general partner
	By:		THL Holdco, LLC, its managing member
		
	By:		  

	Name:		Charles P. Holden
	Title:		Managing Director

 
			
	THE OTHER SHAREHOLDERS
	
	COMPANY:
	
	BLACK KNIGHT FINANCIAL SERVICES, INC.
		
	By:		  

	Name:		
	Title:		

 Schedule 4.5 

Notices 
 THL Black Knight I
Holding Corp. 
 100 Federal Street, 35th Floor 
 Boston, MA
02110 
 Attention: Thomas M. Hagerty 
 Facsimile:
(617) 227-5514 
 THL Investors Black Knight I Holding Corp. 

100 Federal Street, 35th Floor 
 Boston, MA 02110 

Attention: Thomas M. Hagerty 
 Facsimile: (617) 227-5514 

THL Equity Fund VI Investors (BKFS) III, L.P. 
 100 Federal
Street, 35th Floor 
 Boston, MA 02110 
 Attention: Thomas M.
Hagerty 
 Facsimile: (617) 227-5514 
 THL Equity Fund VI
Investors (BKFS-LM), LLC 
 100 Federal Street, 35th Floor 

Boston, MA 02110 
 Attention: Thomas M. Hagerty 

Facsimile: (617) 227-5514 
 THL Equity Fund VI Investors
(BKFS-NB), LLC 
 100 Federal Street, 35th Floor 
 Boston, MA
02110 
 Attention: Thomas M. Hagerty 
 Facsimile:
(617) 227-5514 

 EXHIBIT A 

FORM OF 
 JOINDER
AGREEMENT 
 THIS JOINDER AGREEMENT (this “Joinder”) is made and entered into as of
[                    ] by the undersigned (the “New Holder”) in accordance with the terms and conditions set forth in that certain
Registration Rights Agreement by and among Black Knight Financial Services, Inc., a Delaware corporation (including any successor, the “Company”), the THL Party, Chicago Title, Fidelity Title (each as defined therein), the Holders
party thereto, dated as of [            ] 2015 (as the same may be amended, restated or otherwise modified from time to time, the “Registration Rights Agreement”), for the
benefit of, and for reliance upon by, the Company, the THL Party, the Holders. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Registration Rights Agreement. 

WHEREAS, the New Holder desires to exercise certain rights granted to it under the Registration Rights Agreement; and 

WHEREAS, the execution and delivery to the Company of this Joinder by the New Holder is a condition precedent to the New Holder’s
exercise of any of its rights under the Registration Rights Agreement. 
 NOW, THEREFORE, in consideration of the premises and covenants
herein, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the New Holder hereby agrees as follows: 

1. Joinder. By the execution and delivery of this Joinder, the New Holder hereby agrees to become, and to be deemed to be, and shall
become and be deemed to be, for all purposes under the Registration Rights Agreement, a Holder, with the same force and effect as if the New Holder had been an original signatory thereto, and the New Holder agrees to be bound by all of the terms and
conditions of, and to assume all of the obligations of, a Holder under, the Registration Rights Agreement. All of the terms, provisions, representations, warranties, covenants and agreements set forth in the Registration Rights Agreement with
respect to a Holder are incorporated by reference herein and shall be legally binding upon, and inure to the benefit of, the New Holder. 

2. Further Assurances. The New Holder agrees to perform any further acts and execute and deliver any additional documents and
instruments that may be necessary or reasonably requested by the Company to carry out the provisions of this Joinder or the Registration Rights Agreement. 

3. Binding Effect. This Joinder and the Registration Rights Agreement shall be binding upon, and shall inure to the benefit of, the New
Holder and its successors and Permitted Assigns, subject to the terms and provisions of the Registration Rights Agreement. It shall not be necessary in connection with the New Holder’s status as a Holder to make reference to this Joinder. 

 IN WITNESS WHEREOF, the New Holder has executed this Joinder as of the date first above written.

  

			
	[NEW HOLDER]
		
	By:		  

	Name:		  

	Title:		  

 
			
		
	Address:		
	
	  

	  

	  

	  

  

			
	Accepted and agreed:
	
	BLACK KNIGHT FINANCIAL SERVICES, INC.
		
	By:		  

	Name:		  

	Title:		  

  
 2EX-10.4

 Exhibit 10.4 

FORM OF ADVANCEMENT AGREEMENT 

This Advancement Agreement (this “Agreement”) is entered into as of
[            ], 2015 by and between Black Knight Financial Services, LLC, a Delaware limited liability company (including any successor, the “Operating Company”) and
Black Knight Financial Services, Inc., a Delaware corporation (including any successor, the “Corporation”). Certain capitalized terms used in this Agreement are defined in Section 3. 

RECITALS 
 WHEREAS,
in connection with the initial public offering of the Corporation (the “IPO”), the Operating Company and the Corporation desire to enter into this Agreement in order to provide for the payment to or on behalf of the Corporation by
the Operating Company of certain costs, fees and expenses as provided herein. 
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual covenants contained herein and other consideration, the sufficiency of which is hereby
confirmed, the parties hereto, intending to be legally bound, hereby agree as follows: 
  

	 	1.	Expenses. 

 (a) The Operating Company shall, in consideration of the
benefits received by the Operating Company in connection with the IPO and the Transaction Agreements, commencing on the date hereof and continuing for the term of this Agreement as set forth in Section 2, pay to or on behalf of the
Corporation any and all (i) reasonable customary costs, fees and expenses incident to any public or private offering of shares of the Corporation pursuant to the Securities Act and the registration of the Corporation’s shares on any
national securities exchange incurred by the Corporation (including in connection with the acquisition of any Person or assets that are contributed to the Operating Company pursuant to the terms of the LLC Agreement), including all registration and
filing fees, costs, fees and expenses of compliance with securities or blue sky Laws, U.S. Financial Industry Regulatory Authority Inc. fees, exchange listing and ongoing fees, printing expenses, transfer agent’s and registrar’s fees, cost
of distributing prospectuses in preliminary and final form as well as any supplements thereto, and (to the extent required by the Registration Rights Agreement or any other registration rights agreement entered into after the date hereof) all fees
and disbursements of legal counsel of any stockholders in the public offering, fees and disbursements of counsel for the Corporation and all independent certified public accountants and other Persons retained by the Corporation, and costs, fees and
expenses incurred by the Corporation pursuant to the underwriting agreement used in connection with the public offering (but not including any underwriting discounts or commissions attributable to the sale of shares of Class A Common Stock,
$0.0001 par value per share, of the Corporation), (ii) reasonable customary corporate, securities and administrative costs, fees and expenses incurred by the Corporation from time to time, including fees and disbursements of all investment

  
 -1- 

 
bankers, financial advisers, legal counsel, independent certified public accountants, consultants and other Persons retained by the Board of Directors (or equivalent) and costs, fees and expenses
associated with any filings with the Securities and Exchange Commission, any securities exchange or over-the-counter trading market, Secretary of State of the State of Delaware (or any other Governmental Entity), payments or deductibles for
insurance policies held by the Corporation, equity plan administrator fees, and legal and other costs, fees and expenses associated with such corporate housekeeping or administrative matters, (iii) losses, claims, damages, liabilities, costs,
fees and expenses incurred in connection with any indemnification or expense advancement required by Law or provided by any organizational document of the Corporation or an indemnification agreement (approved by the Board of Directors (or
equivalent)) by and between the Corporation and any director, officer, employee or agent of the Corporation (but only to the extent that all such losses, claims, damages, liabilities, costs, fees and expenses required to be paid by the Corporation,
are actually paid), (iv) losses, claims, damages, liabilities, costs, fees and expenses incurred in connection with any indemnification obligations of the Corporation under the Registration Rights Agreement (but only to the extent that all such
losses, claims, damages, liabilities, costs, fees and expenses are required to be paid by the Corporation to certain of its stockholders under the Registration Rights Agreement, are actually paid), (v) any franchise taxes paid or payable by the
Corporation arising solely as a result of the Corporation’s status as a corporation, and any income taxes, if any, paid or payable by the Corporation arising solely as a result of receiving any amounts pursuant to this Agreement and
(vi) any costs, fees and expenses payable or reimbursable to any members of the Board of Directors (or equivalent) or any committee thereof or any of its wholly-owned subsidiaries in accordance with the terms of any resolutions or policies
approved by the Board of Directors (clauses (i) through (vi), collectively, the “Expenses”). 

(b) The Corporation shall submit (or shall cause to be submitted) to the Operating Company (i) a written request or
invoice specifying any particular Expenses as and when incurred by the Corporation and/or (ii) a written, intracompany invoice on a monthly basis specifying the Expenses incurred by the Corporation during the preceding calendar month (any
written request or invoice specified in clauses (i) or (ii) of this Section 1(b) is referred to as an “Invoice”). If reasonably requested by the Operating Company, the Corporation shall provide
documentation evidencing the incurrence of any Expenses. The Operating Company shall pay to such third party or the Corporation by check or wire transfer of immediately available funds to an account specified by such third party and/or the
Corporation, respectively, an aggregate amount equal to the aggregate Expenses identified on the applicable Invoice upon the earlier of the date on which such payment is due and payable to the applicable third party or 14 days following the
Operating Company’s receipt of such Invoice; provided, however, that the Operating Company shall not be obligated to make any payment of Expenses to such third party or the Corporation unless and until any reasonably requested
documentation evidencing the incurrence of Expenses has been provided to the Operating Company. To the extent that, subsequent to the payment of any Expenses by the Operating Company pursuant to any Invoice, all or a portion of any Expense is
reimbursed to the Corporation by a third party or is otherwise deemed not to have been incurred by the Corporation, then the 

  
 -2- 

 
Corporation shall immediately return (or shall cause to be returned immediately) such reimbursed or deemed amounts to the Operating Company. The Corporation’s failure to timely provide an
Invoice or identify an Expense on an Invoice shall in no way limit any right to payment pursuant to this Agreement for such Expense. Notwithstanding anything herein to the contrary, the Operating Company shall have no obligation to make payment for
any Expense except in accordance with the procedures set forth in this Section 1(b). 
 2. Term. This Agreement shall
continue in full force and effect until the earlier to occur of (i) 90 days after the date that the Corporation provides written notice of its desire to terminate this Agreement, and (ii) the date of any dissolution or winding up of either
the Corporation or the Operating Company. In the event of a termination of this Agreement, the Operating Company shall pay to the Corporation all unpaid Expenses incurred prior to the date of such termination. 

3. Definitions. For purposes of this agreement, the following terms shall have the following meanings: 

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

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

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

“Expenses” has the meaning set forth in Section 1(a). 

“Governmental Entity” means any federal, state or local court, administrative or regulatory agency or commission or other
governmental authority, domestic or foreign (including any applicable stock exchange). 
 “Invoice” has the meaning set
forth in Section 1(b). 
 “Law” means, any United States, federal, state or local or any foreign law (in each
case, statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, statute, regulation, (domestic or foreign), Order or other similar requirement enacted, issued, adopted, promulgated, entered into or applied by a
Governmental Entity. 
 “LLC Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement,
dated as of the date hereof, by and among the Operating Company, the Corporation, THL Equity Fund VI Investors (BKFS) III, L.P., a Delaware limited partnership, THL Equity Fund VI Investors (BKFS-LM), LLC, a Delaware limited liability company, THL
Equity Fund VI Investors (BKFS-NB), LLC, a Delaware limited liability company, Black Knight Holdings, Inc., a Delaware corporation (f/k/a Black Knight Financial Services, Inc.), and the other Persons that may from time to time become parties thereto
in accordance with the terms thereof (as amended from time to time). 
 “Merger Agreement” means that certain Merger
Agreement, dated as of the date hereof, by and among the Corporation and the THL Holding Companies. 

  
 -3- 

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

“Order” means any order, writ, injunction, ruling, decree, judgment, award, injunction, settlement or stipulation issued,
promulgated, made, rendered or entered into by or with any Governmental Entity (in each case, whether temporary, preliminary or permanent). 

“Person” means any individual, corporation, partnership, limited liability company, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Registration Rights
Agreement” means the Registration Rights Agreement by and among the Corporation and the holders named therein, dated as of the date hereof. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect from time to time. 
 “Tax
Receivable Agreement” means that certain Tax Receivable Agreement, dated as of the date hereof, by and among the Corporation, the Holders and the Holders’ Representative (each as defined therein). 

“THL Holding Company” means, each of (i) THL Black Knight I Holding Corp. and (ii) THL Investors Black Knight I
Holding Corp., and in each case, any successors thereto. 
 “Transaction Agreements” means, collectively, (i) this
Agreement; [(ii) the Amended and Restated Charter of the Corporation, dated as of the date hereof (as amended); (iii) the LLC Agreement; and (iv) the Registration Rights Agreement; (v) the Merger Agreement; and (vi) the Tax
Receivable Agreement.]1 
 4. Addresses and Notices. All notices, requests,
consents and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by
certified or registered mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this
Section 4). 
 (a)  If to the Corporation, to: 

Black Knight Financial Services, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

 

	1 	Note to Draft: List of Transaction Agreements to be updated, as appropriate. 

  
 -4- 

 with a copy to: 

Fidelity National Financial, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

Thomas H. Lee Partners, L.P. 

100 Federal Street 

Boston, MA 02110 

Attention: Thomas M. Hagerty 

Facsimile: (617) 227-5514 

(b)  If to the Operating Company, to: 

Black Knight Financial Services, LLC 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

with a copy to: 

Black Knight Financial Services, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

Black Knight Holdings, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

Fidelity National Financial, Inc. 

601 Riverside Avenue 

Jacksonville, FL 32204 

Attention: Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: (904) 633-3055 

  
 -5- 

 Thomas H. Lee Partners, L.P. 

100 Federal Street 

Boston, MA 02110 

Attention: Thomas M. Hagerty 

Facsimile: (617) 227-5514 

5. Amendments and Modifications. Except as otherwise provided herein, no amendment, modification, or variation of any provision of this
Agreement shall in any event be effective unless the same shall be in writing and signed by each of the parties hereto. 
 6. No
Waiver. The failure of any party hereto, at any time or times, to require strict performance by the other party hereto of any provision of this Agreement shall not waive, affect or diminish any right of such party thereafter to demand strict
compliance and performance herewith. Any suspension or waiver of any provision of this Agreement shall not suspend, waive or affect any other provision of this Agreement whether the same is prior or subsequent thereto. None of the undertakings,
agreements and covenants of any party hereto contained in or contemplated by any other provision of this Agreement shall be deemed to have been suspended or waived by any other party hereto, unless such waiver or suspension is by an instrument in
writing signed by an officer of or other authorized employee of such party and directed to any other party hereto specifying such suspension or waiver. 

7. Successors and Assigns; Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of all of the
parties and their respective successors and permitted assigns, including, for the avoidance of doubt, any successor or permitted assign of the Corporation or the Operating Company by operation of law. Neither the Corporation nor the Operating
Company may assign their obligations under this Agreement. The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of the parties hereto with respect to the transactions contemplated hereby and
no Person shall be a third party beneficiary of any of the terms and provisions of this Agreement. 
 8. Entire Agreement. This
Agreement and the other Transaction Agreements collectively constitute the entire agreement, and supersede all prior agreements, understandings, representations and warranties, both written and oral, among the parties with respect to the subject
matter hereof and thereof. 
 9. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such a
manner as to be effective and valid under applicable Law, but if any provision of this Agreement shall be prohibited by or invalid under applicable Law, the provisions of this Agreement shall be deemed to be severable but only to the extent
consistent with economic and other purposes of this Agreement. 
 10. Consent to Jurisdiction. Each party agrees that it shall bring
any action, suit, demand or proceeding (including counterclaims) in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby, exclusively in any state or federal court located in the State of Delaware
(the “Chosen Courts”), and solely in connection with claims arising under this Agreement or the transactions contemplated hereby (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any
objection to laying venue in any such action, suit, demand or proceeding in the Chosen Courts, (iii) waives any 

  
 -6- 

 objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and
(iv) agrees that service of process upon such party in any such action, suit, demand or proceeding shall be effective if notice is given in accordance with Section 4. 

11. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 12. Governing Law. This
Agreement (and all claims, controversies and causes of action, whether in contract, tort or otherwise) and the rights and obligations of the parties hereunder shall be governed by, and construed, interpreted and enforced in accordance with, the Laws
of the State of Delaware. 
 13. Counterparts. This Agreement may be executed in multiple counterparts, each of which when so
executed and delivered shall be an original, and all of which when taken together shall constitute one and the same instrument. 
 14.
Interpretation. Any references to an agreement or organizational document herein shall mean such agreement or organizational document, as may be amended, modified and/or supplemented (and/or as any provision thereunder may be waived) from
time to time in accordance with its terms. 
 15. Headings. The descriptive headings of the several Articles and Sections contained
in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

[Remainder of Page Intentionally Left Blank] 

  
 -7- 

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

	
	CORPORATION:
	
	BLACK KNIGHT FINANCIAL SERVICES, INC.
	   

	Name:
	Title:

  

	
	OPERATING COMPANY:
	
	BLACK KNIGHT FINANCIAL SERVICES, LLC
	   

	Name:
	 Title:
  

 [Signature Page to Advancement Agreement]

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