Document:

EX-4.3

 Exhibit 4.3 

PATRIOT NATIONAL, INC. 

REGISTRATION RIGHTS AGREEMENT 

 PATRIOT NATIONAL, INC. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is entered into as of January 5, 2015 by and
among PATRIOT NATIONAL, INC., a Delaware corporation (the “Company”) and the stockholders listed on Exhibit A hereto (together with their Permitted Transferees, the “Stockholders” and each
individually, a “Stockholder”). 
 RECITALS: 

WHEREAS, the Stockholders own, as of the date hereof, an aggregate of 1,023,477.68 shares of common stock, $0.001 per value per share,
of the Company; 
 WHEREAS, the parties desire to enter into this Agreement in connection with a proposed Initial Offering;
and 
 WHEREAS, the parties desire to establish certain terms and conditions concerning the relationship among them. 

AGREEMENT: 
 NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree hereto as follows: 

ARTICLE 1. GENERAL. 
 1.1 Definitions. As
used in this Agreement the following terms shall have the following respective meanings: 
 (a) “Common Stock” means
the common stock, $0.001 par value per share, of the Company. 
 (b) “Eligible Registration Statement” means any
registration statement (other than a (i) a registration statement on Form S-4 or Form S-8 or any similar or successor form or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act or other
business combination or acquisition transaction, any registration statement related to the issuance or resale of securities issued in such a transaction) filed by the Company under the Securities Act in connection with any primary or secondary
offering of Common Stock for the account of the Company and/or any stockholder of the Company, whether or not through the exercise of any registration rights. 

(c) “Equity Securities” means (i) any Common Stock or preferred stock of the Company, (ii) any security
convertible into or exercisable or exchangeable for, with or without consideration, any Common Stock or preferred stock of the Company (including any option to purchase such a security), (iii) any security carrying any option, warrant or right
to subscribe to or purchase any Common Stock or preferred stock of the Company or other security referred to in clause (ii), or (iv) any such option, warrant or right. 

 (d) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (e) “Family Member” means, with respect to any natural person, (i) any child, stepchild, grandchild or more
remote issue, parent, stepparent, grandparent, spouse, domestic partner, sibling, child of sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, cousin and adoptive relationships (each, a “family
member”) or estate of such family member or (ii) any foundation, trust, family limited partnership, family limited liability company or other entity created and used for estate planning purposes, so long as any such foundation, trust,
family limited partnership, family limited liability company or other entity is controlled by, for the benefit of, or owned by such natural person or one or more persons described in clause (i). 

(f) “Holder” means each Stockholder owning of record Equity Securities. 

(g) “Initial Effective Time” means the date and time that the SEC declares effective the registration statement
pursuant to which Common Stock that is sold in the Initial Offering is registered. 
 (h) “Initial Offering” means
the Company’s first underwritten public offering of its Common Stock (whether in the form of primary or secondary shares or a combination thereof) registered under the Securities Act. 

(i) “Participation Effective Date” means, the fifth business day after the Piggyback Holders receive notice from the
Company pursuant to Section 3.3(a) hereof. 
 (j) “Permitted Transfer” means a Transfer by a Person that is
(A) a limited partnership or limited liability company Transferring to its members or former members or partners or former partners in accordance with their interest in the limited liability company or limited partnership, (B) an
individual Transferring to the individual’s Family Member(s) or (C) Transferring to a Stockholder Affiliate; provided, in each case, that the transferee (other than a transferee that already is party to this Agreement) will agree to be
subject to the terms of this Agreement (subject to any limitation on the assignment of rights by such Person to the transferee in connection with such Transfer) by executing and delivering a joinder agreement, substantially in the form of Exhibit B
hereto. The joinder of a transferee and the amendment of the appropriate Schedules as contemplated by the preceding sentence shall not constitute an amendment to this Agreement requiring the consent of any party hereto. The parties agree that such
transferee shall have the same rights and obligations as the Stockholders under this Agreement. 
 (a) “Permitted
Transferee” shall mean any Person who acquires Equity Securities pursuant to a Permitted Transfer. 
 (b)
“Person” shall mean an individual, partnership, corporation, limited liability company, unincorporated organization, trust, joint venture, government agency, or other entity. 

  
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 (c) “Register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement. 

(d) “Registrable Securities” means all Common Stock (including shares of Common Stock issuable pursuant to then
convertible, exercisable or exchangeable Equity Securities) and any securities into which Common Stock may be converted or exchanged pursuant to any merger, consolidation, sale of all or any part of the Company’s assets, corporate conversion or
other extraordinary transaction of the Company held by any Holder (whether now held or hereafter acquired) other than any Common Stock or securities into which Common Stock may be converted or exchanged that (i) have been sold by a Person to
the public either pursuant to a registration statement or Rule 144, (ii) in the hands of such Person is eligible to be resold pursuant to Rule 144 without limitation, (iii) have been sold in a private transaction in which the
transferor’s rights under Article 2 of this Agreement are not assigned, or (iv) shall have ceased to be outstanding. 
 (e)
“Registration Expenses” means all expenses incurred by the Company in complying with Sections 2.2, 2.3, 2.4 and 2.7 hereof, including, without limitation, (i) all SEC and other registration and filing fees (including,
without limitation, fees and expenses with respect to (A) filings required to be made with the Financial Industry Regulatory Authority and (B) securities or Blue Sky laws, including, without limitation, any fees and disbursements of
counsel for the underwriters in connection with any filing and application made to or with (and clearance by) the Financial Industry Regulatory Authority and any Blue Sky qualifications of the Registrable Securities pursuant to Section 2.7(d)),
(ii) preparation, printing, messenger and delivery expenses, (iii) fees and disbursements of counsel for the Company, (iv) fees and disbursements of a single special counsel for the Stockholders participating in such registration,
which counsel shall be selected by the Stockholders holding a majority of the Registrable Securities being sold by the Stockholders participating in such registration (such counsel a “Stockholder Counsel”), including the
expenses associated with the delivery of any opinions on behalf of such Holders (other than by in-house counsel of any such Stockholder), (v) expenses incurred in connection with roadshows related to registered offerings made pursuant to
Article 2, including, without limitation, expenses related to any presentations but excluding any expenses borne by the underwriters, (vi) fees and disbursements of independent certified public accountants and any other persons, including
special experts retained by the Company, (vii) expenses related to any special audits incident to or required by any such registration, in each case, whether or not any Eligible Registration Statement is filed or becomes effective,
(viii) all fees and expenses related to the listing of the Registrable Securities on any securities exchange and (ix) all internal expenses of the Company, including the compensation of officers and employees of the Company and the fees
and expenses in connection with any annual audit. For the avoidance of doubt, any stamp, transfer or similar taxes or duties payable by any Holder in connection with any registration, sale or distribution of Registrable Securities shall be borne by
such Holder and not by the Company. 
 (f) “Rule 144” means Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or any similar or successor rule or regulation hereafter adopted by the SEC. 

  
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 (g) “SEC” or “Commission” means the Securities
and Exchange Commission. 
 (h) “Securities Act” means the Securities Act of 1933, as amended. 

(i) “Selling Expenses” means (i) all underwriting fees and selling commissions relating to the distribution of
the Registrable Securities and (ii) all taxes, if any, on the transfer and sale, respectively, of the Registrable Securities being sold. 

(j) “Stockholder Affiliate” shall mean any other Person with regard to which a Stockholder, directly or indirectly,
controls, is controlled by or is commonly controlled. For purposes of the preceding sentence, “control” shall mean the power to direct the principal business management and activities of a Person, whether through ownership of voting
securities, by agreement (including, without limitation, in connection with any voting trust, proxy arrangement or similar device), or otherwise. 

(k) “Transfer” means any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by
request, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors,
whether voluntary or by operation of law, directly or indirectly, of any Equity Securities. 
 1.2 Rules of Construction. For all
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in
this Agreement have the meanings assigned to them in this Agreement, and words in the singular include the plural and words in the plural include the singular; 

(b) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular Article, Section or other subdivision; 
 (c) all references to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement; 
 (d) “or” is not
exclusive; and 
 (e) “including” means including without limitation. 

ARTICLE 2. REGISTRATION. 
 2.1 Demand
Registration. 
 (a) If the Company shall receive a written request (a “Demand Request”) from a
Stockholder that the Company file a registration statement under the Securities Act covering the registration of all or a portion of the Registrable Securities owned by such Stockholder, then the Company shall, subject to the limitations of this
Section 2.1, effect, as  

  
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expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities in accordance with the intended method of distribution thereof that such Stockholder,
and any Piggyback Holders pursuant to their rights under Section 2.2, request to be registered, subject to the provisions of Section 2.1(c). Each Stockholder shall have the right to make an unlimited number of Demand Requests. 

(b) If a Stockholder intends to distribute the Registrable Securities covered by its request by means of an underwritten public offering, it
shall so advise the Company as a part of its request made pursuant to this Section 2.1. Such Stockholder shall have the right to select the investment bank or banks and managers to administer any offering made in connection with a Demand
Request, including the lead managing underwriter; provided that any such investment bank shall be reasonably satisfactory to the Company. 

(c) Notwithstanding anything herein to the contrary, the Company shall not be obligated to effect a registration pursuant to this
Section 2.1 unless the Registrable Securities requested to be registered by a Stockholder, together with the Registrable Securities requested to be registered by any Piggyback Holders pursuant to Section 2.2, are reasonably expected to
result in aggregate gross cash proceeds in excess of fifty million dollars ($50,000,000). 
 2.2 Piggyback Registrations. 

(a) The Company shall notify the Holders of Registrable Securities (unless such Holder has demanded such registration pursuant
to Section 2.1) (collectively, the “Piggyback Holders”) in writing at least five (5) calendar days prior to the filing of any Eligible Registration Statement. Such notice from the Company shall state the intended
method of distribution of the Common Stock included in such Eligible Registration Statement. The Company shall afford each such Piggyback Holder the opportunity to include in such Eligible Registration Statement such number of Registrable Securities
as such Piggyback Holder requests. Each Piggyback Holder desiring to include in any such Eligible Registration Statement Registrable Securities held by it shall, within four (4) business days after the above-described notice from the Company,
so notify the Company in writing. Any notice from a Piggyback Holder shall (i) specify the amount of Registrable Securities that such Piggyback Holder would like to include in such Eligible Registration Statement and (ii) include the
agreement of such Piggyback Holder to participate in any related underwritten offering on the same terms as the other participating Holders and shall be irrevocable, unless the Company agrees in writing that it may be withdrawn; provided that such
notice to participate shall terminate on the date that is three (3) months after the Participation Effective Date if the related offering has not been consummated prior to such date. Upon such written notice from a Piggyback Holder, the Company
will use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities which such Piggyback Holder has requested to be registered. If a Piggyback Holder decides not to or is unable to include all of
its Registrable Securities in any Eligible Registration Statement filed by the Company, such Piggyback Holder shall nevertheless continue to have the right to include Registrable Securities in any subsequent Eligible Registration Statement as may be
filed by the Company, all upon the terms and conditions set forth herein. 

  
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 (b) Underwriting. If the Eligible Registration Statement under which the
Company gives notice under this Section 2.2 is for an underwritten offering, the Company shall so advise the Piggyback Holders. In such event, the right of any such Piggyback Holder to be included in an Eligible Registration Statement pursuant
to this Section 2.2 shall be conditioned upon such Piggyback Holder’s participation in such underwriting by executing and delivering a custody agreement and power of attorney in form and substance reasonably satisfactory to the Company
with respect to such Registrable Securities (the “Custody Agreement and Power of Attorney”). The Custody Agreement and Power of Attorney will provide, among other things, that (i) the Piggyback Holder will, to the extent
applicable, deliver to and deposit in custody with the custodian and attorney-in-fact named therein one or more certificates representing such Registrable Securities, accompanied by duly executed stock powers in blank, and irrevocably appoint said
custodian and attorney-in-fact with full power and authority to act under the Custody Agreement and Power of Attorney on such Piggyback Holder’s behalf with respect to the matters specified therein, including, but not limited to, the entry into
an underwriting agreement (the “Underwriting Agreement”) in customary form with the underwriter(s) and such other documents and agreements reasonably required in connection with such registration or offering and (ii) the
Piggyback Holder will perform its obligations under such Underwriting Agreement and any other agreement entered into in connection with such registration and/or offering. Such Piggyback Holder also agrees to execute such other documents and
agreements as the Company may reasonably request to effect the provisions of this Section 2.2 and any transactions contemplated hereby.  

(c) Priority on Piggyback Registrations. Notwithstanding any other provision of this Article 2, if the lead managing underwriter or
underwriters advise the Company that marketing factors (including, but not limited to, an adverse effect on the per share offering price) require a limitation of the number of shares to be included in an underwritten offering (including Registrable
Securities), then the Company shall so advise all Piggyback Holders of Registrable Securities who have requested to participate in such offering that (i) if the requested registration is pursuant to Section 2.1, the number of shares that
may be included in the underwriting shall be allocated to the Stockholders and the Piggyback Holders of such Registrable Securities who have duly requested shares to be included therein (whether pursuant to Section 2.1 or 2.2) on a pro rata
basis based on the number of Registrable Securities held by such Stockholders and all such Piggyback Holders, and (ii) if the requested registration is not pursuant to Section 2.1, the number of shares that may be included in the
underwriting shall be allocated first to the Company for its own account and second to the Piggyback Holders who have duly requested shares to be included therein pursuant to Section 2.2 on a pro rata basis based on the number of Registrable
Securities held by all such Piggyback Holders; provided in each case that any shares so allocated to any such Piggyback Holder that exceed the number of Registrable Securities to be registered pursuant to such Piggyback Holder’s request will be
reallocated among all such remaining parties in a like manner. For any Piggyback Holder which is a partnership, limited liability company or corporation, the partners, members or stockholders, as applicable, of such Piggyback Holder, and the estates
and Family Members of any such partners, members and stockholders and any trusts for the benefit of any of the foregoing person(s) shall be deemed to be a single “Piggyback Holder,” and any pro rata reduction with respect to such
“Piggyback Holder” pursuant to Section 2.2(c) shall be based upon the aggregate amount of shares carrying registration rights owned by all Persons deemed to constitute such “Piggyback Holder” (as defined in this sentence).

  
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 2.3 Form S-3 Registration.  

(a) If the Company shall receive a written request from a Stockholder that the Company effect a registration on Form S-3 (or any successor to
Form S-3) or any similar shelf registration statement under the Securities Act covering the registration of all or a portion of the Registrable Securities owned by such Stockholder, then the Company shall, subject to the limitations of this
Section 2.3, effect, as expeditiously as reasonably possible, such requested registration under the Securities Act of all Registrable Securities that such Stockholder, and any Piggyback Holders pursuant to their rights under Section 2.2,
request to be so registered; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.3: 

(i) if Form S-3 (or any successor to Form S-3) is not available for such offering by such Stockholder; or 

(ii) if such Stockholder, together with the Registrable Securities requested to be registered by any Piggyback Holders pursuant to
Section 2.2, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than fifty million dollars ($50,000,000). 

(b) Shelf-Take Downs. At any time that a shelf registration statement covering Registrable Securities pursuant to this
Section 2.3 is effective, if a Stockholder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an underwritten offering of all or part of its Registrable Securities included on the
shelf registration statement (a “Shelf Underwritten Offering”) and stating the number of Registrable Securities to be included in the Shelf Underwritten Offering, then the Company shall promptly amend or supplement the shelf
registration statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering. In connection with any Shelf Underwritten Offering: 

(i) the Company shall also deliver the Take-Down Notice to the other Holders of Registrable Securities that have been included on such shelf
registration statement and permit such Holders to include their Registrable Securities included on the shelf registration statement in the Shelf Underwritten Offering if such Holder notifies the Company within five (5) business days after
delivery of the Take-Down Notice to such Holder; and 
 (ii) in the event that the lead managing underwriter or the underwriters advise the
Company that marketing factors (including, but not limited to, an adverse effect on the per share offering price) require a limitation on the number of shares to be included in such Shelf Underwritten Offering, then the Company shall so advise all
Holders of Registrable Securities who have requested to participate in such Shelf Underwritten Offering and the shares to be included in such Shelf Underwritten Offering shall be determined in the same manner as described in Section 2.2(c) with
respect to a limitation of shares to be included in a registration. 
 2.4 Termination, Effectiveness, Postponement and Suspension of
Registration. 
 (a) Right to Terminate Registration. If a Stockholder determines for any reason not to proceed with any proposed
registration requested pursuant to Section 2.1, such 

  
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Stockholder shall promptly notify the Company in writing. Upon receipt of such notice, the Company shall withdraw or terminate such registration whether or not any Piggyback Holder has elected to
include any Registrable Securities in such registration. In addition, the Company shall have the right to withdraw or terminate any proposed registration initiated by it, whether or not any Piggyback Holder has elected to include Registrable
Securities in such registration. The Company shall promptly give notice of the withdrawal or termination of any registration, whether requested pursuant to Section 2.1 or initiated by the Company, to any Piggyback Holder who has elected to
participate in such registration. The Registration Expenses of any such withdrawn or terminated registration shall be borne by the Company in accordance with Section 2.5. 

(b) Effectiveness of the Registration Statement. The Company shall maintain the effectiveness of the Eligible Registration Statement
for a period of at least one hundred and eighty (180) days (or two (2) years for a shelf registration statement filed pursuant to Section 2.3, which shall be extended in accordance with Section 3.5(c)) after the effective date
thereof or such shorter period during which all Registrable Securities included in such Eligible Registration Statement have actually been sold. 

(c) Postponement or Suspension of Registration. If the filing, initial effectiveness or continued use of an Eligible Registration
Statement, including a shelf registration statement pursuant to Section 2.3, in respect of a registration pursuant to this Agreement at any time would require the Company to make a public disclosure of material non-public information, which
disclosure in the good faith judgment of the Board (after consultation with external legal counsel) (a) would be required to be made in any registration statement so that such registration statement would not contain a material misstatement or
omission, (b) would not be required by applicable law or regulation to be made at such time but for the filing, effectiveness or continued use of such Eligible Registration Statement and (c) would reasonably be expected to have a material
adverse effect on the Company or its business or on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may, upon giving prompt
written notice of such determination to the Holders participating in such registration, delay the filing or initial effectiveness of, or suspend the use of, such Eligible Registration Statement; provided, that the Company shall not be permitted to
do so (1) other than during its regular blackout periods and (2) (x) more than two additional times during any twelve (12) month period or (y) for a period exceeding forty-five (45) calendar days on any one occasion
(each, a “Suspension Period”). In the event the Company exercises its rights under the preceding sentence, such Holders agree to suspend, promptly upon their receipt of the notice referred to above, their use of any
prospectus relating to such registration in connection with any sale or offer to sell Registrable Securities. If so requested by the Company, all Holders registering shares under such Eligible Registration Statement shall use their reasonable best
efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities at the time of receipt of such notice.
The Company agrees that, in the event it exercises its rights under this Section 2.4(c), it shall (i) promptly notify such Holders of the termination or expiration of any Suspension Period, (ii) within forty-five (45) calendar
days after delivery of the notice referred to above, resume the process of filing or request for effectiveness, or update the suspended registration statement, as the case may be, as may be necessary to permit

  
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the Holders to offer and sell their Registrable Securities in accordance with applicable law and (iii) if an Eligible Registration Statement that was already effective had been suspended as
result of the exercise of such rights by the Company, promptly notify such Holders after the termination or expiration of any Suspension Period of the applicable time period during which the Eligible Registration Statement is to remain effective,
which shall be extended by a period of time equal to the duration of the Suspension Period. 
 2.5 Expenses of Registration. Except
as specifically provided herein, all Registration Expenses incurred in connection with any registration under Sections 2.1, 2.2 and 2.3 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations
hereunder, shall be borne by the Holders of the securities so registered pro rata on the basis of the number of securities sold in connection with such registration. For the avoidance of doubt, Selling Expenses incurred in connection with any
registration hereunder relating to securities sold by the Company shall be borne by the Company. 
 2.6 Obligations of the Company.
If and whenever the Company is required to effect the registration of any Registrable Securities under the Securities Act as provided in Sections 2.1, 2.2 and 2.3 herein, the Company shall effect such registration to permit the sale of such
Registrable Securities in accordance with the intended method or methods of distribution thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and shall, as expeditiously as reasonably possible: 

(a) Prepare and file with the SEC an Eligible Registration Statement or Eligible Registration Statements on such form as shall be available
for the sale of the Registrable Securities by the Holders thereof or by the Company in accordance with the intended method of distribution thereof, and use its reasonable best efforts to cause such registration statement to become effective and to
remain effective as provided in Section 2.4(b). 
 (b) Prepare and file with the SEC such amendments and supplements to such Eligible
Registration Statement and the prospectus used in connection with such Eligible Registration Statement as may be necessary to comply with the provisions of the Securities Act with respect to the distribution of all securities covered by such
Eligible Registration Statement for the period set forth in Section 2.4(b) above; provided, that before filing an Eligible Registration Statement or prospectus, or any amendments or supplements thereto, upon the request of a Stockholder, the
Company will (i) furnish to each Stockholder Counsel copies of all documents proposed to be filed, which documents will be subject to the reasonable review of such Stockholder Counsel, (ii) provide the Stockholders reasonable opportunity
to comment on the registration statement, prospectus, or any amendments or supplements thereto, and (iii) make such of the representatives of the Company as shall be reasonably requested by a Stockholder available for discussion of such
documents. 
 (c) Furnish without charge to the Holders of Registrable Securities covered by such registration statement, the underwriters,
if any, and each Stockholder Counsel, such number of copies of the Eligible Registration Statement (including all exhibits filed therewith, including any documents incorporated by reference) and the prospectus included in such registration
statement, including a preliminary prospectus, summary prospectus and each amendment and supplement thereto, in conformity with the requirements of the Securities Act, and such other 

  
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documents as they may reasonably request in order to facilitate the distribution of Registrable Securities owned by them. The Company hereby consents to the use of such prospectus and each
amendment or supplement thereto by each of the selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such prospectus and any such amendment or
supplement thereto. 
 (d) Prior to any public offering of Registrable Securities, use its reasonable best efforts to register and qualify
or cooperate with the selling Holders of Registrable Securities, the underwriters, if any, and each Stockholder Counsel and counsel for the underwriters in connection with the registration or qualification (or exemption from such registration or
qualification) of the securities covered by such Eligible Registration Statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by such Holders and to keep each such registration or qualification
(or exemption therefrom) effective during the period such Eligible Registration Statement is required to be kept effective; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business,
subject itself to taxation or file a general consent to service of process in any such states or jurisdictions. 
 (e) Use its reasonable
best efforts to (1) list such Registrable Securities on each national securities exchange on which such securities are then listed if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of
such exchange prior to the effectiveness of such registration statement and (2) provide and cause to be maintained a transfer agent and registrar for such Registrable Securities covered by such registration statement no later than the effective
date of such registration statement. 
 (f) Enter into and perform its obligations under such customary agreements, including, in the event
of any underwritten public offering, an underwriting agreement, in usual and customary form, which shall include, at the option of the Stockholders, indemnification and contribution provisions and procedures either substantially similar to those
contained in the underwriting agreement used in the Initial Offering or substantially to the effect set forth in Section 2.8 hereof, with the underwriter(s) of, and selling Holders of Registrable Securities participating in, such offering, and
deliver customary certificates, in each case, in connection with such offering. 
 (g) Notify each Holder of Registrable Securities covered
by such Eligible Registration Statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such Eligible Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The
Company will use its reasonable best efforts to amend or supplement such prospectus in order to cause such prospectus not to include any 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 not misleading in the light of the circumstances then existing. Such notice shall notify such Holders only of the occurrence of such an event and shall not be required to provide additional information regarding such
event to the extent such information would constitute material non-public information. 

  
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 (h) Use its reasonable best efforts to furnish to the underwriters, if any, and the Holders of
Registrable Securities being registered, on the date that the underwriting agreement is entered into, letters, dated as of such date, from the independent certified public accountants of the Company and any acquired entity for which financial
statements are included or incorporated by reference in such registration statement, in form, substance and scope as is customarily given by independent certified public accountants to underwriters in an underwritten public offering with respect to
such financial statements and certain financial information addressed to each of the underwriters, if any, and each of the Holders of Registrable Securities being registered (unless such accountants shall be prohibited from so addressing such
letters to Holders of Registrable Securities by applicable standards of the accounting profession). 
 (i) Use its reasonable best efforts
to furnish to the underwriters, if any, and, in the case of clause (2), the Holders of Registrable Securities being registered, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being
sold through underwriters, (1) an opinion and a negative assurance letter, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form, substance and scope as is customarily given to
underwriters in an underwritten public offering by counsel to the registrant, addressed to each of the underwriters, if any, and (2) bring-down comfort letters, dated as of such date, from the independent certified public accountants of the
Company and any acquired entity for which financial statements are included or incorporated by reference in such registration statement, in form, substance and scope as is customarily given by independent certified public accountants to underwriters
in an underwritten public offering with respect to such financial statements and certain financial information addressed to each of the underwriters, if any, and each of the Holders of Registrable Securities being registered (unless such accountants
shall be prohibited from so addressing to Holders of Registrable Securities such letters by applicable standards of the accounting profession). 

(j) In respect of any offering, provide each Stockholder Counsel opportunities to conduct a reasonable investigation within the meaning of the
Securities Act and make available for inspection by any selling Holder of Registrable Securities covered by such registration statement, by any underwriter participating in any distribution to be effected pursuant to such registration statement and
by any attorney, accountant or other agent retained by any such selling Holder of Registrable Securities or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all
of the Company’s officers, directors and employees to supply all information reasonably requested by any such selling Holder of Registrable Securities, underwriter, attorney, accountant or agent in connection with such registration (subject to,
if requested by the Company, each party referred to in this clause (j) entering into customary confidentiality agreements in a form reasonably acceptable to the Company). Without limiting the foregoing, no such information shall be used by such
Person as the basis for any market transactions in securities of the Company in violation of law. 
 (k) (i) Make every reasonable effort to
prevent the issuance of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of any such
order as promptly as reasonably possible and (ii) notify Stockholder Counsel and the managing underwriter or agent, immediately, and confirm the notice in writing, 

  
 11 

 
of the issuance by the SEC of any such stop order or order, or the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or
threatening of any proceedings for any of such purposes. 
 (l) Use its reasonable best efforts (taking into account the Company’s
business needs) to make available the executive officers of the Company to participate at the request of the lead managing underwriter(s) in any “road shows” that may be reasonably requested by the Holders in connection with the
distribution of Registrable Securities. 
 (m) Cooperate with each selling Holder of Registrable Securities and each underwriter or agent
participating in the distribution of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority. 

(n) Use its reasonable best efforts to take all other steps reasonably necessary to effect the registration and/or complete any related
offering of the Registrable Securities as contemplated hereby (including furnishing to the underwriters such further certificates, opinions and documents as the underwriters may reasonably request). 

2.7 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration of Registrable
Securities as the result of any controversy that might arise with respect to the interpretation or implementation of this Article 2. 
 (b)
It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.1, 2.2 and 2.3 with respect to a selling Holder that such selling Holder shall furnish to the Company such information regarding
themselves, the Registrable Securities held by them and the intended method of distribution of such securities as required by Section 2.11 or as otherwise reasonably requested by the Company. 

2.8 Indemnification. In the event any Registrable Securities are included in an Eligible Registration Statement under
Sections 2.1, 2.2 and 2.3: 
 (a) To the fullest extent permitted by law, the Company will indemnify and hold harmless each Holder of
Registrable Securities whose Registrable Securities are covered by an Eligible Registration Statement or prospectus, the partners, members, directors and officers of such Holder, any underwriter (as defined in the Securities Act) and each person, if
any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act (collectively, the “Non-Company Indemnified Parties”), against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or suits, actions or proceedings in respect thereof) and reasonable
documented expenses that arise out of or are based upon any of the following statements, omissions or violations by the Company: (i) any untrue statement or alleged untrue statement of a material fact contained in such Eligible Registration
Statement or incorporated by reference therein, including any preliminary prospectus, final prospectus or summary prospectus contained therein or any amendments or supplements thereto or any document incorporated by reference therein,

  
 12 

 
or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or related document or report,
(ii) any omission or alleged omission to state therein a material fact required to be stated therein (in the case of an Eligible Registration Statement only), or necessary to make the statements therein not misleading, in the case of a
prospectus, in the light of the circumstances when they were made, or (iii) any violation or alleged violation by the Company or any of its subsidiaries of the Securities Act, the Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any federal, state, foreign or common law, rule or regulation in connection with the offering covered by such Eligible Registration Statement (collectively, a
“Violation”); and the Company will reimburse each such Non-Company Indemnified Party for any reasonable legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability, suit, action or proceeding; provided, however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, suit, action or proceeding
if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned, nor shall the Company be liable in any such case for any such loss, claim, damage, liability, suit, action
or proceeding to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such Eligible Registration Statement by such
Non-Company Indemnified Party. 
 (b) To the fullest extent permitted by law, each prospective selling Holder of Registrable Securities
will, severally and not jointly, indemnify and hold harmless the Company, each of its directors, officers, employees, agents, representatives, and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange
Act, any underwriter (as defined in the Securities Act) and any other Holder selling securities under such Eligible Registration Statement or any of such other Holder’s partners, members, directors or officers or any person who controls such
other Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, employee, agent, representative, controlling person,
underwriter or such other Holder, or partner, member, director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages
or liabilities (or suits, actions or proceedings in respect thereof) and reasonable documented expenses that arise out of or are based upon any of the following statements, omissions or violations: (i) any untrue statement or alleged untrue
statement of a material fact contained in such Eligible Registration Statement or incorporated by reference therein, including any preliminary prospectus, final prospectus or summary prospectus contained therein or any amendments or supplements
thereto or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or related document or report,
(ii) any omission or alleged omission to state therein a material fact required to be stated therein (in the case of an Eligible Registration Statement only), or necessary to make the statements therein not misleading, in the case of a
prospectus, in the light of the circumstances when they were made, or (iii) any violation or alleged violation by the Company or any of its subsidiaries of the Securities Act, the Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any federal, state, foreign or common law, rule or regulation in connection with 

  
 13 

 
the offering covered by such Eligible Registration Statement (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder
Violation occurs in reliance upon and in conformity with written information furnished by such indemnifying Holder expressly for use in connection with such Eligible Registration Statement; and each such indemnifying Holder will reimburse any legal
or other expenses reasonably incurred by the Company or any such director, officer, employee, agent, representative, controlling person, underwriter or other Holder, or partner, member, director, officer or controlling person of such other Holder in
connection with investigating or defending any such loss, claim, damage, liability, suit, action or proceeding if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this
Section 2.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, suit, action or proceeding if such settlement is effected without the consent of such indemnifying Holder, which consent shall not be
unreasonably withheld, delayed or conditioned; provided, further, that in no event shall any indemnity under this Section 2.8(b) exceed the net proceeds from the offering received by such indemnifying Holder upon the sale of the Registrable
Securities giving rise to such indemnification obligation. 
 (c) Promptly after receipt by an indemnified party under paragraph (a) or (b)
of this Section 2.8 (an “Indemnified Party”) of written notice of the commencement of any claim, damage, suit, action or proceeding (including any governmental or regulatory investigation) being brought or asserted against
it, such Indemnified Party will, if a claim in respect thereof is to be made against any indemnifying party under paragraph (a) or (b) of this Section 2.8 (an “Indemnifying Party”), deliver to the Indemnifying
Party a written notice of the commencement thereof; provided, that the failure of the Indemnified Party to deliver written notice to the Indemnifying Party shall not relieve it from any liability it may have under paragraph (a) or (b) of
this Section 2.8 except to the extent such failure has materially prejudiced the Indemnifying Party’s ability to defend such action (through the forfeiture of substantive rights or defenses). The Indemnifying Party shall have the right to
participate in, and, to the extent the Indemnifying Party so desires, jointly with any other Indemnifying Party who has received a similar notice, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party in such proceeding and shall pay the fees and expenses of such counsel relating to such proceeding, and after notice from the Indemnifying Party to the Indemnified Party of its election so to assume the defense
thereof, the Indemnifying Party shall not, except as specified below, be liable to such Indemnified Party under paragraph (a) or (b) above, as the case may be, for any legal expenses of other counsel. In any such proceeding, an Indemnified
Party shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnified Party; provided the Indemnifying Party will pay the reasonable fees and expenses of such counsel if (i) the Indemnifying Party and
the Indemnified Party shall have so mutually agreed; (ii) the Indemnifying Party has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Party; (iii) the Indemnified Party shall have reasonably
concluded, based on the advice of counsel, that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Party; or (iv) the named parties in any such proceeding (including any
impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and agreed
that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the 

  
 14 

 
fees and expenses of more than one separate firm (in addition to any local counsel that is required to effectively defend against any such proceeding) for all Indemnified Parties, and that all
such fees and expenses shall be paid or reimbursed promptly. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent (which shall not be unreasonably withheld, delayed or conditioned), but
if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Party
shall, without the written consent of the Indemnified Party (which shall not be unreasonably withheld, delayed or conditioned), effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnification could have been sought hereunder by such Indemnified Party, unless such settlement (x) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such
Indemnified Party, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.

 (d) If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any losses, claims, damages or liabilities referred to herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the
other in connection with the actions that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by a
court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering
made under such Eligible Registration Statement received by such Holder. 
 The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section 2.8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. 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. 

(e) The obligations of the Company and Holders under this Section 2.8 shall survive completion of any offering of Registrable Securities
in an Eligible Registration Statement and the termination of this Agreement. 
 (f) The obligations of the parties under this
Section 2.8 will be in addition to any liability, without duplication, which any party may otherwise have to any other party. 

  
 15 

 2.9 Limitation on Subsequent Registration Rights. After the date of this Agreement, the
Company shall not, without the prior written consent of the Stockholders, enter into any agreement or arrangement with any holder or prospective holder of any securities of the Company that would grant such Person registration rights that would have
priority over the Registrable Securities with respect to the inclusion of such securities in any registration. In the event registration rights are granted to any Person after the date of this Agreement, for purposes of this Agreement, such Person
shall be deemed to have the rights and obligations of a Piggyback Holder and the provisions described in Section 2.2(c) with respect to a limitation of the number of shares to be included in a registration shall apply to such Person, who shall
continue to be subject to the obligations and any limitations on such Person contained in any such agreement or arrangement granting such Person registration rights. In addition, in the event the Company engages in a merger or consolidation in which
the Equity Securities are converted into securities of another Person, the Company will use its reasonable best efforts to make appropriate arrangements so that the registration rights provided under this Agreement continue to be provided by the
issuer of such securities. To the extent such new issuer, or any other Person acquired by the Company in a merger or consolidation, was bound by registration rights that would conflict with the provisions of this Agreement, the Company will use its
reasonable best efforts to modify any such “inherited” registration rights so as not to interfere in any material respects with the rights provided under this Agreement, unless otherwise agreed to in writing by the Stockholders. 

2.10 “Market Stand-Off” Agreement. Each Holder hereby agrees that such Holder shall not Transfer, make any short sale of,
grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale or other Transfer, any Equity Security held by such Holder (other than those included in the registration) for a period
specified by the representative(s) of the underwriters of Registrable Securities not to exceed one hundred and eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or, in the
case of a Shelf Underwritten Offering, the date of the pricing of such offering. The Company may impose stop transfer instructions with respect to any Equity Security subject to the foregoing restriction until the end of said one hundred and eighty
(180) day or shorter period. 
 2.11 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the representative(s) of the underwriter(s) that are consistent with the Holder’s obligations under Section 2.10 or that are necessary to give further effect thereto. In addition,
if requested by the Company or such representative(s), each Holder who has Registrable Securities to be included in an Eligible Registration Statement shall provide, within, five (5) business days of such request, such information relating to
themselves, the Registrable Securities held by them and the registration and the intended method of distribution of the Registrable Securities as may be reasonably requested by the Company or such representative(s) in connection with the completion
of any public offering of the Company’s securities pursuant to such Eligible Registration Statement. The underwriters of Registrable Securities are intended third party beneficiaries of Sections 2.10 and 2.11 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. 

  
 16 

 2.12 Rule 144 Reporting. With a view to making available to the Holders the benefits of
certain rules and regulations of the SEC, which may permit the sale of the shares of Common Stock to the public without registration, the Company agrees to use its reasonable best efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the Initial
Effective Time; and 
 (b) file with the SEC, in a timely manner, all reports and other documents required of the Company under the
Securities Act and the Exchange Act at any time after the Initial Effective Time. 
 Upon the request of any Holder of Registrable Securities, the Company
shall deliver to such Holder a written statement as to whether it has complied with the foregoing requirements. 
 ARTICLE 3. MISCELLANEOUS. 

3.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed therein. 
 3.2 Jurisdiction; Venue; Service of Process. 

(a) Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive
jurisdiction of the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the respective appellate courts thereof for
the purpose of any action, claims or suit between the parties arising in whole or in part under or in connection with this Agreement, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion,
as a defense or otherwise, in any such action, claim or suit, any claim that it is not subject personally to the jurisdiction of the abovenamed courts, that its property is exempt or immune from attachment or execution, that any such action, claim
or suit brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some
other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court and (iii) hereby agrees not to commence any such action, claim or suit
other than before one of the above-named courts. Notwithstanding the previous sentence a party may commence any action, claim or suit in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one
of the above-named courts. 
 (b) Venue. Each party agrees that for any action, claim or suit between the parties arising in whole or
in part under or in connection with this Agreement, such party shall bring actions, claims and suits either in the U.S. District Court for the Southern District of New York or in the Supreme Court of the State of New York, New York County located in
the Borough of Manhattan. Each party further waives any claim and will not assert that venue should properly lie in any other location within the selected jurisdiction. 

  
 17 

 (c) Service of Process. Each party hereby (i) consents to service of process in any
action, claim or suit between the parties arising in whole or in part under or in connection with this Agreement in any manner permitted by New York law, (ii) to the fullest extent permitted by law, agrees that service of process made in
accordance with clause (i) or made by registered or certified mail, return receipt requested, at its address specified pursuant to Section 3.13, will constitute good and valid service of process in any such action, claim or suit and
(iii) waives and agrees not to assert (by way of motion, as a defense, or otherwise) in any such action, claim or suit any claim that service of process made in accordance with clause (i) or (ii) does not constitute good and valid
service of process. 
 3.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTIES
HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY
TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

3.4 Specific Performance. Each of the parties acknowledges and agrees that the other parties would be damaged irreparably in the event
any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, to the fullest extent permitted by law, each of the parties agrees that, without posting bond or
other undertaking, the other parties will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof in any action,
claim or suit in addition to any other remedy to which it may be entitled, at law or in equity. Each party further agrees that, in the event of any action for specific performance in respect of such breach or violation, it will not assert that the
defense that a remedy at law would be adequate. 
 3.5 Successors and Assigns. Neither the Company nor any Holder shall assign all or
any part of this Agreement, unless in connection with a Permitted Transfer, without the prior written consent of the Company and the Stockholders. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators; provided, however, that prior to the receipt by the Company of adequate written notice of the Permitted Transfer of any
Registrable Securities in accordance with the provisions of this Agreement and specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner
and holder of such shares for all purposes, including the payment of dividends. 

  
 18 

 3.6 Entire Agreement. This Agreement and the Exhibits and Schedules hereto constitute the
full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except
as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. 

3.7 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 3.8 Amendment and Waiver. 

(a) Except as otherwise expressly provided, this Agreement may be amended or modified only upon the written consent of the Company and the
Stockholders. 
 (b) Except as otherwise expressly provided, the obligations of the Company and the obligations of the Holders under this
Agreement may be waived only with the written consent of the Company and the Stockholders. 
 (c) For the purposes of determining the number
of Holders entitled to vote or exercise any rights hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

3.9 Termination. Except as otherwise specified herein, this Agreement shall continue in full force and effect from the date hereof
through the earliest of the following dates, on which date it shall terminate: 
 (a) the date that the Stockholders in the aggregate own
less than 5.0% of the issued and outstanding Common Stock; and 
 (b) the date as of which the parties hereto terminate this Agreement by
written consent of the Company and the Stockholders. 
 3.10 No Circumvention. None of (i) the Company and (ii) the
Stockholders (individually or as a group) nor any of their respective successors, assigns, transferees, or Affiliates shall take (or permit or acquiesce to) any action to circumvent any of the rights under this Agreement inuring to the benefit of
the others. 
 3.11 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to
any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the
Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. 

  
 19 

 3.12 Several and Not Joint. The obligations of each Stockholder are several and not joint.

 3.13 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) business days after having been
sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, specifying next day delivery. All communications shall be sent to
the party to be notified at the address as set forth on the signature pages hereof or the signature pages to the joinder agreement substantially in the form of Exhibit B hereto or at such other address as such party may designate by ten
(10) business days advance written notice to the other parties hereto. 
 3.14 Titles and Subtitles. The titles of the sections
and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 3.15
Counterparts. This Agreement may be executed in any number of counterparts, including facsimile counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

3.16 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 3.17 Effectiveness. This Agreement shall be
effective upon execution and delivery by the parties hereto, but the terms and provisions of this Agreement shall not become operative until the occurrence of an Initial Offering 

[Signature Pages Follow] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS AGREEMENT as of the
date set forth in the first paragraph hereof. 
  

			
	PATRIOT NATIONAL, INC.
		
	By:	 	 /s/ Christopher A. Pesch

	Name:	 	Christopher A. Pesch
	Title:	 	Executive Vice President & General Counsel
	
	 /s/ Steven M. Mariano

	Name:	 	Steven M. Mariano
	
	 /s/ Steven M. Mariano

	Name:	 	Steven M. Mariano Trust

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 EXHIBIT A 

SCHEDULE OF STOCKHOLDERS 
 Steven M.
Mariano 
 Steven M. Mariano Trust 

  
 A-1 

 EXHIBIT B 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Joinder Agreement”) is executed pursuant to the terms of the Registration Rights Agreement, dated as
of January 5, 2015, by and among Patriot National, Inc., a Delaware corporation (the “Company”), and the other parties from time to time parties thereto, a copy of which is attached hereto and is incorporated herein by reference (the
“Registration Rights Agreement”), by the undersigned (the “Transferee”). Capitalized terms used but not defined herein have the meanings set forth in the Registration Rights Agreement. By execution and delivery of this Joinder
Agreement, the Transferee agrees as follows: 
 SECTION 1. Acknowledgment. The Transferee acknowledges that such Transferee has
acquired Equity Securities from [    ] pursuant to a Permitted Transfer. 
 SECTION 2. Agreement. The Transferee
(a) agrees that the Equity Securities it owns shall be bound by and subject to the terms of the Registration Rights Agreement to the same extent as if such Transferee were an original Stockholder, (b) hereby adopts the Registration Rights
Agreement with the same force and effect as if it were originally a Stockholder thereto and (c) shall constitute a “Stockholder” under the Registration Rights Agreement. 

SECTION 3. Notice. Any notice required to be provided by the Registration Rights Agreement shall be given to the Transferee at the
address listed beside such Transferee’s signature below. 
 SECTION 4. Governing Law. This Joinder Agreement and the rights of
the parties hereto shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed therein. 

  
 B-1 

 Executed and dated this      day of
            . 
  

			
	Transferee:
	
	[INSERT NAME]
		
	By:	 	  

  

	
	Address for Notices:
	
	  

	
	  

	
	E-mail Address for Notices:
	
	  

  
 B-2EX-4.4

 Exhibit 4.4 

PATRIOT NATIONAL, INC. (f/k/a OLD GUARD RISK SERVICES, INC.) 

AMENDED AND RESTATED COMMON STOCK PURCHASE AGREEMENT 

January 5, 2015 
 This Amended and
Restated Common Stock Purchase Agreement (this “Agreement”) amends and restates in its entirety that certain Common Stock Purchase Warrant Agreement, dated as of November 27, 2013 (the “Existing Warrant
Agreement”), by and between PATRIOT NATIONAL, INC. (f/k/a OLD GUARD RISK SERVICES, INC.), a Delaware corporation (the “Company”) and ADVANTAGE CAPITAL COMMUNITY DEVELOPMENT FUND, L.L.C., a Delaware limited liability
company, and its transferees, successors and assigns (the “Holder”), it being the intention of the parties that all of the terms of the Existing Warrant Agreement are amended and restated and replaced by the terms of this Agreement.
Capitalized terms used herein shall have the meanings ascribed to such terms in Section 7 hereof unless otherwise defined herein. 

W I T N E S S T H: 
 WHEREAS, the
Existing Warrant Agreement entitled the Holder to purchase from the Company, at the price of $0.01 per share (the “Exercise Price”), at any time on or after November 27, 2013 (the “Commencement Date”) and
expiring on the Expiration Date, shares representing 49,582 shares of the fully paid and nonassessable common stock, with a par value of $.001 per share, of the Company (“Common Stock”); 

WHEREAS, on September 30, 2014, the Holder exercised all of its warrants in respect of, and the Company issued to the Holder, 49,582
shares (which shall be 743,730 shares post-split) of the Common Stock for an aggregate exercise price of $496; 
 WHEREAS, the parties
hereto desire to amend and restate the Existing Warrant Agreement in its entirety in connection with a proposed Public Offering; 
 NOW,
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend and restate the Existing
Warrant Agreement in its entirety as follows: 
 SECTION 1 

COVENANTS 
 (a)
Regulatory Requirements and Restrictions. In the event of any reasonable determination by the Holder that, by reason of any existing or future federal or state law, statute, rule, regulation, guideline, order, court or administrative ruling,
request or directive (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) (collectively, a “Regulatory Requirement”), the Holder is effectively restricted or prohibited from
holding this Agreement or the Warrant Shares (including any shares of Capital Stock or other securities distributable to the Holder in any merger, reorganization, readjustment or other 

 
reclassification), or otherwise realizing upon or receiving the benefits intended under this Agreement, the Company shall, and shall use its commercially reasonable efforts to have its
stockholders take such action as the Holder and the Company shall jointly agree in good faith to be necessary to permit the Holder to comply with such Regulatory Requirement. The reasonable costs of taking such action, whether by the Company, the
Holder or otherwise, shall be borne by the Company if such Regulatory Requirement is applicable to the Company, and the Holder if such Regulatory Requirement is applicable to the Holder. 

(b) Validly Issued Shares. The Company covenants that all shares of Common Stock and Capital Stock that were issued pursuant to the
Existing Warrant Agreement have been duly authorized and validly issued, fully paid and nonassessable, free from all stamp taxes, liens and charges with respect to the issue or delivery thereof and otherwise free of all other security interests,
encumbrances and claims of any nature whatsoever (other than restrictions under applicable federal and/or state securities laws). 

SECTION 2 
 NO DILUTION
OR IMPAIRMENT 
 The Company will not, by amendment of its Certificate of Incorporation or through any reorganization, recapitalization,
transfer of assets, consolidation, merger, share exchange, dissolution or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement. 

SECTION 3 
 TRANSFERS OF
THIS AGREEMENT OR WARRANT SHARES 
 (a) Acknowledgment of the Holder. This Agreement has not been, and the Warrant Shares at the
time of their issuance were not, registered under the Securities Act and except as provided in this Agreement, the Company shall not be required to so register this Agreement and the Warrant Shares except as set forth in Section 4 of
this Agreement. This Agreement and the Warrant Shares were issued subject to the provisions and conditions contained herein and in the Note and Warrant Purchase Agreement, and every Holder hereof by accepting the same (i) agrees with the
Company to such provisions and conditions, and (ii) represents to the Company that this Agreement and the Warrant Shares have been acquired for the account of the Holder for investment and not with a view to or for sale in connection with any
distribution thereof. 
 (b) Compliance with Securities Laws. The Holder agrees that this Agreement and the Warrant Shares may not be
sold or otherwise disposed of except pursuant to an effective registration statement under the Securities Act and applicable state securities laws or pursuant to an applicable exemption from the registration requirements of the Securities Act and
applicable state securities laws. In the event that the Holder transfers this Agreement or the Warrant Shares pursuant to an applicable exemption from registration, the Company may request, at its expense, that the Holder deliver an opinion of
counsel reasonably acceptable to the Company that the proposed transfer does not violate the Securities Act and applicable state securities laws. 

  
 - 2 - 

 (c) Restrictive Securities Legend. The certificate representing the Warrant Shares shall
bear the restrictive legends set forth below: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO DISTRIBUTION, AND THESE SHARES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL THAT THE PROPOSED TRANSACTION DOES NOT VIOLATE THE SECURITIES ACT OF 1933, AS AMENDED, AND
APPLICABLE STATE SECURITIES LAWS.” 
 SECTION 4 

REGISTRATION RIGHTS; PUBLIC OFFERING 

(a) General. For purposes of this Section 4 the terms “register”, “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and the declaration or ordering of effectiveness of such registration statement. 

(b) Piggyback Registration. If, at any time the Company determines to register any of its Securities for its own account or for the
account of others under the Securities Act in connection with the Public Offering of such Securities, the Company shall, at each such time, promptly give the Holder written notice of such determination no later than 10 calendar days before its
filing with the Commission; provided, that registrations relating solely to Securities to be offered by the Company (or other Person for whose account the registration is made) in connection with any acquisition or stock option or stock
purchase or savings plan or any other benefit plan shall not be subject to this Section 4(b). Upon the written request of the Holder received by the Company within ten (10) calendar days after the giving of any such notice by the
Company, the Company shall use its commercially reasonable efforts to cause to be registered under the Securities Act all of the Registrable Securities of the Holder that the Holder has requested be registered. If the underwriters of the proposed
sale of Registrable Securities determine that inclusion of all of the Registrable Securities requested to be included in such sale would adversely affect the sale of Securities by the Company, then the Company will include in such registration only
the number of Securities which in the opinion of such underwriters would not adversely affect such sale in the following order: 
 (i)
first, the Securities of the Company, and 
 (ii) second, the Registrable Securities requested to be included by all Stockholders and the
Holder pro-rata based on the number of Registrable Securities which each of them request be included in such registration. 

  
 - 3 - 

 (c) Obligations of the Company. 

(i) Whenever required under Section 4(b) to use its commercially reasonable efforts to effect the registration of any Registrable
Securities, the Company shall comply with the applicable provisions of the Securities Act and provide the Holder with all notices, documents and other rights provided to any other holders of Registrable Securities relating to such registration. 

(d) Expenses of Registration. All expenses incurred by the Company in connection with a registration pursuant to
Section 4(b) (excluding underwriters’ discounts and commissions, which shall be borne by the sellers), including without limitation all registration and qualification fees, printers’ and accounting fees, fees and disbursements
of counsel for the Company shall be borne by the Company. 
 (e) Underwriting Requirements. In connection with any registration of
Registrable Securities under this Agreement, the Company will, if requested by the underwriters for any Registrable Securities included in such registration, enter into an underwriting agreement with such underwriters for such offering, such
agreement to contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements with respect to such distributions, including, without limitation, provisions
relating to indemnification and contribution. The Holder shall be a party to any such underwriting agreement, and the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters
shall be also made to and for the benefit of the Holder. Such representations and warranties will be limited to matters that relate to the Holder, such as due organization, authorization, no violation, title and ownership and investor status. Such
underwriting agreement shall be selected by the Company. 
 (f) Indemnification. In the event any Registrable Securities are included
in a registration statement under this Section 4, the Company shall provide the Holder with indemnification and contribution rights that it provides to any other holders of Registrable Securities relating to such registration. 

(g) Suspension of Sales. The Holder agrees that, upon receipt of written notice from the Company of the happening of any event which
results in the prospectus included in any registration statement filed pursuant to the terms of this Agreement includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing, the Holder will treat such information as confidential, will immediately discontinue the disposition of Registrable Securities pursuant to such registration statement
until the Holder’s receipt of the copies of a revised prospectus and, if so directed by the Company, the Holder will deliver to the Company all copies, other than permanent file copies then in the Holder’s possession, of the most recent
prospectus covering such registered Common Stock at the time of receipt of such notice. 
 (h) Market Stand-Off Agreement. The Holder
agrees not to sell, make any short sales of or otherwise Transfer or dispose of any Common Stock (or other Securities) of the Company held by such Holder (other than Securities included in the applicable registration statement or

  
 - 4 - 

 
shares purchased in the public market after the effective date of registration) or any interest or future interest therein during such period (not to exceed one hundred eighty (180) calendar
days) as may be requested by the Company or the underwriters following the effective date of a registration statement of the Company filed under the Securities Act, which includes Securities to be sold on the Company’s behalf to the public in
an underwritten offer. 
 (i) Initial Public Offering. If the Board approves a Public Offering, then the Holder shall take all
necessary or desirable actions in connection with the consummation of the Public Offering including the execution of customary lock-up and similar agreements. In the event that such Public Offering is an underwritten offering and the managing
underwriters advise the Company that in their opinion the Company’s capital stock structure would adversely affect the marketability of the offering, the Holder shall consent to and vote for a recapitalization, stock split, reorganization
and/or exchange of the Securities into Securities that the managing underwriters and/or the Board finds acceptable (the “Recapitalization”) and shall take all necessary or desirable actions in connection with the consummation of the
Recapitalization; provided that the resulting Securities reflect and are consistent with the rights and preferences of the Securities as of immediately prior to such Recapitalization. 

SECTION 5 
 COVENANTS

 The Company hereby covenants to the Holder that so long as Holder holds this Agreement or any Warrant Shares: 

(a) Limitation on Certain Restrictions. The Company will not, and will not permit or cause any of its Subsidiaries, directly or
indirectly, to create or otherwise cause or suffer to exist or become effective any restriction or encumbrance on the ability of the Company and any such Subsidiaries to perform and comply with their respective obligations under this Agreement. 

(b) Information Rights and Access. The Holder shall have the right to information, reports and access rights set forth in the Note and
Warrant Purchase Agreement, even after the repayment of the obligations set forth in the Note and Warrant Purchase Agreement. 
 SECTION
6 
 EVENTS OF NON-COMPLIANCE AND REMEDIES 

(a) Events of Non-Compliance. If the Company fails to keep and fully and promptly perform and observe in all material respects any of
the terms, covenants or representations contained herein within the earlier to occur of (i) ten (10) days from the date of a written notice from the Holder specifying what failure has occurred, or requesting that a specified failure be
remedied or (ii) ten (10) days from the date on which the chief executive officer, treasurer or president of the Company becoming aware of such failure (an “Event of Non-Compliance”), the Holder shall be entitled to the
remedies set forth in subsection (b) hereof. 
 (b) Remedies. On the occurrence of an Event of Non-Compliance, in addition to
any remedies the Holder may have under applicable law, the Holder may bring any action for injunctive relief or specific performance of any term or covenant contained herein, without posting of a bond or other security, exclusive of any rights the
Holder may have under the Note and Warrant Purchase Agreement or any other agreement, the Company hereby acknowledging that an action for money damages may not be adequate to protect the interests of the Holder hereunder. 

  
 - 5 - 

 SECTION 7  

DEFINITIONS 
 As used
herein, the following terms shall have the following meanings. 
 An “Affiliate” of a specified Person shall mean a Person
which, directly or indirectly, through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, the Person specified and, when used with respect to the Company or any Subsidiary of the Company, shall include any
holder of capital stock, such Person’s parent entity or any officer or director of the Company or any Subsidiary of the Company. 

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

“Board” means the board of directors of the Company or a duly authorized committee thereof. 

“Business Day” has the meaning set forth in the Note and Warrant Purchase Agreement. 

“Capital Stock” means, with respect to any Person, all of the shares of capital stock, including, but not limited to, common
and preferred shares, of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in)
such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares
(or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “Certificate of Incorporation” means the Certificate of
Incorporation of the Company, as in effect on the date hereof, as amended from time to time. 
 “Commencement Date” has the
meaning set forth in the Preamble. 
 “Commission” means the Securities and Exchange Commission or any similar agency then
having jurisdiction to enforce the Securities Act or the Exchange Act. 
 “Common Stock” has the meaning set forth in the
Preamble. 

  
 - 6 - 

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

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Convertible Securities”
means evidences of indebtedness, shares of stock or other securities (including, but not limited to options and warrants) which are by their terms directly or indirectly convertible, exercisable or exchangeable, with or without payment of additional
consideration in cash or property, for shares of Common Stock, either immediately or upon the onset of a specified date or the happening of a specified event. 

“EBITDA” has the meaning set forth in the Note and Warrant Purchase Agreement. 

“Event of Non-Compliance” has the meaning set forth in Section 6(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder. 
 “Exchange Agreement” means that certain Warrant and Unit Exchange Agreement, dated as of November 27,
2013, by and between the Holder and the Company. 
 “Exercise Price” has the meaning set forth in the Preamble. 

“Expiration Date” means the earlier of (i) the ninth
(9th) anniversary of the Commencement Date or (ii) the date of the Sale of the Company. 

“Fully-Diluted Basis” means, with respect to the Common Stock, as of a particular time, the total shares of Outstanding
Common Stock as of such time, determined by treating all outstanding options (including all options either granted or available to be granted under any stock option plan), warrants and other rights for the purchase or other acquisition of Common
Stock or Series B Common Stock as having been exercised and by treating all outstanding Convertible Securities as having been so converted. 

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

“Independent Third Party” means any Person who, immediately before the contemplated Sale of the Company, (a) does not
own in excess of ten percent (10%) of the Common Stock on a Fully-Diluted Basis (a “10% Holder”); (b) is not an Affiliate of a 10% Holder; and (c) is not the spouse or descendent (by birth or adoption) of a 10%
Holder. 
 “Note and Warrant Purchase Agreement” means that certain that certain Note and Warrant Purchase Agreement, dated
as of October 9, 2012, by and among the Holder, Patriot Risk Services, Inc., Contego Services Group, LLC and certain other parties named therein. 

“Outstanding Common Stock” of the Company means, as of the date of determination, the sum (without duplication) of the
following: (a) the number of shares of Common Stock then outstanding at the date of determination; (b) the number of shares of Common Stock then 

  
 - 7 - 

 
issuable upon the exercise of the Agreement (as such number of shares may be adjusted pursuant to the terms hereof); and (c) the number of shares of Common Stock then issuable upon the
exercise or conversion of Convertible Securities and any warrants, options or other rights to subscribe for or purchase Common Stock, or Convertible Securities (including any unvested options and securities even though not then exercisable for or
convertible into Common Stock). 
 “Person” has the meaning set forth in the Note and Warrant Purchase Agreement. 

“Preferred Stock” means the shares of the Company’s Preferred Stock, par value $0.001 per share, that the Company may be
authorized to issue from time to time and any stock or other securities issued or issuable with respect to such shares, including pursuant to a stock dividend, stock split, or like action, or pursuant to a plan of recapitalization, reorganization,
reclassification, exchange, merger, sale of assets or otherwise. 
 “Public Offering” shall mean the completion of a sale
of Common Stock pursuant to a registration statement which has become effective under the Securities Act, excluding registration statements on Form S-4, S-8 or similar limited purpose forms, occurring after the date of this Agreement. 

“Recapitalization” has the meaning set forth in Section 4(i). 

“Registrable Securities” shall mean all shares of Common Stock held by any Stockholder or Warrant Shares (including Warrant
Shares that have not yet been issued under the Agreement); provided, that as to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (a) a registration statement (other than a registration
statement on Form S-8) with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (b) a registration statement
on Form S-8 with respect to such securities shall have become effective under the Securities Act, (c) such securities shall have been sold under a Rule 144 Transaction, or (d) such securities have ceased to be outstanding. 

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

“Rule 144 Transaction” shall mean a Transfer of Securities (a) complying with Rule 144 under the Securities Act as such
Rule or a successor thereto is in effect on the date of such Transfer (but not including a sale other than pursuant to a “brokers transaction” as defined in clauses (i) and (ii) of paragraph (g) of Rule 144 as in effect on
the date of this Agreement) and (b) occurring at a time when Securities are registered pursuant to Section 12 of the Exchange Act. 

“Sale of the Company” means the sale (in a single transaction or a series of related transactions) of the Company to any
Independent Third Party or group of Independent Third Parties pursuant to which such Independent Third Party or group of Independent Third Parties acquires (a) a majority of the Common Stock on a Fully-Diluted Basis (whether by merger,
consolidation, sale or Transfer of Common Stock, reorganization, recapitalization or otherwise), or (b) all or substantially all of the assets of the Company and its Subsidiaries, determined on a consolidated basis. For purposes of this
definition, all Common Stock that is issuable upon exercise or conversion of any Stock Equivalents acquired by an Independent Third Party shall be deemed to be issued and held by such Independent Third Party. 

  
 - 8 - 

 “Securities” means all (a) shares of Common Stock; (b) Stock
Equivalents; (c) shares of Preferred Stock; (d) other shares of Capital Stock of the Company; and (e) securities of the Company issued or issuable with respect to the securities referred to in clauses (a), (b), (c), (d) and
(e) above including pursuant to a stock dividend, stock split, or like action, or pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise. 

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

 “Stock Equivalent” means any (a) warrants, options or other right to subscribe for, purchase or otherwise acquire
any shares of Common Stock or (b) any securities convertible into or exchangeable for shares of Common Stock. 

“Stockholder” means any Person that holds securities of the Company. 

“Subsidiary” has the meaning set forth in the Note and Warrant Purchase Agreement. 

“Transfer” means any direct or indirect transfer, donation, sale, assignment, pledge, encumbrance, hypothecation, gift,
creation of a security interest in or lien on, or other disposition, irrespective of whether any of the foregoing are effected with or without consideration, voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise,
inter vivos or upon death. 
 “Warrant Shares” means (a) the shares of Common Stock issued pursuant to the exercise of
the Existing Warrant Agreement by the Holder on September 30, 2014, and (b) all other shares of the Company’s Capital Stock issued with respect to such shares by way of stock dividend, stock split or other reclassification or in
connection with any merger, consolidation, recapitalization or other reorganization affecting the Company’s Capital Stock. 
 SECTION
8 
 EFFECTIVENESS 

This Agreement shall be effective upon execution and delivery by the parties hereto, but the terms and provisions of this Agreement shall not
become operative until the occurrence of a Public Offering; provided, however, if such Public Offering fails to occur prior to the fifth (5th) anniversary of the Commencement
Date, the terms and provisions of the Existing Warrant Agreement, as amended, shall be and remain in full force and effect. 
 SECTION 9

 SURVIVAL OF PROVISIONS 

All of the provisions of this Agreement shall expressly survive until the date on which the Holder no longer holds any Warrant Shares. 

  
 - 9 - 

 SECTION 10 

DELAYS, OMISSIONS AND INDULGENCES 

It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Holder upon any breach or default of the Company
under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any
waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the Holder’s part of any
breach or default under this Agreement, or any waiver on the Holder’s part of any provisions or conditions of this Agreement must be in writing and that all remedies, either under this Agreement, or by law or otherwise afforded to the Holder,
shall be cumulative and not alternative. 
 SECTION 11 

RIGHTS OF TRANSFEREES 

Subject to Section 3 hereof, the rights granted to the Holder hereunder of this Agreement shall pass to and inure to the benefit
of all subsequent transferees of all or any portion of the Agreement (provided that the Holder and any transferee shall hold such rights in proportion to their respective ownership of the Agreement and Warrant Shares) until extinguished pursuant to
the terms hereof. 
 SECTION 12 

CAPTIONS 
 The titles and
captions of the Sections and other provisions of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

SECTION 13 
 NOTICES

 All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered
or certified first-class mail, return receipt requested, telecopy, overnight courier service or personal delivery: 
  

					
	 If to the Company:

		
		 	 Patriot National, Inc. (f/k/a Old Guard Risk Services, Inc.)

401 E. Las Olas Blvd, 16th floor
 Ft. Lauderdale, FL
33301

		 	Attn:	  	Steven M. Mariano
		 	Fax:	  	(954) 333-5376

  
 - 10 - 

					
	
	with a copy to:
		
		 	 Simpson Thacher & Bartlett LLP

425 Lexington Avenue
 New York, New York 10017

		 	Attention:	  	Lesley Peng, Esq.
		 	Facsimile:	  	(212) 455-2502
	
	If to Holder:
		
		 	 Advantage Capital Community Development Fund, L.L.C.

c/o Advantage Capital Partners
 5000 Plaza on the Lake, Suite
195
 Austin, Texas 78746

					
		 	Attn:	  	Damon L. Rawie
		 	Fax:	  	(512) 241-1186
			
		 	And	  	
		
		 	 909 Poydras Street, Suite 2230
 New
Orleans, Louisiana 70112

		 	Attn:	  	Justin N. Obletz
		 	Fax:	  	(504) 522-4950
	
	with a copy to:
		
		 	 McDermott Will & Emery LLP

333 Avenue of the Americas
 Suite 4500

Miami, Florida 33131

		 	Attn:	  	Harris C. Siskind, P.A.
		 	Fax:	  	(305) 347-6500

 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if
personally delivered; when delivered by courier, if delivered by commercial overnight courier service; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if telecopied. 

SECTION 14 
 SUCCESSORS
AND ASSIGNS 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns, provided that the Company shall have no right to assign its rights, or to delegate its obligations, hereunder without the prior written consent of the Holder. 

  
 - 11 - 

 SECTION 15  

AMENDMENTS 
 Neither this
Agreement nor any term hereof may be amended, changed, waived, discharged or terminated without the prior written consent of the Holder and the Company to such action. 

SECTION 16  

SEVERABILITY 
 If any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 

SECTION 17  
 GOVERNING
LAW; EXCLUSIVE VENUE; MUTUAL WAIVER OF JURY TRIAL 
 (a) Governing Law; Exclusive Venue. This Agreement is to be construed and
enforced in accordance with and governed by the laws of the State of Florida and without regard to the principles of conflicts of law of such state. THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF FLORIDA OR
ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF FLORIDA. THE PARTIES AGREE THAT ALL DISPUTES, LEGAL ACTIONS, SUITS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT MUST BE
BROUGHT EXCLUSIVELY IN A FEDERAL DISTRICT COURT LOCATED IN THE SOUTHERN DISTRICT OF FLORIDA OR THE FLORIDA STATE COURT IN BROWARD COUNTY, FLORIDA (COLLECTIVELY THE “DESIGNATED COURTS”). EACH PARTY HEREBY CONSENTS AND SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE DESIGNATED COURTS. NO LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY OTHER FORUM. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL CLAIMS OF IMMUNITY FROM JURISDICTION AND ANY OBJECTION
WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING ANY RIGHT TO OBJECT ON THE BASIS THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING BROUGHT IN THE DESIGNATED COURTS HAS
BEEN BROUGHT IN AN IMPROPER OR INCONVENIENT FORUM OR VENUE. 

  
 - 12 - 

 (b) Mutual Waiver of Jury Trial. THE COMPANY AND THE EXECUTIVE EACH WAIVE THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF
ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE COMPANY AND THE EXECUTIVE EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS
AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 

SECTION 18  
 ENTIRE
AGREEMENT 
 This Agreement, the Exchange Agreement and the Note and Warrant Purchase Agreement are intended by the parties as a final
expression of their agreement and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 

SECTION 19  
 RULES OF
CONSTRUCTION 
 Unless the context otherwise requires, “or” is not exclusive, and references to sections or subsections refer
to sections or subsections of this Agreement. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require. 

SECTION 20  
 FEES AND
EXPENSES 
 All reasonable fees and expenses (including, without limitation, legal, auditing and accounting fees, costs and expenses)
incurred by the Holder in connection with considering, pursuing, negotiating, documenting and consummating this Agreement and the transaction contemplated hereby shall be borne and paid by the Company. 

[Remainder of Page Intentionally omitted] 

  
 - 13 - 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its corporate
name by its duly authorized officer as of the date first set forth above. 
  

			
	PATRIOT NATIONAL, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Christopher A. Pesch

	Name:	 	Christopher A. Pesch
	Title:	 	Executive Vice President & General Counsel

 ACKNOWLEDGED AND ACCEPTED this 5th day of January, 2015. 

 

			
	ADVANTAGE CAPITAL COMMUNITY DEVELOPMENT FUND, L.L.C.,
	a Delaware limited liability company
		
	By:	 	 /s/ Damon L. Rawie

	Name:	 	Damon L. Rawie
	Title:	 	Vice President

 [Signature Page to Amended and Restated Common Stock Purchase Agreement]

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