Document:

EX-4.1

 Exhibit 4.1 

POWERSCHOOL HOLDINGS, INC. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [•], 2021 among PowerSchool
Holdings, Inc., a Delaware corporation (the “Company”), each of the investors listed on the signature pages hereto under the caption “Sponsor Investors” (collectively, the “Sponsor Investors”) and each
Person who executes a Joinder as an “Other Investor” (collectively, the “Other Investors”). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in Exhibit A attached
hereto. 
 In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1 Demand Registrations. 

(a) Requests for Registration. At any time and from time to time, each Sponsor Investor may request registration under the Securities
Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration statement (“Long-Form Registrations”) or on
Form S-3 or any similar short-form registration statement (“Short-Form Registrations”), if available (any such requested registration, a “Demand Registration”). The
demanding Sponsor Investor may request that such Demand Registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and (if the Company is a WKSI at the time any such request is submitted to the
Company or will become one by the time of the filing of such Shelf Registration with the SEC) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf
Registration Statement”). Each request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of
distribution. The Sponsor Investors will be entitled to request an unlimited number of Demand Registrations for which the Company will pay all Registration Expenses, whether or not any such registration is consummated. 

(b) Notice to Other Holders. As promptly as reasonably practicable, but in no event later than four (4) Business Days after receipt
of any such request, the Company will give written notice of the Demand Registration to all other Holders and, subject to the terms of Section 1(e) and Section 7, will include in such Demand
Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten
(10) days after the receipt of the Company’s notice; provided that, with the written consent of the Majority Participating Sponsor Investors, the Company may, or at the written request of the Majority Participating Sponsor Investors
the Company shall, instead provide notice of the Demand Registration to all Other Investors within three (3) Business Days following the non-confidential filing of the registration statement with respect
to the Demand Registration so long as such registration statement is not an Automatic Shelf Registration Statement (it being understood that notice provided pursuant to this proviso shall not satisfy the requirements of this Section 1(b) with
respect to a Sponsor Investor). 
 (c) Form of Registrations. All Long-Form Registrations will
be underwritten registrations unless otherwise approved by the Majority Participating Sponsor Investors. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form unless otherwise
requested by the Majority Participating Sponsor Investors. 

 (d) Shelf Registrations. 

(i) For so long as a registration statement for a Shelf Registration (a “Shelf Registration Statement”) is and
remains effective, each Sponsor Investor will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) of Registrable Securities pursuant to such registration statement
(“Shelf Registrable Securities”). If any Sponsor Investor desires to sell Registrable Securities pursuant to an underwritten offering, then such Sponsor Investor may deliver to the Company a written notice (a “Shelf Offering
Notice”) specifying the number of Shelf Registrable Securities that the Sponsor Investor desires to sell pursuant to such underwritten offering (the “Shelf Offering”). As promptly as practicable, but in no event later than
two (2) Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such
Shelf Registration Statement or are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within three (3) Business Days after receipt of the Company’s notice, the maximum number
of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to Section 1(e) and Section 7, will include in such Shelf Offering all Shelf
Registrable Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in any event within fourteen (14) days after the receipt of a Shelf Offering
Notice), but subject to Section 1(e), use its best efforts to consummate such Shelf Offering. 

(ii) If any Sponsor Investor desires to engage in an underwritten block trade, bought deal or overnight book build pursuant to
a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement) (each, an “Underwritten Block Trade”), then
notwithstanding the time periods set forth in Section 1(d)(i), such Sponsor Investor may deliver notice to the Company and to the other Sponsor Investors of the Underwritten Block Trade not less than two
(2) Business Days prior to the day such offering is first anticipated to commence. If requested by the Majority Participating Sponsor Investors, the Company will promptly notify the other Holders of such Underwritten Block Trade and such
notified Holders and the other Sponsor Investors (each, a “Potential Participant”) may elect whether or not to participate no later than the next Business Day (i.e. one (1) Business Day prior to the day such offering is
to commence) (unless a longer period is agreed to by the demanding Sponsor Investor), and the Company will as expeditiously as possible use its best efforts to facilitate such Underwritten Block Trade (which may close as early as two
(2) Business Days after the date it commences); provided, further that, notwithstanding the provisions of Section 1(d)(i), no Holder (other than Holders of Sponsor Investor Registrable
Securities) will be permitted to participate in an Underwritten Block Trade without the written consent of the Majority Participating Sponsor Investors. Other than with respect to a Sponsor Investor, any Potential Participant’s request to
participate in an Underwritten Block Trade shall be irrevocable and binding on the Potential Participant. 
 (iii) All
determinations as to whether to complete any Shelf Offering and as to the timing, manner, price and other terms of any Shelf Offering contemplated by this Section 1(d) shall be determined by the Majority Participating
Sponsor Investors, and the Company shall use its best efforts to cause any Shelf Offering to occur in accordance with such determinations as promptly as practicable. 

(iv) The Company will, at the request of the Majority Participating Sponsor Investors, file any prospectus supplement or any
post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Majority Participating Sponsor Investors to effect such Shelf Offering. 

  
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 (e) Priority on Demand Registrations and Shelf Offerings. The Company will not
include in any Demand Registration any securities which are not Registrable Securities without the prior written consent of the Majority Participating Sponsor Investors. If a Demand Registration or a Shelf Offering is an underwritten offering and
the managing underwriters advise the Company or the Majority Participating Sponsor Investors in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such
offering exceeds the number of Registrable Securities and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company
will include in such offering (prior to the inclusion of any securities which are not Registrable Securities) (i) first, the number of Sponsor Investor Registrable Securities requested to be included which, in the opinion of such
underwriters, can be sold, without any such adverse effect, pro rata among the Participating Sponsor Investors on the basis of the number of Sponsor Investor Registrable Securities owned by each such Participating Sponsor Investor; and
(ii) second, the number of Registrable Securities requested to be included by any Other Investor which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Other Investors on the basis
of the number of Registrable Securities owned by each such Other Investor. 
 (f) Restrictions on Demand Registration and Shelf
Offerings. 
 (i) The Company may postpone, for up to 60 days (or with the consent of the each Sponsor Investor, a longer
period) from the date of the request (the “Suspension Period”), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration
Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the following conditions are met: (A) the Company determines that the offer or sale of Registrable Securities would
reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger,
consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require
disclosure of material non-public information not otherwise required to be disclosed under applicable law, and either (x) the Company has a bona fide business purpose for preserving the confidentiality of
such transaction, (y) such disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with SEC requirements, in
each case of clauses (x), (y) and (z), under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a
post effective basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this Section 1(f)(i) only once in any twelve
(12)-month period (for avoidance of doubt, in addition to the Company’s rights and obligations under Section 4(a)(vi)) unless additional delays or suspensions are approved by each Sponsor Investor. 

(ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in
Section 1(f)(i) above or pursuant to Section 4(a)(vi) (a “Suspension Event”), the Company will give a written notice to the Holders whose Registrable
Securities are registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice must state generally the basis for the

  
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notice and that such suspension will continue only for so long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities
pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable
Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice will be given by the Company
to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted Suspension Period). Notwithstanding anything herein to the contrary, a Suspension Event shall terminate at such time as the public
disclosure of such information is made. After the expiration of any Suspension Event, and without any further request from a Holder, the Company shall as promptly as practicable prepare a post-effective amendment or supplement to the Shelf
Registration Statement or the related prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus
shall not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(g) Selection of Underwriters. The Majority Participating Sponsor Investors shall have the right to select the investment banker(s) and
manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering. 
 (h) Other Registration
Rights. Except as provided in this Agreement, the Company will not grant to any Person(s) the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or
exchangeable into or exercisable for such securities, without the prior written consent of each Sponsor Investor. 
 (i) Revocation of
Demand Notice or Shelf Offering Notice. At any time prior to the effective date of the registration statement relating to a Demand Registration or the “pricing” of any offering relating to a Shelf Offering Notice, the Sponsor
Investors who initiated such Demand Registration or Shelf Offering may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without
liability to such Holders (including, for the avoidance of doubt, the other Participating Sponsor Investors), in each case by providing written notice to the Company; provided that, if applicable, any other Participating Sponsor Investors may elect
to continue with such Demand Registration or Shelf Offering without such withdrawing Sponsor Investors. 
 (j) Confidentiality. Each
Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose (except to such
Holder’s or its affiliates’ respective directors, officers, employees or advisors who such Holder determines has a need to know the information contained in any such notice) or use the information contained in any such notice (or the
existence thereof), except in furtherance of the business of the Company, without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result
of disclosure by such Holder in breach of the terms of this Agreement) or, in the case of a notice of Demand Registration or a Shelf Offering Notice, a determination is made not to proceed with such registration or offering. 

  
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 Section 2 Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act (including
primary and secondary registrations, and other than pursuant to an Excluded Registration) (a “Piggyback Registration”), the Company will give prompt written notice (and in any event within three (3) Business Days
after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 2(b),
Section 2(c) and Section 7, will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable
Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after delivery of the Company’s notice; provided that the Company shall not be required to provide such notice or include
any Registrable Securities in such registration if each Sponsor Investor elects not to include any Sponsor Investor Registrable Securities in such registration, unless such Sponsor Investors otherwise consent in writing. Any Participating Sponsor
Investor may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement becoming effective. 

(b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and
the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability,
proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Sponsor Investor Registrable
Securities requested to be included in such registration by any Sponsor Investor which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Participating Sponsor Investors on the basis of the number
of Sponsor Investor Registrable Securities owned by each such Participating Sponsor Investor, (iii) third, the Registrable Securities requested to be included in such registration by any Other Investor which, in the opinion of such
underwriters, can be sold, without any such adverse effect, pro rata among such Other Investors on the basis of the number of Registrable Securities owned by each such Other Investor and (iv) fourth, other securities requested to be
included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. 
 (c)
Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s equity securities (other than pursuant to Section 1
hereof), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the
marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the Sponsor Investor Registrable Securities requested to be included in such registration
by any Sponsor Investor which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Participating Sponsor Investors on the basis of the number of Sponsor Investor Registrable Securities owned by each
such Participating Sponsor Investor, (ii) second, the securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such
adverse effect, (iii) third, the Registrable Securities requested to be included in such registration by any Other Investor which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such
Other Investors on the basis of the number of Registrable Securities owned by each such Other Investor and (iv) fourth, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold
without any such adverse effect. 

  
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 (d) Right to Terminate Registration. The Company will have the right to terminate or
withdraw any registration initiated by it under this Section 2, whether or not any holder of Registrable Securities has elected to include securities in such registration; provided that any Sponsor Investor may elect to
continue such registration, which registration shall be effected in accordance with the provisions of Section 1 hereof (other than the notice provisions thereof, which shall be deemed to have been satisfied without further
action). 
 (e) Selection of Underwriters. If any Piggyback Registration is an underwritten offering, then the selection of investment
banker(s) and manager(s) for the offering must be approved by the Majority Participating Sponsor Investors, which approval shall not be unreasonably withheld, conditioned, or delayed. 

Section 3 Stockholder Lock-Up Agreements and Company Holdback Agreement. 

(a) Stockholder Lock-up Agreements. In connection with any underwritten Public Offering, each
Holder and each director and officer of the Company will enter into any lock-up, holdback or similar agreements (each a “Lock-up Agreement”) requested
by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Majority Participating Sponsor Investors (or, if none, the Sponsor Investors). Without limiting the generality of the
foregoing, each Holder and each director and officer of the Company shall agree, in connection with the initial Public Offering and in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public
Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be
deemed to be beneficially owned by such Holder, officer or director in accordance with the rules and regulations of the SEC) (collectively, “Securities”), or any securities, options or rights convertible into or exchangeable or
exercisable for Securities (collectively, “Other Securities”), (ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that
transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i),
(ii) and (iii) above, a “Sale Transaction”), or (iv) publicly disclose the intention to enter into any Sale Transaction, commencing on the date on which the Company gives notice to the Holders that a preliminary prospectus
has been circulated for such underwritten Public Offering or the “pricing” of such offering and continuing to the date that is (x) 180 days following the date of the final prospectus for such underwritten Public Offering in the case
of the initial Public Offering or (y) 90 days following the date of the final prospectus in the case of any other such underwritten Public Offering (each such period, or such shorter period as agreed to by the managing underwriters, a
“Holdback Period”), in each case with such modifications and exceptions as may be approved by the Majority Participating Sponsor Investors (or, if none, the Sponsor Investors); provided that any
Lock-up Agreement to be entered into by a Sponsor Investor shall include pro rata release provisions (as among the Sponsor Investors) in the event of any early release or waiver by the underwriter(s) managing
such offering of the terms of the Lock-up Agreement entered into by any other Sponsor Investor. The Company may impose stop-transfer instructions with respect to any Securities or Other Securities subject to
the restrictions set forth in this Section 3(a) until the end of such Holdback Period. 
 (b) Company Holdback
Agreement. The Company (i) will not file any registration statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during
any Holdback Period (other than as part of such underwritten Public Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is
(x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will cause each holder of Securities and Other

  
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Securities (including each of its directors and executive officers) to agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration (if
otherwise permitted), unless approved in writing by the Majority Participating Sponsor Investors and the underwriters managing the Public Offering and to enter into any lock-up, holdback or similar agreements
requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Majority Participating Sponsor Investors. 

Section 4 Registration Procedures. 

(a) Company Obligations. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or
have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as
expeditiously as possible: 
 (i) prepare and file with (or submit confidentially to) the SEC a registration statement, and
all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all
applicable rules and regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by
the Participating Sponsor Investors copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel); 

(ii) notify each Holder of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration
statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder; 

(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be reasonably requested by the Majority Participating Sponsor Investors or necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have
been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such
registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an
underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the
sellers thereof set forth in such registration statement; 
 (iv) furnish, without charge, to each seller of Registrable
Securities thereunder and each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each
case including all exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such 

  
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other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the Company hereby
consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing Prospectus by
each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

(v) use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller (provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general
service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 
 (vi) notify
in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or
supplement to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained,
(B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, and (C) at any time when a prospectus relating thereto is required
to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any
fact necessary to make the statements therein not misleading, and, subject to Section 1(f), if required by applicable law or to the extent requested by the Majority Participating Sponsor Investors, the Company will use its
best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit
to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to
the offering shall cease to be true and correct; 
 (vii) (A) use best efforts to cause all such Registrable Securities
to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least
two market makers to register as such with respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without
limitation all corporate governance requirements; 
 (viii) use best efforts to provide a transfer agent and registrar for
all such Registrable Securities not later than the effective date of such registration statement; 
 (ix) enter into and
perform such customary agreements (including, as applicable, underwriting or indemnification agreements in customary form) and take all such other actions as the Majority Participating Sponsor Investors or the underwriters, if any, reasonably
request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in “road shows,” investor presentations,
marketing events and other selling efforts and, in the case of the initial Public Offering, effecting a stock or unit split or combination, recapitalization or reorganization); 

  
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 (x) make available for inspection by any seller of Registrable Securities,
any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and
business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives and independent accountants to
supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto; 

(xi) take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or
Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the
extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; 
 (xii) otherwise use its best efforts to
comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of
the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiii) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling
Person of the Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance reasonably satisfactory to the Company, which in the
reasonable judgment of such Holder and its counsel should be included; 
 (xiv) use best efforts to (A) make Short-Form
Registration available for the sale of Registrable Securities and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related
prospectus or suspending the qualification of any Common Equity included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, best efforts to obtain promptly the withdrawal of such order; 

(xv) use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

  
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 (xvi) cooperate with the Holders covered by the registration statement and
the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive
legends associated with any account at which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

(xvii) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or
business information for the Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter; 

(xviii) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however,
that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; 

(xix) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the
disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock
Exchange, Nasdaq or any other national securities exchange on which the shares of Common Equity are or are to be listed, and to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the
managing underwriter; 
 (xx) in the case of any underwritten offering, use its best efforts to obtain, and deliver to
the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company’s independent public accountants in customary form and covering such matters of the
type customarily covered by cold comfort letters; 
 (xxi) use its best efforts to provide (A) a legal opinion of the
Company’s outside counsel, dated the effective date of such registration statement addressed to the Company addressing the validity of the Registrable Securities being offered thereby, (B) on the date that such Registrable Securities are
delivered to the underwriters for sale in connection with a Demand Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of the
applicable sale, (1) one or more legal opinions of the Company’s outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten Public Offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more “negative assurances letters” of the
Company’s outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten Public Offering or, in the case of a non-underwritten offering, to the broker,
placement agent or other agent of the Holders assisting in the sale of the Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten
offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (C) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any
underwriter of such Registrable Securities; 
 (xxii) if the Company files an Automatic Shelf Registration Statement covering
any Registrable Securities, use its best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to
remain effective; 

  
 -10- 

 (xxiii) if the Company does not pay the filing fee covering the Registrable
Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 

(xxiv) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the
third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that
it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration
statement effective during the period during which such registration statement is required to be kept effective; and 
 (xxv)
if requested by any Participating Sponsor Investor, cooperate with such Participating Sponsor Investor and with the managing underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with
the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects.

 (b) Officer Obligations. Each Holder that is an officer of the Company agrees that if and for so long as he or she is employed by
the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for Persons in like positions and consistent with his or her other duties with the Company, including the preparation of the
registration statement and the preparation and presentation of any road shows. 
 (c) Automatic Shelf Registration Statements. If the
Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and no Sponsor Investor requests that its Registrable Securities be included in such Shelf Registration
Statement, the Company agrees that, at the request of any Sponsor Investor, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investors may be added to
such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its
securities other than the Holders, the Company shall, at the request of any Sponsor Investor, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities
may be added to such Shelf Registration Statement. 
 (d) Additional Information. The Company may require each seller of Registrable
Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to
such seller’s participation in such registration. 
 (e) In-Kind Distributions. If any
Sponsor Investor (and/or any of their Affiliates) seeks to effectuate an in-kind distribution of all or part of their Registrable Securities to their respective direct or indirect equityholders, the Company
will, subject to any applicable lock-ups, work with the foregoing Persons to facilitate such in-kind distribution in the manner reasonably requested and consistent with
the Company’s obligations under the Securities Act. 

  
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 (f) Suspended Distributions. Each Person participating in a registration
hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(a)(vi), such Person will immediately discontinue the disposition of its Registrable
Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 4(a)(vi), subject to the Company’s compliance with its
obligations under Section 4(a)(vi). 
 (g) Other. To the extent that any of the Participating Sponsor
Investors is or may be deemed to be an “underwriter” of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in
Section 6 shall be applicable to the benefit of such Participating Sponsor Investor in their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Participating Sponsor
Investor shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort
letters addressed to such Participating Sponsor Investor. 
 Section 5 Registration Expenses. 

Except as expressly provided herein, all out-of-pocket expenses
incurred by the Company or any Sponsor Investor in connection with the performance of or compliance with this Agreement and/or in connection with any Demand Registration, Piggyback Registration or Shelf Offering, whether or not the same shall become
effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC, FINRA and if applicable, the fees and
expenses of any Qualified Independent Underwriter, and of its counsel, (ii) all fees and expenses in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word processing, messenger,
telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free
Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to
such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection
with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public
Offering), (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all reasonable fees and disbursements of one legal counsel for each of the Participating Sponsor Investors selected by each Participating
Sponsor Investor (which may be the same counsel as selected for the Company) together with any necessary local counsel as may be required by the Participating Sponsor Investors, (ix) all reasonable fees and disbursements of one legal counsel
for the Other Investors participating in such Registration (or, in the case of a Shelf Registration, the Other Investors selling Registrable Securities under the Shelf Registration Statement) solely in connection with the preparation of any legal
opinions requested by the underwriters in respect of such Other Investors personally, (x) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xi) all fees and expenses of any special experts or
other Persons retained by the Company or any Sponsor Investor in connection with any Registration, (xii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or
accounting duties), (xiii) all expenses related to the “road-show” for any underwritten offering, including all travel, meals and lodging and (xiv) any other fees and disbursements customarily paid by the issuer of securities. All
such expenses are referred to herein as “Registration Expenses.” Notwithstanding anything to the contrary herein, the Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration,
Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person’s account and all transfer taxes (if any) attributable to the sale of
Registrable Securities. 

  
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 Section 6 Indemnification and Contribution. 

(a) By the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to
time, each Holder, such Holder’s officers, directors employees, agents, fiduciaries, stockholders, managers, partners, members, affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns
thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or
proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, “Losses”) caused by, resulting from, arising out of, based upon or related to any of the following (each, a
“Violation”) by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or
Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 6, collectively called an
“application”) executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the
“blue sky” or securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation
by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any
such registration, qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses.
Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission, made in such registration statement, any such
prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information regarding an
Indemnified Party prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein or by such Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or any amendments or
supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors, and
each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement
executed in connection with such underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer
of such securities by such seller. 
 (b) By Holders. In connection with any registration statement in which a Holder is
participating, each such Holder will furnish to the Company in writing such information regarding such Holder as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by
law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and
appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of
Registrable Securities pursuant to such registration statement. 

  
 -13- 

 (c) Claim Procedure. Any Person entitled to indemnification hereunder will
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice will impair any Person’s right to indemnification hereunder only
to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the
indemnification and approved by the Sponsor Investors, at the expense of the indemnifying party. 
 (d) Contribution. If the
indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any
Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) 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 hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause
(i) of this Section 6(d) is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the
sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations;
provided that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of
Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable 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. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this Section 6(d) were to be determined by pro rata allocation or by any other
method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

  
 -14- 

 (e) Release. No indemnifying party will, except with the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement that (i) does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation, (ii) involves the imposition of equitable remedies or the imposition of any non-financial obligations on the indemnified party or (iii) includes any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (f)
Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution
that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this Section 6 applies) and will
remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the
termination or expiration of this Agreement. Each Indemnified Party shall be a third party beneficiary of, and entitled to enforce, this Section 6. 

Section 7 Cooperation with Underwritten Offerings. No Person may participate in any underwritten registration hereunder unless
such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to
the terms of any over-allotment or “green shoe” option requested by the underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such
registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such
underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, Section 3,
Section 4 and/or this Section 7, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the
underwriters hereunder with respect to such registration. 
 Section 8 Subsidiary Public Offering. 

If, after an initial Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such
Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, mutatis mutandis, to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary’s
obligations under this Agreement as if it were the Company hereunder. 
 Section 9 Joinder; Additional Parties; Transfer of
Registrable Securities. 
 The Company may from time to time (with the prior written consent of each Sponsor Investor) permit any Person
who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from such
Person in the form of Exhibit B attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become the category of Registrable
Securities (i.e., Sponsor Investor Registrable Securities or Other Investor Registrable Securities), and such Person shall be deemed the category of Holder (i.e., Sponsor Investor or Other Investor), in each case as set forth on the signature page
to such Joinder. 

  
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 Section 10 General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived
only with the prior written consent of the Company and each Sponsor Investor for as long as such Sponsor Investor holds, directly or indirectly, at least 1% of the outstanding Common Equity; provided that no such amendment, modification or
waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e., Sponsor Investors or Other Investors) in a manner materially and adversely different than any other Holder or group of Holders will be effective against
such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any
of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or
consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that
Person of the same or any other obligations of that Person under this Agreement. 
 (b) Remedies. The parties to this Agreement will
be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security or proving insufficiency of damages), to recover damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause substantial and irreparable harm and money damages would not be an adequate remedy for any such breach and that,
in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief and other equitable remedies from any court of law or equity of competent jurisdiction (without
posting any bond or other security or proving insufficiency of damages) in order to enforce or prevent any violation of the provisions of this Agreement. 

(c) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as
if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except as
otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or
among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 (e) Successors and
Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns and the Holders and their respective successors and permitted assigns
(whether so expressed or not). No Other Investor shall be permitted to assign this Agreement, any interest herein or any right or obligation hereunder without the prior written consent of each Sponsor Investor. 

(f) Notices. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement will be in
writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient on a business day; but if not, then on the next
Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three (3) Business Days after it is deposited in the U.S. Mail, addressed to the recipient, first-class
mail, return receipt requested. Such notices, demands and other communications shall be sent to the Company at the address specified below and to any Holder at such address as indicated on the applicable schedule hereto, or at such address or to the
attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving written notice of the change to the sending party as
provided herein. The Company’s address is: 

  
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 PowerSchool Holdings, Inc. 

150 Parkshore Dr. 
 Folsom,
California 95630 
 Attn: Hardeep Gulati 

Email: hardeep.gulati@powerschool.com 

With a copy to: 

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

 Attn: Robert Hayward, P.C. 

         Robert Goedert, P.C. 

Email: rhayward@kirkland.com 

            rgoedert@kirkland.com 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

(g) Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time
period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday. 
 (h) Governing
Law. The corporate law of the State of Delaware will govern all issues and questions concerning the relative rights of the Company and its equityholders. All issues and questions concerning the construction, validity, interpretation and
enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

(i) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT
(AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

(j) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL
COURT LOCATED IN THE STATE OF DELAWARE OR ANY DELAWARE STATE COURT (AND OF THE APPROPRIATE APPELLATE COURTS) FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR 

  
 -17- 

 
DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO
WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN ANY FEDERAL COURT LOCATED IN THE STATE OF DELAWARE OR ANY DELAWARE STATE COURT (AND OF THE APPROPRIATE APPELLATE COURTS), AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(k) No Recourse. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no
recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate or
assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever
will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any
Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such
obligations or their creation. 
 (l) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement will be by way of example rather than by limitation. 

(m) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction will be applied against any party. 
 (n) Counterparts. This Agreement
may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement. 

(o) Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a
facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party
hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

  
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 (p) Further Assurances. In connection with this Agreement and the transactions
contemplated hereby, each Holder agrees to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the
transactions contemplated hereby. 
 (q) Dividends, Recapitalizations, Etc. If at any time or from time to time there is any change in
the capital structure of the Company by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the
provisions hereof so that the rights and privileges granted hereby will continue. 
 (r) No Third-Party Beneficiaries. No term or
provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein. 

(s) Current Public Information. At all times after the Company has filed a registration statement with the SEC pursuant to the
requirements of either the Securities Act or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will take such further action as any of the Sponsor Investors may
reasonably request, all to the extent required to enable such Holders to sell Registrable Securities, unless otherwise agreed by each Sponsor Investor. 

*    *    *    *    * 

  
 -19- 

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

			
	POWERSCHOOL HOLDINGS, INC.
		
	By:	 	  

	Its:	 	  

	
	SPONSOR INVESTORS:
	
	SEVERIN TOPCO, LLC
		
	By:	 	              

	Its:	 	  

	Address:	 	  

	  

	
	PINNACLE HOLDINGS I L.P.
		
	By:	 	  

	Its:	 	  

	Address:	 	  

	  

	
	VISTA EQUITY PARTNERS FUND VI-A, L.P.
		
	By:	 	  

	Its:	 	  

	Address:	 	  

	  

	
	ONEX PARTNERS HOLDINGS LLC
		
	By:	 	  

	Its:	 	  

	Address:	 	  

	  

	
	ONEX PARTNERS IV SELECT LP
		
	By:	 	  

	Its:	 	  

	Address:	 	  

	  

	
	ONEX US PRINCIPALS LP
		
	By:	 	  

	Its:	 	  

 [Signature Page to Registration Rights Agreement]

			
	Address:	 	  

	  

	  

	
	ONEX PARTNERS IV LP
		
	By:	 	              

	Its:	 	  

	Address:	 	  

	  

	
	ONEX PARTNERS IV GP LP
		
	By:	 	  

	Its:	 	  

	Address:	 	  

	  

	
	ONEX PARTNERS IV PV LP
		
	By:	 	  

	Its:	 	  

	Address:	 	  

	  

 [Signature Page to Registration Rights Agreement] 

 EXHIBIT A 

DEFINITIONS 
 Capitalized
terms used in this Agreement have the meanings set forth below. 
 “Affiliate” of any Person means any other Person
controlled by, controlling or under common control with such Person and, in the case of an individual, also includes any member of such individual’s Family Group; provided that the Company and its Subsidiaries will not be deemed to be
Affiliates of any holder of Registrable Securities. As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) will mean
possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

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

“Automatic Shelf Registration Statement” has the meaning set forth in Section 1(a). 

“Business Day” means a day that is not a Saturday or Sunday or a day on which banks in New York City are authorized or
requested by law to close. 
 “Charitable Gifting Event” means any transfer by a Sponsor Investor, or any subsequent
transfer by such holder’s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered into in connection with any
underwritten offering. 
 “Charitable Organization” means a charitable organization as described by Section 501(c)(3)
of the Internal Revenue Code of 1986, as in effect from time to time. 
 “Common Equity” means (i) shares of the
Company’s Class A common stock, par value $0.0001 per share, and (ii) shares of the Company’s Class A common stock issuable upon exchange of common units of Severin Holdings, LLC pursuant to the Exchange Agreement. 

“Company” has the meaning set forth in the preamble and shall include its successor(s). 

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

“End of Suspension Notice” has the meaning set forth in Section 1(f)(ii). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in
force, together with all rules and regulations promulgated thereunder. 
 “Exchange Agreement” means that certain Exchange
Agreement dated as of the date hereof among the Company, Severin Holdings, LLC and Severin Topco, LLC. 
 “Excluded
Registration” means any registration (i) pursuant to a Demand Registration (which is addressed in Section 1(a)), or (ii) in connection with registrations on Form
S-4 or S-8 promulgated by the SEC (or any successor or similar forms).  

  
 A-1 

 “Family Group” means with respect to any individual, such individual’s
current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established solely for the
benefit of such individual or such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holdback Period” has the meaning set forth in Section 3(a). 

“Holder” means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder). 

“Indemnified Parties” has the meaning set forth in Section 6(a). 

“Joinder” has the meaning set forth in Section 9. 

“Long-Form Registrations” has the meaning set forth in Section 1(a). 

“Losses” has the meaning set forth in Section 6(c). 

“Other Investors” has the meaning set forth in the recitals. 

“Majority Participating Sponsor Investors” means the Participating Sponsor Investor or Participating Sponsor Investors who
hold(s) a majority of the Sponsor Investor Registrable Securities to be included within such Demand Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade. 

“Other Investor Registrable Securities” means (i) any Common Equity held (directly or indirectly) by any Other Investors
or any of their Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or
combination of securities, or any recapitalization, merger, consolidation or other reorganization. 
 “Participating Sponsor
Investors” means any Sponsor Investor(s) participating in the request for a Demand Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 2(a). 

“Potential Participant” has the meaning set forth in Section 1(d)(ii). 

“Public Offering” means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of
Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act. 

“Qualified Independent Underwriter” has the meaning set forth by FINRA in Section 5121(f)(12), or any successor
provision thereto. 

  
 A-2 

 “Registrable Securities” means Sponsor Investor Registrable Securities and
Other Investor Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance
with Rule 144 or another available exemption from the registration requirements of the Securities Act following the consummation of the initial Public Offering, (c) distributed to the direct or indirect partners or members of a Sponsor Investor
that is a private equity fund or (d) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to
be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of
Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing, following the consummation of an initial Public Offering, any Registrable
Securities held by any Person (other than any Sponsor Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 will be deemed not to be Registrable Securities. 

“Registration Expenses” has the meaning set forth in Section 5. 

“Rule 144”, “Rule 158”, “Rule 405”, “Rule 415”, “Rule
403B” and “Rule 462” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor rule then in force. 

“Sale Transaction” has the meaning set forth in Section 3(a). 

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

“Securities” has the meaning set forth in Section 3(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder. 
 “Shelf Offering” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Offering Notice” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Registration” has the meaning set forth in
Section 1(a). 
 “Shelf Registrable Securities” has the meaning set forth in
Section 1(d)(i). 
 “Shelf Registration Statement” has the meaning set forth
in Section 1(d). 
 “Short-Form Registrations” has the meaning set forth in
Section 1(a). 
 “Sponsor Investors” has the meaning set forth in the recitals; provided that,
except as otherwise expressly provided herein (e.g., references to “each Sponsor Investor”), any decision to be made or approval to be granted under this Agreement by the Sponsor Investors shall be made or granted, respectively, by the
holders of a majority of all Sponsor Investor Registrable Securities. 

  
 A-3 

 “Sponsor Investor Registrable Securities” means (i) any Common Equity
beneficially owned (directly or indirectly) by any Sponsor Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause
(i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization. 

“Subsidiary” means, with respect to the Company, any corporation, limited liability company, partnership, association or
other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a
majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For
purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity. 

“Suspension Event” has the meaning set forth in Section 1(f)(ii). 

“Suspension Notice” has the meaning set forth in Section 1(f)(ii). 

“Suspension Period” has the meaning set forth in Section 1(f)(i). 

“Underwritten Block Trade” has the meaning set forth in Section 1(d)(ii). 

“Violation” has the meaning set forth in Section 6(a). 

“WKSI” means a “well-known seasoned issuer” as defined under Rule 405. 

  
 A-4 

 EXHIBIT B 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement, dated as of __________________, 2021
(as amended, modified and waived from time to time, the “Registration Agreement”), among PowerSchool Holdings, Inc., a Delaware corporation (the “Company”), and the other persons named as parties therein (including
pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement. 
 By executing and
delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an original
signatory to the Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder, an [Sponsor Investor // Other Investor thereunder] and the undersigned’s ____ shares of Common Equity will be deemed for all purposes
to be [Sponsor Investor // Other Investor] Registrable Securities under the Registration Agreement. 
 Accordingly, the undersigned has
executed and delivered this Joinder as of the ___ day of ____________, 20___. 
  

			
	  

	Signature	 	
	
	  

	Print Name
		
	Address:	 	  

	  

	  

	

  

	
	Agreed and Accepted as of
	
	________________, 20___:
	
	POWERSCHOOL HOLDINGS, INC.
	
	By: ________________________
	
	Its: ________________________EX-10.1

 Exhibit 10.1 

POWERSCHOOL HOLDINGS, INC. 

2021 OMNIBUS INCENTIVE PLAN 

ARTICLE I 
 PURPOSE;
EFFECTIVE DATE; TERM 
 Section 1.1    Purpose. The purpose of the PowerSchool Holdings, Inc.
2021 Omnibus Incentive Plan is to enhance the profitability and value of the Company for the benefit of its Stockholders by enabling the Company to offer Eligible Individuals stock- and cash-based incentives in order to attract, retain, and
reward such individuals and strengthen the mutuality of interests between such individuals and the Stockholders. 

Section 1.2    Effective Date. The Plan is effective as of [●], 2021 (the “Effective
Date”), which is the date of its adoption by the Board, subject to the approval of the Plan by the Stockholders in accordance with Applicable Law. 

Section 1.3    Term. No Award may be granted on or after the 10th anniversary of the earlier of the Effective
Date or the date of Stockholder approval of the Plan, but Awards granted before such 10th anniversary may extend beyond that date. 

ARTICLE II 

DEFINITIONS 
 For purposes
of the Plan, the following terms will have the following meanings: 
 “Affiliate” means each of the following: (a) any
Subsidiary; (b) any Parent; (c) any corporation, trade, or business that is directly or indirectly controlled 50% or more (whether by ownership of stock, assets, or an equivalent ownership interest or voting interest) by the Company or any
Affiliate; (d) any trade or business that directly or indirectly controls 50% or more (whether by ownership of stock, assets, or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the
Company or any Affiliate has a material equity interest and that is designated as an “Affiliate” by resolution of the Committee; provided, however, that “Affiliate” will not include other portfolio companies of any
fund controlled by Vista Equity Partners or any of its affiliates that are not Parents or Subsidiaries. 
 “Applicable Law”
means the requirements related to or implicated by the administration or operation of the Plan under United States federal and applicable state laws (including corporate, securities, tax, and employment laws, and the Code), any stock exchange or
quotation system on which the Shares are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted. 

“Award” means any award granted under the Plan of any Stock Option, Stock Appreciation Right, Restricted Shares, Performance
Award, Other Share-Based Award, or Other Cash-Based Award. All Awards will be granted by, confirmed by, and subject to the terms and conditions of, a written Award Agreement executed by the Company and the Participant. 

“Award Agreement” means the written or electronic agreement setting forth the terms and conditions applicable to an Award.

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

“Business Combination” has the meaning set forth in Section 10.2(c). 

“Cause” means, as determined by the Company, unless otherwise determined by the Committee in the applicable Award Agreement,
with respect to an Eligible Employee’s or Consultant’s Separation from Service, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement, or similar agreement in effect
between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), a Participant’s (i) insubordination,
material dishonesty, fraud, moral turpitude, negligence or willful misconduct, refusal to perform the Participant’s duties or responsibilities (for any reason other than illness or incapacity), (ii) repeated or material violation of any
policies of the Company, including, but not limited to, those relating to sexual harassment, ethics, discrimination, or the disclosure or misuse of confidential information, or violation or breach of any confidentiality agreement, work product
agreement, or other agreement between the Participant and the Company, (iii) plea of guilty or nolo contendere to, conviction of, or indictment for, any crime (whether or not involving the Company or its Affiliates) (A) constituting
a felony or (B) that has, or could reasonable expected result in, and adverse impact on the performance of the Participant’s duties to the Company or any of its Affiliates, (iv) misappropriation of any assets or business opportunities
of the Company or its Affiliates; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time
of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement. Notwithstanding any foregoing term or condition of this definition of Cause, with respect to a Non-Employee Director, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Delaware law. 

“Change in Control” has the meaning set forth in Section 11.2. 

“Change in Control Price” has the meaning set forth in Section 11.1. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, including the rules and regulations thereunder
and any successor provisions, rules, and regulations thereto. 
 “Committee” means any committee of the Board duly
authorized by the Board to administer the Plan. If no committee is duly authorized by the Board to administer the Plan, “Committee” will be deemed to refer to the Board for all purposes under the Plan. 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company. 

“Company” means PowerSchool Holdings, Inc., a Delaware corporation, and its successors by operation of law. 

“Consultant” means an advisor or consultant to the Company or an Affiliate. 

  
 -2- 

 “Detrimental Conduct” means, as reasonably determined by the Company, the
Participant’s engaging in any of the following behaviors, provided that such behavior causes or would be reasonably expected to cause material harm to the Company or an Affiliate: (a) any violation by the Participant of a restrictive
covenant agreement that the Participant has entered into with the Company or an Affiliate (covering, for example, confidentiality, noncompetition, nonsolicitation, nondisparagement, etc.); (b) the commission of a criminal act by the Participant
while employed by or providing services to the Company or an Affiliate, whether or not performed in the workplace, that subjects, or if generally known would subject, the Company or an Affiliate to public ridicule or embarrassment, or other improper
or intentional conduct by the Participant while employed by or providing services to the Company or an Affiliate causing reputational harm to the Company or an Affiliate; (c) the Participant’s breach of a fiduciary duty owed to the Company
or an Affiliate or a client or former client of the Company or an Affiliate; (d) the Participant’s intentional violation, or grossly negligent disregard, of the Company’s or an Affiliate’s policies, rules, or procedures; or
(e) the Participant taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to the Company or an Affiliate. 

“Disability” means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a
Participant’s Separation from Service, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability will only be deemed to occur at the time of the determination by the Committee of the Disability;
provided, however, that, for Awards that are subject to Section 409A, Disability means that a Participant is disabled within the meaning of Section 409A. 

“Effective Date” has the meaning set forth in Section 1.2. 

“Eligible Employee” means each employee of the Company or an Affiliate. 

“Eligible Individual” means each Eligible Employee, Non-Employee Director, or
Consultant who is designated by the Committee as eligible to receive an Award. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time, including the rules and regulations thereunder and any successor provisions, rules, and regulations thereto. 

“Fair Market Value” means, as of any date and except as provided below, the last sales price reported for the Common Stock on
the applicable date as reported on the principal stock exchange in the United States on which the Common Stock is then listed, or if the Common Stock is not listed, or otherwise reported or quoted, the Committee will determine the Fair Market Value
taking into account the requirements of Section 409A. For purposes of the grant of any Award, the applicable date will be the trading day immediately before the date on which the Award is granted. For purposes of any Award granted in connection
with the Registration Date, the Fair Market Value will be the public offering price in the initial public offering as set forth on the cover of the final prospectus. For purposes of the purchase of any Award, the applicable date will be the date a
notice of purchase is received by the Company or, if not a day on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, the Committee may use any alternative definition of Fair Market Value that it
determines should be used in connection with 

  
 -3- 

 
the grant, exercise, vesting, settlement, or payment of any Award. Such alternative definition may include a price that is based on the opening, actual, high, low, or average selling prices of
the Common Stock on the applicable stock exchange on the given date, the trading day preceding the given date, the trading day next succeeding the given date, or an average of trading days. 

“Family Member” of a Participant means the Participant’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing
the Participant’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any
other entity in which these persons (or the Participant) own more than 50% of the voting interests. 
 “GAAP” means the
U.S. Generally Accepted Accounting Principles, as in effect from time to time. 
 “Incentive Stock Option” or
“ISO” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries, or any Parent intended to be, qualifying, and designated as an “incentive stock option” within the meaning of Section 422
of the Code. 
 “Incumbent Directors” has the meaning set forth in Section 11.2(b). 

“Lead Underwriter” has the meaning set forth in Section 13.21. 

“Lock-Up Period” has the meaning set forth in
Section 13.21. 
 “Non-Employee Director” means a member
of the Board or the board of directors of an Affiliate who is not an active employee of the Company or an Affiliate. 

“Nonqualified Stock Option” means any Stock Option that is not an ISO. 

“Other Cash-Based Award” means an award granted to an Eligible Individual under Section 10.3 that
is payable in cash at the time or times and subject to the terms and conditions determined by the Committee. 
 “Other Share-Based
Award” means an award granted to an Eligible Individual under Article X that is valued in whole or in part by reference to, or is payable in or otherwise based on, Common Stock, including an award valued by
reference to an Affiliate. Other Share-Based Awards may include RSUs. 
 “Parent” means any parent corporation of the
Company within the meaning of Section 424(e) of the Code. 
 “Participant” means an Eligible Individual who has been
granted, and holds, an Award. 
 “Performance Award” means an award granted to an Eligible Individual under
Article IX contingent upon achieving specified Performance Goals. 

  
 -4- 

 “Performance Goals” means goals established by the Committee as
contingencies for Awards to vest or become exercisable or distributable, which may be based on business objectives or other measures of performance as the Committee, in its discretion, deems appropriate. Performance Goals may differ among Awards
granted to any one Participant or to different Participants. The Committee may also designate additional business objectives on which the Performance Goals may be based and adjust, modify, or amend the aforementioned business objectives. 

“Performance Period” means the designated period during which Performance Goals must be satisfied with respect to a
Performance Award. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a government or any branch, department, agency, political subdivision, or official thereof. 

“Plan” means this PowerSchool Holdings, Inc. 2021 Omnibus Incentive Plan. 

“Proceeding” has the meaning set forth in Section 13.10. 

“Registration Date” means the date on which the Company consummates the initial sale of its Common Stock in a bona
fide, firm commitment underwriting pursuant to an effective registration statement under the Securities Act. 
 “Restricted
Shares” means restricted Shares granted to an Eligible Individual under Article VIII. 

“Restriction Period” has the meaning set forth in Section 8.3(a). 

“RSUs” has the meaning set forth in Section 10.1. 

“Rule 16b-3” means Rule 16b-3 under
Section 16(b) of the Exchange Act. 
 “Section 409A” means Code Section 409A. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, including the rules and regulations
thereunder and any successor provisions, rules, and regulations thereto. 
 “Separation from Service” means, unless
otherwise determined by the Committee or the Company, the termination of the applicable Participant’s employment with, and performance of services for, the Company and all Affiliates, including by reason of the fact that the Participant’s
employer or other service recipient ceases to be an Affiliate of the Company. Unless otherwise determined by the Company, if a Participant’s employment or service with the Company or an Affiliate terminates but the Participant continues to
provide services to the Company or an Affiliate in a Non-Employee Director capacity or as an Eligible Employee or Consultant, as applicable, such change in status will not be considered a Separation from
Service. Approved temporary absences from employment because of illness, vacation, or leave of absence and transfers among the Company and its Affiliates will not be considered Separations from Service. Notwithstanding

  
 -5- 

 
the foregoing definition of Separation from Service, with respect to any Award that constitutes nonqualified deferred compensation under Section 409A, “Separation from Service”
means a “separation from service” within the meaning of Section 409A. 
 “Share” means a share of Common
Stock. 
 “Share Reserve” has the meaning set forth in Section 4.1. 

“Stock Appreciation Right” means a right granted to an Eligible Individual under Article VII to
receive an amount in cash or Shares equal to the difference between (a) the Fair Market Value of a Share on the date such right is exercised and (b) the per Share exercise price of such right. 

“Stock Option” means an option to purchase Shares granted to an Eligible Individual under
Article VI. 
 “Stockholder” means a stockholder of the Company. 

“Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 

“Substitute Award” has the meaning set forth in Section 4.1. 

“Ten Percent Stockholder” means a Person owning stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company, its Subsidiaries, or any Parent. 
 “Transfer” means (a) when used as a noun, any
direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance, or other disposition, whether for value or no value and whether voluntary or involuntary, and (b) when used as a verb, to directly or indirectly transfer, sell,
assign, pledge, encumber, charge, hypothecate, or otherwise dispose of, whether for value or for no value and whether voluntarily or involuntarily. The terms “Transferred” and “Transferable” have a correlative
meaning under the Plan. 
 ARTICLE III 

ADMINISTRATION 

Section 3.1    Committee. The Plan will be administered and interpreted by the Committee; provided that
the Board will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law. To the extent required by Applicable Law, it is intended that each member of the Committee will qualify as (a) a “non-employee director” under Rule 16b-3 and (b) an “independent director” under the rules of the principal stock exchange in the United States
on which the Common Stock is then listed, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee before such determination will be valid despite such failure to qualify.

 Section 3.2    Grants of Awards. The Committee will have full authority to grant, under the terms and
conditions of the Plan, to Eligible Individuals: Stock Options, Stock Appreciation 

  
 -6- 

 
Rights, Restricted Shares, Performance Awards, Other Share-Based Awards, and Other Cash-Based Awards. In particular, the Committee will have the authority: 

(a)    to select the Eligible Individuals to whom Awards may be granted; 

(b)    to determine whether and to what extent Awards, or any combination thereof, are to be granted to one
or more Eligible Individuals; 
 (c)    to determine the number of Shares to be covered by each Award;

 (d)    to determine the terms and conditions, not inconsistent with the terms and conditions of the
Plan, of all Awards; 
 (e)    to determine the amount of cash to be covered by each Award; 

(f)    to determine whether, to what extent, and under what circumstances grants of Stock Options and other
Awards are to operate on a tandem basis or in conjunction with or apart from other awards made by the Company outside of the Plan; 

(g)    to determine whether and under what circumstances a Stock Option may be settled in cash, Common
Stock, or Restricted Shares under Section 6.3(d); 
 (h)    to determine whether a Stock Option is
an ISO or Nonqualified Stock Option; 
 (i)    to impose a “blackout” period during which Stock
Options and/or Stock Appreciation Rights may not be exercised; 
 (j)    to determine whether to require
a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired upon the exercise of an Award for a period of time as determined by the Committee after the date of the acquisition of such Award; 

(k)    to modify, extend, or renew an Award, subject to Section 6.3(g) and
Article XII; and 
 (l)    solely to the extent permitted by Applicable Law, to
determine whether, to what extent, and under what circumstances to provide loans (which may be on a recourse basis and bear interest at the rate the Committee may determine) to Participants in order to exercise Stock Options. 

Section 3.3    Guidelines. Subject to Article XII, the Committee will have the
authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and not inconsistent with
the Plan), as it may deem advisable; to construe and interpret the Plan, all Awards, and all Award Agreements (and in each case any agreements relating thereto); and to otherwise supervise the administration of the Plan. The Committee may correct
any defect, supply any omission, or reconcile any inconsistency in the Plan or in any agreement 

  
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relating thereto in the manner and to the extent it deems necessary to effectuate the purpose and intent of the Plan. The Committee may adopt special terms and conditions for Persons who are
residing in, or employed in, or subject to the taxes of, any domestic or foreign jurisdictions to comply with Applicable Law. Notwithstanding the foregoing terms and conditions of this Section 3.3, no action of the
Committee under this Section 3.3 may materially impair the rights of any Participant under the Plan or any Award without the Participant’s consent. To the extent applicable, the Plan is intended to comply with the
applicable requirements of Rule 16b-3, and the Plan will be limited, construed, and interpreted in a manner so as to comply therewith. 

Section 3.4    Sole Discretion; Decisions Final. Any decision, interpretation, or other action made or taken
by or at the direction of the Company, the Board, or the Committee (or any of their members) arising out of or in connection with the Plan will be within the sole and absolute discretion of all and each of them, as the case may be, and will be
final, binding, and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns and all other Persons having an interest in the Plan. 

Section 3.5    Designation of Consultants; Delegation of Authority. 

(a)    The Committee may designate employees of the Company and professional advisors to assist the
Committee in the administration of the Plan and may grant authority to officers to grant Awards and execute agreements and other documents on behalf of the Committee, in each case to the extent permitted by Applicable Law. In the event of any
designation of authority hereunder, subject to Applicable Law and any terms and conditions imposed by the Committee in connection with such designation, such designee or designees will have the power and authority to take such actions, exercise such
powers, and make such determinations that are otherwise specifically designated to the Committee hereunder. 

(b)    The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for
the administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such
counsel, consultant, or agent will be paid by the Company. The Committee, its members, and any Person designated under Section 3.5(a) will not be liable for any action or determination made in good faith with respect to the
Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board will be liable for any action or determination made in good faith with respect to the Plan or any Award.

 (c)    The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee
of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards, provided that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under
Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,”
shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not 

  
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limit the right of such subcommittee members or such an officer to receive Awards. The Committee may also appoint agents who are not executive officers of the Company or members of the Board to
assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares. 

Section 3.6    Indemnification. To the maximum extent permitted by Applicable Law and the Certificate of
Incorporation and By Laws of the Company and to the extent not covered by insurance directly insuring such Person, each officer and employee of the Company and each Affiliate and member or former member of the Committee and the Board will be
indemnified and held harmless by the Company against all costs and expenses and liabilities, and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in
connection with the administration of the Plan, except to the extent arising out of such officer’s, employee’s, member’s, or former member’s own fraud or bad faith. Such indemnification will be in addition to any right of
indemnification the employees, officers, directors, or members or former officers, directors, or members may have under Applicable Law or under the Certificate of Incorporation or By Laws of the Company or an Affiliate. Notwithstanding any other
term or condition of the Plan, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to himself or herself. 

ARTICLE IV 
 SHARE
LIMITATION 
 Section 4.1    Shares. 

(a)    Share Limits and Counting. The maximum number of Shares available for issuance under the Plan
may not exceed [                ] Shares (subject to any increase or decrease under this Section 4.1 or Section 4.2)
(the “Share Reserve”). The Share Reserve may consist of authorized and unissued Shares and Shares held in or acquired for the treasury of the Company. The Share Reserve will automatically increase on each January 1 that occurs
after the Effective Date, for 10 years, by an amount equal to 4% of the total number of Shares outstanding on December 31 of the preceding calendar year, or a lesser number as may be determined by the Board. The maximum number of Shares
with respect to which ISOs may be granted is [                ] Shares. With respect to Stock Appreciation Rights settled in Shares, upon settlement, only the number of
Shares delivered to a Participant will count against the Share Reserve. If any Stock Option, Stock Appreciation Right, or Other Share-Based Award expires, terminates, or is cancelled for any reason without having been exercised in full, the number
of Shares underlying such Award will be added back to the Share Reserve. If any Restricted Shares, Performance Awards, or Other Share-Based Awards denominated in Shares are forfeited for any reason, the number of Shares underlying such Award will be
added back to the Share Reserve. Any Award settled in cash will not count against the Share Reserve. If Shares issuable upon exercise, vesting, or settlement of an Award, or Shares owned by a Participant (that are not subject to any pledge or other
security interest), are surrendered or tendered to the Company in payment of the purchase or exercise price of an Award or any taxes required to be withheld in respect of an Award, in each case, in accordance with the terms of the Plan, such

  
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surrendered or tendered Shares will be added back to the Share Reserve. Awards may be granted in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired
by the Company or with which the Company combines (“Substitute Awards”). Substitute Awards will not count against the Share Reserve; provided that Substitute Awards issued in connection with the assumption of, or in
substitution for, outstanding Stock Options intended to qualify as ISOs will count against the ISO limit above. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan of an entity acquired by the
Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction) may be used for Awards and will not count against the Share Reserve. 

(b)    Annual Non-Employee Director Award Limitation. The
maximum value of Awards granted during any calendar year to any Non-Employee Director, taken together with any cash fees paid to that Non-Employee Director during the
calendar year and the value of awards granted to the Non-Employee Director under any other compensation plan of the Company or any Affiliate during the calendar year, may not exceed $750,000 in total value
(based on the Fair Market Value of the Shares underlying the Award as of the grant date for Restricted Shares and Other Share-Based Awards, and based on the grant date fair value for accounting purposes for Stock Options and Stock Appreciation
Rights). 
 Section 4.2    Changes. 

(a)    The existence of the Plan and any Awards will not affect in any way the right or power of the Board,
the Committee, or the Stockholders to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any
Affiliate, (iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or
part of the assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding. 

(b)    Subject to Section 11.1: 

(i)    In the event of any change in the outstanding Common Stock or in the capital structure of the
Company by reason of any stock split, reverse stock split, recapitalization, reorganization, merger, consolidation, combination, division, exchange, spin off, extraordinary cash or stock dividend, or other relevant change in capitalization, Awards
will be equitably adjusted or substituted to the extent necessary to preserve the economic intent of such Awards. 

(ii)    Fractional Shares resulting from any adjustment in Awards under this
Section 4.2(b) will be aggregated until, and eliminated at, the time of exercise or payment by rounding down to the nearest whole number. No cash settlements will be required with respect to fractional Shares eliminated by
rounding. Notice of any adjustment will be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) will be effective and binding for all purposes of the Plan. 

  
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 Section 4.3    Minimum Purchase Price. Notwithstanding any
other term or condition of the Plan, if authorized but previously unissued Shares are issued under the Plan, such Shares may not be issued for a consideration that is less than as permitted under Applicable Law. 

ARTICLE V 

ELIGIBILITY 

Section 5.1    General Eligibility. All current and prospective Eligible Individuals are eligible to be
granted Awards. Eligibility for the grant of Awards and actual participation in the Plan will be determined by the Committee. 

Section 5.2    ISOs. Notwithstanding Section 5.1, only Eligible Employees of the
Company, its Subsidiaries, and any Parent are eligible to be granted ISOs. 
 Section 5.3    General
Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual must be conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee
Director, respectively. 
 ARTICLE VI 

STOCK OPTIONS 

Section 6.1    Stock Options. Stock Options may be granted alone or in addition to other Awards. Each Stock
Option will be either (a) an ISO or (b) a Nonqualified Stock Option. 
 Section 6.2    Grants. The
Committee will have the authority to grant to any Eligible Employee one or more ISOs, Nonqualified Stock Options, or both types of Stock Options. The Committee will have the authority to grant any Consultant or
Non-Employee Director one or more Nonqualified Stock Options. To the extent that any Stock Option does not qualify as an ISO, such Stock Option or the portion thereof that does not so qualify will constitute a
separate Nonqualified Stock Option. 
 Section 6.3    Terms and Conditions of Stock Options. Stock Options
will be subject to terms and conditions, not inconsistent with the Plan, determined by the Committee, and the following: 

(a)    The exercise price per Share subject to a Stock Option will be determined by the Committee at the
time of grant; provided that the per Share exercise price of a Stock Option may not be less than 100% (or, in the case of an ISO granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the grant date. 

(b)    The term of each Stock Option will be fixed by the Committee; provided that no Stock Option
may be exercisable more than 10 years after the date the Stock Option is granted; and provided, further, that the term of an ISO granted to a Ten Percent Stockholder may not exceed five years. 

(c)    Unless otherwise determined by the Committee in accordance with this
Section 6.3, Stock Options will be exercisable at the time or times and subject to the terms and conditions determined by the Committee at the time of grant. If the Committee

  
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provides that any Stock Option is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability at any time at or after the time of
grant in whole or in part. 
 (d)    Subject to whatever installment exercise and waiting period terms
and conditions that may apply under Section 6.3(e), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Stock Option term by giving written notice of exercise to the Company
specifying the number of Shares to be purchased. Such notice must be accompanied by payment in full of the exercise price as follows: (i) in cash or by check, bank draft, or money order payable to the Company; (ii) solely to the extent
permitted by Applicable Law, if the Common Stock is listed on a national stock exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee
to deliver promptly to the Company an amount equal to the exercise price; (iii) to the extent the Committee authorizes, having the Company withhold Shares issuable upon exercise of the Stock Option, or by payment in full or in part in the form
of Shares owned by the Participant, based on the Fair Market Value of the Shares on the payment date; or (iv) on such other terms and conditions that may be acceptable to the Committee. No Shares will be issued under the Plan until payment for
those Shares has been made or provided for in accordance with the Plan. 
 (e)    No Stock Option will be
Transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options will be exercisable, during the Participant’s lifetime, only by the Participant, except that the Committee may determine at the
time of grant or thereafter that a Nonqualified Stock Option that is otherwise not Transferable under this Section 6.3(e) is Transferable to a Family Member in whole or in part on terms and conditions that are specified by
the Committee. A Nonqualified Stock Option that is Transferred to a Family Member under the preceding sentence (i) may not be subsequently Transferred other than by will or by the laws of descent and distribution and (ii) remains subject
to the Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Nonqualified Stock Option by a permissible transferee of a Nonqualified Stock Option or a permissible transferee under a Transfer after the exercise of the
Nonqualified Stock Option will be subject to the Plan and the applicable Award Agreement. 
 (f)    To
the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common Stock with respect to which ISOs are exercisable for the first time by an Eligible Employee during any calendar year under the Plan or any other stock
option plan of the Company, any Subsidiary, or any Parent exceeds $100,000, such Stock Options will be treated as Nonqualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary, or any Parent
at all times from the time an ISO is granted until three months before the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option will be treated as a Nonqualified Stock Option. Should any term or condition
of the Plan not be necessary for the Stock Options to qualify as ISOs, or should any additional terms and conditions be required, the Committee may amend the Plan accordingly. 

  
 -12- 

 (g)    Subject to the terms and conditions of the Plan,
Stock Options will be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may (i) modify, extend, or renew outstanding Stock Options, and (ii) accept the surrender of outstanding Stock Options
(to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding any other term or condition of the Plan, except in connection with a
corporate transaction involving the Company in accordance with Section 4.2, the repricing of Options (and Stock Appreciation Rights) is prohibited without prior approval of the Stockholders. For this purpose, a
“repricing” means any of the following (or any other action that has the same effect as any of the following): (A) any action that is treated as a “repricing” under GAAP and (B) repurchasing for cash or cancelling an
Option or a Stock Appreciation Right at a time when its exercise price is greater than the Fair Market Value of the underlying Shares in exchange for another Award. A cancellation and exchange under clause (B) would be considered a
“repricing” regardless of whether it is treated as a “repricing” under GAAP and regardless of whether it is voluntary on the part of the Participant. 

(h)    The Committee may provide that a Stock Option include a term or condition whereby the Participant
may elect at any time before the Participant’s Separation from Service to exercise the Stock Option as to any part or all of the Shares subject to the Stock Option before the full vesting of the Stock Option and such Shares will be subject to
the terms and conditions of Article VIII and be treated as Restricted Shares. Unvested Shares so exercised may be subject to a repurchase option in favor of the Company or to any other restriction the Committee may
determine. 
 Section 6.4    Automatic Exercise. The Committee may include a term or condition in an Award
Agreement providing for the automatic exercise of a Nonqualified Stock Option on a cashless basis on the last day of the term of such Stock Option if the Participant has failed to exercise the Nonqualified Stock Option as of such date, with respect
to which the Fair Market Value of the Shares underlying the Nonqualified Stock Option exceeds the exercise price of such Nonqualified Stock Option on the date of expiration of such Stock Option, subject to Section 13.5.

 ARTICLE VII 

STOCK APPRECIATION RIGHTS 

Section 7.1    Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights may be issued
either alone or in tandem with Stock Options. Stock Appreciation Rights will be subject to terms and conditions, not inconsistent with the Plan, determined by the Committee, and the following: 

(a)    The exercise price per Share subject to a Stock Appreciation Right will be determined by the
Committee at the time of grant; provided that the per Share exercise price of a Stock Appreciation Right will not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. 

(b)    The term of each Stock Appreciation Right will be fixed by the Committee, but may not be greater
than 10 years after the date the right is granted. 

  
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 (c)    Unless otherwise determined by the Committee in
accordance with this Section 7.1, Stock Appreciation Rights will be exercisable at the time or times and subject to the terms and conditions determined by the Committee at the time of grant. If the Committee provides that
any such right is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability at any time at or after grant in whole or in part. 

(d)    Subject to whatever installment exercise and waiting period terms and conditions apply under
Section 7.1(c), Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by giving written notice of exercise to the Company specifying the number of
Stock Appreciation Rights to be exercised. 
 (e)    Upon the exercise of a Stock Appreciation Right, a
Participant will be entitled to receive, for each right exercised, up to, but no more than, an amount in cash or Common Stock (as chosen by the Committee) equal in value to the excess of the Fair Market Value of one Share on the date that the right
is exercised over the Fair Market Value of one Share on the date that the right was awarded to the Participant. 

(f)    No Stock Appreciation Rights will be Transferable by the Participant other than by will or by the
laws of descent and distribution, and all such rights will be exercisable, during the Participant’s lifetime, only by the Participant. 

Section 7.2    Automatic Exercise. The Committee may include a term or condition in an Award Agreement
providing for the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of the Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect
to which the Fair Market Value of the Shares underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to
Section 13.5. 
 ARTICLE VIII 

RESTRICTED SHARES 

Section 8.1    Restricted Shares. The Committee will determine the Eligible Individuals to whom, and the time
or times at which, grants of Restricted Shares will be made, the number of Restricted Shares to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such
Awards will be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. 

Section 8.2    Awards and Certificates. Participants selected to receive Restricted Shares will not have any
right with respect to the Award, unless and until the Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company, to the extent required by the Committee, and has otherwise complied with the applicable terms
and conditions of the Award. Further, such Award will be subject to the following: 
 (a)    The purchase
price of Restricted Shares will be fixed by the Committee. Subject to Section 4.3, the purchase price for Restricted Shares may be zero to the extent permitted by Applicable Law, and, to the extent required by Applicable
Law, such purchase price may not be less than par value. 

  
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 (b)    Each Participant receiving Restricted Shares will
be issued a stock certificate in respect of the Restricted Shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of Restricted Shares. Such certificate will be registered in
the name of the Participant, and will, in addition to any legends required by Applicable Law, bear an appropriate legend referring to the terms and conditions applicable to the Award, substantially in the following form: 

“The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance, or charge of the restricted shares of stock
represented hereby are subject to the terms and conditions (including forfeiture) of the PowerSchool Holdings, Inc. (the “Company”) 2021 Omnibus Incentive Plan (the “Plan”) and an award agreement entered into
between the registered owner and the Company dated                      (the “Agreement”). Copies of such Plan and Agreement are on
file at the principal office of the Company.” 
 (c)    If stock certificates are issued in respect
of Restricted Shares, the Committee may require that any stock certificates evidencing such Shares be held in custody by the Company until the restrictions thereon have lapsed, and that, as a condition of any grant of Restricted Shares, the
Participant must deliver a duly signed stock power or other instruments of assignment, each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a
portion of the Restricted Shares in the event that such Award is forfeited in whole or part. 

Section 8.3    Terms and Conditions. Restricted Shares will be subject to terms and conditions, not
inconsistent with the Plan, determined by the Committee, and the following: 
 (a)    The Participant is
not permitted to Transfer Restricted Shares during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the applicable Award Agreement, and such agreement will
set forth a vesting schedule and any event that would accelerate vesting of the Restricted Shares. Within these limits, based on service, attainment of Performance Goals, or such other factors or criteria as the Committee may determine, the
Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Shares and waive the deferral terms and conditions for all or any
part of any Restricted Shares. 
 (b)    Except as provided in Section 8.3(a)
and this Section 8.3(b) or as otherwise determined by the Committee, the Participant will have, with respect to Restricted Shares, all of the rights of a Stockholder, including the right to receive dividends, the right to
vote such Restricted Shares, and, subject to and conditioned upon the full vesting of Restricted Shares, the right to tender those Shares. The Committee may determine at the time of grant that the payment of dividends will be deferred until, and
conditioned upon, the expiration of the applicable Restriction Period. 

  
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 (c)    If and when the Restriction Period expires
without a prior forfeiture of the Restricted Shares, the certificates for such Shares will be delivered to the Participant. All legends will be removed from said certificates at the time of delivery to the Participant, except as otherwise required
by Applicable Law or other terms and conditions imposed by the Committee. 
 ARTICLE IX 

PERFORMANCE AWARDS 

Section 9.1    Performance Awards. The Committee may grant a Performance Award to a Participant payable upon
the attainment of specific Performance Goals. If the Performance Award is payable in Restricted Shares, such Shares will be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with
Article VIII. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in Restricted Shares (based on the then current Fair Market Value of such
Shares). Each Performance Award will be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may approve. The Committee will condition the right to payment of any Performance Award upon the
attainment of Performance Goals established under Section 9.2(c). 

Section 9.2    Terms and Conditions. Performance Awards will be subject to terms and conditions, not
inconsistent with the Plan, determined by the Committee, and the following: 
 (a)    At the expiration
of the applicable Performance Period, the Committee will determine the extent to which the Performance Goals established under Section 9.2(c) are achieved and the percentage of each Performance Award that has been earned.

 (b)    Subject to the applicable Award Agreement and the Plan, Performance Awards may not be
Transferred. 
 (c)    The Committee will establish the Performance Goals for the earning of Performance
Awards based on a Performance Period applicable to each Participant or class of Participants. Such Performance Goals may incorporate terms and conditions for disregarding (or adjusting for) changes in accounting methods, corporate transactions, and
other similar type events or circumstances. 
 (d)    Unless otherwise determined by the Committee at the
time of grant, amounts equal to dividends declared during the Performance Period with respect to the number of Shares covered by a Performance Award will not be paid to the Participant. 

(e)    After the Committee’s determination in accordance with
Section 9.2(a), the Company will settle Performance Awards, in such form as determined by the Committee, in an amount equal to such Participant’s earned Performance Awards. Notwithstanding the foregoing sentence, the
Committee may award an amount less than the earned Performance Awards and subject the payment of all or part of any Performance Award to additional vesting, forfeiture, and deferral terms and conditions. 

  
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 (f)    Subject to the applicable Award Agreement and the
Plan, upon a Participant’s Separation from Service for any reason during the Performance Period for a Performance Award, the Performance Award will vest or be forfeited in accordance with the terms and conditions established by the Committee at
grant. 
 (g)    Based on service, performance, and any other factors or criteria the Committee may
determine, the Committee may, at or after grant, accelerate the vesting of all or any part of any Performance Award. 
 ARTICLE X

 OTHER SHARE-BASED AND CASH-BASED AWARDS 

Section 10.1    Other Share-Based Awards. The Committee is authorized to grant to Eligible Individuals Other
Share-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including Shares awarded purely as a bonus and not subject to terms or conditions, Shares in payment of the amounts due
under an incentive or performance plan sponsored or maintained by the Company or an Affiliate, stock equivalent units, restricted stock units (“RSUs”), and Awards valued by reference to book value of Shares. Other Share-Based Awards
may be granted either alone or in addition to or in tandem with other Awards. Subject to the terms and conditions of the Plan, the Committee has the authority to determine the Eligible Individuals to whom, and the time or times at which, Other
Share-Based Awards will be granted, the number of Shares to be granted under such Awards, and all other terms and conditions of the Awards. 

Section 10.2    Terms and Conditions. Other Share-Based Awards will be subject to terms and conditions, not
inconsistent with the Plan, determined by the Committee, and the following: 
 (a)    Subject to the
applicable Award Agreement and the Plan, Shares subject to Other Share-Based Awards may not be Transferred before the date on which the Shares are issued, or, if later, the date on which any applicable restriction, performance, or deferral period
lapses. 
 (b)    Unless otherwise determined by the Committee at the time of grant, subject to the
applicable Award Agreement and the Plan, the recipient of an Other Share-Based Award will not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents in respect of the number of Shares covered by the Award. 

(c)    All Other Share-Based Awards and any Shares covered by those awards will vest or be forfeited to the
extent so provided in the Award Agreement. 
 (d)    Common Stock issued on a bonus basis under this
Article IX may be issued for no cash consideration. Common Stock purchased under a purchase right awarded under this Article X will be priced as determined by the Committee. 

  
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 Section 10.3    Other Cash-Based Awards. The Committee may
grant Other Cash-Based Awards to Eligible Individuals in amounts, on terms and conditions, and for consideration, including no consideration or such minimum consideration as may be required by Applicable Law. Other Cash-Based Awards may be granted
subject to the satisfaction of vesting terms and conditions or may be awarded purely as a bonus and not subject to terms and conditions, and if subject to vesting, the Committee may accelerate such vesting at any time. 

ARTICLE XI 
 CHANGE
IN CONTROL 
 Section 11.1    Treatment of Awards upon a Change in Control. In the event of a Change in
Control, and except as otherwise determined by the Committee in an Award Agreement, a Participant’s unvested Awards will not vest automatically and will be treated in accordance with one or more of the following methods as determined by the
Committee: 
 (a)    Awards, whether or not then vested, will be continued, assumed, or have new rights
substituted therefor, and restrictions to which Restricted Shares or any other Award granted before the Change in Control are subject will not lapse upon the Change in Control and the Restricted Shares or other Awards will receive the same
distribution as other Common Stock on terms and conditions determined by the Committee; provided that the Committee may decide to award additional Restricted Shares or other Awards in lieu of any cash distribution. 

(b)    The Committee may provide for the purchase of any Awards by the Company or an Affiliate for an
amount of cash equal to the excess (if any) of the Fair Market Value of the Shares covered by such Awards as of the Change in Control, over the aggregate purchase or exercise price of such Awards. 

(c)    The Committee may terminate all outstanding and unexercised Stock Options, Stock Appreciation
Rights, and other Other Share-Based Awards that provide for a Participant-elected exercise, effective as of the Change in Control, by delivering notice of termination to each Participant at least 20 days before the date of consummation of the
Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each affected Participant will have the right to exercise in full all of the
Participant’s Awards that are then outstanding (without regard to any terms and conditions on exercisability otherwise contained in the Award Agreements), but any such exercise will be contingent on the occurrence of the Change in Control;
provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto will be null and void. 

(d)    The Committee may make any other determination as to the treatment of Awards in connection with a
Change in Control. The treatment of Awards need not be the same for all Participants. Any escrow, holdback, earnout, or similar terms and conditions in the definitive agreements relating to the Change in Control may apply to any payment to the
holders of Awards to the same extent and in the same manner as such terms and conditions apply to the holders of Shares. 

  
 -18- 

 Section 11.2    Change in Control. Unless otherwise
determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee, a “Change in Control” means: 

(a)    any “person,” as that term is used in Sections 13(d) and 14(d) of the Exchange Act
(other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the Stockholders in substantially the same proportions as their ownership of
Common Stock), becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power
of the Company’s then outstanding securities, other than pursuant to a Business Combination that does not constitute a Change in Control under such Section 11.2(c); 

(b)    during any period of 24 consecutive calendar months, individuals who were directors serving on the
Board on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director after the first day of such
period whose election, or nomination for election, by the Stockholders was approved by a vote of at least a majority of the Incumbent Directors will be considered as though such individual were an Incumbent Director, but excluding, for purposes of
this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or
on behalf of a “person” (as used in Section 13(d) of the Exchange Act), in each case, other than the Board; 

(c)    consummation of a reorganization, merger, consolidation, or other business combination (any of the
foregoing, a “Business Combination”) of the Company or any direct or indirect subsidiary of the Company with any other corporation, in any case with respect to which the Company voting securities outstanding immediately before such
Business Combination do not, immediately after such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the Company or any ultimate parent thereof) more than 50% of the then
outstanding voting securities entitled to vote generally in the election of directors of the Company (or its successor) or any ultimate parent thereof after the Business Combination; or 

(d)    a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by
the Company of all or substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, more than 50% of
the combined voting power of the outstanding voting securities of the Company at the time of the sale. 
 Notwithstanding the foregoing terms and conditions
of this definition, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, a Change in Control will
not be deemed to have occurred for purposes of such Award (or portion thereof) unless such transaction or series of related transactions also constitutes a “change in control event” with respect to the Company for purposes of
Section 409A of the Code. 

  
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 Section 11.3    Initial Public Offering not a Change in
Control. Notwithstanding the foregoing terms and conditions of the definition of Change in Control, the occurrence of the Registration Date will not be considered a Change in Control. 

ARTICLE XII 

AMENDMENT AND TERMINATION 

Section 12.1    Amendment and Termination of Plan. Subject to Section 12.3, the
Board may amend or terminate the Plan at any time; provided, however, that no amendment will be effective unless approved by the Stockholders to the extent Stockholder approval is necessary to satisfy any Applicable Laws. 

Section 12.2    Amendment of Awards. Subject to Section 12.3, the Committee may
amend any Award at any time; provided, however, that no amendment will be effective unless approved by the Stockholders to the extent Stockholder approval is necessary to satisfy any Applicable Laws. 

Section 12.3    No Material Impairment of Rights. Rights under any Award granted before amendment or
termination of the Plan or amendment of an Award may not be materially impaired by any such amendment or termination unless the Participant consents thereto. 

ARTICLE XIII 

GENERAL TERMS AND CONDITIONS 

Section 13.1    Legend. The Committee may require each person receiving Shares under the Plan to represent to
and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. In addition to any legend required by the Plan, the certificates for Shares issued under the Plan may include any legend that
the Committee deems appropriate to reflect any restrictions on Transfer. All certificates for Shares delivered under the Plan will be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under Applicable
Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

Section 13.2    Book Entry. Notwithstanding any other term or condition of the Plan, the Company may elect to
satisfy any requirement under the Plan for the delivery of Share certificates through the use of another system, such as book entry or electronically. 

Section 13.3    Other Plans. Nothing contained in the Plan prevents the Board from adopting other or
additional compensation arrangements, subject to Stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases. 

Section 13.4    No Right to Employment, Consultancy, or Directorship. Neither the Plan nor the grant of any
Award gives any Person any right with respect to continuance of employment, consultancy, or directorship by the Company or any Affiliate, nor does the Plan or the grant of any 

  
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Award cause any limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee
Director is retained to terminate such employment, consultancy, or directorship at any time. 

Section 13.5    Withholding for Taxes. The Company or an Affiliate, as the case may be, has the right to
deduct from payments of any kind otherwise due to a Participant any federal, state, or local taxes of any kind required by Applicable Law to be withheld (a) with respect to the vesting of or other lapse of restrictions applicable to an Award,
(b) upon the issuance of any Shares upon the exercise of an Option or Stock Appreciation Right, or (c) otherwise due in connection with an Award. At the time the tax obligation becomes due, the Participant must pay to the Company or the
Affiliate, as the case may be, any amount that the Company or Affiliate determines to be necessary to satisfy the tax obligation. The Company or the Affiliate, as the case may be, may require or permit the Participant to satisfy the tax obligation,
in whole or in part, (i) by causing the Company or Affiliate to withhold up to the maximum required number of Shares otherwise issuable to the Participant as may be necessary to satisfy such tax obligation or (ii) by delivering to the
Company or Affiliate Shares already owned by the Participant. The Shares so delivered or withheld must have an aggregate Fair Market Value equal to the tax obligation. The Fair Market Value of the Shares used to satisfy the tax obligation will be
determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. To the extent applicable, a Participant may satisfy his or her tax obligation only with Shares that are not subject to any
repurchase, forfeiture, unfulfilled vesting, or other similar requirements. Any fraction of a Share required to satisfy tax obligations will be disregarded and the amount due must be paid instead in cash by the Participant. 

Section 13.6    No Assignment of Benefits. No Award or other benefit payable under the Plan may, except as
otherwise specifically provided by Applicable Law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit will be void, and any such benefit will not in any manner be liable for or subject to the
debts, contracts, liabilities, engagements, or torts of any Person who will be entitled to such benefit, nor will it be subject to attachment or legal process for or against such Person. 

Section 13.7    Listing and Other Terms and Conditions. 

(a)    Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national
stock exchange or system sponsored by a national securities association, the issuance of Shares under an Award will be conditioned upon such Shares being listed on such exchange or system. The Company will have no obligation to issue such Shares
unless and until such Shares are so listed, and the right to exercise any Stock Option or other Award with respect to such Shares will be suspended until such listing has been effected. 

(b)    If at any time counsel to the Company is of the opinion that any sale or delivery of Shares under an
Award is or may be unlawful or result in the imposition of excise taxes on the Company, the Company will have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under
the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Stock Option or other Award will be suspended until, in the opinion of said counsel, such sale or delivery would be lawful or would not result in the
imposition of excise taxes on the Company. 

  
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 (c)    Upon termination of any period of suspension
under this Section 13.7, any Award affected by such suspension that has not expired or terminated will be reinstated as to all Shares available before such suspension and as to Shares that would otherwise have become
available during the period of such suspension, but no such suspension will extend the term of any Award. 

(d)    A Participant will be required to supply the Company with certificates, representations, and
information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, and approval the Company determines necessary or appropriate. 

Section 13.8    Stockholders Agreement and Other Requirements. Notwithstanding any other term or condition of
the Plan, as a condition to the receipt of Shares under an Award, to the extent required by the Committee, the Participant must execute and deliver a Stockholder’s agreement and such other documentation that sets forth certain restrictions on
transferability of the Shares acquired upon exercise or purchase, and such other terms and conditions as the Committee may establish. The Company may require, as a condition of exercise, the Participant to become a party to an existing Stockholders
agreement (or other agreement). Any payment of cash or issuance or transfer of Shares or other property to the Participant or the Participant’s legal representative under the Plan will, to the extent thereof, be in full satisfaction of all
claims of such Persons under the plan, and the Company may require the Participant or the Participant’s legal representative, as a condition to such payment or issuance or transfer, to execute a general release of all claims in favor of the
Company and each Affiliate in such form as the Company may determine. 
 Section 13.9    Governing Law. The
Plan and actions taken in connection with the Plan will be governed and construed in accordance with the laws of the State of Delaware without regard to the principles of conflicts of laws (whether of the State of Delaware or any other
jurisdiction). 
 Section 13.10    Jurisdiction; Waiver of Jury Trial. Any suit, action, or proceeding with
respect to the Plan or any Award or Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of the Plan or any Award or Award Agreement, will be resolved only in the courts of the State of Delaware or the United
States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the Company and each Participant irrevocably
and unconditionally (a) submits in any proceeding relating to the Plan or any Award or Award Agreement, or for the recognition and enforcement of any judgment in respect of the Plan or any Award or Award Agreement (a
“Proceeding”), to the exclusive jurisdiction of the courts of the State of Delaware or the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts, and agrees
that all claims in respect of any Proceeding will be heard and determined in such state court or, to the extent permitted by Applicable Law, in such federal court, (b) consents that any Proceeding may and will be brought in such courts and
waives any objection that the Company or the Participant may have at any time after the Effective Date to the venue or jurisdiction of any Proceeding in any such court or that the Proceeding was brought in an inconvenient court and agrees not to
plead or claim the 

  
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same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort, or otherwise) arising out of or relating to the Plan or any Award or Award Agreement,
(d) agrees that service of process in any Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at
the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel, and (e) agrees that nothing in the Plan will affect the right to
effect service of process in any other manner permitted by the laws of the State of Delaware. 

Section 13.11    Other Benefits. No Award will be considered compensation for purposes of computing benefits
under any retirement plan of the Company or any Affiliate or affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. 

Section 13.12    Costs. The Company will bear all expenses associated with administering the Plan, including
expenses of issuing Common Stock under Awards. 
 Section 13.13    No Right to Same Benefits. The terms and
conditions of Awards need not be the same with respect to each Participant, and Awards to individual Participants need not be the same in subsequent years (if granted at all). 

Section 13.14    Death; Disability. The Committee may require the transferee of a Participant to supply it
with written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the
transfer of an Award. The Committee may also require the agreement of the transferee to be bound by the Plan. 

Section 13.15    Section 16(b) of the Exchange Act. All elections and transactions under
the Plan by Persons subject to Section 16 of the Exchange Act involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt
written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder. 

Section 13.16    Section 409A. The Plan is intended to comply with Section 409A and
will be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A, it will be paid in a manner that complies with Section 409A. Notwithstanding any other provision of the
Plan, any Plan provision that is inconsistent with Section 409A will be deemed to be amended to comply with Section 409A and to the extent such provision cannot be amended to comply, such provision will be null and void. The Company will
have no liability to a Participant, or any other party, if an Award that is intended to be exempt from or compliant with Section 409A is not so exempt or compliant, or for any action taken by the Committee or the Company and, in the event that
any amount or benefit under the Plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties will rest solely with the affected Participants and not with the Company. Notwithstanding any other provision in
the Plan or any Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A) that are otherwise required to be made under 

  
 -23- 

 
the Plan to a “specified employee” (as defined under Section 409A) as a result of such employee’s separation from service (other than a payment that is not subject to
Section 409A) will be delayed for the first six months after such separation from service and will instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period (or, if earlier, the date of death of the
specified employee). All installment payments under the Plan will be deemed separate payments for purposes of Section 409A. 

Section 13.17    California Participants. The Plan is intended to comply with Section 25102(o) of the
California Corporations Code, to the extent applicable. In that regard, to the extent required by Section 25102(o), (a) the terms and conditions of any Options and Stock Appreciation Rights, to the extent vested and exercisable upon a
Participant’s Separation from Service, will include any minimum exercise periods after Separation from Service required by Section 25102(o) and (b) any repurchase right of the Company or any Affiliate will include a minimum 90-day notice requirement. Any Plan term that is inconsistent with Section 25102(o) will, without further act or amendment by the Company or the Board, be reformed to comply with the requirements of
Section 25102(o). 
 Section 13.18    Successor and Assigns. The Plan will be binding on all successors
and permitted assigns of a Participant, including the estate of such Participant and the executor, administrator, or trustee of such estate. 

Section 13.19    Severability of Terms and Conditions. If any term or condition of the Plan is held invalid or
unenforceable, such invalidity or unenforceability will not affect any other term or condition of the Plan, and the Plan will be construed and enforced as if such term or condition had not been included. 

Section 13.20    Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent
Person, or other Person incapable of receipt thereof will be considered paid when paid to such Person’s guardian or to the party providing or reasonably appearing to provide for the care of such Person, and such payment will fully discharge the
obligations of the Committee, the Board, the Company, all Affiliates, and their employees, agents, and representatives with respect thereto. 

Section 13.21    Lock-Up Agreement. As a condition to the grant of an
Award, if requested by the Company and the lead underwriter of any public offering of Common Stock (the “Lead Underwriter”), a Participant must irrevocably agree not to sell, contract to sell, grant any option to purchase, transfer
the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Common Stock or any securities convertible into, derivative of, or exchangeable or exercisable for, or any other rights to
purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during such period of time after the effective date of a registration statement of the Company filed under
the Securities Act that the Lead Underwriter may specify (the “Lock-Up Period”). Each Participant must sign such documents as may be requested by the Lead Underwriter to effect the foregoing.
The Company may impose stop-transfer instructions with respect to Common Stock acquired under an Award until the end of such Lock-Up Period. 

  
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 Section 13.22    Separation from Service for Cause; Clawbacks;
Detrimental Conduct. 
 (a)    The Company may cancel any unvested Awards if the Participant incurs a
Separation from Service for Cause. 
 (b)    All awards, amounts, or benefits received or outstanding
under the Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any Applicable Law related to such actions. A
Participant’s acceptance of an Award will constitute the Participant’s acknowledgement of and consent to the Company’s application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to
the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant’s agreement that the Company may
take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action. 

(c)    Except as otherwise determined by the Committee, notwithstanding any other term or condition of the
Plan, if a Participant engages in Detrimental Conduct, whether during the Participant’s service or after the Participant’s Separation from Service, in addition to any other penalties or restrictions that may apply under the Plan,
Applicable Law, or otherwise, the Participant must forfeit or pay to the Company the following: 

(i)    any and all outstanding Awards granted to the Participant, including Awards that have become vested
or exercisable; 
 (ii)    any cash or Shares received by the Participant in connection with the Plan
within the 36-month period immediately before the date the Participant engaged in Detrimental Conduct; and 

(iii)    the profit realized by the Participant from the sale, or other disposition for consideration, of
any Shares received by the Participant under the Plan within the 36-month period immediately before the date the Participant engaged in Detrimental Conduct. 

Section 13.23    Data Protection. A Participant’s acceptance of an Award will be deemed to constitute the
Participant’s acknowledgement of and consent to the collection and processing of personal data relating to the Participant so that the Company and the Affiliates can fulfill their obligations and exercise their rights under the Plan and
generally administer and manage the Plan. This data will include data about participation in the Plan and Shares offered or received, purchased, or sold under the Plan and other appropriate financial and other data (such as the date on which the
Awards were granted) about the Participant and the Participant’s participation in the Plan. 

Section 13.24    Unfunded Plan. The Plan is intended to constitute an “unfunded” plan for incentive
and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but that is not yet made to a Participant by the Company, nothing in the Plan gives any Participant any right that is greater than the
rights of a general unsecured creditor of the Company. The grant of an Award will not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation under any Award. 

  
 -25- 

 Section 13.25    Plan Construction. In the Plan, unless
otherwise stated, the following uses apply: 
 (a)    references to an Applicable Law refer to such
Applicable Law and any amendments and supplements thereto and any successor Applicable Law, and to all valid and binding rules and regulations promulgated thereunder, court decisions, and other regulatory and judicial authority issued or rendered
thereunder, as amended or supplemented, or their successors, as in effect at the relevant time; 

(b)    in computing periods from a specified date to a later specified date, the words “from” and
“commencing on” (and the like) mean “from and including,” and the words “to,” “until,” and “ending on” (and the like) mean “to and including”; 

(c)    indications of time of day will be based upon the time applicable to the location of the principal
headquarters of the Company; 
 (d)    the words “include,” “includes,” and
“including” (and the like) mean “include, without limitation,” “includes, without limitation,” and “including, without limitation” (and the like), respectively; 

(e)    all references to articles, sections, and exhibits are to articles, sections, and exhibits in or to
the Plan; 
 (f)    all words used will be construed to be of such gender or number as the circumstances
and context require; 
 (g)    the captions and headings of articles, sections, and exhibits have been
inserted solely for convenience of reference and will not be considered a part of the Plan, nor will any of them affect the meaning or interpretation of the Plan; 

(h)    any reference to an agreement, plan, policy, form, document, or set of documents, and the rights and
obligations of the parties under any such agreement, plan, policy, form, document, or set of documents, will mean the agreement, plan, policy, form, document, or set of documents as amended from time to time, and any and all modifications,
extensions, renewals, substitutions, or replacements thereof; and 
 (i)    all accounting terms not
specifically defined will be construed in accordance with GAAP. 

*        *        *       
 * 

  
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