Document:

EX-10.4

 Exhibit 10.4 

THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made
and entered into as of ___________________, 2021, by and among (i) Clearwater Analytics Holdings, Inc., a Delaware corporation (the “Corporation”), and (ii) the Persons set forth from time to
time on the “Schedule of Holders” set forth on Annex A attached hereto (each a “Holder” and collectively, the “Holders”), including the
Persons identified thereon as (A) Institutional Holders (each, a “Institutional Holder” and collectively, the “Institutional Holders”), (B) Parent
Investors (each, a “Parent Investor” and collectively, the “Parent Investors”), (C) Galibier Holdings, LP (the “Permira
Investor”), (D) WP CA Holdco, L.P. (the “Warburg Investor”), and (E) Security Holders (each, a “Security Holder” and collectively, the
“Security Holders”). Unless otherwise provided in this Agreement, capitalized terms shall have the meanings set forth in Section 11. 

WHEREAS, in connection with the Initial Public Offering, the Holders contemplate the organization of a corporation and reorganization
or recapitalization of the Company. 
 WHEREAS, Carbon Analytics Holdings LLC, a Delaware limited liability company ((now known as
CWAN Holdings, LLC) the “Company”), formed the Corporation as the corporate successor to the Company for purposes of such Initial Public Offering. 

NOW, THEREFORE, 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: 
 1. Demand Registrations. 

(a) Demand. At any time after the six-month anniversary of the effective date of the
registration statement for the Initial Public Offering of the Corporation’s equity securities, each of (i) the Holders of a majority of the Registrable Securities then held by the Institutional Holders (the “Requisite
Institutional Holders”) (a “Requisite Investor Demand Right”), (ii) the Parent Investors, (iii) the Permira Investor (a “Permira Investor Demand
Right”), or (iv) the Warburg Investor (a “Warburg Investor Demand Right”) may request from the Corporation registration under the Securities Act of 1933, as amended (the
“Securities Act”) of all or any portion of their Registrable Securities, the aggregate offering price to the public of which is expected to exceed the lesser of (a) $50,000,000 and (b) the Initiating
Holder’s (as defined below) remaining shares of Common Stock, on Form S-1 or any similar long-form registration (“Long-Form Registrations”) or, if
available, on Form S-3 or any similar short-form registration (“Short-Form Registrations”), including pursuant to Rule 415 under the Securities Act (a
“Shelf Registration”) and (if the Corporation is a WKSI at the time any such request is submitted to the Corporation or will become one by the time of the filing of such Shelf Registration) that such
Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”). All registrations requested pursuant to
this Section 1(a) are referred to herein as “Demand Registrations”. Each such request by the Holders requesting such registration (the “Initiating
Holders”) shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per share or per unit price range for such offering, if any. Within ten (10) days after receipt
of any such request, the Corporation shall give written notice of such requested registration to all other holders 

 
of Registrable Securities and, subject to Sections 1(c), 1(d), 1(f) and 1(i), shall include in such Long-Form Registration or Short-Form
Registration all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within ten (10) days after the receipt of the Corporation’s notice. The Corporation shall not be obligated to
effect any Long-Form Registration with respect to Registrable Securities which may be registered pursuant to a Short-Form Registration. 

(b) Short-Form Registrations. After the Corporation has become subject to the reporting requirements of the Securities Exchange Act, the
Corporation shall use commercially reasonable efforts to make Short-Form Registrations on Form S-3 available for the sale of Registrable Securities. If the Corporation, pursuant to the request of the Parent
Investors, the Requisite Institutional Holders, Permira Investor or Warburg Investor, is qualified to and has filed with the Securities Exchange Commission a registration statement under the Securities Act on Form
S-3 pursuant to Rule 415 under the Securities Act (the “Required Registration”), then the Corporation shall use commercially reasonable efforts to cause the Required
Registration (or a successor Required Registration) to be declared effective under the Securities Act as soon as practicable after filing, and, once effective, the Corporation shall cause such Required Registration to remain effective for a period
ending on the earlier of (i) the date on which all Registrable Securities included in such registration have been sold pursuant to the Required Registration, and (ii) the date as of which the Holder(s) of the Registrable Securities
included in such registration (assuming such Holder(s) are affiliates of the Corporation) are able to sell all of the Registrable Securities then-owned by such Holder(s) and its respective affiliates within a 90-day period in compliance with Rule
144 under the Securities Act. 
 (c) Restrictions on Registrations. 

(i) The Parent Investors will be entitled to request an unlimited number of Demand Registrations and offerings in which the
Corporation will pay all Registration Expenses, whether or not any such registration is consummated. 
 (ii) The Corporation
shall not be obligated to effect, or to take any action to effect, any registration or offering pursuant to this Section 1: 

(A) in connection with any Permira Investor Demand Right, after the Corporation has effected two (2) such Demand
Registrations or offerings (including Shelf Offerings) in the aggregate, in each case that relates to an underwritten offering, on behalf of the Permira Investor pursuant to this Section 1 (counting for these purposes only
registrations or offerings which have been declared or ordered effective and which the Company has not suspended, withdrawn or terminated, prior to the sale of at least 75% of Permira Investor’s Registrable Securities registered or offered
thereunder) (it being understood that a Public Sale as a part of the Initial Public Offering shall not count against the registrations and offerings hereunder); 

  
 2 

 (B) in connection with any Warburg Investor Demand Right, after the
Corporation has effected two (2) such Demand Registrations or offerings (including Shelf Offerings) in the aggregate, in each case that relates to an underwritten offering, on behalf of the Warburg Investor pursuant to this
Section 1 (counting for these purposes only registrations or offerings which have been declared or ordered effective and which the Company has not suspended, withdrawn or terminated, prior to the sale of at least 75% of
Warburg Investor’s Registrable Securities registered or offered thereunder) (it being understood that a Public Sale as a part of the Initial Public Offering shall not count against the registrations and offerings hereunder); 

(C) in connection with any Requisite Investor Demand Right, after the Corporation has effected two (2) such Demand
Registrations or offerings (including Shelf Offerings) in the aggregate, in each case that relates to an underwritten offering, on behalf of the Requisite Institutional Investors pursuant to this Section 1 (counting for
these purposes only registrations or offerings which have been declared or ordered effective and which the Company has not suspended, withdrawn or terminated, prior to the sale of at least 75% of the Requisite Institutional Investors’
Registrable Securities registered or offered thereunder) (it being understood that a Public Sale as a part of the Initial Public Offering shall not count against the registrations and offerings hereunder); or 

(D) during the period starting with the date sixty (60) days prior to the Corporation’s good faith estimate of the
date of filing of, and ending on a date that is (x) one hundred eighty (180) days after the effective date (in the case of a Long-Form Registration) or (y) ninety (90) days after the effective date (in the case of a Short-Form
Registration) of, a registration, provided that the Corporation is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective. 

(d) Priority on Demand Registrations. If a Demand Registration is an underwritten offering and the managing underwriters advise the
Corporation 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,
that can be sold in an orderly manner in such offering within a price range acceptable to the Holders of a majority of the Registrable Securities to be included in such registration, then the Corporation shall include in such registration, prior to
the inclusion of any securities that are not Registrable Securities, the number of Registrable Securities requested to be included that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such offering,
pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities owned by each such Holder. 
 (e)
Delayed Registration. If the Corporation shall furnish to the Initiating Holders a certificate signed by the President or Chief Executive Officer of the Corporation stating that in the good faith judgment of the Board of Directors of the
Corporation it would be materially detrimental to the Corporation for such registration statement to be filed in the near future and that it is therefore in the best interests of the Corporation to defer the filing of such registration statement,
the Corporation shall have the right to defer such filing for the period during which such disclosure would be materially detrimental, provided that the Corporation may not defer such filing for a period of more than one hundred eighty
(180) days in any twelve-month period and no more than two (2) separate black-out periods in a twelve month period. 

  
 3 

 (f) Selection of Underwriters. If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise the Corporation as a part of their request made pursuant to Section 1(a) or Section 1(i) and the
Corporation shall include such information in the written notice referred to in Section 1(a) or Section 1(i). The Initiating Holders holding a majority of the Registrable Securities included in any
Demand Registration shall have the right to select the investment banker(s) and manager(s) to administer the offering, subject to the prior written consent of the Corporation (not to be unreasonably withheld, delayed or conditioned). In such event,
the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall, together with the Corporation, enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting. 
 (g) Other Registration Rights. Except as provided in this Agreement, the Corporation
shall not grant to any Persons the right to request the Corporation to register any equity securities of the Corporation, or any securities, options, or rights convertible or exchangeable into or exercisable for such equity securities, without the
prior written consent of the Holders of a majority of the Registrable Securities. 
 (h) Obligations of Holders of Registrable
Securities. Subject to the Corporation’s obligations under Section 4(e), each Holder of Registrable Securities shall cease using any prospectus after receipt of written notice from the Corporation of the happening
of any event as a result of which such prospectus contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made or is otherwise not
legally available to support sales of Registrable Securities. 
 (i) Shelf Registrations. 

(i) For so long as a registration statement for a Shelf Registration (a “Shelf Registration Statement”)
is and remains effective, any of the Parent Investors, the Requisite Institutional Holders, the Permira Investor and/or the Warburg 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, provided that the aggregate anticipated offering price of each underwritten offering is expected to be at least $50,000,000 of (or, if less, all of such Holder(s)’ and its respective affiliates’)) Registrable
Securities (“Shelf Registrable Securities”). If any of the Parent Investors, the Requisite Institutional Holders, Permira Investor and/or Warburg Investor desire to sell Registrable Securities pursuant to an underwritten
offering, such holders shall deliver to the Corporation a written notice (a “Shelf Offering Notice”) specifying the number of Shelf Registrable Securities that such holders desire to sell pursuant to such underwritten
offering (the “Shelf Offering”). As promptly as practicable, but in no event later than five (5) Business Days after receipt of a Shelf Offering Notice, the Corporation will give written notice of such Shelf Offering

  
 4 

 
Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such
Shelf Offering. The Corporation, subject to Section 1(d) and Section 7, will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Corporation has received
written requests for inclusion (which request will specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within three (3) Business Days after the receipt of the Shelf Offering Notice. The
Corporation 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(d), use its reasonable best efforts to consummate such
Shelf Offering. 
 (ii) Notwithstanding the foregoing, if any of the Parent Investors, the Requisite Institutional Holders,
the Permira Investor and/or the Warburg Investor wish to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing an automatic Shelf Registration Statement or through a take-down from an already existing
Shelf Registration Statement), then, notwithstanding the foregoing time periods, such Initiating Holders only needs to notify the Corporation of the block trade Shelf Offering two (2) Business Days prior to the day such offering is to commence
(unless a longer period is agreed to by the Initiating Holders wishing to engage in the underwritten block trade) and the Corporation shall promptly notify the other Institutional Holders, the Parent Investor, the Permira Investor or the Warburg
Investor, as applicable (each, a “Potential Participant”) and such Potential Participants must elect whether or not to participate by 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 such Initiating Holders wishing to engage in the underwritten block trade) and the Corporation shall as expeditiously as possible use its reasonable best efforts to facilitate such offering (which
may close as early as two (2) Business Days after the date it commences); provided, however, that such Initiating Holders shall use commercially reasonable efforts to work with the Corporation and the underwriters prior to making
such request to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten block trade; provided, further, that, notwithstanding anything herein to the contrary, on and
following the later of (i) the three-year anniversary of the Initial Public Offering and (ii) the date upon which the holders of Registrable Securities and their Affiliates collectively own less than 30% of the outstanding shares of Common
Stock (after giving effect to the exchange and/or conversion of any shares of Class B Common Stock, Class C Common Stock, Class D Common Stock and/or Units), without the consent of the Initiating Holder of an underwritten block trade,
no notice shall be given to any other Holder of such underwritten block trade, no Holder other than the Initiating Holder shall have the right to participate in such underwritten block trade, the Holders shall not be subject to Sections 3(a)
or (b) in connection with such underwritten block trade (other than the Holder(s) participating in such underwritten block trade) and the Company shall not be subject to Section 3(c) in connection with such underwritten block trade
to the extent the Company’s participation in a public offering or distribution is necessary or desirable to effectuate the rights of the Holders herein. 

  
 5 

 (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(i) shall be determined, except as otherwise set forth in this Agreement, by the Initiating Holders, and the Corporation shall
use its reasonable best efforts to cause any Shelf Offering to occur as promptly as practicable. 
 (j) Confidentiality. Each Holder
agrees to treat as confidential the receipt of any notice under this Agreement (including any notices related to a Demand Registration, a Shelf Offering or Shelf Offering Notice, a Piggyback Registration (as defined below), or a delay (or suspension
of the effectiveness) of a Demand Registration or Shelf Registration or a registration statement or other filing in connection therewith) and the information contained therein, and not to disclose or use the information contained in any such notice
(or the existence thereof) without the prior written consent of the Company or Corporation, as applicable, 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); provided, that, no such written consent shall be required (and each party shall be free to release such information) for disclosures (a) to each party’s Affiliates and its and
their respective representatives, agents and professional advisors, in each case so long as such Persons agree to keep such information confidential, (b) to the extent required by law, rule or regulation or (c) expressly permitted by this
Agreement. 
 2. Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Corporation proposes to register any of its equity securities (including any proposed registration
of the Corporation’s equity securities by any third party) under the Securities Act (other than (i) pursuant to a Demand Registration or Shelf Offering, which are addressed by Section 1, (ii) in connection with an
Initial Public Offering of the Corporation’s equity securities, or (iii) in connection with registrations on Form S-4, S-8 or any successor or similar forms)
and the registration form to be used may be used for the registration of Registrable Securities (each, a “Piggyback Registration”), the Corporation shall give prompt written notice (and in any event
within three (3) Business Days after its receipt of notice of any exercise of demand registration rights other than under this Agreement) to all Holders then holding any Registrable Securities of its intention to effect such a registration and
shall include in such registration all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within ten (10) days after the receipt of the Corporation’s notice. Notwithstanding
anything contained herein to the contrary, if any Institutional Holder participates in an Initial Public Offering, each of the Permira Investor or Warburg Investor shall be entitled to participate in such Initial Public Offering on a pro rata basis
based on the number of shares of Common Stock owned in accordance with the provisions of this Section 2. 
 (b)
Piggyback Expenses. The Registration Expenses of the Holders of Registrable Securities shall be paid by the Corporation in all Piggyback Registrations, whether or not any such registration is consummated. 

(c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation,
and the managing underwriters advise the Corporation 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 an orderly manner in such offering within a price
range acceptable to the Corporation, then the Corporation shall include in 

  
 6 

 
such registration, (i) first, the securities the Corporation proposes to sell that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such
offering, (ii) second, the Registrable Securities requested to be included in such registration that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such offering (if any), pro rata among the
respective holders thereof on the basis of the amount of Registrable Securities owned by each such holder, and (iii) third, the Other Securities requested to be included in such registration that, in the opinion of such underwriters, can be
sold in an orderly manner within the price range of such offering (if any). 
 (d) Priority on Secondary Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of Other Holders (it being understood that secondary registrations on behalf of Holders of Registrable Securities are addressed in Section 1 rather than this
Section 2(d)), and the managing underwriters advise the Corporation 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 an
orderly manner in such offering within a price range acceptable to the Holders of a majority of the Registrable Securities to be included in such registration, then the Corporation shall include in such registration, (i) first, the Other
Securities requested to be included therein by the Other Holders requesting such registration and the Registrable Securities requested to be included in such registration, in each case that, in the opinion of such underwriters, can be sold in an
orderly manner within the price range of such offering (if any), pro rata among the holders of such Other Securities and the holders of such Registrable Securities on the basis of the number of shares of Common Stock owned by each such holder, and
(ii) second, the other securities requested to be included in such registration that, in the opinion of such underwriters, can be sold in an orderly manner within the price range of such offering (if any). 

(e) Other Registrations. If the Corporation has previously filed a registration statement with respect to Registrable Securities
pursuant to Section 1 or pursuant to this Section 2, and if such previous registration has not been withdrawn or abandoned, then, unless such previous registration is a Required Registration, the
Corporation shall not file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8 or any successor form), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least one hundred eighty (180) days has elapsed from the effective date
of such previous registration. 
 3. Lockup Agreements; Transfers; Legend; Coordination. 

(a) Prohibited Actions during Holdback Period. Each Holder agrees that in connection with the Corporation’s Initial Public Offering
and any Demand Registration or Piggyback Registration that is an underwritten public offering of the Corporation’s equity securities, such Holder shall not (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 Corporation (including equity securities of the Corporation that may be deemed to be owned beneficially by such holder in accordance with the rules and regulations of the
Securities and Exchange Commission) (collectively, “Securities”), or any securities, options, or rights convertible into or exchangeable or exercisable for Securities (collectively,
“Other Equity Securities”), (ii) enter into a transaction which would have the same effect as any action described 

  
 7 

 
in clause (i) of this Section 3(a), (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 Equity Securities, whether such transaction is to be settled by delivery of such Securities, Other Equity Securities, in cash or otherwise, or (iv) publicly disclose the intention to enter into any
transaction described in clauses (i), (ii) or (iii) of this Section 3(a), from the date on which the Corporation gives notice to the holders of Registrable Securities that a preliminary prospectus has been circulated
for such underwritten public offering to the date that is 180-days following the date of the final prospectus for such underwritten Initial Public Offering and 90-days in the case of any registration other than an Initial Public Offering (or such
shorter period as agreed to by the underwriters designated as “book-runners” managing such registered public offering), unless such book-runners otherwise agree in writing (each such period, referred to herein as a
“Holdback Period”); provided, that the foregoing restriction shall not apply to any pledge or other granting of a security interest (and any related foreclosure or exercise of remedies by
the lender(s) or any third party purchaser following such foreclosure or exercise of remedies) in any Securities to one or more lenders pursuant to any Permitted Financing by any Specified Investor. The Corporation may impose stop-transfer
instructions with respect to its securities that are subject to the foregoing restriction until the end of such period. 
 (b) Lockup
Agreements, etc. In connection with any underwritten public offering of the Corporation’s equity securities, each holder of Registrable Securities agrees to enter into any holdback, lockup or similar agreement requested by the underwriters
managing such registered public offering that the holders of a majority of the Registrable Securities agree to enter into; provided, (i) any such holdback, lockup or similar agreement with a Specified Investor shall provide a carve-out substantially similar to that provided in Section 3(a) above with respect to a Permitted Financing and (ii) the relevant holdback or lockup period in any such holdback,
lockup or similar agreement with a Specified Investor shall not exceed the corresponding Holdback Period that applies to such offering. 

(c) Limitation on Public Sales and Distributions. The Corporation (i) shall not effect any public sale or distribution of its
equity securities, or any securities, options, or rights convertible into or exchangeable or exercisable for such equity securities, during the seven (7) days prior to and during the 180-day period (in the case of the Initial Public Offering)
or 90-day period (in the case of any registration other than an Initial Public Offering) (or such shorter period as agreed to by the underwriters designated as “book-runners” managing such registered public offering) beginning on the
effective date or pricing date of any underwritten Demand Registration, Piggyback Registration or Shelf Offering (except as part of such underwritten registration or pursuant to registrations on Form S-4 or
Form S-8 or any successor form), unless the underwriters managing the registered public offering otherwise agree, and (ii) to the extent not inconsistent with applicable law, except as otherwise permitted
by the holders of a majority of the Registrable Securities, shall cause each holder of its equity securities, or any securities convertible into or exchangeable or exercisable for equity securities, purchased from the Corporation at any time after
the date of this Agreement (other than in a registered public offering) to agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any such securities during such period (except as part of such underwritten
registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise agree. 

  
 8 

 (d) Transfer of Registration Rights. The rights to cause the Corporation to register
or offer Registrable Securities pursuant to this Agreement may be Transferred (but only with all related obligations) by a Holder to a Transferee or assignee of such securities in connection with a Transfer permitted under the LLC Agreement (other
than with respect to a Transfer in connection with a Public Sale or an Approved Sale) and, if such Transfer is following the Initial Public Offering, such Transfer is with respect to at least ten percent (10%) of the outstanding shares of Common
Stock of the Corporation; provided that, prior to Transferring any Registrable Securities to any Person (including by operation of law), the Holder effecting such Transfer shall cause the prospective Transferee to execute and deliver to the
Company or the Corporation, as applicable, a counterpart of this Agreement agreeing to be bound by the terms hereof; provided, further, that the Corporation’s obligation to register or offer Registrable Securities under this Agreement by
a Holder Transferring its Registrable Securities shall not be increased or expanded due to such Transfer, and the transferor and transferee will be treated collectively for purposes of determining the number of demand rights or offerings that may be
exercised by such Holders. 
 (e) Legend. Each certificate evidencing any Securities or Other Securities held by a Holder and each
certificate issued in exchange for or upon the Transfer of any such securities (unless such securities are permitted to be Transferred pursuant to this Agreement and, if such securities were Registrable Securities, would no longer be Registrable
Securities after such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN AN AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT DATED AS OF NOVEMBER 2, 2020 AMONG THE ISSUER OF SUCH SECURITIES (THE
“COMPANY”) AND CERTAIN OF THE COMPANY’S HOLDERS, AS AMENDED. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

The Corporation shall imprint such legend on certificates evidencing Securities and Other Securities outstanding prior to the date hereof. The legend set
forth above shall be removed from the certificates evidencing any securities which are Transferred in accordance with Rule 144 of the Securities Act, provided that the Corporation may request reasonable evidence (including a legal opinion) of
compliance with applicable securities laws. The Company will reasonably cooperate with and assist the Parent Investors, Permira Investor or Warburg Investor, and the Company’s transfer agent to facilitate any
in-kind distribution in the manner reasonably requested by such investors (including the delivery of instruction letters by the Company or its counsel to the Company’s transfer agent, the delivery of
customary legal opinions by counsel to the Company and the delivery of Registrable Securities without restrictive legends, to the extent no longer applicable). 

  
 9 

 (f) Coordination. Each of the Parent Investors, the Institutional Holders, the
Permira Investor and Warburg Investor agrees that any such Holder wishing to dispose of or otherwise transfer any Registrable Securities pursuant to a registered public offering within the first eighteen (18) months following the Initial Public
Offering shall use commercially reasonable efforts to consult and coordinate with the Corporation prior to taking such action. 
 4.
Registration Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered or offered pursuant to this Agreement, the Corporation shall use commercially reasonable 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 Corporation shall as expeditiously as possible: 

(a) prepare and, within sixty (60) days after the end of the period within which requests for registration may be given to the
Corporation, file with the Securities and Exchange Commission a registration statement with respect to such Registrable Securities and use commercially reasonable efforts to cause such registration statement to become effective as soon as
practicable thereafter, in each case in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder; provided that, before filing a registration statement or prospectus or any amendments or supplements
thereto, the Corporation shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration statement, copies of all such documents proposed to be filed, which documents shall be subject to
the review and comment of such counsel; 
 (b) notify in writing each Holder that holds any Registrable Securities covered by the applicable
registration (the “Participating Holders”) of the effectiveness of each registration statement filed hereunder and prepare and file with the Securities and Exchange Commission such amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than one hundred eighty (180) days or other period required
herein (or, if such registration statement relates to an underwritten 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 sales 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; 
 (c) furnish to each Participating Holder such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each free-writing prospectus (as defined in Rule 405 of the Securities Act) and such other
documents as such Participating Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Participating Holder; 

(d) use commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such
jurisdictions as any Participating Holders reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to enable such Participating Holder to consummate the disposition in such jurisdictions of the
Registrable Securities owned by the Participating Holders (provided that the Corporation shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 4(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction); 

  
 10 

 (e) promptly notify in writing each Participating Holder, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement (i) contains an untrue statement of a material fact or omits any
fact necessary to make the statements therein not misleading in light of the circumstances under which they were made or (ii) is otherwise not legally available to support sales of Registrable Securities, and, at the request of the holders of a
majority of the Registrable Securities covered by such registration statement, the Corporation shall promptly prepare and furnish to each such Participating Holder a reasonable number of copies of a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of
the circumstances under which they were made; 
 (f) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Corporation are then listed; 
 (g) provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 
 (h) enter into and perform such customary agreements
(including underwriting agreements in customary form) and take all such other actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of Registrable Securities (including, in the case of an underwritten offering in which the aggregate offering price to the public is expected to exceed $50,000,000, participation in “road shows,” investor presentations and
marketing events); 
 (i) make available for inspection by any underwriter participating in any disposition pursuant to such registration
statement, and any attorney, accountant, or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents and properties of the Corporation, and cause the Corporation’s officers, directors,
employees, and independent accountants to supply all information reasonably requested by any such underwriter, attorney, accountant, or agent in connection with such registration statement and assist and, at the request of any participating
underwriter, use commercially reasonable efforts to cause such officers or directors to participate in presentations to prospective purchasers; 

(j) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Securities and Exchange
Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Corporation’s first full calendar quarter after
the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  
 11 

 (k) in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any equity securities included in such registration statement for sale in any jurisdiction, the Corporation shall
use commercially reasonable efforts promptly to obtain the withdrawal of such order; 
 (l) use commercially reasonable 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 Participating Holders thereof to consummate the disposition of such
Registrable Securities; 
 (m) take all reasonable actions to ensure that any free-writing prospectus utilized in connection with any Demand
Registration or Piggyback Registration 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, 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; 
 (n) obtain one or more “cold comfort” letters, dated the effective date of such
registration statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters), from the Corporation’s independent public accountants
in customary form and covering such matters of the type customarily covered by such letters as the holders of a majority of the Registrable Securities being sold in such registered offering reasonably request; and 

(o) provide a legal opinion of the Corporation’s outside counsel, dated the effective date of such registration statement (or, if such
registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters), with respect to the registration statement, each amendment and supplement thereto, the
prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature. 

(p) with a view to making available the benefits of certain rules and regulations of the Securities Exchange Commission which may permit the
sale of restricted securities to the public without registration, the Company agrees to: 
 (i) use its reasonable best
efforts to make and keep public information available as those terms are understood and defined in Rule 144, at all times from and after ninety (90) days following the effective date of the registration statement with respect to an initial
public offering; 
 (ii) use its reasonable best efforts to file with the Securities Exchange Commission in a timely manner
all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 

  
 12 

 (iii) so long as the Holders own any Registrable Securities, furnish to the
Holders upon request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the registration statement with respect to an
initial public offering) and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements). 
 If
requested by any Specified Investor, the Company will use commercially reasonable efforts to provide the following cooperation in connection with such Specified Investor obtaining or maintaining Permitted Financing: 

(A) entering into an (or modifying, amending or restating any existing) issuer agreement (an “Issuer
Agreement”) with each lender to such Permitted Financing in customary form; 
 (iv) when eligible to do so under
applicable securities laws and the procedures and policies of the Company’s transfer agent and (if applicable) The Depository Trust Company, (A) remove any restrictive legends on certificates representing pledged Collateral and depositing
such pledged Collateral in book-entry form on the books of The Depository Trust Company or (B) without limiting the generality of clause (A), if such Collateral is eligible for resale under Rule 144A, depositing such pledged Collateral in book
entry form on the books of The Depository Trust Company or other depository with customary Rule 144A restrictive legends in lieu of the legends specified in this Agreement and the LLC Agreement (provided, that, in each case, any limitations
on transfer set forth in this Agreement and the LLC Agreement shall continue to apply in accordance with their respective terms); 

(v) if so requested by such Specified Investor, (A) issuing physical certificates with respect to such Collateral and/or (B) re-registering the pledged Collateral in the name of the relevant lender, custodian or similar party to a Permitted Financing, with respect to Permitted Financings solely as securities intermediary and only
to the extent such Specified Investor or its Affiliates or designees continues to beneficially own such pledged Collateral; 

(vi) if so requested by such Specified Investor, using commercially reasonable efforts to include exceptions to any
underwriters’ lock-ups to allow for the incurrence and/or maintenance of a Permitted Financing and any exercise of remedies by lenders thereunder; and 

(vii) such other cooperation and assistance as such Specified Investor may reasonably request (which cooperation and
assistance, for the avoidance of doubt, shall not include any requirements that the Company deliver information, compliance certificates or any other materials typically provided by borrowers to lenders) that will not unreasonably disrupt the
operation of the Company’s business. 

  
 13 

 5. Registration Expenses. 

(a) Registration Expenses Generally. All expenses incident to the Corporation’s performance of or compliance with this Agreement,
including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, travel expenses, filing expenses, messenger and delivery expenses, fees and disbursements of custodians, fees and
disbursements of counsel for the Corporation, fees and disbursements of counsel for the Holders to the extent set forth in Section 5(b), and fees and disbursements of all independent certified public accountants (in each
case, excluding Selling Expenses), and other Persons retained by the Corporation (all such expenses being herein called “Registration Expenses”), shall be paid by the Corporation, and the Corporation shall, in
any event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance, and the
expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Corporation are then listed. All Selling Expenses relating to securities so registered shall be borne by the Holders
of such securities pro rata on the basis of the number of securities so registered on their behalf. 
 (b) Reimbursement of Fees of
Counsel. In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering, the Corporation shall reimburse the holders of Registrable Securities included in such registration or offering for the reasonable fees
and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration or offering; provided, that if the Parent Investors, the Permira Investor or the Warburg Investor is selling
Registrable Securities in such registration or offering and such holders desire separate counsel from the counsel chosen by the holders of a majority of the Registrable Securities included in such registration or offering, the Corporation shall
reimburse the Parent Investors, the Permira Investor or the Warburg Investor, as applicable, for its reasonable fees and disbursements of one counsel for the Parent Investors and one counsel for both of the Permira Investor and the Warburg Investor
(to be selected jointly by the Permira Investor and the Warburg Investor if selling in the same registration or offering and with such fees and disbursements not to exceed $50,000 in the aggregate for both of the Permira Investor or the Warburg
Investor taken together). 
 6. Indemnification. 

(a) Indemnification of Holders and Underwriters. The Corporation agrees to indemnify and hold harmless, to the fullest extent permitted
by law, each Holder, its officers, directors, advisors, agents, and employees, and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, and expenses (or actions or
proceedings, whether commenced or threatened, in respect thereof), whether joint and several or several, together with reasonable costs and expenses (including reasonable attorney’s fees) to which any such indemnified party may become subject
under the Securities Act or otherwise (collectively, “Losses”) caused by, resulting from, arising out of, based upon, or relating to (i) any untrue or alleged untrue statement of material fact
contained in (A) any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 6, each,
an “application”) executed by or on behalf of the Corporation or based upon written information furnished by or on behalf of the Corporation 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 by the Corporation of any rule or regulation promulgated pursuant to any federal, state or common law rule or regulation including 

  
 14 

 
the Securities Act, applicable to the Corporation and relating to action or inaction required of the Corporation in connection with any such registration hereunder, and the Corporation will
reimburse such Holder and each such director, officer, and controlling Person for any legal or any other expenses incurred by them in connection with investigating or defending any such Losses; provided, that the Corporation shall not be
liable (as determined by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to which the time for appeal therefrom has expired and no appeal has been perfected)) 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 alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, or
preliminary prospectus or any amendment thereof or supplement thereto, or in any application, in each case, made in reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Holder
expressly for use therein or by such Holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Corporation has furnished such Holder with a sufficient number of copies of
the same. In connection with an underwritten offering, the Corporation shall 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 holders of Registrable Securities. 
 (b) Provision of Information; Indemnity of
Holders. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection
with any such registration statement or prospectus and, to the fullest extent permitted by law, shall indemnify and hold harmless the other holders of Registrable Securities and the Corporation, and their respective officers, directors, agents, and
employees, and each other Person who controls the Corporation (within the meaning of the Securities Act) against any Losses caused by, resulting from, arising out of, based upon, or relating to (as determined by a final judgment, order or decree of
an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to which the time for appeal therefrom has expired and no appeal has been perfected)) (i) any untrue or alleged untrue statement of material fact contained
in the registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto or in any application, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, but in each case only to the extent that such untrue statement or omission is made in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or
in any application, in each case, in reliance upon and in conformity with written information prepared and furnished to the Corporation by such holder expressly for use therein, and such Holder will reimburse the Corporation and each such other
indemnified party for any legal or any other expenses incurred by them in connection with investigating or defending any such Losses; provided that the obligation to indemnify will be individual, not joint and several, for each Holder and
shall be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement. 

  
 15 

 (c) Claims. 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 shall not impair any Person’s right to indemnification hereunder to the extent such
failure has not 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, then 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). 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. 
 (d) Additional Indemnification Rights. The indemnification provided for under this
Agreement shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract, and will remain in full force and effect regardless of any investigation made or omitted by or on
behalf of the indemnified party or any officer, director, or controlling Person of such indemnified party and shall survive the transfer of securities. 

(e) Contribution. If the indemnification provided for in this Section 6 is unavailable to or is insufficient
to hold harmless an indemnified party under the provisions above in respect to any Losses referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such Losses
(i) in such proportion as is appropriate to reflect the relative fault of the Corporation on the one hand and the Participating Holders and any other sellers participating in the registration statement on the other hand or (ii) if the
allocation provided by clause (i) of this Section 6(e) is not permitted by applicable law, then in such proportion as is appropriate to reflect not only the relative fault referred to in clause (i) of this
Section 6(e) but also the relative benefit of the Corporation on the one hand and of the Participating Holders 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. The relative benefits received by the Corporation on the one hand and the Participating Holders and any other sellers participating in the
registration statement on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) to the Corporation bear to the total net proceeds from the offering (before deducting expenses)
to the Participating Holders and any other sellers participating in the registration statement. The relative fault of the Corporation on the one hand and of the Participating Holders and any other sellers participating in the registration statement
on the other shall be determined by reference to, among other things, whether the untrue statement or alleged omission to state a material fact relates to information supplied by the Corporation or by the Participating Holders or other sellers
participating in the registration statement and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

(f) Contribution Limits. The Corporation and the Participating Holders agree that it would not be just and equitable if contribution
pursuant to this Section 6 were determined by pro rata allocation (even if the Participating Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in Section 6(e). The amount paid or payable by an indemnified party as a result of the 

  
 16 

 
Losses referred to in Section 6(e) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6, no Participating Holder shall be required to contribute pursuant to this
Section 6 any amount in excess of the difference of (i) any amounts paid pursuant to Section 6(b) and (ii) the net proceeds received by such Participating Holder from the sale of
Registrable Securities covered by the registration statement filed pursuant hereto. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. 
 7. Participation in Underwritten Registrations. 

(a) Cooperation with Underwriting Arrangements. 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 pursuant to the terms of any over-allotment or
“green shoe” option requested by the managing underwriter(s), provided that no Holder will be required to sell more than the number of Registrable Securities that such Holder has requested the Corporation to include in any
registration) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents reasonably required under the terms of such underwriting arrangements; provided that no
Holder of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to the Corporation or the underwriters (other than representations and warranties regarding such Holder and such
Holder’s intended method of distribution) or to undertake any indemnification obligations to the Corporation or the underwriters with respect thereto, except as otherwise provided in Section 6. 

(b) Supplements or Amendments to Prospectus. Each Person that is participating in any registration hereunder agrees that, upon receipt
of any notice from the Corporation pursuant to Section 4(e), 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(e). In the event the Corporation shall give any such notice, the applicable time period mentioned in Section 4(b)
during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 7(b) to and including
the date when each Participating Holder shall have received the copies of the supplemented or amended prospectus contemplated by Section 4(e). 

8. Additional Holders. In connection with the issuance of any additional equity securities of the Corporation, the Corporation, with the
prior written consent of the Board and the Holders of a majority of the Registrable Securities, may permit such Person to become a party to this Agreement and succeed to all of the rights and obligations of a “Holder” under this Agreement
by obtaining an executed counterpart signature page to this Agreement, and, upon such execution, such Person shall for all purposes be a Holder and party to this Agreement. 

  
 17 

 9. Subsidiary Public Offering. Unless otherwise determined by the Parent Investors,
if, after an Initial Public Offering of the equity securities of a Subsidiary of the Company, the Company distributes securities of such Subsidiary to members of the Company, then the rights and obligations of the Corporation pursuant to this
Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Company or the Corporation, as applicable, shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 

10. Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant to
Section 1 or Section 2 shall terminate upon the earlier of such date as all shares of Registrable Securities held or entitled to be held upon conversion by such Holder and its affiliates may
immediately be sold under Rule 144 during any ninety (90) day period without volume limitation and with the current public information required under Rule 144(c)(1) deemed to be available and such Holder holds less than one percent (1%) of
outstanding capital stock of the Company. 
 11. Definitions. 

(a) “Affiliate” of any particular Person means (a) any other Person controlling, controlled
by, or under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, by
contract or otherwise, or (b) in addition to the foregoing, with respect to (i) the Parent Investors, (ii) the Permira Investor, (iii) the Warburg Investor or (iv) the Institutional Holders. For purposes of this Agreement,
the Companyand its respective Subsidiaries shall not be considered Affiliates of any holder of interests in the Company (and vice versa). 

“Approved Sale” means a sale of the Company approved by the Parent Investors or the Permira Investor and
the Warburg Investor, as applicable; where “sale of the Company” means any transaction or series of transactions pursuant to which any Person or group of related Persons (other than Parent Investor Affiliates,
Permira Investor Affiliates, Warburg Investor Affiliates or any portfolio company thereof) in the aggregate acquire(s) either: (i) a majority of the Common Stock (or successor Company Equity Securities thereto) then outstanding or (ii) all
or substantially all of the Company’s assets determined on a consolidated basis; provided that a public offering shall not constitute a Sale of the Company. 

(b) “Board” means the board of directors of the Company. 

(c) “Business Day” means any day other than a Saturday or Sunday or any other day on which commercial
banks in Boise, Idaho or New York, New York are authorized or required by applicable law to close. 
 (d) “Common
Stock” shall mean the Corporation’s Class A Common Stock, par value $0.001 per share. 
 (e)
“Company Equity Securities” means (i) any Common Stock, interest, partnership, membership or limited liability company interests or other equity interests in the Company or a corporate
successor (including other classes, groups or series thereof having such relative rights, powers and/or obligations as may from time to time be established by the Board, including rights, powers and/or obligations different from, senior to or more
favorable than existing classes, groups and series of interests, capital stock, partnership, membership or limited 

  
 18 

 
liability company interests or other equity interests, and including any profits interests); (ii) obligations, evidences of indebtedness or other securities or interests convertible or
exchangeable into Common Stock, interests, partnership interests, membership or limited liability company interests or other equity interests in the Company or a corporate successor; and (iii) warrants, options or other rights to purchase or
otherwise acquire Common Stock, interests, partnership interests, membership or limited liability company interests or other equity interests in the Company or a corporate successor. 

(f) “Initial Public Offering” shall mean the initial public offering of the Common Stock
pursuant to the Registration Statement on Form S-1 initially filed on [•], 2021, as amended. 

(g) “LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the
Company, as amended or modified from time to time in accordance with its terms. 
 (h) “Other
Securities” shall mean shares of Common Stock (other than Registrable Securities). 
 (i) “Other
Holders” shall mean persons other than Holders who, by virtue of agreements with the Company, the Corporation or a Subsidiary of either the Company or the Corporation, are entitled to include their securities in certain
registrations hereunder. 
 (j) “Permitted Financing” means the (i) incurrence of indebtedness by
a Specified Investor (or an Affiliate thereof) to (A) finance a portion of its purchase of the Units, (B) finance a return of capital with respect to its investment in the Units (or the securities received in exchange or conversion of the
Units), or (C) refinance or replace indebtedness described in this clause (i) and (ii) granting of liens by such Specified Investor to secure payment of such indebtedness, including on the Units and any shares of Common Stock held by such
Specified Investor (the “Collateral”). 
 (k) “Person” shall have the meaning
set forth in the LLC Agreement. 
 (l) “Public Sale” means any sale of Company Equity Securities
(i) to the public pursuant to an offering registered under the Securities Act or (ii) to the public through a broker, dealer or market maker pursuant to the provisions of Rule 144 (or any similar provision then in effect) adopted under the
Securities Act (other than Rule 144(b) prior to a public offering). 
 (m) “Registrable Securities”
means (i) any Common Stock issued or distributed in respect of Units of the Company issued to the Holders, (ii) common equity securities of the Corporation or a Subsidiary of either the Company or the Corporation issued or issuable
with respect to the securities referred to in clause (i) of this definition by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, and
(iii) other Common Stock held by Persons holding securities described in clause (i) of this definition; provided, that none of the following shall constitute Registrable Securities for any purpose hereunder: (A) securities that
have been distributed to the public pursuant to an offering registered under the Securities Act or sold to the public pursuant to Rule 144 under the Securities Act (or any similar rule then in force); (B) securities that are effectively

  
 19 

 
registered under a registration statement on Form S-8 (or any successor form); (C) securities that, together with all other securities held by a Holders
and its affiliates, are eligible to be sold to the public through a broker, dealer, or market maker pursuant to Rule 144 (or any similar provision then in force), without volume limitation and without the requirement for the Company to be in
compliance with the current public information required under Rule 144(c)(1), during a single 90-day period; (D) shares of Common Stock or other common equity securities issuable upon the exercise of employee options (or similar equity-like
incentive shares or units) which have not vested or are otherwise not exercisable, (E) shares of Common Stock or other common equity securities issuable upon the exercise of vested employee options (or similar equity like incentive shares or
units) whose per share or per unit exercise price is more than the price to be paid for such share or unit in such offering, (F) shares of Common Stock or other common equity securities whose per share or per unit participation threshold is
more than the price to be paid for such share or unit in such offering, and (G) shares of Common Stock or other common equity securities that are subject to vesting (including if subject to possible repurchase by the Company or the Corporation
at less than fair market value). For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire 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; provided that this sentence shall not apply to shares of the
common equity securities of the Corporation issuable upon the exercise of unvested options originally issued to employees or former employees of the Company, the Corporation or their Subsidiaries. 

(n) “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to
the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of counsel included in Registration Expenses). 

(o) “Specified Investors” shall mean the Parent Investor, the Permira Investor and the Warburg Investor.

 (p) “Subsidiary” shall have the meaning set forth in the LLC Agreement. 

(q) “Transfer” shall have the meaning set forth in the LLC Agreement. 

(r) “Units” shall have the meaning set forth in the LLC Agreement. 

12. Miscellaneous. 
 (a)
Remedies. Each of the parties to this Agreement shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the
rights which such Person has under any law. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages and costs caused by any breach of any provision of this Agreement and to
exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any
court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 

  
 20 

 (b) Amendments and Waivers. 

(i) Subject to Sections 12(b)(ii) and 12(b)(iii), any provision of this Agreement may be
amended or modified if, but only if, such amendment or modification is in writing and is approved in writing by the Corporation and the Holders then holding a majority of the Registrable Securities. 

(ii) Notwithstanding Section 12(b)(i) but subject to Section 12(b)(iii), if
an amendment or modification of this Agreement: 
 (A) would alter or change the special rights hereunder of a holder of
Registrable Securities or group of Holders of Registrable Securities specifically granted such special rights by name, such amendment or modification shall not be effective against such holder of Registrable Securities or group of Holders of
Registrable Securities (as the case may be) without the prior written consent of such holder of Registrable Securities or, in the case of a group of Holders of Registrable Securities, the holders of at least a majority of Registrable Securities held
by such group of Holders of Registrable Securities; or 
 (B) would alter or change the powers, preferences or special rights
hereunder of the holders of a class of Registrable Securities (holders of any such class, the “Subject Holders”) so as to treat them in a way that is materially and adversely different than the holders of
any other class of Registrable Securities, such amendment or modification shall not be effective against the Subject Holders without the prior written consent of the holders of at least a majority of such class of Registrable Securities held by the
Subject Holders. 
 (iii) The provisions of Sections 12(b)(i) and 12(b)(ii) shall not apply
to any amendments or modifications otherwise expressly permitted by this Agreement including any required to add a party hereto pursuant to Section 8. 

(c) Successors and Assigns. All covenants and agreements contained in this Agreement shall bind and inure to the benefit of the parties
hereto and their respective heirs, executors, administrators, successors, legal representatives, and permitted assigns, whether so expressed or not. 

(d) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any
other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been
contained herein. 

  
 21 

 (e) Counterparts. This Agreement may be executed in multiple counterparts with the
same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. 

(f) Waiver of Breach. No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition. The waiver by any party of a breach of any covenant, duty,
agreement, or condition of this Agreement of any other party shall not operate or be construed as a waiver of any subsequent breach of that provision or any other provision hereof. 

(g) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine, or neuter forms, and the singular form of nouns,
pronouns, and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document, or instrument means such agreement,
document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The use of the words “or,” “either,” and “any” shall not be exclusive. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

(h) Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without
giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

(i) Jurisdiction; Venue; Service of Process. Each party hereto agrees that it may bring any action between the parties hereto arising
out of or related to this Agreement in the Court of Chancery of the State of Delaware (the “Court of Chancery”) or, to the extent the Court of Chancery does not have subject matter jurisdiction, the
United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts (the “Delaware Federal Court”) or, to the extent neither the Court of
Chancery nor the Delaware Federal Court has subject matter jurisdiction, the Superior Court of the State of Delaware (the “Chosen Courts”), and, solely with respect to any such action (a) irrevocably
submits to the non-exclusive jurisdiction of the Chosen Courts, (b) waives any objection to laying venue in any such action in the Chosen Courts, (c) waives any objection that the Chosen Courts are
an inconvenient forum or do not have jurisdiction over any party hereto and (d) agrees that service of any process, summons, notice or document pursuant to Section 12(k) shall be effective service of process in any
action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth in the immediately preceding sentence. 

  
 22 

 (j) MUTUAL WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY)
HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR
INCIDENTAL TO THIS AGREEMENT AND/OR THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

(k) Notices. All notices, demands, or other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given when (i) delivered personally to the recipient, (ii) sent to the recipient by reputable overnight express service (charges prepaid), (iii) mailed to the recipient by
certified or registered mail, return receipt requested and postage prepaid or (iv) emailed to the recipient if emailed before 5:00 p.m. New York, New York time on a Business Day, and otherwise, if at or after 5:00 p.m. New York, New York time
on the next Business Day. Such notices, demands, and other communications shall be sent to each Holder at the addresses indicated on the Schedule of Holders and to the Corporation at the address of its corporate headquarters 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. 
 (l) 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. 

(m) 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 signed and delivered by means of a photographic, facsimile, portable document format (.pdf), or similar reproduction of such
signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version
thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other
parties hereto. No party hereto or to any such agreement or instrument shall 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. 

(n) Opt-Out Requests. Subject to Sections 3(a), 3(b) and
4(b), each Holder shall have the right, at any time and from time to time (including after receiving information regarding any potential public offering), to elect to not receive any notice that the Company or any other Holders otherwise are
required to deliver pursuant to this Agreement regarding a Demand Registration or Shelf Offering by delivering to the Company a written statement signed by such Holder that it does not want to receive any such notices hereunder (an “Opt-Out Request”); in which case, and notwithstanding anything to the contrary in this Agreement, the Company and other Holders shall not be required to, and shall not, deliver any such notice or other
related information required to be provided to Holders hereunder to the extent that the Company or such 

  
 23 

 
other Holders reasonably expect such notice or information would result in a Holder acquiring material non-public information within the meaning of
Regulation FD promulgated under the Securities Exchange Act. An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who
previously has given the Company an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent
Opt-Out Requests; provided, that each Holder shall use commercially reasonable efforts to minimize the administrative burden on the Company arising in connection with any such Opt-Out Requests. 
 * * * * * 

  
 24 

 Annex A 

SCHEDULE OF HOLDERS 
 Parent
Investors: 
 WCAS XII Carbon Analytics Acquisition, L.P. 

WCAS XIII Carbon Analytics Acquisition, L.P. 
 WCAS GP CW LLC

 Institutional Holders: 
 Calculated DF Holdings, LP

 Durable Capital Master Fund LP 
 DCP CA Blocker LLC 

Sockeye Trading, Inc. 
 Carbon Management Holdings, LLC 

Permira Investor: 
 Galibier Holdings, LP 

Warburg Investor: 
 WP CA Holdco, L.P. 

Security Holders: 
 Tyler Haws 

Marcus Ryu 
 Jacques Aigrain 

Kathleen A. CorbetEX-10.5

 Exhibit 10.5 

CLEARWATER ANALYTICS HOLDINGS, INC. 

2021 OMNIBUS INCENTIVE PLAN 

1. Purpose. 
 The purpose
of the Plan is to assist the Company in attracting, retaining, motivating, and rewarding certain employees, officers, directors, and consultants of the Company and its Affiliates and promoting the creation of long-term value for stockholders of the
Company by closely aligning the interests of such individuals with those of such stockholders. The Plan authorizes the award of Stock-based and cash-based incentives to Eligible Persons to encourage such Eligible Persons to expend maximum effort in
the creation of stockholder value. 
 2. Definitions. 

For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such Person. 
 (b) “Award” means any Option,
award of Restricted Stock, Restricted Stock Unit, Performance Stock Unit, Stock Appreciation Right, or other Stock-based or cash-based award granted under the Plan, or any similar Prior Plan Award. 

(c) “Award Agreement” means an Option Agreement, a Restricted Stock Agreement, an RSU Agreement, a SAR Agreement, or an
agreement governing the grant of any other Award granted under the Plan or under the Prior Plan. 
 (d) “Board” means the
Board of Directors of the Company. 
 (e) “Cause” means, with respect to a Participant and in the absence of an Award
Agreement or Participant Agreement otherwise defining Cause, (1) the Participant’s plea of guilty or nolo contendere to, conviction of, or indictment for, any crime (whether or not involving the Company or its Affiliates)
(i) constituting a felony or (ii) that has, or could reasonably be expected to result in, an adverse impact on the performance of the Participant’s duties to the Service Recipient, or otherwise has, or could reasonably be expected to
result in, an adverse impact on the business or reputation of the Company or its Affiliates; (2) conduct of the Participant that has resulted, or could reasonably be expected to result, in injury to the business or reputation of the Company or
its Affiliates; (3) any material violation of the policies of the Service Recipient, including, but not limited to, those relating to sexual harassment, ethics, discrimination, or the disclosure or misuse of confidential information, or those
set forth in the manuals, or statements of policy of the Service Recipient or in any restrictive covenant or similar agreement with the Participant; (4) the Participant’s act(s) of negligence or willful misconduct in the course of his or
her employment or service with the Service Recipient; (5) misappropriation by the Participant of any assets or business opportunities of the Company or its Affiliates; (6) embezzlement or fraud committed by the Participant, at the
Participant’s direction, or with the Participant’s prior actual 

 
knowledge; (7) material violation by the Participant of any state or federal laws relating to the workplace environment; (8) material breach by the Participant of his or her fiduciary
duties to the Company or its Affiliates; or (9) willful neglect in the performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform such duties. If, subsequent to the Termination of
a Participant for any or no reason (other than a Termination by the Service Recipient for Cause), it is discovered that grounds to terminate the Participant’s employment or service for Cause existed, such Participant’s employment or
service shall, at the discretion of the Committee, be deemed to have been terminated by the Service Recipient for Cause for all purposes under the Plan, and the Participant shall be required to repay or return to the Company all amounts and benefits
received by him or her in respect of any Award following such Termination that would have been forfeited under the Plan had such Termination been by the Service Recipient for Cause. In the event that there is an Award Agreement or Participant
Agreement defining Cause, “Cause” shall have the meaning provided in such agreement, and a Termination by the Service Recipient for Cause hereunder shall not be deemed to have occurred unless all applicable notice and cure periods
in such Award Agreement or Participant Agreement are complied with. 
 (f) “Change in Control” means any of the
following events: 
 (1) a change in the ownership or control of the Company effected through a transaction or series of transactions
(other than an offering of Stock to the general public through a registration statement filed with the U.S. Securities and Exchange Commission or similar non-U.S. regulatory agency or pursuant to a Non-Control Transaction) whereby any “person” (as defined in Section 3(a)(9) of the Exchange Act) or any two or more Persons deemed to be one “person” (as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act), other than any corporation or other entity owned, directly or indirectly, by the Company’s stockholders in substantially the same proportions as their ownership of stock of the Company, the WCAS Parties or any of
their Affiliates or a group of Persons that includes the WCAS Parties or any of their Affiliates, an employee benefit plan sponsored or maintained by the Company or any of its Affiliates (or its related trust), or any underwriter temporarily holding
securities pursuant to an offering of such securities, directly or indirectly acquire, other than pursuant to a Reorganization (as defined in subclause (3) below) that does not constitute a Change in Control under such subclause (3),
“beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s
securities eligible to vote in the election of the Board (“Company Voting Securities”); 
 (2) the date, within any
consecutive 24-month period commencing on or after the Effective Date, upon which individuals who constitute the Board as of the Effective Date (the “Incumbent Board”) cease for any
reason to constitute at least a majority of the Board; provided, however, that any individual who becomes a director subsequent to the Effective Date and whose nomination for election by the Company’s stockholders or appointment was
approved by a vote of at least a majority of the directors then constituting the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such individual is named as a nominee for director, without
objection to such nomination) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest (including, but not limited to, a consent solicitation) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board; or 

  
 - 2 - 

 (3) the consummation of a merger, consolidation, share exchange, or similar form of
corporate transaction involving the Company or any of its Affiliates that requires the approval of the Company’s stockholders (whether for such transaction, the issuance of securities in the transaction, or otherwise)
(a “Reorganization”), unless, immediately following such Reorganization, (i) more than 50% of the total voting power of (A) the corporation resulting from such Reorganization (the “Surviving
Company”), or (B) if applicable, the ultimate parent corporation that has, directly or indirectly, beneficial ownership of 100% of the voting securities of the Surviving Company (the “Parent Company”), is
represented by Company Voting Securities that were outstanding immediately prior to such Reorganization (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Reorganization), and such
voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among holders thereof immediately prior to such Reorganization, (ii) no person, other than an employee benefit
plan sponsored or maintained by the Surviving Company or the Parent Company (or its related trust), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to
elect directors of the Parent Company or, if there is no Parent Company, the Surviving Company, and (iii) following the consummation of such Reorganization, at least a majority of the members of the board of directors of the Parent Company or,
if there is no Parent Company, the Surviving Company are members of the Incumbent Board at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization (any Reorganization which satisfies all of
the criteria specified in clauses (i), (ii), and (iii) above shall be a “Non-Control Transaction”); 

(4) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company and its
subsidiaries (on a consolidated basis) to any “person” (as defined in Section 3(a)(9) of the Exchange Act) or to any two (2) or more persons deemed to be one “person” (as used in Sections 13(d)(3) and 14(d)(2) of
the Exchange Act), other than the Company’s Affiliates; or 
 (5) the approval by the Company’s shareholders of a plan of
complete liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, (x) a Change in Control shall not be deemed to occur solely
because any person acquires beneficial ownership of 50% or more of the Company Voting Securities as a result of an acquisition of Company Voting Securities by the Company that reduces the number of Company Voting Securities outstanding;
provided that, if after such acquisition by the Company, such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such
person, a Change in Control shall then be deemed to occur, and (y) with respect to the payment of any amount that constitutes a deferral of compensation subject to Section 409A of the Code payable upon a Change in Control, a Change in
Control shall not be deemed to have occurred, unless the Change in Control constitutes a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company under
Section 409A(a)(2)(A)(v) of the Code. 

  
 - 3 - 

 (g) “Code” means the U.S. 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. 
 (h)
“Committee” means the Board, the Compensation Committee of the Board, or such other committee consisting of two or more individuals appointed by the Board to administer the Plan and each other individual or committee of individuals
designated to exercise authority under the Plan. 
 (i) “Company” means Clearwater Analytics Holdings, Inc., a Delaware
corporation, and its successors by operation of law. 
 (j) “Corporate Event” has the meaning set forth in
Section 10(b) hereof. 
 (k) “Data” has the meaning set forth in Section 20(g) hereof. 

(l) “Disability” means, in the absence of an Award Agreement or Participant Agreement otherwise defining Disability, the
permanent and total disability of such Participant within the meaning of Section 22(e)(3) of the Code. In the event that there is an Award Agreement or Participant Agreement defining Disability, “Disability” shall have the
meaning provided in such Award Agreement or Participant Agreement. 
 (m) “Disqualifying Disposition” means any disposition
(including any sale) of Stock acquired upon the exercise of an Incentive Stock Option made within the period that ends either (1) two years after the date on which the Participant was granted the Incentive Stock Option or (2) one year
after the date upon which the Participant acquired the Stock. 
 (n) “Effective Date” means [DATE], 2021, which is
the date on which the Plan was approved by the Board. 
 (o) “Eligible Person” means (1) each employee and officer of
the Company or any of its Affiliates; (2) each non-employee director of the Company or any of its Affiliates; (3) each other natural Person who provides substantial services to the Company or any of
its Affiliates as a consultant or advisor (or a wholly owned alter ego entity of the natural Person providing such services of which such Person is an employee, stockholder, or partner) and who is designated as eligible by the Committee; and
(4) each natural Person who has been offered employment by the Company or any of its Affiliates; provided that such prospective employee may not receive any payment or exercise any right relating to an Award until such Person has
commenced employment or service with the Company or its Affiliates; provided, further, however, that (i) with respect to any Award that is intended to qualify as a “stock right” that does not provide for a “deferral of
compensation” within the meaning of Section 409A of the Code, the term “Affiliate” as used in this Section 2(o) shall include only those corporations or other entities in the unbroken chain of corporations or other
entities beginning with the Company where each of the corporations or other entities in the unbroken chain, other than the last corporation or other entity, owns stock possessing at least 50% or more of the total combined voting power of all classes
of stock in one of the other corporations or other entities in the chain, and (ii) with respect to any Award that is intended to be an Incentive Stock Option, the term “Affiliate” as used in this Section 2(o) shall include only
those entities that qualify as a “subsidiary corporation” with respect to the Company within the meaning of Section 424(f) of the Code. An employee on an approved leave of absence may be considered as still in the employ of the
Company or any of its Affiliates for purposes of eligibility for participation in the Plan. 

  
 - 4 - 

 (p) “Exchange Act” means the U.S. 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. 

(q) “Expiration Date” means, with respect to an Option or Stock Appreciation Right, the date on which the term of such Option
or Stock Appreciation Right expires, as determined under Sections 5(b) or 8(b) hereof, as applicable. 
 (r) “Fair Market
Value” means, as of any date, the value of the Stock determined as follows: 
 (1) If the Stock is (i) listed on any
established securities exchange (such as the New York Stock Exchange or Nasdaq Stock Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, the Fair Market Value of the Stock
shall be the closing sales price for a share of Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Stock on the date in question, the closing sales price for a share of Stock on the last
preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(2) If the Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Stock is
regularly quoted by a recognized securities dealer, the Fair Market Value of a share of Stock shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such date,
the high bid and low asked prices for a share of Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

(3) If the Stock is neither listed on an established securities exchange, national market system or automated quotation system nor regularly
quoted by a recognized securities dealer, the Fair Market Value of a share of Stock shall be established by the Committee in good faith. 

(s) “GAAP” means the U.S. Generally Accepted Accounting Principles, as in effect from time to time. 

(t) “Good Reason” will have the meaning ascribed to such term in an Award Agreement or Participant Agreement defining such
term, if any (and, for the avoidance of doubt, if not so defined, shall be inapplicable to the applicable Participant). 
 (u)
“Incentive Stock Option” means an Option intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Code. 

  
 - 5 - 

 (v) “Nonqualified Stock Option” means an Option not intended to be an
Incentive Stock Option. 
 (w) “Option” means a conditional right, granted to a Participant under Section 5 hereof, to
purchase Stock at a specified price during a specified time period, or any similar Prior Plan Award. 
 (x) “Option
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an individual Option Award. 

(y) “Participant” means an Eligible Person who has been granted an Award under the Plan or, if applicable, such other Person
who holds an Award. 
 (z) “Participant Agreement” means an employment or other services agreement between a Participant
and the Service Recipient that describes the terms and conditions of such Participant’s employment or service with the Service Recipient and is effective as of the date of determination. 

(aa) “Performance Stock Unit” means a Restricted Stock Unit designated as a Performance Stock Unit under Section 7
hereof, to be paid or distributed based on or conditioned upon the attainment of pre-established business and/or individual performance conditions over a specified performance period, as may be determined by
the Committee. 
 (bb) “Person” means any individual, corporation, partnership, firm, joint venture, association,
joint-stock company, trust, unincorporated organization, or other entity. 
 (cc) “Plan” means this Clearwater Analytics
Holdings, Inc. 2021 Omnibus Incentive Plan, as amended from time to time. 
 (dd) “Prior Plan” means the Carbon Analytics
Holdings LLC Equity Incentive Plan, as amended. 
 (ee) “Prior Plan Award” means an Award outstanding under the Prior Plan
as of immediately prior to the Effective Date. 
 (ff) “Qualified Member” means a member of the Committee who is a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act and an “independent director” as defined under, as applicable, the
NASDAQ Listing Rules, the NYSE Listed Company Manual, or other applicable stock exchange rules. 
 (gg) “Qualifying
Committee” has the meaning set forth in Section 3(b) hereof. 
 (hh) “Restricted Stock” means Stock granted
to a Participant under Section 6 hereof that is subject to certain restrictions and to a risk of forfeiture, or any similar Prior Plan Award. 

  
 - 6 - 

 (ii) “Restricted Stock Agreement” means a written agreement between the
Company and a Participant evidencing the terms and conditions of an individual Restricted Stock Award. 
 (jj) “Restricted Stock
Unit” means a notional unit representing the right to receive one share of Stock (or the cash value of one share of Stock, if so determined by the Committee) on a specified settlement date, or any similar Prior Plan Award. 

(kk) “RSU Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of
an individual Award of Restricted Stock Units or, if applicable, Performance Stock Units. 
 (ll) “SAR Agreement” means a
written agreement between the Company and a Participant evidencing the terms and conditions of an individual Award of Stock Appreciation Rights. 

(mm) “Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, including the rules and
regulations thereunder and any successor provisions, rules, and regulations thereto. 
 (nn) “Service Recipient” means,
with respect to a Participant holding an Award, either the Company or an Affiliate of the Company by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original
recipient provides, or following a Termination was most recently providing, services, as applicable. 
 (oo) “Stock” means
the Class A common stock, par value $0.001 per share, of the Company, and such other securities as may be substituted for such stock pursuant to Section 10 hereof. 

(pp) “Stock Appreciation Right” means a conditional right, granted to a Participant under Section 8 hereof, to receive
an amount equal to the value of the appreciation in the Stock over a specified period, or any similar Prior Plan Award. Except as determined in the sole discretion of the Committee, or pursuant to Section 10(b) hereof, Stock Appreciation Rights
shall be settled in Stock. 
 (qq) “Substitute Award” has the meaning set forth in Section 4(a) hereof. 

(rr) “Termination” means the termination of a Participant’s employment or service, as applicable, with the Service
Recipient; provided, however, that, if so determined by the Committee at the time of any change in status in relation to the Service Recipient (e.g., a Participant ceases to be an employee and begins providing services as a consultant,
or vice versa), such change in status will be deemed a Termination hereunder; and provided, further, that in the event a Participant’s change in status in relation to the Service Recipient does not constitute a Termination
hereunder, the Committee may provide, in an Award Agreement or at the time such change in status occurs, that such Participant’s continued service to the Company shall be taken into account for purposes of vesting and exercisability of any
Award or for any other purpose as determined by the Committee. Unless otherwise determined by the Committee, in the event that the Service 

  
 - 7 - 

 
Recipient ceases to be an Affiliate of the Company (by reason of sale, divestiture, spin-off, or other similar transaction), unless a Participant’s
employment or service is transferred to another entity that would constitute the Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation
of such transaction. Notwithstanding anything herein to the contrary, a Participant’s change in status in relation to the Service Recipient (for example, a change from employee to consultant) shall not be deemed a Termination hereunder with
respect to any Awards constituting “nonqualified deferred compensation” subject to Section 409A of the Code that are payable upon a Termination, unless such change in status constitutes a “separation from service” within the
meaning of Section 409A of the Code. Any payments in respect of an Award constituting nonqualified deferred compensation subject to Section 409A of the Code that are payable upon a Termination shall be delayed for such period as may be
necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code. On the first business day following the expiration of such period, the Participant shall be paid, in a single lump sum without interest, an amount equal to the
aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule applicable to such Award. 

(ss) “WCAS Parties” means WCAS Management Corporation and each of its Affiliates, including any investment funds managed or
advised by any of the foregoing, or a group of persons that includes WCAS Management Corporation or any of its Affiliates. 
 3.
Administration. 
 (a) Authority of the Committee. Except as otherwise provided below, the Plan shall be administered by the
Committee. The Committee shall have full and final authority, in each case, subject to and consistent with the provisions of the Plan, to (1) select Eligible Persons to become Participants; (2) grant Awards; (3) determine the type,
number, and type of shares of Stock subject to, other terms and conditions of, and all other matters relating to, Awards; (4) prescribe Award Agreements (which need not be identical for each Participant) and rules and regulations for the
administration of the Plan; (5) construe and interpret the Plan and Award Agreements and correct defects, supply omissions, and reconcile inconsistencies therein; (6) suspend the right to exercise Awards during any period that the
Committee deems appropriate to comply with applicable securities laws, and thereafter extend the exercise period of an Award by an equivalent period of time or such shorter period required by, or necessary to comply with, applicable law; and
(7) make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan. Any action of the Committee shall be final, conclusive, and binding on all Persons, including, without
limitation, the Company, its stockholders and Affiliates, Eligible Persons, Participants, and beneficiaries of Participants. Notwithstanding anything in the Plan to the contrary, the Committee shall have the ability to accelerate the vesting of any
outstanding Award at any time and for any reason, including upon a Corporate Event, subject to Section 10(d), or in the event of a Participant’s Termination by the Service Recipient other than for Cause, or due to the Participant’s
death, Disability, or retirement (as such term may be defined in an applicable Award Agreement or Participant Agreement or, if no such definition exists, in accordance with the Company’s then-current employment policies and guidelines). For the
avoidance of doubt, the Board shall have the authority to take all actions under the Plan that the Committee is permitted to take. 

  
 - 8 - 

 (b) Manner of Exercise of Committee Authority. At any time that a member of
the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to a Participant who is then subject to Section 16 of the Exchange Act in respect of the Company must be taken by the remaining
members of the Committee or a subcommittee, designated by the Committee or the Board, composed solely of two or more Qualified Members (a “Qualifying Committee”). Any action authorized by such a Qualifying Committee shall be
deemed the action of the Committee for purposes of the Plan. The express grant of any specific power to a Qualifying Committee, and the taking of any action by such a Qualifying Committee, shall not be construed as limiting any power or authority of
the Committee. 
 (c) Delegation. To the extent permitted by applicable law, the Committee may delegate to officers or employees of
the Company or any of its Affiliates, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions under the Plan, including, but not limited to, administrative functions, as the Committee
may determine appropriate. The Committee may appoint agents to assist it in administering the Plan. Any actions taken by an officer or employee delegated authority pursuant to this Section 3(c) within the scope of such delegation shall, for all
purposes under the Plan, be deemed to be an action taken by the Committee. Notwithstanding the foregoing or any other provision of the Plan to the contrary, any Award granted under the Plan to any Eligible Person who is not an employee of the
Company or any of its Affiliates (including any non-employee director of the Company or any Affiliate) or to any Eligible Person who is subject to Section 16 of the Exchange Act must be expressly approved
by the Committee or Qualifying Committee in accordance with Section 3(b) above. 
 (d) Sections 409A and
457A. The Committee shall take into account compliance with Sections 409A and 457A of the Code in connection with any grant of an Award under the Plan, to the extent applicable. While the Awards granted hereunder are intended to be
structured in a manner to avoid the imposition of any penalty taxes under Sections 409A and 457A of the Code, in no event whatsoever shall the Company or any of its Affiliates be liable for any additional tax, interest, or penalties that may be
imposed on a Participant as a result of Section 409A or Section 457A of the Code or any damages for failing to comply with Section 409A or Section 457A of the Code or any similar state or local laws (other than for withholding
obligations or other obligations applicable to employers, if any, under Section 409A or Section 457A of the Code). 
 4. Shares
Available Under the Plan; Other Limitations. 
 (a) Number of Shares Available for Delivery. Subject to adjustment as provided in
Section 10 hereof, the total number of shares of Stock reserved and available for delivery in connection with Awards under the Plan shall equal 45,369,737. Unless the Committee acts, prior to the first day of a given fiscal year, to provide
otherwise, the total number of shares of Stock reserved and available for delivery in connection with Awards under the Plan will be increased on the first day of the first nine (9) fiscal years following the Company’s fiscal year in which
the Effective 

  
 - 9 - 

 
Date occurs, in an amount equal to the lesser of (x) 5% of the outstanding shares of all common stock of the Company on the last day of the immediately preceding fiscal year and (y) such
fewer number of shares of all common stock of the Company as is determined by the Committee. Shares of Stock delivered under the Plan shall consist of authorized and unissued shares or previously issued shares of Stock reacquired by the Company on
the open market or by private purchase. Notwithstanding the foregoing, (i) except as may be required by reason of Section 422 of the Code, the number of shares of Stock available for issuance hereunder shall not be reduced by shares issued
pursuant to Awards or Prior Plan Awards issued or assumed in connection with a merger or acquisition as contemplated by, as applicable, NYSE Listed Company Manual Section 303A.08, NASDAQ Listing Rule 5635(c) and IM-5635-1, AMEX Company Guide Section 711, or other applicable stock exchange rules, and their respective successor rules and listing exchange promulgations (each such
Award or Prior Plan Award, a “Substitute Award”), and (ii) shares of Stock shall not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award or Prior Plan Award that is settled in cash.

 (b) Share Counting Rules. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid
double-counting (as, for example, in the case of tandem awards or Substitute Awards), and make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award or Prior
Plan Award. Other than with respect to a Substitute Award, to the extent that an Award or Prior Plan Award expires or is canceled, forfeited, settled in cash, or otherwise terminated without delivery to the Participant of the full number of shares
of Stock to which the Award or Prior Plan Award related, the undelivered shares of Stock will again be available for grant. Shares of Stock withheld or surrendered in payment of taxes relating to an Award or Prior Plan Award shall not be deemed to
constitute shares delivered to the Participant and shall be deemed to again be available for delivery under the Plan. Shares of Stock withheld or surrendered in payment of the exercise price relating to an Award or Prior Plan Award shall be deemed
to constitute shares delivered to the Participant and shall not be deemed to again be available for delivery under the Plan. 
 (c)
Incentive Stock Options. No more than 45,369,737 shares of Stock (subject to adjustment as provided in Section 10 hereof) reserved for issuance hereunder may be issued or transferred upon exercise or settlement of Incentive Stock
Options. 
 (d) Shares Available Under Acquired Plans. To the extent permitted by NYSE Listed Company Manual Section 303A.08,
NASDAQ Listing Rule 5635(c), or other applicable stock exchange rules, subject to applicable law, in the event that a company acquired by the Company, or with which the Company combines, has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such
pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio of formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the number of shares of Stock reserved and available for delivery in connection with Awards
under the Plan; provided, that, Awards using such available shares shall not be made after the date awards could have been made under the terms of such pre-existing plan, absent the acquisition or
combination, and shall only be made to individuals who were not employed by the Company or any subsidiary of the Company immediately prior to such acquisition or combination. 

  
 - 10 - 

 (e) Treatment of Prior Plan Awards. All Prior Plan Awards are hereby assumed under
the Plan as of the Effective Date. On and after the Effective Date, all Prior Plan Awards shall be governed by the terms of this Plan; provided, that in the event the terms of any Award Agreement evidencing a Prior Plan Award or any
Participant Agreement conflict with the terms of this Plan, the terms of such Prior Plan Award shall control. 
 5. Options. 

(a) General. Certain Options granted under the Plan may be intended to be Incentive Stock Options; however, no Incentive Stock Options
may be granted hereunder following the tenth anniversary of the earlier of (i) the date the Plan is adopted by the Board, and (ii) the date the stockholders of the Company approve the Plan. Options may be granted to Eligible Persons in
such form and having such terms and conditions as the Committee shall deem appropriate; provided, however, that Incentive Stock Options may be granted only to Eligible Persons who are employees of the Company or an Affiliate (as such
definition is limited pursuant to Section 2(o) hereof) of the Company. The provisions of separate Options shall be set forth in separate Option Agreements, which agreements need not be identical. No dividends or dividend equivalents shall be
paid on Options. 
 (b) Term. The term of each Option shall be set by the Committee at the time of grant; provided,
however, that no Option granted hereunder shall be exercisable after, and each Option shall expire, ten years from the date it was granted. Notwithstanding the foregoing, in the event that, on the last business day the term of an Option,
(i) the exercise of the Option is prohibited by applicable law or (ii) Stock may not be purchased or sold by certain employees or directors of the Company due to the imposition of a “black-out
period” under a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the Committee may (but is not required to) provide that the term
of the Option shall be extended, but not beyond a period of 30 days following the end of the legal prohibition, black-out period or lock-up agreement, and provided,
further, that no such extension will be made if the exercise price of such Option as of the date the initial term would otherwise expire is above the Fair Market Value of a share of Stock. 

(c) Exercise Price. The exercise price per share of Stock for each Option shall be set by the Committee at the time of grant and shall
not be less than the Fair Market Value on the date of grant, subject to Section 5(g) hereof in the case of any Incentive Stock Option. Notwithstanding the foregoing, in the case of an Option that is a Substitute Award, the exercise price per
share of Stock for such Option may be less than the Fair Market Value on the date of grant; provided, that, such exercise price is determined in a manner consistent with the provisions of Section 409A of the Code and, if applicable,
Section 424(a) of the Code. 

  
 - 11 - 

 (d) Payment for Stock. Payment for shares of Stock acquired pursuant to an Option
granted hereunder shall be made in full upon exercise of the Option in a manner approved by the Committee, which may include any of the following payment methods: (1) in immediately available funds in U.S. dollars, or by certified or bank
cashier’s check; (2) by delivery of shares of Stock having a value equal to the exercise price; (3) by a broker-assisted cashless exercise in accordance with procedures approved by the Committee, whereby payment of the Option exercise
price or tax withholding obligations may be satisfied, in whole or in part, with shares of Stock subject to the Option by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Committee) to sell shares of Stock and
to deliver all or part of the sale proceeds to the Company in payment of the aggregate exercise price and, if applicable, the amount necessary to satisfy the Company’s withholding obligations; or (4) by any other means approved by the
Committee (including, by delivery of a notice of “net exercise” to the Company, pursuant to which the Participant shall receive (i) the number of shares of Stock underlying the Option so exercised, reduced by (ii) the number of
shares of Stock equal to (A) the aggregate exercise price of the Option divided by (B) the Fair Market Value on the date of exercise). Notwithstanding anything herein to the contrary, if the Committee determines that any form of payment
available hereunder would be in violation of Section 402 of the Sarbanes-Oxley Act of 2002, such form of payment shall not be available. 

(e) Vesting. Options shall vest and become exercisable in such manner, on such date or dates, or upon the achievement of performance or
other conditions, in each case, as may be determined by the Committee and set forth in an Option Agreement. Unless otherwise specifically determined by the Committee, the vesting of an Option shall occur only while the Participant is employed by or
rendering services to the Service Recipient, and all vesting shall cease upon a Participant’s Termination for any or no reason. To the extent permitted by applicable law and unless otherwise determined by the Committee, vesting shall be
suspended during the period of any approved unpaid leave of absence by a Participant following which the Participant has a right to reinstatement and shall resume upon such Participant’s return to active employment. If an Option is exercisable
in installments, such installments or portions thereof that become exercisable shall remain exercisable until the Option expires, is canceled, or otherwise terminates. 

(f) Termination of Employment or Service. Except as provided by the Committee in an Option Agreement, Participant Agreement, or
otherwise: 
 (1) In the event of a Participant’s Termination prior to the applicable Expiration Date for any reason
other than (i) by the Service Recipient for Cause, or (ii) by reason of the Participant’s death or Disability, (A) all vesting with respect to such Participant’s Options outstanding shall cease; (B) all of such
Participant’s unvested Options outstanding shall terminate and be forfeited for no consideration as of the date of such Termination; and (C) all of such Participant’s vested Options outstanding shall terminate and be forfeited for no
consideration on the earlier of (x) the applicable Expiration Date, and (y) the date that is 90 days after the date of such Termination. 

(2) In the event of a Participant’s Termination prior to the applicable Expiration Date by reason of such
Participant’s death or Disability, (i) all vesting with respect to such Participant’s Options outstanding shall cease; (ii) all of such Participant’s unvested Options outstanding shall terminate and be forfeited for no
consideration as of the date of such Termination; and (iii) all of such Participant’s vested Options outstanding shall terminate and be forfeited for no consideration on the earlier of (x) the applicable Expiration Date, and
(y) the date that is 12 months after the date of such Termination. 

  
 - 12 - 

 (3) In the event of a Participant’s Termination prior to the applicable
Expiration Date by the Service Recipient for Cause, all of such Participant’s Options outstanding (whether or not vested) shall immediately terminate and be forfeited for no consideration as of the date of such Termination. 

(g) Special Provisions Applicable to Incentive Stock Options. 

(1) No Incentive Stock Option may be granted to any Eligible Person who, at the time the Option is granted, owns directly, or
indirectly within the meaning of Section 424(d) of the Code, Stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any parent or subsidiary thereof, unless such Incentive
Stock Option (i) has an exercise price of at least 110% of the Fair Market Value on the date of the grant of such Option, and (ii) cannot be exercised more than five years after the date it is granted. 

(2) To the extent that the aggregate Fair Market Value (determined as of the date of grant) of Stock for which Incentive Stock
Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options. 

(3) Each Participant who receives an Incentive Stock Option must agree to notify the Company in writing immediately after the
Participant makes a Disqualifying Disposition of any Stock acquired pursuant to the exercise of an Incentive Stock Option. 
 6.
Restricted Stock. 
 (a) General. Restricted Stock may be granted to Eligible Persons in such form and having such terms and
conditions as the Committee shall deem appropriate. The provisions of separate Awards of Restricted Stock shall be set forth in separate Restricted Stock Agreements, which Restricted Stock Agreements need not be identical. Subject to the
restrictions set forth in Section 6(b) hereof, and except as otherwise set forth in the applicable Restricted Stock Agreement, the Participant shall generally have the rights and privileges of a stockholder as to such Restricted Stock,
including the right to vote such Restricted Stock. Unless otherwise set forth in a Participant’s Restricted Stock Agreement, cash dividends and stock dividends, if any, with respect to the Restricted Stock shall be withheld by the Company for
the Participant’s account, and shall be subject to forfeiture to the same degree as the shares of Restricted Stock to which such dividends relate. Except as otherwise determined by the Committee, no interest will accrue or be paid on the amount
of any cash dividends withheld. 
 (b) Vesting and Restrictions on Transfer. Restricted Stock shall vest in such manner, on such date
or dates, or upon the achievement of performance or other conditions, in each case, as may be determined by the Committee and set forth in a Restricted Stock Agreement. Unless otherwise specifically determined by the Committee, the vesting of an
Award of Restricted Stock shall occur only while the Participant is employed by or rendering services to the Service 

  
 - 13 - 

 
Recipient, and all vesting shall cease upon a Participant’s Termination for any or no reason. To the extent permitted by applicable law and unless otherwise determined by the Committee,
vesting shall be suspended during the period of any approved unpaid leave of absence by a Participant following which the Participant has a right to reinstatement and shall resume upon such Participant’s return to active employment. In addition
to any other restrictions set forth in a Participant’s Restricted Stock Agreement, the Participant shall not be permitted to sell, transfer, pledge, or otherwise encumber the Restricted Stock prior to the time the Restricted Stock has vested
pursuant to the terms of the Restricted Stock Agreement. 
 (c) Termination of Employment or Service. Except as provided by the
Committee in a Restricted Stock Agreement, Participant Agreement, or otherwise, in the event of a Participant’s Termination for any or no reason prior to the time that such Participant’s Restricted Stock has vested, (1) all vesting
with respect to such Participant’s Restricted Stock outstanding shall cease; and (2) all of such Participant’s unvested Restricted Stock outstanding shall be forfeited for no consideration as of the date of such Termination. 

7. Restricted Stock Units. 

(a) General. Restricted Stock Units may be granted to Eligible Persons in such form and having such terms and conditions as the
Committee shall deem appropriate. In addition, a Restricted Stock Unit may be designated as a “Performance Stock Unit,” the vesting requirements of which may be based, in whole or in part, on the attainment of pre-established business and/or individual performance goal(s) over a specified performance period, or otherwise, as approved by the Committee in its discretion. The provisions of separate Restricted Stock Units
shall be set forth in separate RSU Agreements, which RSU Agreements need not be identical. 
 (b) Vesting. Restricted Stock Units
shall vest in such manner, on such date or dates, or upon the achievement of performance or other conditions, in each case, as may be determined by the Committee and set forth in an RSU Agreement. Unless otherwise specifically determined by the
Committee or set forth in an Award Agreement or a Participant Agreement, the vesting of a Restricted Stock Unit shall occur only while the Participant is employed by or rendering services to the Service Recipient, and all vesting shall cease upon a
Participant’s Termination for any or no reason. To the extent permitted by applicable law and unless otherwise determined by the Committee, vesting shall be suspended during the period of any approved unpaid leave of absence by a Participant
following which the Participant has a right to reinstatement and shall resume upon such Participant’s return to active employment. 

(c) Settlement. Restricted Stock Units shall be settled in Stock, cash, or property, as determined by the Committee, in its sole
discretion, on the date or dates determined by the Committee and set forth in an RSU Agreement. Unless otherwise set forth in a Participant’s RSU Agreement, a Participant shall not be entitled to dividends, if any, or dividend equivalents with
respect to Restricted Stock Units prior to settlement. 
 (d) Termination of Employment or Service. Except as provided by the
Committee in an RSU Agreement, Participant Agreement, or otherwise, in the event of a Participant’s Termination for any or no reason prior to the time that such Participant’s Restricted Stock Units have been settled, (1) all vesting
with respect to such Participant’s Restricted Stock Units outstanding shall cease; (2) all of such Participant’s unvested Restricted Stock Units outstanding shall be forfeited for no consideration as of the date of such Termination;
and (3) any shares remaining undelivered with respect to vested Restricted Stock Units then held by such Participant shall be delivered on the delivery date or dates specified in the RSU Agreement. 

  
 - 14 - 

 8. Stock Appreciation Rights. 

(a) General. Stock Appreciation Rights may be granted to Eligible Persons in such form and having such terms and conditions as the
Committee shall deem appropriate. The provisions of separate Stock Appreciation Rights shall be set forth in separate SAR Agreements, which SAR Agreements need not be identical. No dividends or dividend equivalents shall be paid on Stock
Appreciation Rights. 
 (b) Term. The term of each Stock Appreciation Right shall be set by the Committee at the time of grant;
provided, however, that no Stock Appreciation Right granted hereunder shall be exercisable after, and each Stock Appreciation Right shall expire, ten years from the date it was granted. Notwithstanding the foregoing, in the
event that, on the last business day of the term of a Stock Appreciation Right, (i) the exercise of the Stock Appreciation Right is prohibited by applicable law or (ii) Stock may not be purchased or sold by certain employees or directors
of the Company due to the imposition of a “black-out period” under a Company policy or a “lock-up” agreement undertaken in connection with an
issuance of securities by the Company, the Committee may (but is not required to) provide that the term of the Stock Appreciation Right shall be extended, but not beyond a period of 30 days following the end of the legal prohibition, black-out period or lock-up agreement, and provided, further, that no such extension will be made if the base price of such Stock Appreciation Right as of the
date the initial term would otherwise expire is above the Fair Market Value of a share of Stock. 
 (c) Base Price. The base price
per share of Stock for each Stock Appreciation Right shall be set by the Committee at the time of grant and shall not be less than the Fair Market Value on the date of grant. Notwithstanding the foregoing, in the case of a Stock Appreciation Right
that is a Substitute Award, the base price per share of Stock for such Stock Appreciation Right may be less than the Fair Market Value on the date of grant; provided, that, such base price is determined in a manner consistent with the
provisions of Section 409A of the Code. 
 (d) Vesting. Stock Appreciation Rights shall vest and become exercisable in such
manner, on such date or dates, or upon the achievement of performance or other conditions, in each case, as may be determined by the Committee and set forth in a SAR Agreement. Unless otherwise specifically determined by the Committee, the vesting
of a Stock Appreciation Right shall occur only while the Participant is employed by or rendering services to the Service Recipient, and all vesting shall cease upon a Participant’s Termination for any or no reason. To the extent permitted by
applicable law and unless otherwise determined by the Committee, vesting shall be suspended during the period of any approved unpaid leave of absence by a Participant following which the Participant has a right to reinstatement and shall resume upon
such Participant’s return to active employment. If a Stock Appreciation Right is exercisable in installments, such installments, or portions thereof that become exercisable shall remain exercisable until the Stock Appreciation Right expires, is
canceled, or otherwise terminates. 

  
 - 15 - 

 (e) Payment upon Exercise. Payment upon exercise of a Stock Appreciation Right may be
made in cash, Stock, or property, as specified in the SAR Agreement or determined by the Committee, in each case, having a value in respect of each share of Stock underlying the portion of the Stock Appreciation Right so exercised, equal to the
difference between the base price of such Stock Appreciation Right and the Fair Market Value of one share of Stock on the exercise date. For purposes of clarity, each share of Stock to be issued in settlement of a Stock Appreciation Right is deemed
to have a value equal to the Fair Market Value of one share of Stock on the exercise date. In no event shall fractional shares be issuable upon the exercise of a Stock Appreciation Right, and in the event that fractional shares would otherwise be
issuable, the number of shares issuable will be rounded down to the next lower whole number of shares, and the Participant will be entitled to receive a cash payment equal to the value of such fractional share. 

(f) Termination of Employment or Service. Except as provided by the Committee in a SAR Agreement, Participant Agreement, or otherwise:

 (1) In the event of a Participant’s Termination prior to the applicable Expiration Date for any reason other than
(i) by the Service Recipient for Cause, or (ii) by reason of the Participant’s death or Disability, (A) all vesting with respect to such Participant’s Stock Appreciation Rights outstanding shall cease; (B) all of such
Participant’s unvested Stock Appreciation Rights outstanding shall terminate and be forfeited for no consideration as of the date of such Termination; and (C) all of such Participant’s vested Stock Appreciation Rights outstanding
shall terminate and be forfeited for no consideration on the earlier of (x) the applicable Expiration Date, and (y) the date that is 90 days after the date of such Termination. 

(2) In the event of a Participant’s Termination prior to the applicable Expiration Date by reason of such
Participant’s death or Disability, (i) all vesting with respect to such Participant’s Stock Appreciation Rights outstanding shall cease; (ii) all of such Participant’s unvested Stock Appreciation Rights outstanding shall
terminate and be forfeited for no consideration as of the date of such Termination; and (iii) all of such Participant’s vested Stock Appreciation Rights outstanding shall terminate and be forfeited for no consideration on the earlier of
(x) the applicable Expiration Date, and (y) the date that is 12 months after the date of such Termination. In the event of a Participant’s death, such Participant’s Stock Appreciation Rights shall remain exercisable by the Person
or Persons to whom such Participant’s rights under the Stock Appreciation Rights pass by will or by the applicable laws of descent and distribution until the applicable Expiration Date, but only to the extent that the Stock Appreciation Rights
were vested at the time of such Termination. 
 (3) In the event of a Participant’s Termination prior to the applicable
Expiration Date by the Service Recipient for Cause, all of such Participant’s Stock Appreciation Rights outstanding (whether or not vested) shall immediately terminate and be forfeited for no consideration as of the date of such Termination.

  
 - 16 - 

 9. Other Awards.  

(a) Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such
other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based upon or related to Stock, as deemed by the Committee to be consistent with the purposes of the Plan. The Committee may also grant
Stock as a bonus (whether or not subject to any vesting requirements or other restrictions on transfer), and may grant other Awards in lieu of obligations of the Company or an Affiliate to pay cash or deliver other property under the Plan or under
other plans or compensatory arrangements, subject to such terms as shall be determined by the Committee. The terms and conditions applicable to such Awards shall be determined by the Committee and evidenced by Award Agreements, which agreements need
not be identical. 
 (b) Other Cash-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant
Participants such other Awards that may be payable in cash or that provide the opportunity to earn or receive cash payments. The Committee may also grant cash as a bonus (whether or not subject to any vesting requirements or other restrictions on
transfer), and may grant other Awards in lieu of obligations of the Company or an Affiliate to pay cash or deliver other property under the Plan or under other plans or compensatory arrangements, subject to such terms as shall be determined by the
Committee. . The terms and conditions applicable to such Awards shall be determined by the Committee and evidenced by Award Agreements, which agreements need not be identical. 

10. Adjustment for Recapitalization, Merger, etc. 

(a) Capitalization Adjustments. The aggregate number of shares of Stock that may be delivered in connection with Awards (as set forth
in Section 4 hereof), the numerical share limits in Section 4(a) hereof, the number of shares of Stock covered by each outstanding Award, and the price per share of Stock underlying each such Award shall be equitably and proportionally
adjusted or substituted, as determined by the Committee, in its sole discretion, as to the number, price, or kind of a share of Stock or other consideration subject to such Awards, (1) in the event of changes in the outstanding Stock or in the
capital structure of the Company by reason of stock dividends, extraordinary cash dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, amalgamations, consolidations, combinations, exchanges, or other relevant
changes in capitalization occurring after the date of grant of any such Award (including any Corporate Event); (2) in connection with any extraordinary dividend declared and paid in respect of shares of Stock, whether payable in the form of
cash, stock, or any other form of consideration; or (3) in the event of any change in applicable laws or circumstances that results in or could result in, in either case, as determined by the Committee in its sole discretion, any substantial
dilution or enlargement of the rights intended to be granted to, or available for, Participants in the Plan. In lieu of or in addition to any adjustment pursuant to this Section 10, if deemed appropriate, the Committee may provide that an
adjustment take the form of a cash payment to the holder of an outstanding Award with respect to all or part of an outstanding Award, which payment shall be subject to such terms and conditions (including timing of payment(s), vesting, and
forfeiture conditions) as the Committee may determine in its sole discretion. The Committee will make such adjustments, substitutions, or payment, and its determination will be final, binding, and conclusive. The Committee need not take the same
action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Committee may take different actions with respect to the vested and unvested portions of an Award. 

  
 - 17 - 

 (b) Corporate Events. Notwithstanding the foregoing, except as provided by the
Committee in an Award Agreement, Participant Agreement, or otherwise, in connection with (i) a merger, amalgamation, or consolidation involving the Company in which the Company is not the surviving corporation; (ii) a merger, amalgamation,
or consolidation involving the Company in which the Company is the surviving corporation but the holders of shares of Stock receive securities of another corporation or other property or cash; (iii) a Change in Control; or (iv) the
reorganization, dissolution, or liquidation of the Company (each, a “Corporate Event”), the Committee may provide for any one or more of the following: 

(1) The assumption or substitution of any or all Awards in connection with such Corporate Event, in which case the Awards shall
be subject to the adjustment set forth in Section 10(a) hereof, and to the extent that such Awards vest subject to the achievement of performance criteria, such performance criteria shall be deemed earned at target level (or if no target is
specified, the maximum level) and will be converted into solely service based vesting awards that will vest during the performance period, if any, during which the original performance criteria would have been measured. Notwithstanding anything to
the contrary, if any Awards will not be assumed or substituted in connection with such Corporate Event, the vesting of such Award shall accelerate contingent on the occurrence of such Corporate Event; provided that unless otherwise set forth
in an Award Agreement, any Awards that vest subject to the achievement of performance criteria will be deemed earned at target level (or if no target is specified, the maximum level), provided, further, that a Participant has not
experienced a Termination prior to such Corporate Event; 
 (2) The cancellation of any or all Awards not assumed or
substituted in connection with such Corporate Event (whether vested or unvested) as of the consummation of such Corporate Event, together with the payment to the Participants holding vested Awards (including any Awards that would vest upon the
Corporate Event but for such cancellation) so canceled of an amount in respect of cancellation equal to an amount based upon the per-share consideration being paid for the Stock in connection with such
Corporate Event, less, in the case of Options, Stock Appreciation Rights, and other Awards subject to exercise, the applicable exercise or base price; provided, however, that holders of Options, Stock Appreciation Rights, and other Awards
subject to exercise shall be entitled to consideration in respect of cancellation of such Awards only if the per-share consideration less the applicable exercise or base price is greater than zero dollars
($0), and to the extent that the per-share consideration is less than or equal to the applicable exercise or base price, such Awards shall be canceled for no consideration; 

(3) The cancellation of any or all Options, Stock Appreciation Rights, and other Awards subject to exercise not assumed or
substituted in connection with such Corporate Event (whether vested or unvested) as of the consummation of such Corporate Event; provided, that, all Options, Stock Appreciation Rights, and other Awards to be so canceled pursuant to this
paragraph (3) shall first become exercisable for a period of at least ten days prior to such Corporate Event, with any exercise during such period of any unvested Options, Stock Appreciation Rights, or other Awards to be (A) contingent
upon and subject to the occurrence of the Corporate Event, and (B) effectuated by such means as are approved by the Committee; and 

  
 - 18 - 

 (4) The replacement of any or all Awards (other than Awards that are
intended to qualify as “stock rights” that do not provide for a “deferral of compensation” within the meaning of Section 409A of the Code) with a cash incentive program that preserves the value of the Awards so replaced
(determined as of the consummation of the Corporate Event), with subsequent payment of cash incentives subject to the same vesting conditions as applicable to the Awards so replaced and payment to be made within 30 days of the applicable vesting
date. 
 Payments to holders pursuant to paragraph (2) above shall be made in cash or, in the sole discretion of the Committee, and to the extent
applicable, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or a combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the
Participant had been, immediately prior to such transaction, the holder of the number of shares of Stock covered by the Award at such time (less any applicable exercise or base price). In addition, in connection with any Corporate Event, prior to
any payment or adjustment contemplated under this Section 10(b), the Committee may require a Participant to (A) represent and warrant as to the unencumbered title to his or her Awards; (B) bear such Participant’s pro-rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders
of Stock; and (C) deliver customary transfer documentation as reasonably determined by the Committee. The Committee need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The
Committee may take different actions with respect to the vested and unvested portions of an Award. 
 (c) Fractional Shares. Any
adjustment provided under this Section 10 may, in the Committee’s discretion, provide for the elimination of any fractional share that might otherwise become subject to an Award. The Committee may, in its sole discretion, make a cash
payment with respect to fractional shares so eliminated. 
 (d) Double-Trigger Vesting. Except as otherwise provided in this Plan,
the Prior Plan, an Award Agreement, or a Participant Agreement to the contrary, with respect to any Award that is assumed or substituted in connection with a Change in Control, the vesting, payment, purchase, or distribution of such Award may not be
accelerated by reason of the Change in Control for any Participant, unless the Participant also experiences an involuntary Termination as a result of the Change in Control. Unless otherwise provided for in an Award Agreement or a Participant
Agreement, all Awards held by a Participant who experiences an involuntary Termination as a result of a Change in Control shall immediately vest as of the date of such Termination. For purposes of this Section 10(d), a Participant will be
deemed to experience an involuntary Termination as a result of a Change in Control if the Participant experiences a Termination by the Service Recipient other than for Cause or, to the extent provided in an applicable Award Agreement or Participant
Agreement only, for Good Reason, or otherwise experiences a Termination under circumstances which entitle the Participant to mandatory severance payment(s) pursuant to applicable law, or, in the case of a
non-employee director of the Company, if the non- employee director’s service on the Board terminates in connection with or as a result of a Change in Control, in each case, at any time beginning on the
date of the Change in Control up to and including the second anniversary of the Change in Control. 

  
 - 19 - 

 11. Use of Proceeds. 

The proceeds received from the sale of Stock pursuant to the Plan shall be used for general corporate purposes. 

12. Rights and Privileges as a Stockholder. 

Except as otherwise specifically provided in the Plan, no Person shall be entitled to the rights and privileges of Stock ownership in respect
of shares of Stock that are subject to Awards hereunder until such shares have been issued to that Person. 
 13. Transferability of
Awards. 
 Awards may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the
applicable laws of descent and distribution, and to the extent subject to exercise, Awards may not be exercised during the lifetime of the grantee other than by the grantee. Notwithstanding the foregoing, except with respect to Incentive Stock
Options, Awards and a Participant’s rights under the Plan shall be transferable for no value to the extent provided in an Award Agreement or otherwise determined at any time by the Committee. 

14. Employment or Service Rights. 

No individual shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be
selected for the grant of any other Award. Neither the Plan nor any action taken hereunder shall be construed as giving any individual any right to be retained in the employ or service of the Company or an Affiliate of the Company. 

15. Compliance with Laws. 

The obligation of the Company to deliver Stock upon issuance, vesting, exercise, or settlement of any Award shall be subject to all applicable
laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be
prohibited from offering to sell or selling, any shares of Stock pursuant to an Award, unless such shares have been properly registered for sale with the U.S. Securities and Exchange Commission pursuant to the Securities Act (or with a similar non-U.S. regulatory agency pursuant to a similar law or regulation), or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such
registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale or resale under the Securities Act any of the
shares of Stock to be offered or sold under the Plan or any shares of Stock to be issued upon exercise or settlement of Awards. If the shares of Stock offered for sale or sold under the Plan are offered or sold pursuant to an exemption from
registration under the Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in such manner as it deems advisable to ensure the availability of any such exemption. 

  
 - 20 - 

 16. Withholding Obligations. 

As a condition to the issuance, vesting, exercise, or settlement of any Award (or upon the making of an election under Section 83(b) of
the Code), the Committee may require that a Participant satisfy, through deduction or withholding from any payment of any kind otherwise due to the Participant, or through such other arrangements as are satisfactory to the Committee, the amount of
all federal, state, and local income and other taxes of any kind required or permitted to be withheld in connection with such issuance, vesting, exercise, or settlement (or election). The Committee, in its discretion, may permit shares of Stock to
be used to satisfy tax withholding requirements, and such shares shall be valued at their Fair Market Value as of the issuance, vesting, exercise, or settlement date of the Award, as applicable. Depending on the withholding method, the Company may
withhold by considering the applicable minimum statutorily required withholding rates or other applicable withholding rates in the applicable Participant’s jurisdiction, including maximum applicable rates that may be utilized without creating
adverse accounting treatment under Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto) and is permitted under applicable withholding rules promulgated by the Internal Revenue
Service or another applicable governmental entity. 
 17. Amendment of the Plan or Awards. 

(a) Amendment of Plan. The Board or the Committee may amend the Plan at any time and from time to time. 

(b) Amendment of Awards. The Board or the Committee may amend the terms of any one or more Awards at any time and from time to time.

 (c) Stockholder Approval; No Material Impairment. Notwithstanding anything herein to the contrary, no amendment to the Plan or any
Award shall be effective without stockholder approval to the extent that such approval is required pursuant to applicable law or the applicable rules of each national securities exchange on which the Stock is listed. Additionally, no amendment to
the Plan or any Award shall materially impair a Participant’s rights under any Award unless the Participant consents in writing (it being understood that no action taken by the Board or the Committee that is expressly permitted under the Plan,
including, without limitation, any actions described in Section 10 hereof, shall constitute an amendment to the Plan or an Award for such purpose). Notwithstanding the foregoing, subject to the limitations of applicable law, if any, and without
an affected Participant’s consent, the Board or the Committee may amend the terms of the Plan or any one or more Awards from time to time as necessary to bring such Awards into compliance with applicable law, including, without limitation,
Section 409A of the Code. 

  
 - 21 - 

 (d) No Repricing of Awards Without Stockholder Approval.
Notwithstanding Sections 17(a) or 17(b) above, or any other provision of the Plan, the repricing of Awards shall not be permitted without stockholder approval. For this purpose, a “repricing” means any of the following (or any
other action that has the same effect as any of the following): (1) changing the terms of an Award to lower its exercise or base price (other than on account of capital adjustments resulting from share splits, etc., as described in
Section 10(a) hereof); (2) any other action that is treated as a repricing under GAAP; and (3) repurchasing for cash or canceling an Award in exchange for another Award at a time when its exercise or base price is greater than the
Fair Market Value of the underlying Stock, unless the cancellation and exchange occurs in connection with an event set forth in Section 10(b) hereof. 

18. Termination or Suspension of the Plan. 

The Board or the Committee may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before
the tenth anniversary of the date the stockholders of the Company approve the Plan. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated; provided, however, that following any suspension or
termination of the Plan, the Plan shall remain in effect for the purpose of governing all Awards then outstanding hereunder until such time as all Awards under the Plan have been terminated, forfeited, or otherwise canceled, or earned, exercised,
settled, or otherwise paid out, in accordance with their terms. 
 19. Effective Date of the Plan. 

The Plan is effective as of the Effective Date, subject to stockholder approval. 

20. Miscellaneous. 
 (a)
Treatment of Dividends and Dividend Equivalents on Unvested Awards. Unless otherwise set forth in an Award Agreement or provided by the Committee, with respect to any Award that provides for or includes a right to dividends or dividend
equivalents, if dividends are declared during the period that an equity Award is outstanding, such dividends (or dividend equivalents) shall either (i) not be paid or credited with respect to such Award, or (ii) be accumulated but remain
subject to vesting requirement(s) to the same extent as the applicable Award and shall only be paid at the time or times such vesting requirement(s) are satisfied. Except as otherwise determined by the Committee, no interest will accrue or be paid
on the amount of any cash dividends withheld. No dividends or dividend equivalents shall be paid on Options or Stock Appreciation Rights. 

(b) Certificates. Stock acquired pursuant to Awards granted under the Plan may be evidenced in such a manner as the Committee shall
determine. If certificates representing Stock are registered in the name of the Participant, the Committee may require that (1) such certificates bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such
Stock; (2) the Company retain physical possession of the certificates; and (3) the Participant deliver a stock power to the Company, endorsed in blank, relating to the Stock. Notwithstanding the foregoing, the Committee may determine, in
its sole discretion, that the Stock shall be held in book-entry form rather than delivered to the Participant pending the release of any applicable restrictions. 

  
 - 22 - 

 (c) Other Benefits. No Award granted or paid out under the Plan shall be deemed
compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefits 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. 
 (d) Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by
the Company of an Award to any Participant will be deemed completed as of the later of (i) the date of such corporate action and (ii) the commencement of such Participant’s service with the Company, unless otherwise determined by the
Committee, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Committee consents,
resolutions, or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule, or number of shares of Stock) that are inconsistent with those in the Award Agreement as a result of
a clerical error in connection with the preparation of the Award Agreement, the corporate records will control, and the Participant will have no legally binding right to the incorrect term in the Award Agreement. 

(e) Clawback/Recoupment Policy. Notwithstanding anything contained herein to the contrary, all Awards granted under the Plan shall be
and remain subject to any incentive compensation clawback or recoupment policy currently in effect or as may be adopted by the Board (or a committee or subcommittee of the Board) and, in each case, as may be amended from time to time. No such policy
adoption or amendment shall in any event require the prior consent of any Participant. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for Good Reason or due to “constructive
termination” (or similar term) under any agreement with the Company or any of its Affiliates. In the event that an Award is subject to more than one such policy, the policy with the most restrictive clawback or recoupment provisions shall
govern such Award, subject to applicable law. 
 (f) Non-Exempt Employees. If an Option is granted to an employee of the
Company or any of its Affiliates in the United States who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option will not be first exercisable for any shares of
Stock until at least six (6) months following the date of grant of the Option (although the Option may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (1) if such employee dies or suffers a
Disability; (2) upon a Corporate Event in which such Option is not assumed, continued, or substituted; (3) upon a Change in Control; or (4) upon the Participant’s retirement (as such term may be defined in the applicable Award
Agreement or a Participant Agreement or, if no such definition exists, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any Options held by such employee may be exercised earlier than
six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option will be
exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in
connection with the exercise, vesting, or issuance of any shares under any other Award will be exempt from such employee’s regular rate of pay, the provisions of this Section 20(f) will apply to all Awards. 

  
 - 23 - 

 (g) Data Privacy. As a condition of receipt of any Award, each Participant explicitly
and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this Section 20(g) by and among, as applicable, the Company and its Affiliates, for the exclusive purpose of
implementing, administering, and managing the Plan and Awards and the Participant’s participation in the Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may hold certain personal
information about a Participant, including, but not limited to, the Participant’s name, home address, telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s),
information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the “Data”). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation,
administration, and management of the Plan and Awards and the Participant’s participation in the Plan, the Company and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration,
and management of the Plan and Awards and the Participant’s participation in the Plan. Recipients of the Data may be located in the Participant’s country or elsewhere, and the Participant’s country and any given recipient’s
country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the
Company in the implementation, administration, and management of the Plan and Awards and the Participant’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom
the Company or the Participant may elect to deposit any shares of Stock. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage the Plan and Awards and the Participant’s participation in
the Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary
corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel the Participant’s
eligibility to participate in the Plan, and in the Committee’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of
refusal to consent or withdrawal of consent, Participants may contact their local human resources representative. 
 (h) Participants
Outside of the United States. The Committee may modify the terms of any Award under the Plan made to or held by a Participant who is then a resident, or is primarily employed or providing services, outside of the United States in any manner
deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws, regulations, and customs of the country in which the Participant is then a resident or primarily employed or providing services, or so that the
value and other benefits of the Award to the Participant, as affected by non–U.S. tax laws and other restrictions applicable as a result of the Participant’s residence, employment, or providing services abroad, shall be comparable to the
value of such Award to a Participant who is a resident, or is primarily employed or providing services, in the United States. An Award may be modified under this Section 20(h) in a manner that is inconsistent with the express terms of the Plan,
so long as such modifications will not contravene any applicable law or regulation or result in actual liability under Section 16(b) of the Exchange Act for the Participant whose Award is modified. Additionally, the Committee may adopt such
procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Eligible Persons who are non–U.S. nationals or are primarily employed or providing services outside the
United States. 

  
 - 24 - 

 (i) Change in Time Commitment. In the event a Participant’s regular level of
time commitment in the performance of his or her services for the Company or any of its Affiliates is reduced (for example, and without limitation, if the Participant is an employee of the Company and the employee has a change in status from a
full-time employee to a part-time employee) after the date of grant of any Award to the Participant, the Committee has the right in its sole discretion to (i) make a corresponding reduction in the number of shares of Stock subject to any
portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In
the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended. 

(j) No Liability of Committee Members. Neither any member of the Committee nor any of the Committee’s permitted delegates shall be
liable personally by reason of any contract or other instrument executed by such member or on his or her behalf in his or her capacity as a member of the Committee or for any mistake of judgment made in good faith, and the Company shall indemnify
and hold harmless each member of the Committee and each other employee, officer, or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against all costs and
expenses (including counsel fees) and liabilities (including sums paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan, unless arising out of such Person’s own fraud or willful misconduct;
provided, however, that approval of the Board shall be required for the payment of any amount in settlement of a claim against any such Person. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such Persons may be entitled under the Company’s certificate or articles of incorporation or by-laws, each as may be amended from time to time, as a matter of law, or otherwise,
or any power that the Company may have to indemnify them or hold them harmless. 
 (k) Payments Following Accidents or Illness. If
the Committee shall find that any Person to whom any amount is payable under the Plan is unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or his or her estate
(unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his or her spouse, child, relative, an institution maintaining or having custody of such Person, or any
other Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(l) Governing Law. The Plan shall be governed by and construed in accordance with the laws of State of Delaware, without reference to
the principles of conflicts of laws thereof. 
 (m) Electronic Delivery. Any reference herein to a “written” agreement or
document or “writing” will include any agreement or document delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled or authorized by the Company to which the Participant has access)
to the extent permitted by applicable law. 

  
 - 25 - 

 (n) Arbitration. All disputes and claims of any nature that a Participant (or such
Participant’s transferee or estate) may have against the Company arising out of or in any way related to the Plan or any Award Agreement shall be submitted to and resolved exclusively by binding arbitration conducted in the State of Delaware
(or such other location as the parties thereto may agree) in accordance with the applicable rules of the American Arbitration Association then in effect, and the arbitration shall be heard and determined by a panel of three arbitrators in accordance
with such rules (except that in the event of any inconsistency between such rules and this Section 20(n), the provisions of this Section 20(n) shall control). The arbitration panel may not modify the arbitration rules specified above
without the prior written approval of all parties to the arbitration. Within ten business days after the receipt of a written demand, each party shall designate one arbitrator, each of whom shall have experience involving complex business or legal
matters, but shall not have any prior, existing, or potential material business relationship with any party to the arbitration. The two arbitrators so designated shall select a third arbitrator, who shall preside over the arbitration, shall be
similarly qualified as the two arbitrators, and shall have no prior, existing or potential material business relationship with any party to the arbitration; provided, that, if the two arbitrators are unable to agree upon the selection of such
third arbitrator, such third arbitrator shall be designated in accordance with the arbitration rules referred to above. The arbitrators will decide the dispute by majority decision, and the decision shall be rendered in writing and shall bear the
signatures of the arbitrators and the party or parties who shall be charged therewith, or the allocation of the expenses among the parties in the discretion of the panel. The arbitration decision shall be rendered as soon as possible, but in any
event not later than 120 days after the constitution of the arbitration panel. The arbitration decision shall be final and binding upon all parties to the arbitration. The parties hereto agree that judgment upon any award rendered by the arbitration
panel may be entered in the United States District Court for the District of Delaware or any Delaware state court sitting in the State of Delaware. To the maximum extent permitted by law, the parties hereby irrevocably waive any right of appeal from
any judgment rendered upon any such arbitration award in any such court. Notwithstanding the foregoing, any party may seek injunctive relief in any such court. 

(o) Statute of Limitations. A Participant or any other person filing a claim for benefits under the Plan must file the claim within
one year of the date the Participant or other person knew or should have known of the facts giving rise to the claim. This one-year statute of limitations will apply in any forum where a Participant or
any other person may file a claim and, unless the Company waives the time limits set forth above in its sole discretion, any claim not brought within the time periods specified shall be waived and forever barred. 

(p) Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to
purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be required to maintain separate bank accounts, books, records, or other evidence of the
existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become
entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees and service providers under general law. 

  
 - 26 - 

 (q) Reliance on Reports. Each member of the Committee and each member of the Board
shall be fully justified in relying, acting, or failing to act, and shall not be liable for having so relied, acted, or failed to act in good faith, upon any report made by the independent public accountant of the Company and its Affiliates and upon
any other information furnished in connection with the Plan by any Person or Persons other than such member. 
 (r) Titles and
Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

*     *     * 

ADOPTED BY THE BOARD OF DIRECTORS: _______, 2021 

APPROVED BY THE STOCKHOLDERS: _______, 2021 

TERMINATION DATE: _______, 2031 

  
 - 27 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]