Document:

EX-10.4

 Exhibit 10.4 

Execution Copy 

REGISTRATION RIGHTS AGREEMENT 
 BY
AND AMONG 
 API GROUP CORPORATION, 

JUNO LOWER HOLDINGS L.P. 
 AND

 FD JUNO HOLDINGS L.P. 
 Dated
as of January 3, 2022 
  

 TABLE OF CONTENTS 

Page 
  

							
	 Article I Resale Shelf Registration
	  	 	1	 
			
	 Section 1.1
	 	Resale Shelf Registration Statement	  	 	1	 
	 Section 1.2
	 	Effectiveness Period	  	 	2	 
	 Section 1.3
	 	Subsequent Shelf Registration	  	 	2	 
	 Section 1.4
	 	Supplements and Amendments	  	 	3	 
	 Section 1.5
	 	Subsequent Holder Notice	  	 	3	 
	 Section 1.6
	 	Underwritten Offering	  	 	3	 
	 Section 1.7
	 	Take-Down Notice	  	 	4	 
		
	 Article II Company Registration
	  	 	4	 
			
	 Section 2.1
	 	Notice of Registration	  	 	4	 
	 Section 2.2
	 	Underwriting	  	 	5	 
	 Section 2.3
	 	Right to Terminate Registration	  	 	5	 
		
	 Article III Additional Provisions Regarding Registration Rights
	  	 	6	 
			
	 Section 3.1
	 	Registration Procedures	  	 	6	 
	 Section 3.2
	 	Limitation on Subsequent Registration Rights	  	 	8	 
	 Section 3.3
	 	Expenses of Registration	  	 	8	 
	 Section 3.4
	 	Information by Holders	  	 	9	 
	 Section 3.5
	 	Rule 144 Reporting	  	 	9	 
	 Section 3.6
	 	“Market Stand-Off” Agreement	  	 	10	 
		
	 Article IV Indemnification
	  	 	10	 
			
	 Section 4.1
	 	Indemnification by Company	  	 	10	 
	 Section 4.2
	 	Indemnification by Holders	  	 	11	 
	 Section 4.3
	 	Notification	  	 	12	 
	 Section 4.4
	 	Contribution	  	 	12	 
		
	 Article V Transfer and Termination of Registration Rights
	  	 	13	 
			
	 Section 5.1
	 	Transfer of Registration Rights	  	 	13	 
	 Section 5.2
	 	Termination of Registration Rights	  	 	13	 
		
	 Article VI Miscellaneous
	  	 	13	 
			
	 Section 6.1
	 	Counterparts	  	 	13	 
	 Section 6.2
	 	Governing Law.	  	 	13	 
	 Section 6.3
	 	Entire Agreement; No Third Party Beneficiary	  	 	14	 
	 Section 6.4
	 	Expenses	  	 	14	 
	 Section 6.5
	 	Notices	  	 	14	 

  
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	 Section 6.6
	 	Successors and Assigns	  	 	15	 
	 Section 6.7
	 	Headings	  	 	15	 
	 Section 6.8
	 	Amendments and Waivers	  	 	16	 
	 Section 6.9
	 	Interpretation; Absence of Presumption	  	 	16	 
	 Section 6.10
	 	Severability	  	 	16	 

  

  
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 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of January 3, 2022, by and among APi Group
Corporation, a Delaware corporation (including its successors and permitted assigns, the “Company”), and Juno Lower Holdings L.P., a Delaware limited partnership and FD Juno Holdings L.P., a Delaware limited partnership (the
“Investors” and each an “Investor”). Capitalized terms used but not defined elsewhere herein are defined in Exhibit A. 

This Agreement is entered into in connection with the closing of the issuance of 600,000 shares of the Series B Convertible Preferred Stock,
which are convertible into shares of Common Stock, pursuant to the Securities Purchase Agreement, dated as of July 26, 2021, by and among the Company, Blackstone Juno Holdings L.P. (f/k/a BTO Juno Holdings L.P.), and Blackstone Tactical
Opportunities Fund – FD L.P. (the “Securities Purchase Agreement”). 
 As a condition to each of the parties’
obligations under the Securities Purchase Agreement, the Company and the Investors are entering into this Agreement for the purpose of granting certain registration rights to the Investors. 

In consideration of the premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

RESALE SHELF REGISTRATION 

Section 1.1 Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall
file on the date hereof and use its commercially reasonable efforts to cause to go effective as promptly as practicable a registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis
pursuant to Rule 415 of the Securities Act of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall be on another appropriate form (including Form S-1) and shall provide for the registration of such Registrable Securities for resale by such
Holders in accordance with any reasonable method of distribution elected by the Holders and provided for in such registration statement) (the “Resale Shelf Registration Statement” and such registration, the “Resale Shelf
Registration”), and if the Company is a WKSI as of the filing date, the Resale Shelf Registration Statement shall be an Automatic Shelf Registration Statement. If the Resale Shelf Registration Statement is not an Automatic Shelf
Registration Statement, then the Company shall use its commercially reasonable efforts to cause such Resale Shelf Registration Statement to be declared effective by the Commission as promptly as practicable after the filing thereof. 

  
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 Notwithstanding the foregoing, if the Commission prevents the Company from including any or
all of the Registrable Securities on the Resale Shelf Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the Holders, the Resale Shelf Registration Statement shall
register the resale of a number of shares of the Registrable Securities which is equal to the maximum number of shares as is permitted by the Commission, and, subject to the provisions of this Section 1.1, the Company shall
continue to its use commercially reasonable efforts to register all remaining Registrable Securities as set forth in this Section 1.1. In such event, the number of shares of Registrable Securities to be registered for each
Holder in the Resale Shelf Registration Statement shall be reduced pro rata among all Holders, provided, however, that, prior to reducing the number of shares of Registrable Securities to be registered for any Holder in such Resale
Shelf Registration Statement, the Company shall first remove any shares of Registrable Securities to be registered for any Person other than a Holder that was proposed to be included in such Resale Shelf Registration Statement. The Company shall
continue to use its commercially reasonable efforts to register all remaining Registrable Securities as promptly as practicable in accordance with the applicable rules, regulations and guidance of the Commission. Notwithstanding anything herein to
the contrary, if the Commission, by written comment, limits the Company’s ability to file, or prohibits or delays the filing of, a Resale Shelf Registration Statement or a Subsequent Shelf Registration with respect to any or all the Registrable
Securities, the Company’s compliance with such limitation, prohibition or delay solely to the extent of such limitation, prohibition or delay shall not be a breach or default by the Company under this Agreement and shall not be deemed a failure
by the Company to use “commercially reasonable efforts” or “reasonable efforts” as set forth above or elsewhere in this Agreement. 

Section 1.2 Effectiveness Period. Once effective, the Company shall, subject to the other applicable provisions of this Agreement,
use its commercially reasonable efforts to cause the Resale Shelf Registration Statement or a Subsequent Shelf Registration to be continuously effective (including by filing a new Resale Shelf Registration Statement or Subsequent Shelf Registration,
if necessary) and usable until the earlier of (a) the date on which all Registrable Securities included in such registration have been sold or distributed pursuant to the Resale Shelf Registration Statement or Subsequent Shelf Registration, as
applicable, (b) the date as of which there are no longer in existence any Registrable Securities covered by the Resale Shelf Registration Statement or Subsequent Shelf Registration, as applicable, and (c) an earlier date agreed to in
writing by the Holders of a majority of the Registrable Securities (the “Effectiveness Period”). 
 Section 1.3
Subsequent Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to promptly cause
such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such
cessation of effectiveness, amend such Shelf Registration in a manner reasonably expected to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration or, file an additional registration statement (a
“Subsequent Shelf Registration”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all securities that are
Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf Registration to become effective under the
Securities Act as promptly as is reasonably practicable after such filing, but in no event later than the date that is ninety (90) days after such Subsequent Shelf Registration is filed and (b) keep such Subsequent Shelf Registration (or
another Subsequent Shelf Registration) continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a Registration Statement on Form S-3 to the 

  
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extent that the Company is eligible to use such form, and if the Company is a WKSI as of the filing date, such Registration Statement shall be an Automatic Shelf Registration Statement.
Otherwise, such Subsequent Shelf Registration shall be on another appropriate form (including Form S-1) and shall provide for the registration of such Registrable Securities for resale by such Holders in
accordance with any reasonable method of distribution elected by the Holders. 
 Section 1.4 Supplements and Amendments. The
Company shall supplement and amend any Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration if required by the Securities Act or as reasonably
requested by the Holders covered by such Shelf Registration. 
 Section 1.5 Subsequent Holder Notice. If a Person becomes a
Holder of Registrable Securities after a Shelf Registration becomes effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder
and requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration (a “Subsequent Holder Notice”): 

(a) if required and permitted by applicable law, subject to Section 3.1(k), and if the Company is not a WKSI, without regard to the
limitations included therein relating to the number of times the Company can provide a Suspension Notice within a 12 month period, file with the Commission a supplement to the related prospectus or a post-effective amendment to the Shelf
Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance
with applicable law; 
 (b) if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment
to the Shelf Registration that is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is reasonably practicable, but in any event by
the date that is ninety (90) days after the date such post-effective amendment is required by Section 1.5(a) to be filed; and 

(c) notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective
amendment filed pursuant to Section 1.5(a). 
 Section 1.6 Underwritten Offering. The Holders of
Registrable Securities may on one or more occasions after the Resale Shelf Registration Statement becomes effective deliver a written notice to the Company specifying that the sale of some or all of the Registrable Securities subject to the Shelf
Registration is intended to be conducted through an underwritten offering, so long as the anticipated gross proceeds of such underwritten offering is not less than twenty-five million dollars ($25,000,000) (unless the Holders are proposing to sell
all of their remaining Registrable Securities in which case no such minimum gross proceeds threshold shall apply) (the “Underwritten Offering”). The Company will not be obligated to effect more than two (2) Underwritten
Offering under this Section 1.6 during any twelve (12) month period. In the event of an Underwritten Offering: 
  

  
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 (a) The Holder or Holders of a majority of the Registrable Securities participating in an
Underwritten Offering shall select the managing underwriter or underwriters to administer the Underwritten Offering. 
 (b) Notwithstanding
any other provision of this Section 1.6, if the managing underwriter or underwriters of a proposed Underwritten Offering advises the Board of Directors of the Company that in its or their opinion the number of Registrable
Securities requested to be included in such Underwritten Offering exceeds the number which can be sold in such Underwritten Offering in light of market conditions, the Registrable Securities shall be included on a pro rata basis upon the number of
securities that each Holder shall have requested to be included in such offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing
underwriter or underwriters. 
 (c) The Company shall agree and shall cause its executive officers and directors to sign a customary “lock-up” agreement with the underwriters in any Underwritten Offering; provided that the lock-up period required thereunder shall not exceed 90 days from the
closing of the Underwritten Offering. 
 Section 1.7 Take-Down Notice. Subject to the other applicable provisions of this
Agreement, at any time that any Shelf Registration Statement is effective, if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its
Registrable Securities included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of Registrable Securities to be included in such Shelf Offering, then, subject to the other applicable provisions
of this Agreement, the Company shall, as promptly as practicable, amend or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. 

ARTICLE II 
 COMPANY
REGISTRATION 
 Section 2.1 Notice of Registration. If at any time or from time to time the Company shall determine to file
a registration statement with respect to an offering (or to make an underwritten public offering pursuant to a previously filed registration statement) for cash of its Common Stock, whether or not for its own account (other than a registration
statement on Form S-4, Form S-8 or any successor forms), the Company will: 

(a) promptly give to each Holder written notice thereof, which notice shall be given, to the extent reasonably practicable, no later than ten
(10) days prior to the filing or launch date (except in the case of an offering that is an “overnight offering”, in which case such notice must be given no later than two (2) business days prior to the filing or launch date); and

 (b) subject to Section 2.2, include in such registration or underwritten offering (and any related qualification
under blue sky laws or other compliance) all the Registrable Securities specified in a written request or requests made within five (5) days after receipt of such written notice from the Company by any Holder (except in the case of an offering
that is an “overnight offering”, in which case such request must be made no later than one (1) business day after receipt of such written notice from the Company). 

 

  
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 Section 2.2 Underwriting. The right of any Holder to registration pursuant to
Section 1.6 or this Article II shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. Each
Holder proposing to distribute its securities through such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into and perform such Holder’s obligations under an
underwriting agreement with the managing underwriter selected for such underwriting by the Company or by the stockholders of the Company who have the right to select the underwriters (such underwriting agreement to be in a customary form negotiated
by the Company or such stockholders, as the case may be). Notwithstanding any other provision of this Article II, if the managing underwriter or underwriters of a proposed underwritten offering with respect to which Holders of Registrable
Securities have exercised their piggyback registration rights advise the Board of Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in the offering thereby and all other securities
proposed to be sold in the offering exceeds the number which can be sold in such underwritten offering in light of market conditions, the Registrable Securities and such other securities to be included in such underwritten offering shall be
allocated, (a) first, in the event such offering was initiated by the Company for its own account, up to the total number of securities that the Company has requested to be included in such registration, (b) second, and only if all the
securities referred to in clause (a) have been included, up to the total number of securities that the holders under the Existing Registration Rights Agreement have requested to be included in such offering, (c) third, and only if all the
securities referred to in clause (b) have been included, up to the total number of securities that the Holders have requested to be included in such offering, together with the total number of securities that the Other Holders have requested to
be included in such offering pursuant to the Other Agreement (in each case, pro rata based upon the number of securities that each of them shall have requested to be included in such offering) and (d) fourth, and only if all the securities
referred to in clause (c) have been included, all other securities proposed to be included in such offering that, in the opinion of the managing underwriter or underwriters can be sold without having such adverse effect. If any Holder
disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters. Any securities excluded or withdrawn from such underwriting shall be
withdrawn from such registration. 
 Section 2.3 Right to Terminate Registration. The Company or the holders of securities who
have caused a registration statement to be filed as contemplated by this Article II, as the case may be, shall have the right to have any registration initiated by it or them under this Article II terminated or withdrawn prior to the
effectiveness thereof, whether or not any Holder has elected to include securities in such registration. 

  
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 ARTICLE III 

ADDITIONAL PROVISIONS REGARDING REGISTRATION RIGHTS 

Section 3.1 Registration Procedures. In the case of each registration effected by the Company pursuant to Article I or
II, the Company will keep each Holder participating in such registration reasonably informed as to the status thereof and, at its expense, the Company will, as expeditiously as possible to the extent applicable: 

(a) prepare and file, as promptly as reasonably practicable, with the Commission a registration statement with respect to such securities in
accordance with the applicable provisions of this Agreement; 
 (b) prepare and file, as promptly as reasonably practicable, with the
Commission such amendments, including post-effective amendments, and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such registration statement (including to permit the intended method of distribution thereof) and as may be necessary to keep the registration statement continuously
effective for the period set forth in this Agreement; 
 (c) furnish to the Holders participating in such registration and to their legal
counsel copies of the registration statement proposed to be filed, and provide such Holders and their legal counsel the reasonable opportunity to review and comment on such registration statement provided that in no event shall the Company be
required to delay or postpone any filing if such Holder and their legal counsel have not provided comments within five (5) Business Days of their receipt of such copies; 

(d) furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable number
of copies of the registration statement, preliminary prospectus and final prospectus as the such underwriters may reasonably request in order to facilitate the public offering of such securities; 

(e) use commercially reasonable efforts to notify each Holder of Registrable Securities covered by such registration statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the Company’s knowledge of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to
Section 3.1(n), at the request of any such Holder, prepare promptly and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchaser of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or
incomplete in the light of the circumstances then existing; 
 (f) use commercially reasonable efforts to register and qualify the securities
covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions in which it is not already qualified; 

 

  
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 (g) in the event that the Registrable Securities are being offered in an underwritten public
offering, enter into and perform its obligations under an underwriting agreement on customary terms and in accordance with the applicable provisions of this Agreement; 

(h) use commercially reasonable efforts to furnish, (i) on the date that such Registrable Securities are delivered to the underwriters for
sale, if such securities are being sold through underwriters, an opinion and negative assurance letter, dated as of such date, of the legal counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) on the date that the offering of such Registrable Securities is priced and on the date that such securities are being sold
through underwriters, a letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten
public offering, addressed to the underwriters; 
 (i) in connection with a customary due diligence review, make available during business
hours for inspection by the Holders, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holders or underwriter, all relevant financial and other records, pertinent
corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all relevant information and participate in customary due diligence sessions in
each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such registration statement, provided, however, each such underwriter shall agree in writing to hold in strict confidence and not to
make any disclosure or use of any information requested above (the “Requested Information”), unless (1) the disclosure of the Requested Information is necessary to avoid or correct a misstatement or omission in such
registration or is otherwise required under the Securities Act, (2) the release of the Requested Information is ordered pursuant to a final, non-appealable subpoena or order from a court or government
body of competent jurisdiction, (3) the Requested Information is or has been made generally available to the public other than by disclosure in violation of this Agreement, (4) the Requested Information was within such underwriter’s
possession on a non-confidential basis prior to it being furnished to such underwriter by or on behalf of the Company or any of its representatives, provided that the source of such information was not bound
by a confidentiality agreement or other contractual, legal or fiduciary obligation of confidentiality with respect to such information or (5) the Requested Information becomes available to such underwriter on a
non-confidential basis from a source other than the Company or any of its representatives, provided that such source is not bound by a confidentiality agreement or other contractual, legal or fiduciary
obligation of confidentiality with respect to such information. Such underwriter agrees that it shall, upon learning that disclosure of the Requested Information is sought in or by a court or governmental body of competent jurisdiction or through
other means, give prompt notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Requested Information deemed confidential; 

 

  
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 (j) in the event that any broker-dealer underwrites any Registrable Securities or
participates as a member of an underwriting syndicate or selling group or “participates in an offering” (within the meaning of the FINRA Rules) thereof, whether as a Holder or as an underwriter, placement, sales agent or broker or dealer
in respect thereof, or otherwise, the Company will, upon the reasonable request of such broker-dealer, comply with any reasonable request of such broker-dealer in complying with the FINRA Rules; 

(k) notwithstanding any other provision of this Agreement, if the Board of Directors of the Company has determined in good faith that the
disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially detrimental to the Company, the Company shall have the right not to file or not to cause the effectiveness of any registration
covering any Registrable Securities and to suspend the use of the prospectus and the registration statement covering any Registrable Security for such period of time as its use would be materially detrimental to the Company by delivering written
notice of such suspension to all Holders listed on the Company’s records; provided, however, that in any 12-month period the Company may exercise the right to such suspension not more than
twice. From and after the date of a notice of suspension under this Section 3.1(k), each Holder agrees not to use the prospectus or registration statement until the earlier of (i) notice from the Company that such
suspension has been lifted or (ii) the day following the sixtieth (60th) day of suspension within any 12-month period; 

(l) cooperate with, and direct the Company’s transfer agent to cooperate with, the Holders and the managing underwriters, if any, to
facilitate the timely settlement of any offering or sale of Registrable Securities, including the preparation and delivery of certificates (not bearing any legends) or book-entry (not bearing stop transfer instructions) representing Registrable
Securities to be sold and, in connection therewith, if reasonably required by the Company’s transfer agent, the Company shall promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any
other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without restriction upon sale by the holder of such shares of Registrable Securities;

 (m) use its reasonable best efforts to cause all shares of Registrable Securities to be listed on the national securities exchange on
which the Common Stock is then listed; and 
 (n) cause its officers to use their reasonable best efforts to support the marketing of the
Registrable Securities (including participation in “road shows” and other customary marketing activities, which may be virtual). 

Section 3.2 Limitation on Subsequent Registration Rights. From and after the date hereof, the Company shall not enter into any
agreement granting any holder or prospective holder of any securities of the Company registration rights with respect to such securities that conflict with the rights granted to the Holders herein, without the prior written consent of Holders of a
majority of the Registrable Securities. 
 Section 3.3 Expenses of Registration. All Registration Expenses incurred in
connection with any registration pursuant to this Agreement or otherwise in complying with this Agreement shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of
the registered securities included in such registration. 

  
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 Section 3.4 Information by Holders. The Holder or Holders of Registrable
Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may reasonably
request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Article I or II are
conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following: 

(a) such Holder or Holders will cooperate with the Company in connection with the preparation of the applicable registration statement, and for
so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as
such), all information regarding themselves and such other information as may be required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the applicable Registrable Securities owned
by such Holder or Holders and to maintain the currency and effectiveness thereof; 
 (b) during such time as such Holder or Holders may be
engaged in a distribution of the Registrable Securities, such Holder or Holders will comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will,
among other things: (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws and (ii) if required by applicable law, cause to be furnished to each agent or broker-dealer to
or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by
reference therein as may be required by such agent, broker-dealer or offeree; and 
 (c) on receipt of written notice from the Company of the
happening of any of the events specified in Section 3.1(k), or that requires the suspension by such Holder or Holders of the distribution of any of the Registrable Securities owned by such Holder or Holders pursuant to a
registered offering, then such Holders shall cease offering or distributing the Registrable Securities owned by such Holder or Holders in a registered offering until the offering and distribution of the Registrable Securities owned by such Holder or
Holders may recommence in accordance with the terms hereof and applicable law. 
 Section 3.5 Rule 144 Reporting. With a view to
making available the benefits of Rule 144 to the Holders, the Company will use commercially reasonable efforts to: 
 (a) file with the
Commission in a timely manner all reports and other documents required of the Company under the Exchange Act; and 
 (b) so long as a Holder
owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act. 

 

  
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 Section 3.6 “Market
Stand-Off” Agreement. The Company and the Holders shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction
with the same economic effect as a sale with respect to, any Common Stock (or other securities of the Company) (other than those included in the registration) for a period specified by the representatives of the managing underwriter or underwriters
of Common Stock (or other securities of the Company convertible into Common Stock) not to exceed five (5) days prior and ninety (90) days following any registered public sale of securities by the Company in which such Holder participates
in accordance with Article II, subject to customary exceptions, including (a) transfers to affiliates and (b) pledges and foreclosures on such pledges. Each of the Holders also shall execute and deliver any “lock-up” agreement reasonably requested by the representatives of any underwriters of the Company in connection with an offering in which such Holder participates, subject to customary exceptions,
including (a) transfers to affiliates and (b) pledges and foreclosures on such pledges. 
 ARTICLE IV 

INDEMNIFICATION 

Section 4.1 Indemnification by Company. To the extent permitted by applicable law, the Company will, with respect to any
Registrable Securities as to which registration or qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify each Holder, each Holder’s current and former officers, directors,
partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Holder or any of the foregoing within the meaning of Section 15 of the Securities Act, and each underwriter thereof, if
any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), against all expenses, claims, losses, damages, costs (including
costs of preparation and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement
and other liabilities, joint or several (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus,
offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of, or any rule or regulation promulgated under, the Securities Act, Exchange Act or state securities
laws applicable to the Company in connection with any such registration, and the Company will reimburse each of the Company Indemnified Parties for any reasonable legal and any other expenses reasonably incurred in connection with investigating,
preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred. The indemnity agreement contained in this Section 4.1 shall not apply to amounts paid in settlement of any loss,
claim, damage, liability or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any
such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue
statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by or on behalf of any
Holder 
  

  
 10 

 Section 4.2 Indemnification by Holders. To the extent permitted by applicable
law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and
not jointly, the Company, each of its directors, officers, partners, members, managers, shareholders, accountants, attorneys, agents and employees, each underwriter, if any, of the Company’s securities covered by such a registration, each
Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other Holder and each of such other Holder’s officers, directors, partners, members, managers, shareholders, accountants,
attorneys, agents and employees and each Person controlling such Holder or any of the foregoing within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all
expenses, claims, losses, damages, costs (including costs of preparation and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments,
fines, penalties, charges, amounts paid in settlement and other and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement,
prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by such Holder of, or any rule or regulation promulgated under, the Securities
Act, Exchange Act or state securities law applicable to such Holder, and will reimburse each of the Holder Indemnified Parties for any reasonable legal or any other expenses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in
such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein, provided,
however, that in no event shall any indemnity under this Section 4.2 payable by a Holder exceed the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities
included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission or violation. The indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior
written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed), nor shall the Holder be liable for any such loss, claim, damage, liability or action where such untrue statement or alleged untrue statement or
omission or alleged omission was corrected in a final or amended prospectus, and the Company or the underwriters failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to
the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required by the Securities Act 
  

  
 11 

 Section 4.3 Notification. Each party entitled to indemnification under this
Article IV (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to
which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided, however, that counsel for the Indemnifying Party, who shall conduct the
defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such party’s expense; provided,
further, however, that an Indemnified Party (together with all other Indemnified Parties) shall have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the Indemnifying Party, if
representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to conflicting interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The
failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Article IV, only to the extent that, the failure to give such notice is materially prejudicial or harmful to
an Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably
withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation. The indemnity agreements contained in this Article IV shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent
of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this Article IV shall be in addition to any other indemnification rights or agreements that an Indemnified Party may
have. 
 Section 4.4 Contribution. If the indemnification provided for in this Article IV is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability or action referred to therein, then, subject to the limitations contained in Article IV, the
Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such claim, loss, damage, liability or action in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the actions that resulted in such claims, loss, damage, liability or action, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact related to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the
Holders agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were based solely upon the number of entities from whom contribution was requested or by any other method of allocation
which does not take account of the equitable considerations referred to above in this Section 4.4. In no event shall any Holder’s contribution obligation under this Section 4.4 exceed the
amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder
has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. No Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 
  

  
 12 

 ARTICLE V 

TRANSFER AND TERMINATION OF REGISTRATION RIGHTS 

Section 5.1 Transfer of Registration Rights. The rights to cause the Company to register securities granted to a Holder under this
Agreement may be transferred or assigned to any Person in connection with any Transfer (as defined in the Securities Purchase Agreement) or assignment of Registrable Securities; provided, however, that (a) such transfer may
otherwise be effected in accordance with applicable securities laws, (b) prior written notice of such assignment is given to the Company, and (c) such transferee agrees in writing to be bound by, and subject to, this Agreement as a
“Holder” pursuant to a written instrument in form and substance reasonably acceptable to the Company. 
 Section 5.2
Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities under Articles I and II shall terminate with respect to such Holder upon the date upon which such Holder no
longer holds any Registrable Securities. 
 ARTICLE VI 

MISCELLANEOUS. 

Section 6.1 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall
be considered original executed counterparts for purposes of this Section 6.1, provided that receipt of copies of such counterparts is confirmed. 

Section 6.2 Governing Law. 

(a) 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. 

(b) Any dispute relating hereto shall be heard in the U.S. District Court for the District of Delaware (and any federal appellate courts
therefrom) (and to the extent such court declines jurisdiction, the Court of Chancery of the State of Delaware) (each a “Chosen Court” and collectively, the “Chosen Courts”), and the parties agree to the exclusive
jurisdiction and venue of the Chosen Courts. Such Persons further agree that any proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby or
by any matters related to the foregoing (the “Applicable Matters”) shall be brought exclusively in a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have arisen
from a transaction of business in the state of Delaware, and each of the foregoing Persons hereby irrevocably consents to the jurisdiction of such Chosen Courts in any such proceeding and irrevocably and unconditionally waives, to the fullest extent
permitted by law, any objection that such Person may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such Chosen Court or that any such proceeding brought in any such Chosen Court has been brought in an
inconvenient forum. 

  
 13 

 (c) Such Persons further covenant not to bring a proceeding with respect to the Applicable
Matters (or that could affect any Applicable Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court. 

(d) Process in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world, whether within or
without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that service of process on such party as provided in Section 6.5 shall be deemed effective service of process on
such Person. 
 (e) Waiver of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR
RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

Section 6.3 Entire Agreement; No Third Party Beneficiary. This Agreement and the Securities Purchase Agreement contain the entire
agreement by and among the parties with respect to the subject matter hereof and all prior negotiations, writings and understandings relating to the subject matter of this Agreement. Except as provided in Article IV, this Agreement is not
intended to confer upon any Person not a party hereto (or their successors and permitted assigns) any rights or remedies hereunder. 

Section 6.4 Expenses. Except as provided in Section 3.3, all fees, costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby, including accounting and legal fees shall be paid by the party incurring such expenses. 

Section 6.5 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by nationally recognized overnight air courier, one (1) business
day after mailing; (c) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in the foregoing clause (a) or (b), when transmitted and receipt is confirmed; and
(d) if otherwise actually personally delivered, when delivered, provided, that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party shall provide by
like notice to the other parties to this Agreement: 

  
 14 

 If to the Company, to: 

 
 APi Group Corporation 

1100 Old Highway 8 NW 
 New
Brighton, Minnesota 55112 
 Attention:     General Counsel and Secretary, Andrea Fike, Esq. 

Email:           andrea.fike@apigroupinc.us 

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

Greenberg Traurig, LLP 
 401 E.
Las Olas Blvd., Suite 2000 
 Ft. Lauderdale, FL 33301 

Attention:     Donn A. Beloff, Esq. 

Email:           beloffd@gtlaw.com 

If to a Holder, to: 
 c/o The
Blackstone Group Inc. 
 345 Park Avenue 

New York, NY 10154 
 Attention:
    Shary Moalemzadeh 

                     Andrea Serra

 E-mail:         Shary.Moalemzadeh@blackstone.com 

                     
Andrea.Serra@blackstone.com 
 with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Ave 
 New York,
New York 10022 
 Attention:     Peter Martelli, P.C. 

                     Joshua Korff,
P.C. 
                      David
Perechocky 
 E-mail:         peter.martelli@kirkland.com

                     
jkorff@kirkland.com 

                    
david.perechocky@kirkland.com 
 Section 6.6 Successors and Assigns. This Agreement will be binding upon and inure to the benefit
of the parties hereto and their respective successors and permitted assigns. Except as provided in Section 5.1, no assignment of this Agreement or of any rights or obligations hereunder may be made by any party hereto
without the prior written consent of the other parties hereto. Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio. 

Section 6.7 Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of
reference only and will not affect the meaning or interpretation of this Agreement. 

  
 15 

 Section 6.8 Amendments and Waivers. This Agreement may not be modified or
amended except by an instrument or instruments in writing signed by the Company and the Holders of a majority of the Registrable Securities outstanding at the time of such amendment. Any party hereto may, only by an instrument in writing, waive
compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with. No failure or delay of any party in exercising any right or remedy hereunder shall
operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other
right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any
rights or remedies that they would otherwise have hereunder. 
 Section 6.9 Interpretation; Absence of Presumption. 

(a) For the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be
held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs in this Agreement unless otherwise specified; (iii) the word “including” and words of similar import
when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; and (iv) the word “or” , “any” or “either” shall not be
exclusive. References to a Person are also to its permitted assigns and successors. When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is
the reference date in calculating such period shall be excluded (and unless, otherwise required by Law, if the last day of such period is not a business day, the period in question shall end on the next succeeding business day) 

(b) With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been
mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted
or requested any term or condition of this Agreement. 
 Section 6.10 Severability. Any provision hereof that is held to be
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof,
provided, however, that the parties will attempt in good faith to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent. 

(The next page is the signature page) 

  
 16 

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

			
	API GROUP CORPORATION
		
	By:	 	 /s/ Andrea Fike

		 	Name: Andrea Fike
		 	Title: General Counsel and Secretary
	
	JUNO LOWER HOLDINGS L.P.
		
	By:	 	Juno Holdings Manager L.L.C.,
		 	its general partner
		
	By:	 	 /s/ Christopher J. James

		 	Name: Christopher J. James
		 	Title: Manager
	
	FD JUNO HOLDINGS L.P.
		
	By:	 	FD Juno Holdings Manager L.L.C.,
		 	its general partner
		
	By:	 	 /s/ Christopher J. James

		 	Name: Christopher J. James
		 	Title: Manager

 [Signature Page to Registration Rights Agreement] 

S-1 

 EXHIBIT A 

DEFINED TERMS 
 1.
The following capitalized terms have the meanings indicated: 
 “Affiliate” of any Person means any Person, directly or indirectly,
controlling, controlled by or under common control with such Person. 
 “Automatic Shelf Registration Statement” means an “automatic
shelf registration statement” as defined under Rule 405. 
 “Commission” means the Securities and Exchange Commission. 

“Common Stock” means the Company’s common stock, par value $0.0001 per share. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect from time to time. 
 “Existing Registration Rights Agreement” means that
certain Registration Rights Agreement, dated March 24, 2020, by and between APi Group Corporation and Viking Global Opportunities Liquid Portfolio Sub-Master LP. 

“Holder” means (a) any Investor holding Registrable Securities and (b) any transferee to which the rights under this Agreement have
been transferred in accordance with Section 5.1. 
 “Other Agreement” means that certain Registration Rights
Agreement, dated July 26, 2021, by and between APi Group Corporation and Viking Global Equities Master Ltd. 
 “Other Holder” means
(a) Viking Global Equities Master Ltd. to the extent it holds “Registrable Securities” (as such term is defined in the Other Agreement) and (b) any transferee to which the rights under the Other Agreement have been transferred in
accordance with the Other Agreement. 
 “Person” means an individual, corporation, partnership, limited liability company, joint venture,
association, trust, unincorporated organization, other legal entity, or any government or governmental agency or authority. 
 “register”,
“registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such
registration statement. 
 “Registrable Securities” means (a) any shares of Common Stock issued or issuable upon conversion of the
Series B Convertible Preferred Stock, (b) any shares of Common Stock that may be received as payment of dividends in kind on the Series B Convertible Preferred Stock and (c) any Common Stock actually issued in respect of the securities
described in clauses (a) or (b) above or this clause (c) upon any stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; provided, however, that the securities described in
clauses (a), (b) and (c) above shall only be treated as Registrable Securities until the earliest of: (i) the date on 

  
 A-1 

 
which such security has been registered under the Securities Act and disposed of in accordance with an effective Registration Statement relating thereto; (ii) the date on which such security
has been sold pursuant to Rule 144 and the security is no longer a Restricted Security; or (iii) such Registrable Securities becoming eligible for sale by the Holder pursuant to Rule 144 without volume or manner-of-sale restrictions (but only if the Company has effected the removal of any legend from the certificates evidencing the Registrable Securities). 

“Registration Expenses” means (a) all expenses incurred by the Company in complying with this Agreement, including internal expenses,
all registration, qualification, listing and filing fees, printing expenses, escrow fees, rating agency fees, fees and disbursements of the Company’s independent registered public accounting firm, fees and disbursements of counsel for the
Company, blue sky fees and expenses, (b) the fees and expenses of one counsel to the Holders in connection with this Agreement selected by the Holder or Holders of a majority of the Registrable Securities not to exceed $125,000 and (c) the
fees and expenses of counsel for the underwriters and any qualified independent underwriter in connection with FINRA and blue sky qualifications; provided, however, that Registration Expenses shall not include any Selling Expenses.

 “Restricted Securities” means any Common Stock required to bear the legends set forth in Sections 4.2(b) and 4.2(c) of the
Securities Purchase Agreement. 
 “Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision. 

“Rule 405” means Rule 405 promulgated under the Securities Act and any successor provision. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder or any similar federal
statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Selling Expenses”
means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders. 
 “Series B
Convertible Preferred Stock” means the Company’s 5.5% Series B Perpetual Convertible Preferred Stock, par value $0.0001 per share. 

“Shelf Registration” means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable. 

“Transfer” has the meaning given to such term in the Securities Purchase Agreement. 

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

2. The following terms are defined in the Sections of the Agreement indicated: 

  
 A-2 

 INDEX OF TERMS 

 

					
	 Term
	  	Section	 
	 Agreement
	  	 	Preamble	 
	 Applicable Matters
	  	 	Section 6.2	(b) 
	 Chosen Court
	  	 	Section 6.2	(b) 
	 Company
	  	 	Preamble	 
	 Company Indemnified Parties
	  	 	Section 4.1	 
	 Effectiveness Period
	  	 	Section 1.2	 
	 Holder
	  	 	Section 5.1	 
	 Holder Indemnified Parties
	  	 	Section 4.2	 
	 Indemnified Party
	  	 	Section 4.3	 
	 Indemnifying Party
	  	 	Section 4.3	 
	 Investor
	  	 	Preamble	 
	 Market Stand-Off
	  	 	Section 3.6	 
	 Resale Shelf Registration
	  	 	Section 1.1	 
	 Securities Purchase Agreement
	  	 	Preamble	 
	 Subsequent Holder Notice
	  	 	Section 1.5	 
	 Subsequent Shelf Registration
	  	 	Section 1.3	 
	 Underwritten Offering
	  	 	Section 1.6	 

  
 A-3EX-10.5

 Exhibit 10.5 

Execution Copy 

REGISTRATION RIGHTS AGREEMENT 
 BY
AND AMONG 
 API GROUP CORPORATION, 

VIKING GLOBAL EQUITIES MASTER LTD. 

AND 
 VIKING GLOBAL EQUITIES II,
L.P. 
 Dated as of January 3, 2022 
  

 TABLE OF CONTENTS 

Page 
  

							
	 Article I Resale Shelf Registration
	  	 	1	 
			
	 Section 1.1
	 	Resale Shelf Registration Statement	  	 	1	 
	 Section 1.2
	 	Effectiveness Period	  	 	2	 
	 Section 1.3
	 	Subsequent Shelf Registration	  	 	2	 
	 Section 1.4
	 	Supplements and Amendments	  	 	3	 
	 Section 1.5
	 	Subsequent Holder Notice	  	 	3	 
	 Section 1.6
	 	Underwritten Offering	  	 	3	 
	 Section 1.7
	 	Take-Down Notice	  	 	4	 
		
	 Article II Company Registration
	  	 	4	 
			
	 Section 2.1
	 	Notice of Registration	  	 	4	 
	 Section 2.2
	 	Underwriting	  	 	5	 
	 Section 2.3
	 	Right to Terminate Registration	  	 	5	 
		
	 Article III Additional Provisions Regarding Registration Rights
	  	 	6	 
			
	 Section 3.1
	 	Registration Procedures	  	 	6	 
	 Section 3.2
	 	Limitation on Subsequent Registration Rights	  	 	8	 
	 Section 3.3
	 	Expenses of Registration	  	 	8	 
	 Section 3.4
	 	Information by Holders	  	 	9	 
	 Section 3.5
	 	Rule 144 Reporting	  	 	9	 
	 Section 3.6
	 	“Market Stand-Off” Agreement	  	 	10	 
		
	 Article IV Indemnification
	  	 	10	 
			
	 Section 4.1
	 	Indemnification by Company	  	 	10	 
	 Section 4.2
	 	Indemnification by Holders	  	 	11	 
	 Section 4.3
	 	Notification	  	 	12	 
	 Section 4.4
	 	Contribution	  	 	12	 
		
	 Article V Transfer and Termination of Registration Rights
	  	 	13	 
			
	 Section 5.1
	 	Transfer of Registration Rights	  	 	13	 
	 Section 5.2
	 	Termination of Registration Rights	  	 	13	 
		
	 Article VI Miscellaneous
	  	 	13	 
			
	 Section 6.1
	 	Counterparts	  	 	13	 
	 Section 6.2
	 	Governing Law	  	 	13	 
	 Section 6.3
	 	Entire Agreement; No Third Party Beneficiary	  	 	14	 
	 Section 6.4
	 	Expenses	  	 	14	 
	 Section 6.5
	 	Notices	  	 	14	 

  
 i 

							
	 Section 6.6
	 	Successors and Assigns	  	 	15	 
	 Section 6.7
	 	Headings	  	 	15	 
	 Section 6.8
	 	Amendments and Waivers	  	 	16	 
	 Section 6.9
	 	Interpretation; Absence of Presumption	  	 	16	 
	 Section 6.10
	 	Severability	  	 	16	 

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of January 3, 2022, by and among APi Group
Corporation, a Delaware corporation (including its successors and permitted assigns, the “Company”), and Viking Global Equities Master Ltd., a Cayman Islands exempted company and Viking Global Equities II, LP, a Delaware limited
partnership (the “Investors” and each an “Investor”). Capitalized terms used but not defined elsewhere herein are defined in Exhibit A. 

This Agreement is entered into in connection with the closing of the issuance of 200,000 shares of the Series B Convertible Preferred Stock,
which are convertible into shares of Common Stock, pursuant to the Securities Purchase Agreement, dated as of July 26, 2021, by and among the Company and the Investor (the “Securities Purchase Agreement”). 

As a condition to each of the parties’ obligations under the Securities Purchase Agreement, the Company and the Investors are entering
into this Agreement for the purpose of granting certain registration rights to the Investors. 
 In consideration of the premises and the
mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 RESALE SHELF
REGISTRATION 
 Section 1.1 Resale Shelf Registration Statement. Subject to the other applicable provisions of this
Agreement, the Company shall file on the date hereof and use its commercially reasonable efforts to cause to go effective as promptly as practicable a registration statement covering the sale or distribution from time to time by the Holders, on a
delayed or continuous basis pursuant to Rule 415 of the Securities Act of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, then such registration shall be on another appropriate form (including Form S-1) and shall provide for the registration of such Registrable
Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders and provided for in such registration statement) (the “Resale Shelf Registration Statement” and such registration,
the “Resale Shelf Registration”), and if the Company is a WKSI as of the filing date, the Resale Shelf Registration Statement shall be an Automatic Shelf Registration Statement. If the Resale Shelf Registration Statement is not an
Automatic Shelf Registration Statement, then the Company shall use its commercially reasonable efforts to cause such Resale Shelf Registration Statement to be declared effective by the Commission as promptly as practicable after the filing thereof.

 Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the Registrable Securities on the
Resale Shelf Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the Holders, the Resale Shelf Registration Statement shall register the resale of a number of shares
of the Registrable Securities which is equal to the maximum number of shares as is permitted by the Commission, and, subject to the provisions of this Section 1.1, the Company shall

  
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continue to its use commercially reasonable efforts to register all remaining Registrable Securities as set forth in this Section 1.1. In such event, the number of
shares of Registrable Securities to be registered for each Holder in the Resale Shelf Registration Statement shall be reduced pro rata among all Holders, provided, however, that, prior to reducing the number of shares of Registrable
Securities to be registered for any Holder in such Resale Shelf Registration Statement, the Company shall first remove any shares of Registrable Securities to be registered for any Person other than a Holder that was proposed to be included in such
Resale Shelf Registration Statement. The Company shall continue to use its commercially reasonable efforts to register all remaining Registrable Securities as promptly as practicable in accordance with the applicable rules, regulations and guidance
of the Commission. Notwithstanding anything herein to the contrary, if the Commission, by written comment, limits the Company’s ability to file, or prohibits or delays the filing of, a Resale Shelf Registration Statement or a Subsequent Shelf
Registration with respect to any or all the Registrable Securities, the Company’s compliance with such limitation, prohibition or delay solely to the extent of such limitation, prohibition or delay shall not be a breach or default by the
Company under this Agreement and shall not be deemed a failure by the Company to use “commercially reasonable efforts” or “reasonable efforts” as set forth above or elsewhere in this Agreement. 

Section 1.2 Effectiveness Period. Once effective, the Company shall, subject to the other applicable provisions of this Agreement,
use its commercially reasonable efforts to cause the Resale Shelf Registration Statement or a Subsequent Shelf Registration to be continuously effective (including by filing a new Resale Shelf Registration Statement or Subsequent Shelf Registration,
if necessary) and usable until the earlier of (a) the date on which all Registrable Securities included in such registration have been sold or distributed pursuant to the Resale Shelf Registration Statement or Subsequent Shelf Registration, as
applicable, (b) the date as of which there are no longer in existence any Registrable Securities covered by the Resale Shelf Registration Statement or Subsequent Shelf Registration, as applicable, and (c) an earlier date agreed to in
writing by the Holders of a majority of the Registrable Securities (the “Effectiveness Period”). 
 Section 1.3
Subsequent Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to promptly cause
such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such
cessation of effectiveness, amend such Shelf Registration in a manner reasonably expected to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration or, file an additional registration statement (a
“Subsequent Shelf Registration”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all securities that are
Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf Registration to become effective under the
Securities Act as promptly as is reasonably practicable after such filing, but in no event later than the date that is ninety (90) days after such Subsequent Shelf Registration is filed and (b) keep such Subsequent Shelf Registration (or
another Subsequent Shelf Registration) continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a Registration Statement on Form S-3 to the extent that
the Company is eligible to use such form, and if the Company is a WKSI as of the filing 

  
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date, such Registration Statement shall be an Automatic Shelf Registration Statement. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form (including Form S-1) and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders. 

Section 1.4 Supplements and Amendments. The Company shall supplement and amend any Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration if required by the Securities Act or as reasonably requested by the Holders covered by such Shelf Registration. 

Section 1.5 Subsequent Holder Notice. If a Person becomes a Holder of Registrable Securities after a Shelf Registration becomes
effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included as a selling
securityholder in the prospectus related to the Shelf Registration (a “Subsequent Holder Notice”): 
 (a) if required and
permitted by applicable law, subject to Section 3.1(k), and if the Company is not a WKSI, without regard to the limitations included therein relating to the number of times the Company can provide a Suspension Notice within a 12 month period,
file with the Commission a supplement to the related prospectus or a post-effective amendment to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus in such a manner as
to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable law; 
 (b) if,
pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration that is not automatically effective, use its commercially reasonable efforts to cause such post-effective
amendment to become effective under the Securities Act as promptly as is reasonably practicable, but in any event by the date that is ninety (90) days after the date such post-effective amendment is required by
Section 1.5(a) to be filed; and 
 (c) notify such Holder as promptly as is reasonably practicable after the
effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 1.5(a). 

Section 1.6 Underwritten Offering. The Holders of Registrable Securities may on one or more occasions after the Resale Shelf
Registration Statement becomes effective deliver a written notice to the Company specifying that the sale of some or all of the Registrable Securities subject to the Shelf Registration is intended to be conducted through an underwritten offering, so
long as the anticipated gross proceeds of such underwritten offering is not less than twenty-five million dollars ($25,000,000) (unless the Holders are proposing to sell all of their remaining Registrable Securities in which case no such minimum
gross proceeds threshold shall apply) (the “Underwritten Offering”). The Company will not be obligated to effect more than two (2) Underwritten Offering under this Section 1.6 during any twelve (12) month period. In
the event of an Underwritten Offering: 
 (a) The Holder or Holders of a majority of the Registrable Securities participating in an
Underwritten Offering shall select the managing underwriter or underwriters to administer the Underwritten Offering. 

  
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 (b) Notwithstanding any other provision of this Section 1.6, if
the managing underwriter or underwriters of a proposed Underwritten Offering advises the Board of Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in such Underwritten Offering
exceeds the number which can be sold in such Underwritten Offering in light of market conditions, the Registrable Securities shall be included on a pro rata basis upon the number of securities that each Holder shall have requested to be included in
such offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters. 

(c) The Company shall agree and shall cause its executive officers and directors to sign a customary
“lock-up” agreement with the underwriters in any Underwritten Offering; provided that the lock-up period required thereunder shall not exceed 90 days from the
closing of the Underwritten Offering. 
 Section 1.7 Take-Down Notice. Subject to the other applicable provisions of this
Agreement, at any time that any Shelf Registration Statement is effective, if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its
Registrable Securities included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of Registrable Securities to be included in such Shelf Offering, then, subject to the other applicable provisions
of this Agreement, the Company shall, as promptly as practicable, amend or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. 

ARTICLE II 
 COMPANY
REGISTRATION 
 Section 2.1 Notice of Registration. If at any time or from time to time the Company shall determine to file
a registration statement with respect to an offering (or to make an underwritten public offering pursuant to a previously filed registration statement) for cash of its Common Stock, whether or not for its own account (other than a registration
statement on Form S-4, Form S-8 or any successor forms), the Company will: 

(a) promptly give to each Holder written notice thereof, which notice shall be given, to the extent reasonably practicable, no later than ten
(10) days prior to the filing or launch date (except in the case of an offering that is an “overnight offering”, in which case such notice must be given no later than two (2) business days prior to the filing or launch date); and

 (b) subject to Section 2.2, include in such registration or underwritten offering (and any related qualification
under blue sky laws or other compliance) all the Registrable Securities specified in a written request or requests made within five (5) days after receipt of such written notice from the Company by any Holder (except in the case of an offering
that is an “overnight offering”, in which case such request must be made no later than one (1) business day after receipt of such written notice from the Company). 

  
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 Section 2.2 Underwriting. The right of any Holder to registration pursuant to
Section 1.6 or this Article II shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. Each
Holder proposing to distribute its securities through such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into and perform such Holder’s obligations under an
underwriting agreement with the managing underwriter selected for such underwriting by the Company or by the stockholders of the Company who have the right to select the underwriters (such underwriting agreement to be in a customary form negotiated
by the Company or such stockholders, as the case may be). Notwithstanding any other provision of this Article II, if the managing underwriter or underwriters of a proposed underwritten offering with respect to which Holders of Registrable
Securities have exercised their piggyback registration rights advise the Board of Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in the offering thereby and all other securities
proposed to be sold in the offering exceeds the number which can be sold in such underwritten offering in light of market conditions, the Registrable Securities and such other securities to be included in such underwritten offering shall be
allocated, (a) first, in the event such offering was initiated by the Company for its own account, up to the total number of securities that the Company has requested to be included in such registration, (b) second, and only if all the
securities referred to in clause (a) have been included, up to the total number of securities that the holders under the Existing Registration Rights Agreement have requested to be included in such offering, (c) third, and only if all the
securities referred to in clause (b) have been included, up to the total number of securities that the Holders have requested to be included in such offering, together with the total number of securities that the Other Holders have requested to
be included in such offering pursuant to the Other Agreement (in each case, pro rata based upon the number of securities that each of them shall have requested to be included in such offering) and (d) fourth, and only if all the securities
referred to in clause (c) have been included, all other securities proposed to be included in such offering that, in the opinion of the managing underwriter or underwriters can be sold without having such adverse effect. If any Holder
disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters. Any securities excluded or withdrawn from such underwriting shall be
withdrawn from such registration. 
 Section 2.3 Right to Terminate Registration. The Company or the holders of securities who
have caused a registration statement to be filed as contemplated by this Article II, as the case may be, shall have the right to have any registration initiated by it or them under this Article II terminated or withdrawn prior to the
effectiveness thereof, whether or not any Holder has elected to include securities in such registration. 

  
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 ARTICLE III 

ADDITIONAL PROVISIONS REGARDING REGISTRATION RIGHTS 

Section 3.1 Registration Procedures. In the case of each registration effected by the Company pursuant to Article I or
II, the Company will keep each Holder participating in such registration reasonably informed as to the status thereof and, at its expense, the Company will, as expeditiously as possible to the extent applicable: 

(a) prepare and file, as promptly as reasonably practicable, with the Commission a registration statement with respect to such securities in
accordance with the applicable provisions of this Agreement; 
 (b) prepare and file, as promptly as reasonably practicable, with the
Commission such amendments, including post-effective amendments, and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such registration statement (including to permit the intended method of distribution thereof) and as may be necessary to keep the registration statement continuously
effective for the period set forth in this Agreement; 
 (c) furnish to the Holders participating in such registration and to their legal
counsel copies of the registration statement proposed to be filed, and provide such Holders and their legal counsel the reasonable opportunity to review and comment on such registration statement provided that in no event shall the Company be
required to delay or postpone any filing if such Holder and their legal counsel have not provided comments within five (5) Business Days of their receipt of such copies; 

(d) furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable number
of copies of the registration statement, preliminary prospectus and final prospectus as the such underwriters may reasonably request in order to facilitate the public offering of such securities; 

(e) use commercially reasonable efforts to notify each Holder of Registrable Securities covered by such registration statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the Company’s knowledge of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to
Section 3.1(n), at the request of any such Holder, prepare promptly and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchaser of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or
incomplete in the light of the circumstances then existing; 
 (f) use commercially reasonable efforts to register and qualify the securities
covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions in which it is not already qualified; 

  
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 (g) in the event that the Registrable Securities are being offered in an underwritten public
offering, enter into and perform its obligations under an underwriting agreement on customary terms and in accordance with the applicable provisions of this Agreement; 

(h) use commercially reasonable efforts to furnish, (i) on the date that such Registrable Securities are delivered to the underwriters for
sale, if such securities are being sold through underwriters, an opinion and negative assurance letter, dated as of such date, of the legal counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) on the date that the offering of such Registrable Securities is priced and on the date that such securities are being sold
through underwriters, a letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten
public offering, addressed to the underwriters; 
 (i) in connection with a customary due diligence review, make available during business
hours for inspection by the Holders, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holders or underwriter, all relevant financial and other records, pertinent
corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all relevant information and participate in customary due diligence sessions in
each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such registration statement, provided, however, each such underwriter shall agree in writing to hold in strict confidence and not to
make any disclosure or use of any information requested above (the “Requested Information”), unless (1) the disclosure of the Requested Information is necessary to avoid or correct a misstatement or omission in such
registration or is otherwise required under the Securities Act, (2) the release of the Requested Information is ordered pursuant to a final, non-appealable subpoena or order from a court or government
body of competent jurisdiction, (3) the Requested Information is or has been made generally available to the public other than by disclosure in violation of this Agreement, (4) the Requested Information was within such underwriter’s
possession on a non-confidential basis prior to it being furnished to such underwriter by or on behalf of the Company or any of its representatives, provided that the source of such information was not bound
by a confidentiality agreement or other contractual, legal or fiduciary obligation of confidentiality with respect to such information or (5) the Requested Information becomes available to such underwriter on a
non-confidential basis from a source other than the Company or any of its representatives, provided that such source is not bound by a confidentiality agreement or other contractual, legal or fiduciary
obligation of confidentiality with respect to such information. Such underwriter agrees that it shall, upon learning that disclosure of the Requested Information is sought in or by a court or governmental body of competent jurisdiction or through
other means, give prompt notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Requested Information deemed confidential; 

(j) in the event that any broker-dealer underwrites any Registrable Securities or participates as a member of an underwriting syndicate or
selling group or “participates in an offering” (within the meaning of the FINRA Rules) thereof, whether as a Holder or as an underwriter, placement, sales agent or broker or dealer in respect thereof, or otherwise, the Company will, upon
the reasonable request of such broker-dealer, comply with any reasonable request of such broker-dealer in complying with the FINRA Rules; 

  
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 (k) notwithstanding any other provision of this Agreement, if the Board of Directors of the
Company has determined in good faith that the disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially detrimental to the Company, the Company shall have the right not to file or not to
cause the effectiveness of any registration covering any Registrable Securities and to suspend the use of the prospectus and the registration statement covering any Registrable Security for such period of time as its use would be materially
detrimental to the Company by delivering written notice of such suspension to all Holders listed on the Company’s records; provided, however, that in any 12-month period the Company may
exercise the right to such suspension not more than twice. From and after the date of a notice of suspension under this Section 3.1(k), each Holder agrees not to use the prospectus or registration statement until the
earlier of (i) notice from the Company that such suspension has been lifted or (ii) the day following the sixtieth (60th) day of suspension within any
12-month period; 
 (l) cooperate with, and direct the Company’s transfer agent to cooperate
with, the Holders and the managing underwriters, if any, to facilitate the timely settlement of any offering or sale of Registrable Securities, including the preparation and delivery of certificates (not bearing any legends) or book-entry (not
bearing stop transfer instructions) representing Registrable Securities to be sold and, in connection therewith, if reasonably required by the Company’s transfer agent, the Company shall promptly cause an opinion of counsel to be delivered to
and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without restriction upon
sale by the holder of such shares of Registrable Securities; 
 (m) use its reasonable best efforts to cause all shares of Registrable
Securities to be listed on the national securities exchange on which the Common Stock is then listed; and 
 (n) cause its officers to use
their reasonable best efforts to support the marketing of the Registrable Securities (including participation in “road shows” and other customary marketing activities, which may be virtual). 

Section 3.2 Limitation on Subsequent Registration Rights. From and after the date hereof, the Company shall not enter into any
agreement granting any holder or prospective holder of any securities of the Company registration rights with respect to such securities that conflict with the rights granted to the Holders herein, without the prior written consent of Holders of a
majority of the Registrable Securities. 
 Section 3.3 Expenses of Registration. All Registration Expenses incurred in
connection with any registration pursuant to this Agreement or otherwise in complying with this Agreement shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of
the registered securities included in such registration. 

  
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 Section 3.4 Information by Holders. The Holder or Holders of Registrable
Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may reasonably
request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Article I or II are
conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following: 

(a) such Holder or Holders will cooperate with the Company in connection with the preparation of the applicable registration statement, and for
so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as
such), all information regarding themselves and such other information as may be required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the applicable Registrable Securities owned
by such Holder or Holders and to maintain the currency and effectiveness thereof; 
 (b) during such time as such Holder or Holders may be
engaged in a distribution of the Registrable Securities, such Holder or Holders will comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will,
among other things: (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws and (ii) if required by applicable law, cause to be furnished to each agent or broker-dealer to
or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by
reference therein as may be required by such agent, broker-dealer or offeree; and 
 (c) on receipt of written notice from the Company of the
happening of any of the events specified in Section 3.1(k), or that requires the suspension by such Holder or Holders of the distribution of any of the Registrable Securities owned by such Holder or Holders pursuant to a
registered offering, then such Holders shall cease offering or distributing the Registrable Securities owned by such Holder or Holders in a registered offering until the offering and distribution of the Registrable Securities owned by such Holder or
Holders may recommence in accordance with the terms hereof and applicable law. 
 Section 3.5 Rule 144 Reporting. With a view to
making available the benefits of Rule 144 to the Holders, the Company will use commercially reasonable efforts to: 
 (a) file with the
Commission in a timely manner all reports and other documents required of the Company under the Exchange Act; and 
 (b) so long as a Holder
owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act. 

  
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 Section 3.6 “Market
Stand-Off” Agreement. The Company and the Holders shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction
with the same economic effect as a sale with respect to, any Common Stock (or other securities of the Company) (other than those included in the registration) for a period specified by the representatives of the managing underwriter or underwriters
of Common Stock (or other securities of the Company convertible into Common Stock) not to exceed five (5) days prior and ninety (90) days following any registered public sale of securities by the Company in which such Holder participates
in accordance with Article II, subject to customary exceptions, including (a) transfers to affiliates and (b) pledges and foreclosures on such pledges. Each of the Holders also shall execute and deliver any “lock-up” agreement reasonably requested by the representatives of any underwriters of the Company in connection with an offering in which such Holder participates, subject to customary exceptions,
including (a) transfers to affiliates and (b) pledges and foreclosures on such pledges. 
 ARTICLE IV 

INDEMNIFICATION 

Section 4.1 Indemnification by Company. To the extent permitted by applicable law, the Company will, with respect to any
Registrable Securities as to which registration or qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify each Holder, each Holder’s current and former officers, directors,
partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Holder or any of the foregoing within the meaning of Section 15 of the Securities Act, and each underwriter thereof, if
any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), against all expenses, claims, losses, damages, costs (including
costs of preparation and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement
and other liabilities, joint or several (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus,
offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of, or any rule or regulation promulgated under, the Securities Act, Exchange Act or state securities
laws applicable to the Company in connection with any such registration, and the Company will reimburse each of the Company Indemnified Parties for any reasonable legal and any other expenses reasonably incurred in connection with investigating,
preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred. The indemnity agreement contained in this Section 4.1 shall not apply to amounts paid in settlement of any loss,
claim, damage, liability or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any
such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue
statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by or on behalf of any
Holder 
  

  
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 Section 4.2 Indemnification by Holders. To the extent permitted by applicable
law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and
not jointly, the Company, each of its directors, officers, partners, members, managers, shareholders, accountants, attorneys, agents and employees, each underwriter, if any, of the Company’s securities covered by such a registration, each
Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other Holder and each of such other Holder’s officers, directors, partners, members, managers, shareholders, accountants,
attorneys, agents and employees and each Person controlling such Holder or any of the foregoing within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all
expenses, claims, losses, damages, costs (including costs of preparation and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments,
fines, penalties, charges, amounts paid in settlement and other and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement,
prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by such Holder of, or any rule or regulation promulgated under, the Securities
Act, Exchange Act or state securities law applicable to such Holder, and will reimburse each of the Holder Indemnified Parties for any reasonable legal or any other expenses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in
such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein, provided,
however, that in no event shall any indemnity under this Section 4.2 payable by a Holder exceed the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities
included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission or violation. The indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior
written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed), nor shall the Holder be liable for any such loss, claim, damage, liability or action where such untrue statement or alleged untrue statement or
omission or alleged omission was corrected in a final or amended prospectus, and the Company or the underwriters failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to
the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required by the Securities Act 

  
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 Section 4.3 Notification. Each party entitled to indemnification under this
Article IV (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to
which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided, however, that counsel for the Indemnifying Party, who shall conduct the
defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such party’s expense; provided,
further, however, that an Indemnified Party (together with all other Indemnified Parties) shall have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the Indemnifying Party, if
representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to conflicting interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The
failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Article IV, only to the extent that, the failure to give such notice is materially prejudicial or harmful to
an Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably
withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation. The indemnity agreements contained in this Article IV shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent
of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this Article IV shall be in addition to any other indemnification rights or agreements that an Indemnified Party may
have. 
 Section 4.4 Contribution. If the indemnification provided for in this Article IV is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability or action referred to therein, then, subject to the limitations contained in Article IV, the
Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such claim, loss, damage, liability or action in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the actions that resulted in such claims, loss, damage, liability or action, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact related to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the
Holders agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were based solely upon the number of entities from whom contribution was requested or by any other method of allocation
which does not take account of the equitable considerations referred to above in this Section 4.4. In no event shall any Holder’s contribution obligation under this Section 4.4 exceed the
amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, 

  
 12 

 
settlements, damages, claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. No Person
guilty of fraudulent misrepresentation (within the meaning of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

ARTICLE V 
 TRANSFER AND
TERMINATION OF REGISTRATION RIGHTS 
 Section 5.1 Transfer of Registration Rights. The rights to cause the Company to
register securities granted to a Holder under this Agreement may be transferred or assigned to any Person in connection with any Transfer (as defined in the Securities Purchase Agreement) or assignment of Registrable Securities; provided,
however, that (a) such transfer may otherwise be effected in accordance with applicable securities laws, (b) prior written notice of such assignment is given to the Company, and (c) such transferee agrees in writing to be
bound by, and subject to, this Agreement as a “Holder” pursuant to a written instrument in form and substance reasonably acceptable to the Company. 

Section 5.2 Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities
under Articles I and II shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities. 

ARTICLE VI 
 MISCELLANEOUS.

 Section 6.1 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission
service shall be considered original executed counterparts for purposes of this Section 6.1, provided that receipt of copies of such counterparts is confirmed. 

Section 6.2 Governing Law. 

(a) 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. 

(b) Any dispute relating hereto shall be heard in the U.S. District Court for the District of Delaware (and any federal appellate courts
therefrom) (and to the extent such court declines jurisdiction, the Court of Chancery of the State of Delaware) (each a “Chosen Court” and collectively, the “Chosen Courts”), and the parties agree to the exclusive
jurisdiction and venue of the Chosen Courts. Such Persons further agree that any proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby or
by any matters related to the foregoing (the “Applicable Matters”) shall be brought exclusively in a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have arisen
from a transaction of business in the state of Delaware, and each of the foregoing Persons hereby irrevocably consents 

  
 13 

 
to the jurisdiction of such Chosen Courts in any such proceeding and irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that such Person may now or
hereafter have to the laying of the venue of any such suit, action or proceeding in any such Chosen Court or that any such proceeding brought in any such Chosen Court has been brought in an inconvenient forum. 

(c) Such Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any Applicable Matter)
other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court. 
 (d) Process in
any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that service
of process on such party as provided in Section 6.5 shall be deemed effective service of process on such Person. 

(e) Waiver of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES
PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
 Section 6.3 Entire
Agreement; No Third Party Beneficiary. This Agreement and the Securities Purchase Agreement contain the entire agreement by and among the parties with respect to the subject matter hereof and all prior negotiations, writings and understandings
relating to the subject matter of this Agreement. Except as provided in Article IV, this Agreement is not intended to confer upon any Person not a party hereto (or their successors and permitted assigns) any rights or remedies hereunder. 

Section 6.4 Expenses. Except as provided in Section 3.3, all fees, costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby, including accounting and legal fees shall be paid by the party incurring such expenses. 

Section 6.5 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by nationally recognized overnight air courier, one (1) business
day after mailing; (c) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in the foregoing clause (a) or (b), when transmitted and receipt is confirmed; and
(d) if otherwise actually personally delivered, when delivered, provided, that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party shall provide by
like notice to the other parties to this Agreement: 

  
 14 

 If to the Company, to: 

APi Group Corporation 
 1100 Old
Highway 8 NW 
 New Brighton, Minnesota 55112 

	 	Attention:	 General Counsel and Secretary, Andrea Fike, Esq. 

	 	Email:	 andrea.fike@apigroupinc.us 

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

Greenberg Traurig, LLP 
 401 E.
Las Olas Blvd., Suite 2000 
 Ft. Lauderdale, FL 33301 

	 	Attention:	 Donn A. Beloff, Esq. 

	 	Email:	 beloffd@gtlaw.com 

If to a Holder, to: 
 Viking
Global Equities Master Ltd. 
 c/o Viking Global Investors LP 

280 Park Avenue 
 New York, NY
10017 

	 	Attention:	 Brian Kaufman; General Counsel 

	 	E-mail:	 bkaufmann@vikingglobal; 

	 	 	 legalnotices@vikingglobal.com 

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

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York,
New York 10006 

	 	Attention:	 Benet J. O’Reilly 

	 	 	 Paul Imperatore 

	 	Email:	 boreilly@cgsh.com 

	 	 	 pimperatore@cgsh.com 

Section 6.6 Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as provided in Section 5.1, no assignment of this Agreement or of any rights or obligations hereunder may be made by any party hereto without the prior written consent of
the other parties hereto. Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio. 

Section 6.7 Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of
reference only and will not affect the meaning or interpretation of this Agreement. 

  
 15 

 Section 6.8 Amendments and Waivers. This Agreement may not be modified or
amended except by an instrument or instruments in writing signed by the Company and the Holders of a majority of the Registrable Securities outstanding at the time of such amendment. Any party hereto may, only by an instrument in writing, waive
compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with. No failure or delay of any party in exercising any right or remedy hereunder shall
operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other
right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any
rights or remedies that they would otherwise have hereunder. 
 Section 6.9 Interpretation; Absence of Presumption. 

(a) For the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be
held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs in this Agreement unless otherwise specified; (iii) the word “including” and words of similar import
when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; and (iv) the word “or” , “any” or “either” shall not be
exclusive. References to a Person are also to its permitted assigns and successors. When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is
the reference date in calculating such period shall be excluded (and unless, otherwise required by Law, if the last day of such period is not a business day, the period in question shall end on the next succeeding business day) 

(b) With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been
mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted
or requested any term or condition of this Agreement. 
 Section 6.10 Severability. Any provision hereof that is held to be
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof,
provided, however, that the parties will attempt in good faith to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent. 

(The next page is the signature page) 

  
 16 

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

			
	API GROUP CORPORATION
		
	By:	 	 /s/ Andrea Fike

		 	Name: Andrea Fike
		 	Title:   General Counsel and Secretary
	
	VIKING GLOBAL EQUITIES MASTER LTD.
	
	By: Viking Global Performance LLC, its General Partner
		
	By:	 	 /s/ Katerina Novak

		 	Name: Katerina Novak
		 	Title:   Authorized Signatory
	
	VIKING GLOBAL EQUITIES II LP
	
	By: Viking Global Performance LLC, its General Partner
		
	By:	 	 /s/ Katerina Novak

		 	Name: Katerina Novak
		 	Title:   Authorized Signatory

 [Signature Page to Registration Rights Agreement] 

  
 S-1 

 EXHIBIT A 

DEFINED TERMS 
  

	 	1.	 The following capitalized terms have the meanings indicated: 

“Affiliate” of any Person means any Person, directly or indirectly, controlling, controlled by or under common control with such Person. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405. 

“Commission” means the Securities and Exchange Commission. 

“Common Stock” means the Company’s common stock, par value $0.0001 per share. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect from time to time. 
 “Existing Registration Rights Agreement” means that
certain Registration Rights Agreement, dated March 24, 2020, by and between APi Group Corporation and Viking Global Opportunities Liquid Portfolio Sub-Master LP. 

“Holder” means (a) any Investor holding Registrable Securities and (b) any transferee to which the rights under this Agreement have
been transferred in accordance with Section 5.1. 
 “Other Agreement” means that certain Registration Rights
Agreement, dated January 3, 2021, by and between APi Group Corporation and Blackstone entity(ies). 
 “Other Holder” means
(a) Blackstone entity(ies) to the extent it holds “Registrable Securities” (as such term is defined in the Other Agreement) and (b) any transferee to which the rights under the Other Agreement have been transferred in accordance
with the Other Agreement. 
 “Person” means an individual, corporation, partnership, limited liability company, joint venture, association,
trust, unincorporated organization, other legal entity, or any government or governmental agency or authority. 
 “register”,
“registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such
registration statement. 
 “Registrable Securities” means (a) any shares of Common Stock issued or issuable upon conversion of the
Series B Convertible Preferred Stock, (b) any shares of Common Stock that may be received as payment of dividends in kind on the Series B Convertible Preferred Stock and (c) any Common Stock actually issued in respect of the securities
described in clauses (a) or (b) above or this clause (c) upon any stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; provided, however, that the securities described in
clauses (a), (b) and (c) above shall only be treated as Registrable Securities until the earliest of: (i) the date on 

  
 A-1 

 
which such security has been registered under the Securities Act and disposed of in accordance with an effective Registration Statement relating thereto; (ii) the date on which such security
has been sold pursuant to Rule 144 and the security is no longer a Restricted Security; or (iii) such Registrable Securities becoming eligible for sale by the Holder pursuant to Rule 144 without volume or manner-of-sale restrictions (but only if the Company has effected the removal of any legend from the certificates evidencing the Registrable Securities). 

“Registration Expenses” means (a) all expenses incurred by the Company in complying with this Agreement, including internal expenses,
all registration, qualification, listing and filing fees, printing expenses, escrow fees, rating agency fees, fees and disbursements of the Company’s independent registered public accounting firm, fees and disbursements of counsel for the
Company, blue sky fees and expenses, (b) the fees and expenses of one counsel to the Holders in connection with this Agreement selected by the Holder or Holders of a majority of the Registrable Securities not to exceed $125,000 and (c) the
fees and expenses of counsel for the underwriters and any qualified independent underwriter in connection with FINRA and blue sky qualifications; provided, however, that Registration Expenses shall not include any Selling Expenses.

 “Restricted Securities” means any Common Stock required to bear the legends set forth in Sections 4.2(b) and 4.2(c) of the
Securities Purchase Agreement. 
 “Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision. 

“Rule 405” means Rule 405 promulgated under the Securities Act and any successor provision. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder or any similar federal
statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Selling Expenses”
means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders. 
 “Series B
Convertible Preferred Stock” means the Company’s 5.5% Series B Perpetual Convertible Preferred Stock, par value $0.0001 per share. 

“Shelf Registration” means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable. 

“Transfer” has the meaning given to such term in the Securities Purchase Agreement. 

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

 

	2.	 The following terms are defined in the Sections of the Agreement indicated: 

  
 A-2 

 INDEX OF TERMS 

 

					
	 Term
	  	Section	 
	 Agreement
	  	 	Preamble	 
	 Applicable Matters
	  	 	Section 6.2(b)	 
	 Chosen Court
	  	 	Section 6.2(b)	 
	 Company
	  	 	Preamble	 
	 Company Indemnified Parties
	  	 	Section 4.1	 
	 Effectiveness Period
	  	 	Section 1.2	 
	 Holder
	  	 	Section 5.1	 
	 Holder Indemnified Parties
	  	 	Section 4.2	 
	 Indemnified Party
	  	 	Section 4.3	 
	 Indemnifying Party
	  	 	Section 4.3	 
	 Investor
	  	 	Preamble	 
	 Market Stand-Off
	  	 	Section 3.6	 
	 Resale Shelf Registration
	  	 	Section 1.1	 
	 Securities Purchase Agreement
	  	 	Preamble	 
	 Subsequent Holder Notice
	  	 	Section 1.5	 
	 Subsequent Shelf Registration
	  	 	Section 1.3	 
	 Underwritten Offering
	  	 	Section 1.6	 

  
 A-3

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