Document:

EX-10.3

 Exhibit 10.3 

EXECUTION COPY 
 TAX
RECEIVABLE AGREEMENT 
 Between 

NERDY INC. 
 and

 THE PERSONS NAMED HEREIN 

Dated as of September 20, 2021 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	 DEFINITIONS
	  	 	1	 
			
	 Section 1.1.
	  	 Definitions
	  	 	1	 
			
	 ARTICLE II
	  	 DETERMINATION OF CERTAIN REALIZED TAX BENEFIT
	  	 	9	 
			
	 Section 2.1.
	  	 Basis Schedule
	  	 	9	 
			
	 Section 2.2.
	  	 Tax Benefit Schedule
	  	 	10	 
			
	 Section 2.3.
	  	 Procedures, Amendments
	  	 	10	 
			
	 ARTICLE III
	  	 TAX BENEFIT PAYMENTS
	  	 	11	 
			
	 Section 3.1.
	  	 Payments
	  	 	11	 
			
	 Section 3.2.
	  	 No Duplicative Payments
	  	 	12	 
			
	 Section 3.3.
	  	 Pro Rata Payments
	  	 	12	 
			
	 Section 3.4.
	  	 Payment Ordering
	  	 	12	 
			
	 Section 3.5.
	  	 Excess Payments
	  	 	12	 
			
	 ARTICLE IV
	  	 TERMINATION
	  	 	13	 
			
	 Section 4.1.
	  	 Early Termination of Agreement; Breach of Agreement
	  	 	13	 
			
	 Section 4.2.
	  	 Early Termination Notice
	  	 	14	 
			
	 Section 4.3.
	  	 Payment upon Early Termination
	  	 	14	 
			
	 ARTICLE V
	  	 SUBORDINATION AND LATE PAYMENTS
	  	 	15	 
			
	 Section 5.1.
	  	 Subordination
	  	 	15	 
			
	 Section 5.2.
	  	 Late Payments by the Corporate Taxpayer
	  	 	15	 
			
	 ARTICLE VI
	  	 NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	15	 
			
	 Section 6.1.
	  	 Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters
	  	 	15	 
			
	 Section 6.2.
	  	 Consistency
	  	 	16	 
			
	 Section 6.3.
	  	 Cooperation
	  	 	16	 
			
	 ARTICLE VII
	  	 MISCELLANEOUS
	  	 	16	 
			
	 Section 7.1.
	  	 Notices
	  	 	16	 
			
	 Section 7.2.
	  	 Counterparts
	  	 	17	 
			
	 Section 7.3.
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	17	 
			
	 Section 7.4.
	  	 Governing Law
	  	 	17	 
			
	 Section 7.5.
	  	 Severability
	  	 	17	 
			
	 Section 7.6.
	  	 Successors; Assignment; Amendments; Waivers
	  	 	17	 
			
	 Section 7.7.
	  	 Titles and Subtitles
	  	 	18	 
			
	 Section 7.8.
	  	 Resolution of Disputes
	  	 	18	 
			
	 Section 7.9.
	  	 Reconciliation
	  	 	19	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 7.10.
	  	 Withholding
	  	 	20	 
			
	 Section 7.11.
	  	 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets
	  	 	20	 
			
	 Section 7.12.
	  	 Confidentiality
	  	 	21	 
			
	 Section 7.13.
	  	 Change in Law
	  	 	22	 
			
	 Section 7.14.
	  	 Electronic Signature
	  	 	22	 
			
	 Section 7.15.
	  	 Independent Nature of TRA Parties’ and Interests Parties’ Rights and Obligations
	  	 	22	 
			
	 Section 7.16.
	  	 TRA Party Representative
	  	 	22	 
			
	 Section 7.17.
	  	 LLC Agreement
	  	 	23	 

  

  
 -ii- 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”) is dated as of September 20, 2021, and is between Nerdy
Inc., a Delaware corporation, each of the undersigned parties, and each of the other persons from time to time that becomes a party hereto (each, excluding Nerdy LLC, a Delaware limited liability company (“OpCo”), a
“TRA Party” and together the “TRA Parties”). 
 RECITALS 

WHEREAS, the TRA Parties directly or indirectly hold units (the “Units”) in OpCo, which is classified as a
partnership for U.S. federal income tax purposes; 
 WHEREAS, after the BCA Closing (as defined below) the Corporate Taxpayer (as
defined below) will be the sole managing member of OpCo, and will hold, directly and/or indirectly, Units; 
 WHEREAS, the Units held
by the TRA Parties may be exchanged for shares of Class A common stock (the “Class A Shares”) of the Corporate Taxpayer (as defined below), in accordance with and subject to the
provisions of the LLC Agreement (as defined below); 
 WHEREAS, OpCo and each of its direct and indirect Subsidiaries (as defined
below) that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the U. S. Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year
(as defined below) that includes the BCA Closing Date (as defined below) and for each Taxable Year (as defined below) in which a there is taxable acquisition (including a deemed taxable acquisition under Section 707(a) of the Code) of Units by
the Corporate Taxpayer or by OpCo from any of the TRA Parties (an “Exchanging Holder”) for Class A Shares and/or other consideration or a taxable distribution (or deemed distribution) from OpCo to any of the TRA Parties
(each, an “Exchange”), including pursuant to that certain merger of TPG Pace Tech Merger Sub LLC, a Delaware limited liability company, with and into OpCo, with OpCo surviving the merger, pursuant to the BCA (as defined
below), as set forth in Section 9.13 of the BCA (as defined below); 
 WHEREAS, the income, gain, loss, expense and other Tax
items of the Corporate Taxpayer may be affected by the (i) Basis Adjustments and (ii) Imputed Interest (each as defined below) (collectively, the “Tax Attributes”); and 

WHEREAS, the parties to this Agreement desire to provide for certain payments and make certain arrangements with respect to the effect
of the Tax Attributes on the liability for Taxes (as defined below) of the Corporate Taxpayer. 
 NOW, THEREFORE, in consideration of
the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.1. Definitions. As used in this Agreement, the terms set forth in this Article I shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

  
 1 

 “Actual Tax Liability” means, with respect to any Taxable Year, the
sum of (i) the actual liability for U.S. federal income Taxes of the Corporate Taxpayer as reported on its IRS Form 1120 (or any successor form) for such Taxable Year, and, without duplication, the portion of any liability for U.S. federal
income taxes imposed directly on OpCo (and OpCo’s applicable Subsidiaries) under Section 6225 or any similar provision of the Code that is allocable to the Corporate Taxpayer under Section 704 of the Code (provided, that such amount
set forth in clause (i) will be calculated excluding deductions of (and other impacts of) state and local income taxes) and (ii) the product of the amount of the U.S. federal taxable income or gain for such Taxable Year reported on the
Corporate Taxpayer’s IRS Form 1120 (or any successor form) (provided, that such amount will be calculated excluding deductions of (and other impacts of) state and local income taxes) and the Assumed Rate. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate”
means a per annum rate of the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points. 
 “Agreement” has the
meaning set forth in the Preamble to this Agreement. 
 “Amended Schedule” has the meaning set forth in
Section 2.3(b) of this Agreement. 
 “Assumed Rate” means, with respect to any Taxable Year, the product of
(a) the excess of (i) one hundred percent (100%) over (ii) the highest U.S. federal corporate income tax rate for such Taxable Year (expressed as a percentage) and (b) the sum, with respect to each state and local jurisdiction in
which the Corporate Taxpayer files Tax Returns, of the products of (i) the Corporate Taxpayer’s tax apportionment rate(s) for such jurisdiction for such Taxable Year and (ii) the highest corporate tax rate(s) for such jurisdiction for
such Taxable Year. 
 “Attributable” means the portion of any Tax Attribute of the Corporate Taxpayer that is
“Attributable” to any present or former holder of Units, other than the Corporate Taxpayer, and shall be determined by reference to the Tax Attributes, under the following principles: 

(i) any Basis Adjustments shall be determined separately with respect to each Exchanging Holder, using reasonable methods for tracking such
Basis Adjustments, and are Attributable to each Exchanging Holder in an amount equal to the total Basis Adjustments relating to such Units Exchanged by such Exchanging Holder (determined without regard to any dilutive or antidilutive effect of any
contribution to or distribution from OpCo after the date of an applicable Exchange, and taking into account (i) Section 704(c) of the Code and (ii) any adjustment under Section 734(b) or Section 743(b) of the Code); and 

(ii) any deduction to the Corporate Taxpayer with respect to a Taxable Year in respect of Imputed Interest is Attributable to the Person that
is required to include the Imputed Interest in income (without regard to whether such Person is actually subject to Tax thereon). 

“Basis Adjustment” means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b)) and/or 1012
of the Code (in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes) or under Sections 734(b), 743(b) and/or 754 of the Code (in
situations where, following an Exchange, OpCo remains in existence as an entity treated as a partnership for U.S. federal income tax purposes) as a result of an Exchange and the payments made pursuant to this Agreement in respect of such Exchange.
For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred. 

  
 2 

 “BCA” means the Business Combination Agreement, dated as of
January 28, 2021, by and among TPG Pace Tech Opportunities Corp., an exempted company incorporated in the Cayman Islands with limited liability under company number 353460, TPG Pace Tech Merger Sub LLC, a Delaware limited liability company, TCV
VIII (A) VT, Inc., a Delaware corporation, LCSOF XI VT, Inc., a Delaware corporation, TPG Pace Blocker Merger Sub I Inc., a Delaware corporation, TPG Pace Blocker Merger Sub II Inc., a Delaware corporation, Live Learning Technologies, LLC, a
Missouri limited liability company, and the Blocker Holders (as defined therein), as amended. 
 “BCA Closing” means
the closing of the transactions contemplated by the BCA. 
 “BCA Closing Date” means the closing date of the BCA
Closing. 
 “Basis Schedule” has the meaning set forth in Section 2.1 of this Agreement. 

“Beneficial Owner” means, with respect to any security, a Person who directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power, which includes the power to dispose of, or
to direct the disposition of, such security. The term “Beneficial Ownership” shall have a correlative meaning. 

“Board” means the Board of Directors of the Corporate Taxpayer. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York,
New York are authorized or required by law to close. 
 “Change of Control” means the occurrence of any of
the following events or series of events after the closing of the transactions contemplated by the BCA: 
 (a) any Person (excluding any
Qualifying Owner or any group of Qualifying Owners acting together that would constitute a “group” for purposes of Section 13(d) of the Exchange Act, and excluding a corporation or other entity owned, directly or indirectly, by the
shareholders of the Corporate Taxpayer in substantially the same proportions as their ownership of the stock of the Corporate Taxpayer) is or becomes the beneficial owner, directly or indirectly, of securities of the Corporate Taxpayer representing
more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or 
 (b) the Incumbent
Directors cease for any reason, other than by reason of any party to the Stockholder Agreement waiving its rights to a Designated Director (as defined in the Stockholder Agreement) or an amendment to the Stockholder Agreement eliminating or
modifying the number of Designated Directors, to constitute a majority of the number of directors of the Corporate Taxpayer then serving; for purposes of this clause (b), “Incumbent Directors” means (x) individuals who,
on the BCA Closing Date, constitute the Board, (y) any individual whose appointment or election by the Board or nomination for election by the Corporate Taxpayer’s stockholders was made pursuant to the Stockholder Agreement (including any
Cohn Director), and (z) any new director whose appointment or election by the Board or nomination for election by the Corporate Taxpayer’s stockholders was approved or recommended by either (1) a vote of at least two-thirds (2/3) of the Incumbent Directors then in office or (2) a majority of the Cohn Directors, in each of clauses (1) and (2), either by a specific vote or by approval of the proxy statement of the
Corporate Taxpayer in which such person is named as a nominee for director, without written objection to such nomination; or 

  
 3 

 (c) there is consummated a merger or consolidation of the Corporate Taxpayer with any other
corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the
company surviving the merger or, if the surviving company is Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to represent or are
not converted into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(d) the shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is
consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets (including a sale of all of the equity
interests in OpCo held by the Corporate Taxpayer), other than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the
voting securities of which are owned by shareholders of the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale. 

Notwithstanding the foregoing, except with respect to clause (b) and clause (c)(x) above, a “Change of Control” shall not be
deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of the Corporate
Taxpayer immediately following such transaction or series of transactions. 
 “Change of Control Acceleration
Election” has the meaning set forth in Section 4.1(c)(i) of this Agreement. 

“Class A Shares” has the meaning set forth in the Recitals of this Agreement. 

“Code” has the meaning set forth in the Recitals of this Agreement. 

“Cohn” means Cohn Investments, LLC. 

“Cohn Director” has the meaning assigned to such term in the Stockholder Agreement. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate
Taxpayer” means Nerdy Inc. and any successor corporation and shall include any company that is a member of any consolidated Tax Return of which Nerdy Inc. is a member. For the avoidance of doubt, this term as used in the definition of
“Board” and “Change of Control” means only Nerdy Inc. and any successor corporation. 

  
 4 

 “Corporate Taxpayer Return” means the U.S. federal income Tax Return
of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year, including any consolidated Tax Return. 
 “Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative
amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in existence at the
time of such determination; provided, that, for the avoidance of doubt, the computation of the Cumulative Net Realized Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits and/or
Realized Tax Detriments. 
 “Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

“Determination” has the meaning ascribed to such term in Section 1313(a) of the Code or any other event
(including the execution of IRS Form 870- AD), including a settlement with the applicable Taxing Authority, that finally and conclusively establishes the amount of any liability for Tax. 

“Dispute” has the meaning set forth in Section 7.8(a) of this Agreement. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Effective Date” means the date on which an Early Termination Schedule
becomes binding pursuant to Section 4.2. 
 “Early Termination Notice” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Early Termination Payment” has the meaning set forth in Section 4.3(b)
of this Agreement. 
 “Early Termination Rate” means the lesser of (i) 6.5% and (ii) LIBOR plus 150 basis
points. 
 “Early Termination Schedule” has the meaning set forth in Section 4.2 of this Agreement. 

“Exchange” has the meaning set forth in the Recitals of this Agreement. 

“Exchange Act” has the meaning assigned to such term in the LLC Agreement. 

“Exchange Date” means the date of any Exchange. 

“Exchanging Holder” has the meaning set forth in the Recitals of this Agreement. 

“Expert” has the meaning set forth in Section 7.9 of this Agreement. 

“Future TRAs” has the meaning set forth in Section 5.1 of this Agreement. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) the
Corporate Taxpayer and (ii) without duplication, the portion of any liability for U.S. federal income taxes imposed directly on OpCo (and OpCo’s applicable subsidiaries) under Section 6225 or any similar provision of the Code that is
allocable to the Corporate Taxpayer under Section 704 of the Code, in each case using the same methods, elections, conventions and similar practices used on the relevant Corporate Taxpayer Return, but (a) using the Non-Stepped Up Tax Basis as reflected on the Basis Schedule, including 

  
 5 

 
amendments thereto, for the Taxable Year and (b) excluding any deduction attributable to Imputed Interest attributable to any payment made under this Agreement for the Taxable Year;
provided, that Hypothetical Tax Liability shall be calculated (x) excluding deductions of state and local income taxes for U.S. federal income tax purposes and (y) assuming the liability for state and local Taxes (but not, for the
avoidance of doubt, U.S. federal taxes) shall be equal to the product of (i) the amount of the U.S. federal taxable income or gain calculated for purposes of this definition of Hypothetical Tax Liability for such Taxable Year multiplied by
(ii) the Assumed Rate. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to a Tax Attribute, as
applicable. 
 “Imputed Interest” in respect of a TRA Party means any interest imputed under Section 1272,
1274, 7872 or 483 or other provision of the Code with respect to the Corporate Taxpayer’s payment obligations in respect of such TRA Party under this Agreement. 

“Interest Amount” has the meaning set forth in Section 3.1(b) of this Agreement. 

“IRS” means the U.S. Internal Revenue Service. 

“Joinder” has the meaning set forth in Section 7.6(a) of this Agreement. 

“LIBOR” means, during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Corporate Taxpayer as an authorized information
vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two
(2) Business Days prior to the first day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there shall at any time, for any reason, no longer exist a
Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, a comparable replacement rate determined by the Corporate Taxpayer at such time, which determination shall be conclusive absent manifest error); provided, that at no time
shall LIBOR be less than 0%. If the Corporate Taxpayer has made the determination (such determination to be conclusive absent manifest error) that (i) LIBOR is no longer a widely recognized benchmark rate for newly originated loans in the U.S.
loan market in U.S. dollars or (ii) the applicable supervisor or administrator (if any) of LIBOR has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans in the
U.S. loan market in U.S. dollars, then the Corporate Taxpayer shall (as determined by the Corporate Taxpayer to be consistent with market practice generally), establish a replacement interest rate (the “Replacement Rate”), in
which case, the Replacement Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement. In connection with the establishment and application of the Replacement Rate, this Agreement shall be amended solely with
the consent of the Corporate Taxpayer and OpCo, as may be necessary or appropriate, in the reasonable judgment of the Corporate Taxpayer, to effect the provisions of this section. The Replacement Rate shall be applied in a manner consistent with
market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Corporate Taxpayer, such Replacement Rate shall be applied as otherwise reasonably determined by the Corporate Taxpayer. 

“LLC Agreement” means, with respect to OpCo, the Second Amended and Restated Limited Liability Company Agreement of
OpCo, dated on or about the date hereof, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time. 

“LLC Unit Holder” means a holder of Units other than the Corporate Taxpayer. 

  
 6 

 “Market Value” the volume-weighted average share price of the
Class A Shares as displayed on the Corporate Taxpayer’s page on Bloomberg (or any successor service) in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on the relevant trading day. 

“Net Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Non-Stepped Up Tax Basis” means, with respect to any Reference Asset, the Tax
basis that such asset would have had at such time if no Basis Adjustments had been made. 
 “Objection Notice” has
the meaning set forth in Section 2.3(a) of this Agreement. 
 “OpCo” has the meaning set forth in the Preamble
of this Agreement. 
 “Person” has the meaning assigned to such term in the LLC Agreement. 

“Pre-Exchange Transfer” means any transfer (including upon the death of an LLC
Unit Holder) or distribution in respect of one or more Units (i) that occurs prior to an Exchange of such Units, and (ii) to which Section 734(b) or 743(b) of the Code applies. 

“Qualifying Owner” has the meaning assigned to such term in the LLC Agreement. 

“Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the
Actual Tax Liability of (i) the Corporate Taxpayer and (ii) without duplication, OpCo (and OpCo’s applicable subsidiaries), but only with respect to Taxes imposed on OpCo (and OpCo’s applicable subsidiaries) that are allocable to
the Corporate Taxpayer under Section 704 of the Code. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in
determining the Realized Tax Benefit unless and until there has been a Determination with respect to such Actual Tax Liability. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the
Hypothetical Tax Liability of (i) the Corporate Taxpayer and (ii) without duplication, OpCo (and OpCo’s applicable subsidiaries), but only with respect to Taxes imposed on OpCo (and OpCo’s applicable subsidiaries) that are
allocable to the Corporate Taxpayer under Section 704 of the Code. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be
included in determining the Realized Tax Detriment unless and until there has been a Determination with respect to such Actual Tax Liability. 

“Reconciliation Dispute” has the meaning set forth in Section 7.9 of this Agreement. 

“Reconciliation Procedures” has the meaning set forth in Section 2.3(a) of this Agreement. 

“Reference Asset” means an asset that is held by OpCo, or by any of its direct or indirect Subsidiaries treated as a
partnership or disregarded entity (but only to the extent such indirect Subsidiaries are held through Subsidiaries treated as partnerships or disregarded entities) for purposes of the applicable Tax, at the time of an Exchange. A Reference Asset
also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. For the avoidance of doubt, a Reference Asset does not include an asset held directly or indirectly
by a Subsidiary treated as a corporation for U.S. federal income tax purposes. 
 “Schedule” means any of the
following: (i) a Basis Schedule; (ii) a Tax Benefit Schedule; or (iii) the Early Termination Schedule. 

  
 7 

 “Senior Obligations” has the meaning set forth in Section 5.1
of this Agreement. 
 “Stockholder Agreement” means the Stockholder Agreement, dated on or about the date hereof, by
and among TPG Pace Tech Opportunities Corp., a Cayman Islands exempted company, TPG Pace Tech Opportunities Sponsor, Series LLC, a Delaware series limited liability company, Cohn Investments, LLC, Charles K. Cohn VT Trust U/A/D May 26, 2017,
Learn (as defined therein), and TCV (as defined therein). 
 “Subsidiary” has the meaning assigned to such term in
the LLC Agreement. 
 “Subsidiary Stock” means stock or other equity interest in a Subsidiary of OpCo that is
treated as a corporation for U.S. federal income tax purposes. 
 “Tax Attributes” has the meaning set forth in the
Recitals of this Agreement. 
 “Tax Benefit Payment” has the meaning set forth in Section 3.1(b) of this
Agreement. 
 “Tax Benefit Schedule” has the meaning set forth in Section 2.2(a) of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to
Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or
comparable section of state or local Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the BCA Closing Date. 

“Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges that are based
on or measured with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority”
means any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising
Tax regulatory authority. 
 “TRA Party” has the meaning set forth in the Preamble to this Agreement. 

“TRA Party Representative” means Cohn (or any successor, as provided herein). 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to
time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Units” has the meaning set forth in the Recitals of this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or
after such Early Termination Date: 
 (1) the Corporate Taxpayer will have taxable income sufficient to fully utilize the Tax items arising
from the Tax Attributes (other than any items addressed in clause (2) below) during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future payments
made under this Agreement that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available, 

  
 8 

 (2) any net operating loss carryovers, excess interest deductions, or credit carryovers or
carrybacks (or similar items with respect to carryovers or carrybacks) generated by deductions arising from any Tax Attributes or Imputed Interest that are available as of the date of such Early Termination Date will be used by the Corporate
Taxpayer on a pro rata basis from the date of such Early Termination Date through the earlier of (x) the scheduled expiration date under applicable Tax law of such items or (y) the fifth (5th) anniversary of the Early Termination Date,

 (3) the U.S. federal, state and local income tax rates that will be in effect for each such Taxable Year will be those specified for each
such Taxable Year by the Code and other law as in effect on the Early Termination Date, 
 (4) any
non-amortizable Reference Assets (other than any Subsidiary Stock) will be disposed of on the fifteenth (15th) anniversary of the applicable Exchange and any cash equivalents will be disposed of twelve
(12) months following the Early Termination Date, unless such date has passed, in which case such assets will be deemed disposed of on the fifth (5th) anniversary of the Early Termination Date; provided, that in the event of a Change of
Control which includes taxable sale of such Reference Assets (including the sale of all of the equity interests in an entity classified as a partnership or disregarded entity that directly or indirectly owns such Reference Assets), such non-amortizable Reference Assets shall be deemed disposed of at the time of the Change of Control (if earlier than such fifteenth (15th) anniversary), 

(5) any Subsidiary Stock will be disposed of on the fifteenth (15th) anniversary of the Early Termination Date in a fully taxable transaction
for U.S. federal income tax purposes; provided, that if any Subsidiary Stock is disposed of in a taxable sale in connection with a Change of Control, such Subsidiary Stock shall be deemed to be sold at the time of such Change of Control, and

 (6) if, at the Early Termination Date, there are Units that have not been Exchanged, then each such Unit shall be deemed to be
transferred pursuant to an Exchange for the Market Value of the Class A Shares that would be transferred if the Exchange occurred on the Early Termination Date. 

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT 

SECTION 2.1. Basis Schedule. Within ninety (90) calendar days after the due date (including
extensions) of IRS Form 1120 (or any successor form) of the Corporate Taxpayer for each relevant Taxable Year in which an Exchange has been effected by a TRA Party, the Corporate Taxpayer shall deliver to each such TRA Party a schedule (the
“Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, in respect of such TRA Party (i) the Non-Stepped Up Tax Basis
of the Reference Assets as of each applicable Exchange Date, if any, (ii) the Basis Adjustment with respect to the Reference Assets as a result of the Exchanges effected in such Taxable Year or any prior Taxable Year by such TRA Party, if any
(calculated in the aggregate) and (iii) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable. All costs and expenses incurred in connection with the provision and preparation of the Basis Schedules and Tax
Benefit Schedules under this Agreement shall be borne by OpCo. 

  
 9 

 SECTION 2.2. Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the due date (including extensions) of IRS Form 1120 (or any
successor form) of the Corporate Taxpayer for any Taxable Year in which there is a Realized Tax Benefit or a Realized Tax Detriment Attributable to a TRA Party, the Corporate Taxpayer shall provide to such TRA Party a schedule showing, in reasonable
detail, the calculation of the Realized Tax Benefit and Tax Benefit Payment, or the Realized Tax Detriment, as applicable, in respect of such TRA Party for such Taxable Year (a “Tax Benefit Schedule”). Each Tax Benefit
Schedule will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 

(b) Applicable Principles. Subject to Section 3.3, the Realized Tax Benefit (or the Realized Tax Detriment) for each
Taxable Year is intended to measure the decrease (or increase) in the actual liability for Taxes of the Corporate Taxpayer for such Taxable Year attributable to the Tax Attributes, determined using a “with and without” methodology.
Carryovers or carrybacks of any Tax item attributable to any of the Tax Attributes shall be considered to be subject to the rules of the Code and the Treasury Regulations governing the use, limitation and expiration of carryovers or carrybacks of
the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to any Tax Attribute and another portion that is not, such portions shall be considered to be used in accordance with the “with and
without” methodology. The parties agree that (A) all Tax Benefit Payments (other than the portion of the Tax Benefit Payments treated as Imputed Interest) attributable to the Basis Adjustments will be treated as subsequent upward purchase
price adjustments that have the effect of creating additional Basis Adjustments to Reference Assets in the year of payment, (B) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into
future year calculations, as appropriate, and (C) the Actual Tax Liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest. 

SECTION 2.3. Procedures, Amendments. 

(a) Procedure. Every time the Corporate Taxpayer delivers to a TRA Party an applicable Schedule under this Agreement, including any
Amended Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver to such TRA Party supporting schedules and work papers, as
determined by the Corporate Taxpayer or as reasonably requested by such TRA Party, providing reasonable detail regarding data and calculations that were relevant for purposes of preparing the Schedule and (y) allow such TRA Party reasonable
access at no cost to the appropriate representatives at the Corporate Taxpayer, as determined by the Corporate Taxpayer or as reasonably requested by such TRA Party, in connection with a review of such Schedule. Without limiting the generality of
the preceding sentence, the Corporate Taxpayer shall ensure that any Tax Benefit Schedule that is delivered to a TRA Party, along with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the
Actual Tax Liability and the Hypothetical Tax Liability and identifies any material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final
and binding on all parties thirty (30) calendar days from the date on which all relevant TRA Parties are treated as having received the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative
(i) within thirty (30) calendar days from such date provides the Corporate Taxpayer with written notice of a material objection to such Schedule (“Objection Notice”) made in good faith or
(ii) provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the
Corporate Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporate
Taxpayer of an Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the reconciliation procedures as described in Section 7.9 of this Agreement (the “Reconciliation Procedures”) in which
case such Schedule becomes binding ten (10) calendar days after the conclusion of the Reconciliation Procedures. 

  
 10 

 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended
from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual
information relating to a Taxable Year (including any subsequent changes in applicable law which are effective with respect to such Taxable Year) after the date the Schedule was provided to a TRA Party, (iii) to comply with an Expert’s
determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit, or the Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable
Year, (v) to reflect a change in the Realized Tax Benefit or the Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year or (vi) to adjust an applicable TRA Party’s Basis Schedule
to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to each applicable TRA Party when the Corporate Taxpayer
delivers the Basis Schedule for the following taxable year. 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

SECTION 3.1. Payments. 

(a) Payments. Within five (5) Business Days after a Tax Benefit Schedule delivered to a TRA Party becomes final in accordance with
Section 2.3(a) and Section 7.9 (as applicable), the Corporate Taxpayer shall pay such TRA Party for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.1(b) that is Attributable to such TRA Party. Each such Tax
Benefit Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such TRA Party. For the
avoidance of doubt, (x) no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal estimated income Tax payments and (y) the payments provided for pursuant to the above sentence
shall be computed separately for each TRA Party. Notwithstanding anything herein to the contrary, unless otherwise specified by a TRA Party in connection with an Exchange, the aggregate Tax Benefit Payments payable under this Agreement in respect of
such Exchange (other than amounts accounted for as interest under the Code) shall not exceed 60% of the fair market value of the consideration received on such Exchange. 

(b) A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to
the sum of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. For the avoidance of doubt, for tax purposes, the Interest Amount shall not be treated as interest, but instead, shall be treated as
additional consideration in the applicable transaction, unless otherwise required by law. Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the
Cumulative Net Realized Tax Benefit as of the end of such Taxable Year, over the total amount of payments previously made under the first sentence of Section 3.1(a) (excluding payments attributable to Interest Amounts); provided, for the
avoidance of doubt (but without prejudice to Section 3.5), that no such recipient shall be required to return any portion of any previously made Tax Benefit Payment. Notwithstanding anything to the contrary in this Agreement, the parties
acknowledge and agree that the determination of the portion of the Tax Benefit Payment to be paid to a TRA Party under this Agreement with respect to state and local taxes shall not require separate “with and without” calculations in
respect of each applicable state and local tax jurisdiction 

  
 11 

 
but rather will be based on the U.S. federal taxable income or gain for such taxable year reported on the Corporate Taxpayer’s IRS Form 1120 (or any successor form) and the Assumed Rate. The
“Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed Rate from the due date (without extensions) for filing IRS Form 1120 (or any successor form) of the Corporate Taxpayer with respect to
Taxes for such Taxable Year until the payment date under Section 3.1(a). 
 Notwithstanding the foregoing, for each Taxable Year
ending on or after the date of a Change of Control that occurs after the BCA Closing Date, all Tax Benefit Payments shall be calculated by utilizing Valuation Assumptions (1), (2), (4), and (5), substituting in each case the terms “date of a
Change of Control” for an “Early Termination Date.” 
 SECTION 3.2. No Duplicative
Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate
manner to ensure such intentions are realized. 
 SECTION 3.3. Pro Rata Payments. Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate Realized Tax Benefit of the Corporate Taxpayer with respect to the Tax Attributes is limited in a particular Taxable Year because the Corporate Taxpayer does not have
sufficient taxable income, the Net Tax Benefit of the Corporate Taxpayer shall be allocated among all parties eligible for Tax Benefit Payments under this Agreement in proportion to the amount of Net Tax Benefit that would have been Attributable to
each such party if the Corporate Taxpayer had sufficient taxable income so that there were no such limitation. 

SECTION 3.4. Payment Ordering. If for any reason the Corporate Taxpayer does not fully satisfy its
payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the TRA Parties agree that (i) Tax Benefit Payments for such Taxable Year shall be allocated
to all parties eligible for Tax Benefit Payments under this Agreement in proportion to the amounts of Net Tax Benefit, respectively, that would have been Attributable to each TRA Party if the Corporate Taxpayer had sufficient cash available to make
such Tax Benefit Payments (taking into account the operation of Section 3.3) and (ii) no Tax Benefit Payments shall be made in respect of any Taxable Year until all Tax Benefit Payments to all TRA Parties in respect of all prior Taxable
Years have been made in full. 
 SECTION 3.5. Excess Payments. To the extent the Corporate Taxpayer
makes a payment to a TRA Party in respect of a particular Taxable Year under Section 3.1(a) of this Agreement (taking into account Section 3.3 and Section 3.4) in an amount in excess of the amount of such payment that should have been
made to such TRA Party in respect of such Taxable Year, then (i) such TRA Party shall not receive further payments under Section 3.1(a) until such TRA Party has foregone an amount of payments equal to such excess and (ii) the
Corporate Taxpayer will pay the amount of such TRA Party’s foregone payments to the other Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment is due under this Agreement, to the maximum
extent possible, receives aggregate payments under Section 3.1(a) (taking into account Section 3.3 and Section 3.4) in the amount it would have received if there had been no excess payment to such TRA Party. 

  
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 ARTICLE IV 

TERMINATION 

SECTION 4.1. Early Termination of Agreement; Breach of Agreement. 

(a) The Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all of the
Units held by the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided, however, that this Agreement shall only terminate upon the payment of the Early Termination Payment to
all TRA Parties as set forth in Section 4.3(a), and provided, further, that the Corporate Taxpayer may withdraw any notice to exercise its termination rights under this Section 4.1(a) prior to the time at which any
Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Corporate Taxpayer, none of the TRA Parties or the Corporate Taxpayer shall have any further payment obligations under this Agreement, other than for any
(a) Tax Benefit Payments due and payable and that remain unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent
that the amounts described in clauses (a) or (b) are included in the Early Termination Payment). If an Exchange occurs after the Corporate Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer shall have no
obligations under this Agreement with respect to such Exchange. 
 (b) In the event that the Corporate Taxpayer (1) breaches any
of its material obligations under this Agreement, whether as a result of failure to make any payment within three (3) months of the date when due, as a result of the failure to honor any other material obligation required hereunder or by
operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise or (2) (A) shall commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate a bankruptcy or insolvency, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets, or it shall make a general assignment for the benefit of creditors or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or other
action of the nature referred to in clause (A) above that remains undismissed or undischarged for a period of sixty (60) calendar days, all obligations hereunder shall be automatically accelerated and shall be immediately due and payable,
and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, without duplication, (1) the Early Termination Payments calculated as if an Early
Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment due and payable and that remains unpaid as of the date of a breach, and (3) any Tax Benefit Payment in respect of any TRA Party due for the Taxable
Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.2 shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this
sentence. Notwithstanding the foregoing (other than as set forth in subsection (2) above), in the event that the Corporate Taxpayer breaches this Agreement, each TRA Party shall be entitled to elect to receive the amounts set forth in clauses
(1), (2) and (3) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed to be
a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three
(3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of a material obligation of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due
to the extent that the Corporate Taxpayer has insufficient funds to make such payment; provided, (i) the Corporate Taxpayer has used commercially reasonable efforts to obtain such funds and (ii) that the interest provisions of
Section 5.2 shall apply to such late payment (unless the Corporate Taxpayer does not have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations, in which case Section 5.2 shall apply, but the
Default Rate shall be replaced by the Agreed Rate); provided further, for the avoidance of doubt, the last sentence of this Section 4.1(b) shall not apply to any payments due pursuant to an election by a TRA Party for the acceleration upon a
Change of Control contemplated by Section 4.1(c). 

  
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 (c) (i) Except as otherwise provided in Section 4.1(c)(ii) or Section 4.1(c)(iii),
in the event of a Change of Control, (A) each TRA Party shall continue as a TRA Party under this Agreement after such Change of Control and will not be entitled to receive the amounts set forth in the remainder of this
Section 4.1(c), and (B) Valuation Assumptions (1), (2), (4), and (5) shall apply. 
 (ii) Unless the
TRA Party Representative makes the election described in Section 4.1(c)(iii), in the event of a Change of Control, each TRA Party shall have the option to elect to cause all obligations hereunder with respect to any Basis Adjustments
Attributable to Exchanges occurring prior to or in connection with such Change of Control to be accelerated (the “Change of Control Acceleration Election”) and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such Change of Control and shall include, without duplication, (1) the Early Termination Payments calculated with respect to such TRA Parties as if the Early Termination Date is the date of such Change
of Control, (2) any Tax Benefit Payment due and payable and that remains unpaid as of the date of such Change of Control, and (3) any Tax Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the
date of such Change of Control. If a TRA Party makes the election described in the preceding sentence, (i) such TRA Party shall be entitled to receive, without duplication, the amounts set forth in clauses (1), (2) and (3) of the preceding
sentence and (ii) any Early Termination Payment described in the preceding sentence shall be calculated utilizing the Valuation Assumptions, substituting therein the phrase “date of a Change of Control” in each case where the phrase
“Early Termination Date” appears. 
 (iii) In the event of a Change of Control, the TRA Party Representative shall have the
option to elect to cause all TRA Parties to be deemed for purposes of this Agreement to have made the Change of Control Acceleration Election, and in such case Section 4.1(c)(ii) shall apply as though each TRA Party had made the Change of
Control Acceleration Election thereunder. 
 SECTION 4.2. Early Termination Notice. If the Corporate
Taxpayer chooses to exercise its right of early termination under Section 4.1 above, the Corporate Taxpayer shall deliver to each TRA Party notice of such intention to exercise such right (“Early Termination Notice”) and
a schedule (the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment(s) due for each TRA
Party. 
 SECTION 4.3. Payment upon Early Termination. 

(a) Within three (3) calendar days after an Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party
an amount equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by the
Corporate Taxpayer and such TRA Party or, in the absence of such designation or agreement, by check mailed to the last mailing address provided by such TRA Party to the Corporate Taxpayer. 

(b) “Early Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early
Termination Rate as of the applicable Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date and assuming that
the Valuation Assumptions are applied and that each Tax Benefit Payment for the relevant Taxable Year would be due and payable on the due date (without extensions) under applicable law as of the Early Termination Effective Date for filing of IRS
Form 1120 (or any successor form) of the Corporate Taxpayer. 

  
 14 

 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

SECTION 5.1. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any
Tax Benefit Payment required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations
in respect of secured indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu in right of payment with all current or future unsecured obligations
of the Corporate Taxpayer that are not Senior Obligations. To the extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1 and the terms of agreements governing Senior
Obligations, such payment obligation nevertheless shall accrue for the benefit of TRA Parties and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance with the terms of
the Senior Obligations. Notwithstanding any other provision of this Agreement to the contrary, to the extent that the Corporate Taxpayer or any of its Affiliates enters into future Tax receivable or other similar agreements (“Future
TRAs”), the Corporate Taxpayer shall ensure that the terms of any such Future TRA shall provide that the Tax Attributes subject to this Agreement are considered senior in priority to any Tax attributes subject to any such Future TRA for
purposes of calculating the amount and timing of payments under any such Future TRA. 
 SECTION 5.2. Late
Payments by the Corporate Taxpayer. Subject to the proviso in the last sentence of Section 4.1(b), the amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not made to the TRA Parties when due under the
terms of this Agreement, whether as a result of Section 5.1 or otherwise, shall be payable, together with any interest thereon computed at the Default Rate (or, if so provided in Section 4.1(b), at the Agreed Rate) and commencing from the
date on which such Tax Benefit Payment or Early Termination Payment was first due and payable to the date of actual payment. 
 ARTICLE VI

 NO DISPUTES; CONSISTENCY; COOPERATION 

SECTION 6.1. Participation in the Corporate Taxpayer’s and
OpCo’s Tax Matters. Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all tax matters concerning the Corporate Taxpayer and OpCo,
including without limitation the preparation, filing, or amending of any Tax Return and defending, contesting or settling any audit, contest, or other proceeding pertaining to Taxes; provided, however, that the Corporate Taxpayer shall not settle or
fail to contest any issue pertaining to Taxes that is reasonably expected to materially and adversely affect the TRA Parties’ rights and obligations under this Agreement without the consent of the TRA Party Representative, such consent not to
be unreasonably withheld or delayed. The Corporate Taxpayer shall notify the TRA Party Representative of, and keep it reasonably informed with respect to, the any tax audit or other tax contest of the Corporate Taxpayer the outcome of which is
reasonably expected to reduce or defer the Tax Benefit Payments payable to any TRA Party under this Agreement and the TRA Party Representative, and any affected TRA Party, shall have the right to (i) discuss with the Corporate Taxpayer, and
provide input and comment to the Corporate Taxpayer regarding, any portion of any such tax audit or other tax contest and (ii) participate in, at the affected TRA Party’s and TRA Party Representative’s expense, any such portion of any
such tax audit or other tax contest to the extent it relates to issues the resolution of which would reasonably be expected to reduce or defer the Tax Benefit Payments payable to any TRA Party under this Agreement. To the extent there is a conflict
between this Agreement and either the BCA or the LLC Agreement relating to tax matters and the Corporate Taxpayer, including preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes, this
Agreement shall control solely with respect to the matters governed by this Agreement. 

  
 15 

 SECTION 6.2. Consistency. The Corporate Taxpayer and
the TRA Parties agree to report and cause to be reported for all purposes, including U.S. federal, state and local tax purposes and financial reporting purposes, all Tax-related items (including, without
limitation, the Basis Adjustments and each Tax Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as “deemed” or in a similar manner by the terms of this Agreement, in a
manner consistent with that contemplated by this Agreement or specified by the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law. The Corporate
Taxpayer shall (and shall cause OpCo and its other Subsidiaries to) use commercially reasonable efforts (for the avoidance of doubt, taking into account the interests and entitlements of all TRA Parties under this Agreement) to defend the Tax
treatment contemplated by this Agreement and any Schedule in any audit, contest or similar proceeding with any Taxing Authority. 

SECTION 6.3. Cooperation. Each of the TRA Parties shall (a) furnish to the Corporate Taxpayer in
a timely manner such information, documents and other materials in its possession as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any
Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other
information as the Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporate
Taxpayer shall reimburse each such TRA Party for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to this Section 6.3. Upon the
request of any TRA Party, the Corporate Taxpayer shall cooperate in taking any action reasonably requested by such TRA Party in connection with its tax or financial reporting and/or the consummation of any assignment or transfer of any of its rights
and/or obligations under this Agreement, including without limitation, providing any information or executing any documentation. 

ARTICLE VII 

MISCELLANEOUS 

SECTION 7.1. Notices. All notices, requests, claims, demands and other communications hereunder shall
be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile or email with confirmation of transmission by the transmitting equipment or (b) on the first Business Day
following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 
 If to the Corporate Taxpayer, to: 

Nerdy Inc. 
 101 S. Hanley Rd.,
Suite 350 
 St. Louis, MO 63105 

Attention: Charles K. Cohn 

Email: charles@nerdy.com and charles@varsitytutors.com 

  
 16 

 with a copy to: 

Goodwin Procter LLP 
 100 Northern
Avenue 
 Boston, MA 02210 

Attention: John Mutkoski and Jocelyn Arel 

Email: jmutkoski@goodwinlaw.com and jarel@goodwinlaw.com 

If to the TRA Parties, to the respective addresses, fax numbers and email addresses set forth in the records of OpCo. 

Any party may change its address, fax number or email by giving the other party written notice of its new address, fax number or email in the
manner set forth above. 
 SECTION 7.2. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need
not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission or otherwise (including an electronically executed signature page) shall be as effective as delivery of a manually signed counterpart
of this Agreement. 
 SECTION 7.3. Entire Agreement; No Third Party Beneficiaries. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each
party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement. 
 SECTION 7.4. Governing Law. This Agreement and the rights and obligations of the
parties hereunder shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

SECTION 7.5. Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

SECTION 7.6. Successors; Assignment; Amendments; Waivers. 

(a) Each TRA Party may assign all or any portion of its rights under this Agreement to any Person as long as such transferee has executed and
delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, substantially in the form of Exhibit A hereto, agreeing to become a TRA Party for all purposes of this Agreement, except as otherwise provided in
such joinder (a “Joinder”). For avoidance of doubt, this Section 7.6(a) shall apply regardless of whether such TRA Party continues to hold any interest in the Corporate Taxpayer or OpCo. For the avoidance of doubt, if a
TRA Party transfers Units in accordance with the terms of the LLC Agreement but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such TRA Party shall continue to be entitled to
receive the Tax Benefit Payments arising in respect of a subsequent 

  
 17 

 
Exchange of such Units. Any assignment, or attempted assignment in violation of this Agreement, including any failure of a purported assignee to enter into a Joinder or to provide any forms or
other information to the extent required hereunder, shall be null and void, and shall not bind or be recognized by the Corporate Taxpayer or the TRA Parties. The Corporate Taxpayer shall be entitled to treat the record owner of any rights under this
Agreement as the absolute owner thereof and shall incur no liability for payments made in good faith to such owner until such time as a written assignment of such rights is permitted pursuant to the terms and conditions of this Section 7.6(a)
and has been recorded on the books of the Corporate Taxpayer. In addition, each Person listed on Schedule I attached hereto may, in addition to and in replacement of any
power-of-attorney, become a TRA Party at any time after the date hereof and prior to the time of an Exchange by such Person by delivering an executed signature page
without the consent of the other parties to this Agreement. 
 (b) No provision of this Agreement may be amended unless such amendment is
approved in writing by each of the Corporate Taxpayer and by the TRA Parties who would be entitled to receive at least 50% of the total amount of the Early Termination Payments payable to all TRA Parties hereunder if the Corporate Taxpayer had
exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement since the date of such most recent
Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments one or more TRA Parties receive under this Agreement unless such amendment is consented to in writing by such TRA
Parties disproportionately affected who would be entitled to receive at least 50% of the total amount of the Early Termination Payments payable to all TRA Parties disproportionately affected hereunder if the Corporate Taxpayer had exercised its
right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement since the date of such most recent Exchange). No
provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 

(c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the
parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be
required to perform if no such succession had taken place. 
 SECTION 7.7. Titles and Subtitles. The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

SECTION 7.8. Resolution of Disputes. 

(a) Any and all disputes that are not governed by Section 7.9 and cannot be settled amicably, including any ancillary claims of any
party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability
of this arbitration provision) (each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If
the parties to the Dispute fail to agree on the selection of an arbitrator within thirty (30) calendar days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator
shall be a lawyer admitted to the practice of law in a U.S. state, or a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English language. Performance under this Agreement shall continue

  
 18 

 
if reasonably possible during any arbitration proceedings. The arbitrator is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right
to recover punitive, exemplary or similar damages with respect to any Dispute. The award shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal.
Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets. 
 (b)
Notwithstanding the provisions of paragraph (a), the Corporate Taxpayer may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in
aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each TRA Party (i) expressly consents to the application of paragraph (c) of this Section 7.8 to any such action or
proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the
Corporate Taxpayer as agent of such TRA Party for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise the TRA Party of any such service of process, shall
be deemed in every respect effective service of process upon the TRA Party in any such action or proceeding. 
 (c) (i) EACH PARTY HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL COURT OF THE DISTRICT OF DELAWARE OR THE DELAWARE COURT OF CHANCERY FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.8, OR ANY JUDICIAL
PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or
preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship
with one another; and (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or
proceeding brought in any court referred to in the preceding paragraph of this Section 7.8 and such parties agree not to plead or claim the same. 

SECTION 7.9. Reconciliation. In the event that the Corporate Taxpayer and the TRA Party Representative
are unable to resolve a disagreement with respect to the matters governed by Sections 2.3 and 4.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be
submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner, principal or equivalent in a nationally
recognized accounting or law firm, and unless the Corporate Taxpayer and the TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer
or the TRA Party Representative or other actual or potential conflict of interest. If the Corporate Taxpayer and the TRA Party Representative are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of
written notice of a Reconciliation Dispute, then the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the TRA Party’s Basis Schedule or an amendment thereto
or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as
is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in
the absence of such disagreement) or any Tax Return reflecting the subject of a 

  
 19 

 
disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or
amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the TRA Party
Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the TRA Party Representative’s position, in which case the Corporate Taxpayer shall reimburse the TRA Party Representative for any
reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which case the TRA Party
Representative shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a
Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding
on the Corporate Taxpayer and each of the TRA Parties and may be entered and enforced in any court having jurisdiction. 

SECTION 7.10. Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any
payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law; provided that, prior
to deducting or withholding any such amounts, the Corporate Taxpayer shall notify the applicable TRA Party and shall consult in good faith with such TRA Party regarding the basis for such deduction or withholding. To the extent that amounts are so
withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such withholding was made. To the
extent that any payment pursuant to this Agreement is not reduced by such deductions or withholdings, such recipient shall indemnify the Corporate Taxpayer for any amounts imposed by any Taxing Authority together with any costs and expenses related
thereto. Each TRA Party shall promptly provide the Corporate Taxpayer, OpCo or other applicable withholding agent with any applicable Tax forms and certifications (including IRS Form W-9 or the applicable
version of IRS Form W-8) reasonably requested, in connection with determining whether any such deductions and withholdings are required under the Code or any provision of U.S. state, local or foreign Tax law.

 SECTION 7.11. Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate
Assets. 
 (a) If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a
consolidated income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and
(ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers or is deemed to transfer any Unit or any
Reference Asset to a transferee that is treated as a corporation for U.S. federal income tax purposes (other than a member of a group described in Section 7.11(a)) in a transaction in which the transferee’s basis in the property acquired
is determined in whole or in part by reference to such transferor’s basis in such property, then the Corporate Taxpayer shall cause such transferee to assume the obligation to make payments hereunder with respect to the applicable Tax
Attributes associated with any Reference Asset or interest therein acquired (directly or indirectly) in such transfer (taking into account any gain recognized in the transaction) in a manner consistent with the terms of this Agreement as the
transferee (or one of its Affiliates) actually realizes Tax benefits from the Tax Attributes. If OpCo transfers (or is deemed to transfer for U.S. federal income tax purposes) any Reference Asset to a transferee that is treated as a corporation for
U. S. federal income tax purposes (other than a 

  
 20 

 
member of a group described in Section 7.11(a)) in a transaction in which the transferee’s basis in the property acquired is determined in whole or in part by reference to such
transferor’s basis in such property, OpCo shall be treated as having disposed of the Reference Asset in a wholly taxable transaction. The consideration deemed to be received by OpCo in a transaction contemplated in the prior sentence shall be
equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset, or (ii) the amount of debt allocated to such asset, in the case
of a transfer of a partnership interest. If any member of a group described in Section 7.11(a) that owns any Unit deconsolidates from the group (or the Corporate Taxpayer deconsolidates from the group) for U.S. federal income tax purposes ,
then the Corporate Taxpayer shall cause such member (or the parent of the consolidated group in a case where the Corporate Taxpayer deconsolidates from the group) to assume the obligation to make payments hereunder with respect to the applicable Tax
Attributes associated with any Reference Asset it owns (directly or indirectly) in a manner consistent with the terms of this Agreement as the member (or one of its Affiliates) actually realizes Tax benefits. If a transferee or a member of a group
described in Section 7.11(a) assumes an obligation to make payments hereunder pursuant to either of the foregoing sentences, then the initial obligor is relieved of the obligation assumed. 

(c) If the Corporate Taxpayer (or any member of a group described in Section 7.11(a)) transfers (or is deemed to transfer for U.S.
federal income tax purposes) any Unit in a transaction that is wholly or partially taxable, then for purposes of calculating payments under this Agreement, OpCo shall be treated as having disposed of the portion of any Reference Asset that is
indirectly transferred by the Corporate Taxpayer (i.e., taking into account the number of Units transferred) in a wholly or partially taxable transaction in which all income, gain or loss is allocated to the Corporate Taxpayer. The
consideration deemed to be received by OpCo shall be equal to the fair market value of the deemed transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset or (ii) the
amount of debt allocated to such asset, in the case of a transfer of a partnership interest. 
 SECTION 7.12.
Confidentiality. 
 (a) Subject to the last sentence of Section 6.3, each TRA Party and each of their assignees
acknowledge and agree that the information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the
terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors,
concerning OpCo, its members and its Affiliates and successors, learned by the TRA Party heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or
any of its Affiliates, becomes public knowledge (except as a result of an act of the TRA Party in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for
the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such returns.
Notwithstanding anything to the contrary herein, each TRA Party and each of their assignees (and each employee, representative or other agent of the TRA Party or its assignees, as applicable) may disclose to any and all Persons, without limitation
of any kind, the Tax treatment and Tax structure of the Corporate Taxpayer, OpCo and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the TRA Party
relating to such Tax treatment and Tax structure. 

  
 21 

 (b) If a TRA Party or an assignee commits a breach, or threatens to commit a breach, of any
of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction
without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries or the TRA Parties and the accounts
and funds managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in
equity. 
 SECTION 7.13. Change in Law. Notwithstanding anything herein to the contrary, if, in
connection with an actual or proposed change in law, a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by the TRA Party upon
any Exchange by such TRA Party to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse Tax consequences to such TRA Party, then
at the election of such TRA Party and to the extent specified by such TRA Party, this Agreement (i) shall cease to have further effect with respect to such TRA Party, (ii) shall not apply to an Exchange by such TRA Party occurring after a
date specified by such TRA Party, or (iii) shall otherwise be amended in a manner determined by such TRA Party, provided that such amendment shall not result in an increase in payments under this Agreement at any time as compared to the amounts
and times of payments that would have been due in the absence of such amendment. 
 SECTION 7.14. Electronic
Signature. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be
deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 7.15. Independent Nature of TRA Parties’ and Interests
Parties’ Rights and Obligations. The obligations of each TRA Party hereunder are several and not joint with the obligations of any other TRA Party, and no TRA Party shall be responsible in any way for the
performance of the obligations of any other TRA Party hereunder. The decision of each TRA Party to enter into this Agreement has been made by such TRA Party independently of any other TRA Party. Nothing contained herein, and no action taken by any
TRA Party pursuant hereto, shall be deemed to constitute the TRA Parties as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the TRA Parties are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated hereby and the Corporate Taxpayer acknowledges that the TRA Parties are not acting in concert or as a group, and the Corporate Taxpayer will not assert any such claim, with respect to such
obligations or the transactions contemplated hereby. 
 SECTION 7.16. TRA Party Representative. 

(a) Without further action of any of the Corporate Taxpayer, the TRA Party Representative or any TRA Party, and as partial consideration in
respect of the benefits conferred by this Agreement, the TRA Party Representative is hereby irrevocably constituted and appointed as the TRA Party Representative, with full power of substitution, to take any and all actions and make any decisions
required or permitted to be taken by the TRA Party Representative under this Agreement. 

  
 22 

 (b) If at any time the TRA Party Representative shall incur out of pocket expenses in
connection with the exercise of its duties hereunder, upon written notice to the Corporate Taxpayer from the TRA Party Representative of documented costs and expenses (including fees and disbursements of counsel and accountants) incurred by the TRA
Party Representative in connection with the performance of its rights or obligations under this Agreement and the taking of any and all actions in connection therewith, the Corporate Taxpayer shall reduce the future payments (if any) due to the TRA
Parties hereunder pro rata by the amount of such expenses which it shall instead remit directly to the TRA Party Representative. In connection with the performance of its rights and obligations under this Agreement and the taking of any and all
actions in connection therewith, the TRA Party Representative shall not be required to expend any of its own funds (though, for the avoidance of doubt but without limiting the provisions of this Section 7.16(b), it may do so at any time
and from time to time in its sole discretion). 
 (c) The TRA Party Representative shall not be liable to any TRA Party for any act of the
TRA Party Representative arising out of or in connection with the acceptance or administration of its duties under this Agreement, except to the extent any liability, loss, damage, penalty, fine, cost or expense is actually incurred by such TRA
Party as a proximate result of the bad faith or willful misconduct of the TRA Party Representative (it being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith judgment).
The TRA Party Representative shall not be liable for, and shall be indemnified by the TRA Parties (on a several but not joint basis) for, any liability, loss, damage, penalty or fine incurred by the TRA Party Representative (and any cost or expense
incurred by the TRA Party Representative in connection therewith and herewith and not previously reimbursed pursuant to subsection (b) above) arising out of or in connection with the acceptance or administration of its duties under this
Agreement, and such liability, loss, damage, penalty, fine, cost or expense shall be treated as an expense subject to reimbursement pursuant to the provisions of subsection (b) above, except to the extent that any such liability, loss, damage,
penalty, fine, cost or expense is the proximate result of the bad faith or willful misconduct of the TRA Party Representative (it being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of
such good faith judgment); provided, however, in no event shall any TRA Party be obligated to indemnify the TRA Party Representative hereunder for any liability, loss, damage, penalty, fine, cost or expense to the extent (and only to the extent)
that the aggregate amount of all liabilities, losses, damages, penalties, fines, costs and expenses indemnified by such TRA Party, respectively, hereunder is or would be in excess of the aggregate payments under this Agreement actually remitted to
such TRA Party. 
 (d) Subject to Section 7.16(b), a decision, act, consent or instruction of the TRA Party Representative shall
constitute a decision of all TRA Parties and shall be final, binding and conclusive upon each TRA Party, and the Corporate Taxpayer may rely upon any decision, act, consent or instruction of the TRA Party Representative as being the decision, act,
consent or instruction of each TRA Party. The Corporate Taxpayer is hereby relieved from any liability to any person for any acts done by the Corporate Taxpayer in accordance with any such decision, act, consent or instruction of the TRA Party
Representative. 
 (e) If the TRA Party Representative is unwilling to serve in such capacity, then the person then-serving as TRA Party
Representative shall be entitled to appoint its successor which such successor shall be subject to the approval of the TRA Parties who would be entitled to receive at least 50% of the total amount of the Early Termination Payments payable to all TRA
Parties hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this
Agreement since the date of such most recent Exchange);. 
 SECTION 7.17. LLC Agreement. This
Agreement shall be incorporated by reference and treated as part of the LLC Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and
1.761-1(c) of the Treasury Regulations. 
 [The remainder of this page is intentionally
blank.] 

  
 23 

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

			
	NERDY LLC
		
	By:	 	 

 
			
	Name:	 	Charles K. Cohn

 
			
	Title:	 	Chief Executive Officer
	
	TPG PACE TECH OPPORTUNITIES CORP.
		
	By:	 	 

 
			
	Name: Eduardo Tamraz

 
			
	Title:	 	Executive Vice President of Corporate
		 	Development, Secretary

 [Signature Page to the Tax Receivable Agreement] 

 Schedule I 
  

	

	

  

 Exhibit A 

Form of Joinder 
 This
JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), is by and among NERDY Inc., a Delaware corporation (including any successor corporation the “Corporate Taxpayer”),
(“Transferor”) and (“Permitted Transferee”). 
 WHEREAS, on , Permitted Transferee shall acquire percent
of the Transferor’s right to receive payments that may become due and payable under the Tax Receivable Agreement (as defined below) (the “Acquired Interests”) from Transferor (the “Acquisition”); and WHEREAS,
Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.6(a) of the Tax Receivable Agreement, dated as of September 20, 2021, between the Corporate
Taxpayer, OpCo and the TRA Parties (as defined therein) (the “Tax Receivable Agreement”). 
 NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

Section 1.1 Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall
have the respective meanings set forth in the Tax Receivable Agreement. 
 Section 1.2 Acquisition. For good and valuable
consideration, the sufficiency of which is hereby acknowledged by the Transferor and the Permitted Transferee, the Transferor hereby transfers and assigns absolutely to the Permitted Transferee all of the Acquired Interests. 

Section 1.3 Joinder. Permitted Transferee hereby acknowledges and agrees (i) that it has received and read the Tax Receivable
Agreement, (ii) that the Permitted Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Tax Receivable Agreement and (iii) to become a “TRA Party” (as defined in
the Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement. 
 Section 1.4 Notice. Any notice, request,
consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax
Receivable Agreement. 
 Section 1.5 Governing Law. This Joinder shall be governed by and construed in accordance with the law
of the State of Delaware. 

  
 [Signature Page to the
Joinder to the Tax Receivable Agreement] 

 IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted
Transferee as of the date first above written. 
  

			
	NERDY INC.
		
	By:	 	 
	Name:	 	[ ]
	Title:	 	[ ]
	
	[TRANSFEROR]
		
	By:	 	 
	Name:	 	[ ]
	Title:	 	[ ]
	
	[PERMITTED TRANSFEREE]
		
	By:	 	 
	Name:	 	[ ]
	Title:	 	[ ]
	
	Address for notices:
	 
	 
	 

  
 [Signature Page to the
Joinder to the Tax Receivable Agreement]EX-10.4

 Exhibit 10.4 

NERDY INC. 
 2021 EQUITY
INCENTIVE PLAN 
 1. Purpose. The purpose of the Nerdy Inc. 2021 Equity Incentive Plan (the “Plan”) is to
provide a means through which (a) Nerdy Inc., a Delaware corporation (the “Company”), and the Affiliates may attract, retain and motivate qualified persons as employees, directors and consultants, thereby enhancing the
profitable growth of the Company and the Affiliates and (b) persons upon whom the responsibilities of the successful administration and management of the Company and the Affiliates rest, and whose present and potential contributions to the
Company and the Affiliates are of importance, can acquire and maintain stock ownership or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the Company and the Affiliates. Accordingly, the
Plan provides for the grant of Options, SARs, Restricted Stock, Restricted Stock Units, Stock Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards, or any combination of the foregoing, as determined by the Committee
in its sole discretion. 
 2. Definitions. For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Affiliate” means any corporation, partnership, limited liability company, limited liability partnership,
association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, “control” (including, with correlative meanings, the
terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having
ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of
voting securities, by contract, or otherwise. 
 (b) “ASC Topic 718” means the Financial Accounting Standards Board
Accounting Standards Codification Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard. 

(c) “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award, Dividend Equivalent, Other
Stock-Based Award, Cash Award, or Substitute Award, together with any other right or interest, granted under the Plan. 
 (d)
“Award Agreement” means any written instrument (including any employment, severance or change in control agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to
those set forth under the Plan. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Cash Award” means an Award denominated in cash granted under Section 6(i). 

 (g) “Change in Control” means, except as otherwise provided in an
Award Agreement, the occurrence of any of the following events after the Effective Date: 
 (i) any Person (excluding any Qualifying Owner
(as defined in the LLC Agreement) or any group of Qualifying Owners acting together that would constitute a “group” for purposes of Section 13(d) of the Exchange Act, and excluding a corporation or other entity owned,
directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of the stock of the Company) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing
more than 50% of the combined voting power of the Company’s then outstanding voting securities; or 
 (ii) the Incumbent Directors
cease for any reason, other than by reason of any party to the Stockholder Agreement (as defined in the LLC Agreement) waiving its rights to a Designated Director (as defined in the Stockholder Agreement) or an amendment to the Stockholder Agreement
eliminating or modifying the number of Designated Directors, to constitute a majority of the number of directors of the Company then serving; for purposes of this clause (ii), “Incumbent Directors” means
(x) individuals who, on the Closing Date, constitute the Board, (y) any individual whose appointment or election by the Board or nomination for election by the Company’s stockholders was made pursuant to the Stockholder Agreement
(including any Cohn Director (as defined in the Stockholder Agreement)), and (z) any new director whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by either
(1) a vote of at least two-thirds (2/3) of the Incumbent Directors then in office or (2) a majority of the Cohn Directors, in each of clauses (1) and (2), either by a specific vote
or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination; or 

(iii) there is consummated a merger or consolidation of the Company with any other corporation or other entity, and, immediately after the
consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving
company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Company immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting
power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an
agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets (including a sale of all of the equity interests in the Company held by the
Company), other than such sale or other disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the
Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

  
 2 

 Notwithstanding the foregoing, except with respect to clause (b) and clause (c)(x) above, a
“Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company
immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or
substantially all of the assets of the Company immediately following such transaction or series of transactions. Notwithstanding any provision of this Section 2(g), for purposes of an Award that provides for a deferral of
compensation under the Nonqualified Deferred Compensation Rules, to the extent the impact of a Change in Control on such Award would subject a Participant to additional taxes under the Nonqualified Deferred Compensation Rules, a Change in Control
described in subsection (i), (ii), (iii) or (iv) above with respect to such Award will mean both a Change in Control and a “change in the ownership of a corporation,” “change in the effective control of a corporation,” or a
“change in the ownership of a substantial portion of a corporation’s assets” within the meaning of the Nonqualified Deferred Compensation Rules as applied to the Company. 

(h) “Change in Control Price” means the amount determined in the following clause (i), (ii), (iii), (iv) or (v),
whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or consolidation, (ii) the per share Fair Market Value of the Stock immediately before the Change in Control or
other event without regard to assets sold in the Change in Control or other event and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per share of Stock
in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v) if such Change in Control or other event occurs other
than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h), the value per share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards
track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to stockholders of the Company in any transaction described in
this Section 2(h) or in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than
cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants. 

(i) “Closing Date” means the date of the closing of the transactions contemplated by that certain Business Combination
Agreement by and among TPG PG Pace Tech Opportunities Corp., Live Learning Technologies LLC and the other parties thereto, dated as of January 28, 2021. 

(j) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and
regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 
 (k) “Committee”
means a committee of two or more directors designated by the Board to administer the Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. 

  
 3 

 (l) “Dividend Equivalent” means a right, granted to an Eligible
Person under Section 6(g), to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. 

(m) “Effective Date” means the Closing Date. 

(n) “Eligible Person” means any individual who, as of the date of grant of an Award, is an officer or employee of the
Company or of any Affiliate, and any other person who provides services to the Company or any Affiliate, including directors of the Company; provided, however, that, any such individual must be an “employee” of the Company or
any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual is granted an Award that may be settled in Stock. An employee on leave of absence may be an
Eligible Person. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(p) “Fair Market Value” of a share of Stock means, as of any specified date, (i) if the Stock is listed on a
national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on such date, on the last preceding date on which such sales of the Stock are so reported); (ii)
if the Stock is not traded on a national securities exchange but is traded over the counter on such date, the average between the reported high and low bid and asked prices of Stock on the most recent date on which Stock was publicly traded on or
preceding the specified date; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems
appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules. Notwithstanding this definition of Fair Market Value, with respect to one or more Award types, or for any other
purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination is consistent with the
Nonqualified Deferred Compensation Rules and all other applicable laws and regulations. 
 (q) “ISO” means an Option
intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code. 
 (r)
“LLC Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement of Live Learning Technologies, LLC dated as of the Closing Date. 

(s) “Nonqualified Deferred Compensation Rules” means the limitations and requirements of Section 409A of the
Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

(t) “Nonstatutory Option” means an Option that is not an ISO. 

  
 4 

 (u) “Option” means a right, granted to an Eligible Person under
Section 6(b), to purchase Stock at a specified price during specified time periods, which may either be an ISO or a Nonstatutory Option. 

(v) “Other Stock-Based Award” means an Award granted to an Eligible Person under
Section 6(h). 
 (w) “Participant” means a person who has been granted an Award under the
Plan that remains outstanding, including a person who is no longer an Eligible Person. 
 (x) “Person” means any
individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange
Act. 
 (y) “Qualified Member” means a member of the Board who is (i) a
“non-employee director” within the meaning of Rule 16b-3(b)(3), and (ii) “independent” under the listing standards or rules of the securities
exchange upon which the Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. 

(z) “Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) that is
subject to certain restrictions and to a risk of forfeiture. 
 (aa) “Restricted Stock Unit” means a right, granted
to an Eligible Person under Section 6(e), to receive Stock, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule of the Award). 

(bb) “Rule 16b-3” means Rule 16b-3,
promulgated by the SEC under Section 16 of the Exchange Act. 
 (cc) “SAR” means a stock appreciation right
granted to an Eligible Person under Section 6(c). 
 (dd) “SEC” means the Securities and
Exchange Commission. 
 (ee) “Securities Act” means the Securities Act of 1933, as amended from time to time,
including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(ff) “Stock” means the Company’s Class A Common Stock, par value $0.0001 per share, and such other
securities as may be substituted (or re-substituted) for Stock pursuant to Section 8. 

(gg) “Stock Award” means unrestricted shares of Stock granted to an Eligible Person under
Section 6(f). 

  
 5 

 (hh) “Subsidiary” means, with respect to any specified Person, any
other Person with respect to which such specified Person (i) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (ii) beneficially owns,
directly or indirectly, a majority of such Person’s Equity Securities. 
 (ii) “Substitute Award” means an
Award granted under Section 6(j). 
 (jj) “UAR Plans” means the Varsity Tutors LLC 2016
U.S. Unit Appreciation Rights Plan and the Varsity Tutors LLC 2016 Canadian Unit Appreciation Rights Plan, for the avoidance of doubt, as either may be amended, restated or otherwise modified from time to time and including any successor
arrangements. 
 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to administer the
Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express provisions of the Plan, Rule 16b-3 and other applicable
laws, the Committee shall have the authority, in its sole and absolute discretion, to: 
 (i) designate Eligible Persons as Participants;

 (ii) determine the type or types of Awards to be granted to an Eligible Person; 

(iii) determine the number of shares of Stock or amount of cash to be covered by Awards; 

(iv) determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested,
settled (including settlement in cash), exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals); 

(v) modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver of
forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Stock or vice versa), early termination of a performance period, or modification of any other condition or limitation regarding an Award; 

(vi) determine the treatment of an Award upon a termination of employment or other service relationship; 

(vii) impose a holding period with respect to an Award or the shares of Stock received in connection with an Award; 

(viii) interpret and administer the Plan and any Award Agreement or any other instrument relating to an Award made under the Plan; 

  
 6 

 (ix) appoint such agents as it shall deem appropriate for the proper administration of the
Plan; 
 (x) correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement;
and 
 (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration
of the Plan. 
 The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting
any power or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, Affiliates, stockholders, Participants, beneficiaries, and permitted transferees under
Section 7(a) or other persons claiming rights from or through a Participant. 
 (b) Exercise of Committee
Authority. At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in
respect of the Company where such action is not taken by the full Board may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such
member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal, the Committee remains composed solely of two or more Qualified Members. Such
action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. For the avoidance of
doubt, the full Board may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company. 

(c) Delegation of Authority. The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of
directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, that such delegation does not (i) violate state or corporate law, or (ii) result in the loss of an
exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the
“Committee,” other than in Section 8, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right
of such subcommittee members or such an officer to receive Awards; provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of
the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not
executive officers of the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in
Stock. 

  
 7 

 (d) Limitation of Liability. The Committee and each member thereof shall be entitled
to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company or any Affiliate, the Company’s legal counsel, independent auditors, consultants or any other agents assisting
in the administration of the Plan. Members of the Committee and any officer or employee of the Company or any Affiliate acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or
made in good faith with respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 

(e) Participants in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the
contrary, to comply with applicable laws in countries other than the United States in which the Company or any Affiliate operates or has employees, directors or other service providers from time to time, or to ensure that the Company complies with
any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Affiliates shall be covered by the Plan; (ii) determine which Eligible
Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign laws or listing requirements
of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided, however, that no such sub-plans and/or modifications shall increase the
share limitations contained in Section 4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental regulatory exemptions or approval or listing
requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction other than the
United States or a political subdivision thereof. 
 4. Stock Subject to the Plan. 

(a) Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with Section 8, (i)
27,774,924 shares of Stock are reserved and available for delivery with respect to Awards, and such total shall be available for the issuance of shares upon the exercise of ISOs; (ii) any shares of Stock issuable in respect of Unit Appreciation
Rights (as such term is defined in the applicable UAR Plan) that are outstanding as of the Effective Date, including any substitute or successor awards, granted under the UAR Plans that are forfeited or canceled without payment, such number of
shares of Stock determined as of the date of such forfeiture or cancelation, shall be available under the Plan for the issuance of shares with respect to Awards, including for the issuance of shares upon the exercise of ISOs; and (iii) any
Unvested Units (as defined in the LLC Agreement) that are outstanding as of the Effective Date, that are forfeited or canceled prior to vesting, an equivalent number of shares of Stock determined as of the date of such forfeiture or cancelation,
shall be available under the Plan for the issuance of shares with respect to Awards, including for the issuance of shares upon the exercise of ISOs. For the avoidance of doubt, any shares of Stock that become available for issuance under the Plan
pursuant to clause (ii) of this Section 4(a) shall not be available for issuance pursuant to the UAR Plans, and any Unit Appreciation Rights that are forfeited or canceled without payment following the Effective Date
shall not be available for issuance pursuant to the applicable UAR Plan. 

  
 8 

 (b) Application of Limitation to Grants of Awards. Subject to
Section 4(c), no Award may be granted if the number of shares of Stock that may be delivered in connection with such Award exceeds the number of shares of Stock remaining available under the Plan minus the number of shares
of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and
make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award. 

(c) Availability of Shares Not Delivered under Awards. Shares of Stock subject to an Award under the Plan that expires or is cancelled,
forfeited, exchanged, settled in cash or otherwise terminated without the actual delivery of shares (Awards of Restricted Stock shall not be considered “delivered shares” for this purpose), will again be available for Awards.
Notwithstanding the foregoing, (i) the number of shares tendered or withheld in payment of any exercise or purchase price of an Award or taxes relating to an Award, (ii) shares that were subject to an Option or an SAR but were not issued
or delivered as a result of the net settlement or net exercise of such Option or SAR and (iii) shares repurchased on the open market with the proceeds of an Option’s exercise price, will not, in each case, be available for Awards. If an
Award may be settled only in cash, such Award need not be counted against any share limit under this Section 4. 

(d) Shares Available Following Certain Transactions. Substitute Awards granted in accordance with applicable stock exchange
requirements and in substitution or exchange for awards previously granted by a company acquired by the Company or any subsidiary or with which the Company or any subsidiary combines shall not reduce the shares authorized for issuance under the
Plan, nor shall shares subject to such Substitute Awards be added to the shares available for issuance under the Plan as provided above (whether or not such Substitute Awards are later cancelled, forfeited or otherwise terminated). 

(e) Stock Offered. The shares of Stock to be delivered under the Plan shall be made available from (i) authorized but unissued
shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market. 

5. Eligibility. 
 (a)
Awards may be granted under the Plan only to Eligible Persons. 
 6. Specific Terms of Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter
(subject to Section 10), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including subjecting such awards to service- or
performance-

  
 9 

 
based vesting conditions. Without limiting the scope of the preceding sentence, with respect to any performance-based conditions, (i) the Committee may use one or more business criteria or
other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award, (ii) any such performance goals may relate to the performance of the Participant, the Company (on a consolidated basis), or
to specified subsidiaries, business or geographical units or operating areas of the Company, (iii) the performance period or periods over which performance goals will be measured shall be established by the Committee, and (iv) any such
performance goals and performance periods may differ among Awards granted to any one Participant or to different Participants. To the extent provided in an Award Agreement, the Committee may exercise its discretion to reduce or increase the amounts
payable under any Award. 
 (b) Options. The Committee is authorized to grant Options, which may be designated as either ISOs or
Nonstatutory Options, to Eligible Persons on the following terms and conditions: 
 (i) Exercise Price. Each Award Agreement
evidencing an Option shall state the exercise price per share of Stock (the “Exercise Price”) established by the Committee; provided, however, that except as provided in Section 6(j) or
in Section 8, the Exercise Price of an Option shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the
Option (or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its subsidiaries, 110% of the Fair Market Value per
share of the Stock on the date of grant). 
 (ii) Time and Method of Exercise; Other Terms. The Committee shall determine the
methods by which the Exercise Price may be paid or deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or through a cashless exercise, i.e., “net settlement”, a
broker-assisted exercise, or other reduction of the amount of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any Affiliate, other property, or any other legal consideration the
Committee deems appropriate (including notes or other contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including the
delivery of Restricted Stock subject to Section 6(d), and any other terms and conditions of any Option. In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued based on the
Stock’s Fair Market Value as of the date of exercise. No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of the ISO). 

(iii) ISOs. The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the
Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary corporation of the Company. Except as otherwise provided in Section 8, no term of the Plan
relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or

  
 10 

 
any ISO under Section 422 of the Code, unless notice has been provided to the Participant that such change will result in such disqualification. ISOs shall not be granted more than ten years
after the earlier of the adoption of the Plan or the approval of the Plan by the Company’s stockholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of shares of Stock subject to an ISO and the aggregate
Fair Market Value of shares of stock of any parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) subject to any other incentive stock options of the Company or a parent or subsidiary corporation (within
the meaning of Sections 424(e) and (f) of the Code) that are exercisable for the first time by a Participant during any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess
shall be treated as Nonstatutory Options in accordance with the Code. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant shall make any disposition of shares of Stock issued
pursuant to an ISO under the circumstances described in Section 421(b) of the Code (relating to disqualifying dispositions), the Participant shall notify the Company of such disposition within the time provided to do so in the applicable award
agreement. 
 (c) SARs. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions: 

(i) Right to Payment. An SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of
Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee. 
 (ii) Grant Price. Each
Award Agreement evidencing an SAR shall state the grant price per share of Stock established by the Committee; provided, however, that except as provided in Section 6(j) or in
Section 8, the grant price per share of Stock subject to an SAR shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date
of grant of the SAR. 
 (iii) Method of Exercise and Settlement; Other Terms. The Committee shall determine the form of
consideration payable upon settlement, the method by or forms in which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR. SARs may be either free-standing or granted in tandem
with other Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR. 
 (iv) Rights
Related to Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying
(A) the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by (B) the number of shares
as to which that SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to the terms and conditions of the Award Agreement governing the Option,
which shall provide that the SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable. 

  
 11 

 (d) Restricted Stock. The Committee is authorized to grant Restricted Stock to
Eligible Persons on the following terms and conditions: 
 (i) Restrictions. Restricted Stock shall be subject to such restrictions
on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose. Except as provided in Section 7(a)(iii) and Section 7(a)(iv), during the restricted period
applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hedged, hypothecated, margined or otherwise encumbered by the Participant. 

(ii) Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may allow a Participant to
elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards or deferred without interest to the date of vesting
of the associated Award of Restricted Stock. Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Stock distributed in connection with a Stock split or Stock dividend, and other property (other than cash)
distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 

(e) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Eligible Persons on the following terms and
conditions: 
 (i) Award and Restrictions. Restricted Stock Units shall be subject to such restrictions (which may include a risk of
forfeiture) as the Committee may impose. 
 (ii) Settlement. Settlement of vested Restricted Stock Units shall occur upon vesting or
upon expiration of the deferral period specified for such Restricted Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be settled by delivery of (A) a number of shares
of Stock equal to the number of Restricted Stock Units for which settlement is due, or (B) cash in an amount equal to the Fair Market Value of the specified number of shares of Stock equal to the number of Restricted Stock Units for which
settlement is due, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 
 (f) Stock Awards.
The Committee is authorized to grant Stock Awards to Eligible Persons as a bonus, as additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms
as the Committee in its discretion determines to be appropriate. 
 (g) Dividend Equivalents. The Committee is authorized to grant
Dividend Equivalents to Eligible Persons, entitling any such Eligible Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of Stock.
Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award (other than an Award of Restricted Stock or a Stock Award). The Committee may provide that Dividend Equivalents that are granted as free-standing awards
shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Stock, Awards, or other investment 

  
 12 

 
vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. With respect to Dividend
Equivalents granted in connection with another Award, absent a contrary provision in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture as the Award with respect to which the dividends
accrue and shall not be paid unless and until such Award has vested and been earned. 
 (h) Other Stock-Based Awards. The Committee
is authorized, subject to limitations under applicable law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by
the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon
performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of, or the performance of, specified Affiliates. The Committee shall determine the
terms and conditions of such Other Stock-Based Awards. Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid
for at such times, by such methods, and in such forms, including cash, Stock, other Awards, or other property, as the Committee shall determine. 

(i) Cash Awards. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in
lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate, including for purposes of any annual or short-term incentive or other bonus
program. 
 (j) Substitute Awards; No Repricing. Awards may be granted in substitution or exchange for any other Award granted under
the Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from the Company or an Affiliate. Awards may also be granted under the Plan in substitution for awards held by individuals who
become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate. Such Substitute Awards referred to in the immediately preceding sentence that are
Options or SARs may have an exercise price that is less than the Fair Market Value of a share of Stock on the date of the substitution if such substitution complies with the Nonqualified Deferred Compensation Rules and other applicable laws and
exchange rules. Except as provided in this Section 6(j) or in Section 8, without the approval of the stockholders of the Company, the terms of outstanding Awards may not be amended to
(i) reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted Option or SAR that has the effect of
reducing the Exercise Price or grant price thereof, (iii) exchange any Option or SAR for Stock, cash or other consideration when the Exercise Price or grant price per share of Stock under such Option or SAR exceeds the Fair Market Value of a
share of Stock or (iv) take any other action that would be considered a “repricing” of an Option or SAR under the applicable listing standards of the national securities exchange on which the Stock is listed (if any). 

  
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 7. Certain Provisions Applicable to Awards. 

(a) Limit on Transfer of Awards. 

(i) Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by the Participant during
the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 7(a), an ISO shall
not be transferable other than by will or the laws of descent and distribution. 
 (ii) Except as provided in Sections 7(a)(i),
(iii) and (iv), no Award, other than a Stock Award, and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. 

(iii) To the extent specifically provided by the Committee and permitted pursuant to Form S-8 and the
instructions thereto, an Award may be transferred by a Participant on such terms and conditions as the Committee may from time to time establish; provided, however, that no Award (other than a Stock Award) may be transferred to a
third-party financial institution for value. 
 (iv) An Award may be transferred pursuant to a domestic relations order entered or approved
by a court of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such order. 

(b) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement, payments
to be made by the Company or any Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee shall determine in its discretion, including cash, Stock, other Awards or other property, and may be made in a single
payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms and conditions established by the Committee); provided, however, that any
such deferred or installment payments will be set forth in the Award Agreement. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of
Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. 
 (c) Evidencing Stock.
The Stock or other securities of the Company delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name of the Participant or by
book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon
which such Stock or other securities are then listed, and any applicable federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions.
Further, if certificates representing Restricted Stock are registered in the name of the Participant, the Company may retain physical possession of the certificates and may require that the Participant deliver a stock power to the Company, endorsed
in blank, related to the Restricted Stock. 

  
 14 

 (d) Consideration for Grants. Awards may be granted for such consideration, including
services, as the Committee shall determine, but shall not be granted for less than the minimum lawful consideration. 
 (e) Additional
Agreements. Each Eligible Person to whom an Award is granted under the Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible
Person’s termination of employment or service to a general release of claims and/or a noncompetition or other restricted covenant agreement in favor of the Company and the Affiliates, with the terms and conditions of such agreement(s) to be
determined in good faith by the Committee. 
 8. Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.

 (a) Existence of Plans and Awards. The existence of the Plan and the Awards granted hereunder shall not affect in any way the
right or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of
the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or
any other corporate act or proceeding. 
 (b) Additional Issuances. Except as expressly provided herein, the issuance by the Company
of shares of stock of any class, including upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof
shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable. 

(c) Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall be subject to
adjustment by the Committee from time to time, in accordance with the following provisions: 
 (i) If at any time, or from time to time, the
Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock, then, as
appropriate (A) the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in Section 4 and Section 5
(other than cash limits) shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may
be acquired under any then-outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject to then-outstanding Awards
shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

  
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 (ii) If at any time, or from time to time, the Company shall consolidate as a whole (by
reclassification, by reverse Stock split, or otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A) the maximum number of shares of Stock available for delivery with
respect to Awards and applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) shall be decreased proportionately, and the kind of shares or other
securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then-outstanding Award shall be decreased proportionately, and
(C) the price (including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject to then-outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or
value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (d) Recapitalization. In the event of any
change in the capital structure or business of the Company or other corporate transaction or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718 and, in each case, that would result in an additional
compensation expense to the Company pursuant to the provisions of ASC Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment
Event”), then the Committee shall equitably adjust (i) the aggregate number or kind of shares that thereafter may be delivered under the Plan, (ii) the number or kind of shares or other property (including cash) subject to an
Award, (iii) the terms and conditions of Awards, including the purchase price or Exercise Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect to Awards provided in
Section 4 and Section 5 (other than cash limits) to equitably reflect such Adjustment Event (“Equitable Adjustments”). In the event of any change in the capital structure or
business of the Company or other corporate transaction or event that would not be considered an Adjustment Event, and is not otherwise addressed in this Section 8, the Committee shall have complete discretion to make
Equitable Adjustments (if any) in such manner as it deems appropriate with respect to such other event. 
 (e) Change in Control and
Other Events. Except to the extent otherwise specifically provided in an Award Agreement, acceleration of the time of vesting or exercisability of any Award or the lapse of forfeiture restrictions applicable to any Award shall not occur solely
upon the occurrence of a Change in Control. In the event of a Change in Control or other changes in the Company or the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant
change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion without the consent or approval of any holder, may exercise any power enumerated in Section 3 (including the power to
accelerate vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following alternatives, which may vary among individual holders and which
may vary among Awards held by any individual holder: 

  
 16 

 (i) accelerate the time of exercisability of an Award so that such Award may be exercised
in full or in part for a limited period of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate; 

(ii) redeem in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by selected holders of some or all of
the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an
amount of cash or other property or consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or other consideration determined by the Committee in its
discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with respect to an SAR, as applicable to such Awards; provided, however, that to the extent the Exercise Price
of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for no consideration; 
 (iii)
cancel Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without payment of any consideration to the Participant for such Awards; or 

(iv) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or other such
event (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof); 
 provided,
however, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. If an Adjustment Event occurs, this
Section 8(e) shall only apply to the extent it is not in conflict with Section 8(d). 

9. General Provisions. 

(a) Tax Withholding. The Company and any Affiliate are authorized to withhold from any Award granted, or any payment relating to an
Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, the Affiliates and
Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee. The Committee shall determine, in its sole discretion, the form of payment acceptable for
such tax withholding obligations, including the delivery of cash or cash equivalents, Stock (including through delivery of previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of
shares otherwise issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is subject to Rule 16b-3 to pay taxes with shares of Stock through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board. If such

  
 17 

 
tax withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of shares of Stock that may be so withheld or surrendered shall be the number of shares
of Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes,
including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to such Award, as determined by the Committee. 

(b) Limitation on Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving
any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any Affiliate, (ii) interfering in any way with the right of the Company or any Affiliate to terminate
any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants
and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued or transferred shares of Stock in accordance with the terms
of an Award. 
 (c) Governing Law; Submission to Jurisdiction. All questions arising with respect to the provisions of the Plan and
Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal law. The obligation of the Company to sell and
deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. With respect to any claim or dispute
related to or arising under the Plan, the Company and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in St. Louis County, Missouri. 

(d) Severability and Reformation. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if
it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are
applied to Eligible Persons who are subject to Section 16 of the Exchange Act) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with
the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with
Rule 16b-3) or Section 422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are applicable. With respect to ISOs, if the
Plan does not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein;
provided, further, that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the Plan. 

  
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 (e) Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to
constitute an “unfunded” plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a
Participant or any other person. To the extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the
Company or such Affiliate. 
 (f) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission
to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable. Nothing contained in the Plan shall
be construed to prevent the Company or any Affiliate from taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or
any Award made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any Affiliate as a result of any such action. 

(g) Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee
shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Stock or whether such fractional shares of Stock or any rights thereto shall be cancelled,
terminated, or otherwise eliminated with or without consideration. 
 (h) Interpretation. Headings are given to the Sections and
subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender
shall include the feminine gender, and, where appropriate, the plural shall include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the Plan, the
provisions of the Plan shall control. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth
immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used
with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or
other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan. 

(i) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the Company shall be
relieved of any further liability for payment of such amounts. 

  
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 (j) Conditions to Delivery of Stock. Nothing herein or in any Award Agreement shall
require the Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act, any other applicable statute or regulation, or the rules of any
applicable securities exchange or securities association, as then in effect. In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of Stock that is acquired upon grant, exercise or vesting of an Award
in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the SEC or any stock exchange upon which the Stock is then listed. At the time of any
exercise of an Option or SAR, or at the time of any grant of any other Award, the Company may, as a condition precedent to the exercise of such Option or SAR or settlement of any other Award, require from the Participant (or in the event of his or
her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the shares of Stock being acquired pursuant
to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the event of the
holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act, any other applicable state or federal statute or regulation, or any rule of any applicable securities
exchange or securities association, as then in effect. Stock or other securities shall not be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including
any Exercise Price, grant price, or tax withholding) is received by the Company. 
 (k) Section 409A of the Code. It is the general
intention, but not the obligation, of the Committee to design Awards to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this
Section 9(k) nor any other provision of the Plan is or contains a representation to any Participant regarding the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying
such Award) granted hereunder, and should not be interpreted as such. In no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules. Notwithstanding any provision in the Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under
the Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or
benefits is not delayed until the earlier of (i) the date of the Participant’s death, or (ii) the date that is six months after the Participant’s “separation from service,” as defined under the Nonqualified Deferred
Compensation Rules (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to the Participant until the Section 409A Payment Date. Any amounts
subject to the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on the Section 409A Payment Date. The applicable provisions of the
Nonqualified Deferred Compensation Rules are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith. 

  
 20 

 (l) Clawback. The Plan and all Awards granted hereunder are subject to any written
clawback policies that the Company, with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted to conform to the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that the Company determines should apply to Awards. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards to
reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or
wrongful conduct specified in any such clawback policy. 
 (m) Status under ERISA. The Plan shall not constitute an “employee
benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 (n) Plan
Effective Date and Term. The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date, which is September 20, 2031. However, any
Award granted prior to such termination (or any earlier termination pursuant to Section 10), and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive
any conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award. 

10. Amendments to the Plan and Awards. The Committee may amend, alter, suspend, discontinue or terminate any Award or Award
Agreement, the Plan or the Committee’s authority to grant Awards without the consent of stockholders or Participants, except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to the
approval of the Company’s stockholders not later than the annual meeting next following such Committee action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated
quotation system on which the Stock may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to stockholders for approval; provided, that, without the consent of an
affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to
Section 8 will be deemed not to materially and adversely affect the rights of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants. 

  
 21

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