Document:

Exhibit

Exhibit  10.1

PORTLAND GENERAL ELECTRIC COMPANY

STOCK INCENTIVE PLAN

Originally Effective March 31, 2006
(As Amended and Restated Effective February 13, 2018)

1.     Purpose.  The Portland General Electric Company Stock Incentive Plan, as amended and restated (the “Plan”), is intended to provide incentives which will attract, retain and motivate highly competent persons as officers, directors and key employees of Portland General Electric Company (the “Company”) and its subsidiaries and Affiliates, by providing them with appropriate incentives and rewards in the form of rights to earn shares of the common stock of the Company (“Common Stock”) and cash equivalents.
2.     Definitions.  A listing of the defined terms utilized in the Plan is set forth in Appendix A.
3.     Effective Date of Plan.  The Plan was originally effective as of March 31, 2006, and was most recently amended and restated effective February 13, 2018.
4.     Administration.
(a)    Committee.  The Plan will be administered by a committee (the “Committee”) appointed by the Board of Directors of the Company (the “Board of Directors”) from among its members (which may be the Compensation and Human Resources Committee) and shall be comprised, solely of not less than two (2) members who shall be (i) “non-employee directors” within the meaning of Rule 16b-3(b)(3) (or any successor rule) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) in respect of any “Grandfathered Awards” (as defined in Section 13), “outside directors” within the meaning of Treasury Regulation Section 1.162-27(e)(3) under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and (iii) to the extent the Board of Directors may direct in respect of Awards granted to the Chief Executive Officer and determining amounts payable under such Awards, non-employee directors who satisfy the standards of the New York Stock Exchange (the “NYSE”) and other applicable standards for an independent director.
(b)    Authority.  The Committee is authorized, subject to the provisions of the Plan, to establish such rules and regulations as it deems necessary for the proper administration of the Plan and, in its sole discretion, to make such determinations, valuations and interpretations and to take such action in connection with the Plan and any Awards (as hereinafter defined) granted hereunder as it deems necessary or advisable. All determinations and interpretations made by the Committee shall be binding and conclusive on all participants and their legal representatives.
(c)    Indemnification.  No member of the Committee and no employee of the Company shall be liable for any act or failure to act hereunder, or for any act or failure to act hereunder by any other member or employee or by any agent to whom duties in connection with the administration of this Plan have been delegated, except in circumstances involving his or her bad faith or willful misconduct. The Company shall indemnify members of the Committee and any agent of the Committee who is an employee of the Company, or of a subsidiary or an Affiliate against any and all liabilities or expenses to 

which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s bad faith or willful misconduct. For purposes of this Plan, “Affiliate(s)” means any entity that controls, is controlled by or is under common control with the Company.
(d)    Delegation and Advisers.  The Committee may delegate to one or more of its members, or to one or more employees or agents, such duties and authorities as it may deem advisable including the authority to make grants as permitted by applicable law, the rules of the Securities and Exchange Commission and any requirements of the NYSE, and the Committee, or any person to whom it has delegated duties or authorities as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan. The Committee may employ such legal or other counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or computation received from any such counsel, consultant or agent. Expenses incurred by the Committee in the engagement of such counsel, consultant or agent shall be paid by the Company, or the subsidiary or Affiliate whose employees have benefited from the Plan, as determined by the Committee.
5.     Type of Awards.  Awards under the Plan may be granted in any one or a combination of (a) Stock Options, (b) Stock Appreciation Rights, (c) Restricted Stock Awards, and (d) Stock Units (each as described below, and collectively, the “Awards”). Grandfathered Awards may, as determined by the Committee in its discretion, constitute Performance-Based Awards, as described in Section 13 hereof.
6.     Participants.  Participants will consist of (i) such officers and key employees of the Company and its subsidiaries and Affiliates as the Committee in its sole discretion determines to be significantly responsible for the success and future growth and profitability of the Company and whom the Committee may designate from time to time to receive Awards under the Plan and (ii) each director of the Company who is not otherwise an employee of the Company or any of its subsidiaries and whom the Committee may designate from time to time to receive Awards under the Plan. Designation of a participant in any year shall not require the Committee to designate such person to receive an Award in any other year or, once designated, to receive the same type or amount of Award as granted to the participant in any other year. The Committee shall consider such factors as it deems pertinent in selecting participants and in determining the type and amount of their respective Awards.
7.     Grant Agreements.
(a)    Awards granted under the Plan shall be evidenced by an agreement (“Grant Agreement”) that shall provide such terms and conditions, as determined by the Committee in its sole discretion, provided, however, that in the event of any conflict between the provisions of the Plan and any such Grant Agreement, the provisions of the Plan shall prevail.
(b)    The Grant Agreement will determine the effect on an Award of the disability, death, retirement, involuntary termination, termination for cause or other termination of employment or service of a participant and the extent to which, and the period during which, the participant’s legal representative, guardian or beneficiary may receive payment of an Award or exercise rights thereunder. If the relevant Grant Agreement does not provide otherwise, however, the following default rules shall apply:
(i)    vested Stock Option and Stock Appreciation Rights held by a participant shall be exercisable for a period of 90 days following the date the participant ceases to be an employee or director of the Company, its subsidiaries and Affiliates;

(ii)    unvested Stock Option, Stock Appreciation Rights, Restricted Stock Awards and Stock Units held by a participant shall be forfeited on the date the participant ceases to be an employee or director of the Company, its subsidiaries and Affiliates.
(c)    Subject to Section 13(e), the Committee, in its sole discretion, may modify a Grant Agreement, provided any such modification will not materially adversely affect the economic interests of the participant unless the Committee shall have obtained the written consent of the participant.  Subject to Section 15, the Committee shall not have the authority to reprice or cancel and regrant any Award at a lower exercise, base or purchase price or cancel any Award with an exercise, base or purchase price of less than “Fair Market Value” (as defined in Section 8(g)) in exchange for cash, property or other Awards without first obtaining the approval of the Company’s shareholders.
(d)    Notwithstanding any provision of the Plan or a Grant Agreement to the contrary, no dividends will be payable with respect to a share of Common Stock underlying an Award unless and until the Award vests in respect of such share of Common Stock.
(e)    Grant Agreements under the Plan need not be identical.
8.     Stock Options.
(a)    Generally.  At any time, the Committee may grant, in its discretion, awards of stock options that will enable the holder to purchase a number of shares of Common Stock from the Company, at set terms (a “Stock Option”). Stock Options may be incentive stock options (“Incentive Stock Options”), within the meaning of Section 422 of the Code, or Stock Options which do not constitute Incentive Stock Options (“Nonqualified Stock Options”). The Committee will have the authority to grant to any participant one or more Incentive Stock Options and/or Nonqualified Stock Options. Each Stock Option shall be subject to such terms and conditions, including vesting, consistent with the Plan as the Committee may provide in the Grant Agreement, subject to the following limitations:
(b)    Exercise Price.  Each Stock Option granted hereunder shall have such per-share exercise price as the Committee may determine in the Grant Agreement, but such exercise price may not be less than “Fair Market Value” on the date the Stock Option is granted, except as provided in Section 11(c).
(c)    Payment of Exercise Price.  The option exercise price may be paid in cash or, in the discretion of the Committee and in accordance with any requirements established by the Committee, by the delivery of shares of Common Stock of the Company then owned by the participant. In the discretion of the Committee and in accordance with any requirements established by the Committee, payment may also be made by (i) delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the exercise price or (ii) by means of consideration received under any cashless exercise procedure approved by the Committee (including the withholding of shares of Common Stock otherwise issuable upon exercise).
(d)    Exercise Period.  Stock Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions, including vesting, as shall be determined by the Committee in the Grant Agreement.
(e)    Limitations on Incentive Stock Options.  Incentive Stock Options may be granted only to participants who are employees of the Company or of a “Parent Corporation” or “Subsidiary 

Corporation” (as defined in Sections 424(e) and (f) of the Code, respectively) at the date of grant. The aggregate Fair Market Value (determined as of the time the Stock Option is granted in accordance with Section 8(g)) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under all option plans of the Company and of any Parent Corporation or Subsidiary Corporation) shall not exceed one hundred thousand dollars ($100,000). For purposes of the preceding sentence, Incentive Stock Options will be taken into account in the order in which they are granted. The per-share exercise price of an Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant, and no Incentive Stock Option may be exercised later than ten (10) years after the date it is granted.
(f)    Additional Limitations on Incentive Stock Options for Ten Percent Shareholders.  Incentive Stock Options may not be granted to any participant who, at the time of grant, owns stock possessing (after the application of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent Corporation or Subsidiary Corporation, unless the exercise price of the option is fixed at not less than one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the date of grant and the exercise of such option is prohibited by its terms after the expiration of five (5) years from the date of grant of such option.
(g)    Fair Market Value.  For purposes of this Plan and any Awards granted hereunder, “Fair Market Value” shall be the closing price of the Common Stock on the relevant date (or on the last preceding trading date if Common Stock was not traded on such date) if the Common Stock is readily tradable on a national securities exchange or other market system, and if the Common Stock is not readily tradable, Fair Market Value shall mean the amount determined in good faith by the Committee as the fair market value of the Common Stock.
9.     Stock Appreciation Rights.
(a)    Generally.  At any time, the Committee may, in its discretion, grant stock appreciation rights with respect to Common Stock (“Stock Appreciation Rights”), including a concurrent grant of Stock Appreciation Rights in tandem with any Stock Option grant. A Stock Appreciation Right means a right to receive a payment in cash or in Common Stock of an amount equal to the excess of (i) the Fair Market Value of a share of Common Stock on the date the right is exercised over (ii) the Fair Market Value of a share of Common Stock on the date the right is granted, all as determined by the Committee. Each Stock Appreciation Right shall be subject to such terms and conditions, including vesting, as the Committee shall impose in the Grant Agreement.
(b)    Exercise Period.  Stock Appreciation Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions, including vesting, as shall be determined by the Committee in the Grant Agreement.
10.    Restricted Stock Awards.
(a)    Generally.  At any time, the Committee may, in its discretion, grant Awards of Common Stock, subject to restrictions determined by the Committee (a “Restricted Stock Award”). Such Awards may include mandatory payment of any bonus in stock consisting of Common Stock issued or transferred to participants with or without other payments therefor and may be made in consideration of services rendered to the Company or its subsidiaries or Affiliates. A Restricted Stock Award shall be construed as an offer by the Company to the participant to purchase the number of shares of Common Stock subject to the Restricted Stock Award at the purchase price, if any, established therefore.

(b)    Payment of the Purchase Price.  If the Restricted Stock Award requires payment therefor, the purchase price of any shares of Common Stock subject to a Restricted Stock Award may be paid in any manner authorized by the Committee, which may include any manner authorized under the Plan for the payment of the exercise price of a Stock Option.
(c)    Restrictions.  Restricted Stock Awards shall be subject to such terms and conditions, including without limitation time based vesting and/or performance based vesting, restrictions on the sale or other disposition of such shares, and/or the right of the Company to reacquire such shares for no consideration upon termination of the participant’s employment within specified periods, as the Committee determines appropriate. The Committee may require the participant to deliver a duly signed stock power, endorsed in blank, relating to the Common Stock covered by such an Award. The Committee may also require that the stock certificates evidencing such shares be held in custody or bear restrictive legends until the restrictions thereon shall have lapsed.
(d)    Rights as a Shareholder.  The Restricted Stock Award shall specify whether the participant shall have, with respect to the shares of Common Stock subject to a Restricted Stock Award, all of the rights of a holder of shares of Common Stock of the Company, including the right to accrue dividends and to vote the shares.
11.    Common Stock Available Under the Plan.
(a)    Basic Limitations.  The aggregate number of shares of Common Stock that may be subject to Awards over the entire term of the Plan since its original effective date (subject to the remainder of this Section 11 and to Section 15) shall be 4,687,500, subject to any adjustments made in accordance with Section 15 hereof. The maximum number of shares of Common Stock that may be:
(i)    the subject of an Award with respect to any individual participant under the Plan during the term of the Plan shall not exceed 2,000,000 (subject to adjustments made in accordance with Section 15 hereof);
(ii)    covered by Awards issued under the Plan during a year shall be limited during the first calendar year of the Plan to 1,250,000 and during any year thereafter to 1% of the Company’s outstanding Common Stock at the beginning such year; and
(iii)    issued pursuant to Incentive Stock Options awarded under the Plan shall be 1,000,000.
Shares of Common Stock issued under the Plan may, in whole or in part, be authorized but unissued shares or shares held in treasury that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise.  
(b)    Additional Shares.  Any shares of Common Stock subject to a Stock Option or Stock Appreciation Right which for any reason is cancelled or terminated without having been exercised and any shares of Common Stock subject to Restricted Stock Awards or Stock Units which are forfeited shall again be available for Awards under the Plan.  The preceding sentence shall apply only for purposes of determining the aggregate number of shares of Common Stock subject to Awards but shall not apply for purposes of determining the maximum number of shares of Common Stock with respect to which Awards may be granted to any individual participant under the Plan.  Notwithstanding any provision of the Plan or a Grant Agreement to the contrary, shares of Common Stock that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with any Stock Option or Stock 

Appreciation Right under the Plan, as well as any shares of Common Stock exchanged by a Participant or withheld by the Company or any Subsidiary Corporation to satisfy the tax withholding obligations related to any Award, shall not be available for subsequent Awards under the Plan, and notwithstanding that a Stock Appreciation Right may be settled by the delivery of a net number of shares of Common Stock, the full number of shares of Common Stock underlying such Stock Appreciation Right shall not be available for subsequent Awards under the Plan.
(c)    Acquisitions.  In connection with the acquisition of any business by the Company or any of its subsidiaries or Affiliates, any outstanding grants or awards of options, restricted stock or other equity-based compensation pertaining to such business may be assumed or replaced by Awards under the Plan upon such terms and conditions as the Committee determines, including granting of Stock Options or Stock Appreciation Rights with an exercise price below Fair Market Value at the date of the replacement grant.
12.    Stock Units.
(a)    Generally.  The Committee may, in its discretion, grant “Stock Units” (as defined in Section 12(c)) to participants hereunder. Stock Units may be subject to such terms and conditions, including time based vesting and/or performance based vesting, as the Committee determines appropriate. A Stock Unit granted by the Committee shall provide payment in shares of Common Stock at such time as the Grant Agreement shall specify. Shares of Common Stock issued pursuant to this Section 12 may be issued with or without other payments therefor as may be required by applicable law or such other consideration as may be determined by the Committee. The Committee shall determine whether a participant granted a Stock Unit shall be entitled to a Dividend Equivalent Right (as defined in Section 12(c)).
(b)    Settlement of Stock Units.  Shares of Common Stock representing the Stock Units shall be distributed to the participant upon settlement of the Award pursuant to the Grant Agreement.
(c)    Definitions.  A “Stock Unit” means a notional account representing one (1) share of Common Stock. A “Dividend Equivalent Right” means the right to receive the amount of any dividend paid on the share of Common Stock underlying a Stock Unit, which shall be payable in cash or in the form of additional Stock Units, in the discretion of the Committee.
13.    Performance-Based Awards.  
(a)    Generally.  In the sole discretion of the Committee, any “Grandfathered Awards” granted under the Plan may be administered in a manner such that the Award qualifies for the performance-based compensation exemption of Section 162(m) of the Code (each, a “Performance-Based Award”). Notwithstanding any other provision of the Plan and except as determined by the Committee, any Grandfathered Award which is intended to qualify as a Performance-Based Award shall be subject to any additional limitations imposed under Section 162(m) of the Code that are requirements for qualification as a Grandfathered Award, and the Plan and Grant Agreement shall be deemed amended to the extent necessary to confirm to such requirements.  A “Grandfathered Award” means an Award which is provided pursuant to a written binding contract in effect on November 2, 2017, and which was not modified in any material respect on or after November 2, 2017, within the meaning of Section 13601(e)(2) of P.L. 115.97, as may be amended from time to time (including any rules and regulations promulgated thereunder).   

(b)     Modification of Performance-Based Awards.  Subject to Section 15(b), with respect to any Performance-Based Awards, the Committee shall not revise any performance goal thereunder or increase the amount of compensation payable thereunder upon the attainment of such performance goal (in accordance with the requirements of Section 162(m) of the Code and the regulations thereunder). Notwithstanding the preceding sentence, (i) the Committee may reduce or eliminate the number of shares of Common Stock or cash granted or the number of shares of Common Stock vested upon the attainment of such performance goal, and (ii) the Committee shall disregard or offset the effect of “Extraordinary Items” in determining the attainment of performance goals. For this purpose, “Extraordinary Items” means extraordinary, unusual and/or non-recurring items, including but not limited to, (i) regulatory disallowances or other adjustments, (ii) restructuring or restructuring-related charges, (iii) gains or losses on the disposition of a business or major asset, (iv) changes in regulatory, tax or accounting regulations or laws, (v) resolution and/or settlement of litigation and other legal proceedings or (vi) the effect of a merger or acquisition.
14.    Foreign Laws.  The Committee may grant Awards to individual participants who are subject to the tax laws of nations other than the United States, which Awards may have terms and conditions as determined by the Committee as necessary to comply with applicable foreign laws. The Committee may take any action which it deems advisable to obtain approval of such Awards by the appropriate foreign governmental entity; provided, however, that no such Awards may be granted pursuant to this Section 14 and no action may be taken which would result in a violation of the Exchange Act, the Code or any other applicable law.
15.    Adjustment Provisions.
(a)    Adjustment Generally.  If there shall be any change in the Common Stock of the Company, through merger, consolidation, reorganization, recapitalization, stock dividend, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, dividends or other changes in capital structure, an adjustment shall be made as provided below in (b) to each outstanding Award.
(b)    Modification of Awards.  In the event of any change or distribution described in subsection (a) above, the Committee shall appropriately adjust the number of shares of Common Stock which may be issued pursuant to the Plan, the other limits on Common Stock issuable under the Plan under Section 11, and the number of shares covered by, and the exercise price of, each outstanding Award.
(c)    Notwithstanding the above, no adjustment to a Stock Option or Stock Appreciation Right shall be made under this Section 15 in a manner that will be treated under Section 409A of the Code as the grant of a new Stock Option or Stock Appreciation Right.
16.    Nontransferability, Title and Other Restrictions.  Except as otherwise specifically provided by the Committee in a Grant Agreement or modification of a Grant Agreement that provides for transfer, each Award granted under the Plan to a participant shall not be transferable otherwise than by will or the laws of descent and distribution, and shall be exercisable, during the participant’s lifetime, only by the participant. In the event of the death of a participant, each Award granted to him or her shall be exercisable during such period after his or her death as the Committee shall in its discretion set forth in the Grant Agreement at the date of grant and then only by the executor or administrator of the estate of the deceased participant or the person or persons to whom the deceased participant’s rights under the Stock Option or Stock Appreciation Right shall pass by will or the laws of descent and distribution.

17.    Acceleration of Awards.
(a)    In order to preserve a participant’s rights under an Award in the event of a Change in Control of the Company or in the event of a fundamental change in the business condition or strategy of the Company, the Committee, in its sole discretion, may, at the time an Award is made or at any time thereafter, take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise or payment of the Award, (ii) provide for payment to the participant of cash or other property with a fair market value equal to the amount that would have been received upon the exercise or payment of the Award had the Award been exercised or paid upon such event, (iii) adjust the terms of the Award in a manner determined by the Committee to reflect such event, (iv) cause the Award to be assumed, or new rights substituted therefor, by another entity, or (v) make such other adjustments in the Award as the Committee may consider equitable to the participant and in the best interests of the Company. Further, any Award shall be subject to such conditions as necessary to comply with federal and state securities laws, the performance based exception of Section 162(m) of the Code, or understandings or conditions as to the participant’s employment in addition to those specifically provided for under the Plan.
(b)    A “Change in Control” shall mean any of the following events:
(i)    Any person (as such term is used in Section 14(d) of the Exchange Act) becomes the “beneficial owner” (as determined pursuant to Rule 14d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than thirty percent (30%) of the combined voting power of the Company’s then outstanding voting securities; or
(ii)    During any period of two (2) consecutive years (not including any period prior to the execution of this Plan), individuals who at the beginning of such period constitute the members of the Board of Directors and any new director whose election to the Board of Directors or nomination for election to the Board of Directors by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or
(iii)    The Company shall merge with or consolidate into any other corporation or entity, other than a merger or consolidation which would result in the holders of the voting securities of the Company outstanding immediately prior thereto holding immediately thereafter securities representing more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(iv)    The stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.
Notwithstanding the foregoing, 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 holders of Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

(c)    If all or a portion of an Award constitutes deferred compensation under Section 409A of the Code and such Award (or portion thereof) is to be settled, distributed or paid on an accelerated basis due to a Change in Control event that is not a "change in control event" described in Treasury Regulation Section 1.409A-3(i)(5) or successor guidance, if such settlement, distribution or payment would result in additional tax under Section 409A of the Code, such Award (or the portion thereof) shall vest at the time of the Change in Control (provided such accelerated vesting will not result in additional tax under Section 409A of the Code), but settlement, distribution or payment, as the case may be, shall not be accelerated.
18.    Withholding.  All payments or distributions of Awards made pursuant to the Plan shall be net of any amounts required to be withheld pursuant to applicable federal, state and local tax withholding requirements. If the Company proposes or is required to distribute Common Stock pursuant to the Plan, it may require the recipient to remit to it or to the corporation or entity that employs such recipient an amount sufficient to satisfy such tax withholding requirements prior to the delivery of any certificates for such Common Stock. In lieu thereof, the Company or the employing corporation or entity shall have the right to withhold the amount of such taxes from any other sums due or to become due from such corporation to the recipient as the Committee shall prescribe. The Committee may, in its discretion and subject to such rules as it may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory requirements), permit an optionee or award or right holder to pay all or a portion of the federal, state and local withholding taxes arising in connection with any Award consisting of shares of Common Stock by electing to have the Company withhold shares of Common Stock having a Fair Market Value equal to the applicable amount of tax to be withheld.
19.    Employment.  A participant’s right, if any, to continue to serve the Company or any of its subsidiaries or Affiliates as a director, officer, employee, or otherwise, shall not be enlarged or otherwise affected by his or her designation as a participant under the Plan.
20.    Unfunded Plan.  Participants shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any participant, beneficiary, legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.
21.    No Fractional Shares.  No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, or Awards, or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.
22.    Duration, Amendment and Termination.  The Plan shall terminate on March 31, 2024, but all outstanding Awards as of the date of termination shall remain in effect and the terms of the Plan shall apply until each such Award terminates as provided in the applicable Grant Agreement. The Committee may amend the Plan from time to time or suspend or terminate the Plan at any time. No amendment of the Plan may be made without approval of the stockholders of the Company if such approval is required under the Code, the rules of a stock exchange, or any other applicable laws or regulations.

23.    Award Deferrals.  Participants may elect to defer receipt of shares of Common Stock or amounts payable under an Award in accordance with procedures established by the Committee.
24.    Section 409A of the Code.  The Plan as well as payments and benefits under the Plan are intended to be exempt from or, to the extent subject thereto, to comply with, Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date that is six (6) months following such separation from service (or death, if earlier). Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code.  The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. Each Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code.
25.    Compliance with Securities Laws.  Notwithstanding any other provision of the Plan, the Company shall have no liability to deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless such delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act of 1933), and the applicable requirements of any securities exchange or similar entity.
26.    Certain Additional Considerations.
(a)    In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a participant may be permitted through the use of such an automated system.
(b)    If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan.
(c)    Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation, stock exchange listing requirement or Grant Agreement or Company policy, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any Grant Agreement or policy adopted by the Company pursuant to any such law, government regulation, stock exchange listing requirement or otherwise).

27.    Governing Law.  This Plan, Awards granted hereunder and actions taken in connection herewith shall be governed and construed in accordance with the laws of the state of Oregon.
Executed as of the 13th day of February, 2018.

PORTLAND GENERAL ELECTRIC COMPANY

By:    /s/ Anne F. Mersereau
Name:    Anne F. Mersereau
Title:     Vice President, Human Resources, Diversity and Inclusion

Appendix A
Index of Defined Terms
	
		
	Term
	Section
Where Defined

	Affiliate(s)
	4(c)

	Awards
	5

	Board of Directors
	4(a)

	Change in Control
	17(b)

	Code
	4(a)

	Committee
	4(a)

	Common Stock
	1

	Company
	1

	Dividend Equivalent Right
	12(c)

	Exchange Act
	4(a)

	Fair Market Value
	8(g)

	Grandfathered Award
	13(a)

	Grant Agreement
	7(a)

	Incentive Stock Options
	8(a)

	Nonqualified Stock Options
	8(a)

	Parent Corporation
	8(e)

	Performance-Based Award
	13

	Plan
	1

	Restricted Stock Award
	10(a)

	Stock Appreciation Rights
	9(a)

	Stock Option
	8(a)

	Stock Unit
	12(c)

	Subsidiary Corporation
	8(e)Exhibit 4.2

 

GREENSKY,
INC.

 

REGISTRATION RIGHTS AGREEMENT

    	 

    	

    

TABLE OF CONTENTS

 

Page

 

	1.	Definitions	1
	 	 	 
	2.	Registration Rights	5
	 	 	 
	 	2.1	Demand Registration	5
	 	 	 	 
	 	2.2	Company Registration	8
	 	 	 	 
	 	2.3	Underwriting Requirements	9
	 	 	 	 
	 	2.4	Registration Procedures	11
	 	 	 	 
	 	2.5	Suspension by the Company	14
	 	 	 	 
	 	2.6	Furnish Information	15
	 	 	 	 
	 	2.7	Expenses of Registration	15
	 	 	 	 
	 	2.8	Delay of Registration	16
	 	 	 	 
	 	2.9	Indemnification; Contribution	16
	 	 	 	 
	 	2.10	Reports Under Exchange Act	19
	 	 	 	 
	 	2.11	Limitations on Subsequent Registration Rights	19
	 	 	 	 
	 	2.12	Lock-Up Agreements	20
	 	 	 	 
	 	2.13	Restrictions on Transfer	20
	 	 	 	 
	 	2.14	Termination of Registration Rights	21
	 	 	 	 
	3.	Miscellaneous	21
	 	 	 	 
	 	3.1	Successors and Assigns	21
	 	 	 	 
	 	3.2	Governing Law	22
	 	 	 	 
	 	3.3	Counterparts; Facsimile	22
	 	 	 	 
	 	3.4	Titles and Subtitles	22
	 	 	 	 
	 	3.5	Notices	22
	 	 	 	 
	 	3.6	Amendments and Waivers	23
	 	 	 	 
	 	3.7	Severability	23
	 	 	 	 
	 	3.8	Aggregation of Stock	23
	 	 	 	 
	 	3.9	Entire Agreement; Termination of Investors Rights Agreement	23
	 	 	 	 
	 	3.10	Jurisdiction; Waiver of Jury Trial	24
	 	 	 	 
	 	3.11	Delays or Omissions	24
	 	 	 	 
	 	3.12	Acknowledgment	24
	 	 	 	 
	 	3.13	Prevailing Party	25
	 	 	 	 
	 	3.14	MNPI	25

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	Schedule A	—	Schedule of Investors
	Exhibit A	—	Joinder to Registration Rights Agreement

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registration
RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (“Agreement”) is dated as of ________________, 2018 (the “Effective Date”), by
and among GreenSky, Inc., a Delaware corporation (the “Company”), GreenSky Holdings, LLC, a Georgia limited
liability company (“GS Holdings”), and each Person identified on Schedule A hereto as of the Effective
Date.

 

RECITALS

 

WHEREAS, on the
Effective Date, the Company, GS Holdings and the holders of equity interests in GS Holdings entered into that certain Reorganization
Agreement (the “Reorganization Agreement”), pursuant to which the parties thereto agreed to take the actions
described in Section 4 of the Reorganization Agreement (collectively, the “Reorganization”) on the Effective
Date and immediately prior to the consummation of the IPO (as defined below);

 

WHEREAS, as of
the date hereof, the Company has consummated an offer and sale of its shares of Class A common stock, $0.01 par value per share (the
“Class A Common Stock”), to the public in an underwritten initial public offering (the “IPO”);

 

WHEREAS, GS Holdings
and the investors listed on Schedule A thereto are parties to that certain Second Amended and Restated Investors Rights Agreement,
dated as of August 24, 2017 (the “Investors Rights Agreement”), governing the rights of such investors to cause
GS Holdings to register securities held by such investors and certain other matters as set forth therein; and

 

WHEREAS, in light
of the consummation of the Reorganization and the IPO, the parties hereto desire to supersede the Investors Rights
Agreement with this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
the parties hereby agree as follows:

 

1.        Definitions.
For purposes of this Agreement:

 

“Additional
Investor” means a transferee of Registrable Securities in a transaction in which the applicable rights under this Agreement
are assigned pursuant to Section 3.1.

 

“Affiliate”
means, with respect to any Person, any of the following: (i) any Person who, directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, another Person; (ii) any Person owning or controlling ten percent
(10%) or more of the outstanding voting securities or beneficial interest of another Person; (iii) any Person who is an officer,
director, general partner or trustee of such Person, or anyone acting in a substantially similar capacity to such Person; and (iv)
any Person who is an officer, director, general partner, trustee or holder of ten percent (10%) or more of the voting securities
or beneficial interest of any of the foregoing; provided, that, with respect to any Holder, “Affiliate”
shall include any mutual funds or similar pooled vehicles or accounts that are controlled by, under common control with, managed
or advised by the same management company or registered investment advisor (or an affiliate of such management company or registered
investment advisor) as such Holder; provided, further, however, that “Affiliate” shall not be deemed to include
any Person

    	 

    	

    

providing legal, accounting
or other professional services to the Company, its members or their Affiliates merely by reason of the provision of such services.

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405
promulgated under the Securities Act.

 

“Chosen Court”
has the meaning set forth in Section 3.10.

 

“Class A Common
Stock” has the meaning set forth in the recitals.

 

“Class B Common
Stock” means the Company’s Class B common stock, $0.01 par value per share.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Covered MNPI”
has the meaning set forth in Section 3.14(a).

 

“Damages”
means any loss, damage, claim, expense or liability (joint or several) to which a party hereto may become subject under the Securities
Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim, expense or liability (or any action
or proceeding in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in the Disclosure Package, the Prospectus, any Free Writing Prospectus, or any registration statement of the Company,
including any preliminary Prospectus or Final Prospectus contained therein or any amendments or supplements thereto, or other document
filed in connection therewith; (ii) an omission or alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party
(or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

“Demand Notice”
has the meaning set forth in Section 2.1(a).

 

“Disclosure
Package” means, with respect to any offering of Registrable Securities, (i) the preliminary Prospectus, (ii) each
Free Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under
the Securities Act, to have been conveyed to purchasers of securities at the time of sale of such securities (including, without
limitation, a contract of sale).

 

“Effective
Date” has the meaning set forth in the introductory paragraph.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Agreement”
means the agreement or agreements among the Company, GS Holdings and the holders of GS Holdings Units whereby such holders have
the right to exchange their GS Holdings Units, together with an equal number of shares of Class B Common

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Stock, for shares of
Class A Common Stock on a one-for-one basis, subject to customary adjustments for stock splits, stock dividends and reclassifications,
or for cash (based on the market price of the shares of Class A Common Stock), at the Company’s option.

 

“Excluded Registration”
means (i) a registration relating to the issuance of securities to employees of the Company or a subsidiary pursuant to a stock
option, stock purchase, or similar plan on Form S-8 or its successor; (ii) a registration relating to an SEC Rule 145 transaction
on Form S-4 or its successor; or (iii) a registration in which the only common equity securities being registered are common equity
securities issuable upon conversion of debt securities that are also being registered.

 

“Fifth Third”
means Fifth Third Capital Holdings, LLC.

 

“Final Prospectus”
means the form of prospectus included in the registration statement at the time it becomes effective, or any amendment or supplement
thereto filed with the SEC pursuant to Rule 424(b) under the Securities Act.

 

“Form S-1”
means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities
Act subsequently adopted by the SEC.

 

“Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with
the SEC.

 

“Free Writing
Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities
Act.

 

“GAAP”
means generally accepted accounting principles in the United States, consistently applied.

 

“GS Holdings”
has the meaning set forth in the introductory paragraph.

 

“GS Holdings
Units” means the single class of common membership interests of GS Holdings issued in connection with the Reorganization.

 

“Holder”
means any holder of Registrable Securities who is a party to this Agreement or who becomes a party hereto in accordance with the
definition of “Investor” herein.

 

“Immediate
Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person
referred to herein.

 

“Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

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“Investors”
means (a) the parties listed on Schedule A hereto, and (b) any Additional Investor.

 

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

 

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

 

“Joinder”
means a joinder to this Agreement in the form of Exhibit A hereto, executed by an Additional Investor and the Company.

 

“Lead B Investor”
means TPG Georgia Holdings, LP.

 

“MIS”
means MIS Investment Holdings, LLC.

 

“MNPI”
means material non-public information within the meaning of Regulation FD promulgated under the Exchange Act.

 

“Opt-Out Request”
has the meaning set forth in Section 3.14(d).

 

“Person”
means any individual or corporation, partnership, trust, limited liability company, association or other entity.

 

“Policies”
has the meaning set forth in Section 3.14(b).

 

“Potential
Takedown Participant” has the meaning set forth in Section 2.1(e)(i).

 

“Prospectus”
means the prospectus related to any registration statement (including, without limitation, a prospectus or prospectus supplement
that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance
on Rule 415, 430A, 430B or 430C under the Securities Act, as amended or supplemented by any amendment or prospectus supplement),
including post-effective amendments, and all materials incorporated by reference in such prospectus.

 

“Registrable
Securities” means (i) any Class A Common Stock now owned or hereafter acquired by any Investor, including, without limitation,
upon exchange of GS Holdings Units and Class B Common Stock, and (ii) all shares of Class A Common Stock directly or indirectly
issued or then issuable with respect to the securities referred to in clause (i) above by way of a stock dividend or stock split,
or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization; excluding in all
cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement
are not assigned pursuant to Section 3.1, and excluding for purposes of Section 2 any shares for which registration
rights have terminated pursuant to Section 2.14 of this Agreement. Notwithstanding the foregoing, all shares of Class
A Common Stock issuable upon exercise, conversion or exchange of any security or right received by a Holder in connection with
the Reorganization shall be deemed Registrable Securities for the purpose of exercising any right hereunder, regardless of whether
such securities have been so converted or exchanged.

 

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

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

 

“Representatives”
has the meaning set forth in Section 3.14(b).

 

“Restricted
Securities” means the securities of the Company required to bear the legend set forth in Section 2.13(a)
hereof.

 

“SEC”
means the Securities and Exchange Commission.

 

“SEC Rule 144”
means Rule 144 promulgated by the SEC under the Securities Act.

 

“SEC Rule 145”
means Rule 145 promulgated by the SEC under the Securities Act.

 

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

 

“Selling Expenses”
means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities,
and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne
and paid by the Company as provided in Section 2.7.

 

“Selling Holder
Counsel” means one counsel selected by the Lead B Investor on behalf of the Holders, or, if the Lead B Investor is not
an Initiating Holder, Holders of a majority of the Registrable Securities to be registered.

 

“Takedown Notice”
has the meaning set forth in Section 2.1(e)(i).

 

“Takedown Request”
has the meaning set forth in Section 2.1(e).

 

2.        Registration
Rights. The Company covenants and agrees as follows:

 

2.1        Demand
Registration.

 

(a)        Form
S-1 Demand. If at any time following the date of the Prospectus for the IPO, the Company receives a request from either (i)
the Lead B Investor or (ii) Holders of (individually or in the aggregate) the greater of 25% of the Registrable Securities
or at least $50,000,000 of Registrable Securities (calculated based on the market price of the Registrable Securities on the date
on which the Company receives the written request for such registration), that the Company file or submit a Form S-1 with respect
to Registrable Securities having, an aggregate value of at least $50,000,000 (calculated based on the market price of the Registrable
Securities on the date on which the Company receives the written request for such registration), then the Company shall (1) within
three business days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders
other than the Initiating Holders; and (2) file or submit as soon as practicable thereafter and use commercially reasonable efforts
to have such registration statement declared effective by the SEC within 60 days of such Demand Notice, but in no

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event later
than 90 days after the date such Demand Notice is given by the Company, a Form S-1 covering all Registrable Securities that the
Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within five business days of the date the
Demand Notice is given, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3.

 

(b)        Form
S-3 Demand. If at any time following the date of the Prospectus for the IPO and when the Company is eligible to use a Form
S-3, the Company receives a request from either (i) the Lead B Investor or (ii) Holders of (individually or in the aggregate) the
greater of 12.5% of the Registrable Securities or $20,000,000 of Registrable Securities (calculated based on the market price of
the Registrable Securities on the date on which the Company receives the written request for such registration) that the Company
file a Form S-3 (which Form S-3 registration, at the request of the Initiating Holders, may be a shelf registration pursuant to
Rule 415 promulgated under the Securities Act) with respect to outstanding Registrable Securities of the Lead B Investor or Holders
having an aggregate value of at least $20,000,000 (calculated based on the market price of the Registrable Securities on the date
on which the Company receives the written request for such registration), then the Company shall (x) within two business days after
the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (y) file, as soon as
practicable but in no event later than 30 days after the date such request is given by the Initiating Holders, a Form S-3 covering
the Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by
each such Holder to the Company within three business days of the date the Demand Notice is given, or such shorter period as may
be reasonably requested under the circumstances, and in each case, subject to the limitations of Section 2.1(c) and
Section 2.3. If the Initiating Holders request, and if the Company is a Well-Known Seasoned Issuer (as defined in Rule 405
promulgated under the Securities Act), the Company shall cause such Form S-3 to be made pursuant to an Automatic Shelf Registration
Statement and, if then permitted, will omit the names of the participating Holders and the amount of the Registrable Securities
to be offered thereunder if so requested by the Initiating Holders.

 

(c)        Notwithstanding
the foregoing obligations, if the Company furnishes to Holders requesting registration pursuant to this Section 2.1
a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s
Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either
become effective or remain effective for as long as such registration statement otherwise would be required to remain effective,
because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction
involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act
or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods
with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than 60 days after the
request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice
in any 12-month period for a period of more

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than 90 days
in aggregate; and provided, further, that the Company shall not register any securities for its own account or that of any
other stockholder during such 90-day period other than an Excluded Registration; and provided, further, that, in the case
of clause (ii) above, (x) the Company shall instruct all executive officers and directors of the Company to suspend sales of the
Company’s securities other than pursuant to existing Rule 10b5-1 trading plans and (y) the Company may not defer taking any
action required pursuant to this Section 2.1 past the date upon which the applicable information is disclosed to the public or
ceases to be material.

 

(d)        The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(a),
if requested, (i) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and
ending on a date that is 90 days after the effective date of a Company-initiated registration, provided, that the Company
is actively employing in good faith reasonable best efforts to cause at least 80% of the Registrable Securities subject to each
request by a Holder to be included in such registration statement to be so included and to cause such registration statement to
become effective pursuant to Section 2.2 of this Agreement; (ii) (x) at the request of the Lead B Investor, after the Company
has effected two registrations pursuant to Section 2.1(a) at the request of the Lead B Investor, or (y) at the request
of any Holders other than the Lead B Investor, after the Company has effected three registrations pursuant to Section 2.1(a)
at the request of any Holders other than the Lead B Investor; or (iii) if the Initiating Holders propose to dispose of shares of
Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.1(b).
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(b),
if requested, (i) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and
ending on a date that is 90 days after the effective date of, a Company-initiated registration, provided, that the Company
is actively employing in good faith reasonable best efforts to cause at least 80% of the Registrable Securities subject to each
request by a Holder to be included in such registration statement to be so included and to cause such registration statement to
become effective pursuant to Section 2.2 of this Agreement; or (ii) if the Company has effected one registration pursuant
to Section 2.1(b) within the 90-day period immediately preceding the date of such request. A registration shall not
be counted as “effected” for purposes of this Section 2.1(d) until such time as the applicable registration
statement has become effective or been declared effective by the SEC, unless the Initiating Holders withdraw their request for
such registration, elect not to pay the related registration expenses, and forfeit their right to one demand registration statement
pursuant to Section 2.7, in which case such withdrawn registration statement shall be counted as “effected”
for purposes of this Section 2.1(d).

 

(e)        At
any time a shelf registration statement covering Registrable Securities is effective, (i) the Lead B Investor or (ii) Holders of
(individually or in the aggregate) the greater of 12.5% of the Registrable Securities or $20,000,000 of Registrable Securities
(calculated based on the market price of the Registrable Securities on the date on which the Company receives the written request
for such registration), may deliver a written request to the Company to effect a public offering,
including an underwritten public offering, of all or a portion of the Registrable Securities held by such

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Initiating
Holder(s) that are registered on such registration statement (a “Takedown Request”). 

 

(i)        With
respect to any Takedown Request involving an underwritten public offering, promptly upon receipt of such Takedown Request (but
in no event more than two business days thereafter) the Company shall deliver a notice (a “Takedown Notice”)
to each other Holder of Registrable Securities covered by the applicable registration statement, or to all other Holders of Registrable
Securities if such registration statement is undesignated (each a “Potential Takedown Participant”). The Takedown
Notice shall offer each such Potential Takedown Participant the opportunity to include in the applicable underwritten public offering
such number of Registrable Securities as each such Potential Takedown Participant may request in writing. Subject to Section
2.3(a), the underwritten public offering shall include all such Registrable Securities with respect to which the Company has
received written requests for inclusion therein from any Potential Takedown Participant within three business days after the date
that the Takedown Notice has been delivered. Any Potential Takedown Participant’s written request to participate in such
underwritten public offering shall be binding on the Potential Takedown Participant, subject to Section 2.3(d).

 

(ii)        As
promptly as practicable after receiving a Takedown Request, the Company shall (i) file with the SEC a prospectus supplement
naming the participating Holders as selling stockholders and the amount of Registrable Securities to be offered and include, to
the extent not included or incorporated by reference in the registration statement, any other information omitted from the Prospectus
used in connection with such registration statement as permitted by Rule 430B promulgated under the Securities Act (including the
plan of distribution and the names of any underwriters, placement agents or brokers) and (ii) pay any necessary filing fees to
the SEC within the time period required; provided, that, in connection with a Takedown Request relating to an underwritten
public offering, the Company shall coordinate the timing of the foregoing actions with the Initiating Holder(s).

 

(f)        Notwithstanding
anything herein to the contrary, to the extent that any requested action pursuant to this Section 2.1 would require waiver of one
or more lock-up agreements among Holders and underwriters of the Company’s securities, each such Holder agrees to provide
the Company with a written waiver of each such lock-up agreement; and the Company shall defer making any public filing or executing
any agreement required pursuant to this Section 2.1 until each such Holder has provided such waiver.

 

2.2        Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its Class A Common Stock under the Securities Act in connection with the public offering
of such securities for cash (other than in an Excluded Registration or the IPO), the Company shall, at such time, promptly give
each Holder notice of such proposed registration. Upon the request of each applicable Holder given within 10 days

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after such notice is
given by the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the
Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right
to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such
registration, whether or not any Holder has elected to include Registrable Securities in such registration, and the Company shall
give notice to such Holders of such termination or withdrawal promptly thereafter. The expenses (other than Selling Expenses) of
such withdrawn registration shall be borne by the Company in accordance with Section 2.7.

 

2.3        Underwriting
Requirements.

 

(a)        If,
pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request
(or to distribute any Registrable Securities under a shelf registration statement filed pursuant to Rule 415 promulgated under
the Securities Act) by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1,
and the Company shall include such information in the Demand Notice. The underwriter(s), which shall be (an) investment banking
firm(s) of national reputation, will be selected (i) in the event of an offering that includes a primary offering, by the Company
and shall be reasonably acceptable to a majority in interest of the Registrable Securities held by all Initiating Holders and (ii)
in the event of an offering that solely includes a secondary offering or a distribution of any Registrable Securities under a shelf
registration statement filed pursuant to Rule 415 promulgated under the Securities Act, by a majority in interest of the Registrable
Securities held by all Initiating Holders, which majority shall include the Lead B Investor if the Lead B Investor is an Initiating
Holder, and shall also be reasonably acceptable to the Company. In such event, the right of any Holder to include such Holder’s
Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and
the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing
to distribute their securities through such underwriting shall (together with the Company as provided in Section 2.4(e))
enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting, which underwriting
agreement shall be reasonably acceptable to the Company and to the Initiating Holders holding a majority of the Registrable Securities
to be registered. Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise(s)
the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then
the Company shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the
number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable
Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities
owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however,
that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all
other securities are first entirely excluded from the underwriting.

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(b)        In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 2.2,
the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders
accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as
the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total
number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number
of securities to be sold (other than by the Company for its own account) that the underwriters in their reasonable discretion determine
is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine
will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion (as nearly as practicable) to the number of Registrable Securities owned
by each selling Holder or in such other proportion as shall mutually be agreed to by all such selling Holders. Notwithstanding
the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other
securities (other than securities to be sold by the Company for its own account) are first entirely excluded from the offering,
in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other
stockholder’s securities are included in such offering, or (ii) the number of Registrable Securities included in the offering
be reduced below thirty percent (30%) of the total number of securities included in such offering. For purposes of the provision
in this Section 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company,
or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates
and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit
of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction
with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all
Persons included in such “selling Holder,” as defined in this sentence.

 

(c)        For
purposes of Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise
of the underwriter’s cutback provisions in Section 2.3(a), fewer than 50% of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included.

 

(d)        Any
Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a registration
by giving written notice to the Company of its request to withdraw prior to the execution of the underwriting agreement; provided,
however, that (i) any Holder’s request to participate in an underwritten sale off of an effective shelf registration
statement shall be binding on such Holder; (ii) each such Holder that elects to participate in such underwritten shelf takedown
may condition its participation on such underwritten offering being completed within ten (10) business days of its acceptance at
a price per share (after giving effect to any

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underwriters’
discounts or commissions) to such Holder of not less than ninety percent (90%) of the closing price for the shares on their principal
trading market on the business day immediately prior to such Holder’s election to participate; and (iii) in the event that
an Initiating Holder gives such written notice to withdraw with respect to a registration under Section 2.1 it thereafter
shall have one fewer demand registration rights thereunder.

 

2.4        Registration
Procedures. Whenever the Initiating Holders have requested that any Registrable Securities be registered pursuant to this Agreement
or have initiated a distribution of any Registrable Securities under a shelf registration statement filed pursuant to Rule 415
promulgated under the Securities Act, such Holders shall, if applicable, cause any underlying GS Holdings Units, together with
Class B Common Stock, to be exchanged into shares of Class A Common Stock in accordance with the terms of the Exchange Agreement
prior to the sale of such Registrable Securities. Whenever required under this Section 2 to file a registration statement
in respect of any Registrable Securities or requested by the Initiating Holders to conduct an underwritten sale pursuant to an
effective shelf registration statement pursuant to Section 2.1(e), the Company shall, as expeditiously as reasonably possible:

 

(a)        
prepare and file or submit with the SEC a registration statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the
Registrable Securities registered thereunder, keep such registration statement effective for a period of up to 120 days (or, in
the case of a Form S-3, three years from the effective date of the registration statement if such registration statement is filed
pursuant to Rule 415 promulgated under the Securities Act) or, if earlier, until the distribution contemplated in the registration
statement has been completed; provided, however, that before filing or submitting a registration statement or Prospectus
or any amendments or supplements thereto (including, without limitation, any documents incorporated by reference therein), or before
using any Free Writing Prospectus, the Company shall provide the Selling Holder Counsel, each participating Holder, any managing
underwriter or broker/dealer participating in any disposition of such Registrable Securities pursuant to a registration statement
and any attorney retained by any such managing underwriter or broker/dealer with an opportunity to review and comment on such registration
statement and each Prospectus included therein (and each amendment or supplement thereto) and each Free Writing Prospectus to be
filed with the SEC, subject to such documents being under the Company’s control, and the Company shall notify the Selling
Holder Counsel and each seller of Registrable Securities pursuant to such registration statement of any stop order issued or threatened
by the SEC and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered, and provided,
further, that in the case of a registration not filed pursuant to Rule 415 promulgated under the Securities Act, such
120-day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter
of Class A Common Stock (or other securities) of the Company, from selling any securities included in such registration;

 

(b)        prepare
and file with the SEC such amendments and supplements to such registration statement, and the Prospectus used in connection with

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such registration
statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by
such registration statement;

 

(c)        furnish
to the selling Holders such numbers of copies of a Prospectus, including a preliminary Prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable
Securities;

 

(d)        register
and qualify the securities covered by such registration statement under such other securities or “blue sky” laws of
such jurisdictions as shall be reasonably requested by the selling Holders, and continue such registration or qualification in
effect in such jurisdiction for as long as permissible pursuant to the laws of such jurisdiction, or for as long as any such selling
Holder requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other acts and
things which may be reasonably necessary or advisable to enable any such selling Holder to consummate the disposition in such jurisdictions
of the Registrable Securities owned by such selling Holder; provided, that the Company shall not be required to qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.4(d)
or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to
service in such jurisdiction and except as may be required by the Securities Act;

 

(e)        in
the event of any underwritten public offering, (i) enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the underwriter(s) of such offering and, to the extent reasonably requested by such underwriter(s), take
all such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities
in any such underwritten public offering, including, but not limited to, sending appropriate officers of the Company to attend
any “road shows” scheduled in connection with such underwritten public offering, with all reasonable out-of-pocket
expenses incurred by such officers in connection with such attendance to be paid by the Company, and (ii) if requested by underwriter(s)
of such public offering, use reasonable best efforts to cause its directors and executive officers to agree to enter into customary
lock-up agreements with such underwriter(s) in connection therewith, provided, that the lock-up period shall not exceed
90 days following the date of the final prospectus or prospectus supplement relating to such offering and shall not be greater
than the period agreed to by Holders in accordance with Section 2.12, and, provided, further, that such lock-up agreements
shall contain customary exclusions, including, but not limited to, exclusions for sales (other than in the open market) of the
Company’s securities to cover taxes on vesting of equity awards, estate planning transactions and sales under existing Rule
10b5-1 trading plans;

 

(f)        use
its reasonable best efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national
securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued
by the Company are then listed;

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(g)        provide
a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration statement;

 

(h)        promptly
make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information
in such registration statement and to conduct appropriate due diligence in connection therewith;

 

(i)        if
such sale is pursuant to an underwritten offering, use its reasonable best efforts to obtain a comfort letter dated the effective
date of the registration statement (or, in the case of a shelf registration statement pursuant to Rule 415 promulgated under the
Securities Act, on the pricing date of each offering under such shelf registration statement) and the date of the closing under
the underwriting agreement from the Company’s independent registered public accounting firm in customary form and covering
such matters of the type customarily covered by comfort letters as the managing underwriter reasonably requests;

 

(j)        use
its reasonable best efforts to furnish, at the request of any seller of Registrable Securities on the date such securities are
delivered to the underwriters for sale pursuant to such registration, an opinion, dated such date, of counsel representing the
Company for the purposes of such registration, addressed to the underwriters or, if there are no underwriters, any selling Holder
covering such legal matters with respect to the registration in respect of which such opinion is being given as the underwriters
may reasonably request and are customarily included in such opinions;

 

(k)        use
its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security
holders, as soon as reasonably practicable but no later than fifteen months after the effective date of the registration statement,
an earnings statement covering a period of twelve months beginning after the effective date of the registration statement, in a
manner which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated under the Securities
Act;

 

(l)        cooperate
with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Counsel;

 

(m)        cause
the Registrable Securities covered by such registration statement to be registered with or approved by such other governmental
agencies or

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authorities,
as may be reasonably necessary by virtue of the business and operations of the Company to enable the seller or sellers of Registrable
Securities to consummate the disposition of such Registrable Securities;

 

(n)        take
all other steps reasonably necessary to effect the registration of the Registrable Securities contemplated hereby and reasonably
cooperate with the holders of such Registrable Securities to facilitate the disposition of such Registrable Securities pursuant
thereto;

 

(o)        within
the deadlines specified by the Securities Act and the rules promulgated thereunder, make all required filings of all Prospectuses
and Free Writing Prospectuses with the SEC;

 

(p)        within
the deadlines specified by the Securities Act and the rules promulgated thereunder, make all required filing fee payments in respect
of any registration statement or Prospectus used under this Agreement (and any offering covered thereby);

 

(q)        promptly
notify the Holders, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the
occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered
to the purchasers of such Registrable Securities, such Prospectus will not contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly
prepare and make available to the Holders and file with the SEC any such supplement or amendment;

 

(r)        
notify each selling Holder, promptly after the Company receives notice thereof, of the time when the registration statement has
been declared effective or a supplement to any Prospectus forming a part of such registration statement has been filed; and

 

(s)        after
such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement
such registration statement or Prospectus.

 

2.5        Suspension
by the Company.

 

(a)        Notwithstanding
the provisions of this Section 2, the Company shall, subsequent to notifying each Holder, be entitled to suspend, for a
reasonable period of time, the effectiveness or use of, or trading under, any registration statement in accordance with Section
2.1(c) if the Company shall determine that any sale of any securities pursuant to such registration statement would in the
good faith judgment of the Board of Directors of the Company:

 

(i)        materially
impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or other similar
transaction involving the Company;

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(ii)        require
premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or

 

(iii)        render
the Company unable to comply with requirements under the Securities Act or Exchange Act;

 

in each case,
for a period of not more than 60 days; provided, however, that the Company may not invoke this right more than twice in
any 12-month period for a period of more than 90 days in aggregate; and provided, further, that the Company shall not register
any securities for its own account or that of any other stockholder during such period other than an Excluded Registration; and
provided, further, that, in the case of clause (ii) above, (x) the Company shall instruct all executive officers and directors
of the Company to suspend sales of the Company’s securities other than pursuant to existing Rule 10b5-1 trading plans and
(y) the Company may not suspend the use of, or trading under, any registration statement past the date upon which the applicable
information is disclosed to the public or ceases to be material.

 

(b)        In
the event of the suspension of effectiveness of any registration statement pursuant to this Section, the applicable time period
during which such registration statement is to remain effective shall be extended by that number of days equal to the number of
days of the suspension.

 

(c)        The
Company shall promptly notify the Holders when the Company ends the period of suspension, and shall promptly amend or supplement
any registration statement or prospectus to the extent necessary so that it does not contain any untrue statement or omission and
otherwise complies with the requirements of the Securities Act or Exchange Act, and shall furnish to the Holders such number of
copies of such amendment or supplement as the Holders may reasonably request.

 

2.6        Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably
required to effect the registration of such Holder’s Registrable Securities, including, but not limited to, the information
required by Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor
rule thereto.

 

2.7        Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees;
fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of the Selling Holder Counsel and
the reasonable fees and disbursements of any local jurisdiction counsel whose opinion is requested by the underwriters in connection
with any underwritten offering, shall be borne and paid by the Company; provided, however, that the Company shall not be
required to pay for any expenses of any registration

    	15

    	

    

proceeding begun pursuant
to Section 2.1 if the registration request is subsequently withdrawn at the request of the Initiating Holders (in which
case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to
be included in the withdrawn registration), unless such Initiating Holders agree to deem the withdrawn registration to have been
effected as of the date of such withdrawal for purposes of determining such Initiating Holders’ demand rights pursuant to
Section 2.1(a) or Section 2.1(b), as the case may be; provided, further, that if, at the time of
such withdrawal, the Initiating Holders have learned of a material adverse change in the condition, business, or prospects of the
Company from that known to the Initiating Holders at the time of their request and have withdrawn the request after learning of
such information, then the selling Holders shall not be required to pay any of such expenses and the withdrawn registration shall
not be deemed to have been effected for purposes of determining the Initiating Holders’ demand rights pursuant to Section 2.1(a)
or Section 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2
shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their
behalf.

 

2.8        Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation
of this Section 2.

 

2.9        Indemnification;
Contribution. If any Registrable Securities are included in a registration statement under this Section 2:

 

(a)        To
the extent permitted by law, the Company will, and it hereby does, indemnify and hold harmless each selling Holder, and the partners,
members, officers, agents, Affiliates, employees, trustees, stockholders and directors of each such Holder; legal counsel and accountants
for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls
such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will
pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably
incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses
are incurred; provided, however, that the indemnity agreement contained in this Section 2.9(a) shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company,
which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise
out of or are based upon statements or omissions made in reliance upon and in conformity with written information regarding the
Holder or its plan of distribution furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned
Person expressly for use in the Disclosure Package, the Prospectus, any Free Writing Prospectus, or any registration statement
of the Company, including any preliminary Prospectus or Final Prospectus contained therein or any amendments or supplements thereto.

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(b)        To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or
other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon statements
or omissions made in reliance upon and in conformity with written information regarding the Holder or its plan of distribution
furnished by or on behalf of such selling Holder expressly for use in the Disclosure Package, the Prospectus, any Free Writing
Prospectus, or any registration statement of the Company, including any preliminary Prospectus or Final Prospectus contained therein
or any amendments or supplements thereto; and each such selling Holder will pay to the Company and each other aforementioned Person
any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from
which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Section 2.9(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided, further, that
in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under this Section 2.9(b)
and Section 2.9(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid
by such Holder).

 

(c)        Promptly
after receipt by an indemnified party under this Section 2.9 of written notice of the commencement of any action, threat
or proceeding (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified
party will, if a claim in respect thereof is made or intended to be made against any indemnifying party under this Section 2.9,
give the indemnifying party written notice of the commencement thereof. The indemnifying party shall have the right to participate
in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties. Each indemnified party
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the reasonable and
documented out-of-pocket fees and expenses of such counsel shall be paid by the indemnified party unless (i) the indemnifying
party agrees to pay the same, (ii) the indemnifying party fails to assume the defense of such action with counsel reasonably
satisfactory to the indemnified party within a reasonable period of time or (iii) the named parties to any such action (including
any impleaded parties) include both the indemnifying party and the indemnified party and such parties have been advised by such
counsel that either (x) representation of such indemnified party and the indemnifying party by the same counsel would be inappropriate
under applicable standards of professional conduct, as determined in the reasonable judgment of any party or (y) there may
be one or more legal defenses available to the indemnified party which are different from or in addition to those available to
the indemnifying party, it being understood, however that the indemnifying party shall not be liable for fees and expenses of more
than one separate firm of attorneys (in addition to any local counsel) for each group

    	17

    	

    

of similar indemnified
parties (e.g., the Holders, as contrasted with executive officers and directors of the Company). In any of such cases, the indemnifying
party shall not have the right to assume the defense of such action on behalf of such indemnified party and all such fees and expenses
shall be reimbursed as incurred. In the event that the indemnified parties retain separate counsel, such counsel shall, to the
extent reasonable, cooperate with the indemnifying party’s counsel in order to control overall costs. The failure to give
notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the indemnified party under this Section 2.9, except to the extent that such failure results
in the loss of substantive legal rights. No indemnifying party shall be liable for any settlement entered into without its written
consent, which consent shall not be unreasonably withheld. No indemnifying party shall, without the consent of each indemnified
party, effect any settlement of any pending or threatened proceeding in respect of which such indemnified party is a party and
indemnity has been sought hereunder by such indemnified party, unless such settlement (i) includes an unconditional release of
such indemnified party from all liability for claims that are the subject matter of such proceeding and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

 

(d)        To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.9 but
it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Section 2.9 provides for indemnification in such case, (ii) contribution under the Securities Act
may be required on the part of any party hereto for which indemnification is provided under this Section 2.9, or (iii)
the indemnification provided for in this Section 2.9 from the indemnifying party is otherwise unavailable to an indemnified
party hereunder, or insufficient to hold harmless an indemnified party in respect of any Damages (including any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may
result) referred to herein, then, and in each such case, such parties will severally and not jointly contribute to the aggregate
losses, claims, Damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion
as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with
the statements, omissions, or other actions that resulted in such loss, claim, Damages, liability, or expense, as well as to reflect
any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether any action in question, including the untrue or allegedly untrue statement
of a material fact, or the omission or alleged omission of a material fact, has been made by, or relates to information supplied
by, the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (x) no Holder
will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and
sold by such Holder pursuant to such registration

    	18

    	

    

statement (net
of Selling Expenses), and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided,
further, that in no event shall a Holder’s liability pursuant to this Section 2.9(d), when combined with
the amounts paid or payable by such Holder pursuant to Section 2.9(b), exceed the proceeds from the offering received
by such Holder (net of any Selling Expenses paid by such Holder).

 

(e)        Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Section 2.9 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2, and otherwise shall survive the termination of this Agreement; provided,
however, that no underwriting agreement entered into in connection with any underwritten public offering that provides terms
less favorable to the Holders than those provided in this Section 2.9 shall supersede this Agreement.

 

2.10      Reports
Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation
of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant
to a Form S-3, the Company shall:

 

(a)        make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144;

 

(b)        file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act; and

 

(c)        furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after
the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act, or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 or as a Well-Known Seasoned Issuer (at any
time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports
and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of
any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form S-3
(at any time after the Company so qualifies to use such form).

 

2.11      Limitations
on Subsequent Registration Rights. From and after the Effective Date, the Company shall not, without the prior written consent
of (a) the Lead B Investor and (b) the Holders of at least 50% of the Registrable Securities (on an as-converted basis), enter
into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective
holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder

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or prospective holder
may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the
number of the Registrable Securities of the Holders that are included or (ii) to demand registration of any securities held by
such holder or prospective holder.

 

2.12      Lock-Up
Agreements. In connection with each registration or sale of Registrable Securities pursuant to Section 2.1 or Section
2.2 conducted as an underwritten public offering, each Holder agrees, if requested, to become bound by and to execute and deliver
a customary lock-up agreement with the underwriter(s) of such public offering restricting such Holder’s right to (a) transfer,
directly or indirectly, any Registrable Securities or (b) enter into any swap or other arrangement that transfers to another any
of the economic consequences of ownership of Registrable Securities; provided, however, that no Holder shall be required
to enter into a lock-up agreement covering a period of greater than 90 days after the date of the final prospectus or prospectus
supplement relating to such underwritten public offering; provided, further, that in no event shall such lock-up
period be greater than the period agreed to by the Company’s directors or executive officers and the Initiating Holders.
Notwithstanding the foregoing, such lock-up agreement shall not apply to distributions-in-kind to a Holder’s partners, members
or stockholders and shall include such other customary exceptions to which the underwriters of such underwritten public offering
may agree.

 

2.13      Restrictions
on Transfer.

 

(a)        Each
certificate, instrument or book entry representing (i) the Registrable Securities, and (ii) any other securities issued in respect
of the securities referenced in clause (i) upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar
event, shall (unless otherwise permitted by the provisions of Section 2.13(b)) be stamped or otherwise imprinted with
a legend substantially in the following form:

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR STATE SECURITIES LAWS, AS APPLICABLE, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933 AND ANY APPLICABLE STATE SECURITIES LAWS.

 

The Holders consent to the Company
making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement
the restrictions on transfer set forth in this Section 2.13.

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(b)        Each
holder of Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a
registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the
Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and
circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall
be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion
shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be
effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the
proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the
staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the
Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration
under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such
Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require
such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction
in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided, that
each transferee agrees in writing to be subject to the terms of this Section 2.13. Each certificate, instrument or
book entry representing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant
to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.13(a), except that such certificate, instrument
or book entry shall not be noted with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such
legend is not required in order to establish compliance with any provisions of the Securities Act, and the Company shall remove
the legend in connection with any transaction in compliance with Rule 144 under the Securities Act.

 

2.14      Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Section 2.1 or Section 2.2 shall terminate when all of such Holder’s Registrable Securities
could be sold immediately without limitation as to volume, manner of sale or other restriction under SEC Rule 144.

 

3.        Miscellaneous.

 

3.1        Successors
and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee
of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the
benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds
at least 5% of the Registrable Securities (on an as-converted basis); provided, however, that (x) the Company is, within
a reasonable time after such transfer, furnished with written notice of the name and address of such Additional Investor and the
Registrable Securities with respect to which such rights are

    	21

    	

    

being transferred; and
(y) such Additional Investor provides an executed Joinder to the Company. For the purposes of determining the number of shares
of Registrable Securities held by an Additional Investor, the holdings of an Additional Investor (1) that is an Affiliate of a
Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or
such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided,
further, that all Additional Investors who would not qualify individually for assignment of rights shall have a single attorney-in-fact
for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions
of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except
as expressly provided herein.

 

3.2        Governing
Law. All questions concerning the construction, interpretation and validity of this Agreement, and all disputes arising hereunder
or relating to the transactions contemplated hereby, whether based on contract, tort, or other theory, shall be governed by and
construed and enforced in accordance with the domestic laws of the State of Georgia, including all matters of construction, enforcement,
validity and performance. In furtherance of the foregoing, the internal law of the State of Georgia will control the interpretation
and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive
law of some other jurisdiction would ordinarily or necessarily apply. Any party hereto may make service on the other parties by
sending or delivering a copy of the process to the party or parties to be served at the address and in the manner provided for
the giving of notices in Section 3.5.

 

3.3        Counterparts;
Facsimile. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. A facsimile, telecopy or other reproduction of this Agreement may
be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto
by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen,
and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party
hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile, telecopy or other reproduction
hereof.

 

3.4        Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

3.5        Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: upon the earlier of (a) actual receipt or personal delivery to the party to be notified, (b) when sent by facsimile, if
sent during normal business hours of the recipient, and if not so sent, then on the next business day, (c) five days after having
been sent by registered or certified

    	22

    	

    

mail, return receipt
requested, postage prepaid, or (d) one business day after deposit with a nationally recognized overnight courier, specifying next
business day delivery, with written verification of receipt. All communications shall be sent to the Company at its address set
forth on its signature page hereto and to the Investors at their respective addresses as set forth on Schedule A, or to
such facsimile number or address as subsequently modified by written notice given in accordance with this Section 3.5.
If notice is given to the Company, a copy shall also be sent to Troutman Sanders LLP, 600 Peachtree Street NE, Suite 3000, Atlanta,
Georgia 30308, Attention: W. Brinkley Dickerson Jr., Facsimile: (404) 962-6743.

 

3.6        Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company
and (ii) the Lead B Investor for so long as the Lead B Investor holds at least 25% of all Registrable Securities owned by the Lead
B Investor as of the Effective Date (on an as-converted basis), and, thereafter, or in the case of any amendment that disproportionately
adversely affects the other Holders relative to the Lead B Investor, (iii) the holders of a majority of the Registrable Securities
then held by all holders (other than the Lead B Investor); provided, that the Company may in its sole discretion waive compliance
with Section 2.13(b) (and the Company’s failure to object promptly in writing after notification of a proposed
assignment allegedly in violation of Section 2.13(b) shall be deemed to be a waiver); and provided, further,
that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other
party. The Company shall give prompt notice of any amendment (including of any Schedule or Exhibit) or termination hereof or waiver
hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination,
or waiver effected in accordance with this Section 3.6 shall be binding on all parties hereto, regardless of whether
any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any
one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

3.7        Severability.
In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to
the maximum extent permitted by law.

 

3.8        Aggregation
of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose
of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among
themselves in any manner they deem appropriate.

 

3.9        Entire
Agreement; Termination of Investors Rights Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes
the full and entire understanding and agreement among the parties with respect to the subject matter

    	23

    	

    

hereof, and any other
written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. This Agreement
hereby terminates and supersedes the Investors Rights Agreement in its entirety.

 

3.10        Jurisdiction;
Waiver of Jury Trial. EACH PARTY HERETO AGREES THAT IT SHALL BRING ANY AND ALL ACTIONS OR PROCEEDINGS IN RESPECT OF ANY CLAIM
ARISING OUT OF, RELATED TO, OR IN CONNECTION WITH, THIS AGREEMENT, THE TRANSACTIONS CONTAINED IN OR CONTEMPLATED BY THIS AGREEMENT,
OR THE RELATIONSHIP BETWEEN THE PARTIES HERETO, WHETHER IN TORT OR CONTRACT OR AT LAW OR IN EQUITY, EXCLUSIVELY IN THE SUPERIOR
Court OF DEKALB COUNTY, Georgia (or, only if the superior Court of dekalb county, Georgia
declines to accept jurisdiction over a particular matter, any federal court of the United States of America located in the State
of Georgia) (THE “CHOSEN COURT”) AND (A) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE CHOSEN
COURT, (B) WAIVES ANY OBJECTION TO LAYING VENUE IN ANY SUCH ACTION OR PROCEEDING IN THE CHOSEN COURT, (C) WAIVES ANY OBJECTION
THAT THE CHOSEN COURT IS AN INCONVENIENT FORUM OR DOES NOT HAVE JURISDICTION OVER ANY PARTY HERETO AND (D) AGREES THAT SERVICE
OF PROCESS UPON SUCH PARTY IN ANY SUCH ACTION OR PROCEEDING SHALL BE EFFECTIVE IF NOTICE IS GIVEN IN ACCORDANCE WITH SECTION
3.5 OF THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION.

 

3.11        Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

 

3.12        Acknowledgment.
The Company acknowledges that the Investors and their Affiliates are in the business of venture and growth capital investing, and
that MIS, Fifth Third and their Affiliates are in the business of operating and investing in various financial services related
concerns, and therefore such Persons review the business plans and related proprietary information of many enterprises, including
enterprises which

    	24

    	

    

may have products or
services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way
restrict such Persons from investing or participating in any particular enterprise whether or not such enterprise has products
or services which compete with those of the Company.

 

3.13        Prevailing
Party. In the event of any litigation arising from any claim, controversy, dispute or cause of action based upon, arising out
of or relating to this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party all reasonable
costs incurred including court costs, attorneys fees, and all other related expenses incurred in such claim, controversy, dispute
or cause of action.

 

3.14     MNPI.

 

(a)        Each
Holder acknowledges that the provisions of this Agreement that require communications by the Company or other Holders to such Holder
may result in such Holder and its Representatives (as defined below) acquiring MNPI (which may include, solely by way of illustration,
the fact that an offering of the Company’s securities is pending or the number of Company securities or the identity of the
selling Holders) (any such MNPI resulting from communications required under this Agreement, the “Covered MNPI”).

 

(b)        Each
Holder agrees that it will maintain the confidentiality of the Covered MNPI and, to the extent such Holder is not a natural Person,
such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information
of third parties delivered to such Holder (“Policies”); provided, that a Holder may deliver or disclose
Covered MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively,
the “Representatives”), but solely to the extent such disclosure reasonably relates to such Holder’s evaluation
of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with the subject of the
notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person if necessary to effect
compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any subpoena or other legal process,
or (v) in connection with any litigation to which such Holder is a party; provided, further, that in the case of clause
(i), the recipients of such Covered MNPI are subject to the Policies or agree to hold confidential the Covered MNPI in a manner
substantially consistent with the terms of this Section 3.14 and that in the case of clauses (ii) through (v), such disclosure
is required by law and such Holder shall promptly notify the Company of such disclosure to the extent such Holder is legally permitted
to give such notice.

 

(c)        Each
Holder, by its execution of a counterpart to this agreement or of a Joinder, hereby acknowledges that it is aware that the U.S.
securities laws prohibit any Person who has MNPI about a company from purchasing or selling, directly or indirectly, securities
of such company (including entering into hedge transactions involving such securities), or from communicating such information
to any other Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such
securities.

    	25

    	

    

(d)        Each
Holder shall have the right, at any time and from time to time (including after receiving information regarding any potential public
offering), to elect not to receive any notice that the Company or any other Holders otherwise are required to deliver pursuant
to this Agreement by delivering to the Company a written statement signed by such Holder that it does not want to receive any notices
or any other Covered MNPI hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the
contrary in this Agreement, the Company and other Holders shall not be required to, and shall not, deliver any notice or other
information required to be provided to Holders hereunder to the extent that the Company or such other Holders reasonably expect
would result in a Holder acquiring Covered MNPI. An Opt-Out Request may state a date on which it expires or, if no such date is
specified, shall remain in effect indefinitely; provided, that a Holder who previously has given the Company an Opt-Out
Request may revoke such request at any time by providing written notice of such revocation to the Company, and there shall be no
limit on the ability of a Holder to issue and revoke subsequent Opt-Out Requests.

    	26

    	

    

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

 

	 	GREENSKY HOLDINGS, LLC	 
	 	 	 	 
	 	By:	 	 	 
	 	 	David Zalik	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	Address:	5565 Glenridge Connector, Suite 700
	 	 	Atlanta, Georgia 30342	 
	 	 	Attention:  Chief Executive Officer	 
	 	 	Telephone:  (###) ###-####	 
	 	 	Telecopy:    (###) ###-####	 
	 	 	Electronic Mail:  ###########@########.com

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

    	 

    	

    

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

 

	 	INVESTORS	 
	 	 	 	 
	 	TPG GEORGIA HOLDINGS, L.P.	 
	 	 	 	 
	 	By:	TPG Growth II Advisors, Inc., its general partner
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	ITHAN CREEK INVESTORS USB, LLC 
	 	 	 	 
	 	By:	Wellington Management Company, LLP, as investment adviser
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	DST-GSKY INVESTMENT INC.
	 	 	 	 
	 	By:	 	 
	 	 	Name:  	 
	 	 	Title:	 

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

    	 

    	

    

	 	ICONIQ STRATEGIC PARTNERS, LP
	 	 	 	 
	 	By:	ICONIQ Strategic Partners GP, L.P., its General Partner	 
	 	 	 	 
	 	By:	ICONIQ Strategic Partners TT GP, Ltd., its General Partner	 
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	ICONIQ STRATEGIC PARTNERS CO-INVEST, LP, G SERIES, a Delaware series limited partnership
	 	 	 	 
	 	By:	ICONIQ Strategic Partners GP, L.P., its General Partner	 
	 	 	 	 
	 	By:	ICONIQ Strategic Partners TT GP, Ltd., its General Partner	 
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	ICONIQ-G B FUND BLOCKER, INC.
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	ICONIQ G-B SERIES COINVEST FUND BLOCKER, INC.
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

    	 

    	

    

	 	MIS INVESTMENT HOLDINGS, LLC
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	FIFTH THIRD CAPITAL HOLDINGS, LLC
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	FINANCIAL TECHNOLOGY INVESTORS, LLC
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	FOUNDERS TECHNOLOGY INVESTORS, LLC
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 
	 	 	 	 
	 	GS INVESTMENT HOLDINGS, LLC
	 	 	 	 
	 	By:	 	 
	 		Name:  	 
	 	 	Title:  	 

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

    	 

    	

    

EXHIBIT A

 

Joinder to Registration Rights Agreement

 

The undersigned is executing
and delivering this Joinder pursuant to the Registration Rights Agreement dated as of ____________, 2018 (as may be amended, the
“Registration Rights Agreement”), by and among GreenSky, Inc., a Delaware corporation (the “Company”),
GreenSky Holdings, LLC, a Georgia limited liability company, and each person identified on Schedule A thereto as of the
date thereof.

 

By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned
hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a
Holder of Registrable Securities in the same manner as if the undersigned were an original signatory to the Registration Rights
Agreement, and the undersigned’s shares of Class A Common Stock shall be included as Registrable Securities under the Registration
Rights Agreement to the extent provided therein. The Company is directed to add the undersigned’s name and address to Schedule
A attached to the Registration Rights Agreement.

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the ____ day of _________________, 20__.

 

	 	Name of Stockholder:
	 	 
	 	 
	 	 
	 	Address of Stockholder:
	 	 
	 	 
	 	 
	 	 

 

	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

	Agreed and Accepted as of 	 	 

 

	GreenSky, Inc.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:

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