Document:

Form of Tax Receivable Agreement

 Exhibit 10.5 

 
  
 FORM OF TAX RECEIVABLE AGREEMENT 
 among 

HEALTH INSURANCE INNOVATIONS, INC. 
 HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 
 and 

SERIES B MEMBERS OF HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 

Dated as of             , 2013 

 
  

 TABLE OF CONTENTS 

 

					
	 	 	PAGE	 
	  
 ARTICLE 1

DEFINITIONS
	 			
		
	 Section 1.01. Definitions
	 	 	2	  
	 Section 1.02. Other Definitional and Interpretative Provisions
	 	 	10	  
		
	ARTICLE 2	 			
	DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT	 			
		
	 Section 2.01. Exchange Basis Schedule
	 	 	11	  
	 Section 2.02. Tax Benefit Schedule
	 	 	11	  
	 Section 2.03. Procedures, Amendments
	 	 	12	  
		
	ARTICLE 3	 			
	TAX BENEFIT PAYMENTS	 			
		
	 Section 3.01. Payments
	 	 	13	  
	 Section 3.02. No Duplicative Payments
	 	 	14	  
	 Section 3.03. Pro Rata Payments
	 	 	14	  
		
	ARTICLE 4	 			
	TERMINATION	 			
		
	 Section 4.01. Early Termination and Breach of Agreement
	 	 	15	  
	 Section 4.02. Early Termination Notice
	 	 	16	  
	 Section 4.03. Payment upon Early Termination
	 	 	17	  
		
	ARTICLE 5	 			
	SUBORDINATION AND LATE PAYMENTS	 			
		
	 Section 5.01. Subordination
	 	 	17	  
	 Section 5.02. Late Payments by HII
	 	 	17	  
		
	ARTICLE 6	 			
	NO DISPUTES; CONSISTENCY; COOPERATION	 			
		
	 Section 6.01. Series B Member Participation in HII’s and the Company’s Tax Matters
	 	 	17	  
	 Section 6.02. Consistency
	 	 	18	  
	 Section 6.03. Cooperation
	 	 	19	  
	 Section 6.04. Section 754 Elections
	 	 	19	  

  
 i 

					
	ARTICLE 7	 			
	MISCELLANEOUS	 			
		
	 Section 7.01. Notices
	 	 	19	  
	 Section 7.02. Counterparts
	 	 	20	  
	 Section 7.03. Entire Agreement; No Third Party Beneficiaries
	 	 	20	  
	 Section 7.04. Governing Law
	 	 	20	  
	 Section 7.05. Severability
	 	 	20	  
	 Section 7.06. Successors; Assignment; Amendments; Waivers
	 	 	20	  
	 Section 7.07. Titles and Subtitles
	 	 	21	  
	 Section 7.08. Resolution of Disputes
	 	 	22	  
	 Section 7.09. Reconciliation
	 	 	23	  
	 Section 7.10. Withholding
	 	 	24	  
	 Section 7.11. Admission of HII into a Consolidated Group; Transfers of Corporate Assets
	 	 	24	  
	 Section 7.12. Confidentiality
	 	 	24	  
	 Section 7.13. LLC Agreement
	 	 	25	  
	 Section 7.14. Change in Tax Law
	 	 	25	  
	 Section 7.15. WAIVER OF JURY TRIAL
	 	 	26	  

  
 ii 

 TAX RECEIVABLE AGREEMENT 

among 
 HEALTH INSURANCE INNOVATIONS, INC. 
 HEALTH PLAN INTERMEDIARIES HOLDINGS,
LLC 
 and 
 SERIES B MEMBERS OF HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 
 TAX
RECEIVABLE AGREEMENT, dated as of             , 2013 (this “Agreement”), among Health Insurance Innovations, Inc., a Delaware corporation (“HII”), Health
Plan Intermediaries Holdings, LLC, a Delaware limited liability company (the “Company”) and each of the undersigned parties hereto identified as “Series B Members.” Capitalized terms used but not otherwise defined
are defined in or by reference to Section 1.01. 
 W I T N E S S E T H: 

WHEREAS, the Series B Members hold Series B membership interests (“Series B Membership Interests”) in the Company, which
is treated as a partnership for United States federal income tax purposes; 
 WHEREAS, HII is the managing member of, and holds
and will hold Series A membership interests (“Series A Membership Interests”) in, the Company; 
 WHEREAS, the
Series B Membership Interests (together with the Class B Shares) are exchangeable for HII’s class A common stock, par value $0.001 per share (“Class A Shares”); 

WHEREAS, Health Plan Intermediaries, LLC may sell certain of the Class B Membership Interests (together with Class B Shares) to HII in
exchange for cash raised by HII in the IPO (the “IPO Sale”); 
 WHEREAS, the Company and each of its direct and
indirect subsidiaries that is treated as a partnership for United States federal income tax purposes has or will have in effect a Section 754 Election, for each Taxable Year in which an exchange of Series B Membership Interests (together with
Class B Shares) for Class A Shares occurs, which election is intended to result in an adjustment to the Tax basis of the assets owned by the Company and such subsidiaries (solely to the extent allocated to HII) at the time (each such time, an
“Exchange Date”) of an exchange of Series B Membership Interests (together with the Class B Shares) for 

  
 1 

 
Class A Shares or any other deemed or actual acquisition of Series B Membership Interests by HII for cash or otherwise, including the IPO Sale, if applicable, (each such exchange or
acquisition, an “Exchange”) by reason of such Exchange and the payments under this Agreement; 
 WHEREAS, the
income, gain, loss, expense and other Tax items of HII, as a member of the Company (and in respect of each of the Company’s direct and indirect subsidiaries treated as a disregarded entity or a partnership for U.S. federal income tax purposes)
may be affected by the Basis Adjustment, and the income, gain, loss, expense and other Tax items of HII may be affected by the Imputed Interest; and 
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and the Imputed Interest on the actual liability for Taxes of HII; 

NOW, THEREFORE, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the following terms have the following meanings: 

“Advisory Firm” means Ernst and Young or any other law or accounting firm that is a nationally recognized as being
expert in Tax matters and that is appointed by the Board. 
 “Affiliate” means, with respect to any Person, any
other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate” means LIBOR. 
 “Agreement” is
defined in the preamble. 
 “Amended Schedule” is defined in Section 2.03(b) of this Agreement.

 “Applicable Law” means, to the extent applicable to HII, the Company or their activities or any Series B
Member, as applicable: (a) all U.S. federal and state statutes and laws and all statutes and laws of foreign countries; (b) all rules and regulations (including interpretations thereof) of all regulatory agencies, organizations and bodies;
and (c) all rules and regulations (including interpretations thereof) of all self-regulatory agencies, organizations and bodies now or hereafter in effect. 

  
 2 

 “Applicable Series B Member” means in respect of that portion of any Tax
Benefit Payment that relates to an Exchange or a deemed Exchange pursuant to clause (5) of the definition of “Valuation Assumptions,” the Exchanging Series B Member or Series B Member deemed to Exchange, as applicable.

 “Basis Adjustment” means the adjustment to the Tax basis of an Exchange Asset as a result of (x) an
Exchange or (y) the payments made pursuant to this Agreement, in each case, under, or under the principles of, Sections 732(b) and 1012 of the Code (in situations where, as a result of one or more Exchanges, the Company becomes an entity that
is disregarded as separate from its owner for U.S. federal income tax purposes), or Sections 743(b) and 754 of the Code (including in situations where, following an Exchange, the Company remains in existence as an entity for U.S. federal income tax
purposes) and, in each case, comparable sections of state and local tax laws. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment (a “Basis Adjustment Amount”) resulting from an Exchange of one
or more Series B Membership Interests (together with the Class B Shares) shall be determined without regard to any Pre-Exchange Transfer of such Series B Membership Interests (together with the Class B Shares) and as if any such Pre-Exchange
Transfer had not occurred. For the avoidance of doubt, payments under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

A “Beneficial Owner” means, with respect to a security, any Person who directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose of, or to
direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 
 “Board” means the board of directors of HII. 
 “Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in Tampa, Florida or New York City, New York are authorized by law to close. 
 “Change in Tax Law” is defined in Section 7.14 of this Agreement. 
 “Change of Control” means the occurrence of any of the following events: 
  

	 	(i)	 any Person, or any group of Persons acting together that would constitute a “group” for purposes of Section 13(d) of the Securities and
Exchange Act of 1934 or any successor 

  
 3 

	 	 
provisions thereto, becomes the Beneficial Owner, directly or indirectly, of securities of HII representing more than fifty percent (50%) of the combined voting power of HII’s
then-outstanding voting securities; or 

  

	 	(ii)	the following people cease for any reason to constitute a majority of the number of directors of HII then serving: people who, on the date of the consummation of the
IPO, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to an election of
directors of HII) whose appointment or election by the Board or nomination for election by HII’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were
directors on the date of the consummation of the IPO or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or 

 

	 	(iii)	there is consummated a merger or consolidation of HII with any other corporation or other entity, and, immediately after the consummation of such merger or
consolidation, either (x) members of the Board immediately prior to the merger or consolidation do not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a subsidiary,
the ultimate parent thereof, or (y) all of the Persons who were the respective Beneficial Owners of the voting securities of HII immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly, more than 50% of
the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation; or 

  

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

  
 4 

 Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a
“Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of capital stock of HII
immediately prior to such transaction or series of transactions continue to have substantially the same proportionate voting power in an entity which owns all or substantially all of the assets of HII immediately following such transaction or series
of transactions. 
 “Change Notice” is defined in Section 6.01(b) of this Agreement. 

“Class A Shares” is defined in the recitals. 
 “Class B Shares” means HII’s class B common stock, par value $0.001 per share. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporation
Return” means the U.S. federal and/or state and/or local Tax Return, as applicable, of HII filed with respect to Taxes for any Taxable Year. 
 “Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits for all Taxable Years of HII, up to and including
such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended
Schedule, if any, in existence at the time of such determination. 
 “Default Rate” means LIBOR plus 300 basis
points. 
 “Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or
similar provision of state and local Tax law, as applicable, or any other event (including the execution of an IRS Form 870-AD or similar state or local form) that finally and conclusively establishes the amount of any liability for Tax. 

“Dispute” is defined in Section 7.08(a) of this Agreement. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 

  
 5 

 “Early Termination Notice” is defined in Section 4.02 of this
Agreement. 
 “Early Termination Schedule” is defined in Section 4.02 of this Agreement. 

“Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 

“Early Termination Rate” means LIBOR. 
 “Excess Payment” is defined in Section 3.01(c) of this Agreement. 
 “Exchange” is defined in the recitals; “Exchanged” and “Exchanging” shall have correlative meanings. 

“Exchange Asset” means each asset that is held by the Company, or by any of its direct or indirect subsidiaries treated
as a partnership or disregarded entity for purposes of the applicable Tax, at the time of an Exchange. 
 “Exchange
Basis Schedule” is defined in Section 2.01 of this Agreement. 
 “Exchange Date” is defined in
the recitals. 
 “Exchange Payment” is defined in Section 5.01 of this Agreement. 

“Expert” is defined in Section 7.09 of this Agreement. 

“HII” is defined in the preamble. 
 “Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for income Taxes of HII or any consolidated group of which HII is a member (or, without duplication,
the Company, but only with respect to HII’s pro rata share of the Company’s income Tax liability for such Taxable Year determined using the same methods, elections, conventions and similar practices used on the Corporation Return for such
Taxable Year) as would be shown on its Tax Return (including any consolidated return in which HII joins) but determined (i) using the Non-Stepped Up Tax Basis of the Exchange Assets as reflected on the Exchange Basis Schedule, including
amendments thereto, for the Taxable Year instead of the Tax basis of the Exchange Assets reflecting the Basis Adjustments and (ii) excluding any deduction attributable to Imputed Interest for the Taxable Year. Hypothetical Tax Liability shall
be determined without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to any Basis Adjustment or to the Imputed Interest. 

“Imputed Interest” shall mean any interest imputed under Section 1272, Section 1274 or Section 483 or
other provision of the Code and any similar provision of state and local Tax law applicable with respect to HII’s payment obligations under this Agreement. 

  
 6 

 “Interest Amount” is defined in Section 3.01(b) of this Agreement.

 “IPO” means the initial public offering of Class A Shares by HII. 

“IPO Sale” is defined in the recitals. 
 “IRS” means the U.S. Internal Revenue Service. 

“LIBOR” means for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per
annum reported, on the date two calendar days prior to the first day of such month, on Reuters Screen LIBOR01 Page (or if such screen shall cease to be publicly available, as reported by any other publicly available source of such market rate) for
London interbank offered rates for United States dollar deposits for such month (or portion thereof). 
 “LLC
Agreement” means the Limited Liability Company Agreement of the Company dated as of [•], 2013, as amended. 

“Market Value” means, with respect to the Class A Shares, on any given date: (i) if the Class A Shares
are listed for trading on the NASDAQ Global Market, the closing sale price per share of the Class A Shares on the NASDAQ Global Market on that date (or, if no closing sale price is reported, the last reported sale price), (ii) if the
Class A Shares are not listed for trading on the NASDAQ Global Market, the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite transactions for the principal national
securities exchange registered pursuant to Section 6(g) of the Exchange Act, on which the Class A Shares are listed, (iii) if the Class A Shares are not so listed on a national securities exchange, the last quoted bid price for
the Class A Shares on that date in the over-the-counter market as reported by OTC Markets Group or a similar organization, or (iv) if the Class A Shares are not so quoted by OTC Markets Group or a similar organization such value as
the Board, in its sole discretion, shall determine in good faith. 
 “Net Tax Benefit” is defined in
Section 3.01(b). 
 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the Tax basis
that such asset would have had at such time if no Basis Adjustments had been made with respect to such asset. 

“Notice” is defined in Section 7.01. 
 “Objection Notice” is defined in Section 2.03(a). 

  
 7 

 “Payment Limitation” is defined in Section 3.03. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pre-Exchange Transfer” means any
transfer (including upon the death of a Series B Member) of one or more Series B Membership Interests (together with the Class B Shares) (i) that occurs prior to an Exchange of such Series B Membership Interests (together with the Class B
Shares), and (ii) to which Section 743(b) of the Code applies. 
 “Realized Tax Benefit” means, for a
Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for income Taxes of HII (or, without duplication, the Company, but only with respect to HII’s pro rata share of the Company’s income Tax
liability for such Taxable Year determined using the same methods, elections, conventions and similar practices used on the Corporation Return for such Taxable Year). If the actual liability for such Taxes for the Taxable Year is adjusted as a
result of an audit by a Taxing Authority of such Taxable Year or any other Taxable Year, such adjustment shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for income Taxes of HII
(or, without duplication, the Company, but only with respect to HII’s pro rata share of the Company’s income Tax liability for such Taxable Year determined using the same methods, elections, conventions and similar practices used on the
Corporation Return for such Taxable Year) over the Hypothetical Tax Liability for such Taxable Year. If the actual liability for such Taxes for the Taxable Year is adjusted as a result of an audit by a Taxing Authority of such Taxable Year or any
other Taxable Year, such adjustment shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 
 “Reconciliation Dispute” is defined in Section 7.09 of this Agreement. 
 “Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 
 “Schedule” means any of (i) an Exchange Basis Schedule, (ii) a Tax Benefit Schedule or (iii) an Early Termination Schedule. 

“Section 754 Election” means an election under Section 754 of the Code and any comparable election under applicable
state or local income tax laws. 

  
 8 

 “Senior Obligations” is defined in Section 5.01 of this Agreement.

 “Series A Membership Interests” is defined in the recitals. 

“Series B Members” means the parties hereto, other than HII and the Company and each other Person who from time to time
executes a Joinder Agreement in the form attached hereto as Exhibit A. 
 “Series B Member Representative”
means Health Plan Intermediaries, LLC. 
 “Series B Membership Interests” is defined in the recitals.

 “Shortfall” is defined in Section 3.01(c) of this Agreement. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such
Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests (including the general partner interests or managing member or similar interests) of such Person. 

“Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.02 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to
Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 
 “Taxable Year” means a taxable year of HII as defined in Section 441(b) of the Code or comparable section of state or local Tax law, as applicable (and, therefore, may include a
period of less than 12 months for which a Corporation Return is prepared) in which there is a Basis Adjustment or increased depreciation, amortization or interest deductions attributable to an Exchange. 

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or
measured with respect to net income or profits and any interest related to such taxes. 
 “Taxing Authority”
shall mean any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority
exercising Tax regulatory authority. 

  
 9 

 “Treasury Regulations” means the final, temporary and proposed regulations
under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year ending on or after such Early Termination Date, HII will have
sufficient taxable income to utilize fully the deductions arising from the Basis Adjustments and the Imputed Interest, (2) the U.S. federal income Tax rates and state and local income Tax rates that will be in effect for each such Taxable Year
will be those specified for each such Taxable Year by the Code and other applicable laws as in effect on the Early Termination Date, (3) any loss carryovers attributable to any Basis Adjustment or Imputed Interest and available as of the date
of the Early Termination Schedule will be utilized by HII on a pro rata basis from the date of the Early Termination Schedule through the date that is the scheduled expiration date of such loss carryovers, (4) any non-amortizable assets
will be disposed of on the fifteenth anniversary of the earlier of (x) the Basis Adjustment and (y) the Early Termination Date and (5) if, at the Early Termination Date, there are Series B Membership Interests that have not been
Exchanged, then each such Series B Membership Interest shall be deemed to be Exchanged for the Market Value of the Class A Shares and the amount of the cash payment to which the Applicable Series B Member would be entitled under this Agreement
if the Exchange occurred on the Early Termination Date. 
 Section 1.02. Other Definitional and Interpretative
Provisions. The words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to
Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. Any capitalized term used in any Exhibit but not otherwise defined therein has the meaning ascribed to such term in this Agreement.
Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of
reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to
any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law,” “laws”
or to a particular statute or law shall be deemed also to include any and all Applicable Laws. 

  
 10 

 ARTICLE 2 
 DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT 

Section 2.01. Exchange Basis Schedule. Within 60 calendar days after the filing of the U.S. federal income Corporation Return
for each Taxable Year, HII shall deliver to the Series B Member Representative a schedule (the “Exchange Basis Schedule”) that shows in reasonable detail (i) the Non-Stepped Up Tax Basis of the Exchange Assets as of each
applicable Exchange Date, (ii) the Basis Adjustment Amount with respect to the Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the period or periods, if any, over which the Exchange Assets are amortizable and/or
depreciable and (iv) the period or periods, if any, over which each Basis Adjustment Amount is amortizable and/or depreciable (which, for non-amortizable assets, shall be based on the Valuation Assumptions). 

Section 2.02. Tax Benefit Schedule. (a) Within 60 calendar days after the filing of the U.S. federal income Corporation
Return for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, HII shall provide to the Series B Member Representative a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized
Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”). On no more than a quarterly basis, HII agrees to confirm, at the request of the Series B Member Representative, the Market Value of the applicable Class A Shares
with respect to any Exchanges in the prior calendar quarter. The Tax Benefit Schedule will become final as provided in Section 2.03(a) and may be amended as provided in Section 2.03(b) (subject to the procedures set forth in
Section 2.03(b)). 
 (b) Applicable Principles. Subject to Section 3.03, the Realized Tax Benefit or Realized
Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the actual liability for Taxes of HII for such Taxable Year attributable to the Basis Adjustments and Imputed Interest. The actual liability for Taxes will take
into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by HII for the Series B Membership
Interests and Class B Shares acquired in an Exchange. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustments and the Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or
the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a
portion that is attributable to the Basis Adjustment or the Imputed Interest and another portion that is not, such portions shall be considered to be used in accordance with the “with and without” methodology. All Tax Benefit Payments
(other than amounts accounted for as interest under the Code) will (A) be treated as subsequent upward purchase price 

  
 11 

 
adjustments that give rise to further Basis Adjustments to Exchange Assets for HII and (B) have the effect of creating additional Basis Adjustments to Exchange Assets for HII in the year of
payment, and, as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate. 
 Section 2.03. Procedures, Amendments. 
 (a) Procedures. Each
time HII delivers to the Series B Member Representative an applicable Schedule under this Agreement, including any Amended Schedule, but excluding any Early Termination Schedule or amended Early Termination Schedule, HII also shall (x) deliver
to the Series B Member Representative the Corporation Return, along with schedules and work papers, as determined by HII or requested by the Series B Member Representative, providing reasonable detail regarding the preparation of such Schedule and
(y) allow the Series B Member Representative reasonable access to the appropriate representatives of HII and the Advisory Firm in connection with a review of such Schedule. Each party shall bear its own expenses associated with such review and
investigation. The applicable Schedule shall become final and binding on all parties unless the Applicable Series B Member, within 30 calendar days after an Exchange Basis Schedule or amendment thereto or a Tax Benefit Schedule or amendment thereto
was provided to the Series B Member Representative, provides HII with notice of a material objection to such Schedule (“Objection Notice”) made in good faith. If HII and the Applicable Series B Member are unable to resolve the
issues raised in such notice within 30 calendar days of receipt by HII of an Objection Notice with respect to such Exchange Basis Schedule or Tax Benefit Schedule, HII and the Series B Member Representative shall employ the reconciliation procedures
as provided for in Section 7.09 of this Agreement (the “Reconciliation Procedures”); provided that, to the extent that the matter at issue affects an Applicable Series B Member but not the Series B Member Representative,
the Reconciliation Procedures shall be employed, mutatis mutandis, by HII and the relevant Applicable Series B Member. 

(b) Amended Schedule. The applicable Schedule for any Taxable Year shall be amended from time to time by HII (i) in
connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information that was not previously taken into account, (iii) to
comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change (relative to the amounts in the original Tax Benefit Schedule) in the Realized Tax Benefit or Realized Tax Detriment for such
Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a material change (relative to the amounts in the original Tax Benefit Schedule) in the Realized Tax Benefit or Realized
Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an
“Amended Schedule”). 

  
 12 

 ARTICLE 3 
 TAX BENEFIT PAYMENTS 

Section 3.01. Payments. 
 (a) Payments. Within five (5) Business Days of a Tax Benefit Schedule that was delivered to Series B Member Representative becoming final in accordance with Section 2.03(a), HII shall pay
to the Applicable Series B Members the applicable Tax Benefit Payment determined pursuant to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank accounts of the Applicable
Series B Members previously designated by each such Series B Member to HII; provided that no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, estimated U.S. federal income Tax payments.

 (b) A “Tax Benefit Payment” means an amount, not less than zero, equal to the Net Tax Benefit and the
Interest Amount. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration of Series B Membership Interests (together with Class B Shares) in
Exchanges. The “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of Tax Benefit Payments
with respect to Net Tax Benefits previously made under this Section 3.01; provided, however, that no Series B Member shall be required to return any portion of any previously received Tax Benefit Payment under any circumstances. The
“Interest Amount” for a Taxable Year shall equal the interest on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without extensions) for the filing of the Corporation Return with respect to
Taxes for such Taxable Year until the date of payment. The Net Tax Benefit shall be determined separately with respect to each separate Exchange on an individual basis by reference to the amount realized by the applicable Exchanging Series B Member
on the Exchange of a Series B Membership Interest (and a corresponding Class B Share) and the resulting Basis Adjustments to HII (as determined pursuant to Section 2.02(b)). 

(c) Increase or Decrease in Future Payments. (i) Within five (5) Business Days after the delivery of an Amended Schedule
to the Series B Member Representative for any Taxable Year, the Company shall pay to the Series B Members an amount equal to the excess, if any, of (x) the amount such Series B Member is entitled to receive under this Agreement in respect of
the relevant Taxable Year (based on such Amended Schedule) over (y) the cumulative amount such Series B Member actually received in respect of such Taxable Year pursuant to this Agreement. 

  
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 (ii) In the event that an Amended Schedule reflects a decrease in the
Realized Tax Benefit for such year (including, without limitation, by reason of net operating loss carryovers or carrybacks) and payments have previously been made based on the higher Realized Tax Benefit reflected in any prior Schedule (either such
excess, an “Excess Payment”), future payments, if any, to be made under this Section 3.01 shall be reduced by the amount of the Excess Payment until such Excess Payment has effectively been repaid. For the avoidance of doubt,
if future payments are insufficient to repay any Excess Payment (a “Shortfall”), the Series B Members shall have no obligation to repay to the Company or any other Person any such Shortfall. 

Section 3.02. No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement, subject to Article 4 and Section 7.14, will result in 85% of HII’s Cumulative Net Realized Tax Benefit
being paid to the Series B Members pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. 

Section 3.03. Pro Rata Payments. Notwithstanding anything in Section 3.01 to the contrary, to the extent that
(i) HII’s aggregate Tax benefit with respect to any Basis Adjustment or Imputed Interest is limited in a particular Taxable Year because HII does not have sufficient Taxable income or (ii) HII has insufficient funds to make a payment
hereunder as a result of (x) applicable limitations imposed by credit agreements or similar arrangements in respect of indebtedness for borrowed money to which the Company is a party (including, without limitation, limitations on the ability of
the Company and its direct and indirect Subsidiaries to make distributions or payments to HII), (y) a determination by the Board in good faith that making such payments would result in a default under any such credit agreement or similar
arrangement or (z) a determination by the Board in good faith that (A) such payments could be set aside as fraudulent transfers or conveyances or similar actions under fraudulent transfer laws or (B) such payments could cause HII to
be undercapitalized (each of (x), (y) and (z), a “Payment Limitation”), the limitation on the Tax benefit or the Tax Benefit Payments that may be made, as the case may be, shall be taken into account or made for the Applicable
Series B Members in the same proportion as Tax Benefit Payments would have been made absent the limitations in clauses (i) and (ii) of this paragraph, as applicable. 

  
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 ARTICLE 4 
 TERMINATION 
 Section 4.01. Early Termination, Change of
Control and Breach of Agreement. 
 (a) HII may terminate this Agreement with respect to all of the Series B Membership
Interests held (or previously Exchanged) by all Series B Members at any time by paying to the Series B Members the Early Termination Payment; provided, however, that this Agreement shall terminate only upon the receipt of the Early
Termination Payment by all Series B Members, and provided, further, that HII may withdraw any Early Termination Notice prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by
HII, neither the Series B Members nor HII shall have any further payment obligations under this Agreement, other than for any (x) Tax Benefit Payment agreed to by HII and the Applicable Series B Member, acting in good faith, to be due and
payable but unpaid as of the Early Termination Notice and (y) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in this clause
(y) is included in the Early Termination Payment). If an Exchange occurs after HII makes the Early Termination Payments with respect to all Series B Members, HII shall have no obligations under this Agreement with respect to such Exchange, and
its only obligation under this Agreement in such case shall be its obligations under Section 4.03(a). 
 (b) Upon a Change
of Control or if HII breaches any of its material obligations under this Agreement, then all of HII’s obligations hereunder shall be accelerated and calculated as if an Early Termination Notice had been delivered on the date of such Change of
Control or breach and such obligations shall include, but shall not be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of such acceleration, (2) any Tax Benefit
Payment agreed to by HII and any Applicable Series B Member, acting in good faith, to be due and payable but unpaid as of the date of such acceleration and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the date
of such acceleration (except to the extent that the amount described in this clause (3) is included in the amount described in clause (1)). Notwithstanding the foregoing, in the event that HII breaches this Agreement, the Series B Members shall
be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three
months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement; provided that it will not be considered to be a breach of a material obligation under this
Agreement to make a payment due pursuant to this Agreement within three months of the date such payment is due; provided 

  
 15 

 
further that HII shall be deemed not to be in breach of a material obligation by reason of the failure to make a payment under this Agreement until the later of (x) three months after
the date such payment was originally due and (y) the thirtieth (30th) calendar day after HII received a written notice from the Series B Member Representative or the party that is entitled to receive such payment specifying the amount due. Notwithstanding anything in
this Agreement to the contrary, it shall not be a breach of this Agreement if HII fails to make any Tax Benefit Payment when due because, and to the extent, of a Payment Limitation (but only for so long as such Payment Limitation continues);
provided that the interest provisions of Section 5.02 shall apply to any such late payment (but the Default Rate shall be replaced by the Agreed Rate). 
 (c) HII, the Company and each of the Series B Members hereby acknowledge and agree that, as of the date of this Agreement and as of the date of each Exchange, the aggregate value of the Tax Benefit
Payments cannot reasonably be ascertained for U.S. federal income Tax or other applicable Tax purposes. 
 Section 4.02.
Early Termination Notice. If HII exercises its right of early termination under Section 4.01, HII shall deliver to the Series B Member Representative notice of such intention to exercise such right (“Early Termination
Notice”) and a schedule (the “Early Termination Schedule”) specifying HII’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment, and the Series B Member
Representative shall promptly provide such notice and schedule to each Series B Member. At the time HII delivers the Early Termination Notice to the Series B Member Representative, HII shall (a) deliver to the Series B Member Representative
schedules and work papers, as determined by HII or requested by the Series B Member Representative, providing reasonable detail regarding the calculation of the Early Termination Payment and (b) allow the Series B Member Representative
reasonable access to the appropriate representatives of HII and the Advisory Firm in connection with its review of such calculation. Each party shall bear its own expenses associated with such review. The Early Termination Payment shall become final
and binding on the parties unless the Series B Member Representative provides HII with notice of a material objection to the calculation of the Early Termination Payment made in good faith within 30 calendar days after the Early Termination Schedule
was provided to the Series B Member Representative (or such shorter period as may be mutually agreed in writing by the parties). If the Series B Member Representative provides HII with written notice of its objection to the calculation of the Early
Termination Payment, and the Series B Member Representative and HII, for any reason, cannot agree upon the amount of the Early Termination Payment within 30 calendar days following HII’s receipt of the Series B Member Representative’s
objection, HII and the Series B Member Representative shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement. 

  
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 Section 4.03. Payment upon Early Termination.  

(a) Within five (5) Business Days after the Early Termination Schedule has become final and binding, HII shall pay to each Applicable
Series B Member an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of immediately available funds to the bank account designated by the Applicable Series B Member. 

(b) The “Early Termination Payment” as of the date of the delivery of an Early Termination Schedule shall equal, with
respect to the Applicable Series B Member, the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by HII to the Applicable Series B Member beginning from the Early
Termination Date and assuming that the Valuation Assumptions are applied. 
 ARTICLE 5 

SUBORDINATION AND LATE PAYMENTS 

Section 5.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment
or Early Termination Payment required to be made by HII to the Series B Members under this Agreement (an “Exchange Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and
payable in respect of all obligations in respect of indebtedness of HII (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of HII that are not Senior Obligations. 

Section 5.02. Late Payments by HII. Except as otherwise noted in this Agreement, the amount of all or any portion of any
Exchange Payment not made to any Series B Member when due (without regard to Section 5.01) under the terms of this Agreement shall be payable together with interest thereon, computed at the Default Rate and commencing from the date on which
such Exchange Payment was due and payable. 
 ARTICLE 6 
 NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01. Series B Member Participation in HII’s and the Company’s Tax Matters. (a) Except as otherwise provided herein, HII shall have full responsibility for, and sole
discretion over, all Tax matters concerning HII and the Company, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing,
HII shall notify the Series B Member 

  
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Representative of, and keep the Series B Member Representative reasonably informed with respect to, the portion of any audit of HII and the Company by a Taxing Authority the outcome of which is
reasonably expected to affect any Series B Member’s rights and obligations under this Agreement, and shall provide to the Series B Member Representative reasonable opportunity to provide information and other input to HII, the Company, and
their respective advisors concerning the conduct of any such portion of such audit; Series B Members shall have the right to attend in person or by telephone (but not participate in) any audit of HII or the Company the outcome of which could
reasonably be expected to affect the amount of net payments that the Series B Members are expected to receive under this Agreement; provided, however, that HII and the Company shall not be required to take any action that is inconsistent with
any provision of the LLC Agreement. HII shall not settle or fail to contest any issue pertaining to taxes that is reasonably expected to affect the Series B Members’ rights and obligations under this Agreement without the consent of the Series
B Member Representative, such consent not to be unreasonably withheld or delayed. 
 (b) If HII, the Company, or any of their
respective Subsidiaries receives a 30-day letter, a final audit report, a statutory notice of deficiency or similar written notice from any Taxing Authority with respect to the Tax treatment of any Exchange (a “Change Notice”),
which, if sustained, would result in (i) a reduction in the amount of Realized Tax Benefit with respect to a Taxable Year preceding the taxable year in which the Change Notice is received or (ii) a reduction in the amount of Tax Benefit
Payments HII will be required to pay to the Series B Members with respect to Taxable Years after and including the taxable year in which the Change Notice is received, HII shall deliver prompt written notice of such Change Notice to the Series B
Member Representative. 
 Section 6.02. Consistency. (i) Except upon the written advice of an Advisory Firm to
HII, HII and the Series B Members agree to report and cause to be reported for all purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including without limitation items arising
from the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that specified by HII in any Schedule provided by or on behalf of HII under this Agreement. Any Dispute concerning such advice shall be subject to
Section 7.09; provided, however, that only the Series B Member Representative shall have the right to object to such advice pursuant to this Section 6.02. 

(ii) In the event that an Advisory Firm is replaced by HII, such replacement Advisory Firm shall be required to perform
its services under this Agreement using procedures and methodologies consistent with those used by the previous Advisory Firm, unless (a) otherwise required by law or (b) HII and the Series B Member Representative agree to the use of other
procedures and methodologies. 

  
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 Section 6.03. Cooperation. The Series B Members shall (a) furnish to HII
in a timely manner such information, documents and other materials as HII may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or
defending any audit, examination or controversy with any Taxing Authority, (b) make themselves available to HII and its representatives to provide explanations of documents and materials and such other information as HII or its representatives
may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter described in clause (a) above. HII shall reimburse the applicable Series B
Member for any reasonable third-party costs and expenses incurred pursuant to this Section 6.03. 
 Section 6.04.
Section 754 Elections. If at any point the Company or any of its direct or indirect Subsidiaries that is a partnership for U.S. federal income tax purposes does not have a Section 754 Election in effect, HII shall cause the Company or
such Subsidiary, as applicable, to make a Section 754 Election at the time that the Company or such Subsidiary, as applicable, files its next U.S. federal income Tax Return. 

ARTICLE 7 

MISCELLANEOUS 
 Section 7.01. Notices. All notices, requests, consents and other communications hereunder (each, a “Notice”) to any party shall be in writing and shall be delivered in person
or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 7.01) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set forth in Exhibit B hereto, or
below with respect to HII, or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties: 
 If to HII, to: 
 15438 N. Florida Avenue, Suite 201 

Tampa, Florida, 33613 
 Tel: (877) 376-5831 
 Facsimile No.: (877) 376-5832 

Attention: Michael W. Kosloske 
 with a copy (which shall not constitute notice to HII) to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 
 New York, NY 10017 
 Telephone: 212-450-4125 

Facsimile: 212-701-5125 
 Attention: Neil J. Barr 

  
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 Each Notice shall be deemed received on the date sent to the recipient thereof in
accordance with this Section 7.01, if sent prior to 5:00 p.m. in the place of receipt and such day is a Business Day; otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day. 

Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one
and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an
executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 Section 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or
implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York, without regard to the conflicts of laws principles
thereof. 
 Section 7.05. Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.06. Successors; Assignment; Amendments; Waivers. No Series B Member may assign this Agreement to any person without
the prior written 

  
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consent of HII; provided, however, that (i) to the extent Series B Membership Interests are effectively transferred in accordance with the terms of the LLC Agreement, the transferring
Series B Member may assign to the transferee of such Series B Membership Interests the transferring Series B Member’s rights under this Agreement with respect to such transferred Series B Membership Interests and (ii) a Series B Member
shall be entitled to assign its rights under this Agreement to (x) a direct or indirect beneficial owner or Affiliate of such Series B Member, or trust or other Person established for the benefit of one or more direct or indirect beneficial
owners or Affiliates of such Series B Member, in connection with a liquidation, dissolution, winding up or other termination of such Series B Member or (y) any other then-current Series B Member, and, in either case (i) or (ii), such
transferee shall have executed and delivered, or, in connection with such transfer, execute and deliver, a joinder to this Agreement in the form attached hereto as Exhibit A (or such other joinder in form and substance reasonably satisfactory to
HII), agreeing to become a “Series B Member” for all purposes of this Agreement, except as otherwise provided in such joinder. 
 No provision of this Agreement may be amended unless such amendment is approved in writing by each of HII and the Company and by Series B Members who would be entitled to receive at least two-thirds
(2/3) of the Early Termination Payments payable to all Series B Members hereunder if HII had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all
payments made to any Series B Member pursuant to this Agreement since the date of such most recent Exchange); provided, however, that no such amendment shall be effective if such amendment would have a disproportionate effect on the payments
certain Series B Members will or may receive under this Agreement unless all such Series B Members disproportionately affected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and
signed by the party against whom the waiver is to be effective. 
 Except as otherwise specifically provided herein, all of the
terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. HII
shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of HII, by written agreement, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that HII would be required to perform if no such succession had taken place. 
 Section 7.07. Titles and Subtitles. The titles of the articles, sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this
Agreement. 

  
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 Section 7.08. Resolution of Disputes. (a) Any and all disputes that are
not governed by Section 7.09, including but not limited to any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this
Agreement (including the validity, scope and enforceability of this arbitration provision) (each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the Commercial
Arbitration Rules of the American Arbitration Association then in effect (except as may be modified by mutual agreement of HII, the Company and each of the affected Series B Members). If the parties to the Dispute fail to agree on the selection of
an arbitrator within thirty (30) calendar days of the receipt of the request for arbitration, the American Arbitration Association shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law in the State of New
York and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. In addition to monetary damages, the arbitrator shall be empowered to award
equitable relief, including, but not limited to an injunction and specific performance of any obligation under this Agreement. The arbitrator is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably
waives any right to recover punitive, consequential, exemplary or similar damages with respect to any Dispute. The award shall be final and binding upon the parties as from the date rendered, and shall be the sole and exclusive remedy between the
parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets. 

(b) Notwithstanding the provisions of paragraph (a), HII may bring an action or special proceeding in any court of competent jurisdiction
for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Series B Member
(i) expressly consents to the application of paragraph (c) of this Section 7.08 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this
Agreement would be difficult to calculate and that remedies at law would be inadequate. 
 (c) (i) EACH PARTY HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN
ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration,

  
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to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the forums designated by this paragraph (c) have a
reasonable relation to this Agreement, and to the parties’ relationship with one another; and (ii) the parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in paragraph (c)(i) of this Section 7.08 and such parties agree not to plead or claim otherwise. 

Section 7.09. Reconciliation. In the event that HII and the Series B Member Representative are unable to resolve a
disagreement with respect to a matter governed by Section 2.03, Section 4.02, or Section 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be
submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a
law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, unless otherwise agreed by HII and the Series B Member Representative, have any material relationship with either HII or the Series B
Member Representative. If the parties are unable to agree on an Expert within thirty (30) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the American Arbitration
Association. The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to
a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case, after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding
sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be
paid on such date and such Tax Return may be filed as prepared by HII, subject to adjustment or amendment upon resolution. In the event that this reconciliation provision is utilized, the fees of the Expert shall be paid in proportion to the manner
in which the dispute is resolved, such that, for example, if the entire dispute is resolved in favor of HII, the Series B Member Representative shall pay all of the fees, or if the items in dispute are resolved 50% in favor of HII and 50% in favor
of the applicable Series B Member, each of HII and the Series B Member Representative shall pay 50% of the fees of the Expert. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be
decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be (i) final and may be enforced as if it were the award of an arbitrator issued
under and pursuant 

  
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to the rules of the American Arbitration Association and (ii) binding on HII and the Series B Member Representative and may be entered and enforced in any court having competent
jurisdiction. 
 Section 7.10. Withholding. HII shall be entitled to deduct and withhold from any payment payable
pursuant to this Agreement such amounts as HII is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld and paid over
to the appropriate Taxing Authority by HII, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Series B Member. 
 Section 7.11. Admission of HII into a Consolidated Group; Transfers of Corporate Assets. (a) If HII becomes a member of an affiliated or consolidated group of corporations that files a
consolidated income Tax Return pursuant to Section 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a
whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a corporation with which such
entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Exchange Payment (e.g., calculating the gross income of the entity and determining the
Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair
market value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a
partnership interest. 
 Section 7.12. Confidentiality. Each Series B Member acknowledges and agrees that the
information of HII and of its Affiliates is confidential and, except in the course of performing any duties as necessary for HII and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall
keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of HII and its Affiliates and successors, concerning the Company and its Affiliates and successors or the other
Series B Members, learned by the Series B Member heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by HII or any of its Subsidiaries, becomes public knowledge (except as
a result of an act of such Series B Member in 

  
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violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for a Series B Member to prepare and file his or
her Tax Returns, to respond to any inquiries regarding the sale from any Taxing authority or to prosecute or defend any action, proceeding or audit by any Taxing authority with respect to such returns. Notwithstanding anything to the contrary
herein, each Series B Member (and each employee, representative or other agent of such Series B Member or assignee, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of HII, the
Company, the Series B Members and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the Series B Members relating to such Tax treatment and Tax structure.

 If a Series B Member commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12,
HII shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being
acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to HII or any of its Subsidiaries or the other Series B Members and the accounts and funds managed by HII and that money damages alone shall not provide
an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 
 Section 7.13. LLC Agreement. This Agreement shall be treated as part of the partnership agreement of the Company as described in Section 761(c) of the Code and Sections
1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 
 Section 7.14. Change in Tax Law. Notwithstanding
anything herein to the contrary, if, in connection with an actual or proposed change in law, the Series B Member Representative reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a
payment under this Agreement) recognized by any Applicable Series B Member or any member affiliated with an Applicable Series B Member (or direct or indirect equity holders in such member) upon the IPO or any Exchange to be treated as ordinary
income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income Tax purposes or would have other material adverse Tax consequences to an Applicable Series B Member or any direct or indirect owner of an
Applicable Series B Member (a “Change in Tax Law”), then (i) at the election of the Applicable Series B Member and to the extent specified by the Applicable Series B Member, this Agreement shall not apply with respect to an
Exchange by the Applicable Series B Member occurring after a date specified by the Applicable Series B Member, (ii) at the election of the Applicable Series B Member, this Agreement shall otherwise be amended in a

  
 25 

 
manner determined by HII and the Series B Member Representative, acting jointly, provided that such amendment shall not result in an increase in payments under this Agreement at any time as
compared to the amounts and times of payments that would have been due in the absence of such amendment or (iii) at the election of the Series B Members, acting unanimously, this Agreement shall cease to have further effect. For the avoidance
of doubt, any election pursuant to this Section 7.14 shall not be considered a breach of this Agreement and shall not trigger an Early Termination Payment under Section 4.01. 

Section 7.15. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 [Signature pages follow] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized representatives as of the day and year first above written. 
  

			
	By:	 	 Health Insurance Innovations, Inc.

	Name:	 	
	Title:	 	

 
			
	By:	 	 Health Plan Intermediaries Holdings, LLC

	Name:	 	
	Title:	 	

 
			
	By:	 	 Health Plan Intermediaries, LLC

	Name:	 	
	Title:	 	

 
			
	By:	 	 Health Plan Intermediaries Sub, LLC

	Name:	 	
	Title:	 	

 Exhibit A 
 JOINDER 
 This JOINDER to the Tax Receivable Agreement (as amended, the
“Tax Receivable Agreement”) dated as of             , 2013, among Health Insurance Innovations, Inc., a Delaware corporation (“HII”), Health Insurance
Intermediaries Holdings, LLC, a Delaware limited liability company, (the “Company”) and each of the undersigned parties thereto identified as “Series B Members” constitutes the agreement and undertaking of
                    (the “Permitted Transferee”) in favor of and for the benefit of HII, the Company and the other parties to the
Tax Receivable Agreement. 
 WHEREAS, on             ,
20    , the Permitted Transferee acquired (the “Acquisition”) Series B Membership Interests in the Company and the corresponding Class B Shares of HII (collectively, the “Interests” and, together
with all other Interests hereinafter acquired by the Permitted Transferee from                     (the “Transferor”) and its
Permitted Transferees, the “Acquired Interests”) from the Transferor; and 
 WHEREAS, the Transferor, in
connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.06 of the Tax Receivable Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the Permitted Transferee hereby agrees as follows: 

Section 1.1. Definitions. Capitalized words used but not defined in this Joinder are used as defined in the Tax Receivable
Agreement. 
 Section 1.2. Joinder. The Permitted Transferee hereby acknowledges and agrees to become a “Series
B Member” for all purposes of the Tax Receivable Agreement, including but not limited to, being bound by Section 7.12, Section 2.03, Section 4.02, Section 6.01, and Section 6.02 of the Tax Receivable Agreement, with
respect to the Acquired Interests, and any other Interests the Permitted Transferee acquires hereafter. 
 Section 1.3.
Notice. All notices, requests, consents and other communications hereunder to the Permitted Transferee shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is
thereafter promptly delivered as provided in this Section 1.3) or nationally recognized overnight courier, addressed to the Permitted Transferee at the address or facsimile number set forth below or such other address or facsimile number as may
hereafter be designated in writing by Permitted Transferee. 

  
 A-1

 Section 1.4. Governing Law. This Joinder shall be governed by, and construed in
accordance with, the law of the State of New York, without regard to the conflicts of laws principles thereof. 
 IN WITNESS
WHEREOF, this Joinder has been duly executed and delivered by the Permitted Transferee as of the date first above written. 
  

			
	 [NAME]
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address for Notices:

	
	 Facsimile No.

  
 A-2

 Exhibit B 

 

					
	 Name and Address of Series B Member
	  	Immediately Following IPO
	  	Number of
Series B
Membership
Interests
Owned	  	Number of
Class B
Shares Owned
	 Health Plan Intermediaries, LLC
	  		  	
	 Health Plan Intermediaries Sub, LLC
	  		  	

  
 B-1Form of Exchange Agreement

 Exhibit 10.6 

 
  
 FORM OF EXCHANGE AGREEMENT 
 among 

HEALTH INSURANCE INNOVATIONS, INC. 
 HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 
 and 

THE SERIES B MEMBERS OF HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 

Dated as of [            ], 2013 

 
  

 TABLE OF CONTENTS 

ARTICLE 1 

DEFINED TERMS 
  

							
	 Section 1.01.
	  	 Definitions
	  	 	2	  
	 Section 1.02.
	  	 Other Definitional and Interpretative Provisions
	  	 	4	  
	
	ARTICLE 2	  
	EXCHANGE	  
			
	 Section 2.01.
	  	 Exchanges
	  	 	4	  
	 Section 2.02.
	  	 Adjustment
	  	 	8	  
	 Section 2.03.
	  	 Expiration
	  	 	9	  
	 Section 2.04.
	  	 Reservation of Class A Shares; Listing
	  	 	10	  
	 Section 2.05.
	  	 Recapitalization
	  	 	10	  
	
	ARTICLE 3	  
	TRANSFER RESTRICTIONS	  
			
	 Section 3.01.
	  	 General Restrictions on Transfer
	  	 	10	  
	 Section 3.02.
	  	 Legends
	  	 	11	  
	 Section 3.03.
	  	 Permitted Transferees
	  	 	11	  
	
	ARTICLE 4	  
	OTHER AGREEMENTS; MISCELLANEOUS	  
			
	 Section 4.01.
	  	 Expenses
	  	 	11	  
	 Section 4.02.
	  	 Notices
	  	 	12	  
	 Section 4.03.
	  	 Permitted Transferees
	  	 	12	  
	 Section 4.04.
	  	 Severability
	  	 	13	  
	 Section 4.05.
	  	 Counterparts
	  	 	13	  
	 Section 4.06.
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	13	  
	 Section 4.07.
	  	 Further Assurances
	  	 	13	  
	 Section 4.08.
	  	 Dispute Resolution.
	  	 	13	  
	 Section 4.09.
	  	 Governing Law
	  	 	13	  
	 Section 4.10.
	  	 Consent to Jurisdiction
	  	 	14	  
	 Section 4.11.
	  	 WAIVER OF JURY TRIAL
	  	 	14	  
	 Section 4.12.
	  	 Amendments; Waivers
	  	 	14	  
	 Section 4.13.
	  	 Assignment
	  	 	14	  
	 Section 4.14.
	  	 Tax Treatment
	  	 	14	  
	 Section 4.15.
	  	 Effective Date
	  	 	15	  

  
 i 

 EXCHANGE AGREEMENT 

among 
 HEALTH INSURANCE INNOVATIONS, INC. 
 HEALTH PLAN INTERMEDIARIES HOLDINGS,
LLC 
 and 
 THE SERIES B MEMBERS OF HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC 
 EXCHANGE
AGREEMENT, dated as of [            ], 2013 (this “Agreement”), among Health Insurance Innovations, Inc., a Delaware corporation (“HII”), Health Plan
Intermediaries Holdings, LLC, a Delaware limited liability company (the “Company”) and the holders from time to time of Series B Membership Interests in the Company listed on Exhibit A hereto (collectively, the “Series B
Members”). Capitalized terms used but not simultaneously defined are defined in or by reference to Section 1.01. 

W I T N E S S E T H: 
 WHEREAS, in connection with the closing of its initial public offering of Class A Shares (the “IPO”), HII intends to consummate the transactions described in the Registration
Statement on Form S-1 originally filed with the Commission on December 20, 2012, as amended (Registration No. 333-185596); 
 WHEREAS, immediately prior to the closing of the IPO, the existing ownership interests in the Company of the Series B Members, represented by limited liability company interests, will be converted into
Series B Membership Interests in the Company, and the existing shares of common stock of HII of the Series B Members will be converted into Class B Shares of HII, and each of the Series B Members will own the number of Series B Membership Interests
and Class B Shares set forth opposite its name on Exhibit A hereto; 
 WHEREAS, the parties hereto desire to provide for the
possible future exchange following the IPO of Series B Membership Interests of the Company (concurrently with the corresponding number of Class B Shares of HII), for Class A Shares of HII, on the terms and subject to the conditions set forth
herein; 
 WHEREAS, HII shall have no obligation to acquire from a Series B Member any Series B Membership Interests and Class B
Shares unless such Series B Member exercises its Exchange Right with respect to such Series B Membership Interests and Class B Shares in accordance herewith; and 
 WHEREAS, the parties intend that an Exchange consummated hereunder be treated for U.S. federal income tax purposes, to the extent permitted by law, as a taxable sale of Series B Membership Interests and
Class B Shares; 

 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein
and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINED TERMS 

Section 1.01. Definitions. As used in this Agreement, the following terms have the following meanings: 

“Agreement” is defined in the preamble. 
 “Business Combination Transaction” is defined in the Amended and Restated Certificate of Incorporation of HII. 
 “Business Day” means any day except a Saturday, Sunday, or other day on which commercial banks in Tampa, Florida or New York, New York are authorized by law to close. 

“Class A Shares” means shares of Class A common stock, par value $0.001 per share, of HII. 

“Class B Shares” means shares of Class B common stock, par value $0.001 per share, of HII. 

“Closing” means the closing of an Exchange pursuant to Section 2.01. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the U.S. Securities and Exchange Commission or any successor thereto. 

“Company” is defined in the preamble. 
 “Exchange,” when used as a noun, means an exchange by a Series B Member of one or more Series B Membership Interests, concurrently with the corresponding number of Class B Shares, for
Class A Shares pursuant to Section 2.01 of this Agreement. “Exchange,” when used as a verb, and “Exchanging,” when used as an adjective, shall have correlative meanings. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Exchange Rate” means the number of Class A Shares for which a Series B Membership Interest (together with the
corresponding number of Class B Shares, subject to adjustment as provided in Section 2.02(b)) is entitled to be Exchanged, as provided in Section 2.02(a). 

  
 2 

 “Exchange Request” means a written notice to HII, delivered at least 20
days in advance of any Exchange, setting forth the number of Series B Membership Interests (and the corresponding number of Class B Shares) to be Exchanged for Class A Shares, as described in Section 2.01(a). 

“Exchange Right” means the right of a Series B Member to exchange from time to time one or more Series B Membership
Interests (together with the corresponding Class B Shares, subject to adjustment based on the Share Exchange Rate then in effect) for Class A Shares pursuant to Section 2.01. 

“Fiscal Quarter” means each fiscal quarter ending on the last day of each of March, June, September and December of any
Fiscal Year. 
 “Fiscal Year” means a period commencing January 1 and ending December 31 of each
year. 
 “Governmental Entity” means any court, administrative agency, regulatory body, commission, or other
governmental authority, board, bureau, or instrumentality, domestic or foreign, and any subdivision thereof. 

“HII” is defined in the preamble. 
 “IPO” is defined in the recitals. 
 “Liens”
means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements, or other restrictions on title or transfer of any nature whatsoever.

 “LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the Company
dated as of [            ], 2013, as such agreement may be amended from time to time. 
 “Notice” is defined in Section 4.02. 
 “Permitted
Transferee” is defined in the LLC Agreement. 
 “Person” means any natural person, corporation,
limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity,
custodian, trustee-executor, administrator, nominee, or entity in a representative capacity, and any government or agency or political subdivision thereof. 
 “Registration Rights Agreement” means the Registration Rights Agreement dated as of [            ], 2013 among HII and the
other parties thereto. 
 “Restricted Class A Shares” is defined in Section 3.01. 

  
 3 

 “Securities Act” means the U.S. Securities Act of 1933, as amended.

 “Secretary” is defined in Section 2.01(d)(i). 

“Series B Membership Interests” is defined in the LLC Agreement. 

“Series B Members” is defined in the preamble. 
 “Share Exchange Rate” means the number of Class B Shares that must be tendered along with a Series B Membership Interest in an Exchange, as provided in Section 2.02(b). 

“Tax Receivable Agreement” means the Tax Receivable Agreement dated the date hereof among HII, the Company and the other
parties thereto. 
 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof,”
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The headings and captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. Any capitalized term
used in any Exhibit and not otherwise defined therein has the meaning ascribed to such term in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like
import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or
contract as amended, restated, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless
otherwise specified, from and including or through and including, respectively. 
 ARTICLE 2 

EXCHANGE 
 Section 2.01. Exchanges. (a) Permissible Exchanges. (i) Upon the terms and subject to the conditions of this Article 2, each Series B Member may, at any time and from
time to time, elect to Exchange in one or more Exchanges up to one hundred percent (100%) of the Series B Member’s Series B Membership Interests, together with a corresponding number of Class B Shares, by delivering an Exchange Request to
HII. 
 (ii) Upon delivery to HII, no Exchange Request may be revoked less than five Business Days prior to the scheduled
Closing of the applicable Exchange (and HII shall have received notice of such revocation no later than such fifth Business Day) unless the Series B Member that has delivered such Exchange Request reimburses all out-of-pocket costs incurred

  
 4 

 
by HII or the Company with respect to such requested Exchange; provided, however, that a Series B Member that has delivered an Exchange Request shall be entitled without reimbursing
such costs either (x) to revoke such Exchange Request at any time prior to the Closing of the applicable Exchange or (y) to delay the Closing of the requested Exchange pursuant to this Section 2.01(a)(ii), in each case, after the
occurrence of one or more of the following events (the date of such Closing to be determined pursuant to Section 2.01(b)(i)): (A) any registration statement pursuant to which the Class A Shares were to be registered for such Series B
Member at or immediately following the Closing shall have ceased to be effective pursuant to any action or inaction by the Commission; (B) HII shall have failed to cause any related prospectus to be supplemented by any required prospectus
supplement necessary to effect such sale; (C) HII shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement (whether pursuant to the Registration Rights Agreement or otherwise), and such
deferral, delay or suspension shall affect the ability of such Series B Member to have its Class A Shares registered at or immediately following the Closing; (D) HII shall have disclosed to such Series B Member any material non-public
information concerning HII, the receipt of which results in such Series B Member being prohibited or restricted from selling Class A Shares at or immediately following the Closing without disclosure of such information (and HII does not permit
disclosure); (E) any stop order relating to the registration statement pursuant to which the Class A Shares were to be registered by such Series B Member at or immediately following the Closing shall have been issued by the Commission;
(F) the Closing, or the closing of the registered offering or the effectiveness of any registration, shall have been delayed due to any facts or circumstances; (G) there shall have occurred a material disruption in the securities markets
generally or in the market or markets in which the Class A Shares are then traded; (H) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits the
Exchange of Series B Membership Interests (together with the corresponding number of Class B Shares) for Class A Shares or the registration or sale of any Class A Shares pursuant to a registration statement; or (I) HII shall have
failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Series B Member to consummate the registration or sale of Class A Shares in a
manner not expressly contemplated in clauses (A) through (H) above; provided further, however, that in no event shall the Series B Member who is seeking to delay such Closing or revoke such Exchange Request and relying on any
of the matters contemplated in clauses (A) through (I) above have controlled or intentionally influenced any facts, circumstances, or Persons in connection therewith (except in the good faith performance of his or her duties as an officer
or director of HII) in order to provide such Series B Member with a basis for such delay or revocation. 
 (iii) Each Exchange
Request shall set forth the number of Series B Membership Interests (together with the corresponding number of Class B Shares, which shall be determined pursuant to the Share Exchange Rate) such Series B Member wishes to Exchange for Class A
Shares at the applicable Closing. If any Exchange Request is made in connection with a contemplated underwritten offering of Class A Shares and such underwritten offering includes any option being granted to the underwriters or any other Person
to acquire an additional number of Class A Shares in connection with such offering, then (A) each Exchange Request related to 

  
 5 

 
Series B Membership Interests to be Exchanged for Class A Shares that will be included in such underwritten offering shall also specify the maximum number of additional Series B Membership
Interests that the Series B Member desires to have Exchanged in the event that such option is exercised (it being understood that (x) the party exercising such option may have the right to do so in part, in which case the additional Series B
Membership Interests Exchanged in connection with such offering will be limited to the amount necessary to fulfill the delivery obligation with respect to the Class A Shares that are actually to be acquired upon exercise of such option, and
(y) the allocation of Class A Shares to be acquired pursuant to an exercise of any such option among the Persons participating in such offering may not be known at the time of the delivery of the original Exchange Request, in which case
the maximum number of additional Series B Membership Interests to potentially be Exchanged will be communicated to HII pursuant to a supplement to the Exchange Request delivered promptly following the time at which such determination is made, which
supplement to the Exchange Request need not be delivered 20 days in advance of the applicable Exchange) and (B) the Closing of the Exchange of any additional Series B Membership Interests to fulfill a Series B Member’s delivery obligation
with respect to the Class A Shares that are to be acquired upon exercise of any such option will occur immediately prior to the time that delivery of the Class A Shares is to be made. 

(iv) Each Series B Member shall represent in the Exchange Request that such Series B Member owns the Series B Membership Interests and
Class B Shares to be delivered at the applicable Closing pursuant to Section 2.01(d)(i) and Section 2.01(d)(ii), free and clear of all Liens, except as set forth therein and other than transfer restrictions imposed by or under applicable
securities laws and this Agreement and the LLC Agreement, and, if there are any Liens identified in the Exchange Request, such Series B Member shall covenant that such Series B Member will deliver at the applicable Closing evidence reasonably
satisfactory to HII that all such Liens (other than transfer restrictions imposed by or under applicable securities laws and this Agreement and the LLC Agreement) have been released. 

(v) No Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of the
Company, such Exchange would pose a material risk that the Company would be a “publicly traded partnership” as defined in Section 7704 of the Code. 
 (vi) Each Exchange pursuant to this Section 2.01(a) shall be at the Exchange Rate and Share Exchange Rate in effect at the applicable Closing. 

(b) Closing. (i) If an Exchange Request has been delivered pursuant to Section 2.01(a)(i), then (subject to
Section 2.01(c)) the Closing of such Exchange shall occur on the date that is the later of (x) the fifth Business Day following the last Business Day of the Fiscal Quarter during which such Exchange Request has been delivered and
(y) the fifth Business Day following the date on which the conditions giving rise to any delay pursuant to Section 2.01(a)(ii) cease to exist. Subject to the immediately preceding sentence, parties shall effect the Closing at such time, at
such place, and in such manner, as HII shall reasonably specify. 

  
 6 

 (ii) If HII enters into an agreement to consummate a Business Combination Transaction, HII
shall give each Series B Member at least 20 Business Days’ notice of the closing thereof, if practicable, and HII shall cause such agreement to provide that, at the request of a Series B Member, such Series B Member shall be entitled to
Exchange its Series B Membership Interests (together with a corresponding number of Class B Shares) for Class A Shares immediately prior to the closing of the Business Combination Transaction in order for such Series B Member to be able to
receive the amount and type of consideration payable pursuant to such Business Combination Transaction to holders of Class A Shares, and such agreement shall provide that such Series B Member shall be entitled to revoke such request on up to
two Business Days’ notice to HII prior to the closing thereof. If any Person commences a tender offer or exchange offer for any of the outstanding shares of HII’s stock, HII shall use reasonable efforts to cause such Person to provide that
the terms of such offer shall entitle such Series B Member, at the request of such Series B Member, to Exchange its Series B Membership Interests (together with a corresponding number of Class B Shares) for Class A Shares immediately prior to
the consummation of such tender offer or exchange offer in order for such Series B Member to participate in such tender offer or exchange offer, and to permit such Series B Member to revoke such request on up to two Business Days’ notice to
such Person prior to the closing thereof. The Closing for any Exchange occurring pursuant to this Section 2.01(b)(ii) shall occur immediately prior to, but remain subject to the consummation immediately after of, the Business Combination
Transaction, tender offer or exchange offer, as applicable, and such Exchange shall be reversed immediately if such Business Combination Transaction, tender offer or exchange offer, as applicable, shall fail to be consummated after such Exchange.

 (iii) Upon the occurrence of a Closing, (A) all rights of the Exchanging Series B Member as holder of the Series B
Membership Interests (and corresponding number of Class B Shares) being Exchanged shall terminate, (B) the Class B Shares delivered at the Closing shall be automatically cancelled on the books and records of HII and shall no longer be deemed to
be issued and outstanding capital stock of HII, (C) the Series B Membership Interests delivered at the Closing shall automatically be cancelled on the books and records of the Company and shall no longer be deemed to be issued and outstanding
membership interests of the Company, and (D) such Exchanging Series B Member shall be treated for all purposes as the holder of the Class A Shares delivered at the Closing. 

(c) Closing Conditions. (i) The obligation of any of the parties to consummate an Exchange pursuant to this Section 2.01
shall be subject to the condition that there shall be no injunction, restraining order or decree of any nature of any Governmental Entity that is then in effect that restrains or prohibits the Exchange of Series B Membership Interests (together with
the corresponding number of Class B Shares) for Class A Shares. 
 (ii) The obligation of HII to consummate an Exchange
pursuant to this Section 2.01 shall be subject to (A) the delivery by the Exchanging Series B Member of the items specified in clauses (i), (ii) and (iii) of Section 2.01(d) and (B) the good faith determination by HII
that such Exchange would not violate any contract, commitment, agreement, instrument, arrangement, understanding, obligation, or undertaking to which HII is subject. 

  
 7 

 (d) Closing Deliveries. At or prior to each Closing, with respect to each Series B
Member that requests the Exchange contemplated for such Closing: 
 (i) to the extent that such Series B
Member’s Series B Membership Interests are certificated, such Series B Member shall deliver to HII one or more certificates representing the number of Series B Membership Interests specified in the applicable Exchange Request (or an affidavit
of loss in lieu thereof in customary form, but without any requirement to post a bond or furnish any other security), accompanied by security transfer powers, in form reasonably satisfactory to the corporate secretary of HII (the
“Secretary”), duly executed in blank by such Series B Member or such Series B Member’s duly authorized attorney, to be Exchanged for Class A Shares based on the Exchange Rate in effect at the applicable Closing;

 (ii) to the extent such Series B Member’s Class B Shares are certificated, such Series B Member shall
deliver to HII one or more certificates representing a number of Class B Shares as determined pursuant to the Share Exchange Rate in effect at the applicable Closing (or an affidavit of loss in lieu thereof in customary form, but without any
requirement to post a bond or furnish any other security), accompanied by security transfer powers, in form reasonably satisfactory to the Secretary, duly executed in blank by such Series B Member or such Series B Member’s duly authorized
attorney; 
 (iii) such Series B Member shall represent in writing, and at HII’s request deliver
confirmatory evidence reasonably satisfactory to HII, that no Liens exist on the Series B Membership Interests and Class B Shares delivered pursuant to Sections 2.01(d)(i) and 2.01(d)(ii) (other than transfer restrictions imposed by or under
applicable securities laws, the LLC Agreement and this Agreement), or that such Liens have been released; 
 (iv)
if such Series B Member delivers to HII, pursuant to Section 2.01(d)(i) or 2.01(d)(ii), a certificate representing a number of Series B Membership Interests or Class B Shares that is greater than the number of Series B Membership Interests or
Class B Shares specified in the applicable Exchange Request, HII will deliver (or cause the Company to deliver) to such Series B Member certificates representing the excess Series B Membership Interests or Class B Shares, as applicable; and

 (v) HII shall deliver or cause to be delivered to such Series B Member at the then-acting registrar and
transfer agent of the Class A Shares or, if there is no then-acting registrar and transfer agent of the Class A Shares, at the principal executive offices of HII, the number of Class A Shares that such Series B Member is entitled to
receive for Series B Membership Interests (together with the corresponding number of Class B Shares) in the Exchange. 

Section 2.02. Adjustment. (a) On the date hereof, the Exchange Rate shall be 1 for 1. The Exchange Rate shall be
adjusted accordingly if there is: (i) any subdivision (by any unit split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination 

  
 8 

 
(by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the Series B Membership Interests that is not accompanied by an identical subdivision or combination of
the Class A Shares; or (ii) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization,
recapitalization or otherwise) of the Class A Shares that is not accompanied by an identical subdivision or combination of the Series B Membership Interests. If there is any reclassification, reorganization, recapitalization or other similar
transaction in which the Class A Shares are converted or changed into another security, securities or other property, then upon any subsequent Exchange, an Exchanging Series B Member shall be entitled to receive the amount of such security,
securities or other property that such Exchanging Series B Member would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction,
taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or
otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification,
reorganization, recapitalization or other similar transaction in which the Class A Shares are converted or changed into another security, securities or other property, this Section 2.02(a) shall continue to be applicable, mutatis
mutandis, with respect to such security or other property. 
 (b) On the date hereof, the Share Exchange Rate shall be 1 for
1. The Share Exchange Rate shall be adjusted accordingly if there is: (i) any subdivision (by any unit split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split,
reclassification, reorganization, recapitalization or otherwise) of the Series B Membership Interests that is not accompanied by an identical subdivision or combination of the Class B Shares; or (ii) any subdivision (by any stock split, stock
dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class B Shares that is not accompanied by an
identical subdivision or combination of the Series B Membership Interests. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class B Shares are converted or changed into another security,
securities or other property, then upon any subsequent Exchange, an Exchanging Series B Member shall be required to tender such securities or other property. For the avoidance of doubt, if there is any reclassification, reorganization,
recapitalization or other similar transaction in which the Class B Shares are converted or changed into another security, securities or other property, this Section 2.02(b) shall continue to be applicable, mutatis mutandis, with respect
to such security or other property. 
 Section 2.03. Expiration. In the event that the Company is dissolved,
liquidated or wound up pursuant to the LLC Agreement or otherwise, any Exchange Right shall expire upon final distribution of the assets of the Company pursuant to the terms and conditions of the LLC Agreement. 

  
 9 

 Section 2.04. Reservation of Class A Shares; Listing. HII shall at all
times reserve and keep available out of its authorized but unissued Class A Shares, solely for the purpose of issuance upon an Exchange, such number of Class A Shares as shall be issuable upon any such Exchange; provided that
nothing contained herein shall be construed to preclude HII from satisfying its obligations in respect of any such Exchange by delivery of purchased Class A Shares (which may or may not be held in the treasury of HII). HII shall deliver
Class A Shares that have been registered under the Securities Act with respect to any Exchange to the extent a registration statement is effective and available for such shares. If any Class A Shares require registration with or approval
of any Governmental Entity under any federal or state law before such Class A Shares may be issued upon an Exchange, HII shall cause such Class A Shares to be duly registered or approved, as the case may be. HII shall use its commercially
reasonable efforts to list the Class A Shares required to be delivered upon any such Exchange prior to such delivery upon each national securities exchange upon which the outstanding Class A Shares are listed at the time of such Exchange
(it being understood that any such shares may be subject to transfer restrictions under applicable securities laws). HII covenants that all Class A Shares issued upon an Exchange will, upon issuance, be validly issued, fully paid and
non-assessable. 
 Section 2.05. Recapitalization. This Agreement shall apply to the Series B Membership Interests
held by the Series B Members and their Permitted Transferees as of the date hereof, as well as any Series B Membership Interests hereafter acquired by a Series B Member and its Permitted Transferees. This Agreement shall apply to, mutatis
mutandis, and all references to “Series B Membership Interests” shall be deemed to include, any security, securities or other property of the Company that may be issued in respect of, in exchange for or in substitution of Series B
Membership Interests, by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

ARTICLE 3 

TRANSFER RESTRICTIONS 
 Section 3.01. General Restrictions on Transfer. (a) Each Series B Member understands and agrees that the Class A Shares received by such Series B Member in any Exchange (any such
Class A Shares, “Restricted Class A Shares”) may not be transferred except as permitted by Section 3.02(b) or 3.03. 
 (b) Without limitation of Section 3.01(a), each Series B Member understands and agrees that, until registered under the Securities Act, the Restricted Class A Shares are restricted securities
under the Securities Act and the rules and regulations promulgated thereunder. Each Series B Member agrees that it shall not Transfer any Restricted Class A Shares (or solicit any offers in respect of any Transfer of any Restricted Class A
Shares), except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

  
 10 

 (c) Any attempt to transfer any Restricted Class A Shares not in compliance with this
Agreement shall be void ab initio, and HII shall not, and shall cause any transfer agent not to, give any effect in HII’s stock records to such attempted transfer. 
 Section 3.02. Legends. (a) In addition to any other legend that may be required, subject to Section 3.02(b), each certificate for Restricted Class A Shares issued to a Series B
Member (or any of such Series B Member’s Permitted Transferees) shall bear a legend in substantially the following form: 

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR
STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO SUBJECT
TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE EXCHANGE
AGREEMENT DATED AS OF [            ], 2013 AS THE SAME MAY
BE AMENDED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS THEREOF,
COPIES OF WHICH MAY BE OBTAINED UPON REQUEST FROM THE CORPORATE
SECRETARY OF HEALTH INSURANCE INNOVATIONS, INC. OR ANY SUCCESSOR THERETO. 

(b) If any Restricted Class A Share is eligible to be sold pursuant to Rule 144(b)(1) under the Securities Act (or any successor
provision), upon the written request of the holder thereof, accompanied (if HII shall so request) by an opinion of counsel reasonably acceptable to HII, HII shall issue to such holder a new certificate evidencing such Restricted Class A Share
without the first sentence of the legend required by Section 3.02(a) endorsed thereon. If any Restricted Class A Share ceases to be subject to any and all restrictions on transfer set forth in this Article 3, then HII, upon the written
request of the holder thereof, shall issue to such holder a new certificate evidencing such Restricted Class A Share without the second sentence of the legend required by Section 3.02(a) endorsed thereon. 

Section 3.03. Permitted Transferees. Subject to this Article 3, each Series B Member acquiring Restricted Class A Shares
may at any time transfer any or all of its Restricted Class A Shares to one or more of its Permitted Transferees or to any other Person in a transaction not in contravention of, and in accordance with, the LLC Agreement, so long as
(a) such transferee shall have agreed in writing to be bound by the terms of this Agreement as provided in Section 4.03 and (b) the transfer to such transferee is in compliance with the Securities Act and any other applicable
securities or “blue sky” laws. 
 ARTICLE 4 
 OTHER AGREEMENTS; MISCELLANEOUS 

Section 4.01. Expenses. Each party hereto shall bear its own expenses in connection with the consummation of any of the
transactions contemplated hereby, whether or not any such 

  
 11 

 
transaction is ultimately consummated, except that HII shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange and
HII shall promptly cooperate in all filings required to be made under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, in connection with any Exchange (but HII shall not be obligated to bear, and shall be reimbursed by the
applicable Series B Member for, the expenses of any such filing or of any information request from any Governmental Entity relating thereto); provided, however, that if any certificate is to be issued pursuant to
Section 2.01(d)(v) in a name other than that of the Series B Member that requested the Exchange, then the Person or Persons requesting the issuance thereof shall pay to HII the amount of any transfer taxes, stamp taxes or duties, or other
similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of HII that such tax has been paid or is not payable. 

Section 4.02. Notices. All notices, requests, consents and other communications hereunder (each, a “Notice”)
to any party shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 4.02) or nationally recognized overnight courier, addressed to such party at
the address or facsimile number set forth in Exhibit A hereto, or below with respect to HII, or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties: 

If to HII, to: 

15438 N. Florida Avenue, Suite 201 
 Tampa, Florida, 33613 
 Telephone: (877) 376-5831 

Facsimile: (877) 376-5832 
 Attention: Michael W. Kosloske 
 with a copy (which shall not constitute notice to
HII) to: 
 Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York, NY 10017 
 Telephone: (212) 450-4135 

Facsimile: (212) 701-5135 
 Attention: Deanna Kirkpatrick 
 Each Notice shall be deemed received on the date
sent to the recipient thereof in accordance with this Section 4.02, if sent prior to 5:00 p.m. in the place of receipt and such day is a Business Day; otherwise, such Notice shall be deemed not to have been received until the next succeeding
Business Day. 
 Section 4.03. Permitted Transferees. To the extent that a Series B Member (or an applicable
Permitted Transferee of such Series B Member) validly transfers after the date hereof 

  
 12 

 
any or all of its Series B Membership Interests and corresponding Class B Shares to a Permitted Transferee of such Person or to any other Person in a transaction not in contravention of, and in
accordance with, the LLC Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in form and substance reasonably satisfactory to HII. Upon execution of any such joinder, such transferee shall,
with respect to such transferred Series B Membership Interests and Class B Shares, be entitled to all of the rights and bound by each of the obligations applicable to the relevant transferor hereunder; provided that the transferor shall
remain entitled to all of the rights and bound by each of the obligations with respect to Series B Membership Interests and Class B Shares that were not so transferred. 
 Section 4.04. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability
of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision
shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to
other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other
jurisdiction. 
 Section 4.05. Counterparts. This Agreement may be executed (including by facsimile transmission
with counterpart pages) in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being understood that both parties need not sign the same
counterpart. 
 Section 4.06. Entire Agreement; No Third Party Beneficiaries. This Agreement (a) constitutes
the entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto and their
Permitted Transferees, any rights or remedies hereunder. 
 Section 4.07. Further Assurances. Each party hereto
shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein.

 Section 4.08. Dispute Resolution. The provisions of Article 13 of the LLC Agreement are hereby incorporated
herein in their entirety. 
 Section 4.09. Governing Law. This Agreement and the rights of the parties hereunder
will be governed by, construed and enforced in accordance with the laws of the State of New York without regard to conflicts of law principles thereof. 

  
 13 

 Section 4.10. Consent to Jurisdiction. The parties hereto agree that any suit,
action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in the United States District
Court for the Southern District of New York or the Supreme Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding. Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction
of any such court, by any of the methods specified for the giving of Notices pursuant to Section 4.02. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have
based on venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 4.02) in any suit, action or
proceeding brought in such courts. 
 Section 4.11. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 Section 4.12. Amendments; Waivers. (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is approved in writing by HII, the Company and Series B
Members holding at least sixty-six and two-thirds percent (66-2/3%) of the outstanding Series B Membership Interests. 
 (b) No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 4.13. Assignment. Except as contemplated by Section 4.03 and except that the rights to have a legend removed from a certificate representing Restricted Class A Shares in
accordance with Section 3.02(b) shall be deemed automatically assigned in connection with any transfer not prohibited hereunder, neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties
hereto without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors, assigns and Permitted
Transferees. 
 Section 4.14. Tax Treatment. The parties to this Agreement intend that this Agreement shall be
treated as part of the partnership agreement of the Company pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise required by applicable
law: (a) the parties shall 

  
 14 

 
report an Exchange consummated hereunder as a taxable sale of Series B Membership Interests by a Series B Member to HII (in conjunction with an associated cancellation of Class B Shares); and
(b) no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 
 Section 4.15. Effective Date. This Agreement shall become effective upon the IPO and shall be of no force and effect prior to the IPO. 

[Signature pages follow] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized representatives as of the day and year first above written. 
  

			
	HEALTH INSURANCE INNOVATIONS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 HEALTH PLAN INTERMEDIARIES HOLDINGS,
     LLC

		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	HEALTH PLAN INTERMEDIARIES, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HEALTH PLAN INTERMEDIARIES SUB, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit A 

 

					
	 Name and Address of Series B Member
	  	Immediately Following IPO
	  	Number of
Series B
Membership
Interests
Owned	  	Number of
Class B
Shares Owned
	 Health Plan Intermediaries, LLC

15438 N. Florida Avenue, Suite 201

Tampa, Florida, 33613

Facsimile: (877) 376-5832
	  		  	
	 Health Plan Intermediaries Sub, LLC

15438 N. Florida Avenue, Suite 201

Tampa, Florida, 33613

Facsimile: (877) 376-5832

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