Document:

EX-4.1

 Exhibit 4.1 

AMENDMENT TO THE 

REGISTRATION RIGHTS AGREEMENT 

This AMENDMENT TO THE REGISTRATION RIGHTS AGREEMENT (this “Amendment”), dated as of October 6, 2020, by and among
Allstar LLC, a Delaware limited liability company ( “Allstar”), Academy Sports and Outdoors, Inc., a Delaware corporation (“Corporation”), and New Academy Holding Company, LLC, a Delaware limited liability company
(“NAHC”), amends and restates in its entirety that certain Registration Rights Agreement, dated as of August 3, 2011, by and among Allstar, NAHC and Academy Holdings, Inc. (as amended by that certain Addendum Agreement, dated
as of August 30, 2011, by and between NAHC and Allstar Managers LLC, the “Existing Registration Rights Agreement”). 

WHEREAS, the Corporation is currently contemplating an underwritten initial public offering (the “Initial Public Offering”)
of shares of its common stock, par value $0.01 per share (“Common Stock”); 
 WHEREAS, in connection with the Initial
Public Offering, each Shareholder (as defined in the Existing Registration Rights Agreement) that is a unitholder of NAHC will contribute its equity interests in NAHC to the Corporation in exchange for shares of Common Stock and NAHC will become a
wholly-owned subsidiary of the Corporation; 
 WHEREAS, the Corporation constitutes the “IPO Corporation” and the Initial Public
Offering constitutes the “Initial Public Offering” under each of the Existing Registration Rights Agreement and the Amended and Restated Limited Liability Company Agreement of NAHC (as amended or supplemented from time to time through the
date hereof, the “LLC Agreement”); 
 WHEREAS, Sections 4.8(a) and 14.11 of the LLC Agreement and Section 11(k) of the
Existing Registration Rights Agreement require NAHC (if it is not the IPO Corporation thereunder) to cause the Corporation to become a party to and grant registration rights described in the Existing Registration Rights Agreement with respect to
securities of the Corporation; 
 WHEREAS, Section 11(a) of the Existing Registration Rights Agreement further permits amendments,
modifications, supplements, waivers and/or consents to departures from the provisions of the Existing Registration Rights Agreement with the written consent of Allstar, so long as such amendments, modifications, supplements, waivers and/or consents
to departures would not (i) subject a Shareholder (for purposes of clauses (i) and (ii), as defined therein) to adverse differential treatment relative to other Shareholders, (ii) be adverse to a right specifically granted to a
specific Shareholder but not to other Shareholders and (iii) adversely affect any Gochman Member (as defined therein); and 
 WHEREAS,
in connection with the Initial Public Offering, each of Allstar, the Corporation and NAHC desires to amend and restate the Existing Registration Rights Agreement to, among other things, add the Corporation as a party thereto and grant the
registration rights described therein to the Shareholders with respect to securities of the Corporation. 

 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.    Amendments to Existing Registration Rights Agreement. Each of the parties hereto agrees that,
effective as of the date hereof, the Existing Registration Rights Agreement shall be amended and restated in its entirety in the form attached hereto as Schedule I. 

Section 2.    Defined Terms. Capitalized terms used but not otherwise defined herein (including in the
Preamble and Recitals hereto) shall have the meanings assigned to such terms in Schedule I hereto. Section 1 of Schedule I hereto is incorporated herein by reference and applies mutatis mutandis. 

Section 3.    Miscellaneous. Section 11 of Schedule I hereto is incorporated herein by reference
and applies mutatis mutandis. 
 Section 4.    Effectiveness. This Amendment shall become effective
on and as of the date hereof. 
 [Remainder of page intentionally left blank; Signatures follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written. 
  

			
	ALLSTAR LLC
		
	By:	 	 /s/ Terence Gallagher

		 	Name: Terence Gallagher
		 	Title: Vice President, Finance

  
 [Amendment to
Registration Rights Agreement Signature Page] 

 
					
	ACADEMY SPORTS AND OUTDOORS, INC.
		
	By:	 	 /s/ Rene G. Casares

		 	Name:	 	Rene G. Casares
		 	Title:	 	Senior Vice President, General Counsel and Secretary

  
 [Amendment to
Registration Rights Agreement Signature Page] 

 
					
	NEW ACADEMY HOLDING COMPANY, LLC
		
	By:	 	 /s/ Rene G. Casares

		 	Name:	 	Rene G. Casares
		 	Title:	 	Senior Vice President, General Counsel and Secretary

  
 [Amendment to
Registration Rights Agreement Signature Page] 

 Schedule I 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 6, 2020, is by and among
Allstar LLC, a Delaware limited liability company (together with its Affiliates (as defined below) that hold Common Stock (as defined below) or other Registrable Securities (as defined below) received in respect of Common Stock,
“Allstar”), Allstar Co-Invest Blocker L.P., a Delaware limited liability company, KKR 2006 Allstar Blocker L.P., a Delaware limited partnership, Academy Sports and Outdoors, Inc., a Delaware
corporation (“Corporation”), New Academy Holding Company, LLC, a Delaware limited liability company (“NAHC”), Allstar Managers LLC, a Delaware limited liability company, MG Family Limited Partnership, a Delaware
limited partnership, and MSI 2011 LLC, a Delaware limited liability company, and any other Person who may become a party hereto pursuant to Section 11(c). 

WHEREAS, in connection with the underwritten initial public offering of the Corporation’s Common Stock (the “Initial Public
Offering”), the Corporation desires to grant, and the Shareholders desire to have, certain registration and other rights with respect to their Registrable Securities, on the terms and subject to the conditions set forth in this Agreement.

 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.    Definitions. As used in this Agreement, the following terms shall have the following meanings,
and terms used herein but not otherwise defined herein shall have the meanings assigned to them in the LLC Agreement: 

“Affiliate” shall mean, with respect to any Person, an “affiliate” as defined in Rule 405 of the regulations
promulgated under the Securities Act and, with respect to the KKR Shareholders only, any investment fund, vehicle or holding company of which a KKR Shareholder or an Affiliate of a KKR Shareholder serves as the general partner, managing member or
discretionary manager or advisor; provided, however, that notwithstanding the foregoing, an Affiliate shall not include any portfolio company of the KKR Shareholders. 

“Agreement” shall have the meaning set forth in the Preamble. 

“Allstar” shall have the meaning set forth in the Preamble. 

“Allstar Managers” shall mean Allstar Managers LLC and its Permitted Transferees. 

“Board” shall mean the board of directors of the Corporation. 

 “Change of Control” shall have the meaning set forth in the LLC Agreement.

 “Common Stock” shall mean all shares existing or hereafter authorized of any class of common stock of the Corporation,
which has the right (subject always to the rights of any class or series of preferred stock of the Corporation) to participate in the distribution of the assets and earnings of the Corporation without limit as to per share amount, including any
shares of capital stock into which Common Stock may be converted (as a result of recapitalization, share exchange or similar event) or are issued with respect to Common Stock, including with respect to any stock split or stock dividend, or a
successor security. 
 “Corporation” shall have the meaning set forth in the Preamble. 

“Demand Cutback” shall have the meaning set forth in Section 3(b) hereof. 

“Demand Notice” shall have the meaning set forth in Section 3(a) hereof. 

“Demand Registration” shall have the meaning set forth in Section 3(a) hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Existing Registration Rights Agreement” shall have the meaning set forth in the Preamble. 

“Gochman Affiliates” means (a) any Gochman family member, (b) any Affiliate of a Gochman Shareholder that is
directly or indirectly controlled by either one or both of David Gochman or Molly Gochman, and (c) any eligible person. For purposes of this definition, (i) “control” (including with correlative meanings, the term “controlled
by”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, contract or
otherwise; (ii) “Gochman family member” means a lawful descendant of one or more parents of David Gochman and Molly Gochman (including David Gochman and Molly Gochman) and the spouse of such descendant; and (iii) “eligible
person” means (A) (t) Gochman Descendants’ Trust No. One f/b/o Molly Gochman created u/a/d October 31, 1994 between Arthur M. Gochman, as Grantor, and David E. Gochman, as Trustee, (u) Molly Gochman Grantor Trust created
u/a/d August 5, 1995 between Molly Gochman, as Grantor, and David E. Gochman, as Trustee, (v) Gochman Descendants’ Trust No. One f/b/o David E. Gochman created u/a/d October 31, 1994 between Arthur M. Gochman, as Grantor, and
David E. Gochman, as Trustee, (w) David E. Gochman 2007 Family Trust created u/a/d April 27, 2007, between David E. Gochman, as Grantor, and Charles F. Herring, Jr., as Trustee, (x) 2009 DG GRAT created u/a/d December 16, 2009, by
David E. Gochman, as Grantor and Trustee, (y) 2010 DG GRAT created u/a/d December 16, 2010, by David E. Gochman, as Grantor and Trustee and (z) any trust for the primary benefit of one or more Gochman family members (collectively, the
trusts referred to in clauses (t) through (z) are “qualified trusts”), (B) the estate of any Gochman family member, (C) any custodian for the benefit of a Gochman family member under the Delaware Uniform Transfers to Minors Act
or the comparable laws of any other jurisdiction, and (D) other entities, including but not limited to partnerships, corporations and limited liability companies, in each case, where the majority of the equity interests are directly or
indirectly owned by one or more of the Persons described in (a) through (c) of this definition. 

  
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 “Gochman Shareholders” shall mean, collectively, MG Family Limited
Partnership and MSI 2011 LLC and any of their respective Permitted Transferees. 
 “FINRA” shall mean the U.S. Financial
Industry Regulatory Authority. 
 “Indemnified Party” shall have the meaning set forth in Section 8(c) hereof. 

“Indemnifying Party” shall have the meaning set forth in Section 8(c) hereof. 

“KKR Shareholders” shall mean, collectively, Allstar, Allstar Co-Invest Blocker L.P.
and KKR 2006 Allstar Blocker L.P. and any of their respective Permitted Transferees. 
 “Law” shall mean any applicable
federal, state, local or foreign law, statute, ordinance, rule, regulation, order, writ, decree or agency requirement of any governmental entity. 

“LLC Agreement” shall mean the Amended and Restated Limited Liability Company Agreement of NAHC, as amended or supplemented
from time to time through the date hereof. 
 “Long-Form Registrations” shall have the meaning set forth in
Section 3(a) hereof. 
 “Losses” shall have the meaning set forth in Section 8(a) hereof. 

“NAHC” shall have the meaning set forth in the Preamble. 

“Notice” shall have the meaning set forth in Section 3(a). 

“Other Securities” shall have the meaning set forth in Section 4(b). 

“Permitted Transferee” shall mean (i) any Affiliate of such Shareholder and/or, in the case of a KKR Shareholder, any
Affiliate of Kohlberg Kravis Roberts & Co. L.P., (ii) any successor entity of such Shareholder, (iii) in the case of any Gochman Shareholder, any Gochman Affiliate and (iv) with respect to any Shareholder that is an investment
fund or controlled by an investment fund, any other investment fund or vehicle of which such Shareholder or an Affiliate serves as the general partner or discretionary manager or advisor (so long as such investment fund or vehicle was not
established for the purpose of acquiring Common Stock) and in which such Shareholder or an Affiliate retains sole voting and dispositive power. 

“Person” shall mean 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. 

  
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 “Piggyback Cutback” shall have the meaning set forth in Section 4(b)
hereof. 
 “Piggyback Notice” shall have the meaning set forth in Section 4(a) hereof. 

“Piggyback Registration” shall have the meaning set forth in Section 4(a) hereof. 

“Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including an investigation or partial proceeding,
such as a deposition), whether commenced or threatened. 
 “Prospectus” shall mean the prospectus included in any
Registration Statement (including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 

“Public Offering” shall mean the sale of Common Stock to the public pursuant to an effective Registration Statement (other
than a Registration Statement on Form S-4 or Form S-8 or any similar or successor form) filed under the Securities Act. 

“Registrable Securities” shall mean any shares of Common Stock currently held or hereafter acquired by the Shareholders and
any other securities issued with respect to (or issuable upon the conversion or exercise of any warrant, right or other security which is issued with respect to) any such shares by way of share or equity split, share or equity dividend,
recapitalization, exchange or similar event or otherwise. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (a) they are sold pursuant to an effective Registration Statement
under the Securities Act, (b) they are sold pursuant to Rule 144 (or any similar provision then in force under the Securities Act), (c) they shall have ceased to be outstanding, or (d) they have been sold in a private transaction in which
the transferor’s rights under this Agreement are not assigned to the transferee of the securities. No Registrable Securities may be registered under more than one Registration Statement at any one time. 

“Registration Statement” shall mean any registration statement of the Corporation under the Securities Act which covers any
of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by
reference or deemed to be incorporated by reference in such registration statement. 
 “Rule 144” shall mean Rule 144 under
the Securities Act, as such Rule may be amended from time to time. 
 “SEC” shall mean the Securities and Exchange
Commission or any successor agency having jurisdiction under the Securities Act. 

  
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 “Securities Act” shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Shareholders” shall mean the KKR Shareholders, the Gochman
Shareholders, Allstar Managers and any other Person who may become a party hereto pursuant to Section 11(c). 
 “Shelf
Registration Statement” shall have the meaning set forth in Section 3(a) hereof. 
 “Shelf Underwritten
Offering” shall have the meaning set forth in Section 4(c) hereof. 
 “Short-Form Registrations” shall have
the meaning set forth in Section 3(a) hereof. 
 “Take-Down Notice” shall have the meaning set forth in
Section 4(c) hereof. 
 “underwritten registration” or “underwritten offering” shall mean a
registration in which securities of the Corporation are sold to an underwriter for reoffering to the public. 

Section 2.    Holders of Registrable Securities. A Person is deemed, and shall only be deemed, to be a holder
of Registrable Securities if such Person owns Registrable Securities or has a right to acquire such Registrable Securities and such Person is a Shareholder. 

Section 3.    Demand Registrations. 

(a)    Requests for Registration. Subject to the following paragraphs of this Section 3(a), (i) upon the
requisite approval of the Board, Allstar shall have the right, by delivering or causing to be delivered a written notice to the Corporation, to require the Corporation to register, pursuant to the terms of this Agreement, under and in accordance
with the provisions of the Securities Act, the offer and sale in an Initial Public Offering of a number of shares of Common Stock specified by Allstar (which offer and sale may include an offering of newly issued Common Stock by the Corporation
and/or, at the request of Allstar, an offering of Registrable Securities) and (ii) following the Initial Public Offering, each of KKR Shareholders and Gochman Shareholders shall have the right, by delivering or causing to be delivered a written
notice to the Corporation, to require the Corporation to register, pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the offer and sale of the number of Registrable Securities requested to be
so registered pursuant to the terms of this Agreement on Form S-1 or any similar or successor long-form registration (“Long-Form Registrations”) or, if the Corporation is then eligible, on
Form S-3 or any similar or successor short-form registration (“Short-Form Registrations”) (any such written notice, a “Demand Notice” and any such registration, a
“Demand Registration”); provided, however, that a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered by any such demanding Shareholder (or all such demanding
Shareholders if more than one Shareholder makes a demand) is reasonably expected to result in aggregate gross cash proceeds in excess of $50,000,000 (without regard to any underwriting discount or commission) in the case of any Long-Form
Registration and at least $20,000,000 (without regard to any 

  
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underwriting discount or commission) in the case of any Short-Form Registration; provided, further that, unless the Board shall otherwise consent, subject to Section 3(e), the
Corporation shall not be obligated to file a registration statement relating to any registration request under this Section 3(a) within a period of 90 days after the effective date of any other registration statement relating to any
registration request under this Section 3(a) (except if the underwriters shall require a longer period, but in any event no more than 180 days). A KKR Shareholder or a Gochman Shareholder may, in connection with any Demand Registration
requested by such holder that is a Short-Form Registration, require the Corporation to file such registration statement with the SEC in accordance with and pursuant to Rule 415 under the Securities Act including, if the Corporation is a well-known
seasoned issuer at the time of filing of the Short-Form Registration (as defined in Rule 405 under the Securities Act), as an automatic shelf registration (a “Shelf Registration Statement”). Following receipt of a Demand Notice for
a Demand Registration in accordance with this Section 3(a), the Corporation shall use its reasonable best efforts to file a Registration Statement as promptly as practicable and shall use its reasonable best efforts to cause such Registration
Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. 
 No Demand Registration
shall be deemed to have occurred for purposes of this Section 3, and shall not count as a Demand Notice for purposes of Section 3(e), if (w) the Registration Statement relating thereto does not become effective, or is not maintained
effective by the Corporation for the period required pursuant to this Section 3, (x) the offering of the Registrable Securities pursuant to such Registration Statement is not completed for any reason (other than solely by reason of some act or
omission by the holder exercising its Demand Notice, including the withdrawal of such registration request pursuant to Section 3(d)), including because it was subject to a stop order, injunction, or similar order or requirement of the SEC
during such period or (y) the holder exercising its Demand Notice has fewer than 60% of the amount of Registrable Securities originally requested to be included in such Registration Statement as a result of a Demand Cutback or (z) the
conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with such Demand Registration are not satisfied, other than solely by reason of some act or omission by the holder exercising its Demand
Notice to fail to perform its obligations under this Agreement or such purchase or underwriting agreement. 
 Within 10 days after receipt
by the Corporation of a Demand Notice in accordance with this Section 3(a) (other than a Demand Notice provided to effect an Initial Public Offering in which Allstar is not selling (or causing to be sold) Common Stock on a secondary basis, in
which case no Notice shall be required), the Corporation shall give written notice (the “Notice”) of such Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section 3(b) hereof,
include in such registration all Registrable Securities with respect to which the Corporation received written requests for inclusion therein within 20 days after such Notice is given by the Corporation to such holders, it being understood that any
such request for inclusion of Registrable Securities given by a holder (including if given by a Gochman Shareholder) shall not be considered a Demand Notice for purposes of Section 3(e). The parties agree that, if the Corporation is effecting
an Initial Public Offering in which Allstar or any of its Affiliates is selling (or causing to be sold) Common Stock on a secondary basis, then Allstar shall have be deemed to have made a Demand Notice for purposes of this Agreement. 

  
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 All requests made pursuant to this Section 3 will specify the number of Registrable
Securities to be registered and/or, in the case of an Initial Public Offering, the number of shares of Common Stock to be issued by the Corporation (if any), and the intended methods of disposition thereof. 

The Corporation shall be required to maintain the effectiveness of the Registration Statement filed in connection with any Demand Registration
for a period of at least 180 days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement have actually been sold; provided, however, that such period
shall be extended for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities included in such Registration Statement at the request of the Corporation or an underwriter of the Corporation
pursuant to the provisions of this Agreement. The Corporation shall use its reasonable best efforts to keep any Shelf Registration Statement continuously effective under the Securities Act until the earlier of (A) the date when all of the
Registrable Securities covered by such Shelf Registration Statement have been sold and (B) the date on which the Registrable Securities covered by the Shelf Registration Statement are eligible to be sold or transferred without being subject to
any holding period or volume limitations pursuant to Rule 144. 
 (b)    Priority on Demand Registration. If any
of the Registrable Securities registered pursuant to a Demand Registration are to be sold in an underwritten offering, and the managing underwriter or underwriters of such underwritten offering advise the holders of such securities in writing that,
in its good-faith opinion, the total number or dollar amount of Registrable Securities proposed to be sold in such offering exceeds the total number or dollar amount of Registrable Securities that can be sold without adversely affecting the price,
timing or distribution of the Registrable Securities to be included in such offering (including securities proposed to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or
piggyback registration rights), then there shall be included in such underwritten offering the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter or underwriters can be sold without so adversely
affecting such offering (such reduction in the number of Registrable Securities to be included in such underwritten offering, the “Demand Cutback”), and such number of Registrable Securities shall be allocated as follows
(provided that if such offering is an Initial Public Offering, clauses (i) and (ii) below shall be reversed such that securities requested to be included by the Corporation shall be given priority over Registrable Securities to be
included by Shareholders): 
 (i)    first, pro rata among the holders of Registrable Securities on the
basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders; provided that if such offering is an Initial Public Offering, and if (1) prior to giving effect to
any Demand Cutback the Gochman Shareholders collectively would hold a number of shares of Common Stock and other Registrable Securities in the aggregate after consummation of the Initial Public Offering equal to less than three percent (3%) of the
total common equity of the Corporation then outstanding, calculated (I) assuming that the Gochman Shareholders sell in the Initial Public Offering a percentage of their Registrable Securities equal to the percentage of Registrable

  
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Securities proposed to be sold by Allstar in the Initial Public Offering, (II) taking into account any dilution to the Gochman Shareholders’ ownership in the Corporation due to any
proposed primary issuance of common equity of the Corporation in the Initial Public Offering, and (III) treating as outstanding for such purposes any such common equity issuable upon exchange of Membership Interests (as defined in the Existing
Registration Rights Agreement) of NAHC, or (2) the Initial Public Offering would result in a Change of Control, then, in each of cases (1) and (2), the Gochman Shareholders shall have priority over other holders of Registrable Securities
in the Initial Public Offering and shall be entitled first to sell up to a number of Registrable Securities equal to the lesser of (x) all of the Registrable Securities held by the Gochman Shareholders, (y) that number of Registrable
Securities requested to be sold by Allstar in the Initial Public Offering and (z) the maximum number of Registrable Securities held by Shareholders (including Allstar and the Gochman Shareholders) that in the opinion of such managing
underwriter or underwriters can be sold without adversely affecting the Initial Public Offering, and thereafter, such allocation shall be as set forth above excluding the Gochman Shareholders; and 

(ii)    second, the securities for which inclusion in such Demand Registration was requested by the
Corporation, together with all Other Securities requested to be included in such Demand Registration. 
 No securities excluded from the
underwriting pursuant to this Section 3(b) shall be included in such registration. 
 (c)    Postponement of
Demand Registration. The Corporation shall be entitled to postpone (but not more than once in any 12-month period), for a reasonable period of time not in excess of 60 days, the filing of a Registration
Statement if the Corporation delivers to the holders requesting registration a certificate signed by both the president and chief financial officer of the Corporation certifying that, in the good-faith judgment of the Board, such registration and
offering would reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Corporation or any material transaction under consideration by the Corporation or would require
disclosure of information that has not been disclosed to the public, the premature disclosure of which would materially adversely affect the Corporation. Such certificate shall contain a statement of the reasons for such postponement and an
approximation of the anticipated delay. The holders receiving such certificate shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 6(p). If the Corporation shall so postpone the
filing of a Registration Statement, the Person exercising its right to request a Demand Registration shall have the right to withdraw the request for registration by giving written notice to the Corporation within 20 days of the anticipated
termination date of the postponement period, as provided in the certificate delivered to the holders, and such request for a demand registration shall not be considered a Demand Notice for purposes of Section 3(e). 

(d)    Cancellation of a Demand Registration. Holders of the Registrable Securities who initially requested a
Demand Registration shall have the right to notify the Corporation that they have determined that the registration statement be abandoned or withdrawn, in which event the Corporation shall abandon or withdraw such registration statement. 

  
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 (e)    Number of Demand Notices. In connection with the
provisions of this Section 3, (i) the KKR Shareholders shall have an unlimited number of Demand Notices which it is permitted to deliver (or cause to be delivered) to the Corporation hereunder and (ii) the Gochman Shareholders as a group
shall be entitled to deliver (or cause to be delivered) to the Corporation no more than three Demand Notices pursuant to Section 3(a)(ii); provided that the Gochman Shareholders shall not be permitted to deliver more than one Demand
Notice pursuant to Section 3(a)(ii) in any 365 day period and the right of the Gochman Shareholders under Section 3(a)(ii) shall terminate on the sixth month anniversary of the date that the Gochman Shareholders in the aggregate cease to
own more than 3% of the outstanding Common Stock of the Corporation; and provided, further, that any Demand Notice of the Gochman Shareholders shall be valid only if delivered by the Gochman Shareholder(s) holding a majority of the
Common Stock then owned by all Gochman Shareholders. 
 (f)    Registration Statement Form. If any registration
requested pursuant to this Section 3 which is proposed by the Corporation to be effected by the filing of a Registration Statement on Form S-3 (or any successor or similar short-form registration
statement) shall be in connection with an underwritten Public Offering, and if the managing underwriter shall advise the Corporation in writing that, in its opinion, the use of another form of Registration Statement is of material importance to the
success of such proposed offering or is otherwise required by applicable law, then such registration shall be effected on such other form. 

Section 4.    Piggyback Registration. 

(a)    Right to Piggyback. Except with respect to a Demand Registration, the procedures for which are addressed in
Section 3, if the Corporation proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock whether or not for sale for its own account (other than a registration statement (x) on Form S-4, Form S-8 or any successor forms thereto or (y) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), then, each
such time after the Initial Public Offering, the Corporation shall give prompt written notice of such filing no later than ten days after the filing date (the “Piggyback Notice”) to all of the holders of Registrable Securities. The
Piggyback Notice shall offer such holders the opportunity to include (or cause to be included) in such registration statement the number of Registrable Securities as each such holder may request (a “Piggyback Registration”). Subject
to Section 4(b) hereof, the Corporation shall include in each such Piggyback Registration all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within ten days after notice has been
given to the applicable holder. The Corporation shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (A) 180 days after the effective date thereof and
(B) consummation of the distribution by the holders of all of the Registrable Securities included in such Registration Statement. 

  
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 Any holder of Registrable Securities shall have the right to withdraw its Piggyback Request
by giving written notice to the Corporation of its request to withdraw at least ten business days prior to the planned effective date of the related Registration Statement. 

(b)    Priority on Piggyback Registrations. If any of the Registrable Securities to be registered pursuant to the
registration giving rise to rights under this Section 4 are to be sold in an underwritten offering, the Corporation shall use reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to
permit holders of Registrable Securities who have submitted a Piggyback Request in connection with such offering to include in such offering all Registrable Securities included in each holder’s Piggyback Request on the same terms and conditions
as any other interests, if any, of the Corporation included in the offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering advise the Corporation in writing that, in their good-faith
opinion, the total number or dollar amount of securities proposed to be sold in such offering exceeds the total number or dollar amount of such securities that can be sold without adversely affecting the price, timing or distribution of the
securities to be included in such offering (including securities proposed to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights, the
“Other Securities”), then there shall be included in such underwritten offering the number or dollar amount of securities that in the opinion of such managing underwriter or underwriters can be sold without so adversely affecting
such offering (such reduction in the number of Registrable Securities to be included in such underwritten offering, the “Piggyback Cutback”), and such number of Registrable Securities shall be allocated as follows: (i) first,
all securities proposed to be sold by the Corporation for its own account; (ii) second, all Registrable Securities requested to be included in such registration pursuant to Section 4, pro rata among such holders on the basis of the
percentage of the Registrable Securities requested to be included in such Registration Statement by such holders; and (iii) third, all Other Securities requested to be included in such Registration Statement. 

(c)    Shelf Take-Downs. At any time that a Shelf Registration Statement covering Registrable Securities pursuant
to Section 3 or Section 4 is effective, if any holder or group of holders of Registrable Securities delivers a notice to the Corporation (a “Take-Down Notice”) stating that it intends to sell all or part of its Registrable
Securities included by it on the Shelf Registration Statement (a “Shelf Underwritten Offering”), then, the Corporation shall, as promptly as practicable, amend or supplement the Shelf Registration Statement as may be necessary in
order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other holders pursuant to this Section 4(c)). In connection with any
Shelf Underwritten Offering: 
 (i)    such proposing holder(s) shall also deliver the Take-Down Notice
to all other holders of Registrable Securities included on such Shelf Registration Statement and permit each such holder to include its Registrable Securities included on the Shelf Registration Statement in the Shelf Underwritten Offering if such
holder notifies the proposing holders and the Corporation within five business days after delivery of the Take-Down Notice to such holder; and 

  
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 (ii)    if any of the Registrable Securities to be sold
pursuant to a Shelf Registration Statement are to be sold in an underwritten offering that was initially requested by a holder or holders pursuant to a Take-Down Notice, and the managing underwriter or underwriters of such underwritten offering
advise such holder(s) in writing that it is their good-faith opinion that the total number or dollar amount of Registrable Securities proposed to be sold in such offering exceeds the total number or dollar amount of such securities that can be sold
without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included, then there shall be included in such underwritten offering the number or dollar amount of Registrable Securities that in the
opinion of such managing underwriter or underwriters can be sold without so adversely affecting such offering, and such number of Registrable Securities and Other Securities shall be allocated for inclusion in the same manner as described in
Section 3(b) with respect to a limitation of shares to be included in a Demand Registration. 

Section 5.    Restrictions on Public Sale by Holders of Registrable Securities. Each Shareholder agrees, in
connection with the Initial Public Offering, and each holder of Registrable Securities agrees, in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to Section 3 or Section 4 hereof (whether
or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an underwritten offering, not to effect any public sale or
distribution of any of the Corporation’s securities (except as part of such underwritten offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement that transfers to another any of the economic consequences of
owning the Common Stock, or to give any Demand Notice during the period commencing on the date of the request (which shall be no earlier than 14 days prior to the expected “pricing” of such offering) and continuing for not more than 180
days (with respect to the Initial Public Offering) or 90 days after the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a “shelf” registration), pursuant to which such public offering shall be made,
plus an extension period as may be proposed by the managing underwriter to address FINRA regulations regarding the publishing of research, or such lesser period as is required by the managing underwriter. Subject to the limitations set forth in the
prior sentence, the Corporation shall be responsible for negotiating all “lock-up” agreements with the underwriters and, in addition to the foregoing provisions of this Section 5, the
Shareholders and holders of Registrable Securities agree to execute the form so negotiated; provided that no Gochman Shareholder shall be obligated to execute any “lock-up” agreement for any
underwritten public offering that is more restrictive than the “lock-up” executed by KKR Shareholders for such underwritten public offering. 

If any registration pursuant to Section 3 of this Agreement shall be in connection with any underwritten Public Offering, the Corporation
will not effect any public sale or distribution of any common equity (or securities convertible into or exchangeable or exercisable for common equity) (other than a registration statement (i) on Form S-4,
Form S-8 or any successor forms thereto or (ii) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan) for its own account, within 90 days (plus an
extension period as may be proposed by the managing underwriter to address FINRA regulations regarding the publishing of research, or such shorter periods as the managing underwriters may agree to 

  
 11 

 
with the Corporation) after the effective date of such registration, provided that such period may be extended as may be proposed by the managing underwriter to address FINRA regulations
regarding the publishing of research. 
 Section 6.    Registration Procedures. If and whenever the
Corporation is required to effect the registration of any Registrable Securities under the Securities Act as provided in Section 3 and Section 4 hereof, the Corporation shall effect such registration to permit the sale of such Registrable
Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Corporation shall cooperate in the sale of the securities and shall, as expeditiously as possible: 

(a)    prepare and file with the SEC a Registration Statement or Registration Statements on such form as shall be
available for the sale of the Registrable Securities by the holders thereof or by the Corporation in accordance with the intended method or methods of distribution thereof and in accordance with this Agreement, and use its reasonable best efforts to
cause such Registration Statement to become effective and to remain effective as provided herein; provided, however, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including
documents that would be incorporated or deemed to be incorporated therein by reference), the Corporation shall furnish or otherwise make available to the holders of the Registrable Securities covered by such Registration Statement, their counsel and
the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject to the reasonable review and comment of such counsel, and such other documents reasonably requested by such counsel, including any
comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct
a reasonable investigation within the meaning of the Securities Act, including reasonable access to the Corporation’s books and records, officers, accountants and other advisors. The Corporation shall not file any such Registration Statement or
Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated by reference therein) with respect to a Demand Registration to which the holders of a majority of the
Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Corporation, such filing is necessary to comply
with applicable Law; 
 (b)    prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of
all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the
securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; 

(c)    notify each selling holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly,
and (if requested by any such Person) confirm such 

  
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notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information,
(iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if at any time the Corporation has reason to believe that the
representations and warranties of the Corporation contained in any agreement (including any underwriting agreement) contemplated by Section 6(o) below cease to be true and correct, (v) of the receipt by the Corporation of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi) if the
Corporation has knowledge of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading (which notice shall notify the selling holders only of the occurrence of such an event and shall provide no additional information regarding such
event to the extent such information would constitute material non-public information); 

(d)    use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a
Registration Statement, or to prevent or obtain the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest date reasonably practicable; 

(e)    if requested by the managing underwriters, if any, or the holders of a majority of the then outstanding
Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such holders may reasonably request in
order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Corporation has received such request;
provided, however, that the Corporation shall not be required to take any actions under this Section 6(e) that are not, in the opinion of counsel for the Corporation, in compliance with applicable Law; 

(f)    furnish or make available to each selling holder of Registrable Securities, its counsel and each managing
underwriter, if any, without charge, at least one conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding
schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter); provided that the Corporation may furnish or make available any
such documents in electronic format; 

  
 13 

 (g)    deliver to each selling holder of Registrable Securities, its
counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may reasonably request from time to time in
connection with the distribution of the Registrable Securities; provided that the Corporation may furnish or make available any such documents in electronic format; and the Corporation, subject to the last paragraph of this Section 6,
hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any such amendment or supplement thereto; 
 (h)    use its reasonable best efforts to
register or qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such registration or
qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement and to take any other action that may be necessary or advisable to enable such holders of
Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided, however, that the Corporation will not be required to (i) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Agreement or (ii) take any action that would subject it to general service of process in any such jurisdiction where it would not otherwise be subject to such service but for this
Agreement; 
 (i)    cooperate with the selling holders of Registrable Securities and the managing underwriters, if
any, to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the
Registrable Securities represented by the certificates so delivered by such holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as
the managing underwriters, if any, or holders may request at least two business days prior to any sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within ten business days prior to having to issue the
securities; 
 (j)    use its reasonable best efforts to cause the Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities within the United States, except as may be required solely as a consequence of the nature of such selling holder’s business, in which case the
Corporation will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the
disposition of such Registrable Securities in accordance with the intended methods of disposition set forth in such Registration Statement; 

  
 14 

 (k)    upon the occurrence of, and its knowledge of, any event
contemplated by Section 6(c)(vi) above, prepare a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or
file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(l)    prior to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP
number for the Registrable Securities; 
 (m)    provide and cause to be maintained a transfer agent and registrar for
all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(n)    use its reasonable best efforts to cause all shares of Registrable Securities covered by the Registration
Statement to be listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, as the case may be, prior to the effectiveness of such Registration Statement (or, if such
Registration is an initial public offering, use its reasonable best efforts to cause such Registrable Securities to be so listed within ten business days following the effectiveness of such Registration Statement); 

(o)    enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in
underwritten offerings) and take all such other actions reasonably requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to
expedite or facilitate the disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, (i) make such
representations and warranties to the holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Corporation and its subsidiaries, and the Registration Statement, Prospectus and documents, if any,
incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm the same if and when requested,
(ii) use its reasonable best efforts to furnish to the selling holders of such Registrable Securities opinions of counsel to the Corporation and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriters, if any, and counsels to the selling holders of the Registrable Securities), addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters customarily
covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters, (iii) use its reasonable best efforts to obtain “comfort” letters and updates thereof from
the independent certified public accountants of the Corporation (and, if 

  
 15 

 
necessary, any other independent certified public accountants of any subsidiary of the Corporation or of any business acquired by the Corporation for which financial statements and financial data
are, or are required to be, included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such accountants shall be
prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in “comfort”
letters in connection with underwritten offerings, (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures substantially to the effect set forth in Section 8 hereof with respect
to all parties to be indemnified pursuant to said Section except as otherwise agreed by Purchaser and (v) deliver such documents and certificates as may be reasonably requested by the holders of a majority of the Registrable Securities being
sold pursuant to such Registration Statement, their counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to Section 6(o)(i) above and to evidence compliance with
any customary conditions contained in the underwriting agreement or other agreement entered into by the Corporation. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder;

 (p)    make available for inspection by a representative of the selling holders of Registrable Securities, any
underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial
and other records, pertinent corporate documents and properties of the Corporation and its subsidiaries, and cause the officers, directors and employees of the Corporation and its subsidiaries to supply all information in each case reasonably
requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement; provided, however, that any information that is not generally publicly available at the time of delivery of such
information shall be kept confidential by such Persons unless (i) disclosure of such information is required by court or administrative order, (ii) disclosure of such information, in the opinion of counsel to such Person, is required by
Law or applicable legal process, or (iii) such information becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by such Person. In the
case of a proposed disclosure pursuant to (i) or (ii) above, such Person shall be required to give the Corporation written notice of the proposed disclosure prior to such disclosure and, if requested by the Corporation, assist the Corporation
in seeking to prevent or limit the proposed disclosure. Without limiting the foregoing, no such information shall be used by such Person as the basis for any market transactions in securities of the Corporation or its subsidiaries in violation of
Law; 
 (q)    cause its officers to use their reasonable best efforts to support the marketing of the Registrable
Securities covered by the Registration Statement (including participation in conference calls and “road shows”); provided that any such support shall not be required if it would, in the Corporation’s reasonable judgment,
interfere with the normal business operations of the Corporation in any substantial respect; and 

  
 16 

 (r)    cooperate with each seller of Registrable Securities and each
underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. 

The Corporation may require each holder of Registrable Securities as to which any registration is being effected to furnish to the Corporation
in writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Corporation may, from time to time, reasonably request in writing and the Corporation may
exclude from such registration the Registrable Securities of any holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. The Corporation shall provide any holder of Registrable Securities the
opportunity to review and provide comments to the Registration Statement to the extent practicable. 
 Each holder of Registrable Securities
agrees if such holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Section 6(c)(ii), 6(c)(iii), 6(c)(iv) or
6(c)(v) hereof, such holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus until such holder’s receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 6(k) hereof, or until it is advised in writing by the Corporation that the use of the applicable Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or
deemed to be incorporated by reference in such Prospectus; provided, however, that the time periods under Section 3 with respect to the length of time that the effectiveness of a Registration Statement must be maintained shall
automatically be extended by the amount of time the holder is required to discontinue disposition of such securities. 

Section 7.    Registration Expenses. All reasonable fees and expenses incident to the performance of or
compliance with this Agreement by the Corporation (including (i) all registration and filing fees (including fees and expenses with respect to (A) filings required to be made with the FINRA and (B) compliance with securities or
“blue sky” laws, including any fees and disbursements of counsel for the underwriters in connection with “blue sky” qualifications of the Registrable Securities pursuant to Section 6(h)), (ii) printing expenses (including
expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by the
holders of a majority of the Registrable Securities included in any Registration Statement), (iii) messenger, telephone and delivery expenses of the Corporation, (iv) fees and disbursements of counsel for the Corporation, (v) expenses of
the Corporation incurred in connection with any road show, (vi) fees and disbursements of all independent certified public accountants referred to in Section 6(o)(iii) hereof (including the expenses of any “comfort” letters
required by this Agreement) and any other Persons, including special experts retained by the Corporation, and (vii) fees and disbursements of one counsel for KKR Shareholders and the holders of Registrable Securities whose shares are included
in a Registration Statement, which counsel shall be selected by KKR Shareholders if making the Demand Registration (and otherwise, by the holders of a majority of the Registrable Securities being sold in connection therewith) shall be borne by the
Corporation whether or not any Registration Statement is filed or becomes effective; provided that if such counsel is selected by the KKR Shareholders and in the good-faith opinion of the Gochman Shareholders participating

  
 17 

 
in any such offer there is a conflict or potential conflict of interest between such counsel’s representation of the KKR Shareholders and such Gochman Shareholders, such Gochman Shareholders
shall be entitled to select separate counsel reasonably acceptable to the Corporation to represent them and the Corporation shall pay the fees and disbursements of such counsel in addition to the fees and disbursements of counsel to the KKR
Shareholders. In addition, the Corporation shall pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in
connection with the listing of the securities to be registered on any securities exchange on which similar securities issued by the Corporation are then listed and rating agency fees and the fees and expenses of any Person, including special
experts, retained by the Corporation. 
 The Corporation shall not be required to pay (i) fees and disbursements of any counsel
retained by any holder of Registrable Securities or by any underwriter (except as set forth in clauses 7(i)(B) and 7(vii)), (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters, selling brokers, dealer managers
or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Corporation), or (iii) any other expenses of the holders of Registrable
Securities not specifically required to be paid by the Corporation pursuant to the first paragraph of this Section 7 (including, without limitation, capital gains, income and transfer taxes, if any, relating to the sale of Registrable
Securities). 
 Section 8.    Indemnification. 

(a)    Indemnification by the Corporation. The Corporation shall, without limitation as to time, indemnify and hold
harmless, to the fullest extent permitted by Law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the officers, directors, partners, members, managers, shareholders,
accountants, attorneys, agents, representatives and employees of each of them, each Person who controls each such holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, partners, affiliates, members, managers, shareholders, accountants, attorneys, agents, representatives and employees of each such controlling person, each underwriter, if any, and each Person who controls (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter, from and against any and all losses, claims, damages, liabilities, costs (including costs of preparation and reasonable attorneys’ fees and any
legal or other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, arising
out of or based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus (including without limitation preliminary or final), offering circular, or other document (including any related Registration
Statement, notification, or the like) incident to any such registration, qualification, or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Corporation or any of its affiliates, employees, officers, directors or agents of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated thereunder
applicable to the Corporation and (without limitation of the preceding portions of this Section 8(a)) will reimburse 

  
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each such holder, each of its officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents, representatives and employees and each Person who controls (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) each such holder and the officers, directors, partners, affiliates, members, managers, shareholders, accountants, attorneys, agents, representatives and
employees of each such controlling person, each such underwriter, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any such underwriter, for any legal and any other
expenses reasonably incurred in connection with investigating and defending or settling any such Loss or action; provided that the Corporation will not be liable in any such case to the extent that any such Loss arises out of or is based on
(i) any untrue statement or omission by such holder or underwriter, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering
circular, or other document in reliance upon and in conformity with written information furnished to the Corporation by such holder for use therein, (ii) offers or sales effected by or on behalf of such holder “by means of” (as
defined in Rule 159A under the Securities Act) a “free writing prospectus” (as defined in Rule 405 under the Securities Act) that was not authorized in writing by the Corporation or (iii) the failure of any holder to deliver or make
available to a purchaser of Registrable Securities a copy of any Registration Statement, including any preliminary or final Prospectus contained therein or any amendments or supplements thereto (if the same was required by applicable Law to be
delivered or made available); provided that the Corporation shall have delivered to such holder such Registration Statement, including such preliminary or final Prospectus contained therein and any amendments or supplements thereto. It is
agreed that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such Loss or action if such settlement is effected without the consent of the Corporation (which consent shall not be
unreasonably withheld). 
 (b)    Indemnification by Holder of Registrable Securities. The Corporation may
require, as a condition to including any Registrable Securities in any Registration Statement filed in accordance with this Agreement, that the Corporation shall have received an undertaking reasonably satisfactory to it from the prospective seller
of such Registrable Securities to indemnify, to the fullest extent permitted by Law, severally and not jointly with any other holders of Registrable Securities, the Corporation, its directors and officers and each Person who controls the Corporation
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and all other prospective sellers from and against all Losses, as incurred, arising out of or based on any untrue statement of a material fact
contained in any such Registration Statement, Prospectus, offering circular, or other document, or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and to
(without limitation of the portions of this Section 8(b)) reimburse the Corporation, its directors and officers and each Person who controls the Corporation (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act) and all other prospective sellers for any legal or any other expenses reasonably incurred in connection with investigating or defending any such Loss or action, in each case to the extent, but only to the extent, that such untrue
statement or omission is made in such Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Corporation by such holder expressly for inclusion in such
Registration Statement, Prospectus, offering circular or other document; provided, however, that the obligations of such holder under such undertaking shall not apply to 

  
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amounts paid in settlement of any such Losses (or actions in respect thereof) if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld);
and provided, further, that the liability of such holder of Registrable Securities shall be limited to the net proceeds received by such selling holder from the sale of Registrable Securities covered by such Registration Statement.

 (c)    Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder or
under the undertaking contemplated by Section 8(b) (an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the “Indemnifying Party”) of any
claim or of the commencement of any Proceeding with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall
not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written
notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or Proceeding, to, unless in the Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified Party
and the Indemnifying Party may exist in respect of such claim, assume, at the Indemnifying Party’s expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided,
however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense thereof, but the fees and expenses of such separate counsel shall be at the expense of such
Indemnified Party unless: (i) the Indemnifying Party agrees to pay such fees and expenses; or (ii) the Indemnifying Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or
Proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party, in which case the Indemnified Party shall have the right to employ separate counsel and to assume the defense of such claim or proceeding at the Indemnifying
Party’s expense; provided, further, however, that the Indemnifying Party shall not, in connection with any one such claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same
jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified Parties, or for fees
and expenses that are not reasonable. Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent (but such consent will not be
unreasonably withheld). The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a
release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder. 

(d)    Contribution. If the indemnification provided for in this Section 8 is unavailable to an Indemnified
Party in respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions,

  
 20 

 
statements or omissions that resulted in such Losses. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 

Notwithstanding the provisions of this Section 8(d), an Indemnifying Party that is a selling holder of Registrable Securities shall not
be required to contribute any amount in excess of the amount that such Indemnifying Party has otherwise been, or would otherwise be, required to pay pursuant to Section 8(b) by reason of such untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control; provided that in all cases the Gochman
Shareholders, on the one hand, and KKR Shareholders, on the other hand, shall be treated in the same manner. 

Section 9.    Rule 144. 

(a)    After an Initial Public Offering, the Corporation shall (i) use reasonable best efforts to file the reports
required to be filed by it under the Securities Act and the Exchange Act in a timely manner (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), (ii) take such further action as any
holder of Registrable Securities may reasonably request, and (iii) furnish to each holder of Registrable Securities forthwith upon written request, (A) a written statement by the Corporation as to its compliance with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act, (B) a copy of the most recent annual or quarterly report of the Corporation, and (C) such other reports and documents so filed by the Corporation as such holder may
reasonably request in availing itself of Rule 144, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by
Rule 144. Upon the request of any holder of Registrable Securities, the Corporation shall deliver to such holder a written statement as to whether it has complied with such requirements. 

(b)    The foregoing provisions of this Section 9 are not intended to modify or otherwise affect any restrictions on
transfers of securities contained in the LLC Agreement. 

  
 21 

 Section 10.    Underwritten Registrations. 

(a)    In connection with any underwritten offering, the investment banker or investment bankers and managers shall be
selected by (i) the KKR Shareholder(s) in any Demand Registration or in the Initial Public Offering, which selection shall be subject to approval by the Corporation, not to be unreasonably withheld, and (ii) the Corporation to administer
any other offering, including any Piggyback Registration (other than the Initial Public Offering). 
 (b)    No Person
may participate in any underwritten registration hereunder unless such Person (i) agrees to sell the Registrable Securities it desires to have covered by a Registration Statement on the basis provided in any underwriting arrangements in
customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements, provided that such Person shall
not be required to make any representations or warranties other than those related to title and ownership of such Person’s Registrable Securities being sold and as to the accuracy and completeness of statements made in a Registration Statement,
Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Corporation or the managing underwriter by such Person for use therein. 

Section 11.    Miscellaneous. 

(a)    Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of the KKR Shareholders; provided, however, that (i) any amendment, modification,
supplement, waiver or consent to departures from the provisions of this Agreement that would subject a Shareholder to adverse differential treatment relative to the other Shareholders shall require the prior written agreement of the differentially
treated Shareholder and (ii) any amendment, modification, supplement, waiver or consent to departures from the provisions of this Agreement that would be adverse to a right specifically granted to a specific Shareholder herein (but not to other
Shareholders) shall require the prior written agreement of that Shareholder; provided, further, that any amendments, modifications, supplements, restatements or waivers to the following provisions of this Agreement that would adversely
affect any Gochman Shareholder (or any other provision of this Agreement if such amendment, modification, supplement, restatement or waiver would be inconsistent with or conflict with the following provisions of this Agreement in a manner adverse to
a Gochman Shareholder) shall not be effective as to such Gochman Shareholder without such Gochman Shareholder’s prior written consent: Sections 1, 3, 4, 7, 8(a), 8(e) and this Section 11(a). Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement (other than, for the avoidance of
doubt, the right of any Shareholder to exercise its right to participate in such offering) and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least a majority of the
Registrable Securities being sold by such holders pursuant to such Registration Statement; provided that any right that is personal to a specific Shareholder may not be waived by such majority and shall require the waiver of such specific
Shareholder (it being understood that a right specific to the Gochman Shareholders as a group shall be considered to be specific to each Gochman Shareholder). 

  
 22 

 (b)    Notices. All notices required to be given hereunder shall
be in writing and shall be deemed to be duly given if personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the following address (or
any other address that any such party may designate by written notice to the other parties): 
 If to the Corporation, to the address of its
principal executive offices. If to any Shareholder, at such Shareholder’s address as set forth on the records of the Corporation. Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered by telecopy,
be deemed received on the first business day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by mail, be deemed received upon the earlier
of actual receipt thereof or five business days after the date of deposit in the United States mail. 

(c)    Successors and Assigns; Shareholder Status. This Agreement shall inure to the benefit of and be binding
upon the successors and permitted assigns of each of the parties, including the Corporation and subsequent holders of Registrable Securities acquired, directly or indirectly, from the Shareholders; provided, however, that such
successor or assign shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the Corporation an Addendum Agreement substantially in the form of Exhibit A hereto (which shall also be executed by the
Corporation) promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a Shareholder for purposes of this Agreement. Except as provided in Section 8 with respect to an Indemnified
Party, nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under, in
or in respect of this Agreement or any provision herein contained. 
 (d)    Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct
the transactions contemplated hereunder by electronic means. 
 (e)    Headings; Construction. The section and
paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context requires otherwise: (a) pronouns in the masculine, feminine and
neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (b) the term “including” shall be construed to be expansive rather than limiting in
nature and to mean 

  
 23 

 
“including, without limitation,”; (c) references to sections and paragraphs refer to sections and paragraphs of this Agreement; and (d) the words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole, including Exhibit A hereto, and not to any particular subdivision unless expressly so limited. 

(f)    Governing Law. The provisions of and any claim, controversy or dispute arising out of or relating to this
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without reference to the choice-of-law or conflicts of law
principles that would result in the application of the laws of a different jurisdiction. 
 (g)    Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (h)    Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement, and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted by the Corporation with respect to Registrable Securities. This Agreement supersedes
all prior agreements and understandings between the parties with respect to such subject matter. 

(i)    Securities Held by the Corporation or its Subsidiaries. Whenever the consent or approval of holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Corporation or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required
percentage. 
 (j)    Remedies. The parties hereto recognize and agree that money damages are insufficient to
compensate the holders of any Registrable Securities for breaches by the Corporation of the terms hereof and, consequently, that the equitable remedies of specific performance of the terms hereof and of injunctive relief will be available in the
event of any such breach, in addition to all rights provided in this Agreement and granted by Law, and that any defense or objection in any action for specific performance or injunctive relief for which a remedy at Law would be adequate is waived.

 (k)     [Reserved] 

(l)    Term. This Agreement shall terminate with respect to a Shareholder on the date on which such Shareholder
ceases to hold Registrable Securities; 

  
 24 

 
provided, that such Shareholder’s rights and obligations pursuant to Section 8, as well as the Corporation’s obligations to pay expenses pursuant to Section 7, shall
survive with respect to any Registration Statement in which any Registrable Securities of such Shareholders were included and, for the avoidance of doubt, any underwriter lock-up agreement that a Shareholder
has executed prior to a Shareholder’s termination in accordance with this clause shall remain in effect in accordance with its terms. 

(m)    Consent to Jurisdiction. The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the
courts of the State of New York and the federal courts of the United States of America located in New York, and appropriate appellate courts therefrom, over any claim, controversy or dispute arising out of or relating to this Agreement or any of the
transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such claim, controversy, dispute or proceeding may be heard and determined in such federal or state courts. The parties hereby irrevocably
waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any claim, controversy or dispute arising out of or relating to this Agreement or any of the transactions
contemplated hereby brought in such courts or any defense of inconvenient forum for the maintenance of such claim, controversy or dispute. Each of the parties hereto agrees that a final and unappealable judgment in any such claim, controversy or
dispute shall be conclusive and may be enforced in other jurisdictions by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment, or in any other manner provided by Law. 

Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action, or Proceeding of the
nature specified in the paragraph above by the mailing of a copy thereof in the manner specified by the provisions of subsection (b) of this Section 11. 

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. 
 [Remainder of page intentionally left blank]  

  
 25 

 EXHIBIT A 

ADDENDUM AGREEMENT 
 This
Addendum Agreement is made this     day of             , 20    , by and between
                    (the “New Shareholder”) and Academy Sports and Outdoors, Inc., a Delaware corporation (the
“Corporation”), pursuant to an Amended and Restated Registration Rights Agreement dated as of October 6, 2020 (the “Agreement”), by and among the Corporation and the Shareholders. Capitalized terms used herein
but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 
 WITNESSETH: 

WHEREAS, the Corporation has agreed to provide registration rights with respect to the Registrable Securities as set forth in the Agreement;

 WHEREAS, the New Shareholder has acquired Registrable Securities directly or indirectly from a Shareholder; and 

WHEREAS, the Corporation and the Shareholders have required in the Agreement that all persons desiring registration rights must enter into an
Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto; 
 NOW,
THEREFORE, in consideration of the mutual promises of the parties, the New Shareholder acknowledges that it has received and read the Agreement and that the New Shareholder shall be bound by, and shall have the benefit of, all of the terms and
conditions set out in the Agreement to the same extent as if it were an original party to the Agreement and shall be deemed to be a Shareholder thereunder. 
  

	
	  

	New Shareholder

  

	
	Address:
	
	  

	
	  

  
 Exhibit A-1 

 AGREED TO on behalf of the Corporation pursuant to Section 11(c) of the Agreement. 

 

			
	ACADEMY SPORTS AND OUTDOORS, INC.
		
	By:	 	
                     
                                       

	
	  

	Printed Name and Title

  
 Exhibit A-2EX-10.1

 Exhibit 10.1 

STOCKHOLDERS’ AGREEMENT 

of 
 ACADEMY SPORTS AND
OUTDOORS, INC. 
 Dated as of October 6, 2020 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article I Definitions
	  	 	2	 
			
	 SECTION 1.1.
	 	 Definitions
	  	 	2	 
	 SECTION 1.2.
	 	 Construction
	  	 	5	 
		
	 Article II Corporate Governance
	  	 	5	 
			
	 SECTION 2.1.
	 	 Board of Directors
	  	 	5	 
	 SECTION 2.2.
	 	 Committees
	  	 	7	 
	 SECTION 2.3.
	 	 Consent Rights
	  	 	7	 
	 SECTION 2.4.
	 	 Controlled Company
	  	 	8	 
	 SECTION 2.5.
	 	 Permitted Disclosure
	  	 	8	 
		
	 Article III Information
	  	 	9	 
			
	 SECTION 3.1.
	 	 Books and Records; Access; Certain Reports
	  	 	9	 
		
	 Article IV Miscellaneous
	  	 	9	 
			
	 SECTION 4.1.
	 	 Termination
	  	 	9	 
	 SECTION 4.2.
	 	 Indemnification
	  	 	10	 
	 SECTION 4.3.
	 	 Amendments and Waivers
	  	 	11	 
	 SECTION 4.4.
	 	 Successors, Assigns and Transferees
	  	 	11	 
	 SECTION 4.5.
	 	 Third Parties
	  	 	11	 
	 SECTION 4.6.
	 	 Notices
	  	 	12	 
	 SECTION 4.7.
	 	 Further Assurances
	  	 	12	 
	 SECTION 4.8.
	 	 Entire Agreement
	  	 	12	 
	 SECTION 4.9.
	 	 Restrictions on Other Agreements; Bylaws
	  	 	13	 
	 SECTION 4.10.
	 	 Delays or Omissions
	  	 	13	 
	 SECTION 4.11.
	 	 Governing Law; Jurisdiction; Waiver of Jury Trial
	  	 	13	 
	 SECTION 4.12.
	 	 Severability
	  	 	14	 
	 SECTION 4.13.
	 	 Enforcement
	  	 	14	 
	 SECTION 4.14.
	 	 Titles and Subtitles
	  	 	14	 
	 SECTION 4.15.
	 	 No Recourse
	  	 	14	 
	 SECTION 4.16.
	 	 Counterparts; Facsimile Signatures
	  	 	14	 
	 SECTION 4.17.
	 	 Effectiveness
	  	 	14	 

 Exhibits 
 Exhibit
A — Assignment and Assumption Agreement 

  
 - i - 

 STOCKHOLDERS’ AGREEMENT 

OF 
 ACADEMY SPORTS AND
OUTDOORS, INC. 
 This STOCKHOLDERS’ AGREEMENT (as the same may be amended from time to time in accordance with its terms, the
“Agreement”) is entered into as of October 6, 2020, by and among Academy Sports and Outdoors, Inc., a Delaware corporation (the “Company”), and each of the stockholders of the Company whose name appears on the
signature pages hereto (each, a “Stockholder” and collectively, the “Stockholders”). 
 RECITALS

 WHEREAS, the Company is currently contemplating an underwritten initial public offering (the “IPO”) of shares of its
Common Stock (as defined below); 
 WHEREAS, in connection with the IPO, each Stockholder that is a unitholder of New Academy Holding
Company, LLC (“NAHC”) will contribute its equity interests in NAHC to the Company in exchange for shares of Common Stock and NAHC will become a wholly owned subsidiary of the Company; 

WHEREAS, Section 4.8(a) of the Amended and Restated Limited Liability Company Agreement of NAHC (as amended, supplemented or modified
from time to time, the “LLC Agreement”) provides that the board of managers of NAHC (the “NAHC Board”) may, without the need for any action or consent of any Person (as defined in the LLC Agreement), including any
Members (as defined in the LLC Agreement), take any and all actions reasonably necessary or advisable to create and implement the IPO of the Company, subject to the requirements of Section 4.8 and Section 14.5 of the LLC Agreement; 

WHEREAS, the NAHC Board has determined that the IPO of the Company complies with the requirements of Section 4.8 and Section 14.5 of
the LLC Agreement; and 
 WHEREAS, in connection with, and effective upon, the date of completion of the IPO (the “Closing
Date”), the parties hereto desire to enter into this Agreement to govern certain of their rights, duties and obligations with respect to their ownership of Common Stock after consummation of the IPO. 

  
 - 1 - 

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Definitions. Capitalized terms used herein shall have the following meanings: 

“Affiliate” shall mean, (i) with respect to any Person (other than the KKR Investor), an “affiliate” as defined
in Rule 405 of the regulations promulgated under the Securities Act, and (ii) with respect to the KKR Investor, an “affiliate” as defined in Rule 405 of the regulations promulgated under the Securities Act and any investment fund,
vehicle or holding company of which the KKR Investor or an Affiliate of the KKR Investor serves as the general partner, managing member or discretionary manager or advisor; provided, however, that notwithstanding the foregoing, except
as used in Section 4.2, an Affiliate of the KKR Investor shall not include any Portfolio Company or other investment of any Person or the KKR Investor or any investment fund, vehicle or holding company or any investment
fund, vehicle or holding company or any limited partners of the KKR Investor. 
 “Agreement” shall have the meaning set
forth in the Preamble. 
 “beneficial owner” or “beneficially own” shall have the meaning set forth in
Rule 13d-3 under the Exchange Act; provided, however, that no Stockholder shall be deemed to beneficially own any securities of the Company held by any other Stockholder solely by virtue of the
provisions of this Agreement (other than this definition which shall be deemed to be read for this purpose without the proviso hereto). 

“Board” shall mean the board of directors of the Company. 

“Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by
Law to be closed in the City of New York. 
 “Bylaws” shall mean the Amended and Restated Bylaws of the Company, as in
effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the terms of the Charter and the terms of this Agreement. 

“Change in Control” shall mean any transaction or series of related transactions (whether by merger, consolidation,
recapitalization, liquidation or sale or transfer of Common Stock or assets (including equity securities of the Subsidiaries) or otherwise) as a result of which any Person or group, within the meaning of Section 13(d)(3) of the Exchange Act
(other than (x) the KKR Investor and its Affiliates, any group of which the foregoing are members and any other members of such a group and (y) an employee benefit plan (or trust forming a part thereof) maintained by the Company or its
controlled Affiliates), obtains ownership, directly or indirectly, of (i) Common Stock that represent more than 50% of the total voting power of the outstanding capital stock of the Company or applicable successor entity or (ii) all or
substantially all of the assets of the Company and its Subsidiaries on a consolidated basis. For purposes of this definition, the term “Affiliates” shall include Portfolio Companies. 

“Charter” shall mean the Amended and Restated Certificate of Incorporation of the Company, as in effect on the date hereof
and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement. 

“Closing Date” shall have the meaning set forth in the Recitals. 

  
 - 2 - 

 “Common Stock” shall mean the common stock, par value $0.01 per share, of
the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar
reorganization. 
 “Company” shall have the meaning set forth in the Preamble. 

“control” (including the terms “controlling”, “controlled by” and “under common
control with”), with respect to the relationship between or among two or more Persons, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether
through the ownership of voting securities, as trustee or executor, by contract or otherwise. 
 “Director” shall mean any
member of the Board. 
 “Equity Securities” shall mean any and all shares of (i) Common Stock, (ii) preferred
stock of the Company, and (iii) any equity securities (including, without limitation, preferred stock) of the Company convertible into, or exchangeable or exercisable for, any of the foregoing shares, and options, warrants or other rights to
acquire any of the foregoing shares or other securities. In the event any direct or indirect Subsidiary of the Company issues directly to any Stockholder any common stock of such Subsidiary or any equity securities of the type described in clauses
(ii) and (iii), the term “Equity Securities” shall also include the common stock and equity securities of the type described in clauses (ii) and (iii) of such Subsidiary. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
promulgated pursuant thereto. 
 “Governmental Authority” shall mean any: (i) nation, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature; (ii) U.S. and other federal, state, local, municipal, foreign or other government; or (iii) governmental or quasi-governmental authority of any nature
(including any governmental division, department, agency, commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal). 

“IPO” shall have the meaning set forth in the Recitals. 

“KKR Designee(s)” shall mean any Director designated by the KKR Investor pursuant to Section 2.1(a)
of this Agreement. 
 “KKR Investor” shall mean, collectively, Allstar LLC, Allstar
Co-Invest Blocker L.P. and KKR 2006 Allstar Blocker L.P., and their Permitted Transferees. 

“Law” shall mean any applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order,
decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a Governmental Authority. 

  
 - 3 - 

 “LLC Agreement” shall have the meaning set forth in the Recitals. 

“NAHC Board” shall have the meaning set forth in the Recitals. 

“Permitted Transferee” shall mean, with respect to the KKR Investor, any Transferee that is an Affiliate of the KKR Investor;
provided, however, that such Transferee shall agree in a writing in the form attached as Exhibit A hereto to be bound by and to comply with all applicable provisions of this Agreement. 

“Person” shall mean any individual, corporation, partnership, trust, joint stock company, business trust, unincorporated
association, joint venture or other entity of any nature whatsoever. 
 “Portfolio Company” shall mean, with respect to any
Person, a “portfolio company” (as such term is customarily used among institutional investors), or any entity controlled by any “portfolio company”, of such Person or one of its Affiliates. 

“Registration Rights Agreement” shall mean the Amendment to the Registration Rights Agreement, dated as
of            , 2020, among the Company, New Academy Holding Company, LLC, the KKR Investor, and each of the other stockholders party thereto, as the same may be amended from time to time
in accordance with its terms. 
 “Repurchase” shall have the meaning set forth in Section 2.3(f).

 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated pursuant thereto. 
 “Stock Exchange” shall mean The NASDAQ Global Select Market or such other securities
exchange or interdealer quotation system on which shares of Common Stock are then listed or quoted. 
 “Stockholder” shall
have the meaning set forth in the Preamble. 
 “Subsidiary” shall mean, with respect to an entity, (i) any corporation
of which a majority of the securities entitled to vote generally in the election of directors thereof, at the time as of which any determination is being made, are owned by such entity, either directly or indirectly, and (ii) any joint venture,
general or limited partnership, limited liability company or other legal entity in which the entity is the record or beneficial owner, directly or indirectly, of a majority of the voting interests or the general partner. 

“Total Number of Directors” shall mean, at any time of determination, the total number of Directors comprising the Board.

 “Transfer” shall mean, directly or indirectly, to sell, transfer, assign, encumber, hypothecate or similarly dispose of,
either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, encumbrance, hypothecation or similar disposition of, any shares of Equity Securities
beneficially owned by a Person or any interest in any shares of Equity Securities beneficially owned by a 

  
 - 4 - 

 
Person. In the event that the KKR Investor that is a corporation, partnership, limited liability company or other legal entity (other than an individual, trust or estate) ceases to be controlled
by the Person controlling the KKR Investor or a Permitted Transferee thereof, such event shall be deemed to constitute a “Transfer” subject to the restrictions on Transfer contained or referenced herein. 

“Transferee” shall mean any Person to whom any Stockholder or any Transferee thereof Transfers Equity Securities of the
Company in accordance with the terms hereof. 
 “Voting Securities” shall mean, at any time of determination, shares of any
class of Equity Securities of the Company that are then entitled to vote generally in the election of Directors. 
 SECTION 1.2.
Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine, feminine and neuter forms and the singular form of words shall include the plural and vice versa. All references to Articles
and Sections refer to articles and sections of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. Any percentage set forth herein shall be
deemed to be automatically adjusted without any action on the part of any party hereto to take into account any stock split, stock dividend or similar transaction occurring after the date of this Agreement so that the rights provided to the
Stockholders shall continue to apply to the same extent such rights would have applied absent such stock split, stock dividend or similar transaction. 

ARTICLE II 
 CORPORATE GOVERNANCE

 Section 2.1. Board of Directors. 

(a) Following the Closing Date, the KKR Investor shall have the right, but not the obligation, to nominate to the Board a number of designees
equal to at least: (i) a majority of the Total Number of Directors, so long as the KKR Investor and its Affiliates collectively beneficially own 50% or more of the outstanding shares of Common Stock; (ii) 40% of the Total Number of Directors,
in the event that the KKR Investor and its Affiliates collectively beneficially own 40% or more, but less than 50%, of the outstanding shares of Common Stock; (iii) 30% of the Total Number of Directors, in the event that the KKR Investor and its
Affiliates collectively beneficially own 30% or more, but less than 40%, of the outstanding shares of Common Stock; (iv) 20% of the Total Number of Directors, in the event that the KKR Investor and its Affiliates collectively beneficially own 20% or
more, but less than 30%, of the outstanding shares of Common Stock; and (v) 10% of the Total Number of Directors, in the event that the KKR Investor and its Affiliates collectively beneficially own 5% or more, but less than 20%, of the outstanding
shares of Common Stock. For purposes of calculating the number of Directors that the KKR Investor is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole
number (e.g., one and one quarter (1 and 1/4) Directors shall equate to two (2) Directors), and any such calculations shall be made after taking into account any increase in the Total Number of Directors. 

  
 - 5 - 

 (b) Effective as of the Closing Date, the KKR Designees shall initially be Nathaniel H.
Taylor, Vishal V. Patel, Aileen X. Yan, Brian T. Marley and William S. Simon. 
 (c) The Company agrees, to the fullest extent permitted by
applicable Law (including with respect to fiduciary duties under Delaware law), to include the individuals designated pursuant to this Section 2.1 in the slate of nominees recommended by the Board for election at any
meeting of stockholders called for the purpose of electing Directors and to use its best efforts to cause the election of each such designee to the Board, including nominating each such individual to be elected as a Director as provided herein,
recommending such individual’s election and soliciting proxies or consents in favor thereof. 
 (d) In the event that the KKR Investor
has nominated less than the total number of designees that it shall be entitled to nominate pursuant to Section 2.1(a), then the KKR Investor shall have the right, at any time, to nominate such additional designee(s) to
which it is entitled, in which case, the Company and the Directors shall take all necessary corporate action, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), to (x) enable the
KKR Investor to nominate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board or otherwise, and (y) designate such additional individuals nominated by the KKR Investor to fill such
newly created vacancies or to fill any other existing vacancies. 
 (e) In the event that a vacancy is created at any time by the death,
disability, retirement, resignation or removal (with or without cause) of any Director designated by the KKR Investor pursuant to this Section 2.1, the remaining Directors and the Company shall, to the fullest extent
permitted by applicable Law (including with respect to fiduciary duties under Delaware law), cause the vacancy created thereby to be filled by a new designee of the KKR Investor as soon as possible, and the Company hereby agrees to take, to the
fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), at any time and from time to time, all actions necessary to accomplish the same. 

(f) In the event that the KKR Investor shall cease to have the right to designate a Director pursuant to this
Section 2.1, the designee of the KKR Investor selected by the KKR Investor shall (i) at the request of a majority of the Directors then in office or the Chairman of the Board resign immediately or the KKR Investor
shall take all action necessary to remove such designee or (ii) if no such request is made, continue to serve until his or her term expires at the next annual meeting of stockholders of the Company. In the event such designee resigns or is
removed at the request of a majority of the Directors then in office or the Chairman of the Board, the Directors remaining in office shall be entitled to decrease the size of the Board to eliminate such vacancy and no consent under
Section 2.3 shall be required in connection with such decrease. 
 (g) The KKR Investor shall have the right to
representation on the board of directors or other similar governing body (or any committee thereof) of any Subsidiary of the Company in proportion to its representation on the Board. 

  
 - 6 - 

 (h) The Company shall reimburse the KKR Designee(s) for their reasonable out-of-pocket expenses incurred by them in connection with performing his or her duties as a member of the Board (or any committee thereof), including the reasonable out-of-pocket expenses incurred by such person for attending meetings of the Board (or any committee thereof), or in connection with their service on the board or other
similar governing body of any Subsidiary of the Company (or any committee thereof). 
 (i) The rights of the Stockholders pursuant to this
Section 2.1 are personal to the Stockholders and shall not be exercised by any Transferee other than a Permitted Transferee. 

SECTION 2.2. Committees. For so long as the KKR Investor has the right to designate at least one (1) Director pursuant to
Section 2.1, the KKR Investor shall have the right, but not the obligation, to designate one member of each committee of the Board; provided that the right of any Director to serve on a committee shall be subject to
applicable Law and the Company’s obligation to comply with any applicable independence requirements of the Stock Exchange. 

SECTION 2.3. Consent Rights. For so long as the KKR Investor and its Affiliates collectively beneficially own at least 25% of the
outstanding shares of Common Stock, the following actions by the Company or any of its Subsidiaries shall require the approval, in addition to any approval by the stockholders of the Company or the Board’s approval (or the approval of the
required governing body of any Subsidiary of the Company), of the KKR Investor: 
 (a) entering into or effecting a Change in Control; 

(b) entering into any agreement providing for the acquisition or divestiture of assets or equity security of any Person, in each case
providing for aggregate consideration in excess of $100 million; 
 (c) entering into any joint venture or similar business alliance
having a fair market value as of the date of formation thereof (as reasonably determined by the Board) in excess of $100 million; 

(d) initiating a voluntary liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding involving the Company or any
Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X under the Exchange Act; 

(e) any material change in the nature of the business of the Company and its Subsidiaries, taken as a whole; 

(f) any redemption, acquisition or other purchase of any shares of Equity Securities (a “Repurchase”) other than
(x) open market Repurchases made pursuant to a share repurchase plan approved by the Board or (y) Repurchases in accordance with any existing compensation plan of the Company or any Subsidiary of the Company or a Repurchase from an
employee in connection with such employee’s termination of employment with the Company or any Subsidiary of the Company or otherwise in accordance with such employee’s management stockholder’s agreement with the Company; 

  
 - 7 - 

 (g) the incurrence of indebtedness for borrowed money (including through the issuance of
debt securities or the guarantee of indebtedness of another Person) in an aggregate principal amount in excess of $100 million in any transaction or series of related transactions, other than borrowings under the Company’s revolving credit
facility (or amendments, extensions, or replacements thereof); 
 (h) terminating the employment of the Chief Executive Officer of the
Company or hiring a new Chief Executive Officer of the Company; 
 (i) subject to Section 2.1, any increase or
decrease in the size or composition of the Board, committees of the Board, and boards and committees of Subsidiaries of the Company; and 

(j) any transaction with or involving any Affiliate of the Company (other than the KKR Investor and its Affiliates), other than (A) a
Transfer to a Permitted Transferee, (B) transactions pursuant to any agreement in effect on the Closing Date, including, without limitation, the Registration Rights Agreement and this Agreement, and any amendment, termination or material waiver
under such agreements, (C) customary indemnification agreements with Directors and officers of the Company or any Subsidiary, (D) transactions permitted by Section 2.3(f)(y) above and other customary compensation
arrangements with employees of the Company; and (E) any transaction or series of related transactions in the ordinary course of business and on arms-length third-party terms and not involving amounts in excess of $25 million per annum.

 SECTION 2.4. Controlled Company. 

(a) Each of the entities who fall under the definition of “KKR Investor” acknowledge and agree that, (i) by virtue of this
Article II, they are acting as a “group” within the meaning of the Stock Exchange rules as of the date hereof, and (ii) by virtue of the combined voting power of Common Stock held by them representing more than 50% of the total voting
power of the Common Stock outstanding as of the Closing Date, the Company qualifies as a “controlled company” within the meaning of Stock Exchange rules as of the Closing Date. 

(b) So long as the Company qualifies as a “controlled company” for purposes of Stock Exchange rules, the Company will elect to be a
“controlled company” for purposes of Stock Exchange rules, and will disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for that determination. If the Company ceases to qualify as a
“controlled company” for purposes of Stock Exchange rules, the KKR Investor and the Company will take whatever action may be reasonably necessary in relation to such party, if any, to cause the Company to comply with Stock Exchange rules
as then in effect within the timeframe for compliance available under such rules. 
 SECTION 2.5. Permitted Disclosure. Each KKR
Designee is permitted to disclose to the KKR Investor information about the Company and its Affiliates that he or she receives as a result of being a Director, subject to his or her fiduciary duties under Delaware law. 

  
 - 8 - 

 ARTICLE III 

INFORMATION 
 
SECTION 3.1. Books and Records; Access; Certain Reports. 
 (a) The Company shall, and shall cause its Subsidiaries to, keep
proper books, records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each of its Subsidiaries in accordance with generally accepted accounting principles.
For so long as the KKR Investor has the right to designate at least one (1) Director pursuant to Section 2.1, the Company shall, and shall cause its Subsidiaries to, permit the KKR Investor and its designated
representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such
Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used its best efforts to
provide such information to the KKR Investor, without the loss of any such privilege, and notified the KKR Investor that such information has not been provided. 

(b) So long as the KKR Investor has the right to designate at least one (1) Director pursuant to Section 2.1,
the Company shall deliver or cause to be delivered to the KKR Investor at its request: 
 (i) to the extent otherwise
prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries; and 

(ii) such other reports and information as may be reasonably requested by the KKR Investor; 

provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used
its best efforts to provide such information to the KKR Investor, without the loss of any such privilege, and notified the KKR Investor that such information has not been provided. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1. Termination. Subject to the early termination of any provision as a result of an
amendment to this Agreement agreed to by the Board and the Stockholders as provided under Section 4.3, (i) the provisions of Article II shall, with respect to each Stockholder, terminate as provided in the applicable Section
of Article II, (ii) the provisions of Article III shall, with respect to each Stockholder, terminate as provided in the applicable Section of Article III, and (iii) this Article IV shall not terminate. Nothing
herein shall relieve any party from any liability for the breach of any of the agreements set forth in this Agreement. 

  
 - 9 - 

 SECTION 4.2. Indemnification. 

(a) The Company agrees to indemnify and hold harmless each Stockholder, their respective directors, officers, partners, members, direct and
indirect owners, managers, Affiliates and controlling persons (each, an “Stockholder Indemnitee”) from and against any and all liability, including, without limitation, all obligations, costs, fines, claims, actions, injuries,
demands, suits, judgments, proceedings, investigations, arbitrations (including stockholder claims, actions, injuries, demands, suits, judgments, proceedings, investigations or arbitrations) and reasonable expenses, including reasonable
accountant’s and reasonable attorney’s fees and expenses (together the “Losses”), incurred by such Stockholder Indemnitee before or after the date of this Agreement to the extent arising out of, resulting from, or relating
to (i) such Stockholder Indemnitee’s purchase and/or ownership of any Equity Securities or (ii) any litigation to which any Stockholder Indemnitee is made a party in its capacity as a stockholder or owner of securities (or as a
director, officer, partner, member, manager, Affiliate or controlling person of any Stockholder) of the Company; provided that the foregoing indemnification rights in this Section 4.2 shall not be available to the
extent that (a) any such Losses are incurred as a result of such Stockholder Indemnitee’s willful misconduct or gross negligence; (b) any such Losses are incurred as a result of non-compliance
by such Stockholder Indemnitee with any laws or regulations applicable to any of them; or (c) subject to the rights of contribution provided for below, indemnification for any Losses would violate any applicable Law or public policy. For
purposes of this Section 4.2, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final
non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Stockholder Indemnitee as to any previously
advanced indemnity payments made by the Company under this Section 4.2, then such payments shall be promptly repaid by such Stockholder Indemnitee to the Company. The rights of any Stockholder Indemnitee to indemnification
hereunder will be in addition to any other rights any such party may have under any other agreement or instrument to which such Stockholder Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. In the
event of any payment of indemnification pursuant to this Section 4.2, to the extent that any Stockholder Indemnitee is indemnified for Losses, the Company will be subrogated to the extent of such payment to all of the
related rights of recovery of the Stockholder Indemnitee to which such payment is made against all other Persons. Such Stockholder Indemnitee shall execute all papers reasonably required to evidence such rights. The Company will be entitled at its
election to participate in the defense of any third party claim upon which indemnification is due pursuant to this Section 4.2 or to assume the defense thereof, with counsel reasonably satisfactory to such Stockholder
Indemnitee unless, in the reasonable judgment of the Stockholder Indemnitee, a conflict of interest between the Company and such Stockholder Indemnitee may exist, in which case such Stockholder Indemnitee shall have the right to assume its own
defense and the Company shall be liable for all reasonable expenses therefor. Except as set forth above, should the Company assume such defense all further defense costs of the Stockholder Indemnitee in respect of such third party claim shall be for
the sole account of such party and not subject to indemnification hereunder. The Company will not without the prior written consent of the Stockholder Indemnitee (which consent shall not be unreasonably withheld) effect any settlement of any
threatened or pending third party claim in which such Stockholder Indemnitee is or could have been a party and be entitled to indemnification hereunder unless such settlement solely involves the payment of money and includes an unconditional release
of such Stockholder Indemnitee from all liability and claims that are the subject matter of such claim. If the indemnification provided for above is unavailable in respect of any Losses, then the Company, in lieu of indemnifying a Stockholder
Indemnitee, shall, if and to the extent permitted by Law, contribute to the amount paid or payable by such Stockholder Indemnitee in such proportion as is appropriate to reflect the relative fault of the Company and such Stockholder Indemnitee in
connection with the actions which resulted in such Losses, as well as any other equitable considerations. 

  
 - 10 - 

 (b) The Company agrees to pay or reimburse (i) the Stockholders for (A) all
reasonable costs and expenses (including reasonable attorneys’ fees, charges, disbursement and expenses) incurred in connection with any amendment, supplement, modification or waiver of or to any of the terms or provisions of this Agreement or
any related agreements and (B) in connection with any stamp, transfer, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this Agreement or any related agreements; and
(ii) each Stockholder for all costs and expenses of such Stockholder (including reasonable attorneys’ fees, charges, disbursement and expenses) incurred in connection with (1) the consent to any departure by the Company or any of its
Subsidiaries from the terms of any provision of this Agreement or any related agreements and (2) the enforcement or exercise by such Stockholder of any right granted to it or provided for hereunder. 

SECTION 4.3. Amendments and Waivers. Except as otherwise provided herein, no modification,
amendment, restatement, amendment and restatement, or waiver of any provision of this Agreement shall be effective without the approval of the Board and the KKR Investor; provided, however, that any Stockholder may waive (in writing)
the benefit of any provision of this Agreement with respect to itself for any purpose; provided, further, that any such modification, amendment, restatement, amendment and restatement or waiver that would disproportionately and
adversely affect the rights of any Stockholder hereunder (in its capacity as a Stockholder) without similarly affecting the rights hereunder of all Stockholders (in their capacities as Stockholders) having the same rights or obligations under this
Agreement to which such modification, amendment, restatement, amendment and restatement or waiver relates, as the case may be, shall not be effective as to such Stockholder without such Stockholder’s prior written consent. The failure of
any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with
its terms. Any written amendment, restatement, amendment and restatement, or waiver to this Agreement that receives the vote or consent of the Stockholders provided herein need not be signed by all Stockholders, but shall be effective in accordance
with its terms and shall be binding upon all Stockholders and any Transferees. 
 SECTION 4.4. Successors, Assigns and
Transferees. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of
the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that the KKR Investor shall be entitled to assign, in whole or in part, any of its rights hereunder to any of its
Permitted Transferees without such prior written consent. 
 SECTION 4.5. Third Parties. Except
as may otherwise be expressly provided in this Agreement, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

  
 - 11 - 

 SECTION 4.6. Notices. All notices and other communications required or permitted
under this Agreement shall be in writing and shall be deemed effectively given: (a) when delivered personally by hand to the party to be notified (with written confirmation of receipt), (b) when sent by
e-mail (with written confirmation of transmission), (c) when received or rejected by the addressee if sent by registered or certified mail, postage prepaid, return receipt requested, or (d) one
Business Day following the day sent by reputable overnight courier (with written confirmation of receipt), in each case at the following addresses (or to such other address as a party may have specified by notice given to the other party pursuant to
this provision): 
  

	 	(i)	 if to the Company, to: 

Academy Sports and Outdoors, Inc. 

1800 North Mason Road 
 Katy,
Texas 77449 
 Attention: General Counsel 

Email: legal@academy.com 
  

	 	(ii)	 if to the KKR Investor, to: 

Allstar LLC 
 Allstar Co-Invest Block L.P. 
 KKR 2006 Allstar Blocker L.P. 

c/o Kohlberg Kravis Roberts & Co. L.P. 

9 West 57th Street 
 New York,
New York 10019 
 Attention: 

Email: 
 
SECTION 4.7. Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or
documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 

SECTION 4.8. Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the
subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement supersedes all
other prior agreements and understandings between the parties with respect to such subject matter. 

  
 - 12 - 

 SECTION 4.9. Restrictions on Other Agreements; Bylaws. 

(a) Following the date hereof, no Stockholder or any of its Permitted Transferees shall enter into or agree to be bound by any stockholder
agreements or arrangements of any kind with any Person with respect to any Equity Securities except pursuant to the agreements specifically contemplated herein and the Registration Rights Agreement. 

(b) The provisions of this Agreement shall be controlling if any such provisions or the operation thereof conflict with the provisions of the
Company’s Bylaws. Each of the parties covenants and agrees to vote their Equity Securities and to take any other action reasonably requested by the Company or any Stockholder to amend the Company’s Bylaws so as to avoid any conflict with
the provisions hereof. 
 SECTION 4.10. Delays or Omissions. It is agreed that no delay or
omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any
such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part
of any party hereto of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

SECTION 4.11. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, applicable to
contracts executed in and to be performed entirely within that State, without giving effect to principles or rules of conflict of laws. 

(b) In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties
unconditionally accepts the jurisdiction and venue of the Delaware Court of Chancery or, if the Delaware Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State of Delaware (Complex Commercial
Division) or, if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such
judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the
directions in Section 4.6. 
 (c) EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 - 13 - 

 SECTION 4.12. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 SECTION 4.13. Enforcement. Each party hereto acknowledges that money damages would not be an
adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms
and provisions hereof. 
 SECTION 4.14. Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

SECTION 4.15. No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may be made only against the entities that are expressly identified as parties hereto, and no past, present or future Affiliate, director,
officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in
respect of, or by reason of the transactions contemplated hereby. 
 SECTION 4.16.
Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 
 SECTION 4.17.
Effectiveness. This Agreement shall become effective upon the Closing Date. 
 [Remainder of Page Intentionally Left Blank;
Signatures follow] 

  
 - 14 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders’ Agreement as of
the date set forth in the first paragraph hereof. 
  

					
	ACADEMY SPORTS AND OUTDOORS, INC.
		
	By:	 	 /s/ Rene G. Casares

		 	Name:	 	Rene G. Casares
		 	Title:	 	Senior Vice President, General Counsel and Secretary

  
 [Signature Page
Academy Sports and Outdoors, Inc. Stockholders’ Agreement] 

 
			
	ALLSTAR LLC
		
	By:	 	/s/ Terence Gallagher
		 	Name: Terence Gallagher
		 	Title:   Vice President, Finance

  

			
	ALLSTAR CO-INVEST BLOCKER L.P.
		
	By:	 	/s/ Terence Gallagher
		 	Name: Terence Gallagher
		 	Title:   Vice President, Finance

  

			
	KKR 2006 ALLSTAR BLOCKER L.P.
		
	By:	 	/s/ Terence Gallagher
		 	Name: Terence Gallagher
		 	Title:   Vice President, Finance

  
 [Signature Page
Academy Sports and Outdoors, Inc. Stockholders’ Agreement] 

 Exhibit A 

Assignment and Assumption Agreement 

Pursuant to the Stockholders’ Agreement, dated as of October 6, 2020 (the “Stockholders’ Agreement”), among
Academy Sports and Outdoors, Inc., a Delaware corporation (the “Company”), and each of the stockholders of the Company whose name appears on the signature pages listed therein (each, a “Stockholder” and
collectively, the “Stockholders”), _________, (the “Transferor”) hereby assigns to the undersigned the rights that may be assigned thereunder, and the undersigned hereby agrees that, having acquired Equity
Securities as permitted by the terms of the Stockholders’ Agreement, the undersigned shall assume the obligations of the Transferor under the Stockholders’ Agreement. Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Stockholders’ Agreement. 
 Listed below is information regarding the Equity Securities: 

Number of Shares of 
 Common
Stock 
  
  

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the undersigned has executed this Assumption Agreement as of __________
___, ________. 
  

	
	[NAME OF TRANSFEROR]
	
	   

	Name:
	Title:

  

	
	[NAME OF TRANSFEREE]
	
	   

	Name:
	Title:

 Acknowledged by: 
  

			
	ACADEMY SPORTS AND OUTDOORS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

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