Document:

EX-10.11

 Exhibit 10.11 

RESTRICTED STOCK UNIT AGREEMENT 

PURSUANT TO THE 
 RYAN
SPECIALTY GROUP HOLDINGS, INC. 2021 OMNIBUS INCENTIVE PLAN 
 * * * * * 

Participant: 
 Grant Date: 

Number of Restricted Stock Units Granted: 

* * * * * 
 THIS RESTRICTED STOCK
UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Ryan Specialty Group Holdings, Inc., a corporation organized in the State of Delaware (the
“Company”), and the Participant specified above, pursuant to the Ryan Specialty Group Holdings, Inc. 2021 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by
the Committee; and 
 WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the
Restricted Stock Units (“RSUs”) provided herein to the Participant. 
 NOW, THEREFORE, in consideration of the mutual
covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1. Acknowledgment of Restrictive Covenants. The Participant acknowledges and agrees that, as a condition of receiving the RSUs
hereunder, the Participant will be bound by all of the restrictive covenants set forth in Appendix A of this Agreement, and that such restrictive covenants are in addition to, and not in lieu of, any other restrictive covenants to which the
Participant may be subject. 
 2. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the
terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and
provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement will have the same meaning as is ascribed thereto in the Plan. The Participant
hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of
the Plan will control. 
 3. Grant of Restricted Stock Unit Award. The Company hereby grants to the Participant, as of the Grant Date
specified above, the number of RSUs specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection
against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments will be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock
underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement. 

 4. Vesting. 

(a) Subject to the provisions of Sections 4(b) and (c) hereof, the RSUs subject to this Award will become vested as follows;
provided that, the Participant has not incurred a Termination prior to each such vesting date: 
  

			
	 Vesting Date
	  	Portion of RSUs that Vests

There will be no proportionate or partial vesting in the periods prior to each vesting date and all vesting will occur only on the appropriate
vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date. 

(b) Treatment of Unvested RSUs upon Termination. Except as set forth below, any RSUs that are unvested as of the date of the
Participant’s Termination for any reason will be immediately forfeited as of the date of such Termination. Notwithstanding anything in this Section 4 to the contrary, in the event the Participant incurs a Termination
(i) without Cause, (ii) due to the Participant’s Qualified Retirement or (iii) due to the Participant’s death or Disability, then any unvested RSUs shall immediately vest as of the date of such Termination. 

(c) Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for
accelerated vesting of the RSUs at any time and for any reason. 
 5. Clawback. If the Participant incurs a Termination for Cause or a
Restrictive Covenant Breach (as defined below) occurs and written notice of such Restrictive Covenant Breach is given to the Participant by the Company, then all of the RSUs (whether vested or not vested) and any Shares or cash previously delivered
on settlement of the RSUs shall be automatically forfeited to the Company for no consideration and, in the event the Participant has sold or otherwise disposed of any such Shares, the amount of any cash proceeds received from such sale or
disposition, in each case, effective as of the date of such Termination for Cause or Restrictive Covenant Breach, as applicable. For purposes of this Agreement, a “Restrictive Covenant Breach” means a breach (as determined by the
Board in its sole discretion) by Participant in any material respect of the provisions of Appendix A, attached hereto, or any other non-competition,
non-solicitation, confidentiality or other similar covenant made by Participant in favor of the Company or any of its Affiliates. 

6. Delivery of Shares. 

(a) General. Subject to the provisions of Section 6(b) hereof, within 30 days following the vesting of the
RSUs, the Participant will receive the number of shares of Common Stock that correspond to the number of RSUs that have become vested on the applicable vesting date. [Without limiting the foregoing, in lieu of delivering only shares of Common Stock,
the Committee may, in its sole discretion, settle any vested RSUs by payment to the Participant in cash of an amount equal to the Fair Market Value of the number of shares of Common Stock that correspond to the number of RSUs that have become vested
on the applicable vesting date.] The Participant acknowledges and agrees to notify the Company in writing if he or she sells any shares of Common Stock acquired pursuant to such settlement within one year of any such sale. 

  
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 (b) Blackout Periods. If the Participant is subject to any Company
“blackout” policy or other trading restriction imposed by the Company on the date such distribution would otherwise be made pursuant to Section 6(a) hereof, the Company may defer such distribution until the
earlier of (i) the date that the Participant is not subject to any such policy or restriction and (ii) the later of (A) the end of the calendar year in which such distribution would otherwise have been made and (B) a date that is
immediately prior to the expiration of two and one-half months following the date such distribution would otherwise have been made hereunder. 

7. Dividends; Rights as Stockholder. Cash dividends on shares of Common Stock issuable hereunder will be credited to a dividend book
entry account on behalf of the Participant with respect to each RSU granted to the Participant and will be held uninvested and without interest and paid in cash at the same time that the shares of Common Stock (or cash payments, if applicable)
underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Stock dividends on shares of Common Stock will be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted
to the Participant; provided that, such stock dividends will be paid in shares of Common Stock at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.
Except as otherwise provided herein, the Participant will have no rights as a stockholder with respect to any shares of Common Stock covered by any RSU unless and until the Participant has become the holder of record of such shares. 

8. Non-Transferability. No portion of the RSUs may be sold, assigned, transferred, encumbered,
hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the RSUs as provided herein, unless and until Shares have been delivered in respect of vested RSUs in accordance with the provisions hereof and the
Participant has become the holder of record of the vested shares of Common Stock issuable hereunder. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit the RSUs to be Transferred; provided that, such Transfer
will only be valid upon execution of a written instrument in form and substance acceptable to the Committee in its sole discretion evidencing such Transfer and the transferee’s acceptance thereof signed by the Participant and the transferee;
and, provided, further, that the RSUs may not be subsequently Transferred other than as permitted by the Committee in its sole discretion in accordance with the terms of the Plan and this Agreement, and will remain subject to the terms
of the Plan and this Agreement. 
 9. Restrictions on Transfer of Granted Shares. Except as set forth below, the Participant agrees
not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Granted Shares (as defined below) held by the
Participant, whether vested or unvested (including shares of Common Stock issuable on settlement of the RSUs). The restrictions described in the previous sentence are referred to collectively as the “Transfer Restrictions”. 

(a) Notwithstanding anything in this Section 9, the Transfer Restrictions will apply during the Lock-Up Period (as defined in the Plan); 
 (b) Subject to Section 9(a) and
(c), the Transfer Restrictions will lapse as follows; provided that, the Participant has not incurred a Termination prior to each such lapse date: 
  

			
	 Lapse Date
	  	Portion of Participant’s Vested
Granted Shares that are no longer
subject to Transfer Restrictions
	 Grant Date
	  	25%
	 Second Anniversary of the Company’s public offering (the
“IPO”)
	  	10%
	 Third Anniversary of the IPO
	  	10%
	 Fourth Anniversary of the IPO
	  	20%
	 Fifth Anniversary of the IPO
	  	35%

  
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 (c) In the event that the Participant incurs a Termination other than due to (i) the
Participant’s death or Disability, (ii) a Termination without Cause or (iii) the Participant’s retirement (A) after the Participant has attained age 62 or (B) for a bona fide medical reason, as determined by the
Committee in its sole discretion, in each case, prior to any lapse date set forth in Section 9(b), the Transfer Restrictions with respect to any Granted Shares that continue to be subject to Transfer Restrictions as of the
date of such Termination will no longer lapse in accordance with Section 9(b), but will instead lapse with respect to 100% of the Granted Shares on the seventh anniversary of the IPO. In the event that the Participant
incurs a Termination due to the Participant’s death or Disability, the Transfer Restrictions will immediately lapse as of the date of such Termination with respect to 100% of the Granted Shares. 

(d) Notwithstanding anything in this Section 9, the Transfer Restrictions will not apply to sale of Granted Shares in
order to pay federal, state, local and foreign taxes with respect to the grant, exercise or settlement of any Award granted pursuant to the Plan. 
 For
purposes of this Agreement, “Granted Shares” means any Shares received as a result of the settlement, exercise or exchange of any Award granted pursuant to the Plan. 

10. Governing Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by, and
construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof. 
 11.
Withholding of Tax. The Company will have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including,
but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to
the RSUs and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. With the consent of the Committee, any minimum
statutorily required withholding obligation incurred in connection with the settlement of the RSUs may be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable upon settlement of the RSUs. 

12. Legend. The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions
on all certificates representing shares of Common Stock issued pursuant to this Agreement. The Participant will, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock acquired
pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 12. 

13. Entire Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with
respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee will have the right, in its sole discretion, to
modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company will give written notice to the
Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

  
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 14. Notices. Any notice hereunder by the Participant will be given to the Company in
writing and such notice will be deemed duly given only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company will be given to the Participant in writing and such notice will be deemed duly given only upon
receipt thereof at such address as the Participant may have on file with the Company. 
 15. No Right to Employment. Any questions as
to whether and when there has been a Termination and the cause of such Termination will be determined in the sole discretion of the Committee. Nothing in this Agreement will interfere with or limit in any way the right of the Company, its
Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause. 

16. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any
Subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given by the
Participant. 
 17. Compliance with Laws. The grant of RSUs and the issuance of shares of Common Stock hereunder will be subject to,
and will comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective
rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto. The Company will not be obligated to issue the RSUs or any shares of Common Stock pursuant to this Agreement if any such
issuance would violate any such requirements. As a condition to the settlement of the RSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or
regulation. 
 18. Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the RSUs are intended to be exempt
from or in compliance with the applicable requirements of Section 409A of the Code and will be limited, construed and interpreted in accordance with such intent. 

19. Binding Agreement; Assignment. This Agreement will inure to the benefit of, be binding upon, and be enforceable by the Company and
its successors and assigns. The Participant will not assign (except in accordance with Section 8 hereof) any part of this Agreement without the prior express written consent of the Company. 

20. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and
will not be deemed to be a part of this Agreement. 
 21. Counterparts. This Agreement may be executed in one or more counterparts,
each of which will be deemed to be an original, but all of which will constitute one and the same instrument. 
 22. Further
Assurances. Each party hereto will do and perform (or will cause to be done and performed) all such further acts and will execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably
may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder. 

23. Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction will not affect the
validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations
of the parties hereunder will be enforceable to the fullest extent permitted by law. 

  
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 24. Acquired Rights. The Participant acknowledges and agrees that: (a) the
Company may terminate or amend the Plan at any time; (b) the Award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards
(including, without limitation, the RSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary
salary, and will not be considered as part of such salary in the event of severance, redundancy or resignation. 
 * * * * * 

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

			
	RYAN SPECIALTY GROUP HOLDINGS, INC.
		
	By:	 	
                     
            

	Name:	 	  

	Title:	 	  

 [Signature Page to Restricted Stock Unit Agreement] 

 
			
	THE PARTICIPANT
	
	  

	Name:	 	
                     
                    

 [Signature Page to Restricted Stock Unit Agreement] 

 Appendix A 

Restrictive Covenants and Confidentiality 

1. Non-Solicitation and Non-Accept.
During the period of the Participant’s employment or services and for two years following the Participant’s Termination (the “Restricted Period”), the Participant shall not, directly or indirectly except in the furtherance
of the Participant’s duties to the Company or any of its Affiliates (collectively, the “RSG Group”), directly or indirectly, individually or on behalf of any other Person: 

(a) (i) solicit, entice, encourage or induce any Person who at any time during the Restricted Period shall have been an employee, consultant,
agent or representative of any member of the RSG Group with whom the Participant had contact during the Restricted Period (“Protected Party”) to become an employee, consultant, agent or representative of any other Person or
(ii) approach any such Protected Party for such purpose or authorize or knowingly approve the taking of such actions by any other Person or assist any such Person in taking such action; provided that nothing in this
Section 1(a) shall prohibit the Participant from receiving and considering any application for employment from any Protected Party who has not been solicited, enticed, encouraged or induced in violation of this
Section 1(a); 
 (b) solicit, entice, encourage, or induce any direct or indirect customer, client, referral
source, Carrier (as defined below), administrator, licensor, vendor, insurer or other business relation of any member of the RSG Group, including, without limitation, any insured, account, retail agent or retail broker (collectively,
“Business Relations”), (i) to cease doing business with any member of the RSG Group, (ii) to enter into any business relationship with any Person other than the members of the RSG Group, or (iii) to interfere in any way
with the relationship between any such Business Relation and the members of the RSG Group (including, without limitation, making any negative or disparaging statements or communications regarding the members of the RSG Group or their respective
officers, directors, employees, principals, partners, members, managers, attorneys and representatives) or, in each case, assist any other Person in taking any such actions; provided that nothing in this Section 1(b)
shall prohibit the Participant from servicing the business or accounts of any Business Relation who has not been solicited, enticed, encouraged or induced in violation of this Section 1(b). The covenant set forth in this
Section 1(b) shall apply only to Business Relations which any member of the RSG Group brokered or otherwise professionally serviced or otherwise engaged in business within the 12 months prior to the Participant’s
Termination. Further, this covenant shall apply only to Business Relations where the Participant participated in the relationship with the Business Relation. For the purposes hereof, “Carrier” means any insurance company, surety,
benefit plan, insurance pool, risk retention group, reinsurer, Lloyd’s syndicate, ancillary benefit carrier, state fund or pool or other risk assuming entity in which any insurance, reinsurance or bond has been placed or obtained. 

(c) accept or service the business of any Business Relation, including, without limitation, in any way that would result in any such Business
Relation (i) ceasing doing business with any member of the RSG Group, (ii) entering into any business relationship with any Person other than the members of RSG Group, or (iii) interfering in any way with the relationship between any
such Business Relation and the members of the RSG Group, or, in each case, assist any other Person in taking any such action. The covenant set forth in this Section 1(c) shall apply only to Business Relations which any
member of the RSG Group brokered or otherwise professionally serviced or otherwise engaged in business within the 12 months prior to the Participant’s Termination. Further, this covenant shall apply only to Business Relations where the
Participant participated in the placement or servicing of the Business Relation; or 

 (d) accept or service any account of any Business Relation where the Participant
participated in placing or servicing of such account, including, without limitation, in any way that would result in any such Business Relation not placing any such account with any member of the RSG Group, or moving such account to any Person other
than a member of the RSG Group, or, in each case, assist any other Person in taking any such action. The restrictions in this Section 1(d) are in addition to, and should not be read in any way to limit, any other provision
in this Section 1. The covenant set forth in this Section 1(d) shall apply only to accounts of Business Relations where any member of the RSG Group brokered or otherwise professionally serviced or
otherwise engaged such Business Relation in business within the 18 months prior to the Participant’s Termination. Further, this covenant shall apply only to accounts where the Participant participated in the placement or servicing of the
account. 
 2. Noncompetition. During the Restricted Period, the Participant shall not, directly or indirectly, own, manage,
control, participate in, consult with, render services for, or in any manner engage in any business which competes anywhere in the United States or in any other country in which the Company or any of its Affiliates operates, with any of the
businesses of the Company or any of its Affiliates or with any other business for which the Company or any of its Affiliates has entertained discussions or has requested and received information relating to the acquisition of such business by the
Company, or any of its Affiliates within two years prior to the Participant’s Termination. Nothing herein shall prohibit the Participant from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation that
is publicly traded, so long as the Participant has no active participation in the business of such corporation. Notwithstanding anything in this Agreement to the contrary, if, and only if, the Participant’s Termination is by a member of the RSG
Group without Cause, the Company expressly waives its right to specific performance and/or injunctive or other equitable relief in order to enforce or prevent any violations of the provisions of this, and only this,
Section 2, and in such case the amount of damages the Company shall be entitled to recover shall be capped at an amount equal to the aggregate fair market value of the Shares received in settlement of the RSUs, as well as
the Company’s costs (including reasonable attorneys’ fees and expenses) incurred in recovering such damages. 
 3.
Confidentiality. During the Restricted Period and thereafter, the Participant shall not use, disclose or divulge, furnish or make accessible to anyone, directly or indirectly, any Protected Information in any Unauthorized manner or for
any Unauthorized purpose (as such terms are hereinafter defined). 
 (a) As used in this Agreement, the term “Protected
Information” shall mean trade secrets, confidential or proprietary information, and all other knowledge, know-how, information, documents or materials, owned, developed or possessed by any member of
the RSG Group whether in tangible or intangible form, pertaining to the business of the RSG Group, the confidentiality of which such owner, developer or possessor takes reasonable measures to protect, including, but not limited to, the RSG
Group’s research, business relationships, products (including prices, costs, sales and content), plans for the development of new products, processes, techniques, finances, contracts, financial information or measures, business methods,
business plans, data bases, computer programs, designs, models, operating procedures, knowledge of the organization, marketing strategies and methods, suppliers, customer preferences and contact persons, and the identities and roles of the key
employees of, and other information owned, developed or possessed by, any member of the RSG Group; provided, however, that Protected Information shall not include: (i) information that shall become generally known to the public without
violation of this Section 3, and (ii) information that is disclosed to the Participant after the Participant’s Termination by another party who is under no obligation of confidentiality and has a bona fide right
to disclose the information. 
 (b) As used in this Agreement, the term “Unauthorized” shall mean: (i) in contravention
of the RSG Group’s policies or procedures; (ii) otherwise inconsistent with the measures of a member of the RSG Group to protect its interests, in each case in its Protected Information; (iii) in contravention of any duty existing
under law or contract or (iv) without the prior written consent of the Board. Notwithstanding anything to the contrary contained in this Section 3, in the event that the Participant is required to disclose

  
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any Protected Information by court order or decree or in compliance with the rules and regulations of a governmental agency or in compliance with law, the Participant will provide the Company
with prompt notice of such required disclosure so that the Company may seek an appropriate protective order and/or waive the Participant’s compliance with the provisions of this Section 3. If, in the absence of a
protective order or the receipt of a waiver hereunder, the Participant is advised by the Participant’s counsel that such disclosure is required to comply with such court order, decree, rule, regulation or law, the Participant may disclose such
information without liability hereunder. 
 4. RSG Group Property. The Participant agrees that all memoranda, notes, records,
papers or other documents and all copies thereof, computer disks, computer software programs and the like (collectively, “documents”) relating to the operations or businesses of the RSG Group (even if prepared by the Participant) and
involving Protected Information, in any way obtained by the Participant during any period in which the Participant provides services as an employee of any member of the RSG Group shall be the property of such member of the RSG Group, as applicable.
Except for use for the benefit of the RSG Group, the Participant shall not copy or duplicate any of the aforementioned documents or objects, nor remove them from the RSG Group’s facilities. The Participant shall comply with any and all
procedures which any member of the RSG Group may adopt from time to time to preserve the confidentiality of Protected Information and the confidentiality of property of the types described immediately above, whether or not such property contains a
legend indicating its confidential nature. Upon the Participant’s Termination for any reason whatsoever and at any other time upon any member of RSG Group’s request (including the Participant ceasing to provide services to any member of
the RSG Group), the Participant (or the Participant’s personal representative) shall deliver to the Company all property described in this Section 4 which is in the Participant’s possession or control. The Participant hereby
acknowledges that upon the Participant’s Termination, the Company may deem it advisable to, and shall be entitled to, serve notice on the Participant’s new employer that the Participant has had access to or been exposed to certain
Protected Information and that the Participant has continuing obligations under the terms of this Agreement not to disclose such information. The Participant hereby assigns to the Company all right, title and interest to all patents and patent
applications, all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (in each case whether or not patentable), all copyrights and copyrightable works, all trade
secrets, confidential information and know-how, and all other intellectual property rights that both (a) are conceived, reduced to practice, developed or made by the Participant while employed by or on
behalf of the Company or its Affiliates and (b) either (i) relate to the Company’s or any of its Affiliates’ actual or anticipated business, research and development or existing or future products or services, or
(ii) are conceived, reduced to practice, developed or made using any of equipment, supplies, facilities, assets or resources of the Company or any of its Affiliates (including any intellectual property rights) (“Work
Product”). the The Participant shall disclose in an appropriate timeframe such Work Product, if any, to the Board (or such person as designated by the Board) and perform, at the expense of the Company, all actions reasonably requested by
the Board (whether during or after the Participant’s employment or services) to establish and confirm the Company’s ownership of the Work Product (including assignments, consents, powers of attorney, applications and other instruments).
The Participant is hereby advised that this Section 4 does not apply to (and Work Product shall not include) an invention for which no equipment, supplies, facilities, or trade secret information of the Company or any of
its Affiliates was used and which was developed entirely on the Participant’s own time, unless (x) the invention relates (i) to the business of the Company and/or its Affiliates, or (ii) to the Company’s or any of its
Affiliates’ actual or demonstrably anticipated research or development, or (y) the invention results from any work performed by the Participant for the Company or any of its Affiliates. 

  
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 5. Enforceability. 

(a) The Participant acknowledges that the Participant has carefully considered the nature and extent of the restrictions upon him/her and the
rights and remedies conferred upon the Company and its Affiliates under this Agreement, and hereby acknowledges and agrees that (i) the terms and conditions of this Agreement (A) are, in light of the circumstances, fair and reasonable as
to type, scope and period of time, and are reasonably required for the protection of the Company and its Affiliates and the goodwill associated with the business of the Company and/or its Affiliates, (B) are designed to eliminate activities
which otherwise would be unfair to the Company and its Affiliates, (C) do not stifle the inherent skill and experience of the Participant, (D) would not operate as a bar to the Participant’s sole means of support, (E) are fully
required to protect the legitimate interests of the Company and its Affiliates, (F) do not confer a benefit upon the Company or its Affiliates disproportionate to the detriment to the Participant or the benefits otherwise afforded the
Participant by this Agreement and (G) are necessary to protect the legitimate business interests of the Company and its Affiliates and their respective businesses, officers, directors and employees, (ii) the Company and its Affiliates have
extensive trade secrets and other Protected Information with which the Participant will become familiar as a necessary component of the Participant’s status as an equityholder of the Company or any of its Affiliates and employment or services
with the RSG Group, (iii) the value of the Company’s and its Affiliate’s trade secrets and other Protected Information arises from the fact that such information is not generally known in the marketplace, (iv) the Company’s
and its Affiliates’ trade secrets and other Protected Information will have continuing vitality throughout and beyond the Restricted Period, (v) the Participant will have such sufficient knowledge of the Company’s and its
Affiliates’ trade secrets and other Protected Information that, if the Participant were to compete with the Company or its Affiliates during the Restricted Period, the Participant would inevitably rely (consciously or unconsciously) on such
trade secrets and other Protected Information causing irreparable harm to the Company and its Affiliates, (vi) the covenants in this Agreement are reasonable with respect to their duration, geographical area, and scope and are no broader than
is necessary to protect the Company’s and its Affiliates’ legitimate business interests, and that those covenants do not impose an undue hardship on the Participant or unduly restrain the Participant’s ability to earn a livelihood and
(vii) the covenants in this Agreement are given in consideration for the compensation contemplated to be provided hereunder. 
 (b) It
is the intent of the Participant and the Company that this Appendix A be enforceable to the maximum extent permitted by applicable law, and that the Company and each of its Affiliates be third party beneficiaries hereof. Therefore, if any
provision of this Appendix A as presently written shall be construed to be illegal, invalid or unenforceable by a court or tribunal of competent jurisdiction, said illegal, invalid or unenforceable provision shall be deemed to be amended and
shall be construed by the court or tribunal to have the broadest type, scope and duration permissible under applicable law and if no validating construction is possible, shall be severable from the rest of this Agreement, and the validity, legality
or enforceability of the remaining provisions of this Appendix A shall not in any way be affected or impaired thereby. Because the services of the Participant are unique and because the Participant has access to Protected Information and Work
Product, the parties hereto agree that money damages would not be an adequate remedy for any breach of this Appendix A. Therefore, in the event of a breach or threatened breach of this Agreement, each of the Company, its Affiliates and/or
their respective successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any
violations of the provisions hereof (without posting a bond or other security). In addition, in the event of a breach or violation by the Participant of Section 1, the Restricted Period shall be tolled with respect to such
section until such breach or violation has been duly cured. The covenants contained in this Appendix A are independent of the other obligations under this Agreement and the Company’s breach of any term of this Agreement or any other
agreement with the Participant (or any of the Company’s or its Affiliates’ breach of any other agreement with the Participant) shall not have any effect on the Participant’s obligations hereunder. 

(c) The provisions of this Appendix A shall survive the termination of the Participant’s employment or services with the RSG Group,
irrespective of the reason therefore and shall be enforceable by any member of the RSG Group (or their successors or assigns). 

  
 A-4EX-10.12

 Exhibit 10.12 

EXECUTION VERSION 
  

 
 February 23, 2021 

DELIVERED VIA EMAIL 
 Diane M. Aigotti 

[****] 
 Dear Diane, 

This letter agreement (the “Agreement”) confirms the agreed upon terms of your separation from Ryan Specialty Group,
LLC, and its subsidiaries and affiliates (collectively, the “Company”) effective March 1, 2021 (the “Separation Date”). Reference is made to the following agreements, which, along with any other
written agreement between you and the Company, are collectively referred to as the “Existing Agreements”: 
  

	 	(i)	 Incentive Equity Agreement by and between you and the Company, dated November 18, 2010, as amended by the
First Amendment to Incentive Equity Agreement, dated January 1, 2011; 

  

	 	(ii)	 Employee Unit Grant Agreement by and between you and the Company, dated September 30, 2015, as amended by
the Amendment to Employee Grant Unit Agreement dated October 19, 2015; 

  

	 	(iii)	 Employee Unit Grant Agreement by and between you and the Company, dated November 20, 2015;

  

	 	(iv)	 Employee Unit Grant Agreement by and between you and the Company, dated April 2, 2018;

  

	 	(v)	 Employee Unit Grant Agreement by and between you and the Company, dated April 15, 2019 (agreements listed
in clause (i) to (v), collectively, the “Equity Agreements”); 

  

	 	(vi)	 Purchase Agreement by and between you and the Company, dated December 21, 2012; 

 

	 	(vii)	 Purchase Agreement by and between you and the Company, dated June 30, 2014; 

 

	 	(viii)	 Securities Repurchase Agreement by and between you and the Company, dated 1 April 15, 2019;

  

	 	(ix)	 Offer Letter between you and the Company dated August 4, 2011 (the “Offer
Letter”); and 

	 	(x)	 Fourth Amended and Restated Limited Liability Company Agreement of the Company, effective as of June 1,
2018, as may be amended or restated from time to time (the “LLC Agreement”). 

 Capitalized terms used but not
otherwise defined in this Agreement have the meanings set forth in the applicable Existing Agreement. 
 You and the Company agree to the following terms
and conditions: 
 1. Separation. Effective on the Separation Date, your employment with the Company will terminate, you will cease to
be an employee of the Company for all purposes, and you will be deemed to have automatically resigned without the requirement of further notice or action from all positions (including director, officer or fiduciary positions) with the Company,
Geneva Re Partners, LLC and Geneva Re Ltd. In full satisfaction of your rights under the Offer Letter and all other plans, programs, and arrangements with the Company you will be entitled to receive the benefits and compensation set forth on
Exhibit A in accordance with the terms of this Agreement and the terms governing the applicable benefit or item of compensation. 

2. Consulting. From the period commencing on March 2, 2021 and ending on June 30, 2021 (the “Consulting
Period”), you will make yourself reasonably available to provide transition and other executive-level services (the “Services”) to the Company as may be reasonably requested by the Company’s Chief Executive
Officer, it being understood and agreed that though the parties do not contemplate a minimum hours requirement, you will be expected to act reasonably, responsively and in good faith to help facilitate an orderly and thoughtful transition of your
prior duties and responsibilities so as to minimize disruption to the organization. It is understood and agreed that your performance of the Services is as an independent contractor and not as a director, stockholder, officer, employee or partner of
the Company, and that your retention as a consultant pursuant to this Agreement will not entitle you to any benefits or compensation as an employee of the Company (including additional vesting of any benefit or compensation) under any plan or
arrangement maintained by the Company. It is further hereby understood and agreed that you will be responsible for complying with all applicable laws, rules and regulations concerning taxes, social security contributions, pension fund contributions,
unemployment contributions and similar matters with respect to the Consulting Fee (as defined below). Subject to your compliance with this Section and your reasonably satisfactory discharge of the Services, you will be entitled to receive an amount
equal to $500,000 (the “Consulting Fee”), to be paid in installments of $125,000 promptly after the end of each month in the Consulting Period. Any extension of the Consulting Period will be subject to the mutual agreement of
the parties. Other than the Consulting Fee, you acknowledge and agree you will not be entitled to any other payment, benefit or compensation in connection with, or as a result of, the performance of the Services. 

3. Existing Equity. As of the date hereof, you have a total of 4,804,726 Common Units of the Company (all of such Common Units, the
“Common Units”), of which (i) 54,726 Common Units were purchased directly by you (the “Purchased Units”), (ii) 2,455,355.2 Common Units previously granted to you pursuant to the Equity Agreements are
vested and (iii) 2,294,644.8 Common Units previously granted to you pursuant to the Equity Agreements are unvested (the “Unvested Units”). Subject to your material compliance with the Covenants (as

  
 2 

 
defined in Section 5) and your execution and non-revocation of and compliance with the First Release (as defined in Section 6), and
notwithstanding anything to the contrary in the Equity Agreements or the LLC Agreement, the Unvested Units not previously sold, transferred, forfeited or otherwise disposed will contingently vest (the “Accelerated Vesting”)
on the earlier of the consummation of an underwritten public offering of equity securities of the Company or successor to, or an affiliate of, the Company (the “IPO”) or the abandonment by the Company of the IPO (as
applicable, the “Sale Date”). If the IPO is not completed by September 30, 2021, the IPO shall be deemed abandoned for purposes of this Agreement. 

If the Company completes, and does not abandon, an IPO as set forth in this Section, at the Board’s election the Company will either repurchase from you
by check or wire transfer of funds, or you will be required to sell in the IPO, all Common Units directly or indirectly owned by you (or common stock received in respect of such Common Units (“Corresponding Shares”)),
including any Common Units or Corresponding Shares granted to you, sold to you and/or that have contingently vested pursuant to this Section, for an amount equal to the amount to which you would have been entitled under Section 4.1(c) of the
LLC Agreement (as in effect on the date hereof) for this purpose assuming that the aggregate equity value of the Company is such value as determined based on the price of the Company’s (or the Company’s affiliate’s, as applicable)
equity securities offered in the IPO, and, for the avoidance of doubt, taking into account all applicable provisions of Article IV of the LLC Agreement, including the effect of any Participation Threshold (as defined in the LLC Agreement) applicable
to your Common Units and any reduction to your proceeds for any prior Tax Distributions treated as an advance distribution under applicable provisions of Section 4.1 of the LLC Agreement. 

If the Company does not complete and/or abandons an IPO as set forth in this Section, the Company will repurchase from you all Common Units owned by you by
check or wire transfer of funds, directly or indirectly, including any Common Units granted to you, sold to you and/or that have contingently vested pursuant to this Section, for an amount equal to the amount to which you would have been entitled
under Section 4.1(c) of the LLC Agreement (as in effect on the date hereof) for this purpose assuming that the aggregate equity value of the Company is such value as determined based on the fair market value of the Common Units as of
December 31, 2020, based on the unit price for such Common Units as determined by the Board at or around the Board meeting for the first quarter of 2021, which such unit price shall be premised on the multiple in the Houlihan Lokey year-end valuation for the end of the year 2020, and, for the avoidance of doubt, taking into account all applicable provisions of Article IV of the LLC Agreement, including the effect of any Participation Threshold
(as defined in the LLC Agreement) applicable to your Common Units and any reduction to your proceeds for any prior Tax Distributions treated as an advance distribution under applicable provisions of Section 4.1 of the LLC Agreement. 

You acknowledge and agree that you will not participate in or receive any additional value through any Tax Receivable Agreement or similar agreement, if any,
entered into in connection with the IPO. The first $3,000,000 of the after-tax proceeds, if any, that result from the disposition under this Section of contingently vested Common Units or Corresponding Shares
will be held in escrow (the “Escrow Amount”) at a third party independent financial institution with all escrow and related fees to be paid by the Company until the date that is eighteen months

  
 3 

 
following the Sale Date, at which point, subject to your material compliance with the Covenants (as defined in Section 5) and your execution of and compliance with the Second Release (as
defined in Section 6), the Escrow Amount will be released to you in a lump sum. You will have discretion to direct the investment of the Escrow Amount prior to its release to you; provided, however, that, if the Escrow Amount does not equal or
exceed $3,000,000 as of the end of any calendar quarter prior to the release of such amounts to you, you agree to contribute funds to the Escrow Amount equal to the difference between $3,000,000 and the Escrow Amount as of the end of such calendar
quarter, and if the Escrow Amount exceeds $3,500,000 as of the end of any calendar quarter prior to the release of such amounts to you, you may withdraw amounts from the escrow equal to the difference between the Escrow Amount and $3,500,000. For
the avoidance of doubt, prior to and after the Sale Date, the Existing Agreements (including repurchase and forfeiture provisions) will remain in full force and effect in accordance with their terms, unless otherwise modified under this Agreement;
provided that the Company agrees to not exercise its repurchase rights (other than as set forth above after the abandonment of an IPO) so long as you are in material compliance with the Covenants and this Agreement. You agree that your failure to
materially abide by the terms of the Covenants or the Releases will be considered a “Restrictive Covenant Breach” under the terms of the Equity Agreements and, accordingly, such failure would result in the forfeiture of all Common Units
and/or Corresponding Shares other than the Purchased Units held by you if such Restrictive Covenant Breach occurs prior to the Sale Date, and the Escrow Amount if the Restrictive Covenant Breach occurs at or after the Sale Date. The Company further
retains all other remedies for a Restrictive Covenant Breach available in law or equity. 
 4.
Non-Disparagement. You agree that you will not make a public statement, or a statement that could reasonably be expected to become public or encourage or induce others to make a public statement, or a
statement that could reasonably be expected to become public, that disparages the Company or its affiliates, together with all of their respective past and present directors and officers, as well as their respective past and present managers,
officers, shareholders, partners, employees, agents, attorneys, servants and customers and each of their predecessors, successors and assigns (collectively, the “Company Entities and Persons”); provided, that, such limitation
shall extend to past and present managers, officers, shareholders, partners, employees, agents, attorneys, servants and customers only in their capacities as such or in respect of their relationship with the Company and its affiliates. Neither the
Company nor its executive officers will make a public statement, or a statement that could reasonably be expected to become public, or encourage or induce others to make a public statement, or a statement that could reasonably be expected to become
public, that disparages you or your work for the Company. The term “disparage” includes, as it relates to disparagement of the Company, without limitation, comments or statements adversely affecting in any manner (a) the conduct of
the business of the Company Entities and Persons, or (b) the business reputation of the Company Entities and Persons. Nothing in this Agreement is intended to or shall prevent any person from (i) complying with any applicable law or
regulation or a valid order of a court of competent jurisdiction or an authorized government agency; provided that such compliance does not exceed that required by the law, regulation or order, or (ii) making truthful statements in a required
public filing. 

  
 4 

 5. Restrictive Covenants. You agree that (i) all post-termination duties and
responsibilities set forth in the Existing Agreements, including, without limitation, the restrictive covenants and provisions set forth in Section 4 of each of the Equity Agreements and Section 6.6 of the LLC Agreement, continue to apply
in accordance with their terms (collectively, and together with Section 4 of this Agreement, the “Covenants”) and (ii) you will comply with the Covenants and each of the Releases. Nothing in this Agreement or any
other agreement between you and the Company or any other policies of the Company will prohibit or restrict you, your attorneys or any other individual from: (a) making any disclosure of relevant and necessary information or documents in any
action, investigation, or proceeding relating to this Agreement, or as required by law or legal process, including with respect to possible violations of law; (b) participating, cooperating, or testifying in any action, investigation, or
proceeding with, or providing information to, any governmental agency or legislative body, any self-regulatory organization, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress, and any
agency Inspector General; (c) accepting any U.S. Securities and Exchange Commission awards; and/or (d) making any other disclosures under the whistleblower provisions of federal law or regulation, including pursuant to the Sarbanes-Oxley
Act. In addition, nothing in this Agreement or any other agreement between you and the Company or any other policies of the Company prohibits or restricts you from initiating communications with, or responding to any inquiry from, any
administrative, governmental, regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation. You do not need the prior authorization of the Company to make any such reports or disclosures and
you will not be required to notify the Company that such reports or disclosures have been made. Pursuant to 18 U.S.C. § 1833(b), you will not be held criminally or civilly liable under any Federal or state trade secret law for the disclosure of
a trade secret of the Company that (i) is made (x) in confidence to a Federal, state, or local government official, either directly or indirectly, or to your attorney and (y) solely for the purpose of reporting or investigating a
suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may
disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you file any document containing the trade secret under seal, and do not disclose the trade secret, except pursuant to court order. Nothing
in this Agreement or any other agreement between the Company and you or any other policies of the Company is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such
section. 
 6. Releases. Payment of the Transition Benefits (as defined on Exhibit A) and the Consulting Fee are each
contingent upon (i) your execution, delivery, and non-revocation of the Release of Claims set forth on Exhibit B no earlier than the Separation Date and not later than 30 days following the
Separation Date, with such Release becoming irrevocable 7 days following execution by you (the “First Release”) (ii) your material compliance with the First Release, and (iii) your material compliance with the Covenants
through the Sale Date. The Transition Benefits and Consulting Fee will be immediately forfeited or, as applicable, repaid in the event of (x) your revocation of the First Release or any material breach by you of the terms and conditions of the
First Release, or (y) any Restrictive Covenant Breach by you prior to the Sale Date, and you acknowledge and agree that any such forfeiture or repayment will not render void or otherwise affect in any way your execution and delivery of the
Releases or its validity. Payment of the Escrow Amount is contingent upon (A) your execution, delivery, and non-revocation of the Release of Claims set forth on Exhibit B not later than 30 days
following the eighteen month anniversary of the Sale Date, with such Release becoming irrevocable within 7 days following 

  
 5 

 
execution by you (the “Second Release” and, along with the First Release, the “Releases”) and (B) your material compliance with the Covenants
and the Releases through your delivery of the Second Release, the payment of the Escrow Amount to occur promptly following the time at which your Second Release becomes irrevocable by you. The Escrow Amount will be immediately forfeited in the event
of your revocation of the Second Release or any Restrictive Covenant Breach and you acknowledge and agree that any such forfeiture will not render void or otherwise affect in any way your execution and delivery of the Second Release or its validity

 7. Tax Matters. The Company may withhold from any and all amounts payable under this Agreement and the Existing Agreements such
federal, state, local or foreign taxes as may be required to be withheld pursuant to any applicable law or regulation. The intent of the parties is that (i) the purchase of Common Units held by you under your Equity Agreements constitutes the
purchase of capital assets and (ii) any payments and benefits contemplated under this Agreement that are subject to Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder comply with the requirements
thereof, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted to be in compliance therewith and consistent with the intent of (i) and (ii) above. 

8. Arbitration. Any dispute concerning, regarding, related to, or arising out of this Agreement, including any allegations of material
breaches and forfeitures, will be settled by arbitration before the AAA in Chicago, Illinois, using the AAA’s National Rules for Resolution of Employment Disputes (the “Rules”). Notwithstanding anything to the contrary
in those Rules, a panel of three arbitrators shall preside over any such arbitration, with each party selecting one neutral meeting the qualifications as required by the Rules and the party-appointed arbitrators then mutually agreeing upon a
chairperson. If the party-appointed arbitrators cannot mutually agree upon a chairperson within 14 days of first attempting to do so, the chairperson shall be appointed by the AAA in accordance with the Rules. Each party shall bear the costs and
expenses of their party-appointed arbitrator. The costs and expenses of the chairperson shall be shared equally among the parties. All other AAA fees shall be paid by the Company. 

9. Entire Agreement. Except as otherwise expressly provided herein, this Agreement and the exhibits attached hereto constitute the
entire agreement between you and the Company with respect to the subject matter hereof and supersede any and all prior agreements or understandings between you and the Company with respect to the subject matter hereof, whether written or oral
(including, without limitation, the Existing Agreements). The Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and their respective
heirs, successors and assigns, provided that you may not assign your rights or obligations hereunder. This Agreement may be amended or modified only by a written instrument executed by you and the Company. 

You acknowledge and agree that the terms of your Equity Agreements as it relates to governing law and jurisdiction will also apply to this
letter agreement, and that any claims or legal actions arising out of the matters discussed in this letter agreement will be governed thereby. 

  
 6 

 If you have any questions regarding the terms of this letter agreement, please don’t
hesitate to contact me. 
  

	
	Very truly yours,
	
	 /s/ Patrick G. Ryan

	Patrick G. Ryan
	Founder, Chairman and Chief Executive Officer Ryan Specialty Group LLC

 [Enclosures] 

Acknowledged and agreed, as of February 23, 2021 (date): 
  

	
	 By: Diane
Aigotti                                    

	 Name: Diane Aigotti

 SIGNATURE PAGE 

TO 
 SEPARATION AND CONSULTING
AGREEMENT

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