Document:

EX-10.2

 Exhibit 10.2 
  

 
 FORM OF THIRD AMENDED AND RESTATED
OPERATING AGREEMENT 
 of 

EVOLENT HEALTH LLC 
 Dated
as of [            ], 2015 
  

 
 THE COMMON UNITS REPRESENTED BY THIS AGREEMENT HAVE
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH COMMON UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT REGISTRATION UNDER SUCH ACT AND
LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
		
	ARTICLE 1	  			
	DEFINED TERMS	  			
			
	Section 1.01.	 	 Definitions
	  	 	2	  
	Section 1.02.	 	 Other Definitional and Interpretative Provisions
	  	 	7	  
		
	ARTICLE 2	  			
	ORGANIZATION	  			
			
	Section 2.01.	 	 Formation; Amendment and Restatement
	  	 	8	  
	Section 2.02.	 	 Company Name
	  	 	8	  
	Section 2.03.	 	 Purposes of the Company
	  	 	8	  
	Section 2.04.	 	 Principal Place of Business
	  	 	8	  
	Section 2.05.	 	 Registered Office and Agent
	  	 	8	  
	Section 2.06.	 	 Qualification in Other Jurisdictions
	  	 	8	  
	Section 2.07.	 	 Term
	  	 	8	  
	Section 2.08.	 	 No State-law Partnership
	  	 	8	  
		
	ARTICLE 3	  			
	CAPITALIZATION	  			
			
	Section 3.01.	 	 Common Units; Capitalization
	  	 	8	  
	Section 3.02.	 	 Authorization and Issuance of Additional Common Units
	  	 	9	  
	Section 3.03.	 	 Repurchase or Redemption of Class A Shares
	  	 	10	  
	Section 3.04.	 	 Repurchase or Redemption of Class B Shares
	  	 	11	  
	Section 3.05.	 	 Repurchase or Redemption of Other Capital Stock
	  	 	11	  
	Section 3.06.	 	 Changes in Common Stock
	  	 	11	  
		
	ARTICLE 4	  			
	MEMBERS	  			
			
	Section 4.01.	 	 Names and Addresses
	  	 	11	  
	Section 4.02.	 	 No Liability for Status as Member
	  	 	11	  
	Section 4.03.	 	 Disclaimer of Certain Duties
	  	 	11	  
	Section 4.04.	 	 Transactions Between Members and the Company
	  	 	12	  
	Section 4.05.	 	 Meeting of Members
	  	 	12	  
	Section 4.06.	 	 Action by Members Without Meeting
	  	 	13	  
	Section 4.07.	 	 Limited Rights of Members
	  	 	13	  
		
	ARTICLE 5	  			
	DISTRIBUTIONS	  			
			
	Section 5.01.	 	 Distributions
	  	 	13	  
	Section 5.02.	 	 Distributions for Payment of Income Tax
	  	 	13	  
	Section 5.03.	 	 Limitations on Distributions
	  	 	14	  
	Section 5.04.	 	 Withholding
	  	 	14	  
		
	ARTICLE 6	  			
	ALLOCATIONS AND TAX MATTERS	  			
			
	Section 6.01.	 	 Capital Accounts and Adjusted Capital Accounts
	  	 	14	  
	Section 6.02.	 	 Additional Capital Contributions
	  	 	15	  
	Section 6.03.	 	 Allocations of Net Profits and Net Losses
	  	 	15	  
	Section 6.04.	 	 Special Allocations
	  	 	15	  
	Section 6.05.	 	 Allocation for Income Tax Purposes
	  	 	16	  
	Section 6.06.	 	 Other Allocation Rules
	  	 	16	  
	Section 6.07.	 	 Regulatory Compliance
	  	 	17	  
	Section 6.08.	 	 Certain Costs and Expenses
	  	 	17	  

  
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	ARTICLE 7				
	MANAGEMENT AND CONTROL OF BUSINESS				
			
	Section 7.01.		 Management
		 	17	  
	Section 7.02.		 Certain Covenants
		 	17	  
	Section 7.03.		 Investment Company Act
		 	17	  
		
	ARTICLE 8				
	OFFICERS				
			
	Section 8.01.		 Officers
		 	18	  
	Section 8.02.		 Other Officers and Agents
		 	18	  
	Section 8.03.		 Chief Executive Officer
		 	18	  
	Section 8.04.		 Treasurer
		 	18	  
	Section 8.05.		 Secretary
		 	18	  
	Section 8.06.		 Other Officers
		 	18	  
		
	ARTICLE 9				
	TRANSFERS OF INTERESTS; ADMITTANCE OF NEW MEMBERS				
			
	Section 9.01.		 Transfer of Common Units
		 	18	  
	Section 9.02.		 Transfer of Evolent Health, Inc.’s Interest
		 	19	  
	Section 9.03.		 Recognition of Transfer; Substituted and Additional Members
		 	19	  
	Section 9.04.		 Expense of Transfer; Indemnification
		 	20	  
	Section 9.05.		 Exchange Agreement
		 	20	  
	Section 9.06.		 Restrictions on Business Combination Transactions
		 	20	  
		
	ARTICLE 10				
	DISSOLUTION AND TERMINATION				
			
	Section 10.01.		 Dissolution
		 	21	  
	Section 10.02.		 Termination
		 	22	  
		
	ARTICLE 11				
	EXCULPATION AND INDEMNIFICATION				
			
	Section 11.01.		 Exculpation
		 	22	  
	Section 11.02.		 Indemnification
		 	22	  
	Section 11.03.		 Expenses
		 	23	  
	Section 11.04.		 Non-Exclusivity
		 	23	  
	Section 11.05.		 Insurance
		 	23	  
		
	ARTICLE 12				
	ACCOUNTING AND RECORDS; TAX MATTERS				
			
	Section 12.01.		 Accounting and Records
		 	23	  
	Section 12.02.		 Tax Returns
		 	23	  
	Section 12.03.		 Tax Partnership
		 	24	  
	Section 12.04.		 Tax Elections
		 	24	  
	Section 12.05.		 Tax Matters Member
		 	24	  
		
	ARTICLE 13				
	ARBITRATION				
		
	ARTICLE 14				
	MISCELLANEOUS PROVISIONS				
			
	Section 14.01.		 Entire Agreement
		 	25	  
	Section 14.02.		 Binding on Successors
		 	25	  
	Section 14.03.		 Managing Member’s Business
		 	25	  
	Section 14.04.		 Governing Law
		 	26	  
	Section 14.05.		 Headings
		 	26	  
	Section 14.06.		 Severability
		 	26	  

  
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	Section 14.07.		 Notices
		 	26	  
	Section 14.08.		 Amendments
		 	26	  
	Section 14.09.		 Consent to Jurisdiction
		 	27	  
	Section 14.10.		 WAIVER OF JURY TRIAL
		 	27	  
	Section 14.11.		 Tax Receivables Agreement
		 	27	  

  
 iii 

 FORM OF THIRD AMENDED AND RESTATED OPERATING AGREEMENT 

of 

EVOLENT HEALTH LLC 

This THIRD AMENDED AND RESTATED OPERATING AGREEMENT (the “Agreement”) of Evolent Health LLC, a Delaware limited
liability company ( the “Company”), dated as of , 2015 is adopted, executed and agreed to, for good and valuable consideration, by Evolent Health, Inc., a Delaware corporation (“Evolent Health, Inc.”), TPG
Eagle Holdings, L.P., a Delaware limited partnership (“TPG”), The Advisory Board Company, a Delaware corporation (“The Advisory Board”), and Ptolemy Capital, LLC, a Delaware limited liability company
(“Ptolemy”), as Members. Capitalized terms used but not simultaneously defined are defined in or by reference to Section 1.01. 

W I T N E S S E T H: 
 WHEREAS,
the Company was formed as a limited liability company on September 3, 2013, pursuant to the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq.) (as amended from time to time, the “Delaware LLC
Act”) by the filing of its Certificate of Formation (as amended, the “Certificate”) with the Secretary of State; 

WHEREAS, Evolent Health, Inc. and the Company have entered into an underwriting agreement with the several underwriters named therein,
providing for the initial public offering (the “IPO”) of Class A Shares (as defined below) of Evolent Health, Inc.; 

WHEREAS, prior to the execution hereof, Evolent Health Holdings, Inc., a Delaware corporation (the predecessor to Evolent Health, Inc.,
“Holdings”), TPG and The Advisory Board were the sole members of the Company under the Second Amended and Restated Operating Agreement of the Company, dated as of January 6, 2014 (the “Prior Operating
Agreement”), pursuant to which the Company has heretofore been governed; 
 WHEREAS, in connection with the IPO (i) the
preferred units of the Company will be converted into common units of the Company, (ii) the Prior Operating Agreement will hereby be amended and restated to establish two classes of equity consisting of the Class A common units (as defined
below) to be held by Evolent Health, Inc. and Class B common units (as defined below) to be initially held by TPG, The Advisory Board Company and Ptolemy (collectively, the “Class B Members”) in the amounts set forth opposite each
Member’s name in Exhibit A hereto, (iii) the shares of preferred stock of Holdings will be converted into common stock of Holdings, (iv) pursuant to a series of share exchanges and contributions, Evolent Health, Inc. will issue
Class A Shares to certain pre-merger stockholders of Holdings and an affiliate of TPG and Class B Shares to the Class B Members in an amount equal to the number of Class B common units issued to such Class B Member, and pursuant to a
series of mergers, Holdings and an affiliate of TPG will merge with and into Evolent Health, Inc. with Evolent Health, Inc. continuing as the surviving entity and, in connection with such mergers, Evolent Health, Inc. will issue Class A Shares
to the other pre-merger stockholders of Holdings, (v) Evolent Health, Inc., the Company, TPG, The Advisory Board and Ptolemy will enter into an Exchange Agreement (as defined below), pursuant to which TPG and The Advisory Board will be
permitted to exchange Class B common units (together with the corresponding number of Class B Shares) for Class A Shares and (vi) Evolent Health, Inc. will contribute the net proceeds of the IPO to the Company in exchange for Class A
common units (collectively, the “IPO Transactions”); and 
 WHEREAS, Evolent Health, Inc., TPG and The Advisory Board
desire to amend and restate the Prior Operating Agreement as set forth herein to give effect to the IPO Transactions and reflect the admission of Evolent Health, Inc. as a Member and as sole managing member and the admission of Ptolemy as a Member.

 NOW, THEREFORE, the Members and the Company hereby agree as follows: 

ARTICLE 1 
 DEFINED
TERMS 
 Section 1.01. Definitions. As used in this Agreement, the following terms have the following meanings:

 “Adjusted Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account as of the
end of the relevant Fiscal Year or period, adjusted as follows: 
 (a) increased by the sum of (x) any amounts which
such Member is obligated or has agreed to contribute (but has not yet contributed) to the Company and (y) the amounts which such Member is obligated to restore or is deemed to be obligated to restore pursuant to Treas. Reg.
§1.704-1(b)(2)(ii)(c), Treas. Reg. §1.704-2(g)(1) and Treas. Reg. §1.704-2(i)(5); and 
 (b) decreased by the
items described in subclauses (4), (5) and (6) of Treas. Reg. §1.704-1(b)(2)(ii)(d) with respect to such Member. 

“Affiliate” means, when used with respect to a specified Person, any Person which (a) directly or indirectly Controls, is
Controlled by or is Under Common Control with such specified Person, (b) is an officer, director, general partner, trustee or manager of such specified Person or of a Person described in clause (a), or (c) is a Relative of such specified
Person or of an individual described in clause (a) or (b). 
 “Agreement” is defined in the preamble. 

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

“Assumed Tax Liability” means, with respect to a Member and as of any relevant determination date, an amount equal to the
product of (A) the cumulative excess of the taxable income over taxable losses allocated and reasonably expected by the Managing Member to be allocated to such Member for periods from the Effective Time through such determination date, to the
extent such losses may offset such income, but calculated without regard to (x) any taxable gain or loss from the sale or other disposition of all or substantially all of the assets of the Company, and (y) any tax deductions or basis
adjustments of any Member arising under Section 743 of the Code, and (B) the highest combined marginal federal, state and local tax rate then applicable (including Medicare Contribution tax on net investment income) to an individual (or,
if higher, to a corporation) resident in San Francisco, California (taking into account the deductibility of state and local taxes subject to the limitations in Sections 67 and 68 of the Code and adjusted to the extent necessary to calculate
federal, state and local tax liability separately so as to take into account for the purposes of calculating the assumed state and local tax component of a Member’s Assumed Tax Liability the calculation under the applicable state and local tax
laws of taxable income and taxable losses and the extent to which such losses may offset such income) increased, if necessary, to take into account any alternative minimum tax, where such Member is subject to alternative minimum tax rates and rules
in years in which the alternative minimum tax applies (assuming, for purposes of determining whether a Member is subject to alternative minimum tax and the amount of such tax, that such Member’s only income is the taxable income allocated by
this Agreement as of the relevant determination date and that such Member is an individual resident in San Francisco, California). 

“Book Value” means, with respect to any property, such property’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) The initial Book Value of any property contributed by a Member to the Company shall be the Fair Market
Value of such property as reasonably determined by the Managing Member; 
 (b) The Book Values of all properties shall be
adjusted to equal their respective Fair Market Values as determined in the Managing Member’s discretion in connection with (i) the acquisition of an interest in the Company by any new or existing Member in exchange for more than a de
minimis capital contribution to the Company, (ii) the distribution by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company, or (iii) the liquidation of the Company within the
meaning of Treas. Reg. §1.704-1(b)(2)(ii)(g) (other than pursuant to Section 708(b)(1)(B) of the Code); 

  
 2 

 (c) The Book Value of property distributed to a Member shall be the Fair Market
Value of such property as determined by the Managing Member; and 
 (d) The Book Value of all property shall be increased (or
decreased) to reflect any adjustments to the adjusted tax basis of such property pursuant to Section 734(b) of the Code or Section 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining
Capital Accounts pursuant to Treas. Reg. §1.704-1 (b)(2)(iv)(m) and clause (f) of the definition of Net Profits and Net Losses; provided, however, that Book Value shall not be adjusted pursuant to this clause (d) to the extent the
Managing Member determines that an adjustment pursuant to clause (b) hereof is necessary or appropriate in connection with the transaction that would otherwise result in an adjustment pursuant to this clause (d). 

If the Book Value of property has been determined or adjusted pursuant to clause (b) or (d) hereof, such Book Value shall thereafter
be adjusted by the Depreciation taken into account with respect to such property for purposes of computing Net Profits and Net Losses and other items allocated pursuant to Article 6. 

“Business Combination Transaction” is defined in the Evolent Charter. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized by law to close. 
 “Capital Account” is defined in Section 6.01(a). 

“Capital Contribution” means the amount of all cash capital contributions by a Member to the Company and the Fair Market Value
of any property contributed by a Member to the Company (net of any liabilities secured by such property that the Company is considered to assume or take subject to under Section 752 of the Code). 

“Certificate” is defined in the recitals. 

“Class A common units” is defined in Section 3.01(a). 

“Class A Shares” means the class A common stock, par value $0.01 per share, of Evolent Health, Inc. 

“Class B common units” is defined in Section 3.01(a). 

“Class B Member” is defined in the recitals. 

“Class B Shares” means the class B common stock, par value $0.01 per share, of Evolent Health, Inc. 

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

“common unit” is defined in Section 3.01(a). 

“Company” is defined in the preamble. 

“Company Minimum Gain” means “partnership minimum gain” as that term is defined in Treas. Reg. §1.704-2(d).

 “Consolidated Transaction” is defined in Section 9.06(b). 

“Control,” including the correlative terms “Controlling,” “Controlled by” and “Under
Common Control with” means possession, directly or indirectly (through one or more intermediaries), of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other
ownership interest, by contract or otherwise) of a Person. 

  
 3 

 “Delaware LLC Act” is defined in the recitals. 

“Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization or other cost recovery deduction
allowable for federal income tax purposes with respect to property for such taxable year, except that with respect to any property the Book Value of which differs from its adjusted tax basis at the beginning of such taxable year, Depreciation shall
be an amount which bears the same ratio to such beginning Book Value as the federal income tax depreciation, amortization or other cost recovery deduction for such taxable year bears to such beginning adjusted tax basis; provided that if the
adjusted tax basis of any property at the beginning of such taxable year is zero, Depreciation with respect to such property shall be determined with reference to such beginning value using any reasonable method selected by the Managing Member. 

“Designating Stockholders” is defined in Section 11.02. 

“Dispute” is defined in Article 13. 

“Economic Risk of Loss” has the meaning assigned to such term in Treas. Reg. §1.752-2(a). 

“Effective Time” means immediately prior to the completion of the IPO. 

“Equity Securities” means, as applicable, (a) any capital stock, membership interests, other share capital or securities
containing any profit participation features, (b) any securities directly or indirectly convertible or exercisable into or exchangeable for any capital stock, membership interests, other share capital or securities containing any profit
participation features, (c) any rights or options directly or indirectly to subscribe for or to purchase any capital stock, membership interests, other share capital or securities containing any profit participation features or to subscribe for
or to purchase any securities directly or indirectly convertible or exercisable into or exchangeable for any capital stock, membership interests, other share capital or securities containing any profit participation features, (d) any share
appreciation rights, phantom share rights or other similar rights, or (e) any equity securities, rights or instruments issued or issuable with respect to any of the foregoing referred to in clauses (a) through (d) above in connection
with a combination, subdivision, recapitalization, merger, consolidation, conversion, share exchange or other reorganization or similar event or transaction. 

“Evolent Charter” is defined in Section 9.06. 

“Evolent Health, Inc.” is defined in the Preamble. 

“Exchange” is defined in the Exchange Agreement. 

“Exchange Agreement” means the Exchange Agreement dated as of the date hereof among Evolent Health, Inc., the Company, TPG,
The Advisory Board and Ptolemy. 
 “Exchange Rate” is defined in the Exchange Agreement. 

“Fair Market Value” means, with respect to specified property as of any date, the fair market value for such property as
between a willing buyer under no compulsion to buy and a willing seller under no compulsion to sell in an arm’s-length transaction occurring on such date, taking into account all relevant factors determinative of value (including in the case of
securities any restrictions on transfer applicable thereto), as is reasonably determined in good faith by the Managing Member. 

“Fiscal Year” means, except as otherwise required by Applicable Law, for the Company’s financial reporting and federal
income tax purposes, a period commencing January 1 and ending December 31 of each year, or such other period as the Managing Member may determine. 

“Holdings” is defined in the recitals. 

“Indemnitee” is defined in Section 11.02. 

“Initiating Party” is defined in Article 13. 

  
 4 

 “Investment Company Act” means the Investment Company Act of 1940, as amended
from time to time. 
 “IPO” is defined in the recitals. 

“Losses” is defined in Section 11.02. 

“Majority Holders,” at any time, means Members collectively holding a majority of the Class B common units at such time
outstanding; provided, however, that if the outstanding Class B common units represent less than 50% of the aggregate Class B common units issued at the Effective Time, “Majority Holders” shall mean the Managing
Member. 
 “Managing Member” means Evolent Health, Inc. 

“Member” means each Person listed on Exhibit A hereto and each other Person that becomes a member of the Company as provided
herein, so long as such Person continues as a member of the Company. 
 “Member Nonrecourse Debt” has the meaning assigned
to the term “partner nonrecourse debt” in Treas. Reg. §1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum
Gain” has the meaning assigned to the term “partner nonrecourse debt minimum gain” in Treas. Reg. §1.704-2(i)(2). 

“Member Nonrecourse Deductions” has the meaning assigned to the term “partner nonrecourse deductions” in Treas. Reg.
§1.704-2(i)(1). 
 “Net Profits” and “Net Losses” for any Fiscal Year or other period means,
respectively, an amount equal to the Company’s taxable income or loss for such taxable year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated
separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 

(a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net
Profits and Net Losses pursuant to this definition of “Net Profits” and “Net Losses” shall be added to such taxable income or loss; 

(b) Any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B)
of the Code expenditures pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of “Net Profits” and “Net Losses” shall be
subtracted from such taxable income or loss; 
 (c) In the event the Book Value of any asset is adjusted pursuant to clause
(b), clause (c) or clause (d) of the definition of Book Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of loss (if the adjustment decreases the
Book Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; 

(d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Book Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Book Value; 

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such taxable year; 
 (f) To the extent an adjustment to
the adjusted tax basis of any asset pursuant to Section 734(b) of the Code is required, pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other
than in liquidation of a Member’s 

  
 5 

 
interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases
such basis) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; and 

(g) Any items that are allocated pursuant to Section 6.04 shall be determined by applying rules analogous to those set
forth in clauses (a) through (f) hereof but shall not be taken into account in computing Net Profits and Net Losses. 

“Nonrecourse Deductions” is defined in Treas. Reg. §1.704-2(b)(1). 

“Notice” is defined in Section 14.07. 

“Panel” is defined in Article 13. 

“Percentage Interest” of each Member is set forth on Exhibit A hereto, which may be amended from time to time and which shall
be equal to a fraction (expressed as a percentage), the numerator of which is the number of Class A common units and Class B common units held by such Member and the denominator of which is the number of Class A common units and Class B
common units held by all the Members (it being understood that if the Company hereafter issues any Equity Securities other than Class A common units or Class B common units, then this definition shall be changed pursuant to an amendment of this
Agreement in accordance with the terms hereof). 
 “Permitted Transferee” means (i) the spouse of such Member,
(ii) any trust, or family partnership or family limited liability company, the sole beneficiary of which is such Member, the spouse of, or any Person related by blood or adoption to, such Member, (iii) an Affiliate of such Member,
(iv) in the context of a distribution by such Member to its direct or indirect equity owners substantially in proportion to such ownership, the partners, members or stockholders of such Member, or the partners, members or stockholders of such
partners, members or stockholders and (v) any Member. 
 “Permitted Transferee Member” means a Permitted Transferee
that is admitted as a Member pursuant to the terms of this Agreement. 
 “Person” means any natural person, corporation,
limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity,
custodian, trustee-executor, administrator, nominee, or entity in a representative capacity, and any government or agency or political subdivision thereof. 

“Prior Operating Agreement” is defined in the preamble. 

“Ptolemy” is defined in the Preamble. 

“Registration Rights Agreement” means the Registration Rights Agreement, by and among Evolent Health, Inc., TPG, The Advisory
Board, UPMC, Ptolemy and the other parties thereto. 
 “Regulatory Allocations” is defined in Section 6.04(b). 

“Relative” means any Person’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships and any Person sharing such Person’s household (other than a tenant or employee). 

“Responding Party” is defined in Article 13. 

“Restricted Transaction” is defined in Section 9.06(a). 

“Secretary of State” means the Secretary of State of the State of Delaware. 

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

  
 6 

 “Share Exchange” means a share exchange involving more than 50% of the shares of
common stock of Evolent Health, Inc. Share exchanges effected in accordance with the Exchange Agreement shall not constitute a “Share Exchange” for purposes of this Agreement. 

“Stockholders Agreement” means the Stockholders Agreement dated as of the date hereof among Evolent Health, Inc., The Advisory
Board, TPG and UPMC. 
 “Subsidiary” means (a) any corporation, limited liability company or other entity, a majority
of the capital stock or other equity interests of which having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly, with power to vote, by the
Company or any direct or indirect Subsidiary of the Company or (b) a partnership in which the Company or any direct or indirect Subsidiary is a general partner. 

“Subsidiary Partnership” means an entity which is a partnership for U.S. federal income tax purposes and which is Controlled
by the Company. 
 “Tax Distributions” is defined in Section 5.02(a). 

“Tax Matters Member” is defined in Section 12.05(a). 

“Tax Receivables Agreement” means the tax receivables agreement dated as of the date hereof, by and among Evolent Health,
Inc., TPG BDH, The Advisory Board, UPMC, Ptolemy and certain holders of Class A Shares. 
 “The Advisory Board” is
defined in the Preamble. 
 “TPG” is defined in the Preamble. 

“TPG BDH” means TPG Growth II BDH, L.P., a Delaware limited partnership. 

“Transfer” is defined in Section 9.01. 

“Transaction Documents” means, collectively, this Agreement, the Exchange Agreement, the Registration Rights Agreement and the
Tax Receivables Agreement. 
 “Treasury Regulations” or “Treas. Reg.” means the Federal income tax
regulations promulgated under the Code, as such Treasury Regulations may be amended from time to time (it being understood that all references herein to specific sections of the Treasury Regulations shall be deemed also to refer to any corresponding
provisions of succeeding Treasury Regulations). 
 “UPMC” means UPMC, a Pennsylvania nonprofit corporation. 

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

  
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 ARTICLE 2 

ORGANIZATION 

Section 2.01. Formation; Amendment and Restatement. The Company was formed as a Delaware limited liability company under and
pursuant to the Delaware LLC Act. The Members agree to continue the Company as a limited liability company under the Delaware LLC Act, upon the terms and subject to the conditions set forth in this Agreement. The rights, powers, duties, obligations
and liabilities of the Members shall be determined pursuant to the Delaware LLC Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Member are different by reason of any provision of this
Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Delaware LLC Act, control. 

Section 2.02. Company Name. The name of the Company is Evolent Health LLC. The business of the Company may be conducted under that
name or such other names as the Managing Member may from time to time designate; provided, however, that the Company complies with Applicable Law relating to name changes and the use of fictitious and assumed names. 

Section 2.03. Purposes of the Company. The purposes of the Company are to carry on any lawful business or activity and to have and
exercise all of the powers, rights and privileges which a limited liability company organized pursuant to the Delaware LLC Act may have and exercise. The Company shall not conduct any business which is forbidden by or contrary to Applicable Law.

 Section 2.04. Principal Place of Business. The principal place of business of the Company shall be 800 N. Glebe Road, Suite
500, Arlington, Virginia, 22203 or such other place as the Managing Member may designate from time to time. The Company may establish or abandon from time to time such additional offices and places of business as the Managing Member may deem
appropriate in the conduct of the Company’s business. 
 Section 2.05. Registered Office and Agent. The name of the
registered agent for service of process of the Company and the address of the Company’s registered office in the State of Delaware shall be Corporation Service Company, 2711 Centerville Road, Suite 400, City of Wilmington, New Castle County,
Delaware, 19808-1646, or such other agent or office in the State of Delaware as the Managing Member or the officers may from time to time determine. 

Section 2.06. Qualification in Other Jurisdictions. The Managing Member or a duly authorized officer of the Company shall execute,
deliver and file certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in the jurisdictions in which the Company may wish to conduct business. In those jurisdictions in which the Company
may wish to conduct business in which qualification or registration under assumed or fictitious names is required or desirable, the Managing Member or a duly authorized officer of the Company shall cause the Company to be so qualified or registered
in compliance with Applicable Law. 
 Section 2.07. Term. The term of the Company shall continue indefinitely unless the Company
is dissolved in accordance with the provisions of this Agreement and the Delaware LLC Act. 
 Section 2.08. No State-law
Partnership. The Members intend that the Company shall not be a partnership (including a limited partnership) or joint venture, and that no Member or officer shall be a partner or joint venturer of any other Member or officer by virtue of this
Agreement, for any purposes other than as is set forth in the last sentence of this Section 2.08, and this Agreement shall not be construed to the contrary. The Members intend that the Company be treated as a partnership for U.S. federal income
tax purposes and under state tax laws, and the Company shall not elect to be treated as an association taxable as a corporation. 
 ARTICLE 3

 CAPITALIZATION 

Section 3.01. Common Units; Capitalization. 

(a) Common Units; Capitalization. Each Member’s interest in the Company, including such Member’s interest, if any, in the
capital, income, gain, loss, deduction and expense of the Company and the right to vote, if any, on certain Company matters as provided in this Agreement, shall be represented by units of limited liability

  
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company interest (each, a “common unit”). The Company shall have two authorized classes of common units designated “Class A common units” and “Class B
common units.” The total number of authorized common units consists of an unlimited number of authorized Class A common units and [            ] Class B common units. The
ownership by a Member of common units shall entitle such Member to allocations of profits and losses and other items and distributions of cash and other property as is set forth in Article 5 and Article 6, respectively. 

(b) Issuances of Class A Common Units to Managing Member. At the Effective Time, the preferred units of the Company will be
converted into common units of the Company, and the Company shall convert such common units and the previously outstanding common units of Evolent Health, Inc. issued pursuant to the Prior Operating Agreement into the number of Class A common
units set forth opposite its name under the column “Class A Common Units” on Exhibit A. Immediately following the IPO, the Managing Member shall hold all Class A common units and additional Class A common units may only be issued
to the Managing Member in accordance with the terms and conditions of this Agreement. After the Effective Time, for each Class A common unit the Company issues to the Managing Member, Evolent Health, Inc. shall issue a number of Class A
Shares based on the Exchange Rate then in effect. 
 (c) Issuances of Class B Common Units. At the Effective Time, the preferred units
of the Company will be converted into common units of the Company, and the Company shall convert such common units of the Class B Members issued pursuant to the Prior Operating Agreement into the number of Class B common units set forth opposite
such Member’s name under the column “Class B Common Units” on Exhibit A. After the Effective Time, for each Class B common unit the Company issues to a Member, Evolent Health, Inc. shall issue one Class B Share to such Member. 

(d) Members. The Managing Member and the Persons listed on Exhibit A are the sole Members of the Company as of the date hereof. Exhibit
A may be amended by the Company from time to time in accordance with Section 4.01, but may not be amended to reduce the economic rights of a Member, unless solely to reflect a transfer or exchange of the units of such Member. 

(e) Certificates; Legends. Common units shall be issued in uncertificated form; provided that, at the request of any Member, the
Managing Member shall cause the Company to issue one or more certificates to any such Member holding Class B common units representing in the aggregate the Class B common units held by such Member. If any certificate representing Class B common
units is issued, then such certificate shall bear a legend substantially in the following form: 
 THIS CERTIFICATE EVIDENCES CLASS B COMMON
UNITS REPRESENTING A MEMBERSHIP INTEREST IN EVOLENT HEALTH LLC AND IS A SECURITY WITHIN THE MEANING OF ARTICLE 8 OF THE UNIFORM COMMERCIAL CODE. THE MEMBERSHIP INTEREST IN EVOLENT HEALTH LLC REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST IN EVOLENT HEALTH LLC REPRESENTED BY
THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE THIRD AMENDED AND RESTATED OPERATING AGREEMENT OF EVOLENT HEALTH LLC, DATED AS
OF                         , 2015, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 

Section 3.02. Authorization and Issuance of Additional Common Units. 

(a) The Managing Member shall have the right to cause the Company to issue and/or create and issue at any time after the date hereof, and for
such amount and form of consideration as the Managing Member may determine, additional common units (of Class A common units, Class B common units or new classes) or other Equity Securities of the Company (including creating classes or series
thereof having such powers, designations, preferences and rights as may be determined by the Managing Member), subject to Section 14.08. The Managing Member shall have the power to make such amendments to this Agreement in order to provide for
such powers, designations, preferences and rights as the Managing Member in its discretion deems necessary or appropriate to give effect to such additional authorization or issuance in accordance with the provisions of this Section 3.02(a),
subject to Section 14.08. 

  
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 (b) At any time Evolent Health, Inc. issues one or more Class A Shares (other than an
issuance of the type covered by Section 3.02(d) or an issuance to a holder of Class B common units in exchange for a Class B common unit and a share of our Class B Shares pursuant to the Exchange Agreement), Evolent Health, Inc. shall promptly
contribute to the Company all the net proceeds (if any) received by Evolent Health, Inc. with respect to such Class A Share or Class A Shares. Upon the contribution by Evolent Health, Inc. to the Company of all of such net proceeds so
received by Evolent Health, Inc., the Managing Member shall cause the Company to issue a number of Class A common units determined based upon the Exchange Rate then in effect, registered in the name of Evolent Health, Inc. 

(c) At any time Evolent Health, Inc. issues Class A Shares to a holder of Class B common units in exchange for a Class B common unit and
one Class B Share pursuant to the Exchange Agreement, the Company shall cancel such Class B common unit pursuant to Section 2.01(b)(iv) of the Exchange Agreement. Upon the cancellation by the Company of the Class B common unit so received by
Evolent Health, Inc., the Managing Member shall cause the Company to issue a number of Class A common units determined based upon the Exchange Rate then in effect, registered in the name of Evolent Health, Inc. 

(d) At any time Evolent Health, Inc. issues one or more shares of capital stock of Evolent Health, Inc. (other than Class A Shares or
Class B Shares), Evolent Health, Inc. shall contribute all (but not less than all) the net proceeds (if any) received by Evolent Health, Inc. with respect to such share or shares of capital stock to the Company. After Evolent Health, Inc.
contributes to the Company all (but not less than all) such net proceeds so received by Evolent Health Inc., then, subject to the provisions of Section 3.02(a) and Section 14.08, the Managing Member shall cause the Company to issue a
corresponding number of common units or other Equity Securities of the Company (other than Class A common units or Class B common units) (such corresponding number of common units to be determined in good faith by the Managing Member, taking
into account the powers, designations, preferences and rights of such capital stock) registered in the name of Evolent Health, Inc. For the avoidance of doubt, such common units or other Equity Securities will have the same economic rights as such
capital stock of Evolent Health, Inc. 
 (e) At any time Evolent Health, Inc. issues one or more Class A Shares in connection with an
equity incentive program, whether such share or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the Managing Member shall cause the Company to issue
a corresponding number of Class A common units, registered in the name of Evolent Health, Inc. (determined based upon the Exchange Rate then in effect); provided that Evolent Health, Inc. shall be required to contribute all (but not less
than all) the net proceeds (if any) received by Evolent Health, Inc. from or otherwise in connection with such issuance of one or more Class A Shares, including the exercise price of any option exercised, to the Company. If any such
Class A Shares so issued by Evolent Health, Inc. in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Class A common units that are issued by the Company to Evolent Health, Inc. in
connection therewith in accordance with the preceding provisions of this Section 3.02(d) shall be subject to vesting or forfeiture on the same basis; if any of such Class A Shares vest or are forfeited, then a corresponding number of the
Class A common units (determined based upon the Exchange Rate then in effect) issued by the Company in accordance with the preceding provisions of this Section 3.02(d) shall automatically vest or be forfeited. Any cash or property held by
either Evolent Health, Inc. or the Company or on either’s behalf in respect of dividends paid on restricted Class A Shares that fail to vest shall be returned to the Company upon the forfeiture of such restricted Class A Shares. 

(f) For purposes of this Section 3.02, “net proceeds” means gross proceeds to Evolent Health, Inc. from the issuance of
Class A Shares or other securities less all reasonable bona fide out-of-pocket fees and expenses of Evolent Health, Inc., the Company and their respective Subsidiaries actually incurred in connection with such issuance. 

Section 3.03. Repurchase or Redemption of Class A Shares. If, at any time, any Class A Shares are repurchased or
redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by Evolent Health, Inc. for cash, then the Managing Member shall cause the Company, immediately prior to such repurchase or redemption of Class A
Shares, to redeem a corresponding number of Class A common units held by  

  
 10 

 
Evolent Health, Inc. (determined based upon the Exchange Rate then in effect), at an aggregate redemption price equal to the aggregate purchase or redemption price of the Class A Share or
Class A Shares being repurchased or redeemed by Evolent Health, Inc. (plus any reasonable expenses related thereto) and upon such other terms as are the same for the Class A Share or Class A Shares being repurchased or redeemed by
Evolent Health, Inc. 
 Section 3.04. Repurchase or Redemption of Class B Shares. Class B Shares shall not be repurchased
or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) other than pursuant to the Exchange Agreement. 

Section 3.05. Repurchase or Redemption of Other Capital Stock. If, at any time, any shares of capital stock of Evolent
Health, Inc. (other than Class A Shares or Class B Shares) are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by Evolent Health, Inc. for cash, then the Managing Member shall
cause the Company, immediately prior to such repurchase or redemption of such shares, to redeem a corresponding number of common units or other Equity Securities described in Section 3.02(c) held by Evolent Health, Inc., at an aggregate
redemption price equal to the aggregate purchase or redemption price of such capital stock being repurchased or redeemed by Evolent Health, Inc. (plus any reasonable expenses related thereto), and upon such other terms as are the same for such
capital stock being repurchased or redeemed by Evolent Health, Inc. 
 Section 3.06. Changes in Common Stock. Any
subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of Class A Shares, Class B Shares or other capital stock of
Evolent Health, Inc. shall be accompanied by an identical subdivision or combination, as applicable, of the Class A common units, Class B common units or other Equity Securities, as applicable. 

ARTICLE 4 
 MEMBERS

 Section 4.01. Names and Addresses. The names and addresses of the Members are set forth on Exhibit A attached hereto
and made a part hereof. The Managing Member shall cause Exhibit A to be amended from time to time to reflect the admission of any additional Member, the withdrawal or termination of any Member, receipt by the Company of notice of any change of
address of a Member or the occurrence of any other event requiring amendment of Exhibit A, including a change in the number of common units held by any Member. 

Section 4.02. No Liability for Status as Member. The debts, obligations and liabilities of the Company, whether arising in
contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company; and no Member shall have any personal liability whatsoever solely by reason of its status as a Member, whether to the Company or to any creditor of
the Company, for the debts, obligations or liabilities of the Company or for any of its losses beyond the amount of such Member’s personal obligation to pay its Capital Contribution to the Company, and as otherwise set forth in the Delaware LLC
Act or under Applicable Law. Except as otherwise expressly provided in the Delaware LLC Act, the liability of each Member for Capital Contributions shall be limited to the amount of Capital Contributions required to be made by such Member in
accordance with the provisions of this Agreement, but only when and to the extent the same shall become due pursuant to the provisions of this Agreement. In no event shall any Member enter into any agreement or instrument that would create or
purport to create personal liability on the part of any other Member for any debts, obligations or liabilities of the Company without the prior written consent of such other Member. It is acknowledged and agreed that no Member is obligated to pay or
make any future Capital Contribution to the Company. 
 Section 4.03. Disclaimer of Certain Duties. 

(a) Certain Business Activities. 

(i) Subject to Section 4.03(b) and any contractual obligations by which the Company or any or all of the Members may be
bound from time to time, none of the Members nor any of their Affiliates shall have a duty to refrain from engaging directly or indirectly, in the same or similar business activities or lines of business as the Company or any of the Company’s
Affiliates, including those business activities or lines of business deemed to be competing with the Company or any of the Company’s Affiliates. To the fullest 

  
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extent permitted by law none of the Members nor any of their Affiliates, nor any of their respective officers or directors, shall be liable to the Company or its Members, or to any Affiliate of
the Company or such Affiliates stockholders or members, for breach of any fiduciary duty, solely by reason of any such activities of any Member or its Affiliates, or of the participation therein by any officer or director of any Member or its
Affiliates. 
 (ii) To the fullest extent permitted by law, but subject to any contractual obligations by which the Company
or any or all of the Members may be bound from time to time, none of the Members nor any of its Affiliates shall have a duty to refrain from doing business with any client, customer or vendor of the Company or any of the Company’s Affiliates,
and without limiting Section 4.03(b), none of the Members nor any of their Affiliates nor any of their respective officers, directors or employees shall be deemed to have breached his, her or its fiduciary duties, if any, to the Company or its
Members or to any Affiliate of the Company or such Affiliate’s stockholders or members solely by reason of engaging in any such activity. Any member of the board of Evolent Health, Inc. nominated by a Member pursuant to the Stockholders
Agreement may consider both the interests of such Member and such Member’s obligations hereunder in exercising such board member’s powers, rights and duties hereunder and as a director of the Managing Member. 

(b) Corporate Opportunities. Subject to any contractual provisions by which the Company or any or all of the Members or their respective
Affiliates may be bound from time to time, in the event that any Member or any of their Affiliates or any of their respective officers, directors or employees, acquires knowledge of a potential transaction or other matter which may be an opportunity
for any Member (or any of its respective Affiliates), on the one hand, and the Company (or any of its Affiliates), on the other hand, none of the Members nor any of their Affiliates, officers, directors or employees shall have any duty to
communicate or offer such opportunity to the Company or any of its Affiliates, and to the fullest extent permitted by law, none of the Members nor any of their Affiliates, officers, directors or employees shall be liable to the Company or its
Members, or any Affiliate of the Company or such Affiliate’s stockholders or members, for breach of any fiduciary duty or otherwise, solely by reason of the fact that such Member or any of its Affiliates, officers, directors or employees
acquires, pursues, or obtains such corporate opportunity for itself, directs such opportunity to another person, or otherwise does not communicate information regarding such opportunity to the Company or any of its Affiliates, and the Company (on
behalf of itself and its Affiliates and their respective stockholders and Affiliates) to the fullest extent permitted by law hereby waives and renounces any claim that such business opportunity constituted an opportunity that should have been
presented to the Company or any of its Affiliates. 
 Section 4.04. Transactions Between Members and the Company. Except
as otherwise provided by Applicable Law, a Member may, but shall not be obligated to, lend money to the Company, act as a surety or guarantor for the Company, or transact other business with the Company, and has the same rights and obligations when
transacting business with the Company as a person or entity who is not a Member, provided such transactions shall be entered into on terms and conditions customary in arm’s-length transactions between unrelated parties. 

Section 4.05. Meeting of Members. Any action permitted or required to be taken by the Members pursuant to this Agreement
may be considered at a meeting of such Members held not less than ten days after notification thereof shall have been given by the Managing Member to all Members. Such notification may be given by the Managing Member, in its discretion, at any time.
Any such notification shall state briefly the purpose, time and place of the meeting. All such meetings shall be held within or outside the State of Delaware at such reasonable place as the Managing Member shall designate and during normal business
hours, and may be held by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. The Members may vote at any such meeting in person or by proxy. Participation
in such a meeting shall constitute presence in person at such meeting. No notice of the time, place or purpose of any meeting need be given to any Member who, either before or after the time of such meeting, waives such notice in writing. At any
meeting of the Members, the Managing Member, whether present in person or by proxy, shall, except as otherwise provided by law or by this Agreement, constitute a quorum. Whenever any Company action is to be taken by vote of the Members at a meeting,
it shall be authorized upon receiving the affirmative vote of the Managing Member. For the avoidance of doubt, Members owning Class B common units shall not be entitled, with respect to such Class B common units, to vote on or approve or consent to
any action permitted or required to be taken or any determination required to be made by the Company or the Members, including the right to vote on or approve or consent to any merger or consolidation involving the Company, or any amendment to this
Agreement, other than pursuant to Section 14.08. 

  
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 Section 4.06. Action by Members Without Meeting. Any action permitted or
required to be taken by the Members pursuant to this Agreement may be effected at a meeting of the Members or by consent in writing or by electronic transmission of the Managing Member, with the same effect as if taken at a meeting of the
Members. 
 Section 4.07. Limited Rights of Members. Other than as provided in this Article 4 and Article 10 (and
Article 7 in the case of the Managing Member), no Member, in such Person’s capacity as a Member, shall have the power or authority to act for or on behalf of, or to bind, the Company, or to vote at any meeting of the Members. 

ARTICLE 5 

DISTRIBUTIONS 

Section 5.01. Distributions. To the extent permitted by Applicable Law and hereunder, distributions to Members may be
declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may
designate; such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis in accordance with each Member’s Percentage Interest as of the close of business on such record date; provided,
however, that the Managing Member shall have the obligation to make distributions as set forth in Sections 5.02 and 10.01; and provided further that, notwithstanding any other provision herein to the contrary, no distributions shall be
made to any Member to the extent such distribution would render the Company insolvent. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly following the designation
of a record date and the declaration of a distribution pursuant to this Section 5.01, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof. In
furtherance of the foregoing, the Managing Member shall, to the extent permitted by Applicable Law and hereunder, have the right in its sole discretion to make distributions to the Members pursuant to this Section 5.01 in such amounts as shall
enable Evolent Health, Inc. to meet its obligations pursuant to the Tax Receivables Agreement. 
 Section 5.02. Distributions
for Payment of Income Tax. 
 (a) On or about each date that is ten (10) Business Days prior to the date on which estimated U.S.
federal income tax payments are required to be made by calendar year corporate taxpayers (without regard to extensions), the Company shall make a ratable distribution among the Members, in accordance with their respective Percentage Interests, of an
aggregate amount in cash sufficient to allow each Member to pay its Assumed Tax Liability, if any, reduced by the aggregate amount previously distributed for the payment of income tax under this Article 5 (the “Tax
Distributions”). 
 (b) A final accounting for Tax Distributions shall be made for each taxable year after the taxable income
or loss of the Company has been determined for such taxable year, and each Member’s Assumed Tax Liability will be recalculated to reflect such final accounting. To the extent that any Member’s recalculated Assumed Tax Liability exceeds the
aggregate amounts previously distributed to such Member pursuant to Section 5.02(a), the Company shall promptly thereafter make a supplemental distribution of cash to the Members pursuant to Section 5.02(a) until the aggregate amounts
distributed to such Member pursuant to Section 5.02(a) is equal to the recalculated Assumed Tax Liability. 
 (c) If there are not
sufficient funds on hand to distribute the full amount otherwise required to be distributed pursuant to this Section 5.02, such distribution shall be made to the extent of the available funds ratably among the Members in proportion to each
Member’s respective Percentage Interest and the Company shall make future distributions as soon as funds become available to pay the remaining portion of such distribution ratably among the Members in accordance with their respective Percentage
Interests. 
 (d) In the event of any audit adjustment by a taxing authority that affects the calculation of the Company’s taxable
income or taxable loss for a given period or portion thereof after the Effective Time, or in the event the Company files an amended return which has such effect, each Member’s Assumed Tax Liability shall be recalculated by giving effect to such
audit adjustment or changes reflected in such amended return, as applicable 

  
 13 

 
(and by including therein an additional amount that, when distributed to the Members pursuant to the following sentence, is estimated to be sufficient to cover any interest or penalties). To the
extent that any Member’s recalculated Assumed Tax Liability exceeds the aggregate amounts previously distributed to such Member pursuant to Section 5.02, the Company shall make additional Tax Distributions ratably among the Members in
accordance with their respective Percentage Interests. 
 Section 5.03. Limitations on Distributions. Notwithstanding
anything to the contrary contained in this Agreement, distributions to Members shall be subject to the restrictions contained in §18-607 of the Delaware LLC Act. 

Section 5.04. Withholding. 

(a) Authority to Withhold; Treatment of Withheld Amounts. Each Member hereby authorizes the Company and the Managing Member on behalf of
the Company to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable by the Company (pursuant to any provision of United States federal, state or local or foreign law) with respect to such Member or as a result of
such Member’s participation in the Company; and if and to the extent that the Company shall be required to withhold or pay any such withholding or other taxes, such Member shall be deemed for all purposes of this Agreement to have received a
payment from the Company as of the time such withholding or other tax is paid, which payment shall be deemed to be a distribution with respect to such Member’s common units in the Company. 

(b) Indemnification. Each Member shall, to the fullest extent permitted by Applicable Law, severally and not jointly indemnify and hold
harmless the Managing Member and each other Person (other than the Company) who is or who is deemed to be the responsible withholding agent for United States federal, state or local or foreign income tax purposes against all claims, liabilities and
expenses of whatever nature (other than any claims, liabilities and expenses in the nature of penalties and accrued interest thereon that result from such Managing Member’s or such other Person’s gross negligence, willful misconduct or
fraud) relating to the Company’s, the Managing Member’s or such other Person’s obligation to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable by the Company or any of its Affiliates with respect to
such Member or as a result of such Member’s participation in the Company. 
 (c) Refunds. In the event that the Company receives
a refund of taxes previously withheld, the economic benefit of such refund shall be apportioned among the Members in a manner reasonably determined by the Managing Member to offset the prior operation of this Section 5.04 in respect of such
withheld taxes. 
 ARTICLE 6 

ALLOCATIONS AND TAX MATTERS 

Section 6.01. Capital Accounts and Adjusted Capital Accounts. 

(a) Establishment of Capital Accounts. There shall be established and maintained for each Member on the books of the Company a capital
account (a “Capital Account”). Each Member’s Capital Account (a) shall be increased by (i) the amount of money contributed by such Member to the Company, (ii) the Book Value of property contributed by that Member
to the Company (net of liabilities secured by the contributed property that the Company is considered to assume or take subject to under Section 752 of the Code) and (iii) allocations to such Member of Net Profits and any other items of
income or gain allocated to such Member, and (b) shall be decreased by (i) the amount of money distributed to such Member by the Company, (ii) the Book Value of property distributed to such Member by the Company (net of liabilities
secured by the distributed property that such Member is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to such Member of Net Losses and any other items of loss or deduction allocated to such
Member. The Capital Accounts shall also be increased or decreased to reflect a revaluation of Company property pursuant to paragraph (b) of the definition of Book Value. On the transfer of all or part of a Member’s common units, the
Capital Account of the transferor that is attributable to the transferred common units shall carryover to the Permitted Transferee Member in accordance with the provisions of Treas. Reg. §1.704-1(b)(2)(iv)(1). A Member that has more than one
class of common units shall have a single Capital Account that reflects all such common units. 

  
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 (b) Negative Balances; Interest. None of the Members shall have any obligation to the
Company or to any other Member to restore any negative balance in its Capital Account. No interest shall be paid by the Company on any Capital Contributions. 

(c) No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital Account or to
receive any distribution from the Company, except as expressly provided herein. 
 Section 6.02. Additional Capital
Contributions. Subject to Section 3.02, no Member shall be required to make any additional Capital Contributions to the Company or lend any funds to the Company, although any Member may agree with the Managing Member and become obligated to
do so. 
 Section 6.03. Allocations of Net Profits and Net Losses. Subject to Section 6.04, Net Profits or Net
Losses for any Fiscal Year or other period shall be allocated to the Members in proportion to their respective Percentage Interests. 

Section 6.04. Special Allocations. 

(a) Notwithstanding any other provision of this Agreement, the following allocations shall be made for each Fiscal Year or other period: 

(i) Notwithstanding any other provision of this Section 6.04, if there is a net decrease in Company Minimum Gain during
any taxable period, each Member shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treas. Reg. §1.704-2(f), (g)(2) and (j). For purposes of this
Section 6.04, each Member’s Capital Account shall be determined and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Article 6 with respect to such
taxable period. This Section 6.04(a)(i) is intended to comply with the partnership minimum gain chargeback requirement in Treas. Reg. §1.704-2(f) and shall be interpreted consistently therewith. 

(ii) Notwithstanding the other provisions of this Section 6.04 (other than 6.04(a)(i) above), if there is a net decrease
in Member Nonrecourse Debt Minimum Gain during any taxable period, any Member with a share of Member Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Company income and gain for such period (and, if
necessary, subsequent periods) in the manner and amounts provided in Treas. Reg. §1.704-2(i)(4) and (j)(2). For purposes of this Section 6.04, each Member’s Adjusted Capital Account balance shall be determined, and the allocation of
income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 6.04(a), other than Section 6.04(a)(i) above, with respect to such taxable period. This
Section 6.04(a)(ii) is intended to comply with the Member nonrecourse debt minimum gain chargeback requirement in Treas. Reg. §1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii) Except as provided in Sections 6.04(a)(i) and 6.04(a)(ii) above, in the event any Member unexpectedly receives any
adjustments, allocations or distributions described in Treas. Reg. §1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the
extent required by such Treasury Regulations, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant
to Sections 6.04(a)(i) and 6.04(a)(ii). 
 (iv) In the event any Member has a deficit balance in its Adjusted Capital
Account at the end of any taxable period, such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this
Section 6.04(a)(iv) shall be made only if and to the extent that such Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided in this Section 6.04(a) have been tentatively made as if this
Section 6.04(a)(iv) were not in this Agreement. 
 (v) Nonrecourse Deductions for any taxable period shall be allocated
to the Members in accordance with their Percentage Interests. 

  
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 (vi) Member Nonrecourse Deductions for any taxable period shall be allocated 100%
to the Member that bears the Economic Risk of Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treas. Reg. §1.704-2(i) or Treas. Reg. §1.704-2(k). If more than
one Member bears the Economic Risk of Loss with respect to a Member Nonrecourse Debt, Member Nonrecourse Deductions attributable thereto shall be allocated between or among such Members in accordance with the ratios in which they share such Economic
Risk of Loss. 
 (b) Curative Allocation. The allocations set forth in Section 6.04(a) (the “Regulatory
Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or
with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 6.04(b). Therefore, notwithstanding any other provision of this Article 6 (other than the Regulatory Allocations), but subject to the
Code and the Treasury Regulations, the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each
Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement. In exercising its discretion under this
Section 6.04(b), the Managing Member shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

(c) Notwithstanding any other provisions of this Section 6.04, if, following the application of Sections 6.04(a) and 6.04(b), the Managing
Member determines in its sole discretion that the allocation provisions in Sections 6.04(a) and 6.04(b) do not reflect the economic arrangements among the Members, then Net Profits and Net Losses shall, following the application of Sections 6.04(a)
and 6.04(b), be allocated in the sole discretion of the Managing Member in a manner that the Managing Member concludes reflects the economic arrangements of the Members. 

Section 6.05. Allocation for Income Tax Purposes. 

(a) Except as provided in Section 6.05(b), 6.05(c) and 6.05(d), each item of income, gain, loss and deduction of the Company for U.S.
federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for book purposes under Sections 6.03 and 6.04. 

(b) The Members recognize that there may be a difference between the Book Value of a Company asset and the asset’s adjusted tax
basis at the time of the property’s contribution or revaluation pursuant to this Agreement. In such a case, all items of tax depreciation, cost recovery, amortization, and gain or loss with respect to such asset shall be allocated among the
Members to take into account the disparities between the Book Values and the adjusted tax basis with respect to such properties in accordance with the provisions of Sections 704(b) and 704(c) of the Code and the Treasury Regulations under those
sections using the “traditional method” set forth in Treas. Reg. §1.704-3(b); provided, however, that any tax items not required to be allocated under Section 704(b) or 704(c) of the Code shall be allocated in the
same manner as such gain or loss would be allocated for book purposes under Sections 6.03 and 6.04. Items allocated under this Section 6.05(b) shall neither be credited nor charged to the Members’ Capital Accounts. 

(c) All items of income, gain, loss, deduction and credit allocated to the Members in accordance with the provisions hereof and basis
allocations recognized by the Company for federal income tax purposes shall be determined without regard to any election under Section 754 of the Code that may be made by the Company; provided, however, such allocations, once made, shall
be adjusted as necessary or appropriate to take into account the adjustments permitted by Sections 734 and 743 of the Code. 
 (d) If
any deductions for depreciation, cost recovery or depletion are recaptured as ordinary income upon the sale or other disposition of Company properties, the ordinary income character of the gain from such sale or disposition shall be allocated among
the Members in the same ratio as the deductions giving rise to such ordinary income character were allocated. 
 Section 6.06.
Other Allocation Rules. All items of income, gain, loss, deduction and credit allocable to common units that have been transferred shall be allocated between the transferor and the transferee based on an interim closing of the Company’s
books (as though the Company’s taxable year had ended). 

  
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 Section 6.07. Regulatory Compliance. The foregoing provisions are intended to
comply with Treas. Reg. § 1.704-1(b), and shall be interpreted and applied as provided in such Treasury Regulations. If the Managing Member shall determine that the manner in which the Capital Accounts or Adjusted Capital Accounts, or any
increases or decreases thereto, are computed, or the manner in which any allocations are made under Sections 6.03 and 6.04, should be adjusted in order to comply with Sections 704(b) and 704(c) of the Code and Treasury Regulations thereunder, the
Managing Member shall make such modifications, provided that the Managing Member shall not modify the manner of making distributions pursuant to this Agreement. 

Section 6.08. Certain Costs and Expenses. The Company shall (a) pay, or cause to be paid, all costs, fees, operating
expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or
otherwise related to, the business of the Company, and (b) in the sole discretion of the Managing Member, reimburse the Managing Member for any out-of-pocket costs, fees and expenses incurred by it in connection therewith. To the extent that
the Managing Member reasonably determines in good faith that its expenses are related to the business conducted by the Company and/or its subsidiaries (including any good faith allocation of a portion of expenses that so relate to the business of
the Company and/or its subsidiaries and that also relate to other businesses or activities of the Managing Member), then the Managing Member may cause the Company to pay or bear all such expenses of the Managing Member, including, costs of
securities offerings not borne directly by Members, compensation and meeting costs of its board of directors, cost of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs and
franchise taxes (which are not based on, or measured by, income); provided that the Company shall not pay or bear any income tax obligations of the Managing Member; provided further that the payment of Tax Distributions to the Managing
Member shall not be prevented by the foregoing. Payments under this Section 6.08 are intended to constitute reasonable compensation for past or present services and are not “distributions” within the meaning of §18-607 of the
Delaware LLC Act. 
 ARTICLE 7 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 7.01. Management. (a) The Members shall possess all rights and powers as provided in the Delaware LLC Act and
otherwise by Applicable Law. Except as otherwise expressly provided for herein and subject to the other provisions of this Agreement, the Members hereby consent to the exercise by the Managing Member of all such powers and rights conferred on them
by the Delaware LLC Act with respect to the management and control of the Company. 
 (b) Other than with respect to the actions described in
Section 10.01(a), the Managing Member shall have the power and authority to delegate to one or more other Persons the Managing Member’s rights and powers to manage and control the business and affairs of the Company, including to delegate
to agents and employees of a Member or the Company (including any officers thereof), and to delegate by a management agreement or another agreement with, or otherwise to, other Persons. The Managing Member may authorize any Person (including any
Member or officer of the Company) to enter into and perform any document on behalf of the Company. 
 (c) The Managing Member shall have the
power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or
any other right available in connection with any assets at any time held by the Company) or the merger, consolidation, reorganization or other combination of the Company with or into another entity. 

Section 7.02. Certain Covenants. The Managing Member shall not, without the prior written consent of the Majority Holders,
cause the merger of the Company with or into Evolent Health, Inc. or any other Subsidiary thereof. In the event of any such merger, the relative economic rights of each class of common units immediately prior to such merger shall be preserved to the
greatest extent practicable with respect to distributions made to Members in connection with such merger, taking into consideration legal constraints that may adversely affect one or more parties to such merger and subject to compliance with
Applicable Law. 
 Section 7.03. Investment Company Act. The Managing Member shall use reasonable best efforts to
ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

  
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 ARTICLE 8 

OFFICERS 

Section 8.01. Officers. The officers of the Company shall be a Chief Executive Officer, a Treasurer and a Secretary, and unless
determined otherwise by the Managing Member or the Chief Executive Officer, each other officer of Evolent Health, Inc. shall also be an officer of the Company, with the same title. All officers shall be appointed by the Managing Member (or by the
Chief Executive Officer to the extent the Managing Member delegates such authority to the Chief Executive Officer) and shall hold office until their successors are appointed by the Managing Member (or by the Chief Executive Officer to the extent the
Managing Member delegates such authority to the Chief Executive Officer). Two or more offices may be held by the same individual. The officers of the Company may be removed by the Managing Member (or by the Chief Executive Officer to the extent the
Managing Member delegates such authority to the Chief Executive Officer) at any time for any reason or no reason. 

Section 8.02. Other Officers and Agents. The Managing Member may appoint such other officers and agents as it may deem
necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Managing Member. 

Section 8.03. Chief Executive Officer. The Chief Executive Officer shall be the chief executive officer of the Company and
shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present thereat. Except as the Managing Member shall
authorize the execution thereof in some other manner, he or she shall execute bonds, mortgages and other contracts on behalf of the Company. 

Section 8.04. Treasurer. The Treasurer shall have the custody of Company funds and securities and shall keep full and accurate
account of receipts and disbursements in a book belonging to the Company. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries as may be designated by the Managing Member or the
Chief Executive Officer. The Treasurer shall disburse the funds of the Company as may be ordered by the Managing Member or the Chief Executive Officer, taking proper vouchers for such disbursements. He or she shall render to the Managing Member and
the Chief Executive Officer whenever either of them may request it, an account of all his or her transactions as Treasurer and of the financial condition of the Company. If required by the Managing Member, the Treasurer shall give the Company a bond
for the faithful discharge of his or her duties in such amount and with such surety as the Managing Member shall prescribe. 

Section 8.05. Secretary. The Secretary shall give, or cause to be given, notice of all meetings of Members and all other notices
required by Applicable Law or by this Agreement, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the Chief Executive Officer, or by the Managing Member. He or she
shall record all the proceedings of the meetings of the Company in a book to be kept for that purpose, and shall perform such other duties as may be assigned to him or her by the Managing Member or by the Chief Executive Officer. 

Section 8.06. Other Officers. Other officers, if any, shall have such powers and shall perform such duties as shall be
assigned to them, respectively, by the Managing Member or by the Chief Executive Officer. 
 ARTICLE 9 

TRANSFERS OF INTERESTS; ADMITTANCE OF NEW
MEMBERS 
 Section 9.01. Transfer of Common Units. Other than as provided for below in this
Section 9.01 or in Section 9.02, no Member may sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being herein collectively called a
“Transfer”) all or any portion of its common units except with the approval of a majority of the board of directors of the Managing Member (including in such majority at least one director designee of each of The
Advisory Board, TPG and UPMC for so long as such stockholder has the right to designate at least one director to such board pursuant to the Stockholders Agreement), which may be granted or withheld in its sole discretion. Without the approval of a
majority of the board of directors  

  
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of the Managing Member (including in such majority at least one director designee of each of The Advisory Board, TPG and UPMC for so long as such stockholder has the right to designate at
least one director to such board pursuant to the Stockholders Agreement) (but otherwise in compliance with Sections 9.01 and 9.02), a Member may, at any time, (a) Transfer any portion of such Member’s common units pursuant to the Exchange
Agreement, and (b) Transfer any portion of such Member’s common units to a Permitted Transferee of such Member. Any Transfer of Class B common units to a Permitted Transferee of such Member must be accompanied by the transfer of an equal
number of corresponding Class B Shares to such Permitted Transferee. Any purported Transfer of all or a portion of a Member’s common units not complying with this Section 9.01 shall be void ab initio and shall not create any
obligation on the part of the Company or the other Members to recognize that purported Transfer or to recognize the Person to which the Transfer purportedly was made as a Member. A Person acquiring a Member’s common units pursuant to this
Section 9.01 shall not be admitted as a substituted or additional Member except in accordance with the requirements of Section 9.03, but such Person shall, to the extent of the common units transferred to it, be entitled to such
Member’s (i) share of distributions, (ii) share of profits and losses, including Net Profits and Net Losses, and (iii) Capital Account in accordance with Section 6.01(a). Notwithstanding anything in this Section 9.01 or
elsewhere in this Agreement to the contrary, if a Member Transfers all or any portion of its common units after the designation of a record date and declaration of a distribution pursuant to Section 5.01 and before the payment date of such
distribution, the transferring Member (and not the Person acquiring all or any portion of its common units) shall be entitled to receive such distribution in respect of such transferred common units. 

Section 9.02. Transfer of Evolent Health, Inc.’s Interest. Evolent Health, Inc. may not Transfer all or any portion of
its common units held in the form of Class A common units at any time, except to the Company as provided herein. 

Section 9.03. Recognition of Transfer; Substituted and Additional Members. (a) No direct or indirect Transfer of all
or any portion of a Member’s common units may be made, and no purchaser, assignee, transferee or other recipient of all or any part of such common units shall be admitted to the Company as a substituted or additional Member hereunder,
unless: 
 (i) the provisions of Section 9.01 or Section 9.02, as applicable, shall have been complied with;

 (ii) in the case of a proposed substituted or additional Member (other than a Permitted Transferee described in clauses
(i) through (v) of the definition thereof) that is (i) a competitor or potential competitor of Evolent Health, Inc. or the Company or their Subsidiaries, (ii) a Person with whom Evolent Health, Inc. or the Company or their
Subsidiaries has had or is expected to have a material commercial or financial relationship or (iii) likely to subject Evolent Health, Inc. or the Company or their Subsidiaries to any material legal or regulatory requirement or obligation, or
materially increase the burden thereof, in each case as determined by the Managing Member in its sole discretion, the admission of the purchaser, assignee, transferee or other recipient as a substituted or additional Member shall have been approved
by the Managing Member; 
 (iii) the Managing Member shall have been furnished with the documents effecting such Transfer, in
form and substance reasonably satisfactory to the Managing Member, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Managing Member shall have executed (and the
Managing Member hereby agrees to execute) any other documents on behalf of itself and the Members required to effect the Transfer; 

(iv) the provisions of Section 9.03(b) shall have been complied with; 

(v) the Managing Member shall be reasonably satisfied that such Transfer will not (A) result in a violation of the
Securities Act or any other Applicable Law; or (B) cause an assignment under the Investment Company Act; 
 (vi) such
Transfer would not cause the Company to lose its status as a partnership for federal income tax purposes and, without limiting the generality of the foregoing, such Transfer shall not be effected on or through an “established securities
market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Section 1.7704-1 of the Treasury Regulations; 

  
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 (vii) the Managing Member shall have received the opinion of counsel, if any,
required by Section 9.03(c) in connection with such Transfer; and 
 (viii) all necessary instruments reflecting such
Transfer and/or admission shall have been filed in each jurisdiction in which such filing is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members. 

(b) Each substituted Member and additional Member shall be bound by all of the provisions of this Agreement. Each substituted Member and
additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement and the Exchange Agreement or a joinder agreement in customary form), in form and substance
reasonably satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such substituted or additional Member to be bound by all the terms and
provisions of this Agreement with respect to the common units acquired by such substituted or additional Member. The admission of a substituted or additional Member shall not require the consent of any Member other than the Managing Member (if and
to the extent such consent of the Managing Member is expressly required by this Article 9). As promptly as practicable after the admission of a substituted or additional Member, the books and records of the Company and Exhibit A shall be changed to
reflect such admission. 
 (c) As a further condition to any Transfer of all or any part of a Member’s common units, the Managing Member
may, in its discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Managing Member, obtained at the sole expense of the transferring Member, reasonably satisfactory in form and substance to the
Managing Member, as to such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made to a Permitted Transferee, limited to an opinion) to the effect that such Transfer
will not result in a violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion, however, shall be required in connection with a Transfer made pursuant to the Exchange
Agreement. 
 Section 9.04. Expense of Transfer; Indemnification. All reasonable costs and expenses incurred by the
Managing Member and the Company in connection with any Transfer of a Member’s common units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member.
In addition, the transferring Member hereby indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their Affiliates may become subject arising out of or
based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 

Section 9.05. Exchange Agreement. In connection with any Transfer of any portion of a Member’s common units pursuant
to the Exchange Agreement, the Managing Member shall cause the Company to take any action as may be required under the Exchange Agreement or requested by any party thereto to effect such Transfer promptly. 

Section 9.06. Restrictions on Business Combination Transactions. 

(a) The Company shall not be a party to (i) a transaction of any kind that would result in any Class A common units being held
by any Person other than the Managing Member or (ii) any reorganization, Share Exchange, consolidation, conversion or merger or any other transaction having an effect on members substantially similar to that resulting from a reorganization,
Share Exchange, consolidation, conversion or merger (each in this clause (ii), a “Restricted Transaction”) without the approval of a majority of the board of directors of the Managing Member (including in such majority
at least one director designee of each of The Advisory Board, TPG and UPMC for so long as such stockholder has the right to designate at least one director to such board pursuant to the Stockholders Agreement). 

(b) The Company shall not be a party to any Restricted Transaction that includes or is in conjunction with a transaction involving the
disposition, exchange or conversion of Class A Shares for consideration (collectively, a “Consolidated Transaction”) unless (i) each holder of Class A Shares and Class B Shares (together with the
corresponding number of Class B common units) is allowed to participate pro rata in such Consolidated Transaction (as if the Class B Shares (together with the corresponding number of Class B common units) were exchanged 

  
 20 

 
immediately prior to such Consolidated Transaction for Class A Shares pursuant to the Exchange Agreement); and (ii) the gross proceeds payable in respect of each Class B common unit
equals the gross proceeds that would be payable in such Consolidated Transaction in respect of the Class A Share(s) for which such Class B common unit was exchanged immediately prior to such Consolidated Transaction pursuant to the Exchange
Agreement. 
 (c) Nothing in this Section 9.06 shall be deemed to modify any of the rights of The Advisory Board, TPG or UPMC set forth
in the Tax Receivables Agreement. 
 ARTICLE 10 

DISSOLUTION AND TERMINATION 

Section 10.01. Dissolution. 

(a) The Company shall be dissolved and its affairs wound up upon the occurrence of any of the following events: 

(i) an election by the Managing Member, subject to the consent of the Majority Holders, to dissolve, wind up or liquidate the
Company; 
 (ii) the sale, disposition or transfer of all or substantially all of the assets of the Company; 

(iii) the entry of a decree of dissolution of the Company under §18-802 of the Delaware LLC Act; or 

(iv) at any time there are no members of the Company, unless the Company is continued in accordance with the Delaware LLC Act.

 (b) In the event of a dissolution pursuant to Section 10.01(a), the relative economic rights of each class of common units
immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 10.01(f) in connection with such dissolution, taking into consideration legal
constraints that may adversely affect one or more parties to such dissolution and subject to compliance with Applicable Laws. 
 (c)
Dissolution of the Company shall be effective on the day on which the event occurs giving rise to the dissolution, but the Company will not terminate until the assets of the Company have been distributed as provided in this Section 10.01 and
any filings required by the Delaware LLC Act have been made. 
 (d) Upon dissolution, the Company shall be liquidated and wound up in an
orderly manner in accordance with the provisions of this Section 10.01. The Managing Member or a Person selected by the Managing Member to act as liquidating trustee, shall wind up the affairs of the Company pursuant to this Agreement. The
Managing Member or liquidating trustee, as applicable, is authorized, subject to the Delaware LLC Act, to sell, exchange or otherwise dispose of the assets of the Company, or to distribute Company assets in kind, as the Managing Member or
liquidating trustee shall determine to be in the best interests of the Members. The reasonable out-of-pocket expenses incurred by the Managing Member or liquidating trustee in connection with winding up the Company (including legal and accounting
fees and expenses), all other liabilities or losses of the Company or the Managing Member or liquidating trustee incurred in accordance with the terms of this Agreement, and reasonable compensation for the services of the liquidating trustee shall
be borne by the Company. Except as otherwise required by law and except in connection with any gross negligence or willful misconduct of the Managing Member or liquidating trustee, the Managing Member or liquidating trustee shall not be liable to
any Member or the Company for any loss attributable to any act or omission of the Managing Member or liquidating trustee taken in good faith in connection with the winding up of the Company and the distribution of Company assets. The Managing Member
or liquidating trustee may consult with counsel and accountants with respect to winding up the Company and distributing its assets and shall be justified in acting or omitting to act in accordance with the advice or opinion of such counsel or
accountants, provided that the Managing Member or liquidating trustee shall have used reasonable care in selecting such counsel or accountants. 

  
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 (e) Upon dissolution of the Company, the expenses of liquidation (including compensation for the
services of the liquidating trustee and legal and accounting fees and expenses) and the Company’s liabilities and obligations to creditors shall be paid, or reasonable provisions shall be made for payment thereof, in accordance with Applicable
Law, from cash on hand or from the liquidation of Company properties. 
 (f) A reasonable time shall be allowed for the orderly winding up of
the business and affairs of the Company and the liquidation of its assets pursuant to this Section 10.01 to minimize any losses otherwise attendant upon such winding up. Notwithstanding the generality of the foregoing, within 180 calendar days
after the effective date of dissolution of the Company, the assets of the Company shall be distributed in the following manner and order: (i) all debts and obligations of the Company, if any, shall first be paid, discharged or provided for by
adequate reserves; and (ii) the balance shall be distributed to the Members in accordance with Section 5.01. 
 (g) The Managing
Member or liquidating trustee shall not be personally liable for the return of Capital Contributions or any portion thereof to the Members (it being understood and agreed that any such return shall be made solely from Company assets). 

Section 10.02. Termination. The Company shall terminate when all of the assets of the Company, after payment or reasonable
provision for the payment of all debts, liabilities and obligations of the Company, shall have been distributed in the manner provided for in this Article 10 and the Certificate shall have been canceled in the manner required by the Delaware LLC
Act. 
 ARTICLE 11 

EXCULPATION AND INDEMNIFICATION 

Section 11.01. Exculpation. To the fullest extent permitted by Applicable Law, and except as otherwise expressly provided herein,
no Indemnitee shall be liable to the Company or any other Indemnitee for any Losses, which at any time may be imposed on, incurred by, or asserted against, the Company or any other Indemnitee as a result of or arising out of the activities of the
Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed by such Indemnitee to be conferred on such Indemnitee, except to the extent such Losses arise out of (i) the Indemnitee’s failure to
act in good faith and in a manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct
was unlawful, (ii) the Indemnitee’s material breach of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. 

Section 11.02. Indemnification. To the fullest extent permitted by Applicable Law, each of (a) the Members, the Managing
Member and their respective Affiliates, (b) the stockholders, members, managers, directors, officers, partners, employees and agents of the Members and the Managing Member and their respective Affiliates, and (c) the officers of the
Company (each, an “Indemnitee”) shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and
other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative (collectively, “Losses”), which at any time may be imposed on, incurred by, or asserted against,
the Indemnitee as a result of or arising out of this Agreement, the Company, its assets, business or affairs or the activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed to be
conferred on such Indemnitee; provided, however, that the Indemnitee shall not be entitled to indemnification for any Losses to the extent such Losses arise out of (i) the Indemnitee’s failure to act in good faith and in a
manner such Indemnitee believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, the Indemnitee’s not having any reasonable cause to believe such conduct was unlawful, (ii) the
Indemnitee’s material breach of this Agreement or any other Transaction Document, or (iii) the Indemnitee’s gross negligence or willful misconduct. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee acted in a manner specified in clause (i), (ii) or (iii) above. Any indemnification pursuant to this
Article 11 shall be made only out of the assets of the Company and no Member shall have any personal liability on account thereof. The Company hereby acknowledges that one or more Indemnitees may have certain rights to indemnification, advancement
of expenses and/or insurance provided by certain entities who hold an interest in the Company or the Managing Member and have designated certain directors to serve on the board of Evolent Health, Inc. (“Designating Stockholders”).
The Company hereby 

  
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agrees, unless Evolent Health, Inc. is the indemnitor of first resort, in which case, the Company shall be indemnitor of second resort, (i) that the Company is the indemnitor of first resort
(i.e., its obligations to an Indemnitee are primary and any obligation of the Designating Stockholders or their insurers to advance expenses or to provide indemnification for the same expenses or liabilities incurred by an Indemnitee is secondary),
(ii) that the Company shall be required to advance the full amount of expenses incurred by an Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally
permitted and as required by the terms of this agreement or any other agreement between the Company and the Indemnitee, without regard to any rights an Indemnitee may have against the Designating Stockholders or their insurers, and (iii) that
the Company irrevocably waives, relinquishes and releases the Designating Stockholders from any and all claims against the Designating Stockholders for contribution, subrogation or any other recovery of any kind in respect thereof. 

Section 11.03. Expenses. Expenses (including reasonable legal fees and expenses) incurred by an Indemnitee in defending any claim,
demand, action, suit or proceeding described in Section 11.02 shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding, upon receipt by the Company of an undertaking
by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in this Article 11; provided that such undertaking shall be unsecured and interest free and
shall be accepted without regard to an Indemnitee’s ability to repay amounts advanced and without regard to an Indemnitee’s entitlement to indemnification. 

Section 11.04. Non-Exclusivity. The indemnification and advancement of expenses set forth in this Article 11 shall not be
exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, the Delaware LLC Act, this Agreement, any other agreement, a policy of insurance or otherwise. The indemnification and
advancement of expenses set forth in this Article 11 shall continue as to an Indemnitee who has ceased to be a named Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors and permitted assigns of such a
Person. 
 Section 11.05. Insurance. The Company may purchase and maintain insurance on behalf of the Indemnitees against
any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such liability under this Article 11. 

ARTICLE 12 

ACCOUNTING AND RECORDS; TAX MATTERS 

Section 12.01. Accounting and Records. The books and records of the Company shall be made and maintained, and the financial
position and the results of its operations recorded, at the expense of the Company, in accordance with such method of accounting as is determined by the Managing Member. The books and records of the Company shall reflect all Company transactions and
shall be made and maintained in a manner that is appropriate and adequate for the Company’s business. 
 Section 12.02.
Tax Returns. The Company shall prepare and timely file all U.S. federal, state and local and foreign tax returns required to be filed by the Company. Unless otherwise agreed by the Managing Member, any income tax return of the Company shall
be prepared by an independent public accounting firm of recognized national standing selected by the Managing Member. Each Member shall furnish to the Company all pertinent information in its possession relating to the Company’s operations that
is necessary to enable the Company’s tax returns to be timely prepared and filed. Unless otherwise extended by the Members, the Company shall deliver to each Member within 45 days after the end of the applicable Fiscal Year a Schedule K-1
together with such additional information as may be reasonably required or requested by the Members in order to file their U.S. federal income tax, state tax, and local tax returns reflecting the Company’s operations and the operations of any
of its Subsidiaries. In the event of an extension, (i) the Board shall nevertheless use reasonable best efforts to provide each Member within 90 days after the end of the applicable Fiscal Year a Schedule K-1 together with such additional
information as may be reasonably required or requested by the Members in order to file their U.S. federal income tax, state tax, and local tax returns reflecting the Company’s operations and the operations of any of its Subsidiaries and
(ii) the Company shall use reasonable best efforts to provide each Member with an estimate of the net taxable income of the Company allocated to (or reasonably estimated to be allocated to) such member for a Fiscal Year, together with an
estimate of the state apportionment of such income, within 45 days after the end of the applicable Fiscal Year. The Company shall bear the costs of the preparation and filing of its tax returns. 

  
 23 

 Section 12.03. Tax Partnership. Neither the Company nor any Member shall make
an election for the Company to be excluded from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or to be classified as other than a partnership pursuant to
Treas. Reg. §301.7701-3. 
 Section 12.04. Tax Elections. The Managing Member shall, on behalf of the Company, make
or cause to be made the following elections on the appropriate forms or tax returns: 
 (a) to adopt the calendar year as the Company’s
taxable year or Fiscal Year, if permitted under the Code; 
 (b) to adopt the accrual method of accounting and to keep the Company’s
books and records on the U.S. federal income tax method; 
 (c) to elect to amortize the organizational expenses of the Company as permitted
by Section 709(b) of the Code; 
 (d) as required by the Tax Receivables Agreement, to make and maintain an election under
Section 754 of the Code with respect to the Company (and to cause each entity in which the Company has directly or indirectly invested to make and maintain such an election under Section 754 of the Code), which elections shall be in effect
for each Fiscal Year or portions thereof in which (i) the Company or any such investee entity is a partnership for U.S. federal income tax purposes and (ii) any Member Transfers Class B common units pursuant to the Exchange Agreement;
provided, however, that an additional election under Section 754 of the Code shall be timely made in the event of a termination of the Company or any investee entity under Section 708 of the Code so that the Company and any
such investee entity has in effect an election under Section 754 of the Code with respect to all taxable years or portions thereof for so long as the Company and any such investee entity is classified as a partnership for U.S. federal income
tax purposes; and 
 (e) any other election the Managing Member may deem appropriate and in the best interests of the Members. 

Section 12.05. Tax Matters Member. 

(a) The Managing Member shall be the “tax matters partner” of the Company as defined in Section 6231(a)(7) of the Code
(the “Tax Matters Member”). The Tax Matters Member shall take such action as may be necessary to cause to the extent possible each other Member to become a notice partner within the meaning of Section 6231
(a)(8) of the Code. The Tax Matters Member shall inform each other Member of all significant matters that may come to its attention in its capacity as Tax Matters Member by giving notice thereof on or before the fifth day after becoming aware
thereof and, within that time, shall forward to each other Member copies of all significant written communications it may receive in that capacity. 

(b) Any cost or expense incurred by the Tax Matters Member in connection with its duties, including the preparation for or pursuance of
administrative or judicial proceedings, shall be paid by the Company. 
 (c) Any Member that enters into a settlement agreement with respect
to any partnership item (within the meaning of Section 6231(a)(3) of the Code) shall use reasonable best efforts to notify the other Members of such settlement agreement and its terms within 90 days from the date of the settlement. 

(d) Each Member shall use commercially reasonable efforts to notify the other Members prior to filing a request pursuant to Section 6227
of the Code for an administrative adjustment of partnership items for any taxable year. If the Managing Member consents to the requested adjustment, the Tax Matters Member shall file the request for the administrative adjustment on behalf of the
Members. If such consent is not obtained within 30 days from such notice, or within the period required to timely file the request for administrative adjustment, if shorter, any Member, including the Tax Matters Member, may file a request for
administrative adjustment on its own behalf. Any Member intending to file a petition under Section 6226 or 6228 of the Code or other Section of the Code with 

  
 24 

 
respect to any item involving the Company shall use commercially reasonable efforts to notify the other Members of such intention and the nature of the contemplated proceeding. In the case where
the Tax Matters Member is the Member intending to file such petition on behalf of the Company, such notice shall be given within a reasonable period of time to allow the other Members to participate in the choosing of the forum in which such
petition will be filed. 
 (e) If any Member intends to file a notice of inconsistent treatment under Section 6222(b) of the Code, such
Member shall use commercially reasonable efforts to give reasonable notice under the circumstances to the other Members of such intent and the manner in which the Member’s intended treatment of an item is (or may be) inconsistent with treatment
of that item by the other Members. 
 ARTICLE 13 

ARBITRATION 
 The
Members shall attempt in good faith to resolve all claims, disputes and other disagreements arising hereunder or under the Exchange Agreement (each, a “Dispute”) by negotiation. If a Dispute cannot be resolved in such manner, such
Dispute shall, at the request of any party, after providing written notice to the other parties to the Dispute, be submitted to arbitration in the City of New York in accordance with the Commercial Arbitration Rules of the American Arbitration
Association then in effect. The proceeding shall be confidential. The party initially asserting the Dispute (the “Initiating Party”) shall notify the other party (the “Responding Party”) of the name and address of
the arbitrator chosen by the Initiating Party and shall specifically describe the Dispute in issue to be submitted to arbitration. Within 30 days of receipt of such notification, the Responding Party shall notify the Initiating Party of its answer
to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and address of the arbitrator chosen by the Responding Party. If the Responding Party does not appoint an arbitrator during such 30-day period, appointment of
the second arbitrator shall be made by the American Arbitration Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who shall serve as president of the panel of arbitrators
(the “Panel”) thus composed. If the two arbitrators so chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator, the third arbitrator will be appointed by
the American Arbitration Association upon the request of the arbitrators or either of the parties. In all cases, the arbitrators must be persons who are knowledgeable about, and have recognized ability and experience in dealing with, the subject
matter of the Dispute. The arbitrators will act by majority decision. Any decision of the arbitrators shall (a) be rendered in writing and shall bear the signatures of at least two arbitrators, and (b) identify the members of the Panel.
Absent fraud or manifest error, any such decision of the Panel shall be final, conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by
the parties to the arbitration; provided, however, that each party shall pay for and bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the arbitration. The parties shall complete
all discovery within 30 days after the Panel is composed, shall complete the presentation of evidence to the Panel within 15 days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall be
rendered within 15 days after the completion of presentation of evidence. The parties shall cause to be kept a record of the proceedings of any matter submitted to arbitration hereunder. 

ARTICLE 14 

MISCELLANEOUS PROVISIONS 

Section 14.01. Entire Agreement. This Agreement and the other Transaction Documents constitute the entire agreement and
understanding by the Members and the Company with respect to the subject matter hereof and supersede any prior agreement or understanding by the Members with respect to such subject matter. 

Section 14.02. Binding on Successors. This Agreement shall be binding upon and inure solely to the benefit of each party
hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. 
 Section 14.03. Managing Member’s Business. Evolent Health, Inc., as the sole Managing Member of
the Company, hereby agrees that it (a) will not conduct any business other than the management and ownership of the Company and its Subsidiaries and (b) shall not own any other assets (other than on a temporary basis). 

  
 25 

 
Notwithstanding the foregoing, Evolent Health, Inc. may take such actions and own such assets as are necessary or appropriate to comply with Applicable Law, including compliance with its
responsibilities as a public company under the U.S. federal securities laws, incur indebtedness and take any other action or own any other asset that the board of directors of Evolent Health, Inc. determines in good faith is in the best interest of
the Company. 
 Section 14.04. Governing Law. This Agreement and the rights of the parties hereunder will be governed by,
construed and enforced in accordance with the laws of the State of Delaware without regard to conflicts of law principles thereof. 

Section 14.05. Headings. All headings herein are inserted only for convenience and ease of reference and are not to be considered
in the construction or interpretation of any provision of this Agreement. 
 Section 14.06. Severability. If any provision of
this Agreement, or the application of such provision to any Person or circumstance, shall be held illegal, invalid or unenforceable, the remainder of this Agreement or the application of such provision to other persons or circumstances shall not be
affected thereby. 
 Section 14.07. Notices. All notices, requests, consents and other communications hereunder (each, a
“Notice”) to the Company or any Member shall be in writing and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 14.07) or nationally recognized
overnight courier, addressed to such Member at the address or facsimile number set forth in Exhibit A hereto, or below with respect to the Company, or such other address or facsimile number as may hereafter be designated in writing by such party to
the other parties: 
 If to the Company, to: 

Evolent Health LLC 
 800 N.
Glebe Road, Suite 500 
 Arlington, VA 22203 

Facsimile No.: (571) 389-6001 

Attention: Jonathan Weinberg 

with a copy (which shall not constitute notice to the Company) to: 

Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York, NY
10019 
 Telephone: (212) 474-1000 

Facsimile: (212) 474-3700 

Attention: William V. Fogg 

Each Notice shall be deemed received on the date sent to the recipient thereof in accordance with this Section 14.07, if sent prior to
5:00 p.m. in the place of receipt and such day is a Business Day; otherwise, such Notice shall be deemed not to have been received until the next succeeding Business Day. 

Section 14.08. Amendments. This Agreement may be amended (including, for purposes of this Section 14.08, any amendment
effected directly or indirectly by way of a merger or consolidation of the Company) or waived, in whole or in part, by the Managing Member; provided, however, that (i) to the extent any amendment or waiver, including any amendment
or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights of any Member holding Class B common units compared with the rights of any other Member holding Class B common units, such amendment or waiver may
only be made by the Managing Member upon the prior written consent of such disproportionately and adversely affected Member, (ii) to the extent any amendment or waiver, including any amendment or waiver of the Exhibits attached hereto, would
disproportionately and adversely affect the rights of holders of Class B common units compared with the rights of holders of Class A common units or any other series or class of common unit, such amendment or waiver may only be made by the
Managing Member upon the prior written consent of The Advisory Board and TPG (only to the extent they hold any Class B common units) and their respective Permitted Transferees, (iii) to the extent any amendment or waiver, including any
amendment or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights 

  
 26 

 
of holders of Class A common units compared with the rights of holders of Class B common units or any other series or class of common unit, such amendment or waiver may only be made by the
Managing Member upon the approval of a majority of the board of directors of the Managing Member (including in such majority at least one director designee of each of The Advisory Board, TPG and UPMC for so long as such stockholder has the right to
designate at least one director to such board pursuant to the Stockholders Agreement), (iv) the following provisions may not be amended by the Managing Member in any manner adverse to a Member holding Class B common units without the prior
written consent of The Advisory Board and TPG (only to the extent they hold any Class B common units) and their respective Permitted Transferees: Section 5.01, Section 5.02, Article 6, Section 7.02, Section 9.03(a)(vi),
Section 12.02, Section 12.03 and Section 12.04(d), and (v) so long as any Class B common units remain outstanding, neither Section 9.01 nor Section 9.06 may be amended without the approval of a majority of the board of
directors of the Managing Member (including in such majority at least one director designee of each of The Advisory Board, TPG and UPMC for so long as such stockholder has the right to designate at least one director to such board pursuant to the
Stockholders Agreement). 
 Section 14.09. Consent to Jurisdiction. Subject to Article 13, the parties hereto agree that
any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought and maintained exclusively in the United States
District Court for the Southern District of New York or the Supreme Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding. Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the
jurisdiction of any such court, by any of the methods specified for the giving of Notices pursuant to Section 14.07. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or
hereafter have based on venue, inconvenience of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 14.07) in any suit,
action or proceeding brought in such courts. 
 Section 14.10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

Section 14.11. Tax Receivables Agreement. The Tax Receivables Agreement shall be treated as part of this Agreement as
described in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations with respect to payments to a Member with respect to an Exchange (as defined in the Tax Receivables Agreement) by such
Member. 
 [Signature pages follow] 

  
 27 

 IN WITNESS WHEREOF, the Company, Evolent Health, Inc. and the Members named below have
duly executed this Agreement as of the date first written above. 
  

			
	EVOLENT HEALTH LLC
		
	By:		  

			Name:
			Title:
	
	EVOLENT HEALTH, INC.
		
	By:		  

			Name:
			Title:
	
	THE ADVISORY BOARD COMPANY
		
	By:		  

			Name:
			Title:
	
	TPG EAGLE HOLDINGS, L.P.
		
	By:		  

			Name:
			Title:
	
	PTOLEMY CAPITAL, LLC
		
	By:		  

			Name:
			Title:

 [Signature Page to Operating Agreement] 

 Exhibit A 
  

													
	 	  	Number of Class A	 	 	Number of Class B	 	 	 	 
	 Name and Address of Member
	  	Common Units	 	 	Common Units	 	 	Percentage Interest	 
	 Evolent Health, Inc.

800 N. Glebe Road, Suite 500

Arlington, Virginia 22203
	  	 	[    	] 	 	 	0	  	 	 	[    	] 
	 The Advisory Board Company

2445 M. Street, NW

Washington, D.C. 20037
	  	 	0	  	 	 	[    	] 	 	 	[    	] 
	 TPG Eagle Holdings, L.P.

c/o TPG Global, LLC

301 Commerce Street, Suite 3300

Fort Worth, Texas 76102
	  	 	0	  	 	 	[    	] 	 	 	[    	] 
	 Ptolemy Capital, LLC

1250 Prospect St, Suite 200

La Jolla, California 92037

Attention: Michael R. Stone
	  	 	0	  	 	 	[    	] 	 	 	[    	] 
	 Total
	  	 	[    	] 	 	 	[    	] 	 	 	100	%EX-10.3

 Exhibit 10.3 

FORM OF INCOME TAX RECEIVABLES AGREEMENT 
  

 
 Table of Contents 

ARTICLE I 
 DEFINITIONS 

 

							
	 Section 1.01.
		Definitions		 	2	  
		
	ARTICLE II				
		
	DETERMINATION OF OVERALL REALIZED TAX BENEFIT				
			
	 Section 2.01.
		Basis Adjustment; Pre-IPO NOLs		 	11	  
	 Section 2.02.
		Basis Adjustment Schedule		 	12	  
	 Section 2.03.
		Tax Benefit Schedule		 	12	  
	 Section 2.04.
		Procedures, Amendments		 	13	  
	 Section 2.05.
		Section 754 Election		 	14	  
		
	ARTICLE III				
		
	TAX BENEFIT PAYMENTS				
			
	 Section 3.01.
		Payments		 	14	  
	 Section 3.02.
		No Duplicative Payments		 	15	  
	 Section 3.03.
		Continuity of Interest		 	15	  
		
	ARTICLE IV				
		
	TERMINATION				
			
	 Section 4.01.
		Early Termination and Breach of Agreement		 	16	  
	 Section 4.02.
		Early Termination Notice		 	17	  
	 Section 4.03.
		Payment upon Early Termination		 	17	  
		
	ARTICLE V				
		
	LATE PAYMENTS				
			
	 Section 5.01.
		Late Payments by the Corporation		 	18	  

 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 
  

							
	 Section 6.01.
		Participation in the Corporation and LLC Tax Matters		 	18	  
	 Section 6.02.
		Consistency		 	18	  
	 Section 6.03.
		Cooperation		 	18	  
		
	ARTICLE VII				
		
	MISCELLANEOUS				
			
	 Section 7.01.
		Notices		 	19	  
	 Section 7.02.
		Counterparts		 	21	  
	 Section 7.03.
		Entire Agreement; Third Party Beneficiaries		 	21	  
	 Section 7.04.
		Governing Law		 	22	  
	 Section 7.05.
		Severability		 	22	  
	 Section 7.06.
		Successors; Assignment; Amendments; Waivers		 	22	  
	 Section 7.07.
		Titles and Subtitles		 	23	  
	 Section 7.08.
		Resolution of Disputes		 	23	  
	 Section 7.09.
		Reconciliation		 	24	  
	 Section 7.10.
		Withholding		 	24	  
	 Section 7.11.
		 Affiliated Corporations; Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets; Classification of
LLC for U.S. Federal Income Tax Purposes
		 	25	  
	 Section 7.12.
		Confidentiality		 	25	  
	 Section 7.13.
		Change in Law		 	26	  

  
 ii 

 This INCOME TAX RECEIVABLES AGREEMENT (as amended from time to time, this
“Agreement”), dated as of [●], 2015 is hereby entered into by and among Evolent Health, Inc., a Delaware corporation (the “Corporation”), Evolent Health LLC, a Delaware limited liability company
(the “LLC”), TPG Eagle Holdings, L.P., a Delaware limited partnership (“TPG Eagle”), Ptolemy Capital, LLC, a Delaware limited liability company (“Ptolemy”), The Advisory Board
Company, a Delaware corporation (“ABCO”, and together with TPG Eagle and Ptolemy, the “Members”), UPMC, a Pennsylvania nonprofit corporation (“UPMC”), TPG Growth II BDH, L.P., a
Delaware limited partnership (“TPG BDH”), Premier Health Partners, an Ohio corporation (“Premier”), Oxeon Partners, LLC, a Delaware limited liability company (“Oxeon”), and
Medstar Health, Inc., a Maryland corporation (“Medstar”, together with Premier and Oxeon, the “Customers”, and together with the Members, UPMC, and TPG BDH, the “Participants”).
 
 RECITALS 

WHEREAS, the Members hold limited liability company interests in the LLC, which is treated as a partnership for U.S. federal income tax
purposes; 
 WHEREAS, the persons listed on Schedule A hereto (the “Holdco Stockholders”), in the aggregate,
hold 72.0% of the capital stock of Evolent Health Holdings, Inc., a Delaware corporation (“Holdco”), on a fully diluted basis, directly or indirectly; 

WHEREAS, TPG BDH, in the aggregate, holds 100% of the capital stock of TPG Eagle BL, LLC, a Delaware limited liability company, which
is treated as a corporation for U.S. federal income tax purposes, (the “TPG Holdco”) directly or indirectly; 

WHEREAS, Holdco and TPG Holdco, in the aggregate and as of immediately prior to the merger of Holdco and TPG Holdco with and into the
Corporation, hold 64.9% of the limited liability company interests in the LLC; 
 WHEREAS, in the Reorganization Transactions (as defined
below) and prior to the consummation of the IPO (as defined below), the Holdco Stockholders and TPG BDH will, respectively, cause Holdco and TPG Holdco to merge with and into the Corporation, with the Corporation surviving, in exchange for
Class A Common Stock of the Corporation and the rights to payments of additional consideration as described in the this Agreement, and the Corporation will become a public company pursuant to the IPO (as defined below); 

WHEREAS, the mergers are intended to qualify as a reorganization within the meaning of Section 368 of the Internal Revenue Code of
1986, as amended (the “Code”); 
 WHEREAS, Holdco and TPG Holdco have net operating losses that the
Corporation will inherit in the Reorganization Transactions under Section 381 of the Code (the “Pre-IPO NOLs”); 

  
 1 

 WHEREAS, in connection with the Reorganization Transactions (as defined below) and the IPO
(as defined below), the Corporation and the Members will enter into an exchange agreement under which the Members will have the right to exchange their Class B LLC Units (the “LLC Units”), in each case together with an equal
number of shares of the Corporation’s Class B stock (the “Class B Stock”), for shares of the Corporation’s Class A stock (the “Class A Stock”), on a one-for-one basis, subject to
customary adjustments;  
 WHEREAS, the LLC and each of its direct and indirect subsidiaries that are classified as
partnerships for U.S. federal income tax purposes, if any, will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year in which such an exchange
will occur, which election is intended to result in an adjustment to the tax basis of the assets owned by the LLC and each of its direct and indirect non-corporate subsidiaries at the time of an exchange of LLC Units and Class B Stock for
Class A Stock (including, for the avoidance of doubt, a disguised sale of the LLC Units pursuant to Section 707(a)(2)(B) of the Code), (an “Exchange”) (each such time, an “Exchange Date”)
(such assets and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset, the “Adjusted Assets”) by reason of such Exchange, or the receipt of certain payments under
this Agreement;  
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to (or by reference to)
the effect of the Pre-IPO NOLs, the Basis Adjustments and Imputed Interest on the reported liability for Taxes of the Corporation and its subsidiaries (and the LLC and its subsidiaries, as applicable and without duplication (but, in each case, only
with respect to Taxes imposed on the LLC and allocable to the Corporation or to members of the consolidated, combined, affiliated or unitary group of which the Corporation is a parent)); and 

WHEREAS, as additional consideration in the Reorganization Transactions, the Corporation intends to pay certain amounts to TPG BDH and the
Holdco Stockholders; 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Adjusted
Assets” is defined in the preamble of this Agreement. 

  
 2 

 “Advisory Firm” means (i) [●] or (ii) any other
law or accounting firm that is (A) nationally recognized as being expert in Tax matters and (B) agreed to by at least two of three of (i) TPG Eagle, TPG BDH and their successor and assigns, (ii) UPMC and its successors and
assigns, and (iii) ABCO and its successors and assigns 
 “Advisory Firm Report” shall mean a
letter from the Advisory Firm engaged by the Corporation stating that the relevant schedule, notice or other information to be provided by the Corporation to the Participants and all supporting schedules and work papers were prepared in a manner
consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to the
Participants. 
 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means LIBOR plus 100 basis points.  

“Agreement” is defined in the preamble of this Agreement. 

“Allocable”: The portion of the Attributes of the Corporation for a Taxable Year that is “Allocable”
to any present or former Participant, as applicable, other than the Corporation shall be determined in accordance with the following principles:  

(i) The Basis Adjustment Attributes arising from a Basis Adjustment attributable to consideration paid by the Corporation on an Exchange Date
in respect of the Exchange occurring on such date are Allocable to Participants in accordance with each Participant’s Exchange Sharing Percentage of such Basis Adjustments; 

(ii) The Basis Adjustment Attributes arising from a Basis Adjustment attributable to consideration paid by the Corporation pursuant to this
Agreement are Allocable to the Participant to whom such consideration was paid; 
 (iii) Imputed Interest Attributes are Allocable to such
Participants that are required to include the related Imputed Interest in income (without regard to whether such Participant is actually subject to tax thereon); and 

(iv) The NOL Attributes are Allocable to the Participants in accordance with each Participant’s NOL Sharing Percentage. 

“Amended Schedule” is defined in Section 2.04(b) of this Agreement. 

“Attributes” means the Basis Adjustment Attributes, the NOL Attributes and the Imputed Interest Attributes. 

“Basis Adjustment” means the adjustment to the tax basis of an Adjusted Asset under Section 732 of the Code (in
situations where, as a result of one or more 

  
 3 

 
Exchanges, the LLC becomes an entity that is disregarded as separate from its owner for tax purposes) or Section 743(b) of the Code (in situations where, following an Exchange, the LLC
remains in existence as an entity for tax purposes) and, in each case, comparable sections of state, local and foreign tax laws (as calculated under Section 2.01 of this Agreement) as a result of an Exchange or the payments made pursuant to
this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more LLC Units shall be determined without regard to any Pre-Exchange Transfer of such LLC Unit, and as if
any such Pre-Exchange Transfer had not occurred. Immediately after any Section 732 Event, “Basis Adjustment” includes a portion of the tax basis of an Adjusted Asset equal to the Basis Adjustment attributable to such Adjusted Asset
immediately prior to such Section 732 Event, and also includes, for this purpose, any adjustment in the basis of an asset pursuant to Section 1012 of the Code and Revenue Ruling 99-6, 1999-1 C.B. 432, due to an Exchange that causes the LLC
to become an entity that is disregarded as separate from its owner for U.S. Federal income tax purposes; for the avoidance of doubt, any such asset shall be considered an Adjusted Asset. 

“Basis Adjustment Attributes” means, for a Taxable Year, the total amount of depreciation, amortization, and other
deductions, and related items and adjustments to gain or loss on disposition of assets not realized in a prior Taxable Year that are attributable to Basis Adjustments and would be allowable for such Taxable Year under applicable law if the
Corporation had unlimited gross income and gains to utilize such items. 
 “Basis Adjustment Schedule” is
defined in Section 2.02 of this Agreement. 
 “Board” means the board of directors of the
Corporation. 
 “Business Day” means Monday through Friday of each week, except that a legal holiday
recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day. 

“Change of Control” means:  

(i) a merger, reorganization, consolidation or similar form of business transaction directly involving the Corporation or indirectly involving
the Corporation through one or more intermediaries unless, immediately following such transaction, more than 50% of the voting power of the then outstanding voting stock or other equities of the Corporation resulting from consummation of such
transaction (including, without limitation, any parent or ultimate parent corporation of such Person that as a result of such transaction owns directly or indirectly the Corporation and all or substantially all of the Corporation’s assets)
entitled to vote generally in elections of directors is held by the existing Corporation shareholders (determined immediately prior to such transaction and related transactions); 

  
 4 

 (ii) a transaction in which the Corporation, directly or indirectly, sells, assigns, conveys,
transfers, leases or otherwise disposes of all or substantially all of its assets to another Person other than an Affiliate; 
 (iii) a
transaction in which there is an acquisition of control of the Corporation by a Person or group of Persons acting in concert to exercise Control (other than the Participants and their Affiliates). The term “control” for purposes of this
clause (iii) shall mean the possession, directly or indirectly, of the power to either (A) vote more than 50% of the securities having ordinary voting power for the election of directors (or comparable positions in the case of partnerships
and limited liability companies), or (B) direct or cause the direction of the management and policies of such Person whether by contract or otherwise (for the avoidance of doubt, consent rights do not constitute control for the purpose of this
definition); 
 (iv) a transaction in which individuals who constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the effective date of this Agreement, whose election or nomination for election is either (A) contemplated by a
written agreement among shareholders of the Corporation on the effective date of this Agreement or (B) was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the
proxy statement of the Corporation in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a
director of the Corporation as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board
shall be deemed to be an Incumbent Director; or  
 (v) the liquidation or dissolution of the Corporation. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which the holders of the shares of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership and voting power in
an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

“Class A Stock” is defined in the preamble of this Agreement. 

“Class B Stock” is defined in the preamble of this Agreement. 

“Code” is defined in the preamble of this Agreement. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

  
 5 

 “Corporation” is defined in the preamble of this Agreement.

 “Corporation Return” means the U.S. Federal income Tax Return and/or state and/or local and/or foreign
Tax Return, as applicable, of the Corporation filed with respect to Taxes of any Taxable Year. 
 “Default
Rate” means LIBOR plus 500 basis points.  
 “Determination” shall have the meaning
ascribed to such term in Section 1313(a) of the Code or similar provision of state, local and foreign tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of
any liability for Tax. 
 “Early Termination Date” means the date of an Early Termination Notice for
purposes of determining the Early Termination Payment. 
 “Early Termination Notice” is defined in
Section 4.02 of this Agreement. 
 “Early Termination Payment” is defined in Section 4.03(b)
of this Agreement. 
 “Early Termination Rate” means LIBOR plus 300 basis points. 

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

“Exchange” is defined in the preamble of this Agreement. 

“Exchange Date” is defined in the preamble of this Agreement. 

“Exchange Sharing Percentage” means, for any Taxable Year, the percentage set forth in Schedule I to this
Agreement. 
 “Expert” is defined in Section 7.09 of this Agreement. 

“Founder Participant” means each of TPG Eagle, TPG BDH, ABCO and UPMC, and their successors and assignees.

 “Holdco” is defined in the preamble of this Agreement. 

“Holdco Stockholders” is defined in the preamble of this Agreement. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the
Corporation and its subsidiaries (and the LLC and its subsidiaries, as applicable and without duplication (but, in each case, only with respect to Taxes imposed on the LLC and allocable to the Corporation or to members of the consolidated, combined,
affiliated or unitary group of which the Corporation is a parent)) for such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Corporation Return, but (i) using the Non-Stepped Up Tax 

  
 6 

 
Basis instead of the tax basis of the Adjusted Assets and (ii) assuming the Corporation does not have any Attributes for that Taxable Year and any prior Taxable Year. If all or a portion of
the liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of such Taxable Year, such liability shall not be included in determining the Hypothetical Tax Liability unless and until there has been a
Determination. 
 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or 483 or
other provision of the Code and any similar provision of state, local and foreign tax law with respect to the Corporation’s payment obligations under this Agreement. 

“Imputed Interest Attributes” shall mean, for a Taxable Year, the total amount of deductions not reflected in a
prior Taxable Year that are attributable to Imputed Interest under this Agreement and would be allowable for such Taxable Year under applicable law if the Corporation had unlimited gross income and gains to utilize such items. 

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

“IPO” shall mean the initial public offering of common stock of the Corporation pursuant to the Registration
Statement.  
 “IRS” means the United States Internal Revenue Service. 

“ITR Payment” means any Tax Benefit Payment or Early Termination Payment required to be made by the Corporation
to the Participants under this Agreement. 
 “LIBOR” means for each month (or portion thereof) during
any period, an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Reuters Screen page “LIBO” or by any other publicly available source of such market rate for
London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “LLC”
is defined in the preamble of this Agreement. 
 “LLC Agreement” means the Third Amended and Restated
Operating Agreement of the LLC, dated as of [●], 2015. 
 “LLC Units” is defined in the preamble
of this Agreement. 
 “Material Objection Notice” has the meaning set forth in Section 4.02 of
this Agreement. 
 “Members” is defined in the preamble of this Agreement. 

“NOL Attributes” means the Pre-IPO NOLs. 

  
 7 

 “NOL Sharing Percentage” means, for any Taxable Year, the
percentage set forth in Schedule II to this Agreement. 
 “Non-Stepped Up Tax Basis” means, with
respect to any asset at any time, the tax basis that such asset would have had at such time if no Basis Adjustment had been made or, immediately after any Section 732 Event, the tax basis that such asset would have had if the Basis Adjustment
were not included in such asset’s tax basis. 
 “Objection Notice” has the meaning set forth in
Section 2.04(a) of this Agreement. 
 “Overall Realized Tax Benefit” means, for a Taxable Year,
the excess, if any, of the Hypothetical Tax Liability over the actual liability for Taxes of the Corporation and its subsidiaries (and the LLC and its subsidiaries, as applicable and without duplication (but, in each case, only with respect to Taxes
imposed on the LLC and allocable to the Corporation or to members of the consolidated, combined, affiliated or unitary group of which the Corporation is a parent)) for such Taxable Year. If all or a portion of the actual liability for Taxes for the
Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Overall Realized Tax Benefit unless and until there has been a Determination. 

“Overall Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for
Taxes of the Corporation and its subsidiaries (and the LLC and its subsidiaries, as applicable and without duplication (but, in each case, only with respect to Taxes imposed on the LLC and allocable to the Corporation or to members of the
consolidated, combined, affiliated or unitary group of which the Corporation is a parent)) over the Hypothetical Tax Liability over for such Taxable Year. If all or a portion of the actual liability for Taxes for the Taxable Year arises as a result
of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Overall Realized Tax Benefit unless and until there has been a Determination.  

“Participants” is defined in the preamble of this Agreement.  

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company,
estate, trust, business association, organization, governmental entity or other entity. 
 “Pre-IPO
NOLs” is defined in the preamble of this Agreement.  
 “Pre-Exchange Transfer” means any
transfer of one or more LLC Units (i) that occurs prior to an Exchange of such LLC Units, and (ii) to which Section 743(b) applies. 

“Reconciliation Dispute” has the meaning set forth in Section 7.09(a) of this Agreement. 

  
 8 

 “Reconciliation Procedures” shall mean those procedures set forth
in Section 7.09 of this Agreement. 
 “Registration Statement” means the registration statement
on Form S-1, as amended (File No. 333-203852) of the Corporation. 
 “Reorganization Transactions”
shall mean generally those transactions described in the Registration Statement and any other transactions ancillary to such transactions to effect the post-IPO organizational structure of the Corporation and its Subsidiaries. 

“Schedule” means any Basis Adjustment Schedule, Tax Benefit Schedule and any Early Termination Schedule.

 “Section 732 Event” is defined in Section 2.01(b) of this Agreement. 

“Sharing Percentage” means, with respect to each Participant, for any Taxable Year, the quotient (expressed as
a percentage) obtained by dividing (x) such Participant’s Uncompensated Attributes for such Taxable Year by (y) the aggregate Uncompensated Attributes for such Taxable Year. A Participant’s Sharing Percentage with respect to a
Taxable Year shall be adjusted, as appropriate, to take into account any amendments finalized pursuant to the procedures set forth in this Agreement and reflected on an Amended Schedule.  

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

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

“Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 

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

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

“Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges measured
with respect to net income or profits and any interest related to such Tax. 

  
 9 

 “Taxing Authority” shall mean any domestic, foreign, federal,
national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

 “TPG Holdco” is defined in the preamble of this Agreement. 

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

“Uncompensated Attributes” of a Participant for a Taxable Year means, (i) in the case of the first Taxable
Year to which this Agreement applies, the gross amount of the Attributes for such Taxable Year (which, for clarity, include the NOL Attributes) that are Allocable to such Participant, and (ii) in the case of each succeeding Taxable Year, the
sum of (x) the gross amount of the Attributes for such succeeding Taxable Year (which, for clarity, exclude the NOL Attributes) that are Allocable to such Participant, plus (y) such Participant’s Uncompensated Attributes for
the prior Taxable Year, minus (z) the portion of the gross amount of the Attributes the benefits of which to the Corporation gave rise to the positive amount calculated in clause (A) of such Participant’s Tax Benefit Payment
(if any) for such prior Taxable Year pursuant to this Agreement.  
 “Valuation Assumptions” shall
mean, as of an Early Termination Date, the assumptions that (i) in each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to fully utilize the deductions arising from the Basis
Adjustments and the Imputed Interest during such Taxable Year, and any Pre-IPO NOLs, loss carryovers generated by the Basis Adjustment or the Imputed Interest and available as of the Early Termination Schedule will be utilized by the Corporation on
a pro rata basis from the date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers, (ii) any deductions relating to the Basis Adjustments and the Imputed Interest for such Taxable Year or future
Taxable Years, as applicable, will be determined based on the Tax laws in effect on the Early Termination Date, (iii) the federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year
will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, (iv) any non-amortizable assets are deemed to be disposed of in a taxable sale on the fifteenth anniversary of the earlier
of the date of the Basis Adjustment or the Early Termination Date for an amount sufficient to fully use the Basis Adjustments with respect to such assets and any short-term investments (as defined by GAAP) will be disposed of twelve (12) months
following the Early Termination Date; provided that, in the event of a Change of Control which includes a taxable sale of any relevant asset, such asset shall be deemed disposed of at the time of the Change of Control (if earlier than such fifteenth
anniversary), and (v) if an Early Termination is effected prior to an Exchange of all LLC Units, the Basis Adjustment shall be calculated as if the Exchange of any remaining LLC Units occurred on the Early Termination Date.  

  
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 ARTICLE II 

DETERMINATION OF OVERALL REALIZED TAX BENEFIT 

Section 2.01. Basis Adjustment; Pre-IPO NOLs. The Corporation, on the one hand, and the Participants, on the other hand,
acknowledge that, as a result of: 
 (a) an Exchange and pursuant to applicable law, with respect to the Corporation, the basis in the
Adjusted Assets shall be adjusted as determined under Sections 743 and 754 of the Code and the Treasury Regulations thereunder (provided that the LLC remains classified as a partnership for U.S. federal income tax purposes after giving effect to
such Exchange); 
 (b) an actual or deemed liquidation of the LLC for U.S. federal income tax purposes or other transaction pursuant to
which the tax basis of Adjusted Assets is determined in whole or in part pursuant to Section 732 of the Code (a “Section 732 Event”), the tax basis of such Adjusted Assets shall be adjusted to equal the
distributee’s tax basis in the applicable interest in the LLC; and 
 (c) the Reorganization Transactions, the Corporation may utilize
the Pre-IPO NOLs to reduce the amount of Taxes that the Corporation would otherwise be required to pay in the future. 
 Subject to
Section 6.02, the Corporation, on the one hand, and the Participants, on the other hand, hereby agree to treat for all tax reporting purposes any payments made under this Agreement (i) to a Member in its capacity as such (and its
assignees) as additional consideration for the applicable LLC Units exchanged by such Member, and (ii) to the other Participants and other than in their capacity as Members, as additional consideration described in Section 356(a)(1) of the
Code pursuant to the merger of TPG Holdco and Holdco, as the case may be, with and into the Corporation, (except that, in either case to the extent required by law, payments to UPMC may be described in Section 356(a)(2) of the Code). The
parties agree that (a) all payments to a Member in its capacity as such with respect to an Exchange pursuant to this Agreement (other than amounts accounted for as interest under the Code) will be treated as subsequent upward purchase price
adjustments that have the effect of creating additional Basis Adjustments in respect of such Member to Adjusted Assets for the Corporation or its wholly-owned Subsidiaries, as applicable, in the year of payment, and (b) as a result, such
additional Basis Adjustments in respect of such Member will be incorporated into the current year calculation and into future year calculations, as appropriate under applicable law. For the avoidance of doubt, (i) Imputed Interest payments made
under this Agreement shall be treated as interest income and shall not be treated as resulting in a Basis Adjustment or as additional consideration described in Section 356 of the Code, (ii) payments made under this Agreement to
Participants that are not Members or that are not receiving payments in their capacity as Members (or in each case, their assignees) shall not be treated as resulting in a Basis Adjustment, (iii) in furtherance of clause (ii) of this
sentence, the incremental amounts payable to ABCO (and its successors and assigns) pursuant to this Agreement as a result of ABCO having an “Exchange Sharing Percentage” with respect to the Basis

  
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Adjustment Attributes attributable to an Exchange by TPG Eagle or Ptolemy are payments to ABCO other than in its capacity as a Member and (iv) the incremental amounts payable to TPG Eagle
and Ptolemy (and each of their successors and assigns), respectively, pursuant to this Agreement as a result of TPG Eagle and Ptolemy having an “NOL Sharing Percentage” with respect to Holdco are additional consideration described in
Section 356(a)(1) of the Code pursuant to the merger of Holdco with and into the Corporation. 
 Section 2.02. Basis Adjustment
Schedule. Within ninety (90) calendar days after the end of the Taxable Year in which a Section 732 Event or Exchange occurs, and in any event at least ninety (90) calendar days prior to the filing of the U.S. Federal income Tax
Return of the Corporation for each Taxable Year in which any such Section 732 Event or Exchange has been effected, the Corporation shall deliver to each Participant a schedule that shows, in reasonable detail, the information required under
Sections 732, 743(b) and 755 of the Code, and the Treasury Regulations thereunder, to calculate the Basis Adjustment with respect to such Section 732 Event or Exchange, including without limitation, (i) the Corporation’s proportionate
share of the actual unadjusted tax basis of the Adjusted Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to each class of the Adjusted Assets as a result of any Section 732 Event and each Exchanges
effected in such Taxable Year, (iii) the period or periods, if any, over which the Adjusted Assets are amortizable and/or depreciable, and (iv) the period or periods, if any, over which each Basis Adjustment is amortizable and/or
depreciable (the “Basis Adjustment Schedule”). For the avoidance of doubt, for purposes of calculating Overall Realized Tax Benefit and Overall Realized Tax Detriment, Pre-IPO NOLs shall not be deemed to expire unless they
actually expire unused for the purposes of computing the Corporation’s actual income tax liability. 

Section 2.03. Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the U.S. Federal
income Tax Return of the Corporation for any Taxable Year in which there is an Overall Realized Tax Benefit or an Overall Realized Tax Detriment (or as soon as practicable thereafter), the Corporation shall provide to each Participant a schedule
showing, in reasonable detail, the calculation of (i) the Overall Realized Tax Benefit or Overall Realized Tax Detriment for such Taxable Year, (ii) such Participant’s Sharing Percentage for such Taxable Year, (iii) such
Participant’s Uncompensated Attributes for such Taxable Year (calculated by reference to the Attributes Allocable to such Participant), and (iv) such Participant’s Tax Benefit Payment for such Taxable Year (a “Tax Benefit
Schedule”). Concurrently the Corporation shall also provide to each Participant all supporting information (including work papers and valuation reports) reasonably necessary to support the calculation of such payment. The Schedule will
become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(a)). Subject to Section 4.03(a), the Overall Realized Tax Benefit or Overall
Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase, respectively, in the actual liability for Taxes of the Corporation and its subsidiaries (and the LLC and its subsidiaries, as applicable and without
duplication (but, in each case, only with respect to Taxes imposed on the LLC and allocable to the Corporation or to members of the consolidated, combined, affiliated or unitary group of which the Corporation is a

  
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parent)) for such Taxable Year (or portion thereof) attributable to the Basis Adjustments, the Imputed Interest, and the Pre-IPO NOLs, determined using a “with and without” methodology
and shall be construed accordingly. For the avoidance of doubt, such actual liability for Taxes will take into account any deduction of Imputed Interest. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustments, Imputed
Interest, and the Pre-IPO NOLs shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation
and expiration of carryovers or carrybacks of the relevant type. 
 Section 2.04. Procedures, Amendments. 

(a) Procedure. Every time the Corporation delivers to each Participant an applicable Schedule under this Agreement, including any
Amended Schedule delivered pursuant to Section 2.04(b), and including any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver to each Participant schedules, valuation reports, if any,
and work papers providing reasonable detail regarding the preparation of the Schedule and an Advisory Firm Report related to such Schedule and (y) allow each Participant reasonable access at no cost to the appropriate representatives at each of
the Corporation and the applicable Advisory Firm in connection with a review of such Schedule. The applicable Schedule (or amendment) shall become final and binding on a Participant thirty (30) calendar days after such Participant receives such
Schedule (or amendment) unless such Participant (if a Founder Participant) during such period provides the Corporation with notice of a material objection to such Schedule (“Objection Notice”) made in good faith. If the
parties, for any reason, are unable to successfully resolve the issues raised in any Objection Notice within thirty (30) calendar days of receipt by the Corporation of such Objection Notice, the Corporation and the applicable Participants shall
employ the reconciliation procedures as described in Section 7.09 of this Agreement (the “Reconciliation Procedures”). 

(b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended (and, at the request of a Founder Participant, shall
be amended if such amendment would result in a material increase in the amounts payable pursuant to this Agreement to one or more of the Founder Participants) from time to time by the Corporation (i) in connection with a Determination affecting
such Schedule, (ii) to correct material inaccuracies in the Schedule identified after the date the Schedule was provided to the Participants, (iii) to comply with the Expert’s determination under the Reconciliation Procedures,
(iv) to reflect a material change (relative to the amounts in the original Schedule) in the Overall Realized Tax Benefit or Overall Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax
item to such Taxable Year, (v) to reflect a material change (relative to the amounts in the original Schedule) in the Overall Realized Tax Benefit or Overall Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return
filed for such Taxable Year, or (vi) to adjust the Basis Adjustment Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”); provided, however, that
such a change under clause (i) attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Schedule unless and until there 

  
 13 

 
has been a Determination with respect to such change. The Corporation shall provide any Amended Schedule to each Participant within thirty (30) calendar days of the occurrence of an event
referred to in clauses (i) through (vi) of the preceding sentence, and any such Amended Schedule shall be subject to approval procedures similar to those described in Section 2.04(a). Notwithstanding anything to the contrary herein,
all calculations and determinations hereunder, including Basis Adjustments, the Schedules and the determination of the Overall Realized Tax Benefit and the Overall Realized Tax Detriment, shall be made in accordance with any elections, methodologies
or positions taken on the relevant Tax Returns of the Corporation and its subsidiaries (and the LLC and its subsidiaries). 

Section 2.05. Section 754 Election. The LLC (and each of its subsidiaries classified as a partnership for U.S. federal income
tax purposes) will have in effect an election under Section 754 of the Code for each Taxable Year during which an Exchange occurs and this Agreement remains in effect. 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.01. Payments. 

(a) Timing of Payments. Within ten (10) Business Days of a Tax Benefit Schedule delivered to each Participant becoming final in
accordance with Section 2.04(a), the Corporation shall pay (or cause to be paid) to each Participant for such Taxable Year an aggregate amount equal to such Participant’s Tax Benefit Payment for such Taxable Year determined pursuant to
Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account of each Participant previously designated by each Participant to the Corporation or as otherwise agreed by the
Corporation and such Participant. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, federal income estimated tax payments. 

(b) A Participant’s “Tax Benefit Payment” for a Taxable Year means an amount, not less than zero, equal to
the sum of (A) 85% of the sum of: (i) the product of the Overall Realized Tax Benefit, if any, for such Taxable Year multiplied by such Participant’s Sharing Percentage for such Taxable Year plus (ii) the product of the
amount of the excess of the Overall Realized Tax Benefit reflected on an Amended Schedule for a previous Taxable Year over the Overall Realized Tax Benefit (or Overall Realized Tax Detriment, expressed as a negative number) reflected on the Tax
Benefit Schedule for such previous Taxable Year, multiplied by such Participant’s Sharing Percentage for such previous Taxable Year, minus (iii) the product of the Overall Realized Tax Detriment, if any, for a previous Taxable Year
(expressed as a positive number) multiplied by such Participant’s Sharing Percentage for such previous Taxable Year, minus (iv) the product of the excess of the Overall Realized Tax Benefit reflected on a Tax Benefit Schedule for a
previous Taxable Year over the Overall Realized Tax Benefit (or Overall Realized Tax Detriment, expressed as a negative number) reflected on the Amended Schedule for such  

  
 14 

 
previous Taxable Year, multiplied by such Participant’s Sharing Percentage for such previous Taxable Year plus (B) 85% of the Interest Amount with respect to such Participant;
provided, however, that to the extent that the amounts described in Section 3.01(b)(ii), (iii) and (iv) were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not
be taken into account in determining a Tax Benefit Payment attributable to any other Taxable Year; provided, further, for the avoidance of doubt, that the Participants shall not be required to return any portion of any previously made
Tax Benefit Payment. The “Interest Amount” with respect to such Participant shall equal interest on the Participant’s respective shares of the Overall Realized Tax Benefits taken into account under clauses (A)(i) through
(A)(iv) of the preceding sentence, calculated at the Agreed Rate from the due date (without extensions) for filing the Corporation Return with respect to Taxes for the Taxable Year for which the Overall Realized Tax Benefit is being measured until
the Payment Date. A Participant’s Tax Benefit Payment with respect to a Taxable Year may not be made until all Participants have been paid their applicable Tax Benefit Payments with respect to prior Taxable Years. In the event that a
Determination results in the disallowance of any Attributes, appropriate adjustments shall be made to future payments pursuant to this Agreement so as to put the Participants in the same position (or as close as reasonably possible thereto) as if
such disallowed Attributes were not the subject of this Agreement. A simplified example of the calculation of a Participant’s Tax Benefit Payment will be included as Exhibit A to this Agreement upon the review and approval of such example by
the Founder Participants. 
 Section 3.02. No Duplicative Payments. It is intended that the provisions of this Agreement will
not result in (i) duplicative payment of any amount (including interest) required under this Agreement or (ii) payment of any amount described in clause (A) of Section 3.01(b) with respect to a Taxable Year that, when combined
with the amounts described in clause (A) of Section 3.01(b) with respect to prior Taxable Years to which this Agreement applies, is in excess of (or less than) 85% of the aggregate Overall Realized Tax Benefit with respect to all such
Taxable Years, and it is also intended that the sum of the Sharing Percentages of the Participants under this Agreement shall always equal 100%. The provisions of this Agreement shall be construed in the appropriate manner so that such intentions
are realized. 
 Section 3.03. Continuity of Interest. It is intended that the mergers of TPG Holdco and Holdco with and into
the Corporation constitute a reorganization described in Section 368(a)(1)(A) of the Code, and, to the extent a payment to a Participant pursuant to this Agreement (i) is intended to be treated as consideration described in
Section 356 of the Code in respect of the merger of TPG Holdco or Holdco, as applicable, and (ii) as reasonably determined by the Corporation on the advice of counsel, would cause the shares of Class A Common Stock of the Corporation
received in such applicable merger to constitute less than 40% of the aggregate consideration received by such Participant in respect of such merger (a “COI Event”), then such Participant’s Sharing Percentage with
respect to the payment or portion thereof so treated for each applicable Taxable Year shall be reduced proportionately (and each other Participant’s Sharing Percentage shall automatically be increased proportionately by an aggregate amount
equal to such reduction) to the minimum extent necessary to avoid such COI Event (as reasonably determined by the Corporation on the advice of counsel), and the parties will reasonably cooperate in implementing the provisions of this Agreement to
give effect to such adjustment. 

  
 15 

 ARTICLE IV 

TERMINATION 

Section 4.01. Early Termination and Breach of Agreement. 

(a) The Corporation may terminate this Agreement with respect to the payment of amounts contemplated hereunder by paying to each Participant
its Early Termination Payment as determined pursuant to Section 4.03(b) . Upon payment of the Early Termination Payments by the Corporation, neither the Participants nor the Corporation shall have any further payment obligations under this
Agreement, other than any (i) Tax Benefit Payment agreed to by the Corporation and the Participants as due and payable but unpaid as of the Early Termination Notice or (ii) Tax Benefit Payment due for a Taxable Year ending prior to, with
or including the date of the Early Termination Notice (except to the extent that the amount described in this clause (ii) is included in the Early Termination Payment). If an Exchange or Section 732 Event occurs after the Corporation
exercises its termination rights under this Section 4.01(a), the Corporation shall have no obligations under this Agreement with respect to such Exchange or Section 732 Event. 

(a) (b) Change of Control; Breach of Material Obligations. In the event of a Change of Control or if the Corporation breaches a
material obligation of this Agreement, all obligations hereunder shall be accelerated and such obligations shall be calculated pursuant to this Article IV as if an Early Termination Notice had been delivered on the closing date of the Change of
Control (or date of the breach) and shall include, but not be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the effective date of a Change of Control (or date of the breach),
(2) any Tax Benefit Payment agreed to by the Corporation and the Participants as due and payable but unpaid as of the Early Termination Notice and (3) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the
effective date of a Change of Control (or date of the breach). In the event of a Change of Control, the Early Termination Payment shall be paid no later than the date of such Change of Control. In the event of a Change of Control or if the
Corporation breaches a material obligation under this Agreement, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and, in the event of a Change of Control, by substituting in each case the terms “the closing
date of a Change of Control” for an “Early Termination Date”. The parties agree that an unpaid aggregate outstanding balance of payments pursuant to this Agreement that exceeds $1,000,000 for at least six (6) months shall be
deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement upon the Corporation’s receipt of written notice from a Participant regarding such outstanding balance, unless (x) such payment is made
by the Corporation within ten (10) Business Days of the delivery of such notice to the Corporation or (y) the Corporation reasonably determines (after taking into account the establishment of reasonable reserves) it does not have
sufficient cash to pay such outstanding balance at the time of receipt of such notice, in which case the Corporation may, absent the occurrence of a Change of 

  
 16 

 
Control or any other breach by the Corporation of a material obligation of this Agreement, defer payment of such outstanding balance (subject to the interest provisions of Article V) until the
earlier of (i) the Corporation having sufficient cash to pay such balance and (ii) the one-year anniversary of the receipt of the notice for such payment. The parties further agree that it will not be considered to be a breach of a
material obligation under this Agreement for such unpaid aggregate outstanding balance to exceed $1,000,000 for fewer than six (6) months; provided that the interest provisions of Article V shall apply to any late payment. Further, the Founder
Participants may by unanimous written agreement cause, in the event the Corporation breaches a material obligation of this Agreement, the obligations hereunder to not accelerate as a result of such breach. 

Section 4.02. Early Termination Notice. If the Corporation chooses to exercise its right of early termination under
Section 4.01 above, the Corporation shall deliver to each Participant notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”)
specifying the Corporation’s intention to exercise such right and showing in reasonable detail the information required pursuant to Section 2.02 and the calculation of the Early Termination Payment. The Early Termination Schedule shall
become final and binding on all parties unless a Participant, within thirty (30) calendar days after receiving the Early Termination Schedule provides the Corporation with notice of a material objection to such Schedule made in good faith
(“Material Objection Notice”). If the parties, for any reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporation of the Material
Objection Notice, the Corporation and the Participants shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement. 

Section 4.03. Payment upon Early Termination. (a) Within five (5) Business Days after agreement between the Participants
and the Corporation of the Early Termination Schedule, the Corporation shall pay to each Participant its Early Termination Payment; provided that, in the event of an Early Termination Payment in connection with a Change of Control, such Early
Termination Payment shall be payable no later than the date of such Change of Control. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the Participants or as otherwise agreed by the
Corporation and the Participants. 
 (b) A Participant’s “Early Termination Payment” as of the date of the
delivery of an Early Termination Schedule shall equal the present value, discounted at the Early Termination Rate as of such date, of such Participant’s Tax Benefit Payments that would be required to be paid by the Corporation for each Taxable
Year beginning from the Early Termination Date assuming the Valuation Assumptions are applied. For purposes of calculating the present value pursuant to this Section 4.03(b) of all Tax Benefits Payments that would required to be paid, it shall
be assumed that absent the Early Termination Notice all Tax Benefit Payments would be paid on the due date (without extensions) for filing the Corporation Return with respect to Taxes for each Taxable Year. The computation of the Early Termination
Payment is subject to the Reconciliation Procedures as described in Section 7.09(b) of this Agreement. 

  
 17 

 ARTICLE V 

LATE PAYMENTS 

Section 5.01. Late Payments by the Corporation. The amount of all or any portion of any ITR Payment not made to the Participants
when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such ITR Payment was due and payable. 

ARTICLE VI 
 NO
DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01. Participation in the Corporation and LLC Tax Matters. Except as
otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and the LLC, including, without limitation, the preparation, filing or amending of any Tax Return and
defending, contesting or settling any issue pertaining to Taxes, subject to a requirement that the Corporation act in good faith in connection with its control of any matter which is reasonably expected to materially affect the Participants’
rights and obligations under this Agreement. Notwithstanding the foregoing, the Corporation shall notify each Participant of, and keep each Participant reasonably informed with respect to, the portion of any audit of the Corporation and the LLC by a
Taxing Authority the outcome of which is reasonably expected to affect such Member’s rights and obligations under this Agreement, and shall give each Participant reasonable opportunity to provide information and participate in the applicable
portion of such audit; provided, however, that the Corporation and the LLC shall not be required to take any action that is inconsistent with any provision of the LLC Agreement. 

Section 6.02. Consistency. Except upon the written advice of an Advisory Firm, the Corporation and the Participants agree to
report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including without limitation the Basis Adjustment and each Tax Benefit Payment) in a
manner consistent with that specified in this Agreement and by the Corporation in any Schedule required to be provided by or on behalf of the Corporation under this Agreement. Any dispute concerning such advice shall be subject to the terms of
Section 7.09. In the event that an Advisory Firm engaged by the Corporation is replaced with another firm reasonably acceptable to the Corporation and the Participants, such replacement Advisory Firm shall be required to perform its services
under this Agreement using procedures and methodologies consistent with those utilized by the previous Advisory Firm, unless otherwise required by law or the Corporation and the Participants agree to the use of other procedures and methodologies.

 Section 6.03. Cooperation. Each of the Corporation and the Participants shall (a) furnish to the other parties in a
timely manner such information, documents and other materials as the other party may reasonably request for purposes of making or 

  
 18 

 
approving any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing
Authority, (b) make itself available to the other parties and their representatives to provide explanations of documents and materials and such other information as the requesting party or its representatives may reasonably request in
connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the requesting party shall reimburse the other parties for any reasonable third-party costs and expenses
incurred pursuant to this Section. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or
(b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 
 If to the Corporation, to: 

Evolent Health, Inc. 
 800 N.
Globe Road, Suite 500 
 Arlington, VA 22203 

Attention: Jonathan Weinberg 

with a copy to (which shall not constitute notice): 

Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York, New
York 10019 
 Attention: Andrew Needham 

If to the Advisory Board Company: 

The Advisory Board Company 
 2445
M St., NW 
 Washington, D.C. 20037 

Attention: Evan Farber 

Facsimile: (202) 266-5700 

E-mail: farbere@advisory.com 

  
 19 

 with a copy to (which shall not constitute notice): 

Skadden Arps Meagher & Flom LLP 

Attention: Jeremy D. London 

Facsimile: (202) 661-8299 

E-mail: Jeremy.London@skadden.com 

If to TPG Eagle Holdings, L.P.: 

TPG Eagle Holdings, L.P. 
 301
Commerce Street, Suite 3300 
 Forth Worth, TX 76102 

Attention: General Counsel 
 with
a copy to (which shall not constitute notice): 
 Ropes & Gray LLP 

Three Embarcadero Center 
 San
Francisco, CA 94111-4006 
 Attention: Thomas Holden 

Facsimile: (415) 315-4823 

E-mail: thomas.holden@ropesgray.com 

If to TPG Growth II BDH, L.P: 

TPG Growth II BDH, L.P 
 301
Commerce Street, Suite 3300 
 Forth Worth, TX 76102 

Attention: General Counsel 
 with
a copy to (which shall not constitute notice): 
 Ropes & Gray LLP 

Three Embarcadero Center 
 San
Francisco, CA 94111-4006 
 Attention: Thomas Holden 

Facsimile: (415) 315-4823 

E-mail: thomas.holden@ropesgray.com 

If to the University of Pittsburg Medical Center: 

The University of Pittsburg Medical Center 

U.S. Steel Building 
 600 Grant
Street, 55th Floor 
 Pittsburgh, Pennsylvania 15219 

Attention: Chief Legal Officer 

Facsimile: (412) 647-9193 

  
 20 

 with a copy to (which shall not constitute notice): 

Drinker Biddle & Reath LLP 

1500 K Street, N.W. 
 Washington,
D.C. 20005-1209 
 Attention: Gerald McCartin 

Facsimile: (202) 842-8465 

E-mail: Gerald.McCartin@dbr.com 

If to Premier Health Partners: 

Premier Health Partners 
 110 N
Main Street, Suite 900 
 Dayton, Ohio 45402 

Attention: Chief Legal Officer 

If to Oxeon Partners, LLC: 

Oxeon Investments, LLC 
 413 W.
14th Street, Suite 404 
 New York, NY 10014 

Attention: Chief Legal Officer 

If to Medstar Health, Inc.: 

Medstar Health, Inc. 
 5565
Sterrett Place, Suite 500 
 Columbia, Maryland 21044 

Attention: Chief Legal Officer 

If to Ptolemy Capital, LLC: 

Ptolemy Capital, LLC 
 1250
Prospect St, Suite 200 
 La Jolla, California 92037 

Attention: Michael R. Stone 
 Any
party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by facsimile transmission (or similar electronic format) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.03. Entire Agreement; Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all
prior agreements and 

  
 21 

 
understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and
their respective successors and permitted assigns. Other than as provided in the preceding sentence, nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. 
 Section 7.04. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the law of the State of New York. 
 Section 7.05. Severability. If any term or other provision of
this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible. 
 Section 7.06. Successors; Assignment; Amendments; Waivers. (a) Each Participant may assign any of its rights
pursuant to this Agreement to any person , as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably acceptable to the
Corporation, agreeing to become a “Participant” (and, in the case of a transfer by a Participant that is a Member, a “Member”) for all purposes of this Agreement, except as otherwise provided in such joinder. 

(b) No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporation, on behalf of itself and the
LLC, and by each of the Founder Participants, and, in the case of any amendment that materially and disproportionately affects the rights and obligations of the Customers hereunder, by each of the Customers. No provision of this Agreement may be
waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (c) All of the terms and
provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation
shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

  
 22 

 Section 7.07. Titles and Subtitles. The titles of the sections and subsections of
this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.08.
Resolution of Disputes. 
 (a) Any and all disputes which cannot be settled amicably after good faith negotiations, including any
ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this
arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in New York, New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute
fail to agree on the selection of an arbitrator within ten (10) calendar days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct
the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a) of this Section 7.08, the Corporation or any Founder Participant may bring an
action or special proceeding in any court of competent jurisdiction for the purpose of compelling another party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for
the purposes of this paragraph (b), each Participant (i) expressly consent to the application of paragraph (c) of this Section 7.08 to any such action or proceeding, (ii) agree that proof shall not be required that monetary
damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoint the Corporation as each Participant’s agent for service of process in
connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such Member of any such service of process, shall be deemed in every respect effective service of process upon such
Participant in any such action or proceeding. 
 (c) (i) EACH PARTICIPANT HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED
IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF
OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration
award. The parties acknowledge that the forum designated by this paragraph (c) has a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to
personal 

  
 23 

 
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in paragraph (c) (i) of this Section 7.08 and such parties
agree not to plead or claim the same. 
 Section 7.09. Reconciliation. 

(a) In the event that the Corporation and the Participants are unable to resolve a disagreement with respect to the matters governed by
Sections 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the
“Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting or law firm (other than the Advisory Firm engaged by the Corporation),
and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporation or any of the Participants or other actual or potential conflict of interest. If the parties are unable to agree on an
Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any
matter relating to the Basis Adjustment Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment
thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved
before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by
the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation; except as provided in the next sentence. Each of the
Corporation and the Participants shall bear their own costs and expenses of such proceeding unless (i) the Expert adopts the Participant’s position, in which case the Corporation shall reimburse out-of-pocket costs and expenses with
respect to such Proceeding or (ii) the Expert adopts the Corporation’s position, in which case the Participant shall reimburse the Corporation for any reasonable out-of-pocket costs and expenses with respect to such Proceeding. Any dispute
as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.09 shall be binding on the Corporation and the Participants and may be entered and enforced in any court having jurisdiction. 

Section 7.10. Withholding. The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this
Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to
the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Participants. The Corporation shall provide evidence of such payment to the Participants, to
the extent that such evidence is available. 

  
 24 

 Section 7.11. Affiliated Corporations; Admission of the Corporation into a Consolidated
Group; Transfers of Corporate Assets; Classification of LLC for U.S. Federal Income Tax Purposes. 
 (a) If the Corporation is or
becomes a member of an affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the
provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) ITR Payments shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any Person the income of which is included in the income of the Corporation’s affiliated, combined, unitary or consolidated group
transfers (as determined for U.S. federal income tax purposes) one or more assets to a corporation with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code (or, for purposes of calculations relating to
state or local taxes, a consolidated, combined or unitary income Tax Return under applicable state or local law), for purposes of calculating the amount of any Tax Benefit Payment (e.g., calculating the gross income of the Corporation’s
affiliated or consolidated group and determining the Overall Realized Tax Benefit) due hereunder, such Person shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed to
be received by such entity shall be equal to the fair market value of the transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset or (ii) the amount of debt allocated
to such asset, in the case of a transfer of a partnership interest. 
 (c) The LLC shall at all times be classified for U.S. Federal income
tax purposes as a partnership or a disregarded entity unless it receives the consent of the Founder Participants. 
 Section 7.12.
Confidentiality. (a) Each Participant and each of their assignees acknowledges and agrees that the information of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its
Affiliates, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in the strictest confidence and not to disclose to any Person all confidential matters, acquired pursuant to this Agreement, of the
Corporation or the Participants. This clause 7.12 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of the
Participants in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for the Participants to prepare and file its Tax Returns, to respond to any inquiries
regarding the same from any taxing authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the Participants (and each employee,

  
 25 

 
representative or other agent of the Participants) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Corporation and
(y) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Participants relating to such tax treatment and tax structure. 

(b) If any Participant or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12,
the Corporation shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it
being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries and the accounts and funds managed by the Corporation and that money damages alone shall not provide
an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.13. Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, a Participant reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Participant (or direct or indirect equity holders in such
Participant) to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or could have other material adverse tax consequences to the Participant or any direct or
indirect owner of the Participant, then at the election of the Participant and to the extent specified by the Participant, this Agreement shall cease to have further effect with respect to such Participant and shall for clarity not apply to an
Exchange by such Participant (insofar as such Participant is a “Member”) occurring after a date specified by the Participant, or may be amended by in a manner reasonably determined by such Participant, provided that such amendment or
termination (in whole or in part) shall not result in an increase in any payments owed by the corporation under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

  
 26 

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

  

			
	EVOLENT HEALTH, INC.,
		
	by		  

			Name:
			Title:

  

			
	EVOLENT HEALTH LLC
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	TPG EAGLE HOLDINGS, L.P.,
		
	By		  

			Name:
			Title:

  

			
	TPG GROWTH II BDH, L.P.
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	THE ADVISORY BOARD COMPANY
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	UPMC,
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	PTOLEMY CAPITAL, LLC,
		
	 by
		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	PREMIER HEALTH PARTNERS,
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	OXEON PARTNERS, LLC,
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement] 

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

  

			
	MEDSTAR HEALTH, INC.,
		
	by		  

			Name:
			Title:

 [Signature Page to Tax Receivables Agreement]

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