Document:

EX-10.5

 EXHIBIT 10.5 

FORM OF REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the
“Agreement”), dated as of [            ], 2020, is made by and among: 

i.    StepStone Group Inc., a Delaware corporation (the “Company”); 

ii.    Each Person executing this Agreement on the signature pages hereto (collectively, together with their Permitted
Transferees that become party hereto, the “Holders”). 
 RECITALS 

WHEREAS, the Company, StepStone Group LP, a Delaware limited partnership (the “Partnership”), and the Holders have effected,
or will effect in connection with the closing of the initial public offering (the “IPO”) of the Company’s Class A common stock, par value $0.001 per share (the “Class A Common Stock”), a
series of reorganization transactions (collectively, the “Reorganization Transactions”); 
 WHEREAS, after giving effect to
the Reorganization Transactions, the Holders Beneficially Own or will Beneficially Own (x) shares of Class A Common Stock and/or (y) shares of the Company’s Class B common stock, par value $0.001 per share (the
“Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) and Class B partnership units in the Partnership (“Class B
Units”), which Class B Units, subject to certain restrictions, are exchangeable from time to time for shares of Class A Common Stock pursuant to the terms of an Exchange Agreement between the Company, the Partnership and its
unitholders (the “Exchange Agreement”) and the Eighth Amended and Restated Limited Partnership Agreement of the Partnership (as may be amended from time to time, the “Partnership Agreement”); and 

WHEREAS, the parties believe that it is in each of their best interests to set forth their agreements regarding registration rights following
the IPO; 

  
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 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and
agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

EFFECTIVENESS 

1.1    Effectiveness. This Agreement shall become effective upon the Closing. 

ARTICLE II 
 DEFINITIONS

 2.1    Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Adverse Disclosure” means public disclosure of material non-public information that,
in the good faith judgment of the Board of Directors: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement, from and after its effective date, does not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) would reasonably be expected to adversely affect or interfere with any material
financing or other material transaction under consideration by the Company; or (iii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement. 

“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) a Permitted Transferee of such Person; provided that the Company, the Partnership and their respective subsidiaries shall not be
deemed to be Affiliates of the Class B Holders. As used in this definition, the term “control” means the possession, directly or indirectly, 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. 
 “Agreement” shall have the meaning set forth
in the preamble. 
 “Beneficial Ownership” has the same meaning given to it in Section 13(d)
under the Exchange Act and the rules thereunder, except that, for purposes of this Agreement, (i) Beneficial Ownership shall not be attributed to any Person as a result of any “group” deemed to form as a result of the
Stockholders’ Agreement, (ii) no Person shall Beneficially Own any Company Shares to be issued upon the exercise of options, warrants, restricted stock units or similar rights granted pursuant to the Company’s equity compensation
plans, unless and until such shares are actually issued and (iii) no Person shall be deemed to Beneficially Own any Company Shares issuable with respect to Class B2 Units of the Partnership unless and until the Full Vesting Date (as such
term is defined in the Partnership Agreement) for such Class B2 Units has occurred. The terms “Beneficially Own” and “Beneficial Owner” shall have correlative meanings. 

  
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 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or required to close. 
 “Class A Common Stock” shall have the meaning set forth in
the recitals. 
 “Class B Committee” means the Class B Committee selected pursuant to the
Stockholders Agreement. 
 “Class B Common Stock” shall have the meaning set forth in the recitals. 

“Class B Units” shall have the meaning set forth in the recitals. 

“Closing” means the closing of the IPO. 

“Closing Registrable Securities” means the total number of Registrable Securities as of the Closing, as adjusted for stock
splits, recapitalizations and similar transactions. 
 “Common Stock” shall have the meaning set forth in the recitals.

 “Demand Notice” shall have the meaning set forth in Section 3.1(c). 

“Demand Registration” shall have the meaning set forth in Section 3.1(a)(i). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1(a)(i). 

“Effective Date” means the effective date of the registration statement pursuant to which the Class A Common Stock of
the Company is sold in the IPO. 
 “Exchange” means the exchange of (i) Class B Units together, with an equal
number of shares of Class B Common Stock, for shares of Class A Common Stock or cash consideration, as applicable, pursuant to the terms of the Exchange Agreement. 

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

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

“Exchangeable Units” shall mean each Class B Unit. 

“FINRA” means the Financial Industry Regulatory Authority. 

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

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of the Registrable Securities. 
 “Loss” shall have the meaning set forth in
Section 3.9(a). 

  
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 “Participation Conditions” shall have the meaning set forth in
Section 3.2(b). 
 “Partnership Class B Unit” means (i) each Class B
Unit (as such term is defined in the Partnership Agreement) issued as of the date of the Exchange Agreement after giving effect to all transactions contemplated to occur by Section 3.2 of the Partnership Agreement and (ii) each
Class B Unit or other interest in the Partnership that may be issued by the Partnership in the future that is designated by the Partnership as a “Partnership Class B Unit,” including any interest converted
into or exchanged for a Partnership Class B Unit. 
 “Permitted Transferee” means any Person to whom a Class B
Holder has validly transferred Class B Units in accordance with, and not in contravention of, the Partnership Agreement. 

“Person” means and includes an individual, a corporation, a partnership, a limited liability company, a trust, an
unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3(a). 

“Piggyback Registration” shall have the meaning set forth in Section 3.3(a). 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.2(b). 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold, a number of such
shares equal to the aggregate number of Registrable Securities requested to be registered (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of
Registrable Securities then held by such Holder, and the denominator of which is the aggregate number of Registrable Securities then held by all Holders requesting that their Registrable Securities be registered or sold. 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Qualified Holder” means any of (a) the Sunset Individuals (as such term is defined in the Company’s Amended and
Restated Certificate of Incorporation), (b) any Person party to this Agreement beneficially owning Registrable Securities aggregating 4% of the Closing Registrable Securities, or (c) any other Holder if and for so long as the Board of Directors
has determined in its sole discretion to name such person a Qualified Holder. 
 “Registrable Securities” means
(i) all shares of Class A Common Stock that are not then subject to forfeiture to the Company, (ii) all shares of Class A Common Stock issued or issuable 

  
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upon exercise, conversion or exchange of any option, warrant or convertible security (including shares of Class A Common Stock issuable upon an Exchange) not then subject to vesting or
forfeiture to the Company and (iii) all shares of Class A Common Stock directly or indirectly issued or then issuable with respect to the securities referred to in clauses (i) or (ii) above by way of unit or stock dividend or unit or
stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when
(w) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (x) such
securities shall have been Transferred pursuant to Rule 144, (y) such Holder is able to immediately sell such securities (including all shares of Class A Common Stock issuable upon Exchange, subject to the limitations on Exchange set forth in
the Exchange Agreement) under Rule 144 without any volume or manner of sale restrictions thereunder, as determined in the reasonable opinion of the Company (it being understood that a written opinion of the Company’s outside legal counsel to
the effect that such securities may be so offered and sold, and that any restrictive legends on the securities may be removed, shall be conclusive evidence this clause has been satisfied), or (z) such securities shall have ceased to be
outstanding. 
 “Registration” means registration under the Securities Act of the offer and sale of shares of Class A
Common Stock under a Registration Statement. The terms “register,” “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto. 

“Reorganization Transactions” shall have the meaning set forth in the recitals. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules or regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Selling Stockholder Information” shall
have the meaning set forth in Section 3.9(a). 

  
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 “Shelf Registration” means any Registration pursuant to Rule 415 under the
Securities Act. 
 “Shelf Registration Request” shall have the meaning set forth in
Section 3.1(a)(ii). 
 “Shelf Registration Statement” means a Registration Statement filed with
the SEC pursuant to Rule 415 under the Securities Act. 
 “Shelf Takedown Notice” shall have the meaning set forth in
Section 3.2(b). 
 “Shelf Takedown Request” shall have the meaning set forth in
Section 3.2(a). 
 “Stockholders Agreement” means the Stockholders Agreement, dated as of
[            ], 2020, by and among (i) the Company, (ii) the Partnership and (iii) the persons and entities listed on the signature pages thereto, as such may be amended from
time to time. 
 “Suspension” shall have the meaning set forth in Section 3.1(f). 

“Trading Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or
admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day) or, if the Class A Common Stock is not listed or admitted to trading on such an exchange, Trading Day shall mean a
Business Day. 
 “Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities
or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or
indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwritten Offering” means an underwritten offering, including any bought deal or block sale to a financial institution
conducted as an Underwritten Offering. 
 “Underwritten Shelf Takedown” means an Underwritten Offering pursuant to an
effective Shelf Registration Statement. 
 “WKSI” means any Securities Act registrant that is a well-known seasoned issuer
as defined in Rule 405 under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

2.2    Other Interpretive Provisions. 

(i)    The meanings of defined terms are equally applicable to the singular and plural forms of the defined
terms. 

  
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 (ii)    The words “hereof”,
“herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified. 

(iii)    The term “including” is not limiting and means “including without limitation.”

 (iv)    The captions and headings of this Agreement are for convenience of reference only and shall
not affect the interpretation of this Agreement. 
 (v)    Whenever the context requires, any pronouns
used herein shall include the corresponding masculine, feminine or neuter forms. 
 ARTICLE III 

REGISTRATION RIGHTS 
 The Company
will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to them. Each Holder will perform and comply with such of the following provisions as are applicable to such
Holder. 
 3.1    Demand Registration. 

(a)    Request for Demand Registration. 

(i)    Following the first anniversary of the closing date of the IPO, any Qualified Holder shall have the
right, for itself or together with one or more other Holders, to make a written request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by that
Qualified Holder (a “Demand Registration”); provided that, unless approved by the Board of Directors in its sole discretion, any Person who is a Qualified Holder solely by virtue of clause (c) of the definition of Qualified
Holder may not make demand for an Underwritten Offering pursuant to either this Section 3.1(a) or Section 3.2 below. 

(ii)    Each Demand Registration Request shall specify (x) the aggregate amount of Registrable
Securities proposed to be registered, (y) the intended method or methods of disposition thereof, and (z) whether the Demand Registration Request is for an Underwritten Offering or a Shelf Registration (a “Shelf Registration
Request”). 
 (iii)    If a Demand Registration Request is for a Shelf Registration, and the
Company is eligible to file a Registration Statement on Form S-3, the Company shall promptly file with the SEC a shelf Registration Statement on Form S-3 pursuant to
Rule 415 under the Securities Act relating to the offer and sale of Registrable Securities by the initiating Qualified Holders from time to time in accordance with the methods of distribution elected by such Qualified Holders, subject to all
applicable provisions of this Agreement. 

  
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 (iv)    If the Demand Registration Request is for a
Shelf Registration and the Company is not eligible to file a Registration Statement on Form S-3, the Company shall promptly file with the SEC a Shelf Registration Statement on Form S-1 or any other form that the Company is then permitted to use pursuant to Rule 415 under the Securities Act (or such other Registration Statement as the Board of Directors may determine to be appropriate) relating
to the offer and sale of Registrable Securities by the initiating Qualified Holders from time to time in accordance with the methods of distribution elected by such Qualified Holders. 

(v)    If on the date of the Shelf Registration Request the Company is a WKSI, then any Shelf Registration
Statement may (if the Board of Directors determines it to be appropriate to do so) include an unspecified amount of Registrable Securities to be sold by unspecified Holders; if on the date of the Shelf Registration Request the Company is not a WKSI,
then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. 

(b)    Limitation on Registrations. The Company shall not be obligated to take any action to effect any Demand
Registration if (i) a Demand Registration or Piggyback Registration was declared effective or an Underwritten Offering was consummated by either the Company or the Qualified Holders within the preceding 90 days; (ii) the Company has filed
another Registration Statement (other than on Form S-8 or Form S-4 or any successor thereto) that has not yet become effective; (iii) the value of the Registrable
Securities proposed to be sold by the initiating Qualified Holders is not reasonably expected (in the good faith judgment of the Board of Directors) to yield net proceeds of at least $25 million, or in the case of an Underwritten Offering, of
at least $50 million. No Demand Registration Request may cover Registrable Securities that are issuable upon exchange under and pursuant to the terms of the Exchange Agreement if the Exchange Agreement would not, on the date of the Demand
Registration Request, then permit such Exchange, except with the approval of the Company’s Board of Directors. 

(c)    Demand Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section (a) (but in
no event more than ten Business Days thereafter), the Company shall deliver a written notice of the Demand Registration Request to all other Qualified Holders offering each such Qualified Holder the opportunity to include in the Demand Registration
that number of Registrable Securities as the Qualified Holder may request in writing. Subject to Sections 3.1(g) and 3.1(h), the Company shall include in the Demand Registration all such Registrable Securities with respect to which the
Company has received written requests for inclusion therein within five Business Days after the date that the Demand Notice was delivered. 

(d)    Demand Withdrawal. Each Qualified Holder that has requested the inclusion of Registrable Securities in a
Registration (other than a Registration in connection with a Public Offering) pursuant to Section 3.1(c) may withdraw all or any portion of its Registrable Securities from that registration at any time prior to the
effectiveness of the applicable Registration Statement by delivering written notice to the Company. Upon receipt of a notice or notices withdrawing (i) all of the Registrable Securities included in that Registration Statement by the initiating
Qualified Holder(s) or (ii) a number of such Registrable Securities so as to cause the expected net proceeds to fall below the applicable threshold set forth in Section 3.1(b), the Company shall cease all efforts to
secure effectiveness of the applicable Registration Statement. 

  
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 (e)    Effectiveness. 

(i)    The Company shall use commercially reasonable efforts to cause any Registration Statement filed by
it pursuant to this Agreement to become effective as promptly as practicable, subject to all applicable provisions of this Agreement. 

(ii)    The Company shall use commercially reasonable efforts to keep any Shelf Registration Statement
filed on Form S-3 continuously effective under the Securities Act to permit the Prospectus forming a part of it to be usable by Holders until the earlier of: (A) the date as of which all Registrable
Securities have been sold pursuant to that Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and
Rule 174 thereunder); (B) the date as of which no Holder whose Registrable Securities are registered on such Form S-3 holds Registrable Securities; (C) any date reasonably determined by the Board of
Directors of the Company to be appropriate, excluding any date that is fewer than 180 days after the effectiveness of the Registration Statement; and (D) the third anniversary of the effectiveness of the Registration Statement. 

(iii)    If the Registration Statement filed is a Shelf Registration Statement on any form other than Form S-3, or if the Registration Statement is filed in connection with an Underwritten Offering, the Company shall use commercially reasonable efforts to keep the Registration Statement effective for a period of at least
180 days after the effective date thereof, such other period as the underwriters for any Underwritten Offering may determine to be appropriate, or such shorter period during which all Registrable Securities included in the Registration Statement
have actually been sold; provided that such period shall be extended for a period of time equal to the period the Holders of Registrable Securities may be required to refrain from selling any securities included in the Registration Statement at
either the request of the Company or an underwriter of the Company pursuant to the provisions of this Agreement. 

(f)    Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a
Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the
Registration Statement (a “Suspension”); provided, however, that the Company shall use all commercially reasonable efforts to avoid exercising a Suspension (i) for a period exceeding 60 days on any one occasion or
(ii) for an aggregate of more than 120 days in any 12-month period. In the case of a Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or
offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Suspension. The Company shall, if necessary, amend or supplement
the Prospectus so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the 

  
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Holders may reasonably request. The Company shall, if necessary, supplement or amend the Registration Statement, if required by the registration form used by the Company for the Registration
Statement or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are
included in such Registration Statement. 
 (g)    Priority of Securities Registered Pursuant to Shelf
Registrations. If the Board of Directors of the Company concludes in good faith that the number of securities requested to be included in a Shelf Registration exceeds the number that can be sold without being likely to have an adverse effect on
the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (x) first, allocated to each Holder that has requested to participate in such
Registration an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and
(y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect. If a
cutback pursuant to this Section 3.1(g) or (h) would causes an applicable dollar threshold set forth in Section 3.1(b)(iii) not to be met with respect to the Demand
Registration, Section 3.1(b)(iii) shall not apply to that Demand Registration. 

(h)    Priority of Securities in Underwritten Offerings. If the managing underwriter or underwriters of any
proposed Underwritten Offering advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the proposed offering exceeds the number that can be sold in that offering without being likely to have
an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of Registrable Securities to be included shall be (x) first, allocated to each Holder that has requested to
participate in such Underwritten Offering an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro
Rata Portion, and (y) second, and only if all securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such
adverse effect. 
 (i)    No Person may participate in any Underwritten Offering hereunder unless that Person agrees to
sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in customary form and completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements, and other documents required under the terms of the underwriting arrangements; provided that no Person shall be required to make representations and warranties other than those related to title and ownership of
their shares and as to the accuracy and completeness of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and conformity with written information furnished to the Company or the managing
underwriter by such Person. 

  
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 (j)    Resale Rights. In the event that a Holder that is a
partnership, limited liability company, trust or similar entity requests to participate in a Registration pursuant to this Section 3.1 in connection with a distribution of Registrable Securities to its partners, members or
beneficiaries, the Registration shall provide for resale by such partners, members or beneficiaries, if approved by the Board of Directors. 

3.2    Shelf Takedowns. 

(a)    At any time the Company has an effective Shelf Registration Statement with respect to Registrable Securities, a
Qualified Holder, by notice to the Company specifying the intended method or methods of disposition thereof, may make a written request (a “Shelf Takedown Request”) that the Company effect an Underwritten Shelf Takedown of all or a
portion of such Qualified Holder’s Registrable Securities that are registered on such Shelf Registration Statement, and as soon as practicable thereafter, the Company shall amend or supplement the Shelf Registration Statement as necessary for
such purpose, subject to all applicable provisions of this Agreement. 
 (b)    Promptly upon receipt of a Shelf
Takedown Request (but in no event more than two Business Days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) for any Underwritten Shelf Takedown, the Company shall
deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a
“Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such
Potential Takedown Participant may request in writing. The Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three
Business Days (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to
participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown Participant; provided that each such Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf
Takedown being completed within 10 Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than ninety percent (90%) (or such
lesser percentage specified by such Potential Takedown Participant) of the closing price for the shares on their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate
(the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf
Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2 shall be determined by the initiating Qualified Holders. 

  
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 3.3    Piggyback Registration. 

(a)    Participation. If the Company at any time proposes to file a Registration Statement under the Securities Act
or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a Registration on
Form S-4 or Form S-8 or any successor form to such forms, (iii) a Registration of securities solely relating to an offering and sale to employees or directors of
the Company or its subsidiaries pursuant to any employee stock plan, employee stock purchase plan, or other employee benefit plan arrangement, (iv) a Registration solely for the registration of securities issuable upon the conversion, exchange
or exercise of any then outstanding security of the Company or (v) a Registration relating to a dividend reinvestment plan), then as soon as practicable (but in no event less than 10 Business Days prior to the proposed date of filing of such
Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public
Offering to all Qualified Holders, and such Piggyback Notice shall offer the Qualified Holders the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such
Qualified Holder may request in writing (a “Piggyback Registration”). The Company shall not be required to provide a Piggyback Notice to Holders of any Registrable Securities that are already registered pursuant to an effective
registration statement. Subject to Section (b), the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be included therein within five Business
Days after the receipt by such Qualified Holder of any such notice; provided, however, that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date of the
Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay Registration or the
sale of such securities, the Company shall give written notice of such determination to each Qualified Holder and, thereupon, (i) in the case of a determination not to register or sell, shall be relieved of its obligation to register or sell
any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request
that such Registration or sale be effected as a Demand Registration under Section 3.1 or an Underwritten Shelf Takedown, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the
absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall also be permitted to delay registering or selling any Registrable Securities. Any Holder shall have the right to withdraw all or part of its
request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw prior to such Registration Securities being registered in such Piggyback Registration. 

(b)    Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed offering of
Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such Holders and any other Persons intend to include in such
offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to
be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell, and (ii) 

  
 12 

 
second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters,
can be sold without having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (i) the number of such Registrable Securities
requested to be sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such
Registration, any other securities eligible for inclusion in such Registration. 
 (c)    No Effect on Other
Registrations. No Registration of Registrable Securities effected pursuant to a request under this Section 3.3 shall be deemed to have been effected pursuant to Section 3.1 or shall relieve the
Company of its obligations under Section 3.1. 

3.4    Lock-Up Agreements. In connection with each Registration or sale of
Registrable Securities pursuant to Section 3.1 or 3.3 conducted as an Underwritten Offering, each Holder agrees hereby not to, and agrees to execute and deliver a lock-up
agreement with the underwriter(s) of such Public Offering restricting such Holder’s right to, (a) Transfer, directly or indirectly, any equity securities of the Company held by such Holder or (b) enter into any swap or other
arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final Prospectus relating to such Public Offering and ending on the date specified by the
underwriters (such period not to exceed 90 days plus such additional period as may be requested by the Company or an underwriter due to regulatory restrictions on the publication or other distribution of research reports and analyst recommendations
and opinions, if applicable). The terms of such lock-up agreements shall be negotiated among the Holders, the Company and the underwriters and shall include customary carve-outs from the restrictions on
Transfer set forth therein. 
 3.5    Registration Procedures. 

(a)    Requirements. In connection with the Company’s obligations under Sections 3.1 and 3.3, the
Company shall use its commercially reasonable efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably
practicable, and in connection therewith the Company shall use its commercially reasonable efforts to: 

(i)    as promptly as practicable, prepare the required Registration Statement, including all exhibits and
financial statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the
Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel,
(y) make such changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under Section 3.3,
not file any Registration Statement or Prospectus or amendments or supplements thereto to which participating Qualified Holders, in such capacity, or the underwriters, if any, shall reasonably object; 

  
 13 

 (ii)    prepare and file with the SEC such amendments
and post-effective amendments to such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested by any participating Qualified Holder with Registrable Securities covered by such Registration Statement,
(y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this
Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of
disposition by the sellers thereof set forth in such Registration Statement; 
 (iii)    notify the
participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the
Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by
the SEC, or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the
Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by
the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of
the Company in any applicable underwriting agreement cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable
Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(iv)    promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the
Company becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes
information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply
with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such
Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 

  
 14 

 (v)    to the extent the Company is eligible under the
relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities
Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time
through the filing of a Prospectus supplement rather than a post-effective amendment; 
 (vi)    prevent,
or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus; 

(vii)    promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment such information as the managing underwriter or underwriters and the participating Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of
such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or
post-effective amendment; 
 (viii)    furnish to each selling Holder and each underwriter, if any,
without charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

(ix)    deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the
applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities
by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and
sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

(x)    on or prior to the date on which the applicable Registration Statement becomes effective, use its
commercially reasonable efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable
Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in
writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required 

  
 15 

 
by Section 3.1, as applicable, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified
or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(xi)    cooperate with the selling Holders and the managing underwriter or underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as
the managing underwriters may request prior to any sale of Registrable Securities to the underwriters; 

(xii)    cause the Registrable Securities covered by the applicable Registration Statement to be registered
with or approved by such other U.S. governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; 

(xiii)    make such representations and warranties to the Holders being registered, and the underwriters or
agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

(xiv)    enter into such customary agreements (including underwriting and indemnification agreements) and
take all such other actions as the participating Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities; 

(xv)    in the case of an Underwritten Offering, obtain for delivery to the underwriter or underwriters, if
any, an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such underwriters and their counsel;

 (xvi)    in the case of an Underwritten Offering, obtain for delivery to the Company and the managing
underwriter or underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent
certified public accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in
customary form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing
under the underwriting agreement; 

  
 16 

 (xvii)    cooperate with each seller of Registrable
Securities and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii)    comply with all applicable securities laws and, if a Registration Statement was filed, make
available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xix)    provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by the applicable Registration Statement; 
 (xx)    to cause all Registrable Securities covered
by the applicable Registration Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity
securities are then quoted. 
 (xxi)    make available upon reasonable notice at reasonable times and for
reasonable periods for inspection by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by any such underwriter, all pertinent financial and
other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make
themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement; 

(xxii)    in the case of an Underwritten Offering, cause the senior executive officers of the Company to
participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering
contemplated herein and customary selling efforts related thereto; 
 (xxiii)    take no direct or
indirect action prohibited by Regulation M under the Exchange Act; and 
 (xxiv)     take all such other
commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

(b)    Company Information Requests. The Company may require each seller of Registrable Securities as to which any
Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company may from
time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving such
request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

  
 17 

 (c)    Discontinuing Registration. Each Holder agrees that, upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 3.5(a)(iv), such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.5(a)(iv), or until such Holder is advised in writing by the Company that the use of the Prospectus may be
resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall
give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and
including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5(a)(iv) or is advised in
writing by the Company that the use of the Prospectus may be resumed. 
 3.6    Underwritten Offerings. 

(a)    Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Offering, pursuant to a
Registration or sale under Section 3.1, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the
participating Holders and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient
thereof than those provided in Section 3.9. The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and
shall give consideration to the reasonable suggestions of the Company regarding the form thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and
required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements
regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the
aggregate amount of the liability of such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

(b)    Piggyback Registrations. If the Company proposes to register or sell any of its securities under the
Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any 

  
 18 

 
Qualified Holder pursuant to Section 3.3, and subject to the provisions of Section 3.3(b), use its commercially reasonable efforts to arrange
for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by such Qualified Holder among the securities of the Company to be
distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters and shall complete
and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution
and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s proceeds from the sale of its Registrable
Securities in the offering, net of underwriting discounts and commissions but before expenses. 
 (c)    Selection of
Underwriters; Selection of Counsel. In the case of an Underwritten Offering under Section 3.1 or Section 3.2, the managing underwriter or underwriters to administer the offering shall be determined by
the Company; provided that such underwriter or underwriters shall be reasonably acceptable to the Qualified Holders holding a majority of the Registrable Securities being sold. 

3.7    No Inconsistent Agreements. Neither the Company nor any of its subsidiaries shall hereafter enter into, and
neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement. 

3.8    Registration Expenses. All expenses incident to the Company’s performance of or compliance with this
Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with
compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing,
duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing
Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and
comfort letters required by or incident to such performance), (v) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer
quotation system, (vi) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration or sale, (vii) all of the Company’s internal expenses (including all salaries and
expenses of its officers and employees performing legal or accounting duties) and (viii) all expenses related to the “road show” for any Underwritten Offering (including the reasonable out-of-pocket expenses of the Holders and underwriters, if so requested). All such expenses are 

  
 19 

 
referred to herein as “Registration Expenses.” The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of
securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

3.9    Indemnification. 

(a)    Indemnification by the Company. The Company shall indemnify and hold harmless, to the full extent permitted
by law, each Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates,
officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all
losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”)
arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final,
preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or (ii) any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading; provided, that no selling Holder shall be entitled to
indemnification pursuant to this Section 3.9(a) in respect of any untrue statement or omission contained in any information relating to such selling Holder furnished in writing by such selling Holder to the Company
specifically for inclusion in a Registration Statement and used by the Company in conformity therewith (such information, “Selling Stockholder Information”). This indemnity shall be in addition to any liability the Company may
otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any
indemnity agreed to in the underwriting agreement that is less favorable to the Holders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution,
their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the
indemnified parties. 
 (b)    Indemnification by the Selling Holders. Each selling Holder agrees (severally and
not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any
Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case 

  
 20 

 
of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement
or omission is contained in such selling Holder’s Selling Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds from the sale of its Registrable
Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9(d) and any amounts
paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. 

(c)    Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give
prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations
hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such
counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time
after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based upon advice of its counsel) that
there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person (based upon advice of its
counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the
expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, then no indemnifying party shall, without the written
consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such
action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party
will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in
this Section 3.9(c), in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice
in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel)
that there may be legal defenses available 

  
 21 

 
to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to
an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

(d)    Contribution. If for any reason the indemnification provided for in Sections 3.9(a) and
(b) is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Sections 3.9(a) and (b)), then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified
party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the
Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9(d) were determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to in this Section 3.9(d). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9(a) and (b) shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 3.9(d), in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its
Registrable Securities in the offering giving rise to such contribution obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9(b) and any
amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this Section 3.9, the indemnifying parties shall
indemnify each indemnified party to the full extent provided in Sections 3.9(a) and (b) hereof without regard to the provisions of this Section 3.9(d). The remedies provided for in this
Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

3.10    Rules 144 and 144A and Regulation S. The Company shall file the reports required to be filed by it under
the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available such necessary information
for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such 

  
 22 

 
rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions
provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company
will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

3.11    Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable
law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the Qualified Holders, a Registration
Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed
accordingly; provided that such previously filed Registration Statement may be, and is, amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify as selling
stockholders those Qualified Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified
time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such
purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence. 

ARTICLE IV 

MISCELLANEOUS 

4.1    Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its
assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company
and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 

  
 23 

 4.2    Notices. Any notices, requests, demands and other
communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in
each case, addressed as follows: 
 If to the Company to: 

StepStone Group Inc. 
 450
Lexington Avenue, 31st Floor 
 New York, NY 10017 

Telephone: (212) 351-6100 

Attention: Chief Legal Officer 

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

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 
 New York, NY
10166 
 Telephone: (212) 351-4000 

Facsimile: (212) 351-4035 

Attention: Andrew Fabens 
 If to
a Holder, to the address on file in the Company’s records. 
 Notice to the holder of record of any Registrable Securities shall be
deemed to be notice to the holder of such securities for all purposes hereof. 
 Unless otherwise specified herein, such notices or other
communications shall be deemed effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a
Business Day, on the first Business Day thereafter and (iii) two Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other
parties hereto. 
 4.3    Termination and Effect of Termination. This Agreement shall terminate upon the date on
which no Holder holds any Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or
Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with
respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 

4.4    Permitted Transferees. The rights of a Holder hereunder may be assigned (but only with all related
obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment
permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in
form and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this
Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4. 

  
 24 

 4.5    Remedies. The parties to this Agreement shall have all
remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other
remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may
be appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or
remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of
any other breach or default occurring before or after that waiver. 
 4.6    Amendments. This Agreement may not
be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in
writing signed by the Company and the Holders of a majority of the Registrable Securities under this Agreement; provided, however, that any amendment, modification, extension or termination that disproportionately and adversely affects
any Holder shall require the prior written consent of such Holder. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in
writing signed by such party. 
 4.7    Governing Law. This Agreement and all claims arising out of or based upon
this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would
cause the application of the domestic substantive laws of any other jurisdiction. 
 4.8    Consent to
Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware and the County of New Castle for the purpose
of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not
prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be
enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or
relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit
(in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party
hereto is or 

  
 25 

 
becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to
be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto
hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to
Section 4.2 hereof is reasonably calculated to give actual notice. 
 4.9    WAIVER OF JURY
TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT
OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL
INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 4.10    Merger; Binding Effect, Etc. This Agreement (along with the
Exchange Agreement) constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon
and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective
rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

4.11    Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any
standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or
other electronic transmission shall be effective as delivery of a manually executed counterpart thereof. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to
this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

  
 26 

 4.12    Severability. In the event that any provision hereof
would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The
provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

[Signature pages follow] 

  
 27 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

			
	StepStone Group Inc.
		
	By:	 	
                    

		 	Name:
		 	Title:
	
	[Holders]
		
	By:	 	
                    

		 	Name:
		 	Title:EX-10.6

 EXHIBIT 10.6 

FORM OF STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT is dated as of [            ], 2020, to be effective
from and after the Effective Date, by and among (i) StepStone Group Inc., a Delaware corporation (the “Company”), (ii) StepStone Group LP, a Delaware limited partnership (the “Partnership”) and (iii) the
persons and entities named as Class B Holders on the signature pages hereto. Capitalized terms used herein without definition shall have the meanings set forth in Section 1.1. 

RECITALS 
 WHEREAS, the
Company and Partnership have entered into an underwriting agreement (a) to issue and sell to the several underwriters named therein shares of Class A common stock, par value $0.001 per share, of the Company (the
“Class A Common Stock”), and (b) to make a public offering of those shares of Class A Common Stock ((a) and (b), collectively, the “IPO”); 

WHEREAS, the Company, Partnership, the Class B Holders and certain other Persons have effected, or will effect in connection with the
Closing, a series of reorganization transactions (collectively, the “Reorganization Transactions”); 
 WHEREAS, after
giving effect to the Reorganization Transactions, the Class B Holders, together with their Permitted Transferees, Beneficially Own or will Beneficially Own (x) shares of the Class A Common Stock and/or (y) shares of the
Company’s Class B common stock, par value $0.001 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) and Class B partnership
units in Partnership (“Class B Units”), which Class B Units, subject to certain restrictions, are exchangeable from time to time at the option of the Beneficial Owner thereof for shares of Class A Common
Stock pursuant to the terms of an Exchange Agreement between the Company, Partnership and its unitholders (the “Exchange Agreement”) and the Eighth Amended and Restated Limited Partnership Agreement of StepStone Group LP of the
Partnership (as may be amended from time to time, the “Partnership Agreement”); and 
 WHEREAS, the parties hereto desire
to provide for certain governance rights and other matters, and to set forth the respective rights and obligations of the Class B Holders on and after the Effective Date. 

NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein, the parties hereto hereby agree as follows:

 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement, the following terms shall have the following respective
meanings: 
 “Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common 

 
control with, such specified Person or (b) a Permitted Transferee of such Person; provided that the Company, the Partnership and their respective subsidiaries shall not be deemed to
be Affiliates of the Class B Holders. As used in this definition, the term “control” means the possession, directly or indirectly, 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. 
 “Agreement” means this Stockholders Agreement as in
effect on the date hereof and as hereafter from time to time amended, modified or supplemented in accordance with the terms hereof. 

“Beneficial Ownership” has the same meaning given to it in Section 13(d) under the Exchange Act and
the rules thereunder, except that, for purposes of this Agreement, (i) Beneficial Ownership shall not be attributed to any Person as a result of any “group” deemed to form as a result of this Agreement, (ii) no Person shall
Beneficially Own any Company Shares to be issued upon the exercise of options, warrants, restricted stock units or similar rights granted pursuant to the Company’s equity compensation plans, unless and until such shares are actually issued and
(iii) no Person shall be deemed to Beneficially Own any Company Shares issuable with respect to Class B2 Units of the Partnership unless and until the Full Vesting Date (as such term is defined in the Partnership Agreement) for such
Class B2 Units has occurred. The terms “Beneficially Own” and “Beneficial Owner” shall have correlative meanings. 

“Board Designees” has the meaning set forth in Section 2.2(b). 

“Board of Directors” means the Board of Directors of the Company. 

“Chair” means the Chair of the Class B Committee, as designated by the Class B Committee from time to time. 

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

“Class B Committee” means the committee selected by the terms of this Agreement to, among other things,
make decisions with respect to the matters set forth herein. 
 “Class B Common Stock” has the meaning
set forth in the recitals. 
 “Class B Holder” means a Person from time to time Beneficially Owning
Class B Common Stock. 
 “Class B Supermajority” means Class B Holders holding two thirds
(2/3) of the outstanding Company Shares (excluding, for this purpose, Company Shares that are subject to vesting (but including, for the avoidance of doubt, any such shares previously subject to vesting to the extent vested)) held by all
Class B Holders or over which Class B Holders or their Permitted Transferees have voting control. 

“Class B Units” has the meaning set forth in the recitals. 

“Closing” means the closing of the IPO. 

  
 2 

 “Committee Majority” means Committee Members representing more than 50% of
the Voting Power held by all Committee Members. 
 “Committee Member” means a member of the Class B Committee. 

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

“Company” has the meaning set forth in the preamble and includes its successors. 

“Company Shares” means, as of any date of determination, (i) all outstanding shares of Common Stock, (ii) all
shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security (including Class B or Class B2 Units), (iii) all shares of Common Stock directly or indirectly issued or issuable with
respect to the securities referred to in clauses (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization;
and (iv) any other securities that may hereafter be issued by the Company that have the right to vote on any matter presented to the stockholders of the Company for a vote, in all cases over which a Person has, exercises, or has the legal
ability to exercise voting power. 
 “Director” means a member of the Board of Directors. 

“Effective Date” has the meaning set forth in Section 4.12. 

“Exchange Act” has the meaning set forth in Section 4.11. 

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

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

“Loss” or “Losses” means any claims, losses, liabilities, damages, interest, penalties and costs and
expenses, including reasonable attorneys’, accountants’ and expert witnesses’ fees, and costs and expenses of investigation and amounts paid in settlement, court costs, and other expenses of litigation, including in respect of
enforcement of indemnity rights hereunder (it being understood that Losses shall not include any consequential, special, incidental, indirect or punitive damages, except to the extent that such damages are awarded to a third party). 

“Necessary Action” means, with respect to a specified result, all commercially reasonable actions required to cause such
result that are within the power of a specified Person, including without limitation (i) causing all Company Shares to be present or represented at any meeting of stockholders of the Company for purposes of determining whether a quorum has been
established, (ii) voting (or causing to be voted) the Company Shares, or granting a proxy (or causing a proxy to be granted) with respect to the voting of the Company Shares, (iii) duly executing and delivering (or causing to be duly
executed and delivered) any action by written consent of stockholders in lieu of a meeting with respect to the Company Shares, or granting a proxy (or causing the granting of a proxy) with respect to action by written consent in lieu of a meeting
with respect to the Company Shares, (iv) adopting or causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company or Partnership, (v) executing and delivering agreements and
instruments, (vi) making, or causing to 

  
 3 

 
be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result and (vii) causing members of the
Board of Directors, subject to any fiduciary duties that such members may have as Directors of the Company (including pursuant to Section 2.2(c)), to act in a certain manner, including causing members of the Board of
Directors or any nominating or similar committee of the Board of Directors to recommend the appointment of any Board Designees as provided by this Agreement. 

“Partnership” has the meaning set forth in the preamble and includes its successors. 

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

“Permitted Transferee” means any Person to whom a Class B Holder has validly transferred Class B Units in
accordance with, and not in contravention of, the Partnership Agreement. 
 “Person” means and includes an individual, a
corporation, a partnership, a limited liability company, a trust, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing. 

“Preferred Stock” shall mean the preferred stock, par value $0.001 per share, of the Company. 

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

“Secretary” means the Secretary of the Class B Committee, as designated by the Class B Committee from time to time.

 “Sunset” has the meaning assigned to such term in the Company’s Amended and Restated Certificate of Incorporation.

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

“Voting Power” of a Committee Member means, at the time of determination, the total number of votes which such Committee
Member is entitled to cast in the general election of directors of the Company (or, in the event the entity is not a corporation, the governing members, board or other similar body of such entity). For purposes of this definition, a Committee Member
shall be deemed entitled to vote any securities that such Person Beneficially Owns; provided that, if securities are Beneficially Owned by more than one Committee Member, then for purposes of this definition the votes of such securities will be
deemed allocated among such Committee Members in any manner they shall agree in a writing delivered to the Company or, in the absence of such a writing, equally among such Committee Members. 

  
 4 

 ARTICLE II 

CORPORATE GOVERNANCE 

Section 2.1    Class B Committee. 

(a)    Initial Composition of the Class B Committee. As of the Effective Date, the Class B
Committee shall be comprised of Monte Brem, Scott Hart, Jason Ment, Jose Fernandez, Johnny Randel, Michael McCabe, Mark Maruszewski, Thomas Keck, Thomas Bradley, David Jeffrey and Darren Friedman. Monte Brem shall initially be the Chair, and Jason
Ment shall initially be the Secretary. 
 (b)    Term of the Committee Members. Each Committee Member shall serve
until the earliest to occur of: (i) the Sunset, (ii) the time at which such Person ceases to Beneficially Own any shares of Class B Common Stock and (iii) the time at which such Committee Member is removed pursuant to
Section 2.1(f). 
 (c)    Action by the Class B Committee. Unless
otherwise stated in this Agreement, any action to be taken, approved or adopted by the Class B Committee shall be deemed taken upon the affirmative vote of a Committee Majority (which vote may occur at a meeting or in writing). 

(d)    Composition of the Class B Committee. The Class B Committee may determine from time
to time the number of members constituting the Class B Committee. Whenever the Class B Committee increases or decreases the number of members of the Class B Committee, a notice of such action shall be delivered promptly to all
Class B Holders. 
 (e)    Vacancies. In the event of any vacancy on the Class B Committee, whether as
a result of the death, disability, removal or resignation of any Committee Member or by an increase in the number of members of the Class B Committee, a Committee Majority shall have the exclusive right to appoint a member to fill such vacancy.
An appointment to fill a vacancy shall be effected by the vote of Committee Members constituting a Committee Majority (which vote may occur at a meeting or in writing). Written notice of any appointment shall be promptly delivered to all
Class B Holders. No additional action shall be required by this Agreement to effect such appointment, but if any Necessary Action is otherwise required to effect such appointment, then the Class B Committee or the Class B Holders, as
applicable, shall take promptly all such Necessary Action. 
 (f)    Removal. Any Committee Member may be removed
(whether for or without cause) by the vote of Committee Members constituting a Committee Majority (which vote may occur at a meeting or in writing). Written notice of removal (which notice shall state which Committee Members voted for removal) shall
be promptly delivered to all Class B Holders. No additional action shall be required by this Agreement to effect such removal, but if any Necessary Action is otherwise required to effect such removal, then the Class B Committee or the
Class B Holders, as applicable, shall take promptly all such Necessary Action. 
 (g)    Chair. The
Class B Committee may appoint a Chair from time to time and may remove the Chair at any time (whether for or without cause). The powers and duties of the Chair shall include: (i) presiding at meetings of the Class B Committee (unless
otherwise 

  
 5 

 
determined by the Class B Committee); (ii) executing, on behalf of the Class B Committee or the Class B Holders, as applicable, any documents or notices required or authorized by
this Agreement; and (iii) performing such other duties as the Class B Committee may from time to time determine. 

(h)    Secretary. The Class B Committee may appoint one or more Secretaries from time to time and may remove
any such Secretary at any time (whether for or without cause). The powers and duties of the Secretary shall include: (i) acting as Secretary at all meetings of the Class B Committee and recording the proceedings of such meetings;
(ii) seeing that all notices required to be given under this Agreement are duly given; (iii) executing, on behalf of the Class B Committee or the Class B Holders, as applicable, any documents or notices required or authorized by
this Agreement; and (iv) performing such other duties as the Class B Committee may from time to time determine. 

Section 2.2    Board of Directors. 

(a)    Composition of Initial Board. As of the Effective Date, the Board of Directors shall be comprised of 10
Directors. The initial Directors shall be as set forth below and divided into three classes of directors, each of whose members shall serve for staggered three-year terms as follows: 

(i)    the Class I directors shall initially include
[                    ]; 

(ii)    the Class II directors shall initially include
[                    ]; and 

(iii)    the Class III directors shall initially include
[                    ]. 
 The initial
term of the Class I directors shall expire at the Company’s first annual meeting of stockholders for the election of directors following the Closing; the initial term of the Class II directors shall expire at the Company’s second
annual meeting of stockholders for the election of directors following the Closing; and the initial term of the Class III directors shall expire at the Company’s third annual meeting for the election of directors following the Closing.

 (b)    Voting Agreement. Not less than 90 days prior to the anniversary of the immediately preceding
year’s annual meeting of the Company’s stockholders (which anniversary, in the case of the first annual meeting of stockholders following the closing, shall be deemed to be
[            ], 2020, the Class B Committee shall provide notice (the “Designation Notice”) to the Board of Directors of a list of individuals designated by the
Class B Committee to be elected as directors at the upcoming annual meeting (the “Board Designees”). Subject to the special rights of any holders of one or more series of Preferred Stock to elect directors, the Company and the
Class B Holders shall take all Necessary Action to cause the Persons designated by the Class B Committee to be the full slate of nominees recommended by the Board of Directors (or any committee or subcommittee thereof for election as
directors at each annual or special meeting of stockholders at which directors are to be elected. Each Class B Holder shall take all Necessary Action (including by voting, or causing to be voted, all Company Shares that it owns of record or
over which it has voting power or control, including all Company Shares owned by it, whether those shares are held by it on the date hereof or hereafter acquired), (x) to elect each nominee for the Board of Directors identified pursuant to the
immediately preceding sentence and (y) with respect to any other matter presented to the stockholders of the Company for consideration, to adopt or reject such matter as directed by the Class B Committee. 

  
 6 

 (c)    Additional Obligations. Notwithstanding anything to the
contrary in this Article II, if the Board of Directors determines in good faith, after consultation with outside legal counsel, that its nomination of a particular Board Designee pursuant to this Section 2.2 would
constitute a breach of its fiduciary duties to the Company’s stockholders or does not otherwise comply with the corporate governance requirements of the Company pertaining to the Board of Directors (provided that any such determination with
respect to any Board Designee pursuant to this Section 2.2 shall be made no later than 30 days after the Board of Directors receives the Designation Notice), then the Board of Directors shall inform the Class B
Committee in writing of that determination and explain in reasonable detail the basis for it and the Class B Committee shall, as promptly as reasonably practicable thereafter (but in any event within 10 days) designate another individual for
nomination to the Board of Directors, and the Board of Directors and the Company shall take all Necessary Action required by this Article II with respect to the nomination of such substitute Board Designee. It is hereby acknowledged and
agreed that the fact that a particular Board Designee is a Class B Holder or an Affiliate, director, professional, partner, member, manager, employee or agent of a Class B Holder or is not an “independent director,” as defined by
the applicable national securities exchange on which the Company’s Class A Common Stock shall then be listed, shall not in and of itself constitute an acceptable basis for such determination by the Board of Directors. 

(d)    Vacancies. The Class B Committee shall have the exclusive right to request, by delivery of notice to
the Board of Directors, the removal of any Board Designee from the Board of Directors (whether for or without cause). Promptly after receipt of any such request, the Company and the Class B Holders shall take all Necessary Action to cause the
removal (whether for or without cause) of any such Board Designee at the request of the Class B Committee, including, if requested by the Class B Committee, by calling a special meeting of stockholders for the removal of directors. In the
event of the death, disability, removal or resignation of any Board Designees theretofore serving on the Board of Directors, or any increase of the size of the Board of Directors (other than in connection with the provision of special rights to
elect directors to the holders of one or more series of Preferred Stock), the Class B Committee shall have the exclusive right to appoint (or designate a director for appointment) a director to fill the vacancy resulting therefrom (for the
remainder of the then-current term), and the Company and the Class B Holders shall take any and all Necessary Action to cause any such vacancy to be filled by such replacement or additional directors so designated as promptly as reasonably
practicable. 
 Section 2.3    Stockholder Votes and Consents Generally; Proxy. 

(a)    Each Class B Holder shall take all Necessary Action to vote (or cause to be voted), or to provide written
consent (or cause to be provided a written consent) in respect of, all Company Shares over which such Class B Holder has voting control in the manner specified by the Class B Committee from time to time. The agreement set forth in the
prior sentence is specifically intended to last for the duration of this Agreement. 

  
 7 

 (b)    To facilitate performance of the parties’ obligations under
this Article II, each Class B Holder hereby irrevocably grants to and appoints the persons named as Chair and Secretary from time to time, separately and not jointly and acting on behalf of the Class B Committee, as such
Class B Holder’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of that Class B Holder, to vote or act
by written consent with respect to such Class B Holder’s Company Shares, and to grant (or cause to be granted) a consent, proxy or approval in respect of those Company Shares, in the event that such Class B Holder fails at any time to
vote or act by written consent with respect to any of its Company Shares in the manner agreed by such Class B Holder in this Agreement, in each case in accordance with such Class B Holder’s agreements contained in this Agreement. Each
Class B Holder hereby affirms that the proxy set forth in this Section 2.2(b) is irrevocable, coupled with an interest, intended to be valid for the full term of this Agreement (or, if earlier, until the last date
permitted by applicable law), and given to secure the performance of the obligations of such Class B Holder under this Agreement. Such Class B Holder further acknowledges and agrees that such proxy and power of attorney shall constitute a
durable power of attorney, that such proxy and power of attorney is intended to and shall attach to and run with all such Class B Holder’s Company Shares; and that any direct or indirect sale, pledge, hypothecation, gift, bequest, transfer
or other disposition (whether by merger, consolidation, operation of law or otherwise) shall be binding upon any such transferee (and shall not become effective unless so binding). For the avoidance of doubt, except as expressly contemplated by this
Section 2.2(b), no Class B Holder has granted a proxy to any Person to exercise the rights of such Class B Holder under this Agreement or any other agreement to which such Class B Holder is a party. 

(c)    In furtherance of the foregoing, at the request of the Class B Committee (or its designee), each Class B
Holder shall deposit into a voting trust, in customary form, and for the duration of the term of this Agreement, or such shorter period as the Class B Committee may request, all Company Shares then held (or thereafter acquired) by that
Class B Holder. Any such voting trust shall name the Class B Committee (or its designee) as trustee, and provide that all Company Shares deposited in the voting trust shall be voted in accordance with this Agreement. 

Section 2.4    Agreement of Company and Partnership. Each party hereto hereby agrees that it will take all
Necessary Actions to cause the matters addressed by this Article II to be carried out in accordance with the provisions thereof. Without limiting the foregoing, the Secretary of each of the Company and of Partnership or, if there be no
Secretary, such other officer or employee of the Company or of Partnership as may be fulfilling the duties of the Secretary, shall not record any vote or consent or other action contrary to the terms of this Article II. 

Section 2.5    Restrictions on Other Agreements. Except as expressly provided above, no Class B Holder
shall grant any proxy or enter into or agree to be bound by any voting trust, agreement or arrangement of any kind with any Person with respect to its Company Shares if and to the extent the terms thereof conflict with the provisions of this
Agreement (whether or not such proxy, voting trust, agreements or arrangements are with other Class B Holders, holders of Company Shares that are not parties to this Agreement or otherwise). 

Section 2.6    Mandatory Exchange. If any Class B Holder (x) fails to comply with any of its
obligations hereunder or (y) otherwise materially breaches any provision of this Agreement 

  
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applicable to him, her or it, the Class B Committee may, in its sole discretion, require the Company, Partnership, and such Class B Holder and/or its Permitted Transferee to exchange
any or all Class B Units (and any corresponding shares of Class B Common Stock) Beneficially Owned by such Class B Holder or its Permitted Transferee for shares of Class A Common Stock pursuant to the terms of the Exchange
Agreement dated as of the date hereof by and among the Company, Partnership, and the other Persons party thereto; and in the event of any such exchange, each Person party hereto shall take all Necessary Action to cause the exchange to be effected.

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1    Mutual Representations and Warranties. Each of the parties to this Agreement hereby represents
and warrants to each other party to this Agreement that as of the Effective Date: 
 (a)    Existence; Authority;
Enforceability. Such party has the power and authority to enter into this Agreement and to carry out its obligations hereunder. If such party is an entity, it is duly organized and validly existing under the laws of its jurisdiction of
organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this
Agreement or the consummation of any of the transactions contemplated hereby. If such party is a natural person, such person has full capacity to contract. This Agreement has been duly executed by each of the parties hereto and constitutes his, her
or its legal, valid and binding obligation, enforceable against him, her or it in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws
relating to or affecting creditors’ rights generally, or by the general principles of equity. No representation is made by any party with respect to the regulatory effect of this Agreement, and each of the parties has had an opportunity to
consult with counsel as to his, her or its rights and responsibilities under this Agreement. No party makes any representation to any other party as to future law or regulation or the future interpretation of existing laws or regulations by any
governmental authority or self-regulatory organization. 
 (b)    Absence of Conflicts. The execution and
delivery by such party of this Agreement and the performance of his, her or its obligations hereunder does not and will not (i) conflict with, or result in the breach of, any provision of the constitutive documents of such party, if any;
(ii) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any
additional payment obligation, under the terms of any contract, agreement or permit to which such party is a party or by which such party’s assets or operations are bound or affected; or (iii) violate any law applicable to such party. 

(c)    Consents. Other than any consents which have already been obtained, no consent, waiver, approval,
authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with the execution, delivery or performance of this Agreement. 

  
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 Section 3.2    Representations and Warranties of the
Class B Holders. Each Class B Holder hereby represents and warrants to each other party to this Agreement that, as of the Effective Date, the shares of Common Stock and Class B Units, in each case as listed for such
Class B Holder and/or its Permitted Transferee on the Company’s records as of the Effective Date, are Beneficially Owned by such Class B Holder or its Permitted Transferee, free and clear of all liens, pledges, security interests,
charges, claims, encumbrances, agreements, options, voting trusts, proxies and other arrangements or restrictions of any kind that would impair such Class B Holder’s ability to perform its obligations hereunder. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.1    Termination. This Agreement shall terminate and be of no further force and effect upon
(a) the written agreement of a Class B Supermajority, (b) a Sunset, (c) its provisions becoming illegal or being interpreted by any governmental authority to be illegal, (d) any securities exchange on which the
Company’s Common Shares are traded asserting that its existence will threaten the continued listing of the Company’s Common Shares on that securities exchange, including the commencement of formal delisting procedures, for 180 days without
resolution, or (e) with respect to each Class B Holder, at such time that such Class B Holder and its Permitted Transferees cease to Beneficially Own any Class B Common Stock provided that if any provision of this Agreement is
determined or interpreted to be illegal pursuant to clause (c) above or if any securities exchange on which the Company Shares are traded asserts for the requisite period that its existence will threaten the continued listing of the
Company’s Common Shares on that Exchange pursuant to clause (d), each Class B Holder shall take all Necessary Action to amend or modify the putatively illegal provision, or, as applicable, to cause the Company’s Common Shares to be
listed on another United States securities exchange, if that exchange will so permit without requiring modification of this Agreement or to modify this Agreement to the minimum extent necessary to permit listing to be continued on the existing
securities exchange or such alternative securities exchange, each at the request of the Class B Committee. 

Section 4.2    Survival. If this Agreement is terminated pursuant to Section 4.1,
this Agreement shall become void and of no further force and effect, except for: (i) the provisions set forth in this Section 4.2 and Section 4.8; and (ii) the rights with respect to the
breach of any provision hereof by the Company. 
 Section 4.3    Successors and Assigns; Beneficiaries;
Additional Class B Holders. 
 (a)     Except as otherwise provided herein, all of the terms and provisions of this
Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. This Agreement may not be assigned without the express prior written consent of the
Company, Partnership and Class B Holders holding a majority of the voting interest of Common Stock held by the Class B Holders, and any attempted assignment, without such consents, will be null and void; provided that each

  
 10 

 
Class B Holder (from time to time party hereto) shall be entitled to assign (solely in connection with a transfer of Common Stock or Class B Units) its rights and obligations hereunder
to any of its Permitted Transferees, and such Permitted Transferees shall be required to sign a joinder to this Agreement in the form specified by the Board of Directors, in which case the Permitted Transferee shall make the representations and
warranties set forth in Section 3.2 and such other representations and warranties as the Board of Directors may reasonably require as of the effective date of such assignment. No such assignment shall be effective until
such joinder has been executed and delivered to the Secretary. 
 (b)    Any Person who becomes the Beneficial Owner of
any shares of Class B Common Stock after the date hereof may be required by the Company to become a party to and sign a joinder to this Agreement as a Class B Holder. The joinder of any such Person shall not require the consent of any
other Class B Holder. 
 Section 4.4    Amendment and Modification; Waiver of Compliance. 

(a)    This Agreement may be amended only by a written instrument duly executed by the Company, the Partnership, and a
Class B Supermajority. 
 (b)    Except as otherwise provided in this Agreement, any failure of any of the parties
to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon
strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

Section 4.5    Notices. All notices, requests, demands and other communications to any party hereunder shall
be in writing and shall be given to such party at its street address, Partnership email address or facsimile number set forth in the records of the Company or such other address or facsimile number as such party may hereafter specify for such
purpose by notice to the other parties. Each such notice, request or other communication shall be effective (i) if given by facsimile, when such facsimile is transmitted to the facsimile number specified pursuant to this
Section 4.5 and the appropriate confirmation is received on a business day, (ii) if given by mail, 72 hours after such communication is deposited in the mail with first class, certified or registered postage prepaid,
addressed as aforesaid or (iii) if given by any other means, when delivered at the address specified pursuant to this Section 4.5 on a business day. 

Section 4.6    Entire Agreement. The provisions of this Agreement and the other writings referred to herein or
delivered pursuant hereto which form a part hereof contain the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior oral and written agreements and memoranda and undertakings among the parties
hereto with regard to such subject matter. Except as expressly provided herein with respect to the Class B Committee, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or
establish any third party beneficiary hereto. 
 Section 4.7    Severability. If any provision of this
Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or 

  
 11 

 
unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted
by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or
circumstances or in other jurisdictions shall not be affected thereby. In addition, if any court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable as written, each Person party hereto shall take
all Necessary Action to cause this Agreement to be amended so as to provide, to the maximum extent reasonably possible, that the purposes of the Agreement can be realized, and to modify this Agreement to the minimum extent reasonably possible. 

Section 4.8    CHOICE OF LAW AND VENUE; WAIVER OF RIGHT TO JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY,
CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF A DELAWARE FEDERAL OR STATE COURT, OR THE
TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION. 
 IN THE EVENT ANY PARTY TO
THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY
(1) AGREE UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF (BUT ONLY IF) SUCH COURT LACKS JURISDICTION, THE STATE OR
FEDERAL COURTS OF THE STATE OF DELAWARE; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF SUCH COURTS OF THE STATE OF DELAWARE AS PROVIDED IN CLAUSE
(1) OF THIS SECTION; (3) AGREE TO WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION,
PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM; (4) WAIVE ANY RIGHTS TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES
THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (6) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING HEREIN SHALL
AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

  
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 Section 4.9    Specific Performance. 

(a)    Each party hereto acknowledges that the other parties would be damaged irreparably if any provision of this
Agreement is not performed in accordance with its specific terms, or is otherwise breached, and that money damages would not be a sufficient remedy therefor. Thus, in the event of any breach or threatened breach by any other party of any covenant or
obligation contained in this Agreement, the non-breaching party shall be entitled to a decree or order of specific performance to enforce the observance and performance of that covenant or obligation and an
injunction restraining any breach or threatened breach. 
 (b)    Each party further agrees that no other party or any
other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 4.9, and each party irrevocably waives any
right that it might have to require the obtaining, furnishing or posting of any such bond or similar instrument. 

(c)    The remedy of specific performance shall not be deemed to be the exclusive remedy for breach of this Agreement, but
shall be in addition to all other remedies available to a party at law or in equity, and the election to pursue an injunction or specific performance shall not restrict, impair or otherwise limit such parties from recovery of monetary damages. 

Section 4.10    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 4.11    Further Assurances. At any time or from time to time after the date hereof, the parties hereto
agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence or effectuate
the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder. 

Section 4.12    Schedule 13D. In accordance with the requirements of Rule
13d-1(k) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and subject to the limitations set forth therein, each Class B Holder hereto agrees to either
(i) file an appropriate Schedule 13D no later than 10 calendar days following the Effective Date or (ii) execute a power of attorney in favor of one or more designees of the Class B Committee (which shall initially be
[                    ], separately and not jointly) and provide promptly such information as is requested by the Class B Committee from time to
time to make Schedule 13D filings on behalf of such Class B Holder. 
 Section 4.13    Effectiveness of
Agreement. Upon the Closing, the Agreement shall thereupon be deemed to be effective (such date, the “Effective Date”); provided, however, notwithstanding anything to the contrary set forth herein, if the Effective Date has not
occurred on or before [            ], 2020, this Agreement shall be terminated and of no further force or effect whatsoever, without further action by any Person. 

  
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 IN WITNESS WHEREOF, each of the undersigned has signed this Stockholders Agreement as of the
date first above written. 
  

			
	STEPSTONE GROUP INC.
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	
	
	STEPSTONE GROUP LP
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	

 
			
	CLASS B COMMON STOCK HOLDERS:
	
	[Name]

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