Document:

EX-4.1

 Exhibit 4.1 
  

 
  

	
	  
 REGISTRATION RIGHTS AGREEMENT

 
 by and among

 
 SKYLINE CHAMPION CORPORATION,

 
 CHAMPION ENTERPRISES HOLDINGS, LLC,

 
 THE BAIN SHAREHOLDER,

 
 THE CENTERBRIDGE SHAREHOLDER,

 
 THE MAK CAPITAL SHAREHOLDER,

 
 ARTHUR J. DECIO

 
 and

 
 certain other INVESTORS

 
 DATED AS OF
JUNE 1, 2018
  

  
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I EFFECTIVENESS
	  	 	2	 
	 Section 1.1.
	 	Effectiveness	  	 	2	 
		
	 ARTICLE II DEFINITIONS
	  	 	2	 
	 Section 2.1.
	 	Definitions	  	 	2	 
	 Section 2.2.
	 	Other Interpretive Provisions	  	 	6	 
		
	 ARTICLE II DEFINITIONS
	  	 	7	 
	 Section 3.1.
	 	Demand Registration	  	 	7	 
	 Section 3.2.
	 	Shelf Registration	  	 	9	 
	 Section 3.3.
	 	Piggyback Registration	  	 	11	 
	 Section 3.4.
	 	Lock-Up Agreements	  	 	13	 
	 Section 3.5.
	 	Registration Procedures	  	 	14	 
	 Section 3.6.
	 	Underwritten Offerings	  	 	19	 
	 Section 3.7.
	 	No Inconsistent Agreements; Additional Rights	  	 	20	 
	 Section 3.8.
	 	Registration Expenses	  	 	20	 
	 Section 3.9.
	 	Indemnification	  	 	21	 
	 Section 3.10.
	 	Rules 144 and 144A and Regulation S	  	 	23	 
	 Section 3.11.
	 	Existing Registration Statements	  	 	24	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	24	 
	 Section 4.1.
	 	Authority; Effect	  	 	24	 
	 Section 4.2.
	 	Notices	  	 	24	 
	 Section 4.3.
	 	Termination and Effect of Termination	  	 	26	 
	 Section 4.4.
	 	Permitted Transferees	  	 	26	 
	 Section 4.5.
	 	Remedies	  	 	27	 
	 Section 4.6.
	 	Amendments	  	 	27	 
	 Section 4.7.
	 	Governing Law	  	 	27	 
	 Section 4.8.
	 	Consent to Jurisdiction	  	 	28	 
	 Section 4.9.
	 	WAIVER OF JURY TRIAL	  	 	28	 
	 Section 4.10.
	 	Merger; Binding Effect, Etc.	  	 	28	 
	 Section 4.11.
	 	Counterparts	  	 	28	 
	 Section 4.12
	 	Severability	  	 	28	 
	 Section 4.13.
	 	No Recourse	  	 	29	 
	 Section 4.14.
	 	Additional Registration Rights	  	 	29	 
	 Section 4.15.
	 	Changes in Registrable Securities and Common Stock	  	 	29	 
	 Section 4.16.
	 	Confidentiality	  	 	29	 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the
terms hereof, the “Agreement”), dated as of June 1, 2018, is made by and among: 
 i. Skyline Champion Corporation
(f/k/a Skyline Corporation), an Indiana corporation (the “Company”); 
 ii. Champion Enterprises Holdings, LLC, a Delaware
limited liability company ( “Champion”); 
 iii. the Bain Shareholder, the Centerbridge Shareholder and the MAK Capital
Shareholder; 
 iv. Arthur J. Decio (the “Founder”); and 

v. each Person executing this Agreement and listed as an “Investor” on the signature pages hereto (collectively with Champion or, if
after the Distribution, the Sponsors, and their respective Permitted Transferees that become party hereto, the “Investors”). 

RECITALS 
 WHEREAS, on or
about the date hereof, the Company and Champion are consummating the transactions contemplated by that certain Share Contribution & Exchange Agreement, dated as of January 5, 2018 (the “Share Exchange Agreement”),
pursuant to which Champion will contribute all of the issued and outstanding shares capital stock of CHB International B.V., a Dutch corporation and Champion Home Builders, Inc., a Delaware corporation (together, the “CHB Shares”)
to the Company, and, in exchange, the Company will issue to Champion or its members, at Champion’s direction, the “Exchange Shares” (as defined in the Share Exchange Agreement) (such transaction, the “Exchange”); 

WHEREAS, concurrently or at some time after the Closing, Champion may distribute the Exchange Shares to the Investors in accordance with
Section 5.4 of that certain Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of May 23, 2011, as amended on September 16, 2014 (as amended and in effect on the date hereof) (the “LLC
Agreement”); 
 WHEREAS, the parties hereto intend to conduct a Public Offering of the capital stock of the Company at some time
after the Closing (the first Public Offering following the Exchange pursuant to either a Demand Registration Request or a Shelf Takedown Request, the “Initial Offering”); and 

WHEREAS, the Company and the Investors desire to enter into this Agreement in order to provide for certain registration rights which would
apply to the Exchange Shares and any Registrable Securities that are held by the Founder as of the date hereof or are acquired by the Investors after the date hereof. 

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 

Section 1.1. Effectiveness. This Agreement shall become effective upon the closing of the Exchange (the
“Closing”). 
 ARTICLE II 

DEFINITIONS 

Section 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 of the Company, after consultation with outside counsel: (i) would be required to be made in any Registration Statement 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 not be required to be made at such time but for the
filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“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) in the event that the specified Person is a natural Person, a Member of the Immediate Family of such Person; provided that the
Company and each of its subsidiaries shall be deemed not to be Affiliates of any Investor. 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. 
 “Affiliated
Funds” means, with respect to any Sponsor: (i) affiliated investment funds (including entities investing on behalf of such holder and any investment funds and entities with a common general partner or principal advisor) and
(ii) entities that are directly or indirectly controlled, controlling or under common control with such Sponsor. 

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

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405
promulgated under the Securities Act. 
 “Bain Shareholder” shall mean Sankaty Champion Holdings, LLC, a Delaware limited
liability company and Sankaty Credit Opportunities IV, L.P., a Delaware limited partnership, together with their Permitted Transferees. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in the City of New York. 

  
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 “Centerbridge Shareholder” shall mean Centerbridge Capital Partners, L.P., a
Delaware limited partnership, Centerbridge Capital Partners Strategic, L.P., a Delaware limited partnership, Centerbridge Capital Partners SBS, L.P., a Delaware limited partnership, CCP Champion Investors, LLC, a Delaware limited liability company,
together with their Permitted Transferees. 
 “Charitable Gifting Event” means any Transfer by a holder of Registrable
Securities, or any subsequent Transfer by such holder’s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization made on the date of, but prior to, the execution of the underwriting agreement
entered into in connection with any Underwritten Public Offering. 
 “Charitable Organization” means a charitable
organization as described by Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time. 

“Closing” shall have the meaning set forth in Section 1.1. 

“Common Shares” means common shares, $0.0277 par value per share, of Company. 

“Demand Notice” shall have the meaning set forth in Section 3.1.3. 

“Demand Registration” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1(c). 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6. 

“Distribution” means (i) the transfer by the Company of all of the Exchange Shares to the holders of the membership
interests in Champion at or concurrently with the Closing on Champion’s behalf or (ii) if the Exchange Shares are issued to Champion at the Closing, the transfer by Champion of all of the Exchange Shares to the holders of the membership
interests in Champion after the Closing. 
 “Exchange” shall have the meaning set forth in the Recitals. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “FINRA” means the Financial
Industry Regulatory Authority. 
 “Holders” means Investors and, to the extent applicable, the Founder, who then hold
Registrable Securities under this Agreement. 
 “Investor” shall have the meaning set forth in the preamble. 

“Investor Rights Agreement” means that certain Investor Rights Agreement, dated as of June 1, 2018, by and among the
Company, Champion and the Sponsors. 
 “Investors Counsel” means counsel to the Holders agreed upon by the Company and the
Requisite Investors. 
 “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. 

  
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 “Law” means any transnational, domestic or foreign federal, state or local
statute, law, ordinance, regulation, rule, code, order or other requirement or rule of law, including the common law. 

“Loss” shall have the meaning set forth in Section 3.9.1. 

“MAK Capital Shareholder” shall mean MAK Champion Investment LLC, a Delaware limited liability company and MAK-ro Capital
Master Fund L.P., a Cayman Islands limited partnership, together with their Permitted Transferees. 
 “Member of the Immediate
Family” means, with respect to any Person who is an individual, (a) each parent, spouse (but not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual
and (b) each trustee, solely in his or her capacity as trustee, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 

“Permitted Transferee” means (i) any Affiliate of a Sponsor or Investor and (ii) such other Persons designated with
Requisite Investor Approval. 
 “Person” means any individual, partnership, corporation, company, association, trust, joint
venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1. 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.2.5(b). 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten
Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (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 held by such Holder, and the denominator of which is the aggregate number of Registrable Securities 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). 

“Registrable Securities” means (i) all Common Shares that are not then subject to forfeiture to the Company,
(ii) all Common Shares issuable upon exercise, conversion or exchange of any option, warrant or convertible security not then subject to vesting or forfeiture to the Company and (iii) all Common Shares directly or indirectly issued or then
issuable with respect to the securities referred to in clauses (i) or (ii) above by way of a stock dividend or stock split, or in connection with a combination of 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 

  
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have been disposed of in accordance with such Registration Statement, (x) such securities shall have been Transferred pursuant to Rule 144, (y) such holder of Registrable Securities, except
in the case of the Founder (so long as the Founder holds at least 2.0% of the Common Shares on a fully-diluted basis), is able to immediately sell such securities under Rule 144 without any restrictions on transfer (including without application of
paragraphs (c), (d), (e), (f) and (h) of Rule 144), as reasonably determined by the Holder (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 (iii) 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 to the public of any Registrable Securities
under a Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.9. 

“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 form thereto. 

“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. 

“Requisite Investor Approval” means the prior written consent of the Requisite Investors. 

“Requisite Investors” means the holders of a majority of the Units or, if after the Distribution, the holders of a
majority of the Common Shares held by the Sponsors. 
 “Rule 144” means Rule 144 under the Securities Act (or any successor
rule). 
 “SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules
and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Period” shall have
the meaning set forth in Section 3.2.3. 
 “Shelf Registration” shall have the meaning set forth in
Section 3.2.1(a). 
 “Shelf Registration Notice” shall have the meaning set forth in Section 3.2.2. 

“Shelf Registration Request” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Registration Statement” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Suspension” shall have the meaning set forth in Section 3.2.4. 

“Shelf Takedown Notice” shall have the meaning set forth in Section 3.2.5(b). 

  
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 “Shelf Takedown Request” shall have the meaning set forth in
Section 3.2.5(a). 
 “Sponsors” shall mean the Bain Shareholder, the Centerbridge Shareholder and the MAK Capital
Shareholder (in each case including their respective Affiliated Funds). 
 “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. 

“Transaction Documents” means, this Agreement, the Share Exchange Agreement and the LLC Agreement. 

“Underwritten Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial
institution conducted as an underwritten Public Offering. 
 “Underwritten Shelf Takedown” means an Underwritten Public
Offering pursuant to an effective Shelf Registration Statement. 
 “Units” means the membership interests in Champion. 

“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. 
 Section 2.2. Other
Interpretive Provisions. The words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Annexes and Exhibits are to Articles, Sections, Annexes and Exhibits of this
Agreement unless otherwise specified. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Annex but not otherwise
defined therein shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. Except as explicitly set forth herein or in another Transaction Documents, all references to a
particular statute or other Law shall be deemed to include all rules and regulations promulgated thereunder in effect from time to time and any amendments or successors to such statutes, laws, rules and regulations. References to any Person include
the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. The parties have participated jointly in the negotiation and
drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any of the provisions of this Agreement. 

  
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 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 it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 Section 3.1. Demand Registration. 

Section 3.1.1. Request for Demand Registration. 

(a) At any time on or after the date of this Agreement, Champion or, if after the Distribution, any Sponsor (subject to the
restrictions set forth herein), shall have the right 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 Champion or such Sponsor if the aggregate offering price of the Registrable Securities that such initiating Investor proposes to sell in such Demand Registration is reasonably expected to be at least $25,000,000
before any deduction of any underwriting discounts or commissions (or, if less than $25,000,000, is in respect of all of the Registrable Securities held by such initiating Investor). Any such Registration pursuant to a Demand Registration Request
shall hereinafter be referred to as a “Demand Registration”. 
 (b) Each Demand Registration Request shall
specify (x) the aggregate amount of Registrable Securities to be registered, and (y) the intended method or methods of disposition thereof. 

(c) Upon receipt of a Demand Registration Request, the Company shall as promptly as practicable, file a Registration Statement
(a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly declared effective under the Securities Act. 

Section 3.1.2. Limitation on Demand Registrations. The Company shall not be obligated to take any action to
effect any Demand Registration (i) within the one hundred eighty (180) day period after the Initial Offering is declared effective (unless otherwise consented to by the Company), (ii) if a Demand Registration was declared effective within
the preceding ninety (90) days (unless otherwise consented to by the Company) or (iii) if the Company has undertaken more than two (2) Underwritten Public Offerings within any twelve (12)-month period. 

Section 3.1.3. Demand Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1
(but in no event more than five (5) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all other Holders and the Demand Notice shall offer each
such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to Section 3.1.7, 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 ten (10) days after receipt by such other Investor of a Demand Notice. 

  
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 Section 3.1.4. Demand Withdrawal. The Investors, that have properly
requested its Registrable Securities be included in a Demand Registration pursuant to Section 3.1.1 or Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand
Registration at any time prior to the execution of the underwriting agreement entered into in connection with the applicable Demand Registration Statement. Upon receipt of a notice to such effect with respect to all of the Registrable Securities
included in such Demand Registration, the Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement. 

Section 3.1.5. Effective Registration. The Company shall use reasonable best efforts to cause the Demand
Registration Statement to become effective and remain effective for not less than one hundred eighty (180) days (or such shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been
sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is required by Law to be delivered in
connection with sales of Registrable Securities by an underwriter or dealer. 
 Section 3.1.6. Delay in Filing;
Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand 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 Demand Registration Statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to
exercise a Demand Suspension more than once during any twelve (12)month period for a period not to exceed sixty (60) days. In the case of a Demand 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 Demand Suspension, amend or supplement the
Prospectus, if necessary, 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 Holders may reasonably request. The Company shall, if
necessary, supplement or amend the Demand Registration Statement, if required by the registration form used by the Company for the Demand Registration 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 Demand Registration Statement. 

Section 3.1.7. Priority of Securities Registered Pursuant to Demand Registrations. If the managing
underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing following consultation with the Company and Champion or, if after the Distribution,
the Sponsors that, in its or their good faith opinion, the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such 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, then the securities to be included in such Registration shall be, in the case of any Demand Registration, (x) first, allocated to each Holder that has
requested to participate in such Demand 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 good faith opinion of such managing underwriter or underwriters can be
sold without having such adverse effect. 

  
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 Section 3.2. Shelf Registration. 

Section 3.2.1. Request for Shelf Registration. 

(a) Upon the written request from time to time of Champion or, if after the Distribution, any Sponsor (a “Shelf
Registration Request”), the Company shall promptly file with the SEC a shelf Registration Statement pursuant to Rule 415 under the Securities Act (or any successor thereto) covering the resale of all Registrable Securities held by the
Holders on a delayed or continuous basis (“Shelf Registration Statement”) relating to the offer and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected by
such Holders, and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to promptly become effective under the Securities Act. Any such Registration pursuant to a Shelf Registration Request shall hereinafter be
referred to as a “Shelf Registration.” If the Company is eligible to file the Shelf Registration Statement on Form S-3 (“Form S-3
Shelf”), it shall file the Shelf Registration Statement on Form S-3; if not, the Company shall file the Shelf Registration Statement on Form S-1 (“Form S-1 Shelf”). If the Company shall file a Form S-1 Shelf, the Company shall convert the Form S-1 Shelf to a Form S-3 Shelf after the Company becomes eligible to use Form S-3 or any successor thereto. The “Plan of Distribution” section of such Form
S-1 or Form S-3, as applicable, shall permit all lawful means of disposition of Registrable Securities, including firm-commitment underwritten public offerings, block
trades, agented transactions, sales directly into the market, purchases or sales by brokers, hedging transactions and sales not involving a Public Offering. 

(b) When the Company becomes a WKSI, (i) the Company shall give written notice to all of the Holders as promptly as
practicable but in no event later than five (5) Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company has become a WKSI, and (ii) the Company shall, as promptly as practicable,
register, under an Automatic Shelf Registration Statement, the resale of all of the Registrable Securities held by the Holders in accordance with the terms of this Agreement. The Company shall use its reasonable best efforts to file such Automatic
Shelf Registration Statement as promptly as practicable, but in no event later than fifteen (15) Business Days after it becomes a WKSI, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until there are no
longer any Registrable Securities held by the Holders. The Company shall give written notice of filing such Registration Statement to all of the Holders as promptly as practicable thereafter. 

Section 3.2.2. Shelf Registration Notice. Promptly upon receipt of a Shelf Registration Request (but in no event
more than five (5) Business Days thereafter), the Company shall deliver a written notice (a “Shelf Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of
Registrable Securities to be registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing. The
Company shall include in such Shelf Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) Business Days after receipt by such other Investor of a Shelf
Registration Notice. 

  
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 Section 3.2.3. Continued Effectiveness. The Company shall use its
reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of:
(i) the date as of which all Registrable Securities have been sold pursuant to the 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); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). Subject to Section 3.2.4, the
Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in holders of
the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 

Section 3.2.4. Suspension of Registration. If the continued use of such Shelf 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, suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided,
however, that the Company shall not be permitted to exercise a Shelf Suspension more than one time during any twelve (12)-month period for a period not to exceed sixty (60) days. In the case of a Shelf Suspension, the Holders agree to
suspend use of the applicable Prospectus in connection with any sale or purchase of, 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 Shelf Suspension, amend or supplement the Prospectus, if necessary, 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 Holders may reasonably request. The Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf 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 Shelf Registration
Statement. 
 Section 3.2.5. Shelf Takedown. 

(a) At any time during which the Company has an effective Shelf Registration Statement with respect to a Holder’s
Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, Champion, or, if after the Distribution, any Sponsor may make a written request subject to the restrictions set forth herein (a
“Shelf Takedown Request”) to the Company to effect a Public Offering, including an Underwritten Shelf Takedown, of all or a portion of such Holder’s Registrable Securities that may be registered under such Shelf Registration
Statement; provided, however, that if the Shelf Takedown Request is for an Underwritten Shelf Takedown, the aggregate offering price of all Registrable Securities of such initiating Investor, that are subject to the Shelf Takedown
Request must be reasonably expected to be at least $25,000,000 before any deduction of any underwriting discounts or commissions (or, if less than $25,000,000, be in respect of all of the Registrable Securities held by such Investor), and as soon as
practicable the Company shall amend or supplement the Shelf Registration Statement as necessary for such purpose. 

  
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 (b) Promptly upon receipt of a Shelf Takedown Request (but in no event shall such
notice be given later than 5:00 p.m., New York City time, on the earlier of (i) the second trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for the relevant Underwritten Shelf Takedown is expected to be finalized, and (ii) the second trading day prior to the date on which the pricing of the relevant Underwritten Shelf
Takedown occurs) 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 by 5:00 p.m., New York City time, on the earlier of (x) the trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for the relevant Underwritten Shelf Takedown is expected to be finalized, and (y) the trading day prior to the date on which the pricing of the relevant Underwritten Shelf Takedown
occurs. Notwithstanding the delivery of any Shelf Takedown Notice, 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 3.2.5 shall be determined by Champion or, if after the Distribution, the Sponsor requesting the Shelf Takedown Request pursuant to Section 3.2.5(a). 

(c) Notwithstanding Section 3.2.5(a), the Company shall not be obligated to take any action to effect any Underwritten
Shelf Takedown if an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise consented to by the Company). 

Section 3.2.6. Priority of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters
of a proposed Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing following consultation with the Company and the Holders that, in its or their good faith opinion, the number of securities requested to be
included in the proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown 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 in such offering shall be (x) first, allocated to each Holder that has requested to participate in such Underwritten Shelf Takedown 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 good faith opinion of such managing underwriter or underwriters can be sold without having such adverse effect. 

Section 3.3. Piggyback Registration. 

Section 3.3.1. 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 

  
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Registration under Sections 3.1 or 3.2 of this Agreement, (ii) a Registration on Form S-4 or Form S-8 or any
successor form to such forms or (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 or other employee benefit plan
arrangement), then, as soon as practicable (but in no event less than thirty (30) 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 Holders, and such Piggyback Notice shall offer the Holders the opportunity to
register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 3.3.2, 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 twenty (20) Business Days after the receipt by such 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 the Registration or sale of such securities, the Company shall give
written notice of such determination to each 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 under Section 3.2, as the case may be, and (ii) in the case of a determination by the Company 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, the Company shall be permitted to delay registering or selling any Registrable Securities, for the same period as the delay in registering or selling such other securities.
Any Holder shall have the right to withdraw, without obligations to any other Holder, 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. In the event of any Underwritten Shelf Takedown or that any registration referred to in this Section 3.3.1 shall be, in whole or in part, an underwritten Public Offering, such Registrable Securities shall be included in the
underwriting on the same terms and conditions as the shares otherwise being sold through underwriters under such Underwritten Shelf Takedown or registration. 

Section 3.3.2. 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 following consultation with the Company, and Champion or, if after the Distribution, the Sponsors, that, in
its or their good faith 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) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the good faith 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 (x) the number of such Registrable Securities requested to
be sold by such Holder, and (y) 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. 

  
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 Section 3.3.3. 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 Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1 and 3.2. 

Section 3.3.4. Certain Provisions Relating to Demand Registrations. The Company shall be obligated to effect such
Demand Registration in accordance with the following provisions: 
 (a) the obligations of the Company with respect to any
Demand Registration shall be deemed satisfied only upon termination of the applicable Period of Distribution; 
 (b) the
obligations of the Company with respect to any Underwritten Shelf Takedown shall be deemed satisfied upon completion by each underwriter of the distribution of all securities purchased by it pursuant to such Underwritten Shelf Takedown; and 

(c) without the prior written consent of Champion or, if after the Distribution, any Sponsor, the Company will not effect any
other registration of any Common Shares, whether for its own account or that of other holders, from the date of receipt of a Demand Registration Request (including a Demand Registration Request for an Underwritten Shelf Takedown) until the
completion of the applicable Period of Distribution (determined as provided in the last paragraph of this Section 3.3.4). 
 For purposes of this
Agreement, the “Period of Distribution” of Registrable Securities in an underwritten Public Offering shall be deemed to extend until each underwriter has completed the distribution of all securities purchased by it, and the Period
of Distribution of Registrable Securities in any other registration shall be deemed to extend until all Registrable Securities covered thereby are either sold or cease to be Registrable Securities; provided, that (x) in the case of a
Demand Registration, such period shall not extend beyond the date, if any, specified by Champion or, if after the Distribution, the requesting Sponsor in their Demand Registration Request and (y) in the case of a registration that is not a
Demand Registration, such period shall not extend beyond the date, if any, specified by the Company in the Piggyback Notice. 

Section 3.4. Lock-Up Agreements. In connection with each Registration or sale of
Registrable Securities pursuant to Section 3.1, 3.2 or 3.3 conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute and deliver a customary lock-up
agreement with the underwriter(s) of such Underwritten 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 the Underwritten Public Offering and ending on the date
specified by the underwriters (such period not to exceed one hundred eighty (180) days from the date of effectiveness for the Initial Offering and ninety (90) days (or such shorter period as may be agreed with the underwriters) from the
effective date of the Registration Statement (or the date of the prospectus or prospectus supplement in the case of underwritten Shelf Takedowns) for all subsequent Underwritten Public Offerings). The terms of such
lock-up agreements shall be negotiated among Champion, or, if after the Distribution, the Sponsors, the Company and the underwriters and shall include customary carve-outs from the restrictions on Transfer set
forth 

  
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therein. With respect to each relevant offering, the Company shall use its reasonable best efforts to cause all of its executive officers and directors (and managers, if applicable) to execute
holdback agreements that contain restrictions that are no less restrictive than the restrictions contained in the lock-up agreements executed by the Holders. 

Section 3.5. Registration Procedures. 

Section 3.5.1. Requirements. In connection with the Company’s obligations under Section 3.1,
Section 3.2, Section 3.3 and Section 3.4, the Company shall use its reasonable best 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: 
 (a) 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 the Prospectus, and provide the selling Sponsors and Investors Counsel
(as defined below) reasonable opportunity to participate in the drafting of, review of and comment on the Registration Statement and all exhibits or financial statements filed therewith and the 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 Sponsors selling 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 Sponsors and their respective counsel, (y) make such changes in such documents concerning the Sponsors prior to the filing thereof as such Sponsors, or the Investors
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 the Sponsors, in such capacity, Investors
Counsel or the underwriters, if any, shall reasonably object; 
 (b) prepare and file (and afford the selling Sponsors and
Investors Counsel reasonable opportunity to review and comment thereon) 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
Sponsor 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; 

(c) immediately notify the participating Holders, Investors Counsel 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 (i) 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, (ii) of any 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

  
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may affect, the Registration, (iii) 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, (iv) if, at any time, the representations and warranties of the Company in any applicable
underwriting agreement cease to be true and correct in any material respect and (v) 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; 
 (d) immediately notify each selling
Holder, Investors Counsel and the managing underwriter or underwriters, if any, 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, Investors Counsel 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; provided, however, that the selling Holders
shall have the opportunity to participate in the drafting of, review of and comment on any such amendment or filing prior to its filing; 

(e) 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; 
 (f) use its reasonable best efforts to prevent the issuance of, or obtain the withdrawal of, any stop order
suspending the effectiveness of the Registration Statement or of any other order or notice preventing or suspending the use of any preliminary or final Prospectus; 

(g) promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such
information as the managing underwriter or underwriters and Champion or, if after the Distribution, any Sponsor agrees 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; 

  
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 (h) furnish to each selling Holder, Investors Counsel 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); 

(i) deliver to each selling Holder, Investors Counsel 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, Investors Counsel 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); 

(j) on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best 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 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 by Section 3.1 or Section 3.2, 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; 

(k) cooperate with the selling Holders, Investors Counsel 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; 
 (l) use its reasonable
best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other 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; 
 (m) not later than the
effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and, as applicable, provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form
eligible for deposit with The Depository Trust Company (in the case of a Registration Statement); 

  
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 (n) 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; 

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

(p) obtain for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion or opinions
from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance,
which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

(q) in the case of an Underwritten Public 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; 
 (r) cooperate with each selling Holder of Registrable Securities covered by the applicable registration
statement 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; 

(s) use its reasonable best efforts to comply with all applicable securities laws and the rules and regulations of the SEC 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; 
 (t) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered
by the applicable Registration Statement not later than the effective date of such Registration Statement; 
 (u) use its
reasonable best efforts 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; 

  
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 (v) make available for inspection by a representative appointed by Champion or,
if after the Distribution, any Sponsor 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 such Holders or 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 and permit the selling Holder, their counsel and such
underwriters, attorneys, accountants or agents to participate in the preparation of such registration statement; 
 (w) in
the case of an Underwritten Public 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 or
selling Holders in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto; 

(x) take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

(y) take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any Registration
complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with
the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(z) cooperate with the holders of Registrable Securities subject to the Registration Statement and with the managing
underwriter or agent, if any, to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to
permit any such recipient Charitable Organization to sell in the Public Offering if it so elects; and 
 (aa) 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. 

Section 3.5.2. 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. 

  
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 Section 3.5.3. 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 3.5.1, 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 3.5.1, 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 3.5.1 or is advised in writing by the Company that the use of the Prospectus may be
resumed. 
 Section 3.6. Underwritten Offerings. 

Section 3.6.1. Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Public
Offering, pursuant to a Registration or sale under Sections 3.1 or 3.2, the Company shall enter into a customary underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the
Company, Champion or, if after the Distribution, the participating Sponsors, and the underwriters, and containing such provisions as are customary in the securities business for such an arrangement between major underwriters, selling shareholders
and a company of the Company’s size and investment stature. 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. 

Section 3.6.2. 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 Holder pursuant to Section 3.3 and, subject to the provisions of
Section 3.3.2, use its reasonable best 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 Holder among the securities of the Company to be distributed by such underwriters in 

  
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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 and containing such provisions as are customary in the
securities business for such an arrangement between major underwriters, selling shareholders and a company of the Company’s size and investment stature. 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. 
 Section 3.6.3. Selection of
Underwriters. In the case of the Initial Offering, the managing underwriter or underwriters to administer the offering shall be determined by Champion, or if after the Distribution, by a majority of the Sponsors. In the case of any subsequent
Underwritten Public Offering, the managing underwriter shall be determined by the Sponsor(s) holding a majority of the Registrable Securities proposed to be included by the Sponsor(s), in the aggregate, in such Underwritten Public Offering;
provided that in the case of an Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to administer the offering shall be determined by the Company. 

Section 3.7. No Inconsistent Agreements; Additional Rights. 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. Without Requisite Investor Approval,
neither the Company nor any of its subsidiaries shall enter into any agreement granting registration or similar rights to any Person, and the Company hereby represents and warrants that, as of the date hereof, no registration or similar rights have
been granted to any other Person other than pursuant to this Agreement. 
 Section 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) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in
accordance with then-customary underwriting practice, (vi) 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, (vii) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (viii) all fees and expenses incurred in connection with the distribution or Transfer of Registrable
Securities to or by a Holder (with the exception of the Founder) or its Permitted Transferees in connection with a Public Offering, (ix) all fees and expenses of any special experts or other Persons retained by the Company in

  
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connection with any Registration or sale, (x) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties), and (xi) all expenses related to the “road show” for any Underwritten Public Offering, including the reasonable out-of-pocket expenses of the
Holders and underwriters, if so requested. All such expenses are 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. 

Section 3.9. Indemnification. 

Section 3.9.1. 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, advisory board members, managers, trustees, representatives, employees, advisors, and agents and each Person who controls or may be deemed to be a controlling Person (within the meaning of the
Securities Act or the Exchange Act) such Persons and each of their respective Representatives (each such person, a “Covered Person”) 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 and any indemnity and contribution payments made to underwriters ) (each, a “Loss” and collectively
“Losses”), joint or several, arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained or incorporated by reference in any Registration Statement under which such Registrable
Securities are registered or sold under the Securities Act (including any final, preliminary or final prospectus or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein) or any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report and other document filed under the Exchange Act, (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 or (iii) any violation or alleged
violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration,
disclosure document or other document or report; and will reimburse such Covered Person for any legal or any other expenses incurred by it in connection with investigating or defending any such Loss; provided, that no Covered Person shall be
entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any information relating to such seller 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 Shareholder 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 Covered Person or any indemnified party and shall survive the Transfer of such securities by such Covered Person and regardless of any
indemnity agreed to in the underwriting agreement that is less favorable to the Covered Person. 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. 

  
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 Section 3.9.2. 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 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 Shareholder 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 3.9.4 and any amounts paid by such Holder as
a result of liabilities incurred under the underwriting agreement, if any, related to such sale. 
 Section 3.9.3.
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 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, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written
consent of such 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 3.9.3, 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 

  
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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 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. 

Section 3.9.4. Contribution. If for any reason the indemnification provided for in Section 3.9.1 and
Section 3.9.2 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 Section 3.9.1 and Section 3.9.2),
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 3.9.4 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 3.9.4. 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 3.9.1 and 3.9.2 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 3.9.4, 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
indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.2 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 3.9.1 and 3.9.2 hereof
without regard to the provisions of this Section 3.9.4. 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. 
 Section 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 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

  
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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. 
 Section 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 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 shareholders those 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 

Section 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. 
 Section 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: 
 Champion Enterprises Holdings, LLC 

755 West Big Beaver Road, Suite 1000 

Troy, MI 48084 
 Attention:
General Counsel 
 Fax: (248) 273-4268 

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

Ropes & Gray LLP 
 The
Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02119 

Attention: Zachary Blume 

Facsimile: (617) 235 9705 
 If to
the Bain Shareholder, to: 
 Sankaty Champion Holdings, LLC 

111 Huntington Avenue 
 Boston, MA
02199 
 Attention: Michael Bevacqua 

Facsimile Number: (617) 516-2010 

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

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Attention: Zachary Blume 

Facsimile: (617) 235 9705 

If to the Centerbridge Shareholder, to: 

Centerbridge Capital Partners, L.P. 

375 Park Avenue, 12th Floor 
 New
York, NY 10152 
 Attention: Daniel Osnoss 

Facsimile Number: (212) 672-453 

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

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Attention: Zachary Blume 

Facsimile: (617) 235 9705 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, New York 10017 

Facsimile: (212) 455-2502 

Attention: Caroline B. Gottschalk 

  
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 If to the MAK Capital Shareholder, to: 

MAK Capital Fund L.P. 

590 Madison Avenue, #902 

New York, NY 10022 
 Attention:
Michael Kaufman 
 Facsimile Number: (212) 486-4779 

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

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Attention: Zachary Blume 

Facsimile: (617) 235 9705 

If to the Founder to: 

Arthur J. Decio 
 3327 Greenleaf
Boulevard 
 Elkhart, Indiana 46514 

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

Barnes & Thornburg LLP 

52700 Independence Court, Suite 150 

Elkhart, Indiana 46514 

Attention: David P. Hooper 

Facsimile: (317) 231-7433 

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 (2)
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. 

Section 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. No termination of this Agreement will affect the obligation of any party pursuant to Section 4.16, all of which obligations will, in addition to this Section 4.3
survive termination of this Agreement for a period of two (2) years from the date of such termination. 
 Section 4.4.
Permitted Transferees. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and nothing in this Agreement, expressed or implied, is intended to confer on any
person other than the parties hereto, their respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. The rights and obligations of the Company hereunder shall not be assigned

  
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without the written consent of Champion or, if after the Distribution, a majority of the Sponsors. The rights and obligations of any Investor (including those rights and obligations specific to
the Sponsors) shall not be assigned without the written consent of Champion or, if after the Distribution, a majority of the Sponsors; provided, however, that any Investor may assign its rights and obligations hereunder without consent
to a transferee in connection with the transfer by such Investor of 10% or more of the Common Shares then issued and outstanding. Notwithstanding the foregoing, the rights of any Investor hereunder are assignable without consent to a transferee in
connection with any transfer of Registrable Securities (including by means of transferring securities that are directly or indirectly convertible into or exercisable or exchangeable for Registrable Securities) so long as (1) such transferee
expressly agrees to become bound hereby as an “Investor” hereunder pursuant to a written instrument in form and substance reasonably satisfactory to the Company and Champion or, if after the Distribution, a majority of the Sponsors and
(2) notice of such transfer is given to the Company and Champion or, if after the Distribution, the Sponsors. In addition, the rights of Champion or, if after the Distribution, the Sponsors, hereunder are assignable, in whole or in part,
without consent to a transferee in connection with any transfer of Registrable Securities (including by means of transferring securities that are directly or indirectly convertible into or exercisable or exchangeable for Registrable Securities) so
long as (1) such transferee expressly agrees to become bound hereby as a “Sponsor” hereunder pursuant to a written instrument in form and substance reasonably satisfactory to the Company and Champion or, if after the Distribution, a
majority of the Sponsors and (2) notice of such transfer is given to the Company and Champion or, if after the Distribution, the Sponsors. Any attempted assignment in violation of this Section 4.4 shall be null and void. 

Section 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. 
 Section 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. 

Section 4.7. Governing Law. This Agreement will be governed by, and construed in accordance with, the laws of the State of
Indiana, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

  
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 Section 4.8. Consent to Jurisdiction. The parties hereto agree that 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 thereof (a “Legal Proceeding”) seeking to enforce
any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Federal District Court for the Southern District of Indiana located in Indianapolis,
Indiana and any appellate court therefrom. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of such court in respect of any legal or equitable Legal Proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby, or relating to enforcement of any of the terms of this Agreement, and hereby waives, and agrees not to assert, as a defense in any such Legal Proceeding, any claim that it is not subject personally to the
jurisdiction of such court, that the Legal Proceeding is brought in an inconvenient forum, that the venue of the Legal Proceeding is improper or that this Agreement or the transactions contemplated hereby may not be enforced in or by such courts.
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 Legal Proceeding in any manner permitted by Indiana 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. 
 Section 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. 

Section 4.10. Merger; Binding Effect, Etc. This Agreement, together with the other Transaction Documents and the Investor Rights
Agreement, constitutes the entire agreement of the parties with respect to their 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. 

Section 4.11. Counterparts. This Agreement may be executed in any number of counterparts, and delivered by facsimile, PDF or
otherwise, each of which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument. 

Section 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. 

  
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 Section 4.13. No Recourse. Notwithstanding anything that may be expressed or implied
in this Agreement, the Company and each Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director,
officer, employee, general or limited partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future
member of any Holder or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments
delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

Section 4.14. Additional Registration Rights. Without the consent of Champion or, if after the Distribution, the majority of the
Sponsors, the Company shall not grant any registration rights to any other person that are inconsistent or conflict with the registration rights granted hereunder. 

Section 4.15. Changes in Registrable Securities and Common Stock. If, and as often as, there are any changes in the Registrable
Securities by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof as may be
required so that the rights and privileges granted hereby shall continue with respect to the Registrable Securities as so changed and the Company shall make appropriate provision in connection with any merger, consolidation, reorganization or
recapitalization that any successor to the Company (or resulting parent thereof) shall agree, as a condition to the consummation of any such transaction, to expressly assume the Company’s obligations hereunder. In addition, the definition of
“Common Shares” herein shall be adjusted appropriately to reflect any changes resulting from a stock split, stock dividend, combination, reclassification, merger, consolidation, reorganization, recapitalization or similar
transaction. 
 Section 4.16. Confidentiality. Each Holder agrees that it will keep confidential and will not disclose, divulge
or use for any purpose, other than as permitted by this Agreement, any confidential information obtained from the Company or the other Holders pursuant to this Agreement, unless such confidential information (a) is known or becomes known to the
public in general (other than as a result of a breach of this Section 4.16 by such Holder or its Affiliates), (b) is or has been independently developed or conceived by such Holder without use of the confidential information of the Company or
any Holder or (c) is or has been made known or disclosed to such Holder by a third party (other than an Affiliate of such Holder) without a breach of any obligation of confidentiality such third party may have; provided, however,
that a Holder may disclose confidential information (x) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with the transactions contemplated by this Agreement and
monitoring its investment in the Company, (y) to any Affiliate of such Holder and their respective directors, officers and employees, in each case in the ordinary course of business, or (z) as may otherwise be required by Law or legal,
judicial or regulatory process or requested by any regulatory or self-regulatory authority or examiner, provided that such Holder takes reasonable steps to minimize the extent of any required disclosure described in this clause (z); and
provided, further, however, that the acts and omissions of any Person to whom such Holder may disclose confidential information pursuant to clauses (x) and (y) of the preceding proviso will be attributable to such Holder
for purposes of determining such Holder’s compliance with this Section 4.16. 

  
 - 29 - 

 [Signature pages follow] 

  
 -30- 

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

							
	Company:	 		 	SKYLINE CHAMPION CORPORATION
				
		 		 	By:	 	 /s/ Richard W. Florea

		 		 	 Name: Richard W. Florea
 Title:
President and CEO

									
	Champion:	 		 	CHAMPION ENTERPRISES HOLDINGS, LLC
				
		 		 	By:	 	 /s/ Roger K. Scholten

		 		 		 	Name:	 	Roger K. Scholten
		 		 		 	Title:	 	 Senior Vice President, General Counsel
 and
Secretary

 Investors: 

 

					
	SANKATY CHAMPION HOLDINGS, LLC
	
	By: Bain Capital Credit Member, LLC, its manager
			
		 	By:	 	/s/ Andrew S. Viens
		 	Name: Andrew S. Viens
		 	Title: Executive Vice President
	
	SANKATY CREDIT OPPORTUNITIES IV, L.P.
		
	By:	 	Sankaty Credit Opportunities Investors IV, LLC,
		 	its general partner
		
	By:	 	Bain Capital Credit Member, LLC
		 	its managing member
			
		 	By:	 	 /s/ Andrew S. Viens

		 	Name:Andrew S. Viens
		 	Title:Executive Vice President

 
	
	CCP CHAMPION INVESTORS, LLC
	
	By: CENTERBRIDGE ASSOCIATES, L.P., its general manager
	By: CENTERBRIDGE CAYMAN GP LTD., its general partner
	
	By: /s/ Susanne V.
Clark                                    
	Name: Susanne V. Clark
	Title: Authorized Signatory

  

	
	CENTERBRIDGE CAPITAL PARTNERS, L.P.
	
	By: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	By: CENTERBRIDGE CAYMAN GP LTD., its general partner
	
	 By: /s/ Susanne V.
Clark                                    

	 Name: Susanne V. Clark

	 Title: Authorized Signatory

  

	
	CENTERBRIDGE CAPITAL PARTNERS STRATEGIC, L.P.
	
	By: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	By: CENTERBRIDGE CAYMAN GP LTD., its general partner
	
	 By: /s/ Susanne V.
Clark                                    

	 Name: Susanne V. Clark

	 Title: Authorized Signatory

  

	
	CENTERBRIDGE CAPITAL PARTNERS SBS, L.P.
	
	 By: CCP SBS GP, LLC, its general partner

	
	 By: /s/ Susanne V.
Clark                                    

	 Name: Susanne V. Clark

	 Title: Authorized Signatory

 
			
	MAK CHAMPION INVESTMENT LLC
		
	By:	 	 MAK Capital Fund L.P.

	By:	 	/s/ Michael Kaufman
		 	Name: Michael Kaufman
		 	Title:   Portfolio Manager
	
	MAK-RO CAPITAL MASTER FUND L.P.
		
	By:	 	MAK GP LLC, its general partner
		
	By:	 	 /s/ Michael Kaufman

		 	Name: Michael Kaufman
		 	Title:   Portfolio Manager

			
	Founder:	 	
		 	/s/ Arthur
Decio                                        
     
		 	Arthur J. DecioEX-4.2

 Exhibit 4.2 

INVESTOR RIGHTS AGREEMENT 
 by and
among 
 SKYLINE CHAMPION CORPORATION, 

CHAMPION ENTERPRISES HOLDINGS, LLC, 

BAIN CAPITAL CREDIT, 

CENTERBRIDGE PARTNERS, 
 and 

MAK CHAMPION INVESTMENT, LLC 

Dated as of June 1, 2018 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE 1 EFFECTIVENESS; DEFINITIONS	  	 	2	 
			
	 1.1.
	 	Effective Date	  	 	2	 
			
	 1.2.
	 	Definitions	  	 	2	 
		
	ARTICLE 2 BOARD MATTERS	  	 	2	 
			
	 2.1.
	 	Initial Board Composition	  	 	2	 
			
	 2.3.
	 	Removal and Replacement; Vacancies	  	 	5	 
			
	 2.4.
	 	Board Committees	  	 	6	 
			
	 2.5.
	 	Observer Rights	  	 	7	 
			
	 2.6.
	 	Period	  	 	7	 
			
	 2.7.
	 	Voting Agreement	  	 	7	 
		
	ARTICLE 3 OTHER COVENANTS AND AGREEMENTS	  	 	7	 
			
	 3.1.
	 	Information and Consultation Rights	  	 	7	 
			
	 3.2.
	 	Freedom to Pursue Opportunities	  	 	8	 
			
	 3.3.
	 	No Restrictions on the Company, the Investor or the Contributor Investors	  	 	8	 
		
	ARTICLE 4 REMEDIES	  	 	9	 
		
	ARTICLE 5 AMENDMENT, TERMINATION, ETC.	  	 	9	 
			
	 5.1.
	 	Oral Modifications	  	 	9	 
			
	 5.2.
	 	Written Modifications	  	 	9	 
			
	 5.3.
	 	Termination	  	 	9	 
			
	 5.4.
	 	Effect of Termination	  	 	10	 
		
	ARTICLE 6 DEFINITIONS. FOR PURPOSES OF THIS AGREEMENT:	  	 	10	 
			
	 6.1.
	 	Certain Matters of Construction	  	 	10	 
			
	 6.2.
	 	Definitions	  	 	10	 
		
	ARTICLE 7 MISCELLANEOUS	  	 	12	 
			
	 7.1.
	 	Authority; Effect	  	 	12	 
			
	 7.2.
	 	Notices	  	 	12	 
			
	 7.3.
	 	Binding Effect, Etc.	  	 	14	 
			
	 7.4.
	 	Descriptive Heading	  	 	15	 
			
	 7.5.
	 	Counterparts	  	 	15	 
			
	 7.6.
	 	Severability	  	 	15	 
			
	 7.7.
	 	No Recourse	  	 	15	 

  
 -i- 

							
			
	 7.8.
	 	Indemnity and Liability	  	 	15	 
			
	 7.9.
	 	Indemnification Priority	  	 	16	 
		
	ARTICLE 8 CONFIDENTIALITY	  	 	16	 
		
	ARTICLE 9 GOVERNING LAW; JURISDICTION, ETC.	  	 	17	 
			
	 9.1.
	 	Governing Law; Venue	  	 	17	 
			
	 9.2.
	 	Exercise of Rights and Remedies	  	 	18	 

  
 -ii- 

 INVESTOR RIGHTS AGREEMENT 

This INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of June 1, 2018 by and among: 

 

	 	(i)	Skyline Champion Corporation (f/k/a Skyline Corporation), an Indiana corporation (together with its successors and permitted assigns, the “Company”); 

 

	 	(ii)	Champion Enterprises Holdings, LLC, a Delaware limited liability company (together with its successors and permitted assigns, the “Investor”); 

 

	 	(iii)	Sankaty Champion Holdings, LLC, a Delaware limited liability company (“SCH”), Sankaty Credit Opportunities IV, L.P., a Delaware limited partnership (together with SCH and their successors and permitted
assigns, “Bain Capital Credit”); 

  

	 	(iv)	Centerbridge Capital Partners, L.P., a Delaware limited partnership (“CCP”), Centerbridge Capital Partners Strategic, L.P., a Delaware limited partnership (“CCP Strategic”),
Centerbridge Capital Partners SBS, L.P., a Delaware limited partnership (“CCP SBS”), CCP Champion Investors, LLC, a Delaware limited liability company (together with CCP, CCP Strategic, CCP SBS and their successors and permitted
assigns, “Centerbridge Partners”); and 

  

	 	(v)	MAK Champion Investment LLC, a Delaware limited liability company (“MAK Champion”) and MAK-ro Capital Master Fund L.P., a Cayman Islands limited partnership (together
with MAK Champion and their successors and permitted assigns, “MAK” and, together with Bain Capital Credit and Centerbridge Partners, the “Contributor Investors”). 

RECITALS 
 A.
WHEREAS, Company and the Investor have entered into that certain Share Contribution & Exchange Agreement dated as of January 5, 2018 (the “Exchange Agreement”), pursuant to which Investor has agreed to contribute all
of the issued and outstanding shares of (i) capital stock of CHB International B.V., a Dutch corporation and (ii) capital stock of Champion Home Builders, Inc., a Delaware corporation, to Company, and in exchange, Company has agreed to
issue the Exchange Shares (as defined in the Exchange Agreement) to the Investor or its members (such transaction, the “Exchange”); 

B. WHEREAS, upon the consummation of the Exchange, the Investor or its members, will hold Company Common Shares; 

C. WHEREAS, the Contributor Investors are the owners of the majority of the outstanding limited liability company interests of Investor; 

D. WHEREAS, the parties hereto intend to conduct an Initial Offering; 

E. WHEREAS, upon the Distribution, it is intended that the Company Common Shares held by the Investor (if any) at such time will be distributed
to, inter alia, the Contributor Investors; and 

 F. WHEREAS, the Company, the Investor and the Contributor Investors desire to set forth their
agreements regarding certain matters, including voting rights with respect to the Company Common Shares following the Exchange and the Distribution. 

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

EFFECTIVENESS; DEFINITIONS. 

1.1. Effective Date. This Agreement shall become effective upon the consummation of the Exchange (the “Closing”). 

1.2. Definitions. Certain terms are used in this Agreement as specifically defined herein. These definitions are set forth or referred
to in Article 6 hereof. 
 ARTICLE 2 

BOARD MATTERS. 
 2.1.
Initial Board Composition. 
 (a) Number of Directors. Effective as of the Closing and until the closing of the Initial
Offering, the size of the Board shall consist of not more than eleven (11) members. 
 (b) Board Composition. The Company agrees
to take all necessary actions to ensure that the composition of the Board is as follows: 
 (i) effective as of the second
day following the Closing, the two (2) directors (one of whom is an Independent Director) nominated to the Initial Board by the Board pursuant to the Exchange Agreement (the “Skyline Director” and the “Skyline
Independent Director” respectively); 
 (ii) effective as of the second day following the Closing, nine
(9) directors nominated to the Initial Board by the Investor or, if after the Distribution, the Contributor Investors (the “Initial Investor Designees”); 

(iii) following the Distribution and until the Closing of the Initial Offering, the Company shall use its reasonable best
efforts to cause the Board, whether acting through a duly authorized committee or otherwise, to include in the slate of nominees recommended to the shareholders of the Company (the “Shareholders”) for election as a director at any
annual or special meeting of the Shareholders (or, if permitted, by any action by written consent of the Shareholders) at or by which directors of the Company are to be elected, including by calling a special meeting of the Board, any committee
thereof and/or the Shareholders, the designees selected pursuant to this Section 2.1(b)(iii), and to use reasonable best efforts to solicit proxies in favor of the election of any such individuals to the Board from the Shareholders eligible to
vote for the election of directors as of the record date for such meeting, the following members to the Board: 

  
 -2- 

 (1) Until the first meeting of the Shareholders for the election of directors to
the Board held after the two (2) year anniversary of the Closing, the Skyline Director and the Skyline Independent Director (to the extent each such director is eligible to and elects to stand for reelection to the Board and, in the case of the
Skyline Independent Director, as a member of the audit committee of the Board); 
 (2) Up to nine (9) directors
nominated to the Board by the Investor or, if after the Distribution, the Contributor Investors; 
 (3) Such additional
number of Independent Directors, if any, as is necessary so that the aggregate number of Independent Directors to be elected pursuant to this Section 2.1(b)(iii) is equal to three (3), which such Independent Directors shall be nominated by the
Contributor Investors by a majority vote of the Contributor Investors; and 
 (4) Such additional number of directors, if
any, as is necessary so that the aggregate number of directors to be elected pursuant to this Section 2.1(b)(iii) is equal to eleven (11), which such directors shall be nominated by the Contributor Investors by a majority vote of the
Contributor Investors. 
 (c) Board Actions. Board Actions. The Company shall prevent the Board from taking any actions (other
than actions taken with the consent of a majority of the Contributor Investors, such consent not to be unreasonably withheld, or actions otherwise required by applicable law), including at a meeting of the Board or by written consent, between the
Closing and the appointment of the Initial Investor Designees pursuant to Section 2.1(b)(ii), except as may be required to effect the appointment of the Initial Investor Designees, and acknowledges that the approval of any such prohibited
action by a director may constitute cause under Article IV, Section 4 of the By-laws of the Company. 

2.2. Subsequent Board Compositions. 

(a) Board Size. Effective as of immediately following the closing of the Initial Offering, the size of the Board shall be reduced to not
more than nine (9) members. The Investor or, if after the Distribution, the Contributor Investors, shall cause that number of Initial Investor Designees to resign from the Board effective as of the closing of the Initial Offering so that the
composition of the Board shall be as set forth in Section 2.2(b) or Section 2.2(c), as applicable. 
 (b) Controlled
Company. Except as set forth in Section 2.2(b)(i), so as long as the Aggregate Ownership Percentage of Investor or, if after the Distribution, the Contributor Investors collectively, is greater than fifty percent (50%) and the Company is
able to comply with the requirements of Section 802 of the New York Stock Exchange American Company Guide (the “Majority Independent Director Requirement”) or, alternatively, the Majority Independent Director Requirement does
not apply to the Company, the Board shall be as set forth in this Section 2.2(b). The Company shall use its reasonable best efforts to cause the Board, whether acting through a duly authorized committee or otherwise, to include in the slate of
nominees recommended to the shareholders of the Company (the “Shareholder”) for election as a director at any annual or special meeting of the Shareholders (or, if permitted, by any action by written consent of the Shareholders) at
or by which directors of the Company are to be elected, including by calling a special meeting of the Board, any committee thereof and/or the Shareholders, recommending to Shareholders the election of the designees selected pursuant to this
Section 2.2(b), and using its reasonable best efforts to solicit proxies in favor of the election of any such individuals to the Board from the Shareholders eligible to vote for the election of directors as of the record date for such meeting,
the following members to the Board: 

  
 -3- 

 (i) Until the first meeting of the Shareholders for the election of directors to
the Board held after the two (2) year anniversary of the Closing, the Skyline Director and the Skyline Independent Director (to the extent each such director is eligible to and elects to stand for reelection to the Board); 

(ii) The Chief Executive Officer of the Company; 

(iii) Up to six (6) directors nominated to the Board by Investor, or, if after the Distribution, the Contributor
Investors. If nominated by the Contributor Investors after the time of the Distribution, such six (6) directors shall be nominated as follows: 

(1) each Contributor Investor shall have the right (but not the obligation) to nominate to the Board one (1) director for
so long as such Contributor Investor’s Aggregate Ownership Percentage is greater than five percent (5%) (such ownership percentage, the “Director Nominating Threshold”); and 

(2) each Contributor Investor shall have the right (but not the obligation) to nominate to the Board one (1) Independent
Director for so long as such Contributor Investor’s Aggregate Ownership Percentage is greater than fifteen and one-half percent (15.5%) (such ownership percentage, the “Independent Director
Nominating Threshold” and, collectively, with the Director Nominating Threshold, the “Ownership Thresholds”); 

(iv) Such additional number of Independent Directors, if any, as is necessary so that the aggregate number of Independent
Directors to be elected pursuant to this Section 2.2(b) is equal to four (4), which such Independent Directors shall be nominated by the Contributor Investors by a majority vote of the aggregate number of Company Common Shares then held by all
Contributor Investors; and 
 (v) Such additional number of directors, if any, as is necessary so that the aggregate number
of directors to be elected pursuant to this Section 2.2(b) is equal to nine (9), which such directors shall be nominated by the Contributor Investors by a majority vote of the aggregate number of Company Common Shares then held by all
Contributor Investors. 
 (c) Independent Company. If the Aggregate Ownership Percentage of the Investor, or, if after the
Distribution, the Contributor Investors collectively, is not greater than fifty percent (50%), the Board shall be as set forth in this Section 2.2(c). The Company shall use its reasonable best efforts to cause the Board, whether acting through
a duly authorized committee or otherwise, to include in the slate of nominees recommended to the Shareholders for election as a director at any annual or special meeting of the Shareholders (or, if permitted, by any action by written consent of the
Shareholders) at or by which directors of the Company are to be elected, including by calling a special meeting of the Board, any committee thereof and/or the Shareholders, recommending to Shareholders the election of the designees selected pursuant
to this Section 2.2(c), and using its reasonable best efforts to solicit proxies in favor of the election of any such individuals to the Board from the Shareholders eligible to vote for the election of directors as of the record date for such
meeting, the following members to the Board: 
 (i) The Chief Executive Officer of the Company; 

(ii) Up to three (3) directors nominated to the Board by the Investor, or, if after the Distribution, the Contributor
Investors. If nominated by the Contributor Investors after the time of the Distribution, each Contributor Investor shall have the right (but not the obligation) to nominate to the Board one (1) director for so long as such Contributor
Investor’s Aggregate Ownership Percentage is greater than the Director Nominating Threshold; and 

  
 -4- 

 (iii) Such number of Independent Directors as is required to comply with the
Majority Independent Director Requirement; provided, however, that: 
 (1) one (1) such Independent
Director shall be the Skyline Independent Director (to the extent such director is eligible to and elects to stand for reelection to the Board), until the first meeting of the Shareholders for the election of directors to the Board held after the
two (2) year anniversary of the Closing; 
 (2) each Contributor Investor shall have the right (but not the obligation)
to nominate one (1) Independent Director for so long as such Contributor Investor’s Aggregate Ownership Percentage is greater than the Independent Director Nominating Threshold; and 

(3) any remaining Independent Directors shall be jointly nominated by the affirmative vote of a majority of the directors of
the Board. 
 (d) The Company shall use its reasonable best efforts to cause each individual designated pursuant to this Section 2.2 to
be nominated for election as a director on the Board, and to take all other necessary actions, subject to applicable law and Applicable Governance Rules, to ensure that the composition of the Board is as set forth in this Section 2.2;
provided that, notwithstanding anything in this Article 2 to the contrary, any director on the Board shall be required to meet the minimum qualifications for directors set forth in the Company’s Corporate Governance Guidelines then
in effect (which qualifications shall not be amended without the prior written consent of a majority of the Investor Designees, other than to comply with Applicable Governance Rules based on the written advice of outside counsel to the Company).
Without limiting the foregoing, at any annual or special meeting of the Shareholders at which directors are to be elected, the Company shall use its reasonable best efforts to either re-nominate for election
each then-serving Investor Designee or such other Investor Designee(s) as the Investor or the Contributor Investors, as the case may be, may designate to the Company in writing. In connection with any designation by any Contributor Investor or
Investor of an Investor Designee pursuant to the preceding sentence, the Investor and the Contributor Investors, as applicable, agree to provide to the Company all information concerning such Investor Designee(s) reasonably required and requested by
the Company to the extent necessary for the Company to comply with Applicable Governance Rules and applicable disclosure rules. 
 (e) For
the avoidance of doubt, the Company acknowledges and agrees that any Investor Designee may, at the discretion of Investor or the Contributor Investors, as the case may be, be an existing director, officer, employee or consultant of the Investor, any
Contributor Investor or any of their respective Affiliates, or any other individual that has a relationship (material or otherwise) with the Investor, any Contributor Investor or any of their respective Affiliates. 

2.3. Removal and Replacement; Vacancies. If the Investor or, if after the Distribution, any Contributor Investor loses its right to
nominate a director to fill a directorship pursuant to Section 2.2, such Investor or Contributor Investor shall cause such applicable Investor Designee to resign his or her directorship effective as of such date. If, following election to the
Board, any Investor Designee resigns, is removed in accordance with the By-laws of the Company, or is unable to serve for any reason prior to the expiration of his or her term as a director, then the Investor
or, if after the Distribution, the Contributor Investor that designated such Investor Designee, as applicable, shall designate a replacement; provided that the Investor or such Contributor Investor maintains its right to nominate a director
to fill such directorship pursuant to Section 2.2. If any designating Person or group fails to designate a nominee to fill any directorship, then such directorship shall be designated by the affirmative vote of a majority of the directors of
the Board. 

  
 -5- 

 2.4. Board Committees. 

(a) Effective as of the Closing, and at all times thereafter, the Board shall establish and maintain, as applicable, an audit committee,
compensation committee, and nominating and corporate governance committee, and such other Board committees as the Board deems appropriate or as required by any Applicable Governance Rules, having such duties and responsibilities as are customary for
such committees or as are required by any Applicable Governance Rules. The Company shall provide for the Investor Designees to have at least the same proportional representation (rounded to the nearest whole number, but not less than one) on each
Board committee as the Investor Designees collectively have on the Board; provided that, to the extent that such proportional representation is not permissible under the independence requirements of Applicable Governance Rules (based on the
written advice of outside counsel to the Company), the maximum number of Investor Designees permissible under such independence requirements shall be included on such committee, subject to the right of the Investor or, if after the Distribution, the
Contributor Investors, to appoint an Observer to such committee pursuant to Section 2.5(b). From and after the Closing, subject to applicable law and Applicable Governance Rules (based on the written advice of outside counsel to the Company),
the Company agrees to take all other necessary actions to ensure that the composition of each Board committee is as set forth in this Section 2.4(a). 

(b) Audit Committee. 

(i) The Company agrees to take all necessary actions to ensure that, effective as of the Closing, and at all times thereafter,
the audit committee of the Board is composed of at least three (3) Independent Directors in accordance with Applicable Governance Rules. 

(ii) The Skyline Independent Director shall serve on the audit committee of the Board until the expiration of the obligations
set forth in Sections 2.1(b)(iii)(1) and 2.2(b)(i). Notwithstanding anything to the contrary in this Agreement, if the Skyline Independent Director declines to serve on, or is no longer eligible to be a member of, the audit committee of the Board,
such Skyline Independent Director shall immediately resign from his or her position as a member of the board of directors of the Company and shall not be eligible to be nominated as the Skyline Independent Director following such resignation. 

(c) Nominating and Corporate Governance and Compensation Committees. If, at any time following the Closing, the Aggregate Ownership
Percentage of the Investor or, if after the Distribution, the Contributor Investors collectively, is not greater than fifty percent (50%), the Company agrees to take all other necessary actions to ensure that, and at all times thereafter, each of
the nominating and corporate governance and compensation committees of the Board is composed of at least three (3) Independent Directors, with each Contributor Investor having the right (but not the obligation) to nominate to each such
committee one (1) Investor Designee (whom shall be an Independent Director) for so long as such Contributor Investor’s Aggregate Ownership Percentage is greater than the Independent Director Nominating Threshold. The remaining members of
each such committee, if any, shall be jointly nominated by the affirmative vote of a majority of the directors of the Board, subject to applicable law and Applicable Governance Rules. 

  
 -6- 

 2.5. Observer Rights. 

(a) Board. Any Contributor Investor may, at its election and upon written notice to the Company, appoint a designated representative to
serve as a non-voting “observer” (an “Observer”) on the Board in addition to the Investor Designees serving on the Board, provided that such Contributor Investor’s
Aggregate Ownership Percentage is greater than the Director Nominating Threshold. In addition, until the first meeting of the Shareholders for the election of directors to the Board held after the two (2) year anniversary of the Closing, Arthur
J. Decio shall be an Observer with all the rights, preferences, and privileges afforded to Observers under this Agreement. 
 (b)
Committees. To the extent that, due to the independence requirements of Applicable Governance Rules (based on the written advice of outside counsel to the Company), any Board committee or Subsidiary board committee may not include the full
number of Investor Designees as set forth in Section 2.4, any Contributor Investor may, at its election and upon written notice to the Company, appoint an Investor Designee to serve as an Observer on such committee in addition to the Investor
Designees serving on such committee. 
 (c) Each Observer shall (i) be provided by the Company with all notices of meetings, consents,
minutes and other written materials that are provided to the directors serving on the Board or committee at the same time as such materials are provided to such directors and (ii) be entitled to attend all meetings of the Board or applicable
committee. The Company shall reimburse each Observer for all travel and lodging expenses in connection with the attendance by the Observer at any Board or committee meeting on the same terms, and subject to the same policies, as shall apply to the
other directors of the Company serving on the Board or such committee. 
 2.6. Period. Each of the foregoing provisions of this
Article 2 shall expire on the earlier of (a) a Change of Control, and (b) with respect to any particular provision, the last date permitted by applicable law. 

2.7. Voting Agreement. After the Distribution, each Contributor Investor hereby agrees to cast all votes to which such Contributor
Investor is entitled, whether at any annual or special meeting, by written consent or otherwise, so as to establish the size of the Board as provided in Section 2.1(a), and to elect the Investor Designees identified in Sections 2.2(b) and
2.2(c). 
 ARTICLE 3 

OTHER COVENANTS AND AGREEMENTS. 

3.1. Information and Consultation Rights. The Company hereby agrees that for so long as the Investor’s Aggregate Ownership
Percentage or, if after the Distribution, any Contributor Investor’s Aggregate Ownership Percentage is greater than the Director Nominating Threshold, the Company shall: 

(a) Information Rights. Provide the Investor or, if after the Distribution, any applicable Contributor Investor, and each of their
respective designated representatives with: 
 (i) the right to visit and inspect any of the offices and properties of the
Company and its Subsidiaries and inspect the books and records of the Company and its Subsidiaries, at such times as the Investor or any Contributor Investor, as applicable, shall reasonably request but not more frequently than once per quarter;

 (ii) as soon as available, consolidated balance sheets and statements of income and cash flows of the Company and its
Subsidiaries as of the end of such period or year then ended, as applicable, prepared in conformity with generally accepted accounting principles in the United States, and with respect to each fiscal year end statement together with an
auditor’s report thereon of a firm of established national reputation; and 

  
 -7- 

 (iii) to the extent the Company is required by law or pursuant to the terms of
any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to Section 13 or 15(d) of the Exchange Act actually prepared by the Company as soon as available;

 provided that, in each case, if the Company makes the information described in Sections 3.1(a)(ii) and 3.1(a)(iii) available
through public filings on the EDGAR system or any successor or replacement system of the Commission, the delivery of the information shall be deemed satisfied by such public filings. 

(b) Consultation Rights. Make appropriate officers and directors of the Company, and its Subsidiaries, available periodically and at
such times as reasonably requested by the Investor or, if after the Distribution, the Contributor Investors, for consultation with the Investor, the Contributor Investors, or its or their designated representatives, as applicable, with respect to
matters relating to the business and affairs of the Company and its Subsidiaries. 
 3.2. Freedom to Pursue Opportunities. The parties
expressly acknowledge and agree that (i) the Investor, each Contributor Investor, and each of their respective Affiliates (including any Investor Designee or Observer) has the right to, and shall have no duty (contractual or otherwise) not to,
directly or indirectly engage in the same or similar business activities or lines of business as the Company or any of its Subsidiaries, on its own account or in partnership with, or as an employee, officer, director or shareholder of, any other
Person, including those lines of business deemed to be competing with the Company or any of its Subsidiaries, (ii) none of the Company or any of its Subsidiaries shall have any rights in and to the business ventures of the Investor, any
Contributor Investor or any of their respective Affiliates (including any Investor Designee or Observer), or the income or profits derived therefrom (other than in its capacity as a Shareholder), and (iii) in the event that the Investor, any
Contributor Investor or any of their respective Affiliates (including any Investor Designee or Observer) acquires knowledge of a potential transaction or matter that may be an opportunity for the Company, except to the extent that any such
transaction or opportunity comes to such Person’s attention solely through the role of any Investor Designee or Observer, neither the Investor, any Contributor Investor nor any of their respective Affiliates (including any Investor Designee or
Observer) shall have any duty (contractual or otherwise) to communicate or present such opportunity to the Company or any of its Subsidiaries and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company or
any of its Subsidiaries (or any of their respective Affiliates) for breach of any duty (contractual or otherwise) by reason of the fact that the Investor, such Contributor Investor or any of their respective Affiliates (including any Investor
Designee or Observer), directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person or does not present such opportunity to the Company or any of its Subsidiaries. 

3.3. No Restrictions on the Company, the Investor or the Contributor Investors. 

(a) Without the prior written consent of the Company, after the date hereof, the Investor or, if after the Distribution, any Contributor
Investor, shall not, and shall cause their respective Affiliates not to, take any action or execute any agreement that would purport to bind the Company or any of its Subsidiaries as a “subsidiary,” “affiliate” or similar related
party of the Investor, any Contributor Investor or any of their respective Affiliates, including any provision or covenant that would purport to limit the freedom of the Company or any of its Subsidiaries to (i) sell any products or services to
any Person or in any geographic region, (ii) engage in any line of business or compete with any other Person, 

  
 -8- 

 
(iii) obtain products or services from any Person, (iv) solicit for employment, employ or otherwise engage any Persons as a service provider, or (v) disclose or use the
confidential information of any Person (other than with respect to confidential information of a third party provided to the Company or any of its Subsidiaries by the Investor, any Contributor Investor or any of their respective Affiliates). 

(b) Without the prior written consent of the Investor or, if after the Distribution, the Contributor Investors, after the date hereof, the
Company shall not, and shall cause its Affiliates not to, take any action or execute any agreement that would purport to bind the Investor, any Contributor Investor or any of their respective Affiliates as an “affiliate,”
“shareholder” or similar related party of the Company or any of its Subsidiaries, including any provision or covenant that would purport to limit the freedom of the Investor, any Contributor Investor or any of their respective Affiliates
to (i) sell any products or services to any Person or in any geographic region, (ii) engage in any line of business or compete with any other Person, (iii) obtain products or services from any Person, (iv) solicit for employment,
employ or otherwise engage any Persons as a service provider, or (v) disclose or use the confidential information of any Person (other than with respect to confidential information of a third party provided to the Investor, any Contributor
Investor or any of their respective Affiliates by the Company or any of its Subsidiaries). 
 ARTICLE 4 

REMEDIES. 
 The parties
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 which 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. 
 ARTICLE 5 

AMENDMENT, TERMINATION, ETC. 

5.1. Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any
of its terms be effective. 
 5.2. Written Modifications. 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 Investor or, if after the Distribution, the Company and each of the Contributor Investors. Each such amendment 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. To the extent the amendment of any Section of this Agreement would require a specific consent pursuant to this Section 5.2, any
amendment to the definitions used in such Section shall also require the specified consent. 
 5.3. Termination. Notwithstanding the
foregoing Section 5.2, this Agreement shall terminate with respect to the Investor effective upon the Distribution and with respect to any Contributor Investor when such Contributor Investor’s Aggregate Ownership Percentage is not greater
than the Director Nominating Threshold. Subject to Section 5.4, upon the effective time of any such termination as set forth in the prior sentence, the Investor or such Contributor Investor will no longer be a party to this Agreement and shall
no longer have any rights or obligations provided herein. 

  
 -9- 

 5.4. Effect of Termination. No termination under this Agreement shall relieve any Person
of liability for breach prior to termination. In the event this Agreement is terminated, Investor and the Contributor Investors shall retain the indemnification rights pursuant to Sections 7.8 and 7.9 hereof with respect to any matter that
(i) may be an Indemnified Liability and (ii) occurred prior to such termination. In the event this Agreement is terminated with respect to any Contributor Investor pursuant to Section 5.3, the first sentence of Section 2.3 shall
remain in full force and effect and survive any such termination of this Agreement. No termination of this Agreement will affect the obligation of any party pursuant to Article 8, all of which obligations will, in addition to this Section 5.4,
survive termination of this Agreement for a period of two (2) years from the date of such termination. 
 ARTICLE 6 

DEFINITIONS. FOR PURPOSES OF THIS AGREEMENT: 

6.1. Certain Matters of Construction. In addition to the definitions referred to or set forth below in this Article 6: 

(1) The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to this
Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 

(2) The word “including” shall mean including, without limitation; 

(3) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and

 (4) The masculine, feminine and neuter genders shall each include the other. 

6.2. Definitions. The following terms shall have the following meanings: 

“Affiliate” means, with respect to any specified Person, (a) any other Person which directly or indirectly through one
or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its Subsidiaries shall be deemed an Affiliate of the Investor or any Contributor Investor (and vice
versa), (b) if such specified Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof and (c) if such specified Person is
a natural Person, any family member of such natural Person. 
 “Aggregate Ownership Percentage” means, with respect to any
Person at any time, a fraction (expressed as a percentage) equal to (i) the aggregate number of Company Securities beneficially owned by such Person (together with his, her or its Affiliates) at such time divided by (ii) the
aggregate number of all outstanding Company Securities at such time. 
 “Agreement” has the meaning set forth in the
Preamble. 

  
 -10- 

 “Applicable Governance Rules” means the requirements of any applicable federal
or state securities laws or the rules, regulations or listing standards promulgated by any national securities exchange on which the Company Common Shares are traded. 

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

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in the City of New York. 
 “Change of Control” means the occurrence of (a) any consolidation or merger
of the Company with or into any other corporation or other Person, or any other corporate reorganization or transaction (including the acquisition of capital stock of the Company), whether or not the Company is a party thereto, in which the
Shareholders immediately prior to such consolidation, merger, reorganization or transaction, own capital stock either (i) representing directly, or indirectly through one or more entities, less than fifty percent (50%) of the economic interests
in or voting power of the Company or other surviving entity immediately after such consolidation, merger, reorganization or transaction or (ii) that does not directly, or indirectly through one or more entities, have the power to elect a
majority of the Board or other surviving entity immediately after such consolidation, merger, reorganization or transaction; (b) any stock sale or other transaction or series of related transactions, whether or not the Company is a party
thereto, after giving effect to which in excess of fifty percent (50%) of the Company’s voting power is owned directly, or indirectly through one or more entities, by any Person and its “affiliates” or “associates” (as such
terms are defined in the rules adopted by the Commission under the Exchange Act), other than the Investor, any Contributor Investor and their respective Affiliates, excluding, in any case referred to in clause (a) or (b) any bona fide primary
or secondary public offering; or (c) a sale, lease or other disposition of all or substantially all of the assets of the Company. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Company” has the meaning set forth in the Preamble. 

“Company Common Shares” means common shares, $0.0277 par value per share, of Company. 

“Company Securities” means (i) Company Common Shares, (ii) securities convertible or exercisable into, or
exchangeable for, Company Common Shares, (iii) any other equity or equity-linked security issued by the Company and (iv) options, warrants or other rights to acquire any of the foregoing. 

“Distribution” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as in effect from time to time. 

“Indemnified Liabilities” has the meaning set forth in Section 7.8. 

“Indemnified Liability” has the meaning set forth in Section 7.8. 

“Indemnitees” has the meaning set forth in Section 7.8. 

“Independent Directors” means each director of the Board who, as of the time of determination, (i) qualifies as
“independent” under the Applicable Governance Rules and (ii) is not a director, manager, principal, partner, officer or employee of, and otherwise has no material relationship with, the Investor, any Contributor Investor, any other
Person whose Aggregate Ownership Percentage is 2% or higher or any of their respective Affiliates. 

  
 -11- 

 “Initial Offering” has the meaning set forth in the Registration Rights
Agreement. 
 “Investor Designee” means any director of the Board who has been designated by the Investor or any
Contributor Investor pursuant to Article 2 hereof. 
 “Investor” has the meaning set forth in the Preamble. 

“Legal Proceeding” means any action, suit, litigation, arbitration, mediation, proceeding (including any civil, criminal,
administrative, insolvency, bankruptcy, liquidation, administration, receivership, involuntary arrangement, compromise or schedule with creditors, moratorium, stay or limitation of creditors rights, interim or provisions supervision by a court or
court appointee, winding up or striking off, or similar event, investigative or appellate proceeding), hearing, inquiry, audit, examination, conciliation, expert determination or investigation or other process commenced, brought, conducted or heard
by or before, or otherwise involving, any court or other governmental body or any arbitrator or arbitration panel. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Registration Rights Agreement” means that certain Registration Rights Agreement among the parties hereto dated as of the
date hereof. 
 “Securities Act” means the Securities Act of 1933, as in effect from time to time. 

“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests having voting
power to elect a majority of the board of directors or other persons performing similar functions are directly or indirectly owned by such Person. 

ARTICLE 7 

MISCELLANEOUS. 
 7.1.
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. 
 7.2. Notices. Any notices and
other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile, (c) sent by overnight courier or (d) sent by registered mail with postage prepaid,
in each case, addressed as follows: 
 (a) If to the Company, to: 

Skyline Champion Corporation 

P.O. Box 743 
 2520 By-Pass Road 

  
 -12- 

 Elkhart, IN 46515 

Attn: John C. Firth 

Email: JCFirth@qdi.com 

with copies to: 

Barnes & Thornburg LLP 

11 S. Meridian Street 

Indianapolis, IN 46204 

Attn: David P. Hooper 

Email: dhooper@btlaw.com 

Fax: (317) 231-7433 

(b) If to the Investor, to: 

Champion Enterprises Holdings, LLC 

755 West Big Beaver Road, Suite 1000 

Troy, MI 48084 

Attention: General Counsel 

Fax: (248) 273-4268 

with copies to: 

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Facsimile: (617) 951-7050 

Attention: Zachary Blume 

(c) If to Bain Capital Credit, to: 

Sankaty Champion Holdings, LLC 

111 Huntington Avenue 

Boston, MA 02199 

Attention: Michael Bevacqua 

Facsimile Number: (617) 516-2010 

with copies to: 

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Facsimile: (617) 951-7050 

Attention: Zachary Blume 

(d) If to Centerbridge Partners, to: 

Centerbridge Capital Partners, L.P. 

375 Park Avenue, 12th Floor 

  
 -13- 

 New York, NY 10152 

Attention: Daniel Osnoss 

Facsimile Number: (212) 672-453 

with copies to: 

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Facsimile: (617) 951-7050 

Attention: Zachary Blume 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, New York 10017 

Facsimile: (212) 455-2502 

Attention: Caroline B. Gottschalk 

(e) If to MAK, to: 

MAK Capital Fund L.P. 

590 Madison Avenue, #902 

New York, NY 10022 

Attention: Michael Kaufman 

Facsimile Number: (212) 486-4779 

with copies to: 

Ropes & Gray LLP 

Prudential Tower 

800 Boylston Street 

Boston, Massachusetts 02199 

Facsimile: (617) 951-7050 

Attention: Zachary Blume 

Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes
hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (a) on the date received,
if personally delivered, (b) on the date received if delivered by facsimile on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by overnight
courier or registered mail. 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. 

7.3. Binding Effect, Etc. This Agreement, together with the Exchange Agreement and the Registration Rights Agreement constitute the
entire agreement of the parties with respect to their subject matter, supersede in their entirety 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 their respective heirs, representatives, successors and permitted assigns. Except as otherwise 

  
 -14- 

 
expressly provided herein, neither the Company, Investor nor any Contributor Investor 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; provided, however, that notwithstanding the foregoing, effective upon the
Distribution, the rights and obligations of Investor shall automatically inure to the benefit of the Contributor Investors and the prior written consent shall not be required in connection therewith. 

7.4. Descriptive Heading. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a
part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
 7.5. Counterparts. This Agreement
may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument. 

7.6. 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. 

7.7. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company, the Investor and each
Contributor Investor covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or
limited partner or member of the Investor, any Contributor Investor or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of the Investor, any Contributor
Investor or any current or future member of the Investor, Contributor Investor, or any of their respective current or future director, officer, employee, partner or members or of any Affiliate or assignee thereof, as such, for any obligation of the
Investor or any Contributor Investor under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

7.8. Indemnity and Liability. The Company shall indemnify, exonerate and hold the Investor, each Contributor Investor and their
respective partners, shareholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, shareholders, members, Affiliates, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and
out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the
date of this Agreement (an “Indemnified Liability” and, collectively, the “Indemnified Liabilities”), as a result of, arising out of, or in any way relating to (i) this Agreement, the Exchange, any transaction
to which the Company is a party or any other circumstances with respect to the Company (other than any such Indemnified Liabilities to the extent such Indemnified Liabilities arise out of any breach of this Agreement or the Registration Rights
Agreement by such Indemnitee or its affiliated or associated Indemnitees or other related Persons or any transaction entered into after the consummation of the closing of the Exchange or other circumstances existing after the consummation of the
closing of the Exchange with respect to which the interests of such Indemnitee 

  
 -15- 

 
or its affiliated or associated Indemnitees were adverse to the interests of the Company) or (ii) operations of, or services provided by any of the Indemnitees to the Company or any of its
Affiliates from time to time (including but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of the Company or its accountants or other representatives, agents or Affiliates); provided that
the foregoing indemnification rights shall not be available to the extent that any such Indemnified Liabilities arose on account of such Indemnitee’s gross negligence, willful misconduct, or fraud, and further provided that, if and to
the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible
under applicable law. For purposes of this Section 7.8, none of the circumstances described in the limitations contained in the two provisos in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity
payments made by the Company, then such payments shall be promptly repaid by such Indemnitee to the Company. The rights of any Indemnitee to indemnification hereunder shall be in addition to any other rights any such Person may have under any other
agreement or instrument referenced above or any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. None of the Indemnitees shall in any event be liable to
the Company or any of its Affiliates for any act or omission suffered or taken by such Indemnitee that does not constitute gross negligence, willful misconduct, or fraud. 

7.9. Indemnification Priority. The Company acknowledges and agrees that the Company shall be fully and primarily responsible for the
payment of all Indemnified Liabilities to each Indemnitee, howsoever such right to indemnification or advancement from the Company arises, without regard to (i) any right of recovery the Indemnitee may have from a third party or (ii) any
right to insurance coverage that the Indemnitee may have under any insurance policy. Under no circumstance shall the Company be entitled to any right of subrogation, reimbursement, exoneration, indemnification or contribution from any such third
party or insurance carrier pursuant to any right of indemnification that the Indemnitee may have under any contract, insurance policy or otherwise, and the Company shall not have any right to participate in any claim or remedy of the Indemnitee in
respect thereof. No right of indemnification, reimbursement, advancement of expenses or insurance coverage or any other right of recovery the Indemnitee may have from any third party or insurance carrier shall reduce or otherwise alter the rights of
the Indemnitee or the obligations of the Company under Section 7.8. The Company hereby unconditionally and irrevocably waives, relinquishes and releases, and covenants and agrees not to exercise any rights that it may now have or hereafter
acquire against any Indemnitee that arises from or relates to the existence, payment, performance or enforcement of the Company’s obligations under this Agreement or under any other indemnification agreement (whether pursuant to contract, by-laws or charter), including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Indemnitee against
any third party or insurance carrier, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive, directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. 

ARTICLE 8 

CONFIDENTIALITY. 
 The
Investor and each Contributor Investor agrees that it will keep confidential and will not disclose, divulge or use for any purpose, other than as permitted by this Agreement, any confidential information provided to or learned by such party in
connection with their respective rights under this 

  
 -16- 

 
Agreement, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Article 8 by such party or its Affiliates),
(b) is or has been independently developed or conceived by such party without use of such confidential information or (c) is or has been made known or disclosed to such party by a third party (other than an Affiliate of such party) without a
breach of any obligation of confidentiality such third party may have; provided, however, that the Investor or a Contributor Investor may disclose confidential information (x) to its attorneys, accountants, consultants, and other
professionals to the extent necessary to obtain their services in connection their respective rights under this Agreement, (y) to any Affiliate of such party and their respective directors, officers and employees, in each case in the ordinary
course of business, or (z) as may otherwise be required by law or legal, judicial or regulatory process or requested by any regulatory or self-regulatory authority or examiner, provided that such party takes reasonable steps to minimize
the extent of any required disclosure described in this clause (z); and provided, further, however, that the acts and omissions of any Person to whom such Investor or Contributor Investor may disclose confidential information
pursuant to clauses (x) and (y) of the preceding proviso will be attributable to such party for purposes of determining such party’s compliance with this Article 8. Notwithstanding any contrary provision herein, the Company shall not
disclose any material, non-public information of the Company to any Person outside of the Company pursuant to the terms of this Agreement except in accordance with Commission Regulation FD, and all other
applicable federal and state securities laws. 
 ARTICLE 9 

GOVERNING LAW; JURISDICTION, ETC. 

9.1. Governing Law; Venue. 

(a) This Agreement will be governed by, and construed in accordance with, the laws of the State of Indiana, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws thereof. 
 (b) The parties hereto agree that any Legal Proceeding seeking
to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Federal District Court for the Southern District of Indiana located in
Indianapolis, Indiana and any appellate court therefrom. Each Party hereto hereby irrevocably submits to the exclusive jurisdiction of such court in respect of any legal or equitable Legal Proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby, or relating to enforcement of any of the terms of this Agreement, and hereby waives, and agrees not to assert, as a defense in any such Legal Proceeding, any claim that it is not subject personally to the
jurisdiction of such court, that the Legal Proceeding is brought in an inconvenient forum, that the venue of the Legal Proceeding is improper or that this Agreement or the transactions contemplated hereby may not be enforced in or by such courts.
Each Party hereto agrees that notice or the service of process in any Legal Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered in the manner contemplated
by Section 7.2 or in any other manner permitted by applicable law. 
 (c) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 -17- 

 9.2. Exercise of Rights and Remedies. 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. 

[Signature pages follow] 
  

  
 -18- 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused
this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

			
	COMPANY:	 	SKYLINE CHAMPION CORPORATION
		
		 	By: /s/ Richard W.
Florea                                        
        
		 	Name: Richard W. Florea
		 	Title:   President and CEO

			
	INVESTOR:	 	CHAMPION ENTERPRISES HOLDINGS, LLC
		
		 	By: /s/ Roger K.
Scholten                                        
        
		 	Name: Roger K. Scholten
		 	Title:   Senior Vice President, General Counsel and Secretary

							
	CONTRIBUTOR INVESTORS:	 		 		 	
		 		 	SANKATY CHAMPION HOLDINGS, LLC
			
		 		 	By: Bain Capital Credit Member, LLC, its manager
				
		 		 		 	By: /s/ Andrew S.
Viens                                        
        
		 		 		 	Name: Andrew S. Viens
		 		 		 	Title: Executive Vice President
			
		 		 	SANKATY CREDIT OPPORTUNITIES IV, L.P.
				
		 		 	By:	 	Sankaty Credit Opportunities Investors IV, LLC,
		 		 		 	its general partner
		 		 	By:	 	Bain Capital Credit Member, LLC
		 		 		 	its managing member
				
		 		 		 	By: /s/ Andrew S.
Viens                                        
        
		 		 		 	Name: Andrew S. Viens
		 		 		 	Title: Executive Vice President

 
	
	CCP CHAMPION INVESTORS, LLC
	
	By: CENTERBRIDGE ASSOCIATES, L.P., its general manager
	By: CENTERBRIDGE CAYMAN GP LTD., its general partner
	
	By: /s/ Susanne V. Clark                            
	Name: Susanne V. Clark
	Title: Authorized Signatory
	
	CENTERBRIDGE CAPITAL PARTNERS, L.P.
	
	By: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	By: CENTERBRIDGE CAYMAN GP LTD., its general partner
	
	By: /s/ Susanne V. Clark                            
	Name: Susanne V. Clark
	Title: Authorized Signatory
	
	CENTERBRIDGE CAPITAL PARTNERS STRATEGIC, L.P.
	
	By: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	By: CENTERBRIDGE CAYMAN GP LTD., its general partner
	
	By: /s/ Susanne V. Clark                            
	Name: Susanne V. Clark
	Title: Authorized Signatory
	
	CENTERBRIDGE CAPITAL PARTNERS SBS, L.P.
	
	By: CCP SBS GP, LLC, its general partner
	
	By: /s/ Susanne V. Clark                            
	Name: Susanne V. Clark
	Title: Authorized Signatory

 
			
	MAK CHAMPION INVESTMENT LLC
		
	By:	 	MAK Capital Fund L.P.
		
	By:	 	/s/ Michael Kaufman                            
		 	Name: Michael Kaufman
		 	Title: Portfolio Manager
	
	MAK-RO CAPITAL MASTER FUND L.P.
		
	By:	 	MAK GP LLC, its general partner
		
	By:	 	/s/ Michael Kaufman                            
		 	Name: Michael Kaufman
		 	Title: Portfolio Manager

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