Document:

EX-10.3

Table of Contents

 Exhibit 10.3 

EXCHANGE AGREEMENT 

ROYALTY PHARMA PLC 
 AND

 ROYALTY PHARMA HOLDINGS LIMITED 

AND 
 RPI US PARTNERS
2019, LP 
 AND 

RPI INTERNATIONAL HOLDINGS 2019, LP 

AND 
 RPI INTERNATIONAL
PARTNERS 2019, LP 
 AND 

RPI EPA HOLDINGS, LP 

Table of Contents

 CONTENTS 

 

					
	CLAUSE	  	      PAGE
			
	1.	    	 Interpretation
	  	  2
			
	2.	    	 Investor Exchange
	  	  6
			
	3.	    	 EPA Exchange
	  	  8
			
	4.	    	 Adjustments to Exchange Rate
	  	10
			
	5.	    	 Transfer Restrictions
	  	11
			
	6.	    	 Restrictions on Exchanges
	  	11
			
	7.	    	 Share Capital
	  	11
			
	8.	    	 Assignment and Other Dealings
	  	12
			
	9.	    	 Entire Agreement; Effective Date
	  	12
			
	10.	    	 Variation and Waiver
	  	13
			
	11.	    	 Costs and Expenses
	  	13
			
	12.	    	 Notices
	  	13
			
	13.	    	 Severance
	  	16
			
	14.	    	 Third Party Rights
	  	16
			
	15.	    	 Further Assurances
	  	16
			
	16.	    	 Counterparts
	  	16
			
	17.	    	 Governing Law and Jurisdiction
	  	16
			
	18.	    	 Tax Treatment
	  	16

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 THIS EXCHANGE AGREEMENT (the “Agreement”) is entered into as a deed
and is made on             2020. 
 BETWEEN: 

 

	(1)	 ROYALTY PHARMA PLC, a public limited company incorporated in England and Wales with company number
12446913 and with its registered office at Suite 1, 3rd Floor, 11-12 St. James’s Square, London, United Kingdom (“Parent”);

  

	(2)	 ROYALTY PHARMA HOLDINGS LIMITED, a private limited company incorporated in England and Wales with
company number 12453789 and with its registered office at Suite 1, 3rd Floor, 11-12 St. James’s Square, London, United Kingdom
(“Holdings”); 

  

	(3)	 RPI US PARTNERS 2019, LP, a Delaware limited partnership (the “Continuing US Investors
Partnership”); 

  

	(4)	 RPI INTERNATIONAL HOLDINGS 2019, LP, a Cayman Islands limited partnership (the “Continuing
International Investors Partnership”); 

  

	(5)	 RPI INTERNATIONAL PARTNERS 2019, LP, a Cayman limited partnership (“RPI International
Partners” and together with Continuing International Investors Partnership and Continuing US Investors Partnership, the “Continuing Investors Partnerships”); and 

 

	(6)	 RPI EPA HOLDINGS, LP, a Delaware limited partnership (“EPA Holdings”).

 RECITALS: 
  

	(A)	 In connection with the initial public offering of Parent A Shares (the “IPO”), the Parent
intends to consummate the transactions described in Recitals (B) and (C) below and in the Registration Statement on Form S-1 originally filed with the Commission on 22 May 2020, as amended
(Registration No. 333-238632). 

  

	(B)	 In connection with the IPO (i) the Continuing Investors Partnerships will hold Parent B Shares directly
or indirectly, and (ii) Holdings will issue Holdings B Shares to be held indirectly by the Continuing Investors Partnerships (to be held directly by the Depositary, who will issue Holdings B DRs to RPI International Partners and the Continuing
US Investors Partnership). 

  

	(C)	 In connection with the IPO, Holdings will also issue the Holdings C Share to EPA Holdings, which will
entitle EPA Holdings to bonus issuances of EPA B Shares by Holdings (to be issued to the Depositary, who will issue EPA B DRs to EPA Holdings) from time to time, in accordance with the terms of the Holdings Articles. 

 

	(D)	 The parties to this Exchange Agreement wish to provide for the exchange of (i) Holdings B DRs for
Parent A Shares, and (ii) EPA B DRs for Parent A Shares in connection with and either before or following the IPO, in each case on the terms and subject to the conditions set forth herein. 

 

	(E)	 Parent shall not have any obligation to acquire any Holdings B DRs or EPA B DRs pursuant to the terms of
this Agreement unless a Continuing Investors Partnership or 

  
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EPA Holdings has properly exercised an Exchange Right with respect to such Holdings B DRs or EPA B DRs in accordance with the terms of and subject to the conditions of this Agreement.

  

	(F)	 The Parties intend that any Exchange consummated hereunder be treated for U.S. federal income tax purposes,
to the extent permitted by law, as a taxable sale of Holdings B Shares, including for these purposes the EPA B Shares. 

  

	(G)	 In consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties have entered into this Agreement on the terms set out herein. 

IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 The following definitions shall apply in this Agreement: 

“Act” means the Companies Act 2006, as amended from time to time; 

“Business Day” means a day other than a Saturday, Sunday or public holiday in England when banks in London
and New York are open for business; 
 “Cede” means Cede & Co., nominee for DTC; 

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

“Commission” means the U.S. Securities and Exchange Commission or any successor thereto; 

“Continuing Investor” means an investor who holds an LP Interest; 

“Depositary” means any depositary, custodian or nominee approved by the Parent Board or the Holdings Board
(as applicable) that holds or will hold legal title to the Parent A Shares, Holdings B Shares or EPA B Shares (as applicable) for the purposes of facilitating beneficial ownership of such Parent A Shares, Holdings B Shares or EPA B Shares (as
applicable) by the Continuing Investors Partnerships or EPA Holdings or any Continuing Investors or EPA Investors (as applicable); 

“DTC” means The Depository Trust Company; 

“Encumbrance” means a mortgage, charge, pledge, lien, assignment, option, restriction, equity, right of first
refusal, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind, or other type of deed or arrangements having similar effect; 

“EPA B DRs” means the depositary receipts issued by a Depositary to EPA Holdings in respect of the EPA B
Shares; 
 “EPA B Interests” means the EPA B DRs (together with the corresponding interest in EPA B
Shares); 

  
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 “EPA B Shares” means the Holdings B Shares issued to EPA
Holdings in respect of equity performance awards awarded in accordance with the terms of the Holdings Articles and the terms of the Holdings C Share; 

“EPA Distribution Notice” means a written notice from an EPA Investor to EPA Holdings, in a form satisfactory
to EPA Holdings and substantially in the form attached hereto as Schedule 3; 
 “EPA Exchange” means an
exchange of EPA B Interests for Parent A Shares pursuant to the terms of this Agreement; 
 “EPA Exchange Closing
Date” has the meaning provided in clause 3.4; 
 “EPA Investor” means a person who holds
partnership interests in EPA Holdings; 
 “Exchange” means either an EPA Exchange or an Investor Exchange,
as the case may be; 
 “Exchange Election Notice” means a written notice from a Continuing Investor to a
Continuing Investors Partnership, substantially in the form attached hereto as Schedule 1; 
 “Exchange
Notice” means a written notice from the relevant Continuing Investors Partnership or EPA Holdings, as applicable, to each of Holdings and Parent, substantially in the form attached hereto as Schedule 2; 

“Exchange Rate” means the number of Parent A Shares receivable (i) for each Holdings B DR in an Investor
Exchange pursuant to clause 2 of this Agreement, or (ii) for each EPA B DR in an EPA Exchange pursuant to clause 3 of this Agreement. The initial Exchange Rate will be 1:1 and will be subject to further adjustments from time to time in
accordance with clause 4 of this Agreement; 
 “Exchange Right” means the right of the Continuing US
Investors Partnership or RPI International Partners to implement an Investor Exchange in accordance with the terms of this Agreement; 

“Governmental Entity” means any court, administrative agency, regulatory or self-regulatory body, commission
or other governmental authority, quasi-governmental organization, board, bureau, or instrumentality, domestic or foreign, and any sub-division, department or branch of any of the foregoing, or any private body
exercising any tax, regulatory or governmental or quasi-governmental authority or any securities exchange; 

“Governmental Order” means any writ, judgment, injunction, order, decree, stipulation, determination or award
of any nature entered by or with any Governmental Entity with competent jurisdiction; 
 “Holdings
Articles” means the articles of association of Holdings in effect from time to time; 

  
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 “Holdings B DRs” means the depositary receipts issued by a
Depositary to the Continuing US Investors Partnership and RPI International Partners in respect of the Holdings B Shares; 

“Holdings B Interests” means the full beneficial ownership of and full entitlement to the Holdings B DRs
distributed (or to be distributed) by a Continuing Investors Partnership to a Continuing Investor pursuant to an Exchange Election Notice (together with the corresponding interest in Holdings B Shares); 

“Holdings B Shares” means the non-voting class B ordinary shares of
US$[•] in the capital of Holdings as at the date hereof; 
 “Holdings Board” means the board of
directors of Holdings, as constituted from time to time; 
 “Holdings C Share” means the non-voting class C ordinary share of US$[•] in the capital of Holdings as at the date hereof; 

“Investor Exchange” means an exchange of Holdings B Interests for Parent A Shares pursuant to the terms of
this Agreement; 
 “Investor Exchange Closing Date” has the meaning provided in clause 2.4; 

“IPO” has the meaning provided in Recital (A); 

“Lock-Up Agreements” means each of the respective lock-up agreements entered into in connection with the IPO between the underwriters to the IPO and certain individual counterparties thereto, pursuant to which such individual counterparties agree, among other
things, not to undertake certain dealings with respect to their interests in Parent A Shares without the consent of the underwriters; 

“Lock-Up Period” means the period of 180 days following the date of
the final prospectus relating to the IPO; 
 “LP Interest” means a limited partnership interest in the
Continuing US Investors Partnership or the Continuing International Investors Partnership; 
 “Parent A
DRs” means the depositary receipts issued by a Depositary to, or for the benefit of, the Continuing Investors or EPA Holdings in respect of the Parent A Shares; 

“Parent A Shares” means the voting ordinary class A shares of US$[•] each in the capital of Parent as at
the date hereof; 
 “Parent Articles” means the articles of association of Parent in effect from time to
time; 
 “Parent B Shares” means the voting class B shares of US$[•] each in the capital of Parent as
at the date hereof; 
 “Parent Board” means the board of directors of Parent, as constituted from time to
time; 

  
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 “Parent Deferred Shares” means the deferred shares in the
capital of Parent; 
 “Parent Restricted A Shares” has the meaning provided in clause 5.1; and 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
  

	1.2	 Clause and Schedule headings shall not affect the interpretation of this Agreement. 

 

	1.3	 References to clauses and Schedules are to clauses of and Schedules to this Agreement and references to
paragraphs are to paragraphs of the relevant Schedule. 

  

	1.4	 The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this
Agreement. Any reference to this Agreement includes the Schedules. 

  

	1.5	 A reference to this Agreement or to any other Agreement or document referred to in this Agreement is
a reference to this Agreement or such other agreement or document as varied, superseded or novated (in each case, other than in breach of the provisions of this Agreement or the provisions of the agreement or document in question, as appropriate)
from time to time. 

  

	1.6	 Unless the context otherwise requires, words in the singular shall include the plural and in the plural
shall include the singular. 

  

	1.7	 Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders. 

  

	1.8	 A “person” includes a natural person, corporate or unincorporated body (whether or not
having a separate legal personality). 

  

	1.9	 A reference to a party means an original party to this Agreement, together with their permitted
assigns 

  

	1.10	 A reference to a company shall include any company, corporation or other body corporate, wherever and
however incorporated or established. 

  

	1.11	 A reference to a holding company or a subsidiary means a holding company or a subsidiary (as
the case may be) as defined in section 1159 of the Act and for the purposes only of the membership requirement contained in sections 1159(1)(b) and (c), a company shall be treated as a member of another company even if its shares in that
other company are registered in the name of: 

  

	 	(a)	 another person (or its nominee), by way of security or in connection with the taking of security; or

  

	 	(b)	 its nominee. 

  

	1.12	 A reference to “writing” or “written” includes emails.

  

	1.13	 Any words following the terms “including”, “include”, “in
particular” or “for example” or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. 

  
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	1.14	 Where the context permits, other and otherwise are illustrative and shall not limit the sense
of the words preceding them. 

  

	1.15	 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time, provided that, as between the parties, no such amendment, extension or re-enactment made after the date of this Agreement shall apply for the
purposes of this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely affect the rights of, any party. 

 

	1.16	 A reference to a statute or statutory provision shall include all subordinate legislation made from time to
time under that statute or statutory provision. 

  

	1.17	 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

  

	1.18	 A reference to a time of day is, unless otherwise stated, a reference to London time. 

 

	2.	 INVESTOR EXCHANGE 

 

	2.1	 Upon the terms and subject to the conditions of this clause 2, each Continuing Investors Partnership, upon
receipt of an Exchange Election Notice executed by, or on behalf of, a Continuing Investor in a form satisfactory to it, will, as soon as practicable thereafter and in any event within five Business Days of receipt of the Exchange Election Notice,
deliver an Exchange Notice and a copy of such Exchange Election Notice to the Parent and Holdings specifying the number of Holdings B Interests which are to be exchanged for Parent A Shares in accordance with the provisions of this clause 2.

  

	2.2	 No Investor Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith
determination of Holdings, such Investor Exchange would pose a material risk that Holdings would be a “publicly traded partnership” as defined in Section 7704 of the Code, provided that an Investor Exchange will not be prohibited on
this basis for so long as Holdings continues to satisfy the “private placements” safe harbor pursuant to Section 1.7704-1 of the Treasury Regulations promulgated under Section 7704 of the
Code. 

  

	2.3	 Each Investor Exchange pursuant to this clause 2 shall be at the Exchange Rate in effect at the applicable
closing date of such Investor Exchange. 

  

	2.4	 If an Exchange Notice has been delivered pursuant to this clause 2, then subject to clauses 2.6 to 2.10, the
closing of such Investor Exchange shall occur within three Business Days of delivery of such Exchange Notice or such later date as may be agreed between the Continuing Investor Partnership delivering the relevant Exchange Notice, Holdings and the
Parent (the “Investor Exchange Closing Date”). 

  

	2.5	 On or before the Investor Exchange Closing Date, the parties shall take the following actions in order to
implement an Investor Exchange: 

  

	 	(a)	 the relevant Continuing Investors Partnership will take the actions which such Continuing Investors
Partnership has been authorized or instructed to take under the applicable Exchange Election Notice; 

  
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	 	(b)	 Parent will issue new Parent A Shares (as determined by reference to the applicable Exchange Rate) to the
nominee for the Depositary on behalf of the relevant Continuing Investor and instruct the Depositary to issue corresponding new Parent A DRs to, or for the benefit of, the Continuing Investor in consideration for the transfer to Parent of the
relevant Holdings B Interests; 

  

	 	(c)	 subject to clauses 2.6 and 2.7 below, as and to the extent applicable, Parent will instruct the Depositary
to (i) cancel such Parent A DRs, (ii) procure the transfer by its nominee of the underlying Parent A Shares to Cede, as nominee for DTC, and (iii) instruct DTC to credit the account of the applicable DTC participant, for the benefit
of the Continuing Investor, with the relevant number of Parent A Shares; and 

  

	 	(d)	 Parent will automatically re-designate into Parent Deferred Shares,
in accordance with the provisions of the Parent Articles, a number of Parent B Shares registered in the name of the relevant Continuing Investors Partnership equivalent to the number of Parent A Shares issued. 

 

	2.6	 If an Exchange Election Notice has been served in respect of Parent A Shares that are Parent Restricted A
Shares and/or subject to the terms of the Lock-Up Agreements, in each case to the extent applicable, then until such time as the Parent A Shares cease to be Parent Restricted Shares and/or subject to the terms
of the Lock-Up Agreements, the relevant Parent A Shares will continue to be held in the name of the nominee for the Depositary on behalf of the relevant Continuing Investor in accordance with the provisions of
clause 2.5(b) above, with the Continuing Investor holding Parent A DRs, or Parent A DRs being held on their behalf by one or more nominees. 

  

	2.7	 Subject to clause 2.6 above, if an Exchange Election Notice has been served by or on behalf of a Continuing
Investor in circumstances where the DTC participant account details, and associated contact information, are not specified in the Exchange Election Notice, then until such time as the relevant Continuing Investor provides such outstanding
information by notice in writing to each of Holdings, Parent and the Depositary, the relevant Parent A Shares to which the Continuing Investor is entitled will continue to be held in the name of the nominee for the Depositary on behalf of the
relevant Continuing Investor in accordance with the provisions of clause 2.5(b) above, with the Continuing Investor holding Parent A DRs, or Parent A DRs being held on their behalf by one or more nominees. 

 

	2.8	 The obligation of any of the parties to consummate an Investor Exchange in accordance with this clause 2
shall be subject to the condition that there shall be no Governmental Order that is then in effect that restrains or prohibits the Investor Exchange. 

  

	2.9	 Notwithstanding any other provision of this Agreement, the obligation of the Parent and Holdings to
consummate an Investor Exchange in accordance with this clause 2 shall be subject to the good faith determination by Parent that such Investor Exchange would not be prohibited by applicable law or regulation and would not violate any contract,
commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the Parent or Holdings is subject. 

  

	2.10	 If, for any reason, Parent determines in its sole and absolute discretion that the mechanics for
implementing an Investor Exchange pursuant to clause 2.5 are not 

  
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practicable, breach any applicable law or regulation or result in or may result in any adverse effect or require any onerous action (including for the avoidance of doubt, the preparation of any
valuation report under s.593 of the Act) then each of the parties agrees to enter into, authorize and approve (including through the provision of any necessary shareholder approvals) such alternative transaction structure as Parent may propose in
order to issue the same number of Parent A Shares as would otherwise have been issued through an Investor Exchange, including, without limitation: 

  

	 	(a)	 by delaying an Investor Exchange in order to comply with any applicable law or regulation (including,
without limitation, the production by Parent of a valuation report under s.593 of the Act); 

  

	 	(b)	 by cancelling the Holdings B Shares which are the subject of the relevant Investor Exchange, together with
any associated capital reduction of Holdings; or 

  

	 	(c)	 by transferring Holdings B Shares which are the subject of the relevant Investor Exchange rather than
transferring Holdings B DRs contemplated by the Exchange Election Notice representing such Holdings B Shares. 

  

	3.	 EPA EXCHANGE 

 

	3.1	 Upon the terms and subject to the conditions of this clause 3, EPA Holdings will, upon issuance of any EPA B
Shares, as soon as practicable thereafter and in any event within five Business Days of issuance of such EPA B Shares deliver an Exchange Notice to the Parent and Holdings specifying the number of EPA B Interests that are to be exchanged for Parent
A Shares in accordance with the provisions of this clause 3. 

  

	3.2	 No EPA Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith
determination of Holdings, such EPA Exchange would pose a material risk that Holdings would be a “publicly traded partnership” as defined in Section 7704 of the Code, provided that an EPA Exchange will not be prohibited on this basis
for so long as Holdings continues to satisfy the “private placements” safe harbor pursuant to Section 1.7704-1 of the Treasury Regulations promulgated under Section 7704 of the Code

  

	3.3	 Each EPA Exchange pursuant to this clause 3 shall be at the Exchange Rate in effect at the applicable
closing date of such EPA Exchange. 

  

	3.4	 If an Exchange Notice has been delivered pursuant to this clause 3, then subject to clauses 3.6 to 3.9
below, the closing of such EPA Exchange shall occur within three Business Days of issuance of such Exchange Notice or such later date as may be agreed between EPA Holdings, Holdings and the Parent (the “EPA Exchange Closing Date”).

  

	3.5	 On or before the EPA Exchange Closing Date, the parties shall take the following actions in order to
implement an EPA Exchange: 

  

	 	(a)	 EPA Holdings will take all actions which are necessary to implement the EPA Exchange in accordance with the
terms of this Agreement; 

  

	 	(b)	 Parent will issue new Parent A Shares (as determined by reference to the applicable Exchange Rate) to the
nominee for the Depositary on behalf of EPA 

  
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Holdings and instruct the Depositary to issue corresponding new Parent A DRs to, or for the benefit of, EPA Holdings in consideration for the transfer to Parent of the relevant EPA B Interests,
provided that EPA Holdings may, in its sole discretion following receipt of an EPA Distribution Notice, subsequently transfer such Parent A DRs to an EPA Investor; and 

 

	 	(c)	 subject to clause 3.6 below, Parent will instruct the Depositary to (i) cancel such Parent A DRs,
(ii) procure the transfer by its nominee of the underlying Parent A Shares to Cede, as nominee for DTC, and (iii) instruct DTC to credit the accounts of the applicable DTC participant for the benefit of either EPA Holdings, or, subject to
prior receipt by EPA Holdings of an EPA Distribution Notice in respect of the relevant Parent A DRs, the relevant EPA Investor with the relevant number of Parent A Shares. 

 

	3.6	 If an Exchange Notice has been served in respect of Parent A Shares that are Parent Restricted A Shares
and/or subject to the terms of the Lock-Up Agreements, in each case to the extent applicable, then until such time as the Parent A Shares cease to be Parent Restricted Shares and/or subject to the terms of the
Lock-Up Agreements, the relevant Parent A Shares will continue to be held in the name of the nominee for the Depositary on behalf of EPA Holdings or the relevant EPA Investor (as applicable) in accordance with
the provisions of clause 3.5(b) above, with EPA Holdings or the relevant EPA Investor (as applicable) holding Parent A DRs or Parent A DRs being held on behalf of EPA Holdings or the relevant EPA Investor (as applicable) by one or more nominees.

  

	3.7	 The obligation of any of the parties to consummate an EPA Exchange in accordance with this clause 3 shall be
subject to the condition that there shall be no Governmental Order that is then in effect that restrains or prohibits the EPA Exchange. 

  

	3.8	 Notwithstanding any other provision of this Agreement, the obligation of the Parent and Holdings to
consummate an EPA Exchange in accordance with this clause 3 shall be subject to the good faith determination by Parent that such EPA Exchange would not be prohibited by applicable law or regulation and would not violate any contract, commitment,
agreement, instrument, arrangement, understanding, obligation or undertaking to which the Parent or Holdings is subject. 

  

	3.9	 If, for any reason, Parent determines in its sole discretion that the mechanics for implementing an EPA
Exchange pursuant to clause 3.5 are not practicable, breach any applicable law or regulation or result in or may result in any adverse effect or require any onerous action (including for the avoidance of doubt, the preparation of any valuation
report under s.593 of the Act) then each of the parties agrees to enter into, authorize and approve (including through the provision of any necessary shareholder approvals) such alternative transaction structure as Parent may propose in order to
issue the number of Parent A Shares as would otherwise have been issued through an EPA Exchange, including, without limitation: 

  

	 	(a)	 by delaying an EPA Exchange in order to comply with any applicable law or regulation (including, without
limitation, the production by Parent of a valuation report under s.593 of the Act); 

  
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	 	(b)	 by cancelling the EPA B Shares which are the subject of the relevant EPA Exchange, together with any
associated capital reduction of Holdings; and 

  

	 	(c)	 by transferring EPA B Shares which are the subject of the relevant EPA Exchange rather than transferring EPA
B DRs representing such EPA B Shares. 

  

	4.	 ADJUSTMENTS TO EXCHANGE RATE 

 

	4.1	 The Exchange Rate as of the date of this Agreement shall be 1:1. The Exchange Rate shall be adjusted
accordingly if there is (i) any subdivision of the Holdings B Shares into a greater number of Holdings B Shares or consolidation of the Holdings B Shares into a smaller number of Holdings B Shares (in each case howsoever effected, including by
way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization or otherwise) or any similar event, in each case that is not accompanied by an identical adjustment of the Parent A Shares, or
(ii) any sub-division of the Parent A Shares into a greater number of Parent A Shares or consolidation of the Parent A Shares into a smaller number of Parent A Shares (in each chase howsoever effected,
including by way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization or otherwise) or any similar event, in each case that is not accompanied by an identical adjustment of the Holdings B
Shares, in either case, an “Adjustment Event”. 

 For example, and purely for
illustrative purposes, if an Adjustment Event occurs pursuant to which each Holdings B Share is sub-divided from one share of US$0.01 each into ten shares of US$0.001 each, then the Exchange Rate should be
adjusted so that, immediately following such Adjustment Event, the Exchange Rate would be 10:1, i.e. ten Holdings B Shares would be exchanged for one Parent A Share. 
  

	4.2	 If there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Parent A Shares are converted or changed into another security, securities or other property, then upon any subsequent Exchange, Parent shall procure that the relevant Continuing Investors Partnership or EPA Holdings (as the case may be) shall
receive an amount of such security, securities or other property that such person would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalisation or other similar
transaction, taking into account any adjustment as a result of any subdivision into a greater number of securities or other property or consolidation into a smaller number of securities or other property (in each case howsoever effected, including
by way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization or otherwise) or any similar event that occurs after the effective time of such reclassification, reorganization, recapitalization or
other similar transaction. 

  

	4.3	 For the avoidance of doubt if there is any reclassification, reorganization, recapitalization or other
similar transaction in which the Parent A Shares are converted or changed into another security, securities or other property, Parent shall procure that this clause 4 shall continue to be applicable, mutatis mutandis, with respect to such
security or other property. 

  
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	5.	 TRANSFER RESTRICTIONS 

 

	5.1	 Each Continuing Investors Partnership understands and agrees, and EPA Holdings understands and agrees, that:

  

	 	(a)	 the Parent A Shares to be issued following completion of an Exchange (any such Parent A Shares, being
referred to herein as “Parent Restricted A Shares”) may not be transferred except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement;

  

	 	(b)	 unless exchanged pursuant to an effective registration statement or Rule 144 under the Securities Act, the
Parent Restricted A Shares are restricted securities under the Securities Act and the rules and regulations promulgated thereunder; and 

  

	 	(c)	 it shall not transfer (or solicit any offers in respect of any transfer of any Parent Restricted A Shares),
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement. 

  

	5.2	 Any attempt to transfer any Parent Restricted A Shares otherwise than in compliance with this Agreement
shall be void ab initio, and Parent shall not, and shall cause any transfer agent not to, give any effect in Parent’s share register to such an attempted transfer. 

 

	6.	 RESTRICTIONS ON EXCHANGES 

 

	6.1	 If Parent is dissolved, liquidated or wound up for any reason, any Exchange Right shall expire upon final
distribution of the assets of the Parent pursuant to the operation of such dissolution, liquidation or winding-up process. 

 

	6.2	 Save for the transfer restrictions set out in clause 5, the provisions of clauses 6.1 above and any other
applicable provisions of this Agreement, the Exchange Right granted pursuant to the terms of this Agreement shall not have any restrictions on exercise. 

  

	7.	 SHARE CAPITAL 

 

	7.1	 Parent shall ensure to the fullest extent possible in accordance with applicable law that at all times it is
able to issue in compliance with its constitution and applicable law the maximum number of Parent A Shares required by applicable law for the purposes of issuing Parent A Shares upon the exchange of Holdings B DRs and Holdings B Shares or EPA B DRs
and EPA B Shares for Parent A Shares in accordance with the terms of this Agreement. 

  

	7.2	 If any Parent A Shares require registration with or approval of any Governmental Entity under any federal,
state or national law before such Parent A Shares may be issued following an Exchange, Parent shall use reasonable efforts to cause such Parent A Shares to be duly registered or approved, as the case may be. 

 

	7.3	 Parent shall list and register (where required) and use its reasonable efforts to maintain the listing and
registration (if applicable) of the Parent A Shares required to be delivered 

  
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upon completion of any Exchange prior to such delivery in accordance with the requirements of the securities exchange upon which the Parent A Shares are listed at the time of such Exchange (it
being understood that any such Parent A Shares may be subject to transfer restrictions under applicable securities laws). 

  

	7.4	 Subject to compliance by the Continuing Investors Partnerships and EPA Holdings with the relevant terms of
this Agreement applicable to each of them, Parent hereby covenants to the Continuing Investors Partnerships and EPA Holdings that all Parent A Shares issued upon an Exchange will, upon issuance, be validly issued and fully paid.

  

	7.5	 This Agreement shall apply to (i) the Holdings B DRs and Holdings B Shares held by the Continuing
Investors Partnerships as of the date hereof, (ii) any Holdings B DRs or Holdings B Shares acquired by the Continuing Investors Partnerships after the date hereof, and (iii) any EPA B DRs or EPA B Shares acquired by EPA Holdings after the
date hereof. This Agreement shall apply to, mutatis mutandis, and all references to Holdings B DRs, Holdings B Shares, EPA B DRs or EPA B Shares shall be deemed to include, any security, securities or other property of Parent or Holdings that
may be issued in respect of, in exchange for or in substitution of Holdings B DRs, Holdings B Shares, EPA B DRs or EPA B Shares, as the case may be, by reason of any distribution, dividend, subdivision or consolidation (howsoever effected, including
by way of share split, reverse share split, share distribution, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction). 

 

	7.6	 Save to the extent expressly contemplated by this Agreement (and to the extent within their power), Parent
and Holdings shall use all reasonable efforts to remove any impediment that in the good faith judgment of Parent and Holdings would cause any Exchange to be prohibited by applicable law or regulation or that would case an Exchange to violate any
contract, commitment, agreement, instrument, arrangement, understanding, obligation or undertaking to which the Parent or Holdings is subject. 

  

	8.	 ASSIGNMENT AND OTHER DEALINGS 

 

	    	 No party shall assign, transfer, mortgage, charge, subcontract, declare a trust over or deal in any other
manner with any or all of his rights and obligations under this Agreement (or any other document referred to in it) without the prior written consent of each of the other parties to this Agreement. 

 

	9.	 ENTIRE AGREEMENT; EFFECTIVE DATE 

 

	9.1	 This Agreement, together with the Parent Articles, the Holdings Articles and any Exchange Notice served in
accordance with the terms of this Agreement, constitutes the entire agreement between the parties and supersedes and extinguishes all previous discussions, correspondence, negotiations, drafts, agreements, promises, assurances, warranties,
representations, arrangements and understandings between them, whether written or oral, relating to its subject matter. 

  

	9.2	 Each party acknowledges that in entering into this Agreement, it does not rely on, and shall have no
remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement or any Exchange Notice served in accordance with the terms of this Agreement.

  
 12 

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	9.3	 Nothing in this clause 9 shall limit or exclude any liability for fraud. 

 

	10.	 VARIATION AND WAIVER 

 

	10.1	 No variation of this Agreement shall be effective unless it is in writing and signed by or on behalf of each
of the parties to this Agreement. 

  

	10.2	 A waiver of any right or remedy under this Agreement or by law is only effective if it is given in writing
and is signed by the party waiving such right or remedy. Any such waiver shall apply only to the circumstances for which it is given and shall not be deemed a waiver of any subsequent breach or default. 

 

	10.3	 A failure or delay by any party to exercise any right or remedy provided under this Agreement or by law,
whether by conduct or otherwise, shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. 

 

	10.4	 No single or partial exercise of any right or remedy provided under this Agreement or by law shall prevent
or restrict the further exercise of that or any other right or remedy. 

  

	10.5	 A person that waives a right or remedy provided under this Agreement or by law in relation to one person, or
takes or fails to take any action against that person, does not affect its rights or remedies in relation to any other person. 

  

	11.	 COSTS AND EXPENSES  

 

	11.1	 Except as expressly provided in this Agreement, each party shall pay its own costs and expenses incurred in
connection with the negotiation, preparation, execution and performance of this Agreement (and any documents referred to in it), provided that to the fullest extent permitted by applicable law Parent shall bear any transfer taxes, stamp taxes or
duties, or other similar taxes in connection with, or arising by reason of any Exchange. 

  

	11.2	 Parent shall promptly co-operate in all filings required to be made
under the Hart-Scott Rodino Antitrust Improvement Act of 1976, as amended in connection with any Exchange (but Parent shall not be obliged to bear and shall be reimbursed by the relevant Continuing Investors Partnership or EPA Holdings (as the case
may be) for the expenses of any such filing or of any information request from any Governmental Entity relating thereto). 

  

	12.	 NOTICES  

 

	12.1	 A notice given to a party under or in connection with this Agreement shall be in writing and shall be
delivered by hand or sent by pre-paid first-class post, recorded delivery or special delivery in each case to that party’s address, or sent by email to that party’s email address, in each case as
specified in clause 12.2 (or to such other address or email address as that party may notify to the other party in accordance with this Agreement). 

  

	12.2	 The addresses and email addresses for service of notices are: 

 

	 	(a)	 In the case of Parent: 

  
 13 

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	 	(i)	 address: its registered office address for the time being 

Royalty Pharma, plc 

110 East 59th Street 

New York, New York 10022; 
  

	 	(ii)	 email address:transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The Board of Directors, 

 

	 	(b)	 In the case of Holdings: 

 

	 	(i)	 address: its registered office address for the time being 

Royalty Pharma Holdings Ltd. 

c/o Royalty Pharma, plc 

110 East 59th Street 

New York, New York 10022; 
  

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The Board of Directors; and 

 

	 	(c)	 In the case of the Continuing US Investors Partnership: 

 

	 	(i)	 address: 

RPI US Partners 2019, LP 

c/o Royalty Pharma, plc 

110 East 59th Street 

New York, New York 10022; 
  

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner, 

 

	 	(d)	 In the case of the Continuing International Investors Partnership: 

 

	 	(i)	 address: 

RPI International Holdings 2019, LP 

c/o Royalty Pharma, plc 

110 East 59th Street 

New York, New York 10022 
  

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner, 

 

	 	(e)	 In the case of RPI International Partners: 

  
 14 

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	 	(i)	 address: 

RPI International Partners 2019, LP 

c/o Royalty Pharma, plc 

110 East 59th Street 

New York, New York 10022; 
  

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner, 

 

	 	(f)	 In the case of EPA: 

 

	 	(i)	 address: 

RPI EPA Holdings, LP 

c/o Royalty Pharma, plc 

110 East 59th Street 

New York, New York 10022; 
  

	 	(ii)	 email address: transfers@royaltypharma.com; and 

 

	 	(iii)	 attention: The General Partner. 

 

	12.3	 A party may change its details for service of notices as specified in clause 12.2 by giving notice to the
other parties. Any change notified pursuant to this clause 12 shall take effect at 9.00 am on the later of the date (if any) specified in the notice as the effective date for the change or five Business Days after deemed receipt of the notice.

  

	12.4	 Delivery of a notice is deemed to have taken place (provided that all other requirements in this clause 12
have been satisfied) if delivered by hand, at the time the notice is left at the address, or if sent by email, at the time of transmission, provided that the subject line of the email identifies that it is a notice being given under this Agreement,
or if sent by pre-paid first class post, recorded delivery or special delivery on the second Business Day after posting unless, in each case, such deemed receipt would occur outside business hours (meaning
9.00 am to 5.30 pm Monday to Friday on a day that is not a public holiday in the place of deemed receipt), in which case deemed receipt will occur at 9.00 am on the day when business next starts in the place of deemed receipt (and, for the purposes
of this clause 12, all references to time are to local time in the place of deemed receipt). 

  

	12.5	 In providing service in accordance with clause 12.4 above, it shall be sufficient to prove (i) that
personal delivery was made, (ii) that the envelope containing such notice was properly addressed and delivered into the custody of the postal authority as a prepaid first class recorded delivery or airmail letter (as appropriate), (iii) that
the envelope containing such notice was properly addressed and delivered into the custody of the courier service provider, or (iv) that the email was sent to the correct email address of the recipient. 

 

	12.6	 This clause 12 does not apply to the service of any proceedings or other documents in any legal action.

  
 15 

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	13.	 SEVERANCE  

If any provision of this Agreement is held by any court of competent jurisdiction to be invalid, illegal or unenforceable, it
shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision
or part-provision under this clause 13 shall not affect the validity and enforceability of the rest of this Agreement. 
  

	14.	 THIRD PARTY RIGHTS 

 

	14.1	 A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this Agreement. 

  

	14.2	 The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this
Agreement are not subject to the consent of any other person. 

  

	15.	 FURTHER ASSURANCES 

Each party to this Agreement shall execute, deliver, acknowledge and file such other documents as may be reasonably requested
from time to time by any other party hereto to give effect to and carry out the transactions contemplated in this Agreement. 
  

	16.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a
duplicate original, but all the counterparts shall together constitute the one agreement. 
  

	17.	 GOVERNING LAW AND JURISDICTION  

 

	17.1	 This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or
formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

 

	17.2	 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to
settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims). 

 

	18.	 TAX TREATMENT 

The parties to this Agreement intend that this Agreement shall be treated as part of the partnership agreement of Holdings
pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise
required by applicable law: (a) the parties shall report each Exchange consummated hereunder as a taxable sale of Holdings B Shares by a Continuing Investor or an EPA Investor (as applicable) to Parent; and (b) no party shall take a
contrary position on any income tax return, amendment thereof or communication with a taxing authority (unless a final “determination” within the meaning of Section 1313(a)(1) of the Code requires a different tax treatment). 

  
 16 

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 IN WITNESS WHEREOF this Agreement has been executed and delivered as a Deed on the
date first stated above. 

  
 17 

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	     EXECUTED and DELIVERED as a DEED

 
     for and on behalf of

 
     ROYALTY PHARMA
PLC

					
			
	 By:
	 	  
	 	

			
		
	 Name:
	 	
		
	 Title:
	 	
	
	 IN THE PRESENCE OF:

					
		
	  
	 	

			
	
	 Witness’s signature:

	
	 Witness’s name:

	
	 Witness’s address:

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	     EXECUTED and DELIVERED as a DEED

 
     for and on behalf of

 
     ROYALTY PHARMA HOLDINGS
    LIMITED

					
			
	 By:
	 	  
	 	

			
		
	 Name:
	 	
		
	 Title:
	 	
	
	 IN THE PRESENCE OF:

					
		
	  
	 	

			
	
	 Witness’s signature:

	
	 Witness’s name:

	
	 Witness’s address:

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	     EXECUTED and DELIVERED as a DEED

 
     for and on behalf of

 
     RPI US PARTNERS 2019,
LP

		
	  
	 	
	 Signature of Director/Authorised Signatory

		
	  
	 	
	 Print Name

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	     EXECUTED and DELIVERED as a DEED

 
     for and on behalf of

 
     RPI INTERNATIONAL HOLDINGS 2019,
    LP

		
	  
	 	
	 Signature of Director/Authorised Signatory

		
	  
	 	
	 Print Name

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	     EXECUTED and DELIVERED as a DEED

 
     for and on behalf of

 
     RPI INTERNATIONAL PARTNERS 2019,
    LP

		
	  
	 	
	 Signature of Director/Authorised Signatory

		
	  
	 	
	 Print Name

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	     EXECUTED and DELIVERED as a DEED

 
     for and on behalf of

 
     RPI EPA HOLDINGS, LP

		
	  
	 	
	 Signature of Director/Authorised Signatory

		
	  
	 	
	 Print Name

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 SCHEDULE 1 

EXCHANGE ELECTION NOTICE 

☐        The undersigned hereby irrevocably elects to exchange the number of its limited
partnership interests (“LP Interests”) indicated below in either RPI International Holdings 2019, LP, or RPI US Partners 2019, LP for Holdings B Interests and, subject to the terms of that certain Exchange Agreement dated [●]
2020 (“Exchange Agreement”), to immediately exchange such Holdings B Interests for Class A ordinary shares (the “Parent A Shares”) of Royalty Pharma plc (“Parent”). Capitalized terms used but
not defined herein shall have the meanings provided in the Exchange Agreement. 
  

					
	 Number of RPI International Holdings 2019, LP
	  	
	 LP Interests to be exchanged
	 	 	  	
		
	 Number of RPI US Partners 2019, LP
	  	
	 LP Interests to be exchanged
	 	 	  	

 The DTC Participant Account into which the undersigned’s interests in Parent A Shares are
to be received following completion of the Investor Exchange contemplated by this Exchange Election Notice (together with the undersigned’s contact information) is as follows: 

 

					
	 DTC Participant Account Number
	 	 	  	
			
	 Contact Information
	 	 	  	
		 	 	  	
		 	 	  	

 By executing this Exchange Election Notice, the undersigned (i) confirms that the
undersigned has received a copy of and has reviewed the terms and conditions of the Exchange Agreement and irrevocably elects to exchange the number of its LP Interests indicated above for commensurate Holdings B Interests as satisfaction in full of
all obligations of the relevant Continuing Investors Partnerships in respect of such LP Interests; and (ii) irrevocably elects to exchange all Holdings B Interests received in respect of such LP Interests for Parent A Shares pursuant to the
terms and conditions of the Exchange Agreement. 
 The undersigned hereby represents and warrants and agrees that
(i) the undersigned has full legal capacity to execute and deliver this Exchange Election Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Election Notice constitutes a legal, valid and binding
obligation of the undersigned; (iii) this Exchange Election Notice has been duly executed and delivered by the undersigned; (iv) the undersigned has valid title to the LP Interests free and clear of any Encumbrance; (v) the LP
Interests will be transferred to the applicable Continuing Investors Partnership free and clear of any Encumbrance, other than transfer restrictions imposed by or under applicable securities laws, the Exchange Agreement or any Lock-Up Agreement; (vi) the Holdings B Interests will be transferred to the Parent free and clear of any Encumbrance, other than transfer restrictions imposed by or under applicable securities laws, the
Exchange Agreement or any Lock-Up Agreement; and (vii) no consent, approval, authorization, order, registration or qualification of any third party or Governmental Entity having jurisdiction over the
undersigned or the LP Interests or the Holdings B Interests is required to be obtained by the undersigned for the redemption of the LP Interests or transfer 

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of such Holdings B Interests to the Parent. 
 Notwithstanding any
other provision herein, by providing this Exchange Election Notice, the undersigned (a) makes all of the representations and gives all of the warranties set out herein to each of the Parent and the relevant Continuing Investors Partnership,
(b) makes all of the representations and gives all of the warranties which it has previously provided to the relevant Continuing Investors Partnership in connection with its subscription for the LP Interests to the Parent in connection with the
Investor Exchange, which are deemed repeated to the Parent hereby, (c) confirms that such representations and warranties remain correct, (d) permits any documentation and supporting information containing such representations and
warranties or referred to in, or supplied in connection with, the same to be provided to the Parent, (e) agrees to notify the Parent as soon as reasonably practicable following becoming aware that any such representations and warranties are, or
may be, incorrect, and (f) authorizes the relevant Continuing Investors Partnership to take all such actions, do all such things and, on behalf of the Continuing Investor, approve, execute or sign and deliver all documents, consents, forms of
agreements, as are contemplated pursuant to the terms of this Exchange Election Notice and the Exchange Agreement or, in the absolute discretion of the relevant Continuing Investors Partnership, are reasonably necessary or desirable in order to
implement the Investor Exchange, including, amongst other matters: (i) providing instructions to the Depositary and/or DTC (via the Depositary or otherwise) on behalf of the relevant Continuing Investor, (ii) if applicable, directing the
Depositary to register the Continuing Investor as holder of the Holdings B DRs prior to completion of the Investor Exchange, (iii) directing the Depositary to register Parent as holder of the Holdings B DRs following completion of the Investor
Exchange, and (iv) providing or obtaining any shareholder approvals required or desirable to implement the Investor Exchange, including through any alternative procedure contemplated by clause 2.10 of the Exchange Agreement. 

On or prior to the Investor Exchange Closing Date (to the extent necessary to implement the Investor Exchange on the Investor
Exchange Closing Date): (a) each Continuing Investors Partnership is authorized to redeem such LP Interests in the relevant Continuing Investors Partnership as is set out above and (b) subject to clause 2.10 of the Exchange Agreement, in
consideration for the redemption contemplated in the preceding clause (a), the relevant Continuing Investors Partnership will be authorized by the undersigned to distribute and, if applicable, subsequently, to instruct the Depositary to transfer the
number of Holdings B DRs corresponding to the number of LP Interests specified herein, in accordance with the instructions set out herein, on behalf of the undersigned to Parent. 

If the Investor Exchange is implemented in accordance with the terms of Section 12.4.3 of the limited partnership
agreement of the Continuing US Investors Partnership, the undersigned authorizes the Continuing US Investors Partnership to take all such actions, do all such things and, on behalf of the Continuing Investor, approve, execute or sign and deliver all
documents, consents, forms of agreements, as are, in the absolute discretion of the Continuing US Investors Partnership, reasonably necessary or desirable in relation to the treatment of 8% of the Continuing Investor’s LP Interests held as at
the date of this Agreement (the “Restricted LP Interests”) taking account of the arrangements contemplated by the limited partnership agreement of the Continuing US Investors Partnership or otherwise, including, without limitation,
the treatment of the Restricted LP Interests in accordance with the special limited partnership interest issued to the general partner of the Continuing US Investors Partnership pursuant to the terms of Annex C of the limited partnership agreement
of the Continuing US Investors Partnership. 

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 The undersigned hereby reaffirms and acknowledges its obligations under the
limited partnership agreement of the applicable Continuing Investors Partnership to comply with and join and enter into the Lock-Up Agreement, to the extent that the
Lock-Up Period continues to apply. By signing and returning this Exchange Election Notice, to the extent that the Lock-Up Period continues to apply, the undersigned
accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements contained in the Lock-Up Agreement, with all attendant rights, duties and obligations thereunder. If the
Lock-Up Period continues to apply at the time of execution of this Exchange Election Notice, the undersigned has attached to this Exchange Election Notice, or hereby instructs the applicable Continuing Investors Partnership to execute on its behalf
and attach to this Exchange Election Notice, a duly executed signature page to the Lock-Up Agreement, in substantially the form attached as Annex 1 to this Exchange Election Notice, and the undersigned acknowledges and agrees that the parties to the
Lock-Up Agreement may treat the execution and delivery of such signature page by, or on behalf of, the undersigned as the execution and delivery of the Lock-Up Agreement by the undersigned and, upon receipt of this Exchange Election Notice by the
applicable Continuing Investors Partnership, the signature by or on behalf of the undersigned shall constitute a counterpart signature to the signature page of the Lock-Up Agreement. 

The undersigned hereby acknowledges and agrees that: 

 

	 	(a)	 the Parent Restricted A Shares to be issued following completion of an Exchange may not be transferred
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement; 

 

	 	(b)	 unless exchanged pursuant to an effective registration statement or Rule 144 under the Securities Act, the
Parent Restricted A Shares are restricted securities under the Securities Act and the rules and regulations promulgated thereunder; and 

  

	 	(c)	 it shall not transfer (or solicit any offers in respect of any transfer of any Parent Restricted A Shares)
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement. 

The parties hereto intend that this Exchange Election Notice shall be treated as part of the partnership agreement of Holdings
pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise
required by applicable law: (a) the parties shall report each Exchange consummated hereunder as a taxable sale of Holdings B Shares by a Continuing Investor to Parent; and (b) no party shall take a contrary position on any income tax
return, amendment thereof or communication with a taxing authority (unless a final “determination” within the meaning of Section 1313(a)(1) of the Code requires a different tax treatment). 

The undersigned hereby irrevocably constitutes and appoints each officer of RPI EPA Holdings, LP as the attorney-in-fact and agent of the undersigned, with full power of substitution, as its true and lawful
attorneys-in-fact and agents to do any and all things and to take any and all actions that may be necessary or desirable, in the absolute discretion of RPI EPA Holdings,
LP, to implement the Investor Exchange which is the subject of this Exchange Election Notice or anything otherwise contemplated by this Exchange Election Notice. 

The undersigned hereby agrees that each of the Parent and the relevant Continuing Investors Partnership shall have the right
to enforce against the undersigned any of the representations made or warranties given by the undersigned in favour of the Parent and the relevant Continuing Investors Partnership pursuant to the terms of this Exchange Election

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Notice. 
 This Exchange Election Notice should be executed and
mailed, delivered or e-mailed to RPI EPA Holdings, LP, at the following address or email address: 

By Regular, Registered or Certified Mail; Hand or Overnight Delivery: 

[RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP] 

c/o RPI EPA Holdings, LP 
 110 East
59th Street, Suite 3300 
 New York, NY 10022 

(212) 883-2288 

By E-mail Transmission: 

transfers@royaltypharma.com  

Subject Line: Exchange Election 

Notwithstanding the place where this Exchange Election Notice has been executed by the undersigned, it is expressly agreed
that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of New York applicable to contracts made and to be entirely performed in such state. 

To the fullest extent permitted by law, in the event of any proceedings arising out of the terms and conditions of this
Exchange Election Notice, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York,
(ii) waive any defense based on doctrines of venue or forum non conveniens, or similar rules and doctrines, and (iii) agree that all claims in respect of such a proceeding must be heard and determined exclusively in the Supreme
Court, State of New York, New York County or the U.S. District Court for the Southern District of New York. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. 
 IN WITNESS WHEREOF, the undersigned has executed this Exchange Election Notice this
     day of                     . 2020. 

 

			
	LIMITED PARTNER:
	
	  

	 (write name of Limited Partner)

			
		
	  By:
	 	  

			
	  Name:
	 	
	 Title:
	 	

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 Acknowledgement by Continuing Investors Partnership 

[RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP] acknowledges receipt of this Exchange Election Notice and further
acknowledges that, immediately following the redemption of the LP Interests in accordance with the terms of this Exchange Election Notice, the full beneficial ownership of and the full entitlement to the Holdings B DRs the subject of this Exchange
Election Notice will pass to the relevant Continuing Investor, and accordingly [RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP] will no longer hold such Holdings B DRs as its property but on behalf of, and to the order of, the
relevant Continuing Investor. 
 Signed for and on behalf of [RPI International Holdings 2019, LP]/[RPI US Partners 2019, LP]

  

			
	  
	 	
	By: RPI EPA Holdings, LP
	 in its capacity as general partner of

	[RPI International Holdings 2019, LP]/[RPI US Partners 2019,LP]

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 Annex 1 to Exchange Election Notice 

Form of signature page to Lock-Up Agreement 

VERY TRULY YOURS, 
  

	
	      

	 Exact Name of Holder

	
	      

	 Authorized Signature

	
	      

	 Name of Authorized Signatory, if applicable

	
	      

	 Title of Authorized Signatory, if applicable

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 SCHEDULE 2 

EXCHANGE NOTICE 
 [On
letterhead of relevant Continuing Investors Partnership or EPA Holdings] 
 Royalty Pharma PLC  

Suite 1, 3rd Floor 

11-12 St. James’s Square 

London 
 United Kingdom 

Royalty Pharma Holdings Limited 
 Suite 1,
3rd Floor 
 11-12 St. James’s Square 

London 
 United Kingdom 

[DATE] 
 Exchange Notice 

We refer to the Exchange Agreement entered into on [●] 2020 between Royalty Pharma PLC, Royalty Pharma Holdings Limited, RPI US Partners
2019, LP, RPI International Holdings 2019, LP, RPI International Partners 2019, LP and RPI EPA Holdings, LP (the “Exchange Agreement”). 

Terms defined in the Exchange Agreement shall have the same meaning when used in this notice. 

[This notice constitutes an Exchange Notice for the purposes of clause 2.1 of the Exchange Agreement and we hereby confirm that we have
received a validly completed and executed Exchange Election Notice from a Continuing Investor specifying that such Continuing Investor wishes to exchange the number of LP Interests specified in the attached Exchange Election Notice for Parent A
Shares in accordance with the terms of the Exchange Agreement and we hereby confirm that [●] Holdings B DRs be exchanged for Parent A Shares in accordance with the terms of the Exchange Agreement. 

Simultaneously with the issuance of the relevant Parent A Shares in accordance with the terms of clause 2 of the Exchange Agreement, an
equivalent number of Parent B Shares registered in the name of the undersigned should be re-designated into Parent Deferred Shares.] 

[This notice constitutes an Exchange Notice for the purposes of clause 3.1 of the Exchange Agreement and we hereby confirm that we have been
issued with [●] EPA B Interests by Holdings which are to be exchanged for Parent A Shares in accordance with the terms of the Exchange Agreement.] 

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 Yours sincerely 
  

                                         

[Name of relevant Continuing Investors Partnership]/[EPA Holdings] 

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 SCHEDULE 3 

EPA DISTRIBUTION NOTICE 

The undersigned acknowledges that Royalty Pharma Holdings Limited (“Holdings”) has issued EPAs to RPI EPA
Holdings, LP (“EPA Holdings”) in accordance with the terms of the Holdings Articles. Capitalized terms used but not defined herein shall have the meanings provided in the Exchange Agreement dated [●], 2020 (“Exchange
Agreement”). 
 The DTC Participant Account into which the undersigned’s interests in Parent A Shares are to
be received following completion of an applicable EPA Exchange (together with the undersigned’s contact information) is as follows: 
  

					
	 DTC Participant Account Number    
	  	  
	  	
			
	 Contact Information
	  	  
	  	
		  	  
	  	
		  	  
	  	

 The undersigned further acknowledges that, pursuant to the terms of clause 3.1 of the Exchange
Agreement, following the issuance of EPA B Shares to EPA Holdings in satisfaction of EPAs, EPA Holdings shall serve notice on each of Parent and Holdings to exchange its EPA B Interests for Parent A Shares in accordance with the terms of the
Exchange Agreement 
 The undersigned hereby represents and warrants and agrees that (i) the undersigned has full legal
capacity to execute and deliver this EPA Distribution Notice and to perform the undersigned’s obligations hereunder; (ii) this EPA Distribution Notice constitutes a legal, valid and binding obligation of the undersigned; and
(iii) this EPA Distribution Notice has been duly executed and delivered by the undersigned. 
 By providing this EPA
Distribution Notice, the undersigned (a) makes all of the representations and gives all of the warranties set out herein to each of the Parent and EPA Holdings, and (b) authorizes EPA Holdings to take all such actions, do all such things
and on behalf of the undersigned approve, execute or sign and deliver all documents, consents, forms or agreements as, in the absolute discretion of EPA Holdings, are reasonably necessary or desirable in order to implement any distribution or
transfer of Parent A DRs or Parent A Shares to the undersigned at any time following completion of an EPA Exchange, including, amongst other matters, providing instructions to the Depositary and/or DTC (via the Depositary or otherwise) on behalf of
the undersigned. 
 The undersigned hereby acknowledges its obligations to comply with and join and enter into the Lock-Up Agreement, to the extent that the Lock-Up Period continues to apply. By signing and returning this EPA Distribution Notice, to the extent that the Lock-Up Period continues to apply, the undersigned accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements contained in the Lock-Up
Agreement, with all attendant rights, duties and obligations thereunder. The parties to the Lock-Up Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of
the Lock-Up Agreement by the undersigned and, upon receipt of this EPA Distribution Notice by EPA Holdings, the signature by or on behalf of the undersigned set forth below shall constitute a counterpart
signature to the signature page of the Lock-Up Agreement. 

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 The undersigned hereby acknowledges and agrees that: 

 

	 	(a)	 the Parent Restricted A Shares to be issued following completion of an EPA Exchange may not be transferred
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement; 

 

	 	(b)	 unless exchanged pursuant to an effective registration statement or Rule 144 under the Securities Act, the
Parent Restricted A Shares are restricted securities under the Securities Act and the rules and regulations promulgated thereunder; and 

  

	 	(c)	 it shall not transfer (or solicit any offers in respect of any transfer of any Parent Restricted A Shares)
except in compliance with the Securities Act, any other applicable securities or “blue sky” laws, and the terms and conditions of the Exchange Agreement. 

The parties hereto intend that this EPA Distribution Notice shall be treated as part of the partnership agreement of Holdings
pursuant to Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise
required by applicable law: (a) the parties shall report each Exchange consummated hereunder as a taxable sale of Holdings B Shares by EPA Holdings to Parent; and (b) no party shall take a contrary position on any income tax return,
amendment thereof or communication with a taxing authority (unless a final “determination” within the meaning of Section 1313(a)(1) of the Code requires a different tax treatment). 

The undersigned hereby irrevocably constitutes and appoints each officer of EPA Holdings as the
attorney-in-fact and agent of the undersigned, with full power of substitution, as its true and lawful
attorneys-in-fact and agents to do any and all things and to take any and all actions that may be necessary to distribute or transfer Parent A DRs or Parent A Shares to
the undersigned at any time following completion of an EPA Exchange. 
 The undersigned hereby agrees that each of the
Parent and EPA Holdings shall have the right to enforce against the undersigned any of the representations made or warranties given by the undersigned in favour of the Parent and EPA Holdings pursuant to the terms of this EPA Distribution Notice.

 This EPA Distribution Notice should be executed and mailed, delivered or e-mailed
to EPA Holdings, at the following address or email address: 
 By Regular, Registered or Certified Mail; Hand or Overnight Delivery:

 RPI EPA Holdings, LP 
 110
East 59th Street, Suite 3300 
 New York, NY 10022 

(212) 883-2288 

By E-mail Transmission: 

transfers@royaltypharma.com 

Subject Line: Exchange Election 

Table of Contents

 Notwithstanding the place where this EPA Distribution Notice has been
executed by an EPA Investor, it is expressly agreed that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of New York applicable to contracts made and to be entirely performed in such state. 

To the fullest extent permitted by law, in the event of any proceedings arising out of the terms and conditions of this EPA
Distribution Notice, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York,
(ii) waive any defense based on doctrines of venue or forum non conveniens, or similar rules and doctrines, and (iii) agree that all claims in respect of such a proceeding must be heard and determined exclusively in the Supreme
Court, State of New York, New York County or the U.S. District Court for the Southern District of New York. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. 
 IN WITNESS WHEREOF, the undersigned has executed this EPA Distribution Notice this     
day of                 . 2020. 
  

					
	 EPA INVESTOR:
  

 
	 	         

	 (write name of EPA Investor)
	 	

 
					
			
	 By:
	 	  
	 	

 
					
		 	     Name:
	 	
		 	     Title:EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 the
Persons listed on Schedule A and Schedule B hereto 
 and 

ROYALTY PHARMA PLC 

Dated as of                 , 2020 

 This REGISTRATION RIGHTS AGREEMENT, dated as of
                 , 2020 (as it may be amended supplemented or otherwise modified from time to time, this “Agreement”), is made among Royalty Pharma plc,
an English public limited company incorporated under the laws of England and Wales (the “Company”); the persons listed on Schedule A hereto and any transferee of Registrable Securities to whom any person listed on Schedule A hereto
shall Assign any rights hereunder in accordance with Section 4.6 (each such Person, a “Holder”); and the persons listed on Schedule B hereto and any transferee of Registrable Securities to whom any persons listed on Schedule B
hereto shall Assign any rights hereunder in accordance with Section 4.6 (each such Person, a “Specified Holder”). Capitalized terms used in this Agreement without definition have the meaning set forth in Section 1. 

W I T N E S S E T H: 

WHEREAS, the Company is currently contemplating an underwritten IPO (as defined below) of the Company Shares (as defined below); and

 WHEREAS, the Company desires to grant registration rights to the Holders and Specified Holders on the terms and conditions set out
in this Agreement as part of the arrangements necessary to enable the Company to undertake the IPO; 
 NOW, THEREFORE, in
consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

1.    Certain Definitions. As used herein, the following terms shall have the following meanings: 

“Additional Piggyback Rights” has the meaning set forth in Section 2.2(c). 

“Affiliate” means with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is
under common control with, such Person. 
 “Agreement” has the meaning set forth in the preamble. 

“Assign” means to directly or indirectly sell, transfer, assign, distribute, exchange, pledge, hypothecate, mortgage, grant a
security interest in, encumber or otherwise dispose of Registrable Securities, whether voluntarily or by operation of law, including by way of a merger. “Assignor,” “Assignee,” “Assigning” and
“Assignment” have meanings corresponding to the foregoing. 
 “automatic shelf registration statement” has
the meaning set forth in Section 2.4. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York or
London, England are authorized or obligated by law or executive order to close. 

 “Carryover Amount” for any Holder means, with respect to any registered
offering in which such Holder elected not to participate after receipt of a notice under Section 2.2(a), a number of Registrable Securities equal to the number of Registrable Securities then held by such Holder, multiplied by a fraction
(expressed as a percentage), the numerator of which is equal to the number of Registrable Securities sold by the Holder that sold the most Registrable Securities in such offering and the denominator of which is the number of Registrable Securities
held by such Holder immediately prior to such offering. 
 “Claims” has the meaning set forth in Section 2.9(a). 

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

“Company Shares” means Class A ordinary shares of the Company, par value $     per share, and any
and all securities of any kind whatsoever of the Company that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Company Shares, pursuant to any stock dividends, splits, reverse splits,
combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof. 
 “Company Shares
Equivalents” means, with respect to the Company, all options, warrants and other securities convertible into, or exchangeable or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any
vesting or other conditions to which such securities may be subject) Company Shares or other equity securities of the Company (including, without limitation, any note or debt security convertible into or exchangeable for Company Shares or other
equity securities of the Company) including any LP Interests or RP Holdings Class B Shares. 
 “Continuing Investors
Partnerships” means RPI US Partners 2019, LP and RPI International Holdings 2019, LP. 
 “Demand Exercise Notice”
has the meaning set forth in Section 2.1(a). 
 “Demand Registration” has the meaning set forth in
Section 2.1(a). 
 “Demand Registration Request” has the meaning set forth in Section 2.1(a). 

“Exchange” means the exchange of RP Holdings Class B Shares for Company Shares pursuant to the Exchange Agreement. 

“Exchange Agreement” means the agreement entered into by the Company, RP Holdings, the Continuing Investors Partnerships and
RPI EPA Holdings, LP, dated as of                 , 2020. 

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

“Expenses” means any and all fees and expenses incident to the Company’s performance of or compliance with Article 2,
including, without limitation: (i) SEC, 

  
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stock exchange or FINRA, and all other registration and filing fees and all listing fees and fees with respect to the inclusion of securities on the Nasdaq Global Select Market or on any other
securities market on which the Company Shares are listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky” laws of any state or jurisdiction of the United States or compliance with the securities laws
of foreign jurisdictions and in connection with the preparation of a “blue sky” survey, including, without limitation, reasonable fees and expenses of outside “blue sky” counsel and securities counsel in foreign jurisdictions,
(iii) word processing, printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection with any road show, (vi) fees and disbursements of counsel for the Company, (vii) with respect
to each registration or underwritten offering, the fees and disbursements of one counsel for the Participating Holders (selected by the Initiating Holder(s) or, if there are no Initiating Holders, by the Majority Participating Holders), (viii) fees
and disbursements of all independent public accountants (including the expenses of any audit and/or comfort letter and updates thereof) and fees and expenses of other Persons, including special experts, retained by the Company, (ix) fees and
expenses payable to any Qualified Independent Underwriter, (x) any other fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of securities, including reasonable fees and expenses of counsel for the
underwriters in connection with any filing with or review by FINRA (excluding, for the avoidance of doubt, any underwriting discount, commissions, or spread), (xi) fees and expenses of any transfer agent or custodian and (xii) expenses for
securities law liability insurance and any rating agency fees. 
 “FINRA” means the Financial Industry Regulatory
Authority, Inc. 
 “Fully-Diluted Basis” means, with respect to the Company Shares, all issued and outstanding Company
Shares and all Company Shares issuable in respect of securities convertible into or exchangeable for such Company Shares, all stock appreciation rights, options, warrants and other rights to purchase or subscribe for such Company Shares or
securities convertible into or exchangeable for such Company Shares, including any of the foregoing stock appreciation rights, options, warrants or other rights to purchase or subscribe for such Company Shares that are subject to vesting. 

“Holder” or “Holders” has the meaning set forth in the preamble. 

“Initiating Holder(s)” has the meaning set forth in Section 2.1(a). 

“IPO” means the first underwritten public offering of the ordinary shares of the Company to the general public pursuant to a
registration statement filed with the SEC completed on or about the date of this Agreement. 
 “Limited Partnership
Agreements” means the Amended and Restated Limited Partnership Agreements of each of the Continuing Investors Partnerships. 

“LP Interests” means limited partnership interests in either of the Continuing Investors Partnerships. 

  
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 “Litigation” means any action, proceeding or investigation in any court or
before any governmental authority. 
 “Lock-Up Agreement” means any agreement
entered into by a Holder or Specified Holder that provides for restrictions on the transfer of Registrable Securities held by such Holder or Specified Holder. 

“Majority Participating Holders” means the Participating Holders holding more than 50% of the Registrable Securities proposed
to be included in offerings of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2. 

“Manager” has the meaning set forth in Section 2.1(c). 

“Participating Holders” means all Holders and Specified Holders, as applicable, of Registrable Securities, which are proposed
to be included in any registration or offering of Registrable Securities pursuant to Section 2.1 or Section 2.2. 

“Person” means any individual, corporation (including
not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, governmental entity or agency or
other entity of any kind or nature. 
 “Piggyback Holders” means Holders and Specified Holders. 

“Piggyback Shares” has the meaning set forth in Section 2.3(a)(v). 

“Qualified Independent Underwriter” means a “qualified independent underwriter” within the meaning of FINRA Rule
5121. 
 “Registrable Securities” means any Company Shares held of record or beneficially owned by the Holders, any family
members of the Holders and/or any of their respective Affiliates, or the Specified Holders, as applicable, at any time (including those held as a result of the conversion or exercise of Company Shares Equivalents), whether now owned or acquired by
the Holders, any family members of the Holders and/or any of their respective Affiliates at a later time, and any Company Shares issuable upon an Exchange; provided that, as to any Registrable Securities held or beneficially owned by a
particular Holder, any family members of the Holders and/or any of their respective Affiliates or a Specified Holder, such securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such
securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, or (B) such securities are eligible to be sold by such Holder or Specified
Holder in a single transaction in compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or any successor provision thereto). For the avoidance of doubt, it being understood that any Company Share
issuable upon an Exchange shall be considered a Registrable Security and held by the Holder or Specified Holder of the LP Interests with respect to which it is issuable for all purposes hereunder prior to its issuance. 

  
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 “RP Holdings Class B Shares” means the RP Holdings
Class B ordinary shares. 
 “RP Holdings” means Royalty Pharma Holdings Ltd. 

“Rule 144” and “Rule 144A” have the meaning set forth in Section 4.2. 

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

“Section 2.3(a) Sale Number” has the meaning set forth in Section 2.3(a). 

“Section 2.3(b) Sale Number” has the meaning set forth in Section 2.3(b). 

“Section 2.3(c) Sale Number” has the meaning set forth in Section 2.3(c). 

“Securities Act” means the United States 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. 
 “Specified Holder” or
“Specified Holders” has the meaning set forth in the preamble. 
 “Subsidiary” means any direct or
indirect subsidiary of the Company on the date hereof and any direct or indirect subsidiary of the Company organized or acquired after the date hereof. 

“Transfer” means, with respect to any Company Shares, (i) when used as a verb, to sell, assign, dispose of, exchange,
pledge, mortgage, encumber, hypothecate or otherwise transfer, in whole or in part, any of the economic consequences of ownership of such Company Shares, whether directly or indirectly, or agree or commit to do any of the foregoing and
(ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, mortgage, encumbrance, hypothecation or other transfer, in whole or in part, of any of the economic consequences of ownership of such Company Shares
or any agreement or commitment to do any of the foregoing. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Holder, or direct or indirect parent
thereof, all or substantially all of whose assets are, directly or indirectly, Company Shares shall constitute a “Transfer” of Company Shares for purposes of this Agreement. For the avoidance of doubt, a transfer, sale, exchange,
assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Holder, or direct or indirect parent thereof, which has substantial assets in addition to Company Shares shall not constitute a “Transfer” of
Company Shares for purposes of this Agreement. 
 “Valid Business Reason” has the meaning set forth in
Section 2.1(a)(iv). 
 “WKSI” has the meaning set forth in Section 2.4. 

2.    Registration Rights. 

  
 6 

 2.1.    Demand Registrations. (a) If the Company shall
receive from (i) any Holder at any time beginning 180 days after the closing of the IPO, a written request that the Company file a registration statement with respect to all or a portion of the Registrable Securities (a “Demand
Registration Request,” and the registration so requested is referred to herein as a “Demand Registration,” and the sender(s) of such request pursuant to this Agreement shall be known as the “Initiating
Holder(s)”), then the Company shall, within five Business Days of the receipt thereof, give written notice (the “Demand Exercise Notice”) of such request to all other Holders, and subject to the limitations of this
Section 2.1, use its reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act (including, without limitation, by means of a shelf registration pursuant to Rule 415 thereunder if so requested and if
the Company is then eligible to use such a registration) of all Registrable Securities that the Holders request to be registered. The Company shall not be required to effect more than two Demand Registrations in any calendar year pursuant to this
Section 2.1. However, the Company shall not be obligated to take any action to effect any Demand Registration: 

(i)    within three months after a Demand Registration pursuant to this Section 2.1 that has been
declared or ordered effective; 
 (ii)    during the period starting with the date 15 days prior to its
good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a Company-initiated registration (other than a registration relating solely to the sale of securities to directors of the Company pursuant to a
stock option, stock purchase or similar plan or to an SEC Rule 145 transaction), provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; 

(iii)    where the anticipated offering price, before any underwriting discounts or commissions and any
offering-related expenses, is equal to or less than $100,000,000; 
 (iv)    if the Company shall furnish
to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board, any registration of Registrable Securities should not be made or continued (or sales under a shelf registration
statement should be suspended) because (i) such registration (or continued sales under a shelf registration statement) would materially and adversely interfere with any existing or potential material financing, acquisition, corporate
reorganization or merger or other material transaction or event involving the Company or any of its subsidiaries or (ii) the Company is in possession of material non-public information, the disclosure of
which has been determined by the Board to not be in the Company’s best interests (in either case, a “Valid Business Reason”) , then (x) the Company may postpone filing a registration statement relating to a Demand
Registration Request or suspend sales under an existing shelf registration statement until five Business Days after such Valid Business Reason no longer exists, but in no event for more than 90 days after the date the Board determines a Valid
Business Reason exists and (y) in case a registration statement has been filed relating to a Demand Registration Request, if the Valid Business Reason has not resulted from actions taken by the Company, the Company may cause such

  
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registration statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration statement until five Business Days after such Valid Business
Reason no longer exists, but in no event for more than 90 days after the date the Board determines a Valid Business Reason exists; and the Company shall give written notice to the Participating Holders of its determination to postpone or withdraw a
registration statement or suspend sales under a shelf registration statement and of the fact that the Valid Business Reason for such postponement, withdrawal or suspension no longer exists, in each case, promptly after the occurrence thereof;
provided, however, that the Company shall not defer its obligation in this manner for more than 90 days in any 12 month period; or 

(v)    in any particular jurisdiction in which the Company would be required to qualify to do business or
to execute a general consent to service of process in effecting such registration, qualification or compliance. 
 If the Company shall give any notice of
postponement, withdrawal or suspension of any registration statement pursuant to clause (iv) of this Section 2.1(a), the Company shall not, during the period of postponement, withdrawal or suspension, register any Company Shares, other
than pursuant to a registration statement on Form S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of Registrable Securities agrees that, upon
receipt of any notice from the Company that the Company has determined to withdraw any registration statement pursuant to clause (iv) of this Section 2.1(a), such Holder will discontinue its disposition of Registrable Securities pursuant
to such registration statement and, if so directed by the Company, will 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 that was in effect at the time of receipt of such notice. If the Company shall have withdrawn or prematurely terminated a registration statement filed pursuant to a Demand Registration (whether pursuant to clause (iv) of
this Section 2.1(a) or as a result of any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected an effective registration for the
purposes of this Agreement until the Company shall have filed a new registration statement covering the Registrable Securities covered by the withdrawn registration statement and such registration statement shall have been declared effective and
shall not have been withdrawn. If the Company shall give any notice of withdrawal or postponement of a registration statement, the Company shall, not later than five Business Days after the Valid Business Reason that caused such withdrawal or
postponement no longer exists (but in no event later than 90 days after the date of the postponement or withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the
withdrawn or postponed registration statement in accordance with Section 2.1 (unless the Initiating Holders shall have withdrawn such request, in which case the Company shall not be considered to have effected an effective registration for the
purposes of this Agreement), and such registration shall not be withdrawn or postponed pursuant to clause (iv) of this Section 2.1(a). 

(b)     

  
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 (i)    The Company, subject to Sections 2.3 and 2.6,
shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holders and (y) the Registrable Securities of any other Holder of Registrable Securities, which shall have made a written request to the Company for
inclusion in such registration pursuant to Section 2.2 (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Participating Holder) within ten Business Days after the receipt of the Demand
Exercise Notice. 
 (ii)    The Company shall, as expeditiously as possible, but subject to the
limitations set forth in this Section 2.1, use its reasonable best efforts to (x) effect such registration under the Securities Act (including, without limitation, by means of a shelf registration pursuant to Rule 415 under the Securities
Act if so requested and if the Company is then eligible to use such a registration) of the Registrable Securities which the Company has been so requested to register, for distribution in accordance with such intended method of distribution and
(y) if requested by the Initiating Holder(s), obtain acceleration of the effective date of the registration statement relating to such registration. 

(c)    In connection with any Demand Registration, the Initiating Holder shall have the right to designate the lead
managing underwriter (any lead managing underwriter for the purposes of this Agreement, the “Manager”) in connection with such registration and each other managing underwriter for such registration, in each case subject to consent
of the Company, not to be unreasonably withheld. 
 (d)    If so requested by the Initiating Holder(s), the Company
(together with all Holders proposing to distribute their securities through such underwriting) shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company and the
Initiating Holder(s). 
 (e)    Any Holder that intends to sell Registrable Securities by means of a shelf registration
pursuant to Rule 415 thereunder, shall give the Company two days’ prior notice of any such sale. 

2.2.    Piggyback Registrations. 

(a)    If, at any time or from time to time the Company proposes or is required to register or commence an offering of any
of its securities for its own account or otherwise (other than pursuant to registrations on Form S-4 or Form S-8 or any similar successor forms thereto) (including but
not limited to the registrations or offerings pursuant to Section 2.1), the Company will: 

(i)    promptly give to each Piggyback Holder written notice thereof (in any event within five Business
Days) prior to the filing of any registration statement under the Securities Act; and 
 (ii)    include
in such registration and in any underwriting involved therein (if any), all the Registrable Securities specified in a written request or requests, made within five Business Days after mailing or personal delivery of such written notice

  
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from the Company, by any of the Piggyback Holders, except as set forth in Sections 2.2(b) and 2.2(f), with the securities which the Company at the time proposes to register or sell to permit the
sale or other disposition by the Piggyback Holders (in accordance with the intended method of distribution thereof) of the Registrable Securities to be so registered or sold, including, if necessary, by filing with the SEC a post-effective amendment
or a supplement to the registration statement filed by the Company or the prospectus related thereto. There is no limitation on the number of such piggyback registrations pursuant to the preceding sentence which the Company is obligated to effect.
No registration of Registrable Securities effected under this Section 2.2(a) shall relieve the Company of its obligations to effect Demand Registrations under Section 2.1 hereof. 

(b)    If the registration in this Section 2.2 involves an underwritten offering, the right of any Piggyback Holder
to include its Registrable Securities in a registration or offering pursuant to this Section 2.2 shall be conditioned upon such Piggyback Holder’s participation in the underwriting and the inclusion of such Piggyback Holder’s
Registrable Securities in the underwriting to the extent provided herein. All Piggyback Holders proposing to distribute their Registrable Securities through such underwriting shall (together with the Company) enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by the Company or the Initiating Holder(s) in the event of a registration or offering pursuant to Section 2.1. 

(c)    The Company, subject to 2.3 and 2.6, may elect to include in any registration statement and offering pursuant to
demand registration rights by any Person, (i) authorized but unissued shares of Company Shares or Company Shares held by the Company as treasury shares and (ii) any other Company Shares which are requested to be included in such
registration pursuant to the exercise of piggyback registration rights granted by the Company after the date hereof and which are not inconsistent with or more favorable than the rights granted in, or otherwise conflict with the terms of, this
Agreement (“Additional Piggyback Rights”); provided, however, that such inclusion shall be permitted only to the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or arrangements,
if any, entered into by the Initiating Holders. 
 (d)    Other than in connection with a Demand Registration, if, at
any time after giving written notice of its intention to register or sell any equity securities and prior to the effective date of the registration statement filed in connection with such registration or sale of such equity securities, the Company
shall determine for any reason not to register or sell or to delay registration or sale of such equity securities, the Company may, at its election, give written notice of such determination to all Piggyback Holders of record of Registrable
Securities and (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 abandoned registration or sale, without prejudice, however, to
the rights of Holders under Section 2.1, and (ii) in the case of a determination to delay such registration or sale of its equity securities, shall be permitted to delay the registration or sale of such Registrable Securities for the same
period as the delay in registering such other equity securities. 

  
 10 

 (e)    Notwithstanding anything contained herein to the contrary, the
Company shall, at the request of any Piggyback Holder, file any prospectus supplement or post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Piggyback
Holder if such disclosure or language was not included in the initial registration statement, or revise such disclosure or language if deemed necessary or advisable by such Piggyback Holder including filing a prospectus supplement naming the
Piggyback Holders, partners, members and shareholders to the extent required by law. Any Piggyback Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant to this
Section 2.2 without prejudice to the rights of such Holders under Section 2.1, by giving written notice to the Company of its request to withdraw; provided, however, that such request must be made in
writing prior to the earlier of the execution by such Piggyback Holder of the underwriting agreement or the execution by such Piggyback Holder of the custody agreement with respect to such registration or as otherwise required by the underwriters.

 (f)    Notwithstanding anything in this Agreement to the contrary, the rights of any Piggyback Holder set forth in
this Agreement shall be subject to any Lock-Up Agreement that such Piggyback Holder has entered into. 

2.3.    Allocation of Securities Included in Registration Statement or Offering. 

(a)    Notwithstanding any other provision of this Agreement, in connection with an underwritten offering initiated by a
Demand Registration Request, if the Manager advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten (such number, the “Section 2.3(a) Sale Number”)
within a price range acceptable to the Initiating Holders, the Manager shall so advise all Piggyback Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the Company shall use its reasonable best efforts to
include in such registration or offering, as applicable, the number of shares of Registrable Securities in the registration and underwriting as follows: 

(i)    first, all Registrable Securities requested to be included in such registration or offering by the
Holders thereof (including pursuant to the exercise of piggyback rights pursuant to Section 2.2); provided, however, that if such number of Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such
Registrable Securities (not to exceed the Section 2.3(a) Sale Number) to be included in such registration shall be allocated among all such Holders requesting inclusion thereof in proportion, as nearly as practicable, to the respective amounts
of Registrable Securities held by such Holders at the time of filing of the registration statement or the time of the offering, as applicable, as adjusted to give effect to any Carryover Amount(s) for any such Holder; 

(ii)    second, if by the withdrawal of Registrable Securities by a Holder, a greater number of Registrable
Securities held by other Holders may be included in such registration or offering (up to the Section 2.3(a) Sale Number), then the Company shall offer to all Holders who have included Registrable Securities in the registration or offering the
right to include additional Registrable Securities in the same proportions as set forth in Section 2.3(a)(i). 

  
 11 

 (iii)    third, to the extent that the number of
Registrable Securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, and if the underwriter so agrees, any securities that Specified Holders propose to register or
sell, up to the Section 2.3(a) Sale Number; provided, however, that if such number of Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such Registrable Securities (not to exceed the
Section 2.3(a) Sale Number) to be included in such registration shall be allocated among all such Specified Holders requesting inclusion thereof in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held
by such Specified Holders at the time of filing of the registration statement or the time of the offering, as applicable; and 

(iv)    fourth, to the extent that the number of Registrable Securities to be included pursuant to clauses
(i), (ii) and (iii) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, and if the underwriter so agrees, any securities that the Company proposes to register or sell, up to the Section 2.3(a) Sale Number; and

 (v)    fifth, to the extent that the number of securities to be included pursuant to clauses (i),
(ii), (iii) and (iv) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, the remaining securities to be included in such registration or offering shall be allocated on a pro rata basis among all Persons requesting that
securities be included in such registration or offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback Shares”), based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion
in relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 2.3(a) Sale Number. 

(b)    In a registration or offering made pursuant to Section 2.2 that involves an underwritten primary offering on
behalf of the Company, which was initiated by the Company, if the Manager determines that marketing factors require a limitation of the number of shares to be underwritten (such number, the “Section 2.3(b) Sale Number”)
in order for the sale of the securities to be within a price range acceptable to the Company, the Company shall so advise all Piggyback Holders whose securities would otherwise be registered and underwritten pursuant hereto, and the number of shares
of Registrable Securities that may be included in the registration and underwriting shall be allocated as follows: 

(i)    first, all equity securities that the Company proposes to register for its own account; 

(ii)    second, to the extent that the number of securities to be included pursuant to clause (i) of
this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities (not to exceed the Section 2.3(b) Sale Number) to be included in the underwritten offering shall be allocated among all Holders
requesting 

  
 12 

 
inclusion pursuant to exercise of rights under Section 2.2 in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders based on the
number of Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion, as adjusted to give effect to any Carryover Amount(s) for
any such Holder; 
 (iii)    third, to the extent that the number of securities to be included pursuant
to clauses (i) and (ii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities (not to exceed the Section 2.3(b) Sale Number) to be included in the underwritten offering shall be
allocated among all Specified Holders requesting inclusion pursuant to exercise of rights under Section 2.2 in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Specified Holders based on the
number of Registrable Securities then owned by each such Specified Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Specified Holders requesting inclusion; and 

(iv)    fourth, to the extent that the number of securities to be included pursuant to clauses (i), (ii)
and (iii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that securities be
included in such registration pursuant to the exercise of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by
all Persons requesting inclusion, up to the Section 2.3(b) Sale Number. 
 (c)    If any registration pursuant to
Section 2.2 involves an underwritten offering by any Person(s) other than a Holder or Specified Holder to whom the Company has granted registration rights which are not more favorable than or inconsistent with the rights granted in, or
otherwise conflict with the terms of, this Agreement, the Manager (as selected by the Company or such other Person) shall advise the Company that, in its view, the number of securities requested to be included in such registration exceeds the number
(the “Section 2.3(c) Sale Number”) that can be sold in an orderly manner in such registration within a price range acceptable to the Company, the Company shall include shares in such registration as follows: 

(i)    first, the shares requested to be included in such underwritten offering shall be allocated on a pro
rata basis among such Person(s) requesting the registration and all Holders requesting that Registrable Securities be included in such registration pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on the aggregate
number of securities or Registrable Securities, as applicable, then owned by each of the foregoing requesting inclusion in relation to the aggregate number of securities or Registrable Securities, as applicable, owned by all such Holders and Persons
requesting inclusion, up to the Section 2.3(c) Sale Number, as adjusted to give effect to any Carryover Amount(s) for any such Holder; 

  
 13 

 (ii)    second, to the extent that the number of
securities to be included pursuant to clause (i) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining shares to be included in such underwritten offering shall be allocated on a pro rata basis among all
Specified Holders requesting that Registrable Securities be included in such registration pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on the aggregate number of Registrable Securities then owned by each Specified
Holder requesting inclusion in relation to the aggregate number of securities or Registrable Securities, as applicable, owned by all such Specified Holders requesting inclusion, up to the Section 2.3(c) Sale Number; 

(iii)    third, to the extent that the number of securities to be included pursuant to clause (i) and
(ii) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining shares to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that securities be included in
such registration pursuant to the exercise of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all Persons
requesting inclusion, up to the Section 2.3(c) Sale Number; and 
 (iv)    third, to the extent that
the number of securities to be included pursuant to clauses (i), (ii) and (iii) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining shares to be included in such registration shall be allocated to shares
the Company proposes to register for its own account, up to the Section 2.3(c) Sale Number. 
 (d)    If any
Piggyback Holder of Registrable Securities disapproves of the terms of the underwriting, or if, as a result of the proration provisions set forth in clauses (a), (b) or (c) of this Section 2.3, any Piggyback Holder shall not be entitled to
include all Registrable Securities in a registration or offering that such Piggyback Holder has requested be included, such Piggyback Holder may elect to withdraw such Piggyback Holder’s request to include Registrable Securities in such
registration or offering or may reduce the number requested to be included; provided, however, that (x) such request must be made in writing, to the Company, Manager and, if applicable, the Initiating Holder(s), prior to the
execution of the underwriting agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction, such Piggyback Holder shall no longer have any right to include
such withdrawn Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced, without prejudice, however, to the rights of Holders under
Section 2.1. 
 2.4.    Registration Procedures. If and whenever the Company is required by the provisions
of this Agreement to use its reasonable best efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall, as expeditiously as possible (but, in any event, within
75 days after a Demand Registration Request in the case of Section 2.4(a) below) and, to the fullest extent permitted by applicable law, in connection with the Registration of the Registrable Securities and, where applicable, a takedown off of
a shelf registration statement: 

  
 14 

 (a)    prepare and file all filings with the SEC and FINRA required for
the consummation of the offering, including preparing and filing with the SEC a registration statement on an appropriate registration form of the SEC for the disposition of such Registrable Securities in accordance with the intended method of
disposition thereof, which registration form (i) shall be selected by the Company and (ii) shall, in the case of a shelf registration, be available for the sale of the Registrable Securities by the selling Holders thereof and such
registration statement shall comply as to form in all material respects with the requirements of the applicable registration form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its
reasonable best efforts to cause such registration statement to become effective and remain continuously effective from the date such registration statement is declared effective until the earliest to occur (A) the first date as of which all of
the Registrable Securities included in the registration statement have been sold or (B) a period of 90 days in the case of an underwritten offering effected pursuant to a registration statement other than a shelf registration statement and a
period of three years in the case of a shelf registration statement (provided, however, that as far in advance as reasonably practicable before filing a registration statement or prospectus or any amendments or supplements thereto, or
comparable statements under securities or state “blue sky” laws of any jurisdiction, or any free writing prospectus related thereto, the Company will furnish to one counsel for the Piggyback Holders participating in the planned offering
(selected by the Initiating Holder(s), or if there are no Initiating Holder(s), by the Majority Participating Holders) and to one counsel for the Manager, if any, copies of all such documents proposed to be filed (including all exhibits thereto),
which documents will be subject to the reasonable review and reasonable comment of such counsel (provided that the Company shall be under no obligation to make any changes suggested by the Participating Holders), and the Company shall not
file any registration statement or amendment thereto, any prospectus or supplement thereto or any free writing prospectus related thereto to which the Initiating Holders or the underwriters, if any, shall reasonably object); 

(b)    prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection therewith and such free writing prospectuses and Exchange Act reports as may be necessary to keep such registration statement continuously effective for the period set forth in Section 2.4(a) and to comply with the provisions
of the Securities Act with respect to the sale or other disposition of all Registrable Securities covered by such registration statement in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such
registration statement (and, in connection with any shelf registration statement, file one or more prospectus supplements pursuant to Rule 424 under the Securities Act covering Registrable Securities upon the request of one or more Holders wishing
to offer or sell Registrable Securities whether in an underwritten offering or otherwise); 

  
 15 

 (c)    in the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the Manager of such offering; 

(d)    furnish, without charge, to each Participating Holder and each underwriter, if any, of the securities covered by
such registration statement such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and each free writing prospectus utilized in connection therewith, in each case, in conformity with the requirements of the Securities Act,
and other documents, as such seller and underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with
all applicable law of each such registration statement (or amendment or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) or free writing prospectus by each such Participating Holder and the
underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

(e)    use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration
statement under such other securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any, shall reasonably request in writing, and do any and all other acts and
things which may be reasonably necessary or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions (including keeping such registration or qualification in effect
for so long as such registration statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this
paragraph (e), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

(f)    promptly notify each Participating Holder and each managing underwriter, if any: (i) when the registration
statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration statement or any free writing prospectus has been filed
and, with respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the registration statement or the
prospectus related thereto or for additional information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose; (iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state “blue sky” laws of any jurisdiction or the initiation of any proceeding for
such purpose; (v) of the existence of any fact of which the Company becomes aware which results in the registration statement or any amendment thereto, the prospectus related 

  
 16 

 
thereto or any supplement thereto, any document incorporated therein by reference, any free writing prospectus or the information conveyed to any purchaser at the time of sale to such purchaser
containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; and (vi) if at any time the representations and warranties
contemplated by any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; and, if the notification relates to an event described in clause
(v), the Company shall promptly prepare and furnish to each such seller and each underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were
made not misleading; 
 (g)    comply (and continue to comply) with all applicable rules and regulations of the SEC
(including, without limitation, maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) in accordance with the Exchange Act), and make generally available to its security holders, as soon as reasonably practicable after the effective date of the registration statement (and in any event
within 45 days, or 90 days if it is a fiscal year, after the end of such 12 month period described hereafter), an earnings statement (which need not be audited) covering the period of at least 12 consecutive months beginning with the first day of
the Company’s first fiscal quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(h)    (i) (A) cause all such Registrable Securities covered by such registration statement to be listed on the
principal securities exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (B) if no similar securities are then
so listed, to cause all such Registrable Securities to be listed on a national securities exchange and, without limiting the generality of the foregoing, take all actions that may be required by the Company as the issuer of such Registrable
Securities in order to facilitate the managing underwriter’s arranging for the registration of at least two market makers as such with respect to such shares with FINRA, and (ii) comply (and continue to comply) with the requirements of any
self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements; 

(i)    cause its senior management and officers to participate in, and to otherwise facilitate and cooperate with the
preparation of the registration statement and prospectus and any amendments or supplements thereto (including participating in meetings, drafting sessions, due diligence sessions and rating agency presentations) taking into account the
Company’s reasonable business needs; 

  
 17 

 (j)    provide and cause to be maintained a transfer agent and registrar
for all such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; 

(k)    enter into such customary agreements (including, if applicable, an underwriting agreement) and take such other
actions as the Initiating Holder(s) or the Majority Participating Holders or the underwriters shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Participating
Holders of the Registrable Securities which are to be distributed by any underwriters shall be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Participating Holders
the representations, warranties and covenants of the Company which are being made to and for the benefit of such underwriters); 

(l)    use its reasonable best efforts (i) to obtain an opinion from the Company’s counsel and a comfort letter
and updates thereof from the Company’s independent public accountants who have certified the Company’s financial statements included or incorporated by reference in such registration statement, in each case, in customary form and covering
such matters as are customarily covered by such opinions and comfort letters (including, in the case of such comfort letter, events subsequent to the date of such financial statements) delivered to underwriters in underwritten public offerings,
which opinion and letter shall be dated the dates such opinions and comfort letters are customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and to the Initiating Holder(s) and the Majority Participating Holders, and
(ii) furnish to each Participating Holder participating in the offering and to each underwriter, if any, a copy of such opinion and letter addressed to such underwriter; 

(m)    deliver promptly to counsel for each Participating Holder and to each managing underwriter, if any, copies of all
correspondence between the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement, and, upon receipt of such confidentiality agreements as the
Company may reasonably request, make reasonably available for inspection by counsel for each Participating Holder, by counsel for any underwriter, participating in any disposition to be effected pursuant to such registration statement and by any
accountant or other agent retained by any Participating Holder or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors
and employees to supply all information reasonably requested by any such counsel for a Participating Holder, counsel for an underwriter, accountant or agent in connection with such registration statement; 

(n)    use its reasonable best efforts to prevent the issuance or obtain the prompt withdrawal of any order suspending the
effectiveness of the registration statement, or the prompt lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction, in each case, as promptly as reasonably practicable; 

  
 18 

 (o)    provide a CUSIP number for all Registrable Securities, not later
than the effective date of the registration statement; 
 (p)    use its best efforts to make available its senior
management, employees and personnel for participation in “road shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the reasonable needs of the Company’s businesses
and the requirements of the marketing process) in marketing the Registrable Securities in any underwritten offering; 

(q)    promptly prior to the filing of any document which is to be incorporated by reference into the registration
statement or the prospectus (after the initial filing of such registration statement), and prior to the filing of any free writing prospectus, provide copies of such document to counsel for each Participating Holder and to each managing underwriter,
if any, and make the Company’s representatives reasonably available for discussion of such document and make such changes in such document concerning the Participating Holders prior to the filing thereof as counsel for the Participating Holders
or underwriters may reasonably request; 
 (r)    furnish to counsel for each Participating Holder and to each managing
underwriter, without charge, at least one signed copy of the registration statement and any post-effective amendments or supplements thereto, including financial statements and schedules, all documents incorporated therein by reference, the
prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and all exhibits (including those incorporated by reference)
and any free writing prospectus utilized in connection therewith; 
 (s)    cooperate with the Participating Holders and
the managing underwriter, if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such
denominations and registered in such names in accordance with the underwriting agreement at least two Business Days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the
instructions of the Participating Holders at least two Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof; 

(t)    cooperate with any due diligence investigation by any Manager, underwriter or Participating Holder and make
available such documents and records of the Company and its Subsidiaries that they reasonably request (which, in the case of the Participating Holder, may be subject to the execution by the Participating Holder of a customary confidentiality
agreement in a form which is reasonably satisfactory to the Company); 
 (u)    take no direct or indirect action
prohibited by Regulation M under the Exchange Act; 

  
 19 

 (v)    take all such other commercially reasonable actions as are
necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities; 
 (w)    take
all reasonable action to ensure that any free writing prospectus utilized in connection with any registration covered by Section 2.1 or 2.2 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; and 

(x)    in connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of
sale includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, promptly file with the SEC such
amendments or supplements to such information as may be necessary so that the statements as so amended or supplemented will not, in light of the circumstances, be misleading. 

To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”) at the
time any Demand Registration Request is submitted to the Company, and such Demand Registration Request requests that the Company file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “automatic
shelf registration statement”) on Form S-3, the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested to be registered. The Company
shall use its reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which the Registrable Securities remain Registrable Securities. If the Company
does not pay the filing fee covering the Registrable Securities at the time the automatic shelf registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold. If the automatic
shelf registration statement has been outstanding for at least three years, at the end of the third year the Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is
required to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to refile the shelf registration statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be
kept effective. 
 If the Company files any shelf registration statement for the benefit of the holders of any of its securities other than
the Holders, the Company agrees that it shall include in such 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. 

  
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 It shall be a condition precedent to the obligations of the Company to take any action
pursuant to Sections 2.1, 2.2, or 2.4 that each Participating Holder shall furnish to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as the
Company may from time to time reasonably request so long as such information is necessary for the Company to consummate such registration and shall be used only in connection with such registration. 

If any such registration statement or comparable statement under state “blue sky” laws refers to any Holder by name or otherwise as
the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act or any similar federal statute or
any state “blue sky” or securities law then in force, the deletion of the reference to such Holder. 

2.5.    Registration Expenses. All Expenses incurred in connection with any registration, filing, qualification or
compliance pursuant to Article 2 shall, to the fullest extent permitted by applicable law, be borne by the Company, whether or not a registration statement becomes effective or the offering is consummated. All underwriting discounts and all selling
commissions relating to securities registered by the Participating Holders shall be borne by the holders of such securities pro rata in accordance with the number of shares sold in the offering by such Participating Holder. 

2.6.    Certain Limitations on Registration Rights. In the case of any registration under Section 2.1 pursuant
to an underwritten offering, or, in the case of a registration under Section 2.2, if the Company has determined to enter into an underwriting agreement in connection therewith, all securities to be included in such registration shall be subject
to the underwriting agreement and no Person may participate in such registration or offering unless such Person (i) agrees to sell such Person’s securities on the basis provided therein and completes and executes all reasonable
questionnaires, and other documents (including custody agreements and powers of attorney) which must be executed in connection therewith; provided, however, that all such documents shall be consistent with the provisions hereof, and
(ii) provides such other information to the Company or the underwriter as may be necessary to register such Person’s securities. 

2.7.    Limitations on Sale or Distribution of Other Securities. 

  
 21 

 (a)    Each Holder and Specified Holder agrees, (i) to the extent
requested in writing by a managing underwriter, if any, of any registration effected pursuant to Section 2.1 in which such Holder is selling Company Shares, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144
under the Securities Act, any Company Shares, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public
offering) during the time period reasonably requested by the managing underwriter, not to exceed 90 days and (ii) to the extent requested in writing by a managing underwriter of any underwritten public offering effected by the Company for its
own account in which such Holder is selling Company Shares, not to sell any Company Shares (other than as part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, which period shall not
exceed 90 days subject to the same exceptions as provided in the lock-up provisions contained in the underwriting agreement for the IPO; and, if so requested, each Holder or Specified Holder, as applicable,
agrees to enter into a customary lock-up agreement with such managing underwriter. 

(b)    The Company hereby agrees that, if it shall previously have received a request for registration pursuant to
Section 2.1 or 2.2, and if such previous registration shall not have been withdrawn or abandoned, the Company shall not sell, transfer, or otherwise dispose of, any Company Shares, or any other equity security of the Company or any security
convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering, a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Company Shares Equivalent), until a period
of 90 days shall have elapsed from the effective date of such previous registration. 
 2.8.    No Required Sale.
Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder or Specified Holder, as applicable, to sell any Registrable Securities pursuant to any effective registration statement. A Holder or Specified
Holder is not required to include any of its Registrable Securities in any registration statement, is not required to sell any of its Registrable Securities which are included in any effective registration statement, and may sell any of its
Registrable Securities in any manner in compliance with applicable law even if such shares are already included on an effective registration statement. 

2.9.    Indemnification. 

(a)    In the event of any registration and/or offering of any securities of the Company under the Securities Act pursuant
to this Article 2, the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by applicable law, each Holder or Specified Holder, as applicable, its directors, officers, fiduciaries,
trustees, employees, shareholders, members or general and limited partners (and the directors, officers, fiduciaries, employees, shareholders, members, beneficiaries or general and limited partners thereof), any underwriter (as defined in the
Securities Act) for such Holder, Specified Holder and each Person, if any, who controls 

  
 22 

 
such Holder or underwriter within the meaning of the Securities Act or Exchange Act, from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings
(whether commenced or threatened) and expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld or delayed) to which each such
indemnified party may become subject under the Securities Act or otherwise in respect thereof (collectively, “Claims”), insofar as such Claims arise out of or are based upon (i) any untrue statement or alleged untrue statement
of a material fact contained in any registration statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary or final prospectus or any amendment or supplement thereto, together with the documents incorporated by
reference therein, or any free writing prospectus utilized in connection therewith, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or (iii) any untrue statement or alleged untrue statement of a material fact in the information conveyed by the Company to any purchaser at the time of the sale to such purchaser,
or the omission or alleged omission to state therein a material fact required to be stated therein, or (iv) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action
required of or inaction by the Company in connection with any such registration, and the Company will, to the fullest extent permitted by applicable law, reimburse any such indemnified party for any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent
such Claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or in any
such prospectus or any preliminary or final prospectus or free writing prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such indemnified party specifically for use therein. Such
indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such seller. 

(b)    Each Participating Holder shall, severally and not jointly, indemnify and hold harmless (in the same manner and to
the same extent as set forth in paragraph (a) of this Section 2.9), to the fullest extent permitted by applicable law, the Company, its officers and directors, each Person controlling the Company within the meaning of the Securities Act,
each underwriter (within the meaning of the Securities Act) of the Company’s securities covered by such a registration statement, any Person who controls such underwriter, and any other Holder or Specified Holder selling securities in such
registration statement and each of its directors, officers, partners or agents or any Person who controls such Holder or Specified Holder with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or
alleged omission of any 

  
 23 

 
material fact from, such registration statement, any preliminary or final prospectus contained therein, or any amendment or supplement thereto, or any free writing prospectus utilized in
connection therewith, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or its representatives by or on behalf of such Participating
Holder, specifically for use therein and will, to the fullest extent permitted by applicable law, reimburse such indemnified party for any legal or other expenses reasonably incurred in connection with investigating or defending any such Claim as
such expenses are incurred; provided, however, that the aggregate amount which any such Participating Holder shall be required to pay pursuant to this Section 2.9(b) and 2.9(c) and (e) shall in no case be greater than the
amount of the net proceeds actually received by such Participating Holder upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such Claim. The Company and each Participating Holder hereby acknowledge and
agree that, unless otherwise expressly agreed to in writing by such Participating Holders to the contrary, for all purposes of this Agreement, the only information furnished or to be furnished to the Company for use in any such registration
statement, preliminary or final prospectus or amendment or supplement thereto or any free writing prospectus are statements specifically relating to (a) the beneficial ownership of Company Shares by such Participating Holder and its Affiliates
and (b) the name and address of such Participating Holder. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the
transfer of such securities by such Holder or Specified Holder. 
 (c)    Indemnification similar to that specified in
the preceding paragraphs (a) and (b) of this Section 2.9 (with appropriate modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any
applicable securities and state “blue sky” laws. 
 (d)    Any Person entitled to indemnification under this
Agreement shall notify promptly the indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any indemnified
party to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 2.9, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not
relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under this Article 2. In case any action or proceeding is brought against an indemnified party, the indemnifying party shall be entitled to
(x) participate in such action or proceeding and (y) unless, in the reasonable opinion of outside counsel to the indemnified party, a conflict of interest between such indemnified and indemnifying parties may exist in respect of such
claim, assume the defense thereof jointly with any other indemnifying party similarly notified, with counsel reasonably satisfactory to such indemnified party. The indemnifying party shall promptly notify the indemnified party of its decision to
assume the defense of such action or proceeding. If, and after, the indemnified party has received such notice from the indemnifying party, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses
subsequently incurred by such indemnified party in 

  
 24 

 
connection with the defense of such action or proceeding other than reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take
reasonable steps necessary to defend diligently the action or proceeding within 20 days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; or (ii) if such indemnified party who is a
defendant in any action or proceeding which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are not available to the
indemnifying party or which may conflict with those available to another indemnified party with respect to such Claim; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to
the extent any indemnified party or parties reasonably shall have made a conclusion described in clause (ii) or (iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall, without the written
consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such action or claim), unless such settlement or compromise (i) includes an unconditional release of such indemnified party from all liability on any claims that are the
subject matter of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party. The indemnity obligations contained in Sections 2.9(a) and
2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the indemnified party which consent shall not be unreasonably withheld. 

(e)    If for any reason the foregoing indemnity is held by a court of competent jurisdiction to be unavailable to an
indemnified party under Section 2.9(a), (b) or (c), then each applicable indemnifying party shall, to the fullest extent permitted by applicable law, contribute to the amount paid or payable to such indemnified party as a result of any Claim in
such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such Claim as well as any other relevant equitable considerations. The relative
fault shall be determined by a court of law by reference to, among other things, whether the 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 the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding
sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative
benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant to this Section 2.9(e) were to be
determined by pro rata allocation or by any other method of allocation which does not take account of 

  
 25 

 
the equitable considerations referred to in the preceding sentences of this Section 2.9(e). The amount paid or payable in respect of any Claim shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim. 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. Notwithstanding anything in this Section 2.9(e) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this
Section 2.9(e) to contribute any amount greater than the amount of the net proceeds actually received by such indemnifying party upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such Claim, less
the amount of any indemnification payment made by such indemnifying party pursuant to Sections 2.9(b) and (c). 

(f)    The indemnity and contribution agreements contained herein shall be in addition to any other rights to
indemnification or contribution which any indemnified party may have pursuant to law or contract (except as set forth in subsection (h) below) and shall remain operative and in full force and effect regardless of any investigation made or
omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party and the completion of any offering of Registrable Securities in a registration statement. 

(g)    The indemnification and contribution required by this Section 2.9 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred; provided, however, that the recipient thereof hereby undertakes to repay such payments
if and to the extent it shall be determined by a court of competent jurisdiction that such recipient is not entitled to such payment hereunder. 

(h)    If a customary underwriting agreement shall be entered into in connection with any registration pursuant to
Section 2.1 or 2.2, the indemnity, contribution and related provisions set forth therein shall supersede the indemnification and contribution provisions set forth in this Section 2.9. 

3.    Underwritten Offerings. 

3.1.    Requested Underwritten Offerings. If the Initiating Holders request an underwritten offering pursuant to a
registration under Section 2.1 (pursuant to a request for a registration statement to be filed in connection with a specific underwritten offering or a request for a shelf takedown in the form of an underwritten offering), the Company shall
enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall (i) be satisfactory in form and substance to the Initiating Holder(s) and the Majority Participating Holders, (ii) contain terms not
inconsistent with the provisions of this Agreement and (iii) contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are generally prevailing in agreements of that type,
including, without limitation, indemnities and contribution agreements on substantially the same terms as those contained herein (it 

  
 26 

 
being understood that an underwriting agreement in substantially the form of the underwriting agreement for the IPO shall be deemed to satisfy the foregoing requirements). Every Participating
Holder shall be a party to such underwriting agreement and may, at its option, require, to the fullest extent permitted by applicable law, that any or all of the representations and warranties by, and the other agreements on the part of, the Company
to and for the benefit of such underwriters also shall be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be
conditions precedent to the obligations of such Participating Holder; provided, however, that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a
Participating Holder for inclusion in the registration statement. Each such Participating 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 Participating Holder, its ownership of and title to the Registrable Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement and its
intended method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement for indemnity, contribution or otherwise shall be limited to the amount of the net proceeds received
by such Holder or Specified Holder, as applicable, upon the sale of the Registrable Securities pursuant to the registration statement and shall be limited to liability for written information specifically provided by such Participating Holder for
use in the registration statement and prospectus. 
 3.2.    Piggyback Underwritten Offerings. In the case of a
registration pursuant to Section 2.2 which involves an underwritten offering, if the Company shall enter into an underwriting agreement in connection therewith, then all of the Participating Holders’ Registrable Securities to be included
in such registration shall be subject to such underwriting agreement. Any Participating Holder may, at its option, require, to the fullest extent permitted by applicable law, that any or all of the representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under
such underwriting agreement be conditions precedent to the obligations of such Participating Holder; provided, however, that the Company shall not be required to make any representations or warranties with respect to written
information specifically provided by a Participating Holder for inclusion in the registration statement. Each such Participating 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 Participating Holder, its ownership of and title to the Registrable Securities, any written information specifically provided by such Participating Holder for inclusion
in the registration statement and its intended method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement for indemnity, contribution or otherwise shall be limited to
the amount of the net proceeds received by such Participating Holder upon the sale of the Registrable Securities pursuant to the registration statement and shall be limited to liability for written information specifically provided by such
Participating Holder for use in the registration statement and prospectus. 

  
 27 

 4.    General. 

4.1.    Adjustments Affecting Registrable Securities. The provisions of this Agreement shall apply, to the full
extent set forth herein with respect to the Registrable Securities, to any and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, share exchange, consolidation, sale of assets or otherwise) which
may be issued in respect of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date
hereof. 
 4.2.    Rule 144 and Rule 144A. If the Company shall have filed a registration statement pursuant to
the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Company Shares or Company Shares Equivalents, the Company covenants that (i) so long as it
remains subject to the reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon the request of any Holder, make
publicly available other information so long as necessary to permit sales by such Holder under Rule 144, Rule 144A under the Securities Act, as such Rule may be amended (“Rule 144A”), or any similar rules or regulations hereafter
adopted by the SEC, and (ii) it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by (A) Rule 144, (B) Rule 144A or (C) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to such
Holder a written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a
registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), a copy of the most recent annual or quarterly report of the Company and such other reports and documents so
filed by the Company and such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

4.3.    Amendments and Waivers; Termination. Any provision of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the affected Holders of a majority of the Registrable Securities. Any amendment or waiver
effected in accordance with this Section 4.3 shall be binding upon each Holder, each Specified Holder and the Company. Any waiver of any breach or default by any other party of any of the terms of this Agreement effected in accordance

  
 28 

 
with this Section 4.3 shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this
Agreement shall be implied from any course of dealing between the parties hereto or from any failure by any party to assert its or his or her rights hereunder on any occasion or series of occasions. This Agreement will terminate as to any Holder and
any Specified Holder when it no longer holds any Registrable Securities. 
 4.4.    If Registrable Securities are held
by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder or Specified Holder of such Registrable Securities for purposes of any request or other action by any Holder(s) or Specified
Holder(s) of Registrable Securities pursuant to this Agreement (or any determination of any number or percentage of shares constituting Registrable Securities held by any Holder(s) or Specified Holder(s) of Registrable Securities contemplated by
this Agreement); provided, however, that the Company shall have received evidence reasonably satisfactory to it of such beneficial ownership. 

4.5.    Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations,
requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon
receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery,
in each case addressed to the Company at the address set forth below or to the applicable Holder or Specified Holder at the address indicated on Schedule A and Schedule B hereto (or at such other address for a Holder as shall be specified by like
notice): 
 if to the Company, to it at: 

Royalty Pharma plc 
 110 E 59th
Street 
 New York, NY 10022 

Attention: George Lloyd 
 E-mail:     glloyd@royaltypharma.com 
 with copies (which shall not constitute
actual notice) to: 
 Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Richard D. Truesdell, Jr. 

Facsimile: (212) 701-5674 

E-mail:     richard.truesdell@davispolk.com 

4.6.    Successors and Assigns. 

  
 29 

 (a)    This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, successors, legal representatives and permitted assigns. 
 (b)    A
Holder may Assign his, her or its rights under this Agreement without the Company’s consent to an Assignee of Registrable Securities which (i) is with respect to any Holder, the spouse, parent, sibling, descendant, niece or nephew of such
Holder, or the spouse or descendant thereof, and (C) any trust, limited liability company, limited partnership, private foundation or other estate planning vehicle for such Holder or for the benefit of any of the foregoing or other persons
pursuant to the laws of descent and distribution, or (ii) is a legatee, executor or other fiduciary pursuant to a last will and testament of the Holder or pursuant to the terms of any trust which take effect upon the death of the Holder. In
addition, any Holder may Assign his, her or its rights under this Agreement without the Company’s prior written consent so long as such Assignment (i) occurs in connection with the transfer of all, but not less than all, of such
Holder’s Registrable Securities in a single transaction in the case of such an Assignment by a Holder and (ii) results in such Assignment to a single Assignee. Subject to subsection (c) below, any Assignment shall be conditioned upon
prior written notice to the Company identifying the name and address of such Assignee and any other material information as to the identity of such Assignee as may be reasonably requested, and Schedule A hereto shall be updated to reflect such
Assignment. 
 (c)    Notwithstanding anything to the contrary contained in this Section 4.6, any Holder may elect
to transfer all or a portion of its Registrable Securities to any third party without Assigning its rights hereunder with respect thereto, provided that in any such event all rights under this Agreement with respect to the Registrable
Securities so transferred shall cease and terminate. 
 4.7.    Limitations on Subsequent Registration Rights.
From and after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public, the Company may, without the prior written consent of the Holders, enter into any agreement with any
holder or prospective holder of any securities of the Company which provides such holder or prospective holder of securities of the Company comparable, but not conflicting, registration rights granted to the Holders hereby. 

4.8.    Entire Agreement. This Agreement and the other agreements referenced herein and therein constitute the
entire agreement among the parties hereto with respect to the subject matter hereof, and supersede any prior agreement or understanding among them with respect to the matters referred to herein. 

4.9.    Governing Law; Waiver of Jury Trial; Jurisdiction. 

(a)    Governing Law. This Agreement is governed by and will be construed in accordance with the laws of the State
of New York, excluding any conflict-of-laws rule or principle (whether of New York or any other jurisdiction) that might refer the governance or the construction of this
Agreement to the law of another jurisdiction. 

  
 30 

 (b)    Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. The Company or any Holder may file an original counterpart or a copy of this Section 4.9(b) with any court as written evidence of the consent of any of the parties hereto to the waiver of
their rights to trial by jury. 
 (c)    Jurisdiction. Each of the parties hereto (i) consents to submit
itself to the personal jurisdiction of the courts of the State of New York located in the county and city of New York in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (ii) agrees
that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, (iii) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by
this Agreement in any court other than the courts of the State of New York located in the county and city of New York and (iv) to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in
Section 4.5. Each party hereto hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 4.5 shall be effective
service of process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby. 

4.10.    Interpretation; Construction. 

(a)    The headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not
be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

(b)    The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or
a 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 provision
of this Agreement. 
 4.11.    Counterparts. This Agreement may be executed (including by facsimile transmission
or other electronic signature of this Agreement signed by such party (via PDF, TIFF, JPEG or the like)) with counterpart pages or in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be
considered one and the same agreement, it being understood that both parties need not sign the same counterpart. The words “execution,” “signed,” “signature,” “delivery” and words of like import in or relating
to this Agreement or any document to be signed in 

  
 31 

 
connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated
hereunder by electronic means 
 4.12.    Severability. In the event that any provision of this Agreement shall
be invalid, illegal or unenforceable, such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions of this
Agreement shall not in any way be affected or impaired thereby. 
 4.13.    Specific Performance. It is hereby
agreed and acknowledged that it will be impossible to measure the money damages that would be suffered if the parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an
aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Each party hereto shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief,
including specific performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that
there is an adequate remedy at law. 
 4.14.    Further Assurances. Each party hereto shall do and perform or
cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 32 

 
			
	COMPANY
	
	ROYALTY PHARMA PLC
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement] 

 
			
	HOLDERS:

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	By:	 	  

		 	Name:
		 	Title:

  

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement] 

 
			
	SPECIFIED HOLDERS:

 
			
	
	PABLO LEGORRETA

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	TERRANCE COYNE

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	CHRISTOPHER HITE

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	GEORGE LLOYD

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement] 

 
			
	JAMES REDDOCH

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	ERROL DE SOUZA

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	WILLIAM FORD

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	GREG NORDEN

 
			
		
	By:	 	  

		 	Name:
	
	RORY RIGGS

 
			
		
	By:	 	  

		 	Name:

 SCHEDULE A 
  

			
	 Party
	 	 Address

		 	
		 	
		 	

 SCHEDULE B 
  

			
	 Party
	 	 Address

	 Pablo Legorreta
	 	
	 Terrance Coyne
	 	
	 Christopher Hite
	 	
	 George Lloyd
	 	
	 James Reddoch
	 	
	 Errol De Souza
	 	
	 William Ford
	 	
	 M. Germano Giuliani
	 	
	 Greg Norden
	 	
	 Rory Riggs

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