Document:

EX-10.19

 Exhibit 10.19 

EMPLOYMENT AND RESTRICTIVE COVENANTS AGREEMENT 

This Employment and Restrictive Covenants Agreement (the “Agreement”) is made effective April 1st, 2020 (the “Effective
Date”), by and between Vivid Seats LLC (together with its affiliates and related companies, hereafter referenced as “Company”) and Lawrence Fey (hereafter referenced as “Employee”). 

1. PURPOSE. In connection with Employee’s employment by the Company (the “Employment”), Employee and the Company
wish to set forth the terms and conditions under which Employee will be employed by the Company, and certain restrictions applicable to Employee as a result of the Employment with the Company. This Agreement is intended: to allow the parties to
engage in the Employment, with the Company giving Employee access to the Company’s customers, employees, and Confidential Information (as that term is defined below); to protect the Company’s business, information, and relationships
against unauthorized competition, solicitation, recruitment, use, or disclosure; and to clarify Employee’s legal rights and obligations. 

2. THE BUSINESS OF THE COMPANY. The Company is engaged in the business of investing and operating in software and
technology-enabled businesses, including a continuous program of research, development, production and marketing (collectively the “Business” of the Company). Employee acknowledges that the Company has a legitimate interest in protecting
its Confidential Information, trade secrets, customer relationships, customer goodwill, employee relationships, and the special investment and training given to Employee. 

3. “AT WILL” EMPLOYMENT OF EMPLOYEE. Employee shall perform such duties or responsibilities as assigned to Employee
from time to time. The Parties acknowledge that Employee’s employment by the Company at all times is and shall remain “at will,” and may be terminated by either Party at any time, with or without notice and with or without cause.
Employee acknowledges that but for Employee’s execution of this Agreement, Employee would not be employed by the Company. 
  

	 	a.	 Employee acknowledges that Employee’s duties shall entail Employee’s contact with the Company’s
customers to whom Employee is introduced, to which Employee is assigned, whose accounts Employee shall oversee, or for which Employee otherwise is directly or indirectly responsible. Employee further acknowledges that Employee will be given the use
of the Company’s Confidential Information. Employee acknowledges that the Company’s goodwill with its customers and customer prospects, as well as the Company’s Confidential Information, are among the most valuable assets of the
Company’s Business. Accordingly, Employee hereby agrees, acknowledges, covenants, represents and warrants that at all times during Employee’s employment with the Company, Employee will faithfully perform Employee’s duties with the
utmost loyalty to the Company, and will owe a fiduciary duty and duty of loyalty to the Company. Employee agrees that during employment, Employee will do nothing disloyal or adverse to the Company or the Company’s Business, or which creates any
conflict of interest with the Company or the Business of the Company. Employee will abide by the policies of the Company at all times during Employee’s employment, and acknowledges that the Company may unilaterally change its policies,
practices, and procedures at any time, at the sole discretion of the Company. Employee understands and acknowledges that all equipment, communication devices, physical property, documents, information, data bases, furniture, accessories, premises,
and any other items provided to 

	 	Employee while employed by Company, shall at all times remain the sole property of the Company, and as such, Employee shall have no reasonable expectation of privacy when using such items. 

	 	b.	 Employee acknowledges that Employee will be afforded an investment of time, training, money, trust, exposure to
the public, or exposure to customers, vendors, suppliers, investors, joint venture partners, or other business relationships of the Company during the course of the Employment, and Employee’s position gives Employee a high level of influence or
credibility with the Company’s customers, vendors, suppliers, or other business relationships. Employee understands and acknowledges that Employee will possess specialized skills, learning, abilities, customer contacts, or customer information
by reason of working for the Company. 

  

	 	c.	 Employee acknowledges that, through Employee’s employment with the Company, Employee may customarily and
regularly solicit customers and/or prospective customers for the Company, and/or engage in making sales or obtaining orders or contracts for products or services. 

 

	 	d.	 Employee understands that the Company has specifically instructed him/her to refrain from bringing to the
Company any documents or materials or intangibles of a former employer or third party that are not in the public domain, or have not been legally transferred or licensed to the Company, or that might constitute the confidential information or trade
secrets of a prior employer. Employee agrees that when performing duties on behalf of the Company, he/she will not breach any invention assignment, proprietary information, confidentiality, noncompetition, nonsolicitation or other similar agreement
with any former employer or other party. 

 4. DUTY OF LOYALTY. Employee understands that his/her employment
and provision of services on behalf of the Company requires Employee’s undivided attention and effort. Accordingly, during Employee’s employment, Employee agrees that he/she will not, without the Company’s express prior written
consent, (i) engage in any other business activity, unless such activity is for passive investment purposes not otherwise prohibited by this Agreement and will not require Employee to render any services, (ii) be engaged or interested,
directly or indirectly, alone or with others, in any trade, business or occupation in competition with the Company, (iii) take steps, alone or with others, to engage in competition with the Company in the future, or (iv) appropriate for
Employee’s own benefit business opportunities pertaining to the Company’s Business. 
 5. INVENTIONS  

 

	 	a.	 Prior Inventions. Attached hereto as Schedule 1 is a complete and accurate list describing all
Inventions (as defined below) which were conceived, discovered, created, invented, developed and/or reduced to practice by Employee prior to the commencement of his/her Employment that have not been legally assigned or licensed to the Company
(collectively: “Prior Inventions”). If there are no such Prior Inventions, Employee shall initial Schedule 1 to indicate Employee has no Prior Inventions to disclose. 

	 	
Employee acknowledges and agrees that if in the course of Employee’s employment, Employee incorporates or causes to be incorporated into a Company product, service, process, file, system,
application or program a Prior Invention, Employee will grant the Company a non-exclusive, royalty-free, irrevocable, perpetual, worldwide, sublicensable and assignable license to make, have made, copy, modify, make derivative works of, use, offer
to sell, sell or otherwise distribute such Prior Invention as part of or in connection with such product, process, file, system, application or program. 

  

	 	b.	 Disclosure and Assignment of Inventions. Employee agrees to promptly disclose to the Company in writing
all Inventions (as defined below) that Employee conceives, develops and/or first reduces to practice or create, either alone or jointly with others, during the period of Employee’s Employment, and for a period of three (3) months
thereafter, whether or not in the course of Employee’s Employment. Employee further assigns and agrees to assign all of Employee’s rights, title and interest in the Inventions to the Company. In the event that the Company is unable for any
reason to secure Employee’s signature to any document required to file, prosecute, register or memorialize the ownership and/or assignment of any Invention, Employee hereby irrevocably designates and appoints the Company’s duly authorized
officers and agents as Employee’s agents and attorneys-in-fact to act for and on Employee’s behalf and stead to (i) execute, file, prosecute, register and/or memorialize the assignment and/or ownership of any Invention; (ii) to
execute and file any documentation required for such enforcement and (iii) do all other lawfully permitted acts to further the filing, prosecution, registration, memorialization of assignment and/or ownership of, issuance of and enforcement of
any Inventions, all with the same legal force and effect as if executed by Employee. 

 Employee acknowledges that he/she
is not entitled to use the Inventions for Employee’s own benefit or the benefit of anyone except the Company without written permission from the Company, and then only subject to the terms of such permission. Employee further agrees that
Employee will communicate to the Company, as directed by the Company, any facts known to Employee and testify in any legal proceedings, sign all lawful papers, make all rightful oaths, execute all divisionals, continuations, continuations-in-part,
foreign counterparts, or reissue applications, all assignments, all registration applications and all other instruments or papers to carry into full force and effect, the assignment, transfer and conveyance hereby made or to be made and generally do
everything possible for title to the Inventions to be clearly and exclusively held by the Company as directed by the Company. 
 For
purposes of this Agreement, “Inventions” means, without limitation, any and all formulas, algorithms, processes, techniques, concepts, designs, developments, technology, ideas, patentable and unpatentable inventions and discoveries,
copyrights and works of authorship in any media now known or hereafter invented (including computer programs, source code, object code, hardware, firmware, software, mask work, applications, files, internet site content, databases and compilations,
documentation and related items) patents, trade and service marks, logos, trade dress, corporate names and other source indicators and the good will of any business 

 symbolized thereby, trade secrets, know-how, confidential and proprietary information,
documents, analyses, research and lists (including current and potential customer and user lists) and all applications and registrations and recordings, improvements and licenses that (i) relate in any manner, whether at the time of conception,
design or reduction to practice, to the Company’s Business or its actual or demonstrably anticipated research or development; (ii) result from any work performed by Employee on behalf of the Company; or (iii) result from the use of
the Company’s equipment, supplies, facilities, Confidential Information or Trade Secrets. 
 Employee recognizes that Inventions or
proprietary information relating to Employee’s activities while working for the Company, and conceived, reduced to practice, created, derived, developed, or made by Employee, alone or with others, within three (3) months after termination
of Employee’s employment may have been conceived, reduced to practice, created, derived, developed, or made, as applicable, in significant part while Employee was employed by the Company. Accordingly, Employee agrees that such Inventions and
proprietary information shall be presumed to have been conceived, reduced to practice, created, derived, developed, or made, as applicable, during Employee’s employment with the Company and are to be assigned to the Company pursuant to this
Agreement and applicable law unless and until Employee has established the contrary by clear and convincing evidence. 
  

	 	c.	 Work for Hire. Employee acknowledges and agrees that any copyrightable works prepared by Employee within the
scope of Employee’s employment are “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. Any copyrightable works the Company specially commissions from
Employee while Employee is employed also shall be deemed a work made for hire under the Copyright Act and if for any reason such work cannot be so designated as a work made for hire, Employee agrees to and hereby assigns to the Company, as directed
by the Company, all right, title and interest in and to said work(s). Employee further agrees to and hereby grants the Company, as directed by the Company, a non-exclusive, royalty-free, irrevocable, perpetual, worldwide, sublicensable and
assignable license to make, have made, copy, modify, make derivative works of, use, publicly perform, display or otherwise distribute any copyrightable works Employee creates during Employee’s Employment. 

 

	 	d.	 Assignment of Other Rights. In addition to the foregoing assignment of Inventions to the Company,
Employee hereby irrevocably transfers and assigns to the Company: (i) all worldwide patents, patent applications, copyrights, mask works, trade secrets and other intellectual property rights in any Inventions; and (ii) any and all
“Moral Rights” (as defined below) that Employee may have in or with respect to any Inventions. Employee also hereby forever waives and agrees never to assert any and all Moral Rights Employee may have in or with respect to any Inventions,
even after termination of Employee’s work on behalf of the Company. “Moral Rights” mean any rights to claim authorship of any Inventions, to object to or prevent the modification of any Inventions, or to withdraw from circulation or
control the publication or distribution of any Inventions, and any similar right, existing under applicable judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right is denominated or
generally referred to as a “moral right.” 

	 	e.	 Applicability to Past Activities. To the extent Employee has been engaged to provide services by the
Company or its predecessor for a period of time before the effective date of this Agreement (the “Prior Engagement Period”), Employee agrees that if and to the extent that, during the Prior Engagement Period: (i) Employee received
access to any information from or on behalf of the Company that would have been proprietary information if Employee had received access to such information during the period of Employee’s Employment with the Company under this Agreement; or
(ii) Employee conceived, created, authored, invented, developed or reduced to practice any item, including any intellectual property rights with respect thereto, that would have been an Invention if conceived, created, authored, invented,
developed or reduced to practice during the period of Employee’s Employment with the Company under this Agreement; then any such information shall be deemed proprietary information hereunder and any such item shall be deemed an Invention
hereunder, and this Agreement shall apply to such information or item as if conceived, created, authored, invented, developed or reduced to practice under this Agreement. 

6. NONDISCLOSURE AGREEMENT. 
  

	 	a.	 Employee expressly agrees that, throughout the term of Employee’s Employment with the Company and at all
times following the termination of Employee’s Employment from the Company, for so long as the information remains confidential, Employee will not use or disclose any Confidential Information disclosed to Employee by the Company, other than for
the purpose to carry out the Employment for the benefit of the Company (but in all cases preserving confidentiality by following the Company’s policies and obtaining appropriate non-disclosure agreements). Employee shall not, directly or
indirectly, use or disclose any Confidential Information to third parties, nor permit the use by or disclosure of Confidential Information by third parties. Employee agrees to take all reasonable measures to protect the secrecy of and avoid
disclosure or use of Confidential Information in order to prevent it from falling into the public domain or into the possession of any Competing Business or any persons other than those persons authorized under this Agreement to have such
information for the benefit of the Company. Employee agrees to notify the Company in writing of any actual or suspected misuse, misappropriation, or unauthorized disclosure of Confidential Information that may come to Employee’s attention.
Employee acknowledges that if Employee discloses or uses knowledge of the Company’s Confidential Information to gain an advantage for Employee, for any Competing Business, or for any other person or entity other than the Company, such an
advantage so obtained would be unfair and detrimental to the Company. 

  

	 	b.	 Employee expressly agrees that Employee’s duty of non-use and non-disclosure shall continue indefinitely
for any information of the Company that constitutes a Trade Secret under applicable law, so long as such information remains a Trade Secret. 

	 	c.	 Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the
disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a
suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

 

	 	d.	 Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for
disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an
attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and
protected from public disclosure. 

 7. RETURN OF COMPANY PROPERTY AND MATERIALS. Any Confidential
Information, trade secrets, materials, equipment, information, documents, electronic data, or other items that have been furnished by the Company to Employee in connection with the Employment are the exclusive property of the Company and shall be
promptly returned to the Company by Employee, accompanied by all copies of such documentation, immediately when the Employment has been terminated or concluded, or otherwise upon the written request of the Company. Employee shall not retain any
copies of any Company information or other property after the Employment ends, and shall cooperate with the Company to ensure that all copies, both written and electronic, are immediately returned to the Company. Employee shall cooperate with
Company representatives and allow such representatives to oversee the process of erasing and/or permanently removing any such Confidential Information or other property of the Company from any computer, personal digital assistant, phone, or other
electronic device, or any cloud-based storage account or other electronic medium owned or controlled by Employee. 
 8. LIMITED
NONCOMPETE AGREEMENT. Employee expressly agrees that Employee will not (either directly or indirectly, by assisting or acting in concert with others) Compete with the Company during the Restricted Period within the Restricted Territory. 

9. NONSOLICITATION OF CUSTOMERS/PROSPECTIVE CUSTOMERS. Employee expressly agrees that during the Restricted Period, Employee will
not (either directly or indirectly, by assisting or acting in concert with others), on behalf of himself/herself or any other person, business, entity, including but not limited to on behalf of a Competing Business, call upon, solicit, or attempt to
call upon or solicit any business from any Customer or Prospective Customer for the purpose of providing services substantially similar to the Services. 

10. NONRECRUITMENT OF EMPLOYEES. Employee expressly agrees that during the Restricted Period, Employee will not, on behalf of
himself/herself or any other person, business, or entity (either directly or indirectly, by assisting or acting in concert with others), solicit, recruit, or encourage, or attempt to solicit, recruit, or encourage any of the Company’s
employees, in an effort to hire such employees away from the Company, or to encourage any of the Company’s employees to leave employment with the Company to work for a Competing Business. 

 11. REMEDIES; INDEMNIFICATION. Employee agrees that the obligations set forth
in this Agreement are necessary and reasonable in order to protect the Company’s legitimate business interests and (without limiting the foregoing) that the obligations set forth in Sections 8, 9 and 10 are necessary and reasonable in order to
protect the Company’s legitimate business interests in protecting its Confidential Information, Trade Secrets, customer and employee relationships and the goodwill associated therewith. Employee expressly agrees that due to the unique nature of
the Company’s Confidential Information, and its relationships with its Customers and other employees, monetary damages would be inadequate to compensate the Company for any breach by Employee of the covenants and agreements set forth in this
Agreement. Accordingly, Employee agrees and acknowledges that any such violation or threatened violation shall cause irreparable injury to the Company and that, in addition to any other remedies that may be available in law, in equity, or otherwise,
the Company shall be entitled: (a) to obtain injunctive relief against the threatened breach of this Agreement or the continuation of any such breach by Employee, without the necessity of proving actual damages; and (b) to be indemnified
by Employee from any loss or harm; and (c) to recover any costs or attorneys’ fees, arising out of or in connection with any breach by Employee or enforcement action relating to Employee’s obligations under this Agreement. 

12. INJUNCTIVE RELIEF; TOLLING. Notwithstanding the arbitration provisions contained herein, or anything else to the contrary in
this Agreement, Employee understands that the violation of any restrictive covenants of this Agreement may result in irreparable and continuing damage to the Company for which monetary damages will not be sufficient, and agrees that Company will be
entitled to seek, in addition to its other rights and remedies hereunder or at law and both before or while an arbitration is pending between the parties under this Agreement, a temporary restraining order, preliminary injunction or similar
injunctive relief from a court of competent jurisdiction in order to preserve the status quo or prevent irreparable injury pending the full and final resolution of the dispute through arbitration, without the necessity of showing any actual damages
or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned injunctive relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other
available forms of relief through arbitration proceedings. This Section shall not be construed to limit the obligation for either party to pursue arbitration. The Restricted Period as defined in this Agreement may be extended during the pendency of
any litigation (including appeals) or arbitration proceeding, in order to give the Company the full protection of the restrictive covenants as described in this Agreement. 

13. DEFINITIONS. For all purposes throughout this Agreement, the terms defined below shall have the respective meanings specified
in this section. 
  

	 	a.	 “Customer” of the Company shall mean any business or entity with which Employee had Material
Contact, for the purpose of providing Services, during the twelve (12) months preceding Employee’s termination date. 

  

	 	b.	 “Compete”shall mean to provide Competitive Services, whether Employee is acting on behalf of
himself/herself, or in conjunction with or in concert with any other entity, person, or business, including activities performed while working for or on behalf of a Customer. 

	 	c.	 “Competitive Services” shall mean the business or process of researching into, developing,
manufacturing, distributing, selling, buying, supplying or otherwise dealing with (including but not limited to technical and product support, professional services, technical advice and other customer services) entertainment and/or sports tickets
in the primary and/or secondary markets and any other services of the type or similar to the type provided, conducted, authorized, or offered by the Company or any predecessor within the two (2) years prior to the termination of your
employment. 

  

	 	d.	 “Competing Business”shall mean any entity, including but not limited to any person, company,
partnership, corporation, limited liability company, association, organization or other entity that provides Competitive Services. 

  

	 	e.	 “Confidential Information” shall mean sensitive business information having actual or
potential value to the Company because it is not generally known to the general public or ascertainable by a Competing Business, and which has been disclosed to Employee, or of which Employee will become aware, as a consequence of the Employment
with the Company, including any information related to: the Company’s investment strategies, management planning information, business plans, operational methods, market studies, marketing plans or strategies, patent information, business
acquisition plans, past, current and planned research and development, formulas, methods, patterns, processes, procedures, instructions, designs, inventions, operations, engineering, services, drawings, equipment, devices, technology, software
systems, price lists, sales reports and records, sales books and manuals, code books, financial information and projections, personnel data, names of customers, customer lists and contact information, customer pricing and purchasing information,
lists of targeted prospective customers, supplier lists, product/service and marketing data and programs, product/service plans, product development, advertising campaigns, new product designs or roll out, agreements with third parties, or any such
similar information. Confidential Information shall also include any information disclosed to the Company by a third party (including, but not limited to, current or prospective customers) that the Company is obliged to treat as confidential.
Confidential Information may be in written or non-written form, as well as information held on electronic media or networks, magnetic storage, cloud storage service, or other similar media. The Company has invested and will continue to invest
extensive time, resources, talent, and effort to develop its Confidential Information, all of which generates goodwill for the Company. Employee acknowledges that the Company has taken reasonable and adequate steps to control access to the
Confidential Information and to prevent unauthorized disclosure, which could cause injury to the Company. This definition shall not limit any broader definition of “confidential information” or any equivalent term under applicable state or
federal law. 

  

	 	f.	 “Material Contact” shall mean actual contact between Employee and a Customer with whom
Employee dealt on behalf of the Company; or whose dealings with the Company were coordinated or supervised by Employee; or who received goods or services from the Company that resulted in payment of commissions or other compensation to Employee; or
about whom Employee obtained Confidential Information because of Employee’s Employment with the Company. 

	 	g.	 “Prospective Customer” shall mean any business or entity with whom Employee had Material
Contact, for the purpose of attempting to sell or provide Services, and to whom Employee provided a bid, quote for Services, or other Confidential Information of the Company, during the twelve (12) months preceding Employee’s termination
date. 

  

	 	h.	 “Restricted Period” shall mean the entire term of Employee’s employment with the Company
and a two (2) year period immediately following the termination of Employee’s employment, unless otherwise delineated or described in the “end notes and exceptions” at the end of this Agreement. 

 

	 	i.	 “Restricted Territory” shall mean the geographic area in which or with respect to which
Employee provided or attempted to provide any Services or performed operations on behalf of the Company as of the date of termination or during the twelve (12) months preceding Employee’s termination date. 

 

	 	j.	 “Trade Secrets” shall mean the business information of the Company that is competitively
sensitive and which qualifies for trade secrets protection under applicable trade secrets laws, including but not limited to the Defend Trade Secrets Act. This definition shall not limit any broader definition of “trade secret” or any
equivalent term under any applicable local, state or federal law. 

  

	 	k.	 “Services”shall mean the types of work product, processes and work-related activities relating
to the Business of the Company performed by Employee during the Employment. 

 14. MANDATORY ARBITRATION CLAUSE; NO JURY
TRIAL. A Party may bring an action in court to obtain a temporary restraining order, injunction, or other equitable relief available in response to any violation or threatened violation of the restrictive covenants set forth in this Agreement.
Otherwise, Employee expressly agrees and acknowledges that the Company and Employee will utilize binding arbitration to resolve all disputes that may arise out of the employment context. 

 

	 	a.	 Both the Company and Employee hereby agree that any claim, dispute, and/or controversy that Employee may have
against the Company (or its owners, directors, officers, managers, employees, agents, insurers and parties affiliated with its employee benefit and health plans), or that the Company may have against Employee, arising from, related to, or having any
relationship or connection whatsoever to the Employment, shall be submitted to and determined exclusively by binding arbitration under the Federal Arbitration Act (9 U.S.C. §§ 1, et seq.) in conformity with the Federal Rules of
Civil Procedure. Included within the scope of this Agreement are all disputes including, but not limited to, any claims alleging employment discrimination, harassment, hostile environment, retaliation, whistleblower protection, wrongful discharge,
constructive discharge, failure to grant leave, failure to reinstate, failure to accommodate, tortious conduct, breach of contract, and/or any other claims Employee may have against the Company for any exemption misclassification, unpaid wages or
overtime pay, benefits, payments, bonuses, commissions, vacation pay, leave pay, workforce reduction payments, costs or expenses, emotional distress, pain and suffering, or other alleged damages arising out of the Employment or termination. Also
included are any claims based on or arising under Title VII, 42 USC Section 1981, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act, Sarbanes-Oxley, all as
amended, or any other state or federal law or regulation, equitable law, or otherwise relating in any way to the employment relationship. 

	 	b.	 Nothing herein, however, shall prevent Employee from filing and pursuing proceedings before the United States
Equal Employment Opportunity Commission or similar state agency (although if Employee chooses to pursue any type of claim for relief following the exhaustion of such administrative remedies, such claim would be subject to resolution under these
mandatory arbitration provisions). In addition, nothing herein shall prevent Employee from filing an administrative claim for unemployment benefits or workers’ compensation benefits. 

 

	 	c.	 Nothing in the confidentiality or nondisclosure or other provisions of this Agreement shall be construed to
limit Employee’s right to respond accurately and fully to any question, inquiry or request for information when required by legal process or from initiating communications directly with, or responding to any inquiry from, or providing testimony
before, any self-regulatory organization or state or federal regulatory authority, regarding the Company, Employee’s Employment, or this Agreement. Employee is not required to contact the Company regarding the subject matter of any such
communications before engaging in such communications. Employee also understands that Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made
(a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Employee also understands that disclosure of trade secrets to attorneys, in legal proceedings if disclosed under seal, or pursuant to court order
is also protected under 18 U.S. Code §1833 when disclosure is made in connection with a retaliation lawsuit based on the reporting of a suspected violation of law. 

 

	 	d.	 In addition to any other requirements imposed by law, the arbitrator selected shall be a qualified individual
mutually selected by the Parties, and shall be subject to disqualification on the same grounds as would apply to a judge. All rules of pleading, all rules of evidence, all statutes of limitations, all rights to resolution of the dispute by means of
motions for summary judgment, and judgment on the pleadings shall apply and be observed. Resolution of the dispute shall be based solely upon the law governing the claims and defenses pleaded, and the arbitrator may not invoke any basis (including
but not limited to, notions of “just cause”) other than such controlling law. Likewise, all communications during or in connection with the arbitration proceedings are privileged. The arbitrator shall have the authority to award
appropriate substantive relief under relevant laws, including the damages, costs and attorneys’ fees that would be available under such laws. 

  

	 	e.	 Employee’s initial share of the arbitration fee shall be in an amount equal to the filing fee as would be
applicable in a court proceeding, or $100, whichever is less. Beyond the arbitration filing fee, Employer will bear all other fees, expenses and charges of the arbitrator. 

	 	f.	 Employee understands and agrees that all claims against the Company must be brought in Employee’s
individual capacity and not as a plaintiff or class member in any purported class or representative proceeding. Employee understands that there is no right or authority for any dispute to be heard or arbitrated on a collective action basis, class
action basis, as a private attorney general, or on bases involving claims or disputes brought in a representative capacity on behalf of the general public, on behalf of other Company employees (or any of them) or on behalf of other persons alleged
to be similarly situated. Employee understands that there are no bench or jury trials and no class actions or representative actions permitted under this Agreement. The Arbitrator shall not consolidate claims of different employees into one
proceeding, nor shall the Arbitrator have the power to hear an arbitration as a class action, collective action, or representative action. The interpretation of this subsection shall be decided by a judge, not the Arbitrator. 

 

	 	g.	 Procedure. Employee and Company agree that prior to the service of an Arbitration Demand, the parties shall
negotiate in good faith for a period of thirty (30) days in an effort to resolve any arbitrable dispute privately, amicably and confidentially. To commence an arbitration pursuant to this Agreement, a party shall serve a written arbitration
demand (the “Demand”) on the other party by hand delivery or via overnight delivery service (in a manner that provides proof of receipt by respondent). The Demand shall be served before expiration of the applicable statute of limitations.
The Demand shall describe the arbitrable dispute in sufficient detail to advise the respondent of the nature and basis of the dispute, state the date on which the dispute first arose, list the names and addresses of every person whom the claimant
believes does or may have information relating to the dispute, including a short description of the matter(s) about which each person is believed to have knowledge, and state with particularity the relief requested by the claimant, including a
specific monetary amount, if the claimant seeks a monetary award of any kind. If respondent does not provide a written Response to the Demand, all allegations will be considered denied. The parties shall confer in good faith to attempt to agree upon
a suitable arbitrator, and if unable to do so, they will select an arbitrator from the American Arbitration Association (“AAA”)’s employment arbitration panel for the area. The arbitrator shall allow limited discovery, as appropriate
in his or her discretion. The arbitrator’s award shall include a written reasoned opinion. 

  

	 	h.	 Employee understands, agrees, and consents to this binding arbitration provision, and Employee and the Company
hereby each expressly waive the right to trial by jury of any claims arising out of Employment with the Company. By initialing below, Employee acknowledges that Employee has read, understands, agrees and consents to the bin n provision,
including the class action waiver. Employee’s Initials: /s/ LF                     

 15. NOTICE OF VOLUNTARY TERMINATION OF EMPLOYMENT. Unless otherwise stated in
Employee’s offer letter of employment, Employee agrees to use reasonable efforts to provide the Company fourteen (14) days written notice of Employee’s intent to terminate Employee’s Employment; provided, however, that this
provision shall not change the at-will nature of the employment relationship between Employee and the Company. It shall be within the Company’s sole discretion to determine whether Employee should continue to perform services on behalf of the
Company during this notice period. 
 16. NON-DISPARAGEMENT. During and after Employee’s Employment with the Company,
except to the extent compelled or required by law, Employee agrees he/she shall not disparage the Company, its customers and suppliers or their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors or
assigns or their respective products or services, in any manner (including but not limited to, verbally or via hard copy, websites, blogs, social media forums or any other medium); provided, however, that nothing in this Section shall prevent
Employee from: engaging in concerted activity relative to the terms and conditions of Employee’s Employment and in communications protected under the National Labor Relations Act, filing a charge or providing information to any governmental
agency, or from providing information in response to a subpoena or other enforceable legal process or as otherwise required by law. 
 17.
NOTIFICATION OF NEW EMPLOYER. Before Employee accepts Employment or enters into any consulting, independent contractor, or other professional or business engagement with any other person or entity while any of the provisions of
Sections 9, 10 or 11 of this Agreement are in effect, Employee will provide such person or entity with written notice of the provisions of Sections 9, 10 and/or 11 and will deliver a copy of that notice to the Company. While any of Sections 9, 10 or
11 of this Agreement are in effect, Employee agrees that, upon the request of the Company, Employee will furnish the Company with the name and address of any new employer or entity for whom Employee provides contractor or consulting services, as
well as the capacity in which Employee will be employed or otherwise engaged. Employee hereby consents to the Company’s notifying Employee’s new employer about Employee’s responsibilities, restrictions and obligations under this
Agreement. 
 18. WITHHOLDING. To the extent allowed by applicable law, Employee agrees to allow Company to deduct from the
final paycheck(s) any amounts due as a result of the Employment, including, but not limited to, any expense advances or business charges incurred on behalf of the Company, charges for property damaged or not returned when requested, and any other
charges incurred that are payable to the Company. Employee agrees to execute any authorization form as may be provided by Company to effectuate this provision. 

19. NO RIGHTS GRANTED. Nothing in this Agreement shall be construed as granting to Employee any rights under any patent,
copyright, or other intellectual property right of the Company, nor shall this Agreement grant Employee any rights in or to Confidential Information of the Company other than the limited right to review and use such Confidential Information solely
for the purpose of participating in the Employment for the benefit of the Company. 
 20. SUCCESSORS AND ASSIGNS. This
Agreement will be binding upon Employee’s heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, its assigns and licensees. This Agreement, and Employee’s rights and
obligations hereunder, may not be assigned by Employee; however, the Company may assign its rights hereunder without Employee’s consent, whether in connection with any sale, transfer or other disposition of any or all of its business or assets
or otherwise. 

 21. SEVERABILITY AND REFORMATION. Employee and the Company agree
that if any particular paragraphs, subparagraphs, phrases, words, or other portions of this Agreement are determined by an appropriate court, arbitrator, or other tribunal to be invalid or unenforceable as written, they shall be modified as
necessary to comport with the reasonable intent and expectations of the parties and in favor of providing maximum reasonable protection to the Company’s legitimate business interests. Such modification shall not affect the remaining provisions
of this Agreement. If such provisions cannot be modified to be made valid or enforceable, then they shall be severed from this Agreement, and all remaining terms and provisions shall remain enforceable. Paragraphs 6, 8 and 9 and each restrictive
covenant within them are intended to be divisible and to be interpreted and applied separately and independently. 
 22. ENTIRE
AGREEMENT; AMENDMENT. This Agreement contains the entire agreement between the Parties relating to the subject matters contained herein. No term of this Agreement may be amended or modified unless made in writing and executed by both
Employee and an authorized agent of the Company. This Agreement replaces and supersedes all prior representations, understandings, or agreements, written or oral, between Employee and the Company with regard to restrictive covenants, post-employment
restrictions, and mandatory arbitration. 
 23. WAIVER. Failure to fully enforce any provision of this Agreement by either
Party shall not constitute a waiver of any term hereof by such Party; no waiver shall be recognized unless expressly made in writing, and executed by the Party that allegedly made such waiver. 

24. CONSTRUCTION. The Parties agree that this Agreement has been reviewed by each Party, each Party had an opportunity to make
suggestions about the provisions of the Agreement, and each Party had sufficient opportunity to obtain the advice of legal counsel on matters of contract interpretation, if desired. The Parties agree that this Agreement shall not be construed or
interpreted more harshly against one Party merely because one Party was the original drafter of the Agreement. 
 25.
COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same legally recognized instrument. 

26. THIRD-PARTY BENEFICIARIES. Employee specifically acknowledges and agrees that the direct and indirect subsidiaries, parents,
owners, and affiliated companies of the Company are intended to be beneficiaries of this Agreement and shall have every right to enforce the terms and provisions of this Agreement in accordance with the provisions of this Agreement. 

27. NOTICES. Notices regarding this Agreement shall be sent via email or to the mailing addresses of the Parties as set forth in
the signature block to this Agreement. 
 28. GOVERNING LAW AND FORUM SELECTION. This Agreement shall be governed by and
construed in accordance with the Federal Arbitration Act. Any non-arbitration-covered disputes shall be resolved under the substantive laws and in the jurisdiction of the state where Employee most recently worked for the Company. 

29. ENDNOTES AND EXCEPTIONS. Certain foregoing provisions of this Agreement are hereby modified in certain states as described in
the following subparagraphs. 

	 	a.	 Paragraph 6: the “Nondisclosure Agreement”shall apply not for the entire time period
following Employee’s Employment, but rather shall apply only during the Restricted Period, in the following states: Arizona, Florida, Illinois, Indiana, New Jersey, Virginia and Wisconsin. Additionally, to the extent Paragraph 6.a applies in
Wisconsin to Confidential Information that does not constitute a trade secret under applicable law, it shall apply only in geographic areas where the unauthorized disclosure or use of Confidential Information would be competitively damaging to the
Company. 

  

	 	b.	 Paragraph 9: the “Nonsolicitation of Customers/Prospective Customers” provision shall
apply not to any Prospective Customer, but rather shall apply only to any Customer, in the following states: Wisconsin. Additionally, in Wisconsin, Paragraph 9 shall not apply to “attempts.” 

 

	 	c.	 Paragraph 10: “Nonrecruitment of Employees” shall not apply in Wisconsin. The
Restricted Period for the nonrecruitment of Company employees in Paragraph 10 shall be eighteen (18) months in the following states: Alabama. 

  

	 	d.	 Paragraph 12: The final sentence of Paragraph 12 shall not apply in the following states: Arkansas,
Louisiana, and Wisconsin. 

  

	 	e.	 Paragraph 13(e): “Confidential Information”The definition of Confidential Information shall
include only information that has actual value to the Company in the following States: Wisconsin. 

  

	 	f.	 Paragraph 13(h): “Restricted Period” shall mean the entire term of Employee’s
Employment with the Company and a one (1) year period immediately following the termination of Employee’s Employment, in the following states: Arizona; Missouri; Montana, New Mexico, Utah, and Wyoming. “Restricted Period”
shall mean the entire term of Employee’s Employment with the Company and an eighteen (18) month period immediately following the termination of Employee’s Employment, in the following states: Alabama and Oregon. “Restricted
Period”shall mean a two (2) year period immediately following the termination of Employee’s Employment, but does not include the entire term of Employee’s employment with the Company, in the following states: North Carolina.

 The Parties have executed this Employment and Restrictive Covenants
Agreement, which is effective as of the Effective Date written above. 
  

							
	For Employee:	 	For Company
				
	Signature:	 	/s/ Lawrence Fey	 	Signature:	 	/s/ Stan Chia
	Printed Name: Lawrence Fey	 	Printed Name: Stan Chia
		 		 	Address: 111 N Canal St, Ste 800
		 		 	Chicago, Il 60606
		 		 	Title: CEO
			
		 		 	Date: March 24th, 2020

 ILLINOIS ADDENDUM TO EMPLOYMENT 

AND RESTRICTIVE COVENANT AGREEMENT 

Employee understands that the consideration for the covenants set forth in paragraphs 8, 9 and 10 of the Agreement includes employment of the Employee, and
Employee agrees that this is a term to which 
 Employee is not otherwise entitled and would not be employed but for Employee’s execution of this 

Agreement and this Addendum 
  

									
	Employee	 		 		 	Vivid Seats LLC
		 		 		 		 	
	Signature:	 	/s/ Lawrence Fey	 		 	By:	 	/s/ Stan Chia
	Print Name:	 	Lawrence Fey	 		 	Name: Stan Chia
		 		 		 	Title: CEOEX-10.20

 Exhibit 10.20 

Execution Version 

SECURITIES AGREEMENT 

THIS SECURITIES AGREEMENT (this “Agreement”) is made as of September 1, 2020, by and among HOYA TOPCO, LLC, a
Delaware limited liability company (the “Company”), and Lawrence Fey (“Employee”), an employee of VIVID SEATS, LLC, a Delaware limited liability company (“Employer”). Capitalized terms used but not
otherwise defined herein shall have the meanings set forth in Section 7 of this Agreement, or if not defined herein, the meanings in the LLC Agreement (as defined below). 

WHEREAS, the Company and Employee desire to enter into an agreement setting forth the terms and conditions under which the Company will issue
to Employee 440,000 of the Company’s Series 4 Class D Units. 
 NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

PROVISIONS RELATING TO INCENTIVE UNITS 

1. Issuance of Incentive Units. 

(a) Issuance. On September 1, 2020 (the “Effective Date”), the Company will issue to Employee 440,000 Series 4
Class D Units at no cost per Unit (the “Incentive Units”). The Company will deliver to Employee a copy of the certificate(s) representing such Incentive Units, and Employee will deliver to the Company (x) an executed
counterpart signature page to the Securityholders Agreement and (y) an executed counterpart signature page to the LLC Agreement. The Series 4 Class D Units issued hereunder shall have a Participation Threshold equal to $0.00 per Series 4
Class D Unit, subject to adjustment as provided in the LLC Agreement. The Incentive Units are intended to qualify as “profits interests” within the meaning of Internal Revenue Service Revenue Procedures
93-27 and 2001-43, Internal Revenue Service Notice 2005-43, or any future Internal Revenue Service guidance. 

(b) 83(b) Election. Within 30 days after the acquisition of Incentive Units on the Effective Date, Employee will make an effective
election (an “83(b) Election”) with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (the “Code”) in the
form of Exhibit A attached hereto. 
 (c) Certificates. Until released upon the occurrence of a Sale of the
Company, all certificates evidencing Incentive Units, if any, shall be held, subject to the other terms of this Agreement and the Securityholders Agreement, by the Company for the benefit of Employee and the other holder(s) of Incentive Units. Upon
the occurrence of a Sale of the Company, subject to the provisions of the LLC Agreement (including Section 12.1 thereof), the Company will return all certificates in its possession evidencing Incentive Units to the record
holders thereof or, subject to Section 1(f), to the appropriate acquirer thereof. 
 (d) Representations and
Warranties. In connection with the issuance of the Incentive Units, Employee represents and warrants to the Company that: 

 (i) Employee possesses all requisite capacity, power and authority to enter
into and perform his obligations under this Agreement; 
 (ii) this Agreement constitutes the legal, valid and binding
obligation of Employee, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by Employee does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to
which Employee is a party or any judgment, order or decree to which Employee is subject; 
 (iii) Employee is neither party
to, nor bound by, any other employment agreement, consulting agreement, noncompete agreement, non-solicitation agreement or confidentiality agreement or any other agreement which could impair or interfere with
Employee’s obligations hereunder; 
 (iv) Employee hereby acknowledges and agrees that (A) there is no current
public market for the Incentive Units, none is expected to develop and the Incentive Units are subject to substantial restrictions on transferability, and (B) as a result of such matters and other factors, the Incentive Units are difficult to
value; 
 (v) the Incentive Units to be granted to Employee pursuant to this Agreement will be granted for Employee’s
own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act, or any applicable state securities laws, and the Incentive Units will not be disposed of in contravention of the Securities Act or any
applicable state securities laws; 
 (vi) Employee is able to bear the economic risk of his investment in the
Incentive Units for an indefinite period of time because the Incentive Units have not been registered under the Securities Act or applicable state securities laws and are subject to substantial restrictions on Transfer set forth herein and in the
LLC Agreement, and, therefore, cannot be sold unless subsequently registered under the Securities Act and applicable state securities laws, or an exemption from such registration is available, and in compliance with such restrictions on Transfer;

 (vii) Employee has had an opportunity to ask questions and receive answers concerning the terms and conditions of the
Transaction Documents (in particular, with respect to the distribution provisions set forth in the LLC Agreement) and the offering of Incentive Units and has had full and free access and opportunity to inspect, review, examine and inquire about all
financial and other information concerning the Company and Employer as he has requested; 
 (viii) Employee understands and
agrees that (A) the investment in the Company involves a high degree of risk, (B) in the future the Incentive Units may significantly increase or decrease in value, and (C) no guarantees or representations have been made or can be
made with respect to the future value of the Incentive Units or the future profitability or success of the Company; 
 (ix)
Employee acknowledges and agrees that (A) the Company and its Subsidiaries have incurred and may incur in the future a substantial amount of senior or other indebtedness and (B) there may be additional issuances of Incentive Units or other
Equity Securities after the Effective Date and the equity interests of Employee may be diluted in connection with any such issuance, subject to the terms of the LLC Agreement and the Securityholders Agreement; 

  
 - 2 - 

 (x) Employee has had an opportunity to consult with his own tax
counsel as to the U.S. federal, state, local and foreign tax consequences of the transactions contemplated by the Transaction Documents and independent legal counsel regarding his rights and obligations under the Transaction Documents and fully
understands the terms and conditions contained herein and therein. Employee is not relying on the Company or Employer or any of their or their Subsidiaries’ or Affiliates’ employees, agents or representatives with respect to the legal,
tax, economic, and related considerations of an investment in the Incentive Units; and 
 (xi) Employee is a resident of
Texas. 
 (e) Employee Acknowledgment. As an inducement to the Company to issue the Incentive Units to Employee, and as a condition
thereto, Employee acknowledges and agrees that neither the issuance of the Incentive Units to Employee nor any provision contained in this Agreement shall entitle Employee to remain in the employment of the Company, Employer or their respective
Subsidiaries or affect the right of the Company, Employer or their respective Subsidiaries to terminate Employee’s employment at any time for any reason. 

(f) Security Powers. Concurrently with the execution of this Agreement, Employee shall execute in blank ten security transfer powers in
the form of Exhibit B attached hereto (the “Security Powers”) with respect to the Incentive Units and shall deliver such Security Powers to the Company. The Security Powers shall authorize the Company to assign, Transfer and
deliver the Incentive Units to the appropriate acquirer thereof pursuant to Section 3 below or Section 8.2 of the LLC Agreement and under no other circumstances. 

2. Vesting of Incentive Units. 

(a) Vesting. Except as otherwise provided in this Section 2, the Incentive Units shall become vested as
follows: 20% of the Incentive Units shall become vested on each of the first five anniversaries of June 30, 2020 as set forth on Schedule I attached hereto (such that the Incentive Units shall become 100% vested on June 30, 2025),
if as of each such date Employee is, and since the Effective Date continuously has been, employed by the Company or any of its Subsidiaries. 

(b) Sale of the Company. Upon the occurrence of a Sale of the Company, all Incentive Units which have not yet become vested shall become
vested as of the date of consummation of such Sale of the Company, if, as of such date, Employee has been continuously employed by the Company or any of its Subsidiaries from the date of this Agreement through and including such date, subject to the
provisions of this Section 2(b). Notwithstanding the foregoing or anything herein or in the LLC Agreement to the contrary (and in addition to any requirements therein), in the case of a Sale of the Company, Employee hereby
agrees that, if the Person who is acquiring the equity securities or assets of the Company resulting in such Sale of the Company (the “Acquiror”) reasonably requests that Employee continue to provide any reasonable services to the
Acquiror, the Company, Employer or any of their respective Affiliates from and after the consummation of the Sale of the Company (whether as a full-time employee, consultant or otherwise) that are within the scope of services provided by Employee
during the period of Employee’s employment with the Company or any of its Subsidiaries (the “Employment Period”) 

  
 - 3 - 

 
in exchange for a base salary (or equivalent base compensation), bonus opportunity and welfare and fringe benefits (collectively, the “Post-Sale Compensation”) that are no less
favorable to Employee in the aggregate than the base salary, bonus opportunity and welfare and fringe benefits provided to Employee by Employer immediately prior to such Sale of the Company (excluding any equity or other equity-based incentive
compensation), then the Continuing Incentive Amount shall be handled as follows (in lieu of being paid to Employee and/or his Permitted Transferee(s)): 

(i) if Employee declines to provide such requested services, the Continuing Incentive Amount shall be paid to the holders of
Class D Units as of immediately prior to the consummation of such Sale of the Company (pro rata among such holders based on the number of Class D Units then owned by each such holder), and, thereafter, neither Employee nor his
Permitted Transferee(s) shall have any rights in respect of or other claims on such amounts (other than his status as a holder of Units); or 

(ii) if Employee agrees to provide such requested services, the Continuing Incentive Amount shall be deposited into an escrow
account with an escrow agent designated by the Company, and the Continuing Incentive Amount shall be handled as follows: 

(A) if Employee provides such requested services from and after consummation of the Sale of the Company through the earliest of
(w) the date on which Acquiror reduces Employee’s Post-Sale Compensation below the base salary, bonus opportunity and welfare and fringe benefits provided to Employee by Employer immediately prior to such Sale of the Company (excluding any
equity or other equity-based incentive compensation), (x) the date on which the Acquiror terminates such services (other than with cause), (y) Employee’s death or Disability and (z) the first anniversary of the consummation of the Sale of
the Company (the earliest of (w), (x), (y) and (z), the “Final Vesting Date”), then the Continuing Incentive Amount, together with any income earned thereon, shall be released to Employee and/or his Permitted Transferee(s), as
applicable, within five (5) business days after the Final Vesting Date; or 
 (B) if Employee fails to provide such
requested services from and after the consummation of the Sale of the Company through the Final Vesting Date, then the Continuing Incentive Amount, together with any income earned thereon, shall be paid to the holders of Class D Units as of
immediately prior to the consummation of such Sale of the Company (pro rata among such holders based on the number of Class D Units then owned by each such holder), and, thereafter, neither Employee nor his Permitted Transferee(s) shall
have any rights in respect of or other claims on such amounts (other than his status as a holder of Units). 
 (iii) For
purposes of this Agreement, “Continuing Incentive Amount” means all consideration to which Employee and, to the extent necessary, his Permitted Transferee(s) are otherwise entitled in connection with such Sale of the Company in
respect of 25% of the Incentive Units that either vested or were granted within the three-year period ending on the date of the consummation of the Sale of the Company without giving effect to the vesting acceleration described in the first sentence
of Section 2(b). 

  
 - 4 - 

 (c) All Incentive Units which have become vested hereunder, if any, are collectively
referred to as “Vested Incentive Units”. All Incentive Units which have not become vested hereunder, if any, are collectively referred to herein as the “Unvested Incentive Units.” 

3. Forfeiture and Repurchase Option. 

(a) Forfeiture; Repurchase Option. In the event of a Separation, (i) all Unvested Incentive Units (whether held by Employee or one
or more of Employee’s transferees, other than the Company and the GTCR Investors) automatically (without any action by Employee or any of Employee’s transferees) will be forfeited to the Company and deemed canceled and no longer
outstanding without any payment therefor, and (ii) all Vested Incentive Units (whether held by Employee or one or more of Employee’s transferees, other than the Company and the GTCR Investors) will be subject to a right of repurchase by
the Company and the GTCR Investors pursuant to the terms and conditions in this Section 3 (the “Repurchase Option”). In the event of a Separation that results from Employer’s termination of
Employee’s employment with Cause or from the Employee’s resignation, then, in addition to the forfeiture of all Unvested Incentive Units, all Vested Incentive Units (whether held by Employee or one or more of Employee’s transferees,
other than the Company and the GTCR Investors) automatically (without any action by Employee or any of Employee’s transferees) will be forfeited to the Company and deemed canceled and no longer outstanding without any payment therefor. The
Company may assign its repurchase rights set forth in this Section 3 to any Person; provided that if there is a Subsidiary Public Offering and the securities of such Subsidiary are distributed to the members of the Company,
then such Subsidiary will be treated as the Company for purposes of this Section 3 with respect to any repurchase of the securities of such Subsidiary. 

(b) Certificates. Promptly upon the forfeiture of any Incentive Units pursuant to this Section 3 (whether held
by Employee or one of Employee’s transferees, other than the Company and the GTCR Investors). Employee and Employee’s transferees shall return the certificates, if any, evidencing such Incentive Units to the Company and the Company shall
mark as canceled all such certificated evidencing such forfeited Incentive Units. 
 (c) Purchase Price. In the event of a Separation,
the purchase price for each Vested Incentive Unit will be the Fair Market Value of such Unit. The Fair Market Value of any Unit for purposes of this Section 3(c) shall be the Fair Market Value of such Unit as of the date of
the closing of the repurchase. 
 (d) Repurchase Notice. The Company may elect to purchase all or any portion of the Incentive Units
pursuant to this Section 3(d) by delivering written notice (the “Repurchase Notice”) to the holder or holders of such securities within nine months after the Separation. The Repurchase Notice will set forth
the number of Unvested Incentive Units and the number of Vested Incentive Units to be acquired from each holder, the aggregate consideration to be paid for such Units and the time and place for the closing of the transaction. If the number of
Unvested Incentive Units and/or Vested Incentive Units then held by Employee is less than the total number of Unvested Incentive Units and/or Vested Incentive Units that the Company has elected to purchase, the Company shall purchase the remaining
Incentive Units elected to be purchased from the other holder(s) of Incentive Units under this Agreement (i.e., Employee’s Permitted Transferees), pro rata according to the number of Unvested Incentive Units and/or Vested
Incentive Units, as applicable, held by such other holder(s) at the time of delivery of such Repurchase Notice (determined as nearly as practicable to the nearest Unit). 

  
 - 5 - 

 (e) Supplemental Repurchase Notice. If for any reason the Company does not elect to
purchase all of the Incentive Units pursuant to the Repurchase Option, the GTCR Investors shall be entitled to exercise the Repurchase Option for all or any portion of the Incentive Units which the Company has not elected to purchase (the
“Available Securities”). As soon as practicable after the Company has determined that there will be Available Securities, but in any event before the date that is six months and one day after the Separation, the Company shall give
written notice (the “Option Notice”) to the GTCR Investors setting forth the number of Available Securities and the purchase price for the Available Securities. The GTCR Investors may elect to purchase any or all of the Available
Securities by giving written notice to the Company within nine months after the Separation. If the GTCR Investors elect to purchase an aggregate number of any class of Available Securities greater than the number of Available Securities of such
class, the Available Securities of such class shall be allocated among the GTCR Investors based upon the number of Units of such class owned by each Investor. As soon as practicable, and in any event within ten days after the expiration of the
nine-month period set forth above, the Company shall notify each holder of Incentive Units as to the number of Units of each class being purchased from such holder by the GTCR Investors (the “Supplemental Repurchase Notice”). At the
time the Company delivers the Supplemental Repurchase Notice to the holder(s) of Incentive Units, the Company shall also deliver written notice to each Investor setting forth the number of Units of each class such GTCR Investor is entitled to
purchase, the aggregate purchase price and the time and place of the closing of the transaction. The total number of Unvested Incentive Units and the total number of Vested Incentive Units to be repurchased hereunder will be allocated between
Employee and the other holders of Incentive Units (if any) pro rata according to the number of Incentive Units to be purchased from each of them. 

(f) Closing of Repurchase. The closing of the purchase of the Incentive Units pursuant to the Repurchase Option shall take place on the
date designated by the Company in the Repurchase Notice or Supplemental Repurchase Notice, which date shall not be more than one month nor less than five days after the delivery of the later of either such notice to be delivered. The Company will
pay for the Incentive Units to be purchased by it pursuant to the Repurchase Option by first offsetting amounts outstanding under any bona fide debts owed by Employee to the Company or any of its Subsidiaries, and will pay the remainder of the
purchase price by, at its option, (i) a check or wire transfer of funds, (ii) distributing to the holder one or more classes of securities issued by a Subsidiary of the Company provided that promptly following such distribution the
Subsidiary that issued the distributed securities shall redeem or repurchase such securities from such holder for an amount of cash equal to the repurchase price of the Employee Securities so repurchased (which Transfer the Company and the holder
will treat as a distribution of securities of the Subsidiary under Code Section 731(a)), (iii) the issuance of a subordinated promissory note of the Company bearing interest at a per annum rate determined by the Board in its sole discretion
(provided that such rate shall not be less than the prime rate as published in The Wall Street Journal from time to time), which interest shall be payable upon maturity of the note, and becoming due and payable upon the earlier to occur of a
Sale of the Company or the liquidation and dissolution of the Company, (iv) issuing in exchange for such securities a number of the Company’s Class B-2 Units (having the rights and preferences
set forth in the LLC Agreement) equal to (A) the aggregate portion of the repurchase price for such Incentive Units determined in accordance with this Section 3(f) to be paid by the issuance of Class B-2 Units divided by (B) 1,000, and, for purposes of the LLC Agreement, each such Class B-2 Unit shall as of its issuance be deemed to have
Capital Contributions made with respect to such Class B-2 Unit equal to $1,000, or (v) any combination of (i), (ii), (iii) and (iv) as the Board may elect in its discretion. Each GTCR Investor
will pay for the Incentive Units purchased by it by a check or wire transfer of funds. The Company and the GTCR Investors will be entitled to receive customary representations and warranties from the sellers regarding such sale and to require that
all sellers’ signatures be guaranteed. Notwithstanding the foregoing, the Company may, at its option, effect repurchases as contemplated by Section 4.7 of the LLC Agreement. 

  
 - 6 - 

 By way of example only for the purpose of clarifying the mechanics of clause (iii) of
Section 3(f), if the Company intends to repurchase Incentive Units consisting of 300,000 Class D Units by issuance of Class B-2 Units and the aggregate repurchase price for
such Class D Units determined in accordance with this Section 3(f) is $400,500, then the Company would issue to Employee 400.5 Class B-2 Units, and, for purposes of the LLC
Agreement, each whole Class B-2 Unit issued to Employee would as of its issuance be deemed to have Capital Contributions made for such Class B-2 Unit of
$1,000, and the Capital Contributions made for the one-half Class B-2 Unit would be $500. 

(g) Restrictions on Repurchase. Notwithstanding anything to the contrary contained in this Agreement, all repurchases of Incentive Units
by the Company pursuant to the Repurchase Option and all payments of principal and interest on any promissory note issued pursuant to Section 3(f)(ii) shall be subject to applicable restrictions contained in the Delaware
Limited Liability Company Act, the Delaware General Corporation Law or such other governing corporate or limited liability company law, and in the Company’s and its Subsidiaries’ debt and equity financing agreements. If any such
restrictions prohibit (i) the repurchase of Incentive Units hereunder which the Company is otherwise entitled or required to make, (ii) dividends or other transfers of funds from one or more Subsidiaries to the Company to enable such
repurchases or (iii) the payment of principal or interest required to be paid on any promissory note issued pursuant to Section 3(f)(ii), then the Company (or the corporate successor to the Company, if applicable) may
make such repurchases and may pay amounts due on such note as soon as it is permitted to make repurchases, pay such amounts or receive funds from Subsidiaries under such restrictions. 

4. Transfer Restrictions in a Public Sale; Legend; Effect of Transfers and Conversions. 

(a) Employee Transfers in a Public Sale. In addition to the restrictions on transfer set forth in the LLC Agreement and, to the extent
applicable, any agreement executed pursuant thereto, Employee and any of his Transferees may only sell Common Stock in a Public Sale if such Common Stock is vested and to the extent that, before and after giving effect to such sale, the Employee
Cumulative Sale Percentage would be equal to or less than the Investor Cumulative Sale Percentage. Except as set forth in the prior sentence, the Incentive Units may not be Transferred in a Public Sale. In connection with any underwritten public
offering of employee securities, Employee agrees to enter into any holdback, lockup or similar agreement requested by the underwriters managing such public offering. 

(b) Legend. In addition to the legend(s) required by the LLC Agreement, each certificate evidencing the Incentive Units and each
certificate issued in exchange for or upon the Transfer of any Incentive Units (if such securities remain Incentive Units as defined herein after such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following
form: 

  
 - 7 - 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL
RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS, CERTAIN FORFEITURE PROVISIONS AND CERTAIN OTHER AGREEMENTS SET FORTH IN A SECURITIES AGREEMENT BETWEEN THE COMPANY AND AN EMPLOYEE OF THE COMPANY AND OTHER PARTIES, DATED AS OF SEPTEMBER 1,
2020, AS AMENDED. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.” 

The Company shall imprint such legend on certificates evidencing Incentive Units outstanding prior to the Effective Date. The legend set forth above shall be
removed from the certificates evidencing any securities which cease to be Incentive Units. 
 (c) Effect of Transfers and Conversions.
Incentive Units will continue to be Incentive Units in the hands of any holder other than Employee (except for the Company and the GTCR Investors and except for transferees in a Public Sale), and except as otherwise provided herein, each such other
holder of Incentive Units will succeed to all rights and obligations attributable to Employee as a holder of Incentive Units hereunder. Incentive Units will also include equity of the Company (or a corporate successor to the Company or a Subsidiary
of the Company) issued with respect to Incentive Units (i) by way of a Unit split, Unit distribution, conversion, or other recapitalization, (ii) by way of reorganization or recapitalization of the Company in connection with the
incorporation of a corporate successor prior to a Public Offering or (iii) by way of a distribution of securities of a Subsidiary of the Company to the members of the Company following or with respect to a Subsidiary Public Offering.
Notwithstanding the foregoing, all Unvested Incentive Units shall remain Unvested Incentive Units after any Transfer thereof (other than to the Company or any of the GTCR Investors). 

RESTRICTIVE COVENANTS 
 5.
Confidential Information. 
 (a) Obligation to Maintain Confidentiality. Employee acknowledges that the information,
observations and data (including trade secrets) obtained by him while employed by Employer both before and after the date of this Agreement concerning the business or affairs of the Company, Employer and their respective
Subsidiaries and Affiliates (“Confidential Information”) are the property of the Company, Employer or such Subsidiaries and Affiliates, including information concerning acquisition targets and opportunities in or reasonably related
to the Company’s and Employer’s business or industry of which Employee becomes aware during the Employment Period. Therefore, Employee agrees that he will not disclose to any unauthorized Person or use for his own purposes any
Confidential Information or any Third Party Information (as defined below) without the prior written consent of the Board, unless and to the extent that the Confidential Information or Third Party Information, (i) becomes generally known to and
available for use by the public other than as a result of Employee’s acts or omissions to act or (ii) is required to be disclosed pursuant to any applicable law or a court order or decree (in which case Employee shall give prior written
notice to the Company of such disclosure). Employee shall deliver to Employer at a Separation, or at any other time Employer may request, all memoranda, notes, plans, records, reports, computer files, disks and tapes, printouts and software and
other documents and data (and copies thereof) embodying or relating to the Confidential Information, Third Party Information, Work Product (as defined below) or the business of the Company, Employer and their respective Subsidiaries and Affiliates
(including all acquisition prospects, lists and contact information) which he may then possess or have under his control. 

  
 - 8 - 

 (b) Whistleblower Protection. Notwithstanding anything to the contrary contained
herein, no provision of this Agreement shall be interpreted so as to impede Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the
Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. Employee does not need the prior
authorization of the Company to make any such reports or disclosures and Employee shall not be not required to notify the Company that such reports or disclosures have been made. 

(c) Ownership of Property. Employee acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements,
developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto,
all other proprietary information and all similar or related information (whether or not patentable) that relate to the Company’s, Employer’s or any of their respective Subsidiaries’ or Affiliates’ actual or anticipated business,
research and development, or existing or future products or services and that are conceived, developed, contributed to, made, or reduced to practice by Employee (either solely or jointly with others) while employed by the Company, Employer or any of
their respective Subsidiaries or Affiliates or predecessors (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”) belong to the Company, Employer or such Subsidiary or Affiliate,
and Employee hereby assigns, and agrees to assign, all of the above Work Product to the Company, Employer or to such Subsidiary or Affiliate. Any copyrightable work prepared in whole or in part by Employee in the course of his work for any of
the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and the Company, Employer or such Subsidiary or Affiliate shall own all rights therein. To the extent that any such copyrightable work is not a
“work made for hire,” Employee hereby assigns and agrees to assign to the Company, Employer or such Subsidiary or Affiliate all right, title, and interest, including without limitation, copyright in and to such copyrightable work. Employee
shall promptly disclose such Work Product and copyrightable work to the Board and perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm the Company’s, Employer’s or
such Subsidiary’s or Affiliate’s ownership (including assignments, consents, powers of attorney, and other instruments). 
 (d)
Third Party Information. Employee understands that the Company, Employer and their respective Subsidiaries and Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”)
subject to a duty on the Company’s, Employer’s and their respective Subsidiaries and Affiliates’ part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period
and thereafter, and without in any way limiting the provisions of Section 5(a) above, Employee will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel and
consultants of the Company, Employer or their respective Subsidiaries and Affiliates who need to know such information in connection with their work for the Company, Employer or their respective Subsidiaries and Affiliates) or use, except in
connection with his work for the Company, Employer or their respective Subsidiaries and Affiliates, Third Party Information unless expressly authorized by a member of the Board (other than Employee) in writing. 

  
 - 9 - 

 (e) Use of Information of Prior Employers. During the Employment Period, Employee
will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other Person to whom Employee has an obligation of confidentiality, and will not bring onto the premises of the Company,
Employer or any of their respective Subsidiaries or Affiliates any unpublished documents or any property belonging to any former employer or any other Person to whom Employee has an obligation of confidentiality unless consented to in writing by the
former employer or Person. Employee will use in the performance of his duties only information which is (i) generally known and used by persons with training and experience comparable to Employee’s and which is (x) common
knowledge in the industry or (y) is otherwise legally in the public domain, (ii) is otherwise provided or developed by the Company, Employer or any of their respective Subsidiaries or Affiliates or (iii) in the case of materials,
property or information belonging to any former employer or other Person to whom Employee has an obligation of confidentiality, approved for such use in writing by such former employer or Person. 

6. Restrictive Covenants. Employee acknowledges that in the course of his employment with Employer he will become familiar with
the Company’s, Employer’s and their respective Subsidiaries’ trade secrets and with other Confidential Information concerning the Company, Employer and such Subsidiaries and that his services will be of special, unique and
extraordinary value to the Company, Employer and such Subsidiaries. Employee understands and agrees that without his employment by Employer, he would not have access or exposure to this Confidential Information or these acquisition opportunities and
other business relationships. Employee further understands and agrees that this confidential information and these acquisition opportunities and other business relationships take a long time to develop and are the product of substantial investment
by the Company, Employer and their respective Subsidiaries. Employee understands and agrees that Company, Employer and their respective Subsidiaries have a legitimate and protectable interest in protecting its confidential information and its
customer, referral source, employee, and other business relationships and that this Section 6 is intended to protect those interests. Therefore, Employee agrees that, without limiting any other obligation pursuant to this
Agreement: 
 (a) Noncompetition. During the Employment Period and for the one-year period
immediately following the Employment Period (such period, together with the Employment Period, is referred to herein as the “Restricted Period”), Employee shall not, directly or indirectly, own, manage, control, participate in,
consult with, render services for, or in any manner engage in the Competitive Business or any business which competes anywhere in the United States with any of the businesses of the Company, Employer or any of their respective Subsidiaries or
competing with any other business for which the Company, Employer or any of their respective Subsidiaries has entertained discussions or has requested and received information relating to a potential acquisition of such business by the Company,
Employer or any of their respective Subsidiaries within the two-year period immediately preceding the Separation. Nothing herein shall prohibit Employee from being a passive owner of not more than 2% of the
outstanding stock of any class of a corporation that is publicly traded, so long as Employee has no active participation in the business of such corporation. Notwithstanding anything to the contrary in this Agreement, nothing set forth herein
restricts the right of Employee to practice law after the termination of Employee’s employment with the Company to the extent such restriction would violate the applicable rules of professional conduct. 

  
 - 10 - 

 (b) Nonsolicitation; No-Hire. During the
Restricted Period, Employee shall not directly or indirectly through another entity (i) induce or attempt to induce any employee of the Company, Employer or any of their respective Subsidiaries to leave the employ of the Company, Employer or
such Subsidiary, or in any way interfere with the relationship between the Company, Employer or any of their respective Subsidiaries and any employee thereof, (ii) hire any employee of the Company, Employer or any of their respective
Subsidiaries or hire any former employee of the Company, Employer or any of their respective Subsidiaries within one year after such person ceased to be an employee of the Company, Employer or any of their respective Subsidiaries, (iii) induce
or attempt to induce any customer, supplier, licensee or other business relation of the Company, Employer or any of their respective Subsidiaries to cease doing business with the Company, Employer or such Subsidiary or in any way interfere with the
relationship between any such customer, supplier, licensee or business relation and the Company, Employer or any such Subsidiary, (iv) directly or indirectly acquire or attempt to acquire an interest in any business relating to the business of
the Company, Employer or any of their respective Subsidiaries and with which the Company, Employer or any of their respective Subsidiaries has entertained discussions or has requested and received information relating to the acquisition of such
business by the Company, Employer or any of their respective Subsidiaries at any time within the two-year period immediately preceding a Separation (an “Acquisition Target”) or
(v) provide services to any entity that acquires or attempts to acquire any Acquisition Target. 
 (c) Nondisparagement. During
the Employment Period and thereafter, Employee shall not directly or indirectly through another entity make any public statement that is intended to or could reasonably be expected to disparage the Company, Employer or their respective affiliates or
any of their respective businesses, products, services, equityholders, directors, managers, officers or employees. 
 (d) Enforcement.
If, at the time of enforcement of Section 5 or this Section 6, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that
the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum
duration, scope and area permitted by law. Because Employee’s services are unique and because Employee has access to confidential information, the parties hereto agree that money damages would be an inadequate remedy for any breach of this
Agreement. Therefore, in the event a breach or threatened breach of this Agreement, the Company, Employer, their respective Subsidiaries and/or their respective successors or assigns may, in addition to other rights and remedies existing in their
favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). In the event that
Employee breaches any provision of this Section 6, then the Restricted Period shall be extended for a period of time equal to the period of time during which such breach occurred and, in the event that the Company, Employer
or any of their Subsidiaries is required to seek relief from such breach in any court, then the Restricted Period shall be extended for a period of time equal to the pendency of such proceedings, including all appeals. 

(e) Additional Acknowledgments. Employee acknowledges that the provisions of this Section 6 are in consideration of:
(i) employment with Employer, (ii) the issuance of the Incentive Units by the Company and (iii) additional good and valuable consideration as set forth in this Agreement. In addition, Employee agrees and acknowledges that the
restrictions contained in Section 5 and this Section 6 do not preclude Employee from earning a livelihood, nor do they 

  
 - 11 - 

 
unreasonably impose limitations on Employee’s ability to earn a living. In addition, Employee acknowledges (x) that the business of the Company, Employer and their respective
Subsidiaries will be conducted throughout the United States and other jurisdictions where the Company, Employer or any of their respective Subsidiaries conduct business during the Employment Period, (y) notwithstanding the state of organization
or principal office of the Company, Employer or any of their respective Subsidiaries, or any of their respective executives or employees (including Employee), it is expected that the Company, Employer and their respective Subsidiaries will have
business activities and have valuable business relationships within its industry throughout the United States and other jurisdictions where the Company, Employer or any of their respective Subsidiaries conduct business during the Employment Period,
and (z) as part of his responsibilities, Employee will be traveling throughout the United States and other jurisdictions where the Company, Employer or any of their respective Subsidiaries conduct business during the Employment Period in
furtherance of Employer’s business and its relationships. Employee agrees and acknowledges that the potential harm to the Company, Employer and their respective Subsidiaries of the non-enforcement of any
provision of Section 5 or this Section 6 outweighs any potential harm to Employee of its enforcement by injunction or otherwise. Employee acknowledges that he has carefully read this Agreement and
consulted with legal counsel of his choosing regarding its contents, has given careful consideration to the restraints imposed upon Employee by this Agreement and is in full accord as to their necessity for the reasonable and proper
protection of confidential and proprietary information of the Company, Employer and their respective Subsidiaries now existing or to be developed in the future. Employee expressly acknowledges and agrees that each and every restraint imposed by this
Agreement is reasonable with respect to subject matter, time period and geographical area. 
 GENERAL PROVISIONS 

7. Definitions. 

“Cause” means any of the following: (i) a material failure by Employee to perform Employee’s responsibilities or
duties to the Employer or Company under any agreement with the Employer or Company or those other responsibilities or duties as reasonably requested from time to time by the Board, after written demand for performance has been given by the Board
that identifies how you have not performed your responsibilities or duties and such failure, if susceptible of cure, has not been cured for a period of thirty (30) days after you receive notice from the Board; (ii) Employee’s
engagement in illegal conduct or gross misconduct that the Company in good faith believes has materially harmed or is reasonably likely to materially harm the standing and reputation of the Employer or Company; (iii) Employee’s commission
or conviction of, or plea of guilty or nolo contendere to, a felony, a crime involving moral turpitude or any other act or omission that the Company in good faith believes has materially harmed or is reasonably likely to materially harm the standing
and reputation of the Employer or Company; (iv) a material breach of your duty of loyalty to the Employer or Company or your material breach of the Employer’s or Company’s written code of conduct and business ethics, in either case,
that the Company in good faith believes has materially harmed or is reasonably likely to materially harm the standing and reputation of the Employer or Company or your breach of any of the provision of Section 6 of this Agreement, or your
material breach of any other material written agreement between you and the Employer or Company; (v) dishonesty that the Company in good faith believes has materially harmed or is reasonably likely to materially harm the Employer or Company;
(vi) fraud, gross negligence or repetitive negligence committed without regard to corrective direction in the course of discharge of Employees duties; or (vii) excessive and unreasonable absences from your duties for any reason (other than
authorized leave) or as a result of Employee’s Disability (as defined below). 

  
 - 12 - 

 “Common Stock” means, collectively, (a) following the organization of
a corporation and reorganization or recapitalization of the Company into such corporation as provided in Section 12.1 of the LLC Agreement, the common equity securities of such corporation and any other class or series of
authorized capital stock of such corporation that is not limited to a fixed sum or percentage of par or stated value in respect of the rights of the holders thereof to participate in dividends or in the distribution of assets upon any liquidation,
dissolution or winding up of such corporation, and (b) any common stock of a Subsidiary of either the Company or such corporation distributed by the Company or such corporation to its unitholders or shareholders, as applicable. 

“Disability” means Employee’s inability to perform the essential functions of his job, with or without accommodation, as
a result of any mental or physical disability or incapacity for an extended period but not less than sixty (60) business days in any consecutive 6 month period, as determined in the sole discretion of Board. 

“Employee Cumulative Sale Percentage” means, on any date of determination, a percentage equal to the quotient of (a) the
aggregate number of shares of Common Stock sold by Employee and/or his Permitted Transferees in Public Sales from and including the consummation of the Company’s initial Public Offering and to and including such date, divided by
(b) the aggregate number of shares of Common Stock held by Employee and his Permitted Transferees upon the consummation of the Company’s initial Public Offering. 

“Fair Market Value” of each Incentive Unit means the fair value of such Incentive Unit as determined in good faith by the
Board. 
 “Investor Cumulative Sale Percentage” means, on any date of determination, a percentage equal to the quotient of
(a) the aggregate number of shares of Common Stock sold by the GTCR Investors in Public Sales from and including the consummation of the Company’s initial Public Offering and to and including such date, divided by (b) the
aggregate number of shares of Common Stock held by the GTCR Investors upon the consummation of the Company’s initial Public Offering. 

“LLC Agreement” means the Limited Liability Company Agreement of the Company, as amended or modified from time to time in
accordance with its terms. 
 “Separation” means Employee ceasing to be employed by any of the Company, Employer and their
respective Subsidiaries for any reason. 
 8. Notices. All notices, demands or other communications to be given or delivered under or
by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when (a) delivered personally to the recipient, (b) sent to the recipient by reputable express courier service (charges prepaid), (c)
mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, or (d) telecopied to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same
day) if telecopied before 5:00 p.m. Chicago, Illinois time on a business day, and otherwise on the next business day. Such notices, demands and other communications shall be sent to the parties at the addresses indicated below: 

  
 - 13 - 

 If to Company: 

c/o GTCR Management 

300 North LaSalle Street 

Chicago, Illinois 60654 

Facsimile:     (312) 382-2201 

Attention:      Christian B. McGrath 

with copies to: 

GTCR Management 

300 North LaSalle Street 

Chicago, Illinois 60654 

Facsimile:     (312) 382-2201 

Email:           Christian.mcgrath@gtcr.com 

Attention:     Christian B. McGrath 

Latham & Watkins LLP 

885 Third Avenue 

New York, NY 10022 

Facsimile: (212) 751-4864 

Email:          ted.sonnenschein@lw.com 

bradd.          williamson@lw.com 

Attention:    Ted Sonnenschein 

                    Bradd
Williamson 
 If to Employee: the address most recently set forth in the Company’s records or such other address or to the
attention of such other Person as the recipient party shall have specified by prior written notice to the sending party. 
 9. General
Provisions. 
 (a) Transfers in Violation of Agreement. Any Transfer or attempted Transfer of any Incentive Units in violation of
any provision of this Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported Transferee of such Incentive Units as the owner of such equity for any purpose. 

(b) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any
other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(c) Entire Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the
complete agreement and understanding among the parties hereto and supersede and preempt any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in
any way. 

  
 - 14 - 

 (d) Descriptive Headings; Interpretation; No Strict Construction. The descriptive
headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine, or
neuter forms, and the singular form of nouns, pronouns, and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement,
document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The use of the words “or,” “either,” and
“any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

(e) Counterparts. This Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the
same document. All counterparts shall be construed together and constitute the same instrument. 
 (f) Successors and Assigns. Except
as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Employee, the Company and their respective successors and assigns (including subsequent holders of Incentive Units); provided that the
rights and obligations of Employee under this Agreement shall not be assigned or delegated except for the assignment and delegation of Employee’s rights and obligations hereunder as a holder of Incentive Units in connection with a permitted
Transfer of Incentive Units hereunder and under the other Transaction Documents. 
 (g) Applicable Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware. 
 (h) Jurisdiction; Venue; Service of Process. Each
party hereto agrees that it may bring any action between the parties hereto arising out of or related to this Agreement in the Court of Chancery of the State of Delaware (the “Court of Chancery”) or, to the extent the Court of
Chancery does not have subject matter jurisdiction, the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts (the “Delaware Federal Court”) or, to the
extent neither the Court of Chancery nor the Delaware Federal Court has subject matter jurisdiction, the Superior Court of the State of Delaware (the “Chosen Courts”), and, solely with respect to any such action (a) irrevocably
submits to the non-exclusive jurisdiction of the Chosen Courts, (b) waives any objection to laying venue in any such action in the Chosen Courts, (c) waives any objection that the Chosen Courts are
an inconvenient forum or do not have jurisdiction over any party hereto and (d) agrees that service of any process, summons, notice or document pursuant to Section 8 shall be effective service of process in any action,
suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth in the immediately preceding sentence. 

  
 - 15 - 

 (i) MUTUAL WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH
COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES HERETO WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES HERETO DESIRE THAT THEIR DISPUTES
BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT,
OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT AND/OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND/OR THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER. 
 (j) Employee’s Cooperation. During the Employment
Period and thereafter, upon reasonable request and subject to the reasonable conditions as Employee may reasonably request, Employee shall cooperate with the Company, Employer and their respective Subsidiaries and Affiliates in any disputes
with third parties, internal investigation or administrative, regulatory or judicial proceeding (including Employee being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s
request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Employee’s
possession, all at times and on schedules that are reasonably consistent with Employee’s other permitted activities and commitments). In the event the Company requires Employee’s cooperation in accordance with this paragraph after the
Employment Period, the Company shall reimburse Employee for reasonable travel expenses (including lodging and meals, upon submission of receipts). 

(k) Remedies. Each of the parties to this Agreement shall have all rights and remedies set forth in this Agreement and all rights and
remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any law. Each of the parties to this Agreement will be entitled to enforce its rights under this
Agreement specifically, to recover damages and costs caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other
injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
 (l) Amendment and Waiver. The
provisions of this Agreement may be amended and waived only with the prior written consent of the Company, Employer, Employee and the Required Interest (as defined in the Contribution Agreement). No failure by any party to insist upon the strict
performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition. The
waiver by any party of a breach of any covenant, duty, agreement, or condition of this Agreement of any other party shall not operate or be construed as a waiver of any subsequent breach of that provision or any other provision hereof. 

  
 - 16 - 

 (m) Insurance. The Company or Employer, at its discretion, may apply for and procure
in its own name and for its own benefit life and/or disability insurance on Employee in any amount or amounts considered available. Employee agrees to reasonably cooperate in any medical or other examination, supply any information, and to execute
and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance. 
 (n)
Business Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or holiday in the state in which the Company’s chief executive office is located, the time period shall be
automatically extended to the business day immediately following such Saturday, Sunday or holiday. 
 (o) Indemnification and
Reimbursement of Payments on Behalf of Employee. The Company, Employer and their respective Subsidiaries shall be entitled to deduct or withhold from any amounts owing from the Company, Employer or any of their respective Subsidiaries to
Employee (including withholding shares or other equity securities in the case of issuances of equity by the Company, Employer or any of their respective Subsidiaries) any federal, state, local or foreign withholding taxes, excise taxes, or
employment taxes (“Taxes”) imposed with respect to Employee’s compensation or other payments from the Company, Employer or any of their respective Subsidiaries or Employee’s ownership interest in the Company, including
wages, bonuses, distributions, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity. In the event any such deductions or withholdings are not made, Employee shall indemnify the Company, Employer and each of
their respective Subsidiaries for any amounts paid with respect to any such Taxes. 
 (p) Termination. This Agreement shall survive a
Separation and shall remain in full force and effect after such Separation. 
 (q) Adjustments of Numbers. All numbers set forth
herein that refer to Unit prices or amounts will be appropriately adjusted to reflect Unit splits, Unit distributions, combinations of Units and other recapitalizations affecting the subject class of equity. 

(r) Deemed Transfer of Incentive Units. If the Company (and/or any other Person acquiring securities) shall make available, at the time
and place and in the amount and form provided in this Agreement, the consideration for the Incentive Units to be repurchased, in each case, in accordance with the provisions of this Agreement, then from and after such time, the Person from whom such
Units are to be repurchased shall no longer have any rights as a holder of such Units (other than the right to receive payment of such consideration in accordance with this Agreement), and such Units shall be deemed purchased in accordance with the
applicable provisions hereof and the Company (and/or any other Person acquiring securities) shall be deemed the owner and holder of such Units, whether or not the certificates therefor have been delivered as required by this Agreement. 

(s) No Pledge or Security Interest. The purpose of the Company’s retention of Employee’s certificates and executed security
powers is solely to facilitate the provisions set forth in Section 3 herein and Section 8.2 of the LLC Agreement and does not by itself constitute a pledge by Employee of, or the granting of a
security interest in, the underlying equity. 

  
 - 17 - 

 (t) Subsidiary Public Offering. If, after consummation of a Subsidiary Public
Offering, the Company distributes securities of such Subsidiary to members of the Company, then such securities will be treated in the same manner as (but excluding any “preferred” features of the Units with respect to which they were
distributed) the Units with respect to which they were distributed for purposes of Sections 1, 2, 3, and 4. 

(u) Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a photographic, photostatic, facsimile, portable document format (.pdf), or similar reproduction
of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to
all other parties hereto. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or
communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(v) No Third-Party Beneficiaries. Except as expressly provided herein, no term or provision of this Agreement is intended to be, or
shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder. 

*    *    *    *    * 

 

  
 - 18 - 

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

			
	HOYA TOPCO, LLC
		
	By:	 	 /s/ Stanley Chia

	Name:	 	 Stanley Chia

	Title:	 	 CEO

	
	EMPLOYEE
		
	By:	 	 /s/ Lawrence Fey

	Name:	 	 Lawrence Fey

 EXHIBIT A 

PROTECTIVE ELECTION TO INCLUDE MEMBERSHIP 

INTEREST IN GROSS INCOME PURSUANT TO 

SECTION 83(b) OF THE INTERNAL REVENUE CODE 

On September 1, 2020, the undersigned acquired a limited liability company membership interest (the “Membership
Interest”) in HOYA TOPCO, LLC, a Delaware limited liability company (the “Company”), for $0.00. Pursuant to the Limited Liability Company Agreement of the Company, the undersigned is entitled to an interest in Company
capital exactly equal to the amount paid therefor and an interest in Company profits. 
 Based on current Treasury Regulation §1.721-1(b), Proposed Treasury Regulation §1.721-1(b)(1), and Revenue Procedures 93-27 and
2001-43, the undersigned does not believe that issuance of the Membership Interest to the undersigned is subject to the provisions of §83 of the Internal Revenue Code (the “Code”). In the
event that the sale is so treated, however, the undersigned desires to make an election to have the receipt of the Membership Interest taxed under the provisions of Code §83(b) at the time the undersigned acquired the Membership Interest. 

Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated thereunder,
the undersigned hereby makes an election, with respect to the Membership Interest, to report as taxable income for the calendar year 2020 the excess (if any) of the value of the Membership Interest on September 1, 2020 over the purchase
price thereof. 
 The following information is supplied in accordance with Treasury Regulation
§ 1.83-2(e): 
  

	1.	 The name, address and social security number of the undersigned: 

 

	
	 Name: Lawrence Fey

	 Address:

	
	 Soc. Sec. No.:
                                

  

	2.	 A description of the property with respect to which the election is being made: 

440,000 of the Company’s Series 4 Class D Units representing a membership interest in the Company entitling the undersigned to
an interest in the Company’s capital exactly equal to the amount paid therefore and an interest in Company profits. 
  

	3.	 The date on which the Membership Interest was transferred: September 1, 2020. The taxable year for which
such election is made: 2020. 

  

	4.	 The restrictions to which the property is subject: If the undersigned ceases to be employed by the Company or
any of its subsidiaries at certain times, the unvested, and in certain circumstances, the vested portion of the Units will be subject to forfeiture without payment of any consideration. 

	5.	 The fair market value on September 1, 2020 of the property with respect to which the election is being
made, determined without regard to any lapse restrictions and in accordance with Revenue Procedure 93-27: $0.00. 

  

	6.	 The amount paid or to be paid for such property: $0.00. 

*    *    *    *    * 

 A copy of this election is being furnished to the Company pursuant to Treasury Regulation § 1.83-2(e)(7). 
 Dated: ______________, 2020 

 

	
	  

	Taxpayer

 EXHIBIT B 

ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED, Lawrence Fey does hereby sell, assign and transfer unto ___________________________, _________________ __________________
Units of HOYA TOPCO, LLC, a Delaware limited liability company (the “Company”), standing in the undersigned’s name on the books of the Company represented by Certificate Nos. _________________ herewith and does hereby
irrevocably constitute and appoint each principal of GTCR LLC, GTCR Golder Rauner, L.L.C. or GTCR Golder Rauner II, L.L.C. (acting alone or with one or more other such principals) as attorney to transfer the said securities on the books of the
Company with full power of substitution in the premises. 
 Dated as of: ______________ 

 

	
	  

	Lawrence Fey

 Schedule I 

Vesting of the Incentive Units 
  

									
	 Vesting Date
	  	Percentage of Incentive
Units Vesting on Vesting
Date	 	 	Cumulative Percentage
of Incentive Units
Vested as of the Vesting
Date	 
	 June 30, 2021
	  	 	20	% 	 	 	20	% 
	 June 30, 2022
	  	 	20	% 	 	 	40	% 
	 June 30, 2023
	  	 	20	% 	 	 	60	% 
	 June 30, 2024
	  	 	20	% 	 	 	80	% 
	 June 30, 2025
	  	 	20	% 	 	 	100	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]